Document:

Exhibit

	
		
	
	

	
				
	 
	 

	 
	 

	 
	 

	Dated as of April 30, 2018

	

HUNT MORTGAGE GROUP, LLC
and
FIVE OAKS INVESTMENT CORP.

	 
	MEMBERSHIP INTEREST PURCHASE AGREEMENT
	 

	
			
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TABLE OF CONTENTS
                                                                                                                                                                                             Page
ARTICLE I DEFINITIONS........................................................................................................................................................................ 2 
		
	Section 1.1
	Definitions ................................................................................................................................................................... 2

ARTICLE II SALE OF THE SELLER INTERESTS ................................................................................................................................ 4
		
	Section 2.1
	Sale of the Seller Interests ........................................................................................................................................... 4

		
	Section 2.2
	 Closing ......................................................................................................................................................................... 5

		
	Section 2.3
	 Payment of the Purchase Price .................................................................................................................................... 5

		
	Section 2.4
	 Payment of the Accrued Interest ................................................................................................................................. 5

ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER AND THE COMPANY ENTITIES5
		
	Section 3.1
	 Organization; Authority; Non‐Contravention; Compliance ........................................................................................ 5

		
	Section 3.2
	 Assets of the Company Entities; No Defaults or Delinquencies ................................................................................. 6

		
	Section 3.3
	 No Conflicts; Consents ................................................................................................................................................ 6

		
	Section 3.4
	 Capitalization of the Company Entities ....................................................................................................................... 6

Section 3.5 Licenses ....................................................................................................................................................................... 7
		
	Section 3.6
	 Liabilities ..................................................................................................................................................................... 7

		
	Section 3.7
	 CLO Co-Issuers ........................................................................................................................................................... 7

Section 3.8 Brokers and Finders ..................................................................................................................................................... 7
		
	Section 3.9
	 Litigation     ..................................................................................................................................................................... 7

Section 3.10 Taxes .......................................................................................................................................................................... 7
Section 3.11 No Employees ............................................................................................................................................................ 8
Section 3.12 Tax ............................................................................................................................................................................. 8
Section 3.13 Arm's Length Transaction .......................................................................................................................................... 8
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PURCHASER ....................................................................................... 8
		
	Section 4.1
	 Organization; Authority; Non‐Contravention; Compliance ........................................................................................ 8

		
	Section 4.2
	 No Conflicts; Consents ................................................................................................................................................ 9

		
	Section 4.3
	 Brokers and Finders ..................................................................................................................................................... 9

		
	Section 4.4
	 Arm's Length Transaction ............................................................................................................................................ 9

ARTICLE V SURVIVAL OF REPRESENTATIONS AND WARRANTIES; LIMITATION ON RECOVERIES ................................... 9
		
	Section 5.1
	 Survival ....................................................................................................................................................................... 9

Section 5.2 Limitation on Recoveries ............................................................................................................................................ 9
ARTICLE VI COVENANTS OF PURCHASER ....................................................................................................................................... 10
		
	Section 6.1
	Primary Guarantor ...................................................................................................................................................... 10

ARTICLE VII CONDITIONS TO CLOSING .......................................................................................................................................... 10
		
	Section 7.1
	Mutual Conditions ...................................................................................................................................................... 10

		
	Section 7.2
	 Conditions to Obligations of Seller ........................................................................................................................... 10

		
	Section 7.3
	 Conditions to Obligations of Purchaser ...................................................................................................................... 11

ARTICLE VIII MISCELLANEOUS ........................................................................................................................................................ 12
		
	Section 8.1
	Assignment; Binding Effect ....................................................................................................................................... 12

Section 8.2 Choice of Law ........................................................................................................................................................... 12
		
	Section 8.3
	 Consent to Jurisdiction and Service of Process; Waiver of Jury Trial and Certain Damages ................................... 12

		
	Section 8.4
	 Notices ....................................................................................................................................................................... 12

		
	Section 8.5
	 Headings .................................................................................................................................................................... 13

	
			
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	Section 8.6
	 Fees and Expenses; Transfer Taxes ............................................................................................................................ 13

		
	Section 8.7
	 Entire Agreement ....................................................................................................................................................... 14

		
	Section 8.8
	 Interpretation ............................................................................................................................................................. 14

		
	Section 8.9
	 Waiver and Amendment ............................................................................................................................................. 14

Section 8.10 Counterparts; Facsimile Signatures .......................................................................................................................... 14
Section 8.11 Third-Party Beneficiaries ......................................................................................................................................... 14
Section 8.12 Severability .............................................................................................................................................................. 14
Section 8.13 Publicity ................................................................................................................................................................... 14
Section 8.14 Tax Treatment ........................................................................................................................................................... 14
Section 8.15 Further Assurances ................................................................................................................................................... 15

	
			
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THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT (this "Agreement"), dated as of April 30, 2018 by and between HUNT MORTGAGE GROUP, LLC, a Delaware limited liability company ("Seller"), an indirect wholly owned subsidiary of Hunt Companies, Inc., a Delaware corporation, and FIVE OAKS INVESTMENT CORP., a Maryland corporation ("Purchaser").  Each of Seller and Purchaser is a "Party" and are referred to collectively herein as the "Parties." 
RECITALS
WHEREAS, Seller is the owner of 100% of the outstanding equity interests (the "Seller Interests") in Hunt CMT Equity, LLC, a Delaware limited liability company (the "Company"), which is governed by that certain Limited Liability Company Agreement of the Company dated as of May 25, 2017 (the "LLC Agreement");
WHEREAS, the Company is the owner of all of the outstanding equity interests in and the sole trustee of Hunt Commercial Mortgage Trust, a Maryland real estate investment trust ("HCMT");
WHEREAS, as of the date hereof, HCMT owns all of the outstanding equity interests in: (i) Hunt CMT Finance, LLC, a Delaware limited liability company (the "HCMT Originator"), (ii) Hunt CRE 2017-FL1 Preferred, LLC, a Delaware limited liability company ("HCMT Preferred"), which owns all of the outstanding equity interests of Hunt CRE 2017-FL1, Ltd., a Cayman Islands corporation ("CLO Issuer"), and indirectly through CLO Issuer, Hunt CRE 2017-FL1, LLC, a Delaware limited liability company ("CLO Co-Issuer" and together with the CLO Issuer, the "CLO Co-Issuers"), which are collectively the co-issuers of certain commercial real estate collateralized loan obligations, (iii) Hunt CRE 2017-FL1 Seller, LLC, a Delaware limited liability company ("CLO Seller"), the seller of all mortgage assets to CLO Issuer, and obligor with respect to certain representations and warranties made to CLO Issuer relating to such sales and all future funding obligations related to participations acquired by CLO Issuer and (iv) Hunt CRE 2017-FL1 Advances, LLC, a Delaware limited liability company ("CLO Advances" and together with HCMT, HCMT Originator, CLO Seller, the CLO Co-Issuers and HCMT Preferred, collectively, the "Company Subsidiaries" and together with the Company, the "Company Entities"), the interest shortfall advancing agent;   
WHEREAS, solely for U.S. federal income tax purposes, each of the Company, HCMT, HCMT Originator, HCMT Preferred, CLO Seller and CLO Advances are properly classified as entities disregarded as separate from Hunt Companies, Inc.;
WHEREAS, entry into this Agreement by Purchaser and the transactions contemplated hereby have been unanimously approved by the independent directors of the board of directors of Purchaser; and
WHEREAS, Seller desires sell to Purchaser, and Purchaser agrees to purchase from  Seller, the Seller Interests, upon the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the foregoing, the representations, warranties, covenants and agreements set forth in this Agreement, and other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, the Parties hereby agree as follows:
ARTICLE I 
 
DEFINITIONS
Section 1.1    Definitions.  For purposes of this Agreement, except as otherwise expressly provided herein or unless the context otherwise requires, the following terms, when used in this Agreement and other documents delivered in connection herewith, have the meanings assigned to them in this Section 1.1.
"Accrued Interest" is defined in Section 2.1(b).
"Affiliate" means, with respect to any specified Person, any Person that, directly or indirectly, controls, is controlled by, or is under common control with, such specified Person, through one or more intermediaries or otherwise.  For the purposes of this definition, "control" (including, with correlative meaning, the terms "controlling," "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such Person through the ownership of the voting securities, by Contract or otherwise.  
"Agreement" is defined in the Preamble.
"Asset Manager" is defined in Section 7.2(e).
"Business Day" means a day other than Saturday, Sunday or any day on which banks located in the State of New York are authorized or obligated to close.
"CLO Advances" is defined in the Recitals.

	
			
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"CLO Co-Issuer" is defined in the Recitals.
"CLO Co-Issuers" is defined in the Recitals.
"CLO Contracts" is defined in Section 3.7.
"CLO Issuer" is defined in the Recitals.
"CLO Seller" is defined in the Recitals.
"Closing" is defined in Section 2.2(a).
"Closing Date" is defined in Section 2.2(a).
"Code" means the Internal Revenue Code of 1986, as amended.
"Company" is defined in the Recitals.
"Company Entities" is defined in the Recitals.
"Company Subsidiaries" is defined in the Recitals.
"Contract" means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures and all other agreements, commitments and legally binding arrangements, whether written or oral.
"Employee Benefit Plan" means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) and any other employee benefit plan, program or arrangement.
"Encumbrance" means any claim, encumbrance, pledge, security interest, lien, option, mortgage, deed of trust, hypothecation, conditional sale, or restriction (whether on voting, sale, transfer, disposition, or otherwise), whether imposed by Contract or understanding or Law, except for (i) any restrictions with respect thereto arising under the organizational documents of any entity and (ii) any restrictions on transfer generally arising under any applicable federal or state securities Law.
"ERISA" means the Employee Retirement Income Security Act of 1974, as amended.
"GAAP" means United States generally accepted accounting principles as in effect from time to time, consistently applied throughout the periods presented.
"Governmental Entity" means any nation, state, territory, province, county, city or other unit or subdivision thereof or any entity, authority, agency, department, board, commission, instrumentality, court or other judicial body authorized on behalf of any of the foregoing to exercise legislative, judicial, regulatory or administrative functions and any governmental or non‐governmental self‐regulatory organization of which Seller or Purchaser or any Affiliate of any of the foregoing Persons, as applicable, is a member or to whose regulations any of the foregoing Persons is subject.
"HCMT" is defined in the Recitals.
"HCMT Originator" is defined in the Recitals.
"HCMT Preferred" is defined in the Recitals.
"Law" means any statute or law, rule, treaty or regulation and any decree, injunction, judgment, order, ruling, assessment or writ of any applicable Governmental Entity.
"License" is defined in Section 3.5.
"LLC Agreement" is defined in the Recitals.
"Organizational Documents" means (a) in the case of a Person that is a corporation, its articles or certificate of incorporation and its by-laws, regulations or similar governing instruments required by the Laws of its jurisdiction of formation or organization; (b) in the case of a Person that is a partnership, its articles or certificate of partnership, formation or association, and its partnership agreement (in each case, limited, limited liability, general or otherwise); (c) in the case of a Person that is a limited liability company, its articles or certificate of formation or organization, and its limited liability company agreement or operating agreement; and (d) in the case of a Person that is none of a corporation, partnership (limited, 

	
			
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limited liability, general or otherwise), limited liability company or natural person, its governing instruments as required or contemplated by the Laws of its jurisdiction of organization.
"Party" is defined in the Preamble.
"Person" means any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint venture, joint stock company, governmental agency or instrumentality or other entity of any kind.
"Proceeding" means any legal, administrative, arbitral or other claim, judgment, order, ruling, writ, verdict, settlement, injunction, action, suit, audit, investigation, examination or inquiry by or before any Governmental Entity, or any other arbitration, mediation or similar proceeding.
"Purchaser" is defined in the Preamble.
"Purchase Price" is defined in Section 2.1(b).
"Purchaser Transaction Documents" is defined in Section 4.1(b).
"Seller" is defined in the Preamble.
"Seller Interests" is defined in the Recitals.
"Seller Transaction Documents" is defined in Section 3.1(b).
"Taxes" means all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties or other taxes or fees, together with any interest, additions or penalties with respect thereto and any interest in respect of such additions or penalties.
"Tax Returns" means any return, declaration, report, claim for refund, information return, or statement, including any schedule or attachment thereto, and including any amendment thereof.
"Transaction Documents" means, collectively, the Seller Transaction Documents and the Purchaser Transaction Documents.
ARTICLE II     
 
SALE OF THE SELLER INTERESTS
Section 2.1    Sale of the Seller Interests.  Subject to the terms and conditions of this Agreement, Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, the Seller Interests. At the Closing:
(a)    Seller shall sell, assign and transfer to Purchaser the Seller Interests, free and clear of all Encumbrances; and
(b)    Purchaser shall pay, in consideration for its purchase of the Seller Interests pursuant to Section 2.1(a) hereof, an amount equal to $68,050,066 (the "Purchase Price").  Purchaser shall also pay, in consideration for its purchase of the Seller Interests pursuant to Section 2.1(a) hereof, an amount equal to the net accrued interest held by the CLO Co-Issuers, CLO Seller and CLO Advances as of and through 11:59 p.m. EST on the date immediately prior to the Closing Date (the "Accrued Interest").
Section 2.2    Closing. 
(a)    The closing of the transfer of the Seller Interests to Purchaser as contemplated by this Agreement (the "Closing") shall be consummated on the date of this Agreement (the "Closing Date") and concurrently with the execution and delivery thereof.
(b)    Deliveries by Seller.  At the Closing, Seller shall deliver or cause to be delivered to Purchaser all documents required to be delivered by Seller on or prior to the Closing Date pursuant to this Agreement.
(c)    Deliveries by Purchaser.  At the Closing, Purchaser shall deliver to Seller (i) the Purchase Price, as provided in Section 2.3 hereof; and (ii) all documents required to be delivered by Purchaser on or prior to the Closing Date pursuant to this Agreement.
Section 2.3    Payment of the Purchase Price.  On the Closing Date, Purchaser will pay the Purchase Price to Seller by wire transfer in immediately available funds to such bank account as is designated in writing by Seller to Purchaser.

	
			
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Section 2.4    Payment of the Accrued Interest.  Within three Business Days of Purchaser's receipt of the Accrued Interest, Purchaser will pay the Accrued Interest to Seller by wire transfer in immediately available funds to such bank account as is designated in writing by Seller to Purchaser.
ARTICLE III     
 
REPRESENTATIONS AND WARRANTIES OF SELLER AND THE COMPANY ENTITIES
Seller represents and warrants to Purchaser as of the date hereof as follows:
Section 3.1    Organization; Authority; Non‐Contravention; Compliance.
(a)    Organization.  Each Company Entity has been duly organized and is validly existing and in good standing under the Laws of the jurisdiction of its formation, and has all requisite power and authority to own its respective assets and to carry on its business as it is now being conducted.
(b)    Authority.  Seller has the requisite power and authority to enter into this Agreement and the other agreements to which it is or will be a party as contemplated by this Agreement (the "Seller Transaction Documents"), and to consummate the transactions contemplated hereby and thereby.  The execution and delivery by Seller of this Agreement and the other Seller Transaction Documents, the performance of its obligations hereunder and thereunder, and the consummation by Seller of the transactions contemplated hereby and thereby, have been duly and validly authorized by Seller, and no other proceedings or approvals on the part of Seller are necessary to authorize this Agreement or the other Seller Transaction Documents or to consummate the transactions contemplated hereby or thereby.  This Agreement and the other Seller Transaction Documents have been or will be at or prior to the Closing, duly executed and delivered by Seller and, assuming the due authorization, execution and delivery hereof by Purchaser, constitute, or will constitute at or prior to Closing, the legal, valid and binding obligation of Seller, enforceable against Seller in accordance with their respective terms, subject to applicable Laws affecting the enforcement of creditors' rights generally or by general equitable principles (whether considered in a Proceeding at law or in equity).
(c)    Approvals.  No notice to, filing with, authorization of, exemption by, or consent or approval of, any Governmental Entity or any third party that has not been obtained or made is required to be obtained or made by Seller in connection with the execution and delivery of this Agreement and the other Seller Transaction Documents or the consummation by Seller of the transactions contemplated hereby and thereby.
Section 3.2    Assets of the Company Entities; No Defaults or Delinquencies.  As of the date hereof, the assets of the Company Entities consist of, in their entirety, those assets contained on Schedule A hereto, which Schedule is true and correct in all material respects.  Except as set forth on Schedule B hereto, no material defaults or delinquencies exist with respect to the assets of the Company Entities.        
Section 3.3    No Conflicts; Consents.  The execution, delivery and performance by Seller of this Agreement and the Seller Transaction Documents, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the Organizational Documents of Seller or the Company Entities; (b) conflict with or result in a violation or breach of any provision of any Law applicable to Seller or the Company Entities; (c) require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Contract to which Seller or the Company Entities is a party or by which Seller or the Company Entities is bound or to which any of their respective properties and assets are subject; or (d) result in the creation or imposition of any Encumbrance on any properties or assets of Seller or the Company Entities.  
Section 3.4    Capitalization of the Company Entities.  All of the outstanding equity interests of the Company Entities are validly issued, fully paid and nonassessable, have not been issued in violation of any preemptive or similar rights, and are owned by Seller, the Company or a Company Subsidiary as shown in the organizational chart attached as Schedule C hereto, free and clear of all Encumbrances.  There are no outstanding securities or indebtedness convertible into or exchangeable or exercisable for any equity interests of any Company Entity, any rights to subscribe for or to purchase, or any agreements providing for the issuance (contingent or otherwise) of any equity interests of any Company Entity.  Other than the Organizational Documents of the Company Entities, true and correct copies of which were provided or made available to the Purchaser prior to the date hereof, no Company Entity is a party to any right of first refusal, right of first offer, proxy, voting agreement, voting trust, registration rights agreement, limited liability company agreement or shareholders agreement, with respect to the sale or voting of any equity interests of any Company Entity or any securities convertible into or exchangeable or exercisable for any equity interests of any Company Entity.
Section 3.5    Licenses.  Except as set forth on Schedule D hereto, each Company Entity has obtained and currently possesses, and is in compliance in all material respects with, all licenses, or other authorizations of any Governmental Entity necessary to carry on its business in all material respects as currently conducted (the "Licenses").  
Section 3.6    Liabilities.  Except for liabilities of the Company Subsidiaries incurred in connection with the issuance of commercial real estate obligations and/or related acquisitions of mortgage assets in accordance with applicable transaction documents, the Company and the Company Subsidiaries do not have any material liabilities required to be disclosed on a consolidated balance sheet in accordance with GAAP.
Section 3.7    CLO Co-Issuers.  Attached as Schedule E hereto is a complete list of all of the Contracts to which the CLO Co-Issuers are a party that govern the commercial real estate collateralized loan obligations of either or both of the CLO Co-Issuers (the "CLO Contracts"). Each 

	
			
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CLO Co-Issuer has performed its obligations under the CLO Contracts to which it is a party in all material respects and is in material compliance with all applicable Laws. The CLO Co-Issuers have not received, prior to the date hereof, any written notice from any Person claiming the CLO Co-Issuers are in breach of or have violated any of the CLO Contracts.  True and correct copies of the CLO Contracts have been provided or made available to Purchaser prior to the date hereof.  
Section 3.8    Brokers and Finders.  Seller has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other Person to any broker's or finder's fee or any other commission or similar fee in connection with any of the transactions contemplated by this Agreement.
Section 3.9    Litigation.  There are no Proceedings pending or, to Seller's knowledge, threatened against any of the Company Entities, or their respective assets, properties and businesses, at law or in equity, and the Company Entities are not subject to any outstanding judgment, order, injunction, ruling, arbitration award or decree of any court or other Governmental Entity.  There are no settlement or similar agreements with, and judgments, decrees, injunctions or orders of, any Governmental Entity to which the Company Entities or their respective assets, properties and businesses are bound.
Section 3.10    Taxes.  All material Tax Returns required to have been filed by the Company Entities have been filed (taking into account extensions), and all such Tax Returns were correct and complete in all material respects. All material Taxes shown to be due on such Tax Returns have been paid or will be paid by the due date thereof. There is no action, suit, proceeding, investigation, audit or claim pending or threatened in writing with respect to any material Taxes of the Company Entities. Each of the Company Entities has complied with all applicable Laws relating to the payment and withholding of material Taxes and has duly and timely withheld and paid over to the appropriate taxing authorities all material amounts required to be so withheld and paid over.
Section 3.11    No Employees.  The Company Entities do not have and have not had any employees and have not maintained and do not maintain any Employee Benefit Plan. The Company Entities have not had and do not have any liability to fund any Employee Benefit Plan.
Section 3.12    Tax.  Solely for U.S. federal income tax purposes, each of the Company, HCMT, HCMT Originator, HCMT Preferred, CLO Seller and CLO Advances are properly classified as entities disregarded as separate from Hunt Companies, Inc. 
Section 3.13    Arm's Length Transaction.  The Purchase Price for the Seller Interests was negotiated in an arm's length commercial transaction.  Seller further acknowledges that it has provided complete access to all information concerning the Company Entities that the Purchaser has requested in order for Purchaser to make, in its determination, an informed decision to enter into this Agreement and consummate the transactions contemplated hereby.
ARTICLE IV     
 
REPRESENTATIONS AND WARRANTIES OF PURCHASER
Purchaser represents and warrants to Seller as of the date hereof as follows:
Section 4.1    Organization; Authority; Non‐Contravention; Compliance.
(a)    Organization.  Purchaser is a corporation duly organized, validly existing and in good standing under the Laws of the State of Maryland.
(b)    Authority.  Purchaser has full corporate power and authority to enter into this Agreement and the other agreements to which it is or will be a party as contemplated by this Agreement (the "Purchaser Transaction Documents"), and to consummate the transactions contemplated hereby and thereby.  The execution and delivery by Purchaser of this Agreement and the other Purchaser Transaction Documents, the performance of its obligations hereunder and thereunder, and the consummation by Purchaser of the transactions contemplated hereby and thereby, have been duly and validly authorized by all requisite corporate action on the part of Purchaser, and no other proceedings or approvals on the part of Purchaser are necessary to authorize this Agreement or the other Purchaser Transaction Documents or to consummate the transactions contemplated hereby or thereby.  This Agreement and the other Purchaser Transaction Documents have been or will be at or prior to the Closing, duly executed and delivered by Purchaser and, assuming the due authorization, execution and delivery hereof by Seller, constitute, or will constitute at or prior to Closing, the legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with their respective terms, subject to applicable Laws affecting the enforcement of creditors' rights generally or by general equitable principles (whether considered in a Proceeding at law or in equity).
(c)    Approvals.  No notice to, filing with, authorization of, exemption by, or consent or approval of, any Governmental Entity or any third party that has not been obtained or made is required to be obtained or made by Purchaser in connection with the execution and delivery of this Agreement and the other Purchaser Transaction Documents or the consummation by Purchaser of the transactions contemplated hereby and thereby.
Section 4.2    No Conflicts; Consents.  The execution, delivery and performance by Purchaser of this Agreement and the Purchaser Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the Organizational Documents of Purchaser; (b) conflict with or 

	
			
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result in a violation or breach of any provision of any Law applicable to Purchaser; or (c) require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Contract to which Purchaser is a party or by which Purchaser is bound or to which any of its properties and assets are subject.
Section 4.3    Brokers and Finders.  Purchaser has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other Person to any broker's or finder's fee or any other commission or similar fee in connection with any of the transactions contemplated by this Agreement.
Section 4.4    Arm's Length Transaction.  The Purchase Price for the Seller Interests was negotiated in an arm's length commercial transaction and Purchaser obtained an independent third-party valuation of the Seller Interests in connection with the transaction contemplated by this Agreement.  Purchaser further acknowledges that it has had complete access to all information concerning the Company Entities necessary to conduct any investigation that Purchaser (acting through its board of directors, including the unanimous action of the independent directors of Purchaser's board of directors) deemed necessary in order to make an informed decision to enter into this Agreement and consummate the transactions contemplated hereby.
ARTICLE V     
 
SURVIVAL OF REPRESENTATIONS AND WARRANTIES; LIMITATION ON RECOVERIES
Section 5.1    Survival.  The representations and warranties contained in this Agreement are the only representations and warranties being made by each Party, and no other representations or warranties, express or implied, are being made or may be relied upon by either Party in connection with this Agreement or the consummation of the transactions contemplated hereby.  The representations and warranties of Seller contained in this Agreement shall survive the Closing for a period of one year.
Section 5.2    Limitation on Recoveries.  In connection with any breach or breaches by Seller of the representations, warranties or covenants contained in this Agreement, in no event shall (i) Seller or any of Affiliates be liable for any special, exemplary, punitive or consequential damages and (ii) the aggregate amount payable by Seller or any of its Affiliates for any such claims exceed $3,402,503.
ARTICLE VI     
 
COVENANTS OF PURCHASER
Section 6.1    Primary Guarantor.  Purchaser shall, at the direction of Seller, use commercially reasonable efforts to substitute itself or an Affiliate thereof as the primary guarantor in place of Seller and relieve Seller of any and all obligations related to: (a) the indemnification obligations of Seller under the CLO Contracts, and any Contracts entered into after the date hereof, relating to obligations of CLO Seller to make future advances; and (b) the guaranty and indemnification obligations of Seller under the CLO Contracts, and any Contracts entered into after the date hereof, relating to mortgage asset purchases by CLO Issuer from CLO Seller.  Seller agrees to give Purchaser prompt written notice of any Contracts entered into after the date hereof relating to (a) and/or (b) above.  
ARTICLE VII     
 
CONDITIONS TO CLOSING
Section 7.1    Mutual Conditions.  The obligations of each of the Parties to effect the Closing shall be subject to the satisfaction (or waiver, in whole or in part, to the extent permitted by applicable Law, by each of the Parties jointly) on and as of the Closing Date of each of the following conditions:
(a)    all authorizations, consents, orders, declarations or approvals of, or filings with, or terminations or expirations of waiting periods imposed by any Law or Governmental Entity, necessary or required in order for the consummation of any of the transactions contemplated by this Agreement and which, if not obtained, made or occurring, would make any of the transactions contemplated hereby illegal, shall have been obtained, made or occurred;
(b)    in addition to the approvals specified above, any other required or necessary third party approvals in connection with the consummation of the transactions contemplated herein (including any necessary approvals from the Company) shall have been obtained and shall be in full force and effect; and
(c)    there shall not be in force any decree, injunction, judgment, order, ruling, assessment or writ of any applicable Governmental Entity, or any statute, rule or regulation issued or threatened by any applicable Governmental Entity, or any other action, Proceeding or litigation, in each case restraining, enjoining, prohibiting or materially delaying (or seeking to restrain, enjoin, prohibit or materially delay) the consummation of the transactions contemplated by this Agreement or the Transaction Documents.
Section 7.2    Conditions to Obligations of Seller.  The obligations of Seller to effect the Closing shall be subject to the satisfaction (or waiver, in whole or in part, to the extent permitted by applicable Law, by Seller) on and as of the Closing Date of each of the following conditions:

	
			
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(a)    The representations and warranties of Purchaser shall be true and correct as of the Closing Date; 
(b)    Purchaser shall have delivered the Purchase Price, and all other documents required to be delivered by Purchaser at or prior to the Closing under the terms of this Agreement;
(c)    Purchaser shall have delivered or caused to be delivered to Seller the Indemnification and Reimbursement Agreements, dated as of the date hereof, executed by Purchaser in favor of Seller; 
(d)    Purchaser shall have delivered or caused to be delivered to Seller an Amendment to the Asset Management Agreement, dated as of the date hereof, between Hunt Investment Management, LLC, a Delaware limited liability company ("Asset Manager"), and Purchaser, in substantially the form attached hereto as Exhibit A; and 
(e)    Purchaser shall have delivered or caused to be delivered to Seller a certificate of the Secretary or Assistant Secretary, as of the Closing Date, of Purchaser certifying (i) the Organizational Documents, (ii) good standing under the Laws of the jurisdiction of its formation, (iii) the minutes of the meeting of the independent directors of the board of directors, (iv) the minutes of the meeting of the full board of directors and (v) the names and signatures of the officers authorized to sign this Agreement and any other documents required to be delivered under the terms of this Agreement.
Section 7.3    Conditions to Obligations of Purchaser.  The obligations of Purchaser to effect the Closing shall be subject to the satisfaction (or waiver, in whole or in part, to the extent permitted by applicable Law, by Purchaser) on and as of the Closing Date of each of the following conditions:
(a)    The representations and warranties of Seller shall be true and correct as of the Closing Date in all material respects; 
(b)    Seller shall have delivered or caused to be delivered all documents required to be delivered by Seller at or prior to the Closing under the terms of this Agreement;
(c)    Seller has arranged to be delivered to Purchaser the tax advice of Clifford Chance US LLP, counsel for Seller, addressing a modification to the tax guidelines utilized by Asset Manager in substantially the form attached hereto as Exhibit B;
(d)    Seller shall have delivered or caused to be delivered to Purchaser an Amendment to the Asset Management Agreement, dated as of the date hereof, between Asset Manager and Purchaser, in substantially the form attached hereto as Exhibit A; and
(e)    Seller shall have delivered or caused to be delivered to Purchaser a certificate of the Secretary or Assistant Secretary, as of the Closing Date, of each of Seller, CLO Issuer and Asset Manager certifying (i) the Organizational Documents, (ii) good standing under the Laws of the jurisdiction of its formation, (iii) the consent, resolution or minutes of the members, shareholders, board of trustees or board of directors, as applicable, and (iv) the names and signatures of the officers authorized to sign this Agreement and any other documents required to be delivered under the terms of this Agreement.       
ARTICLE VIII     
 
MISCELLANEOUS
Section 8.1    Assignment; Binding Effect.  This Agreement and the rights hereunder are not assignable by either Party unless such assignment is consented to in writing by the other Party.  Subject to the preceding sentence, this Agreement and all the provisions hereof shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns.
Section 8.2    Choice of Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES THEREOF (OTHER THAN SECTION 5‐1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
Section 8.3    Consent to Jurisdiction and Service of Process; Waiver of Jury Trial and Certain Damages.  ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST THE PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR ANY OBLIGATIONS HEREUNDER, SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK, COUNTY OF NEW YORK.  BY EXECUTING AND DELIVERING THIS AGREEMENT, THE PARTIES IRREVOCABLY (I) ACCEPT GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF THESE COURTS, (II) WAIVE ANY OBJECTIONS WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (I) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, (III) AGREE THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO SUCH PARTY AT THEIR RESPECTIVE ADDRESSES PROVIDED IN ACCORDANCE WITH SECTION 8.4, AND (IV) AGREE THAT SERVICE AS PROVIDED IN CLAUSE (III) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER SUCH PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE 

	
			
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CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT.  THE PARTIES IRREVOCABLY WAIVE, AND AGREE TO CAUSE THEIR SUBSIDIARIES TO WAIVE, THE RIGHT TO TRIAL BY JURY IN ANY ACTION TO ENFORCE OR INTERPRET THE PROVISIONS OF THIS AGREEMENT.
Section 8.4    Notices.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally, when sent by email, when sent by overnight courier service or when mailed by certified or registered mail, return receipt requested, with postage prepaid to the Parties at the following addresses (or at such other address for a Party as shall be specified by like notice):
If to Seller:
Hunt Mortgage Group, LLC 
230 Park Avenue, 19th Floor 
New York, New York 10169 
Attention: Michael Larsen and Mustafa Haque
Email:    michael.larsen@huntcompanies.com 
    mustafa.haque@huntcompanies.com 
    
With copies to:
Clifford Chance US LLP 
31 West 52nd Street 
New York, New York 10019 
Attention: Steven Kolyer, Esq., Jay Bernstein, Esq. and Mike Kessler, Esq. 
Email:    steven.kolyer@cliffordchance.com 
    jay.bernstein@cliffordchance.com 
    mike.kessler@cliffordchance.com
If to Purchaser:
Five Oaks Investment Corp.
c/o Hunt Investment Management, LLC
230 Park Avenue, 19th Floor
New York, New York 10169
Attention: Lead Independent Director

With copies to:
Dentons US LLP
1221 Avenue of the Americas
New York, New York 10020
Attention: Paul Tvetenstrand
Email: paul.tvetenstrand@dentons.com
Section 8.5    Headings.  The headings contained in this Agreement are inserted for convenience only and shall not be considered in interpreting or construing any of the provisions contained in this Agreement.
Section 8.6    Fees and Expenses; Transfer Taxes.  Except as otherwise agreed by the Parties, each Party will bear its own costs and expenses (including legal fees and expenses) incurred in connection with this Agreement and the transactions contemplated hereby.  Any sales, use, stock transfer, real property transfer, real property gains, transfer, stamp, registration, documentary, recording or similar taxes together with any interest thereon, penalties, fines, fees, additions to tax or additional amounts with respect thereto arising out of the transactions contemplated hereby shall be borne equally by both Parties (and Purchaser shall prepare and file all necessary documentation and tax returns with respect to such taxes).
Section 8.7    Entire Agreement.  This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersede all prior agreements and understandings between the Parties with respect to such subject matter.
Section 8.8    Interpretation.  Whenever the words "include", "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation." The word "Agreement" shall mean this Agreement as amended or supplemented.  The titles and headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole.  The word "Dollar" and the symbol "$" mean United States Dollars.  A reference to any legislation or to any provision of any legislation shall include any amendment to, any modification or re‐enactment thereof, any legislative provision substituted therefor and all regulations and statutory instruments issued thereunder or pursuant thereto.

	
			
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Section 8.9    Waiver and Amendment.  Any provisions of this Agreement may be waived in writing at any time by a Party, and any of the provisions of this Agreement may be amended at any time by the mutual written agreement of the Parties.  No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law.
Section 8.10    Counterparts; Facsimile Signatures.  This Agreement may be executed in any number of counterparts, each of which when executed, shall be deemed to be an original and all of which together will be deemed to be one and the same instrument binding upon all of the Parties notwithstanding the fact that all Parties are not signatory to the original or the same counterpart.  For purposes of this Agreement email signatures shall be deemed originals.
Section 8.11    Third-Party Beneficiaries.  Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any Person, other than the Parties, any right or remedies under or by reason of this Agreement.
Section 8.12    Severability.  If any provision of this Agreement or the application of any such provision to any person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof.
Section 8.13    Publicity.  Unless otherwise required by applicable Law or national securities exchange on which the securities of any of the Parties are listed or designated, no public announcement of, or any other statement or communication of any kind or nature regarding, this transaction shall be made without the express written mutual consent of the Parties.
Section 8.14    Tax Treatment.  The Parties agree to treat, for U.S. federal income tax purposes, the transactions described in Section 2.1: (a) as a taxable sale by Hunt Companies, Inc. of all of the assets of the HCMT Originator, HCMT Preferred, CLO Seller and CLO Advances, including the equity and Class E Notes issued by CLO Issuer; and (b) immediately thereafter, a tax-deferred liquidation of CLO Issuer under Section 332 of the Code, resulting in CLO Issuer becoming a "qualified REIT subsidiary" of Purchaser within the meaning of Section 856(i) of the Code.
Section 8.15    Further Assurances.  Each Party shall, from time to time, at the request of the other Party and without further consideration, execute and deliver further instruments and take such other actions as the requesting Party may reasonably require to effectuate the transactions as contemplated by the Transaction Documents and otherwise satisfy the obligations of the Parties hereunder.
[Remainder of Page Intentionally Left Blank]

	
			
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and year first above written.
SELLER:
HUNT MORTGAGE GROUP, LLC, 
a Delaware limited liability company
		
	By:
	/s/ Michael Larsen     
Name: Michael Larsen
Title: Chief Financial Officer

PURCHASER:
FIVE OAKS INVESTMENT CORP., 
a Maryland corporation
		
	By:
	/s/ James P. Flynn     
Name:  James P. Flynn
Title: Chief Executive Officer

[Signature Page to Membership Interest Purchase Agreement]

EXHIBIT A

Exhibit A

EXHIBIT B

Exhibit B

SCHEDULE A

Schedule A

SCHEDULE B

Schedule B

SCHEDULE C

Schedule C

SCHEDULE D

Schedule D

SCHEDULE E

Schedule EExhibit
10.1

 

PROMISSORY
NOTE

 

Dated
as of August 30th, 2018

 

	Up to $750,000.
    	Cedar Knolls, New
    Jersey

 

FOR
VALUE RECEIVED, and subject to the terms and conditions set forth herein, MYOS RENS TECHNOLOGY INC., a Nevada corporation (the
“Maker”), hereby unconditionally promises to pay to the order of JOSEPH MANNELLO (the “Lender”,
and together with the Maker, the “Parties”), the principal amount of up to SEVEN HUNDRED AND FIFTY THOUSAND
DOLLARS ($750,000) (the “Loan”), together with all accrued interest thereon, as provided in this Promissory
Note (the “Note”, as the same may be amended, restated, supplemented or otherwise modified from time to time
in accordance with its terms).

 

1.
Definitions. Capitalized terms used herein shall have the meanings set forth in this Section 1.

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New Jersey are authorized or
required by law to close.

 

“Default”
means any of the events specified in Section 6 that constitutes an Event of Default or which, upon the giving of notice, the lapse
of time, or both pursuant to Section 6 would, unless cured or waived, become an Event of Default.

 

“Event
of Default” has the meaning set forth in Section 6.

 

“Governmental
Authority” means the government of any nation or any political subdivision thereof.

 

“Law”
as to any Person, means any law (including common law), statute, ordinance, treaty, rule, regulation, policy or requirement of
any Governmental Authority and authoritative interpretations thereon, whether now or hereafter in effect, in each case, applicable
to or binding on such Person or any of its properties or to which such Person or any of its properties is subject.

 

“Lender”
has the meaning set forth in the introductory paragraph.

 

“Loan” has the meaning set forth in the introductory
paragraph.

 

“Maker” has the meaning set forth in the introductory paragraph.

 

“Maturity
Date” means the earliest of (a) the one year anniversary of the date of this Note, (b) three Business Days after the
Maker has received minimum proceeds of $1,000,000 from the sale of Maker’s net operating losses and (c) the date on which
all amounts under this Note shall become due and payable pursuant to Section 6.

 

“Person” means any individual,
corporation, limited liability company, trust, joint venture, association, company, limited or general partnership, unincorporated
organization, Governmental Authority or other entity.

 

     

     

    

 

2.
Final Payment Date; Optional Prepayments; Drawdown Requests.

 

2.1
Payment Date. The aggregate unpaid principal amount of the Loan, all accrued and unpaid interest and all other amounts
payable under this Note shall be due and payable on the Maturity Date.

 

2.2
Optional Prepayment. The Maker may prepay the Loan in whole or in part at any time or from time to time without penalty
or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. No prepaid
amount may be re-borrowed.

 

2.3
Drawdown Requests. The principal amount of this Note may be drawn down from time to time prior to December 31, 2018 (each,
a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less
than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Lender. Lender shall fund each Drawdown Request no later than
five (5) Business Days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively
under this Note is Seven Hundred Fifty Thousand Dollars ($750,000). Once an amount is drawn down under this Note, it shall not
be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Lender in connection
with, or as a result of, any Drawdown Request by Maker.

 

3.
Interest.

 

3.1 Interest
Rate. Except as otherwise provided herein, the outstanding principal amount of the Loan made hereunder shall bear
interest at a rate equal to Five Percent (5%) per annum from the date the Loan was made until the Loan is paid in full,
whether at maturity, upon acceleration, by prepayment or otherwise.

 

3.2
Interest Payment Date. Interest shall be payable in arrears to the Lender on the Maturity Date.

 

3.3
Computation of Interest. All computations of interest shall be made on the actual number of days elapsed. Interest shall
accrue on the Loan on the day on which such Loan is made and shall not accrue on the Loan on the day on which it is paid.

 

3.4
Interest Rate Limitation. If at any time and for any reason whatsoever, the interest rate payable on the Loan shall exceed
the maximum rate of interest permitted to be charged by the Lender to the Maker under applicable Law, such interest rate shall
be reduced automatically to the maximum rate of interest permitted to be charged under applicable Law/that portion of each sum
paid attributable to that portion of such interest rate that exceeds the maximum rate of interest permitted by applicable Law
shall be deemed a voluntary prepayment of principal.

 

    2

     

    

 

4.
Payment Mechanics.

 

4.1
Manner of Payment. All payments of interest and principal shall be made in lawful money of the United States of America.

 

4.2
Application of Payments. All payments made hereunder shall be applied first, to the payment of any fees or charges outstanding
hereunder, second, to accrued interest and third, to the payment of the principal amount outstanding under the Note.

 

4.3
Business Day Convention. Whenever any payment to be made hereunder shall be due on a day that is not a Business Day, such
payment shall be made on the next succeeding Business Day and such extension will be taken into account in calculating the amount
of interest payable under this Note.

 

5.
Representations and Warranties. The Maker hereby represents and warrants to the Lender on the date hereof as follows:

 

5.1 Existence.
The Maker is a corporation duly incorporated, validly existing and in good standing under the laws of the state of its
jurisdiction of organization.

 

5.2 Power
and Authority. The Maker has the power and authority, and the legal right, to execute and deliver this Note and to
perform its obligations hereunder.

 

5.3 Authorization;
Execution and Delivery. The execution and delivery of this Note by the Maker and the performance of its
obligations hereunder have been duly authorized by all necessary corporate action in accordance with all applicable Laws. The
Maker has duly executed and delivered this Note.

 

6.
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder:

 

6.1
Failure to Pay. The Maker fails to pay any amount of the Loan when due and such failure continues for and such failure
continues for 15 days after written notice to the Maker.

 

6.2
Breach of Representations and Warranties. Any representation or warranty made or deemed made by the Maker to the Lender
herein is incorrect in any material respect on the date as of which such representation or warranty was made or deemed made.

 

6.3
Cross-Defaults. The Maker fails to pay any of its indebtedness owing to Lender under any promissory note (other than indebtedness
under this Note) when due and such failure continues after the applicable grace period, if any, specified in the note relating
to such indebtedness.

 

    3

     

    

 

6.4
Bankruptcy.

 

(a)
the Maker commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy, insolvency,
reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate
it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition
or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or
other similar official for it or for all or any substantial part of its assets, or the Maker makes a general assignment for the
benefit of its creditors; or

 

(b)
there is commenced against the Maker any case, proceeding or other action of a nature referred to in clause (a) above which (i)
results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged
or unbonded for a period of 60 days.

 

7.
Remedies. Upon the occurrence of an Event of Default and at any time thereafter during the continuance of such Event of
Default, the Lender may at its option, by written notice to the Maker (a) declare the entire principal amount of this Note, together
with all accrued interest thereon and all other amounts payable hereunder, immediately due and payable and/or (b) exercise any
or all of its rights, powers or remedies under applicable law; provided, however that, if an Event of Default described
in Section 6.4 shall occur, the principal of and accrued interest on the Loan shall become immediately due and payable without
any notice, declaration or other act on the part of the Lender.

 

8.
Miscellaneous.

 

8.1
Notices.

 

(a)
All notices, requests or other communications required or permitted to be delivered hereunder shall be delivered in writing to
such address as a Party may from time to time specify in writing.

 

(b)
Notices if (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been
given when received, (ii) sent by facsimile during the recipient’s normal business hours shall be deemed to have been given
when sent (and if sent after normal business hours shall be deemed to have been given at the opening of the recipient’s
business on the next business day) and (iii) sent by e-mail shall be deemed received upon the sender’s receipt of an acknowledgment
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgment).

 

8.2
Expenses. The Maker shall reimburse the Lender for all reasonable and documented out-of-pocket costs, expenses and fees
(including reasonable expenses and fees of its counsel) incurred by the Lender in connection with the enforcement of the Lender’s
rights hereunder after the occurrence, and during the continuance, of an Event of Default.

 

8.3
Governing Law. This Note and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise)
based upon, arising out of or relating to this Note and the transactions contemplated hereby shall be governed by the laws of
the State of New Jersey.

 

    4

     

    

 

8.4
Submission to Jurisdiction.

 

(a)
The Maker hereby irrevocably and unconditionally (i) agrees that any legal action, suit or proceeding arising out of or relating
to this Note may be brought in the courts of the State of New Jersey or of the United States of America for the District of New
Jersey and (ii) submits to the jurisdiction of any such court in any such action, suit or proceeding. Final judgment against the
Maker in any action, suit or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment.

 

(b)
Nothing in this Section 8.4 shall affect the right of the Lender to (i) commence legal proceedings or otherwise sue the Maker
in any other court having jurisdiction over the Maker or (ii) serve process upon the Maker in any manner authorized by the laws
of any such jurisdiction.

 

8.5 Venue.
The Maker irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any
objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to
this Note in any court referred to in Section 8.4(b) and the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court.

 

8.6
Waiver of Jury Trial. THE MAKER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED
HEREBY WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY.

 

8.7
Counterparts; Integration; Effectiveness. This Note and any amendments, waivers, consents or supplements hereto may be
executed in counterparts, each of which shall constitute an original, but all taken together shall constitute a single contract.
This Note constitutes the entire contract between the Parties with respect to the subject matter hereof and supersede all previous
agreements and understandings, oral or written, with respect thereto. Delivery of an executed counterpart of a signature page
to this Note by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery
of a manually executed counterpart of this Note.

 

8.8
Successors and Assigns. This Note may not be assigned, transferred or negotiated by the Lender to any Person without the
consent of the Maker, except after 30 days written notice to the Maker if an Event of Default has occurred and is continuing.
The Maker may not assign or transfer this Note or any of its rights hereunder without the prior written consent of the Lender.
This Note shall inure to the benefit of and be binding upon the parties hereto and their heirs or successors, as applicable, and
permitted assigns.

 

8.9
Waiver of Notice. The Maker hereby waives presentment, demand for payment, protest, notice of dishonor, notice of protest
or nonpayment, notice of acceleration of maturity and diligence in connection with the enforcement of this Note or the taking
of any action to collect sums owing hereunder.

 

    5

     

    

 

8.10
Amendments and Waivers. No term of this Note may be waived, modified or amended except by an instrument in writing signed
by both of the parties hereto. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific
purpose given.

 

8.11
Headings. The headings of the various Sections and subsections herein are for reference only and shall not define, modify,
expand or limit any of the terms or provisions hereof.

 

8.12
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising on the part of the Lender, of any right,
remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law.

 

8.13
Severability. If any term or provision of this Note is invalid, illegal or unenforceable in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other term or provision of this Note or invalidate or render unenforceable
such term or provision in any other jurisdiction.

 

[SIGNATURE
PAGE FOLLOWS]

 

    6

     

    

 

IN
WITNESS WHEREOF, the Maker has executed this Note as of the date first written above.

 

	 	MYOS
    RENS TECHNOLOGY INC.
	 	 
	 	By:	/s/
    Joseph DiPietro
	 	Name:	Joseph
    DiPietro
	 	Title:	Controller

 

INITIAL
ADDRESS FOR NOTICES TO MAKER:

 

MYOS
RENS Technology Inc. 

45
Horsehill Road, Suite 106 

Cedar
Knolls, NJ 07927 

Attn:
Chief Executive Officer 

 

 

INITIAL
ADDRESS FOR PAYMENTS TO LENDER:

 

137
Jockey Hollow Road 

Bernardsville, NJ 7924

 

 

 

 

[Signature
page for Promissory Note]

 

    7

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