Document:

Exhibit 10.21

     

    RURBAN
FINANCIAL CORP.

    2008
STOCK INCENTIVE PLAN

    

    NONQUALIFIED
STOCK OPTION AWARD AGREEMENT

    (For
Employees)

    

    In
recognition of your services to Rurban Financial Corp. (the “Company”) and its
Subsidiaries, the Compensation Committee of the Board of Directors of the
Company (the “Committee”) has granted you a Nonqualified Stock Option (“Option”)
to purchase common shares, without par value, of the Company (“Stock”), subject
to the terms and conditions described in the Rurban Financial Corp. 2008 Stock
Incentive Plan (the “Plan”) and this Nonqualified Stock Option Award Agreement
(“Award Agreement”).

     

    To ensure
you fully understand the terms and conditions of your Option, you should read
the Plan and this Award Agreement carefully.  Capitalized terms that
are not defined in this Award Agreement have the same meanings as in the
Plan.

     

    You
should return a signed copy of this Award Agreement to:

     

    Linda
Hogrefe

    Vice
President, Human Resources Manager

    Rurban
Financial Corp.

    401
Clinton Street

    Defiance,
Ohio 43512

     

    
      	
              1. 

            	
              Summary of Your Restricted
      Option

            

    

     

    
      	  	
              (a) 

            	
              Grant
      Date: _______________,
      2010

            

    

    

    
      	
               
      

            	
              (b)

            	
              Number of Shares of Stock
      Subject to Your Option:  ___________ shares of
      Stock.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Exercise
      Price:  $___________ per share of
  Stock.

            

    

    

    
      	
              2. 

            	
              When Your Option Will
      Vest

            

    

     

     Your
Option will vest and become exercisable with respect to one-fifth of the Shares
subject to the Option on each of the first, second, third, fourth and fifth
anniversaries of the Grant Date (each an “Anniversary Date”), subject to your
continued employment with the Company or an Affiliate on the applicable
Anniversary Date.  Notwithstanding the foregoing, the Option shall
become fully vested and exercisable upon your death, Disability or
Retirement.

     

    
      	
              3. 

            	
              When You May Exercise Your
      Option and When It Will
Expire

            

    

     

    
      	
               
      

            	
              (a)

            	
              In
      General:  In general, you may exercise all or any part of
      the vested portion of your Option at any time prior to the tenth
      anniversary of the Grant Date (the “Expiration Date”), except to the
      extent the Committee determines otherwise upon the occurrence of an
      Applicable Event or as otherwise provided
    below.

            

    

     

    
      
         

      

      
        1.

        
          

        

      

      
         

      

    

    
       

    

    
      	
               
      

            	
              (b)

            	
              Effect of
      Termination:  If your employment terminates prior to the
      Expiration Date, your Option will remain exercisable for the period
      specified below:

            

    

     

    
      	
               
      

            	
              (i)

            	
              Retirement.  If
      you Retire, the vested portion of your Option may be exercised at any time
      before the earlier of the Expiration Date or one year following your
      Retirement.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Death or
      Disability.  If your employment terminates due to your
      death or Disability, the vested portion of your Option may be exercised at
      any time before the earlier of the Expiration Date or the first
      anniversary of your termination
date.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              For Any Reason Other Than
      Retirement, Death or Disability.  If your employment is
      terminated for any reason other than your Retirement, death or Disability:
      (i) the unvested portion of your Option will be forfeited on your
      termination date; and (ii) the vested portion
      of your Option may be exercised at any time before the earlier of the
      Expiration Date or 30 days after your termination
  date.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Applicable
      Event:  If there is an Applicable Event, Section 11.5 of
      the Plan will apply to the outstanding and unexercised portion of your
      Option.

            

    

     

    
      	
              4. 

            	
              Exercising Your Option

            

    

     

    You must
follow the procedures described below to exercise your Option.  If you
do not follow these procedures, your attempted exercise will be
disregarded.

     

    
      	
               
      

            	
              (e)

            	
              Exercise.  Your
      Option may be exercised with respect to whole shares of Stock
      only.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Procedure. To exercise
      all or any part of the vested portion of your Option, you must (i)
      complete and return a copy of the Nonqualified Stock Option Exercise Form
      (attached to this Award Agreement as Exhibit A); and
      (ii) pay the applicable exercise price for each share of Stock being
      purchased as described in Section
4(c).

            

    

     

    
      	
               
      

            	
              (g)

            	
              Payment of Exercise
      Price.  You may pay the exercise price for each share of
      Stock being purchased upon the exercise of the Option: (i) in cash equal
      to the aggregate exercise price of the number of shares
      of  Stock being purchased; (ii) in the form of a personal check
      or money order made payable to “Rurban Financial Corp.” in the amount of
      the aggregate exercise price of the shares of Stock being purchased; (iii)
      by tendering whole shares of Stock owned by you for at least six months
      before the Option is exercised (or such other period established by
      generally accepted accounting principles) with a Fair Market Value equal
      to the aggregate exercise price of the shares of Stock being purchased; or
      (iv) any combination of the
foregoing.

            

    

     

    
      
         

      

      
        2.

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (h)

            	
              Issuance of Shares of
      Stock.  As soon as administratively practicable after the
      Company determines that the Option has been validly exercised as to any of
      the shares of Stock, the Company will issue or transfer the relevant
      number of shares of Stock to you. Any fractional shares of Stock resulting
      from the exercise of your Option will be settled in
  cash.

            

    

     

    
      	
              5. 

            	
              Other Rules Affecting Your
      Option

            

    

     

    (a)           Rights Before Your Option Is
Exercised:  You may not vote or receive any dividends
associated with the Stock underlying the unexercised portion of your
Option.

     

    (b)           Beneficiary
Designation:  You may name a beneficiary or beneficiaries to
receive any shares of Stock or exercise any vested portion of your Option that
is unpaid or unexercised at your death by completing and filing with the
Committee a Beneficiary Designation Form.  If you have not completed a
Beneficiary Designation Form or if you wish to change your beneficiary, you may
complete the Beneficiary Designation Form (attached to this Award Agreement as
Exhibit
B).  You do not need to designate a beneficiary now, and no
designation is required to be completed as a condition of exercising your
Option.  However, if you die without completing a Beneficiary
Designation Form or if you do not complete the form correctly, your beneficiary
will be the executor or administrator of your estate, or if no such executor or
administrator has been appointed to the knowledge of the Company, your
beneficiary shall be your spouse or any one or more of your dependents as the
Company may designate.

     

    (c)           Tax
Withholding:  The Company will have the right and is hereby
authorized to deduct or withhold an amount sufficient to satisfy federal, state
and local taxes required by law to be withheld with respect to your
Option.  At the sole discretion of the Committee, you may be permitted
to satisfy the foregoing withholding liability by: (i) paying to the Company the
withholding amount in cash, through the delivery or attestation of whole shares
of Stock you have owned for at least the previous six months (or such other
period acceptable under generally accepted accounting principles) with a Fair
Market Value equal to the statutory minimum withholding liability; or (ii) by
having the Company withhold shares of Stock that would otherwise be issued to
you when your Option is settled with a Fair Market Value equal to the statutory
minimum withholding liability.

    

     (d)           Transferring Your
Option:  In general, your Option may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated, except by will or the
laws of descent and distribution.  However, as described in Section
5(b), you may complete a Beneficiary Designation Form to name the person who may
exercise your Option if you die before the Option expires.  Also, with
the Committee’s consent, you may be allowed to transfer your Option to an
immediate family member, a partnership consisting solely of immediate family
members, or a trust for the benefit of immediate family members (a “Permissible
Transferee”).  Contact the Company at the address given on the first
page of this Award Agreement if you are interested in transferring your Option
to a Permissible Transferee.

     

    
      
         

      

      
        3.

        
          

        

      

      
         

      

    

     

    (e)           Adjustments to Your
Options:  If there is a Stock dividend, Stock split,
recapitalization (including payment of an extraordinary dividend), merger,
consolidation, combination, spin-off, distribution of assets to shareholders,
exchange of shares or other similar corporate change affecting the Stock, the
Committee will appropriately adjust the number of shares of Stock underlying
your Option and any other factors, limits or terms affecting your Option.
Notwithstanding the foregoing, any adjustment will comply with Section 409A of
the Code to the extent applicable.

    

    (f)           Restrictions on Transfer of
Stock:  Shares of Stock tendered upon exercise of your Option
under this Award Agreement may be subject to any stock transfer orders and other
restrictions that the Committee believes to be advisable under the rules,
regulations and other requirements of the Securities and Exchange Commission,
any exchange, market or other quotation system on or through which the Company’s
securities are then traded, or any applicable federal or state securities
laws.  The Committee may cause a legend or legends to be placed on any
certificates issued under this Award Agreement to make appropriate reference to
any restrictions.

    

    (g)           Tenure:  Nothing in
the Plan or this Award Agreement shall confer upon you the right to continue as
an Employee or Director, as applicable, of the Company or any
Subsidiary.

    

    (h)           Governing Law:  This
Award Agreement will be construed in accordance with and governed by the laws
(other than laws governing conflicts of laws) of the State of Ohio.

    

    (i)      
     Amendment of Award
Agreement:  This Award Agreement may be amended by a written
agreement signed by both parties to this Award Agreement; provided, however,
that the Company may amend this Award Agreement to the extent necessary to
comply with applicable law without your consent or any additional consideration,
even if those amendments eliminate, restrict or reduce your rights under this
Award Agreement.

    

    (j)           Other Terms and
Conditions:  Your Option is subject to the terms and conditions
described in this Award Agreement and the Plan, which is incorporated by
reference into and made a part of this Award Agreement.  You should
read the Plan carefully to ensure you fully understand all the terms and
conditions of your Option.  In the event of a conflict between the
terms of the Plan and the terms of this Award Agreement, the terms of the Plan
will govern.  The Committee has the sole responsibility of
interpreting the Plan and this Award Agreement, and its determination of the
meaning of any provision in the Plan or this Award Agreement shall be binding on
you.

    

    (k)           Signature in
Counterparts:  This Award Agreement may be signed in
counterparts, each of which will be deemed an original, but all of which will
constitute one and the same instrument.

    

    *           *           *           *           *

     

    
      
         

      

      
        4.

        
          

        

      

      
         

      

    

     

    Your
Acknowledgement

    

    By
signing below as the “Participant,” you acknowledge and agree that:

    

    
      	
               
      

            	
              ·

            	
              A
      copy of the Plan has been made available to you;
  and

            

    

    
      	
               
      

            	
              ·

            	
              You
      understand and accept the terms and conditions placed on your
      Option.

            

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      PARTICIPANT

                                    	 
      	
                                      RURBAN
      FINANCIAL CORP.

                                    	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	  
	
                                      Print Name:

                                    	 
      	 
      	
                                      Print Name:

                                    	 
      	 
	 
      	 
      	 
      	
                                      Title:

                                    	 
      	 
	 
      	 
      	 
      	 
      	 
      	 
	
                                      Date:

                                    	 
      	 
      	
                                      Date:

                                    	 
      	 
      

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        5.

        
          

        

      

      
         

      

    

    EXHIBIT
A

    RURBAN
FINANCIAL CORP.

    2008
STOCK INCENTIVE PLAN

    

    NONQUALIFIED
STOCK OPTION EXERCISE NOTICE

    (For
Employees)

     

    By completing this Nonqualified Stock Option Exercise Notice
(“Exercise Notice”) and returning it to the address given below, I elect to buy
the shares of Stock described below.  Capitalized terms not defined in
this Exercise Notice have the same meanings as in the Plan and applicable Award
Agreement.

     

    Note:  A separate
Exercise Notice must be completed each time an Option is exercised
(e.g., if the Optionee is simultaneously exercising an Option to purchase
200 shares that was granted on January 1, 2009 and an Option to purchase
100 shares that was granted on January 1, 2010, you must complete two
Exercise Notices, one for each Option being exercised).

     

    
      	
              1.

            	
              Affected Option
      Shares:  This Exercise Notice relates to the following
      Option and shares of Stock (fill in the
      blanks):

            

    

     

    
      	  	
              (a)

            	
              Grant
      Date of
      Option:  __________________________________________________________________

            

    

     

    
      	  	
              (b)

            	
              Number
      of Shares of Stock Being Purchase with This Exercise
      Notice:  _________________________

            

    

     

    
      	  	
              (c)

            	
              Exercise
      Price:  The exercise price per share of Stock is
      $_______________________________________

            

    

     

    
      	  	
              (d)

            	
              Total
      Exercise Price:  The total exercise (multiply 1(b) by
      1(c)) is:
  $______________________________

            

    

     

    
      	
              2.

            	
              Payment of Exercise
      Price:  The total exercise price will be paid by (check
    one):

            

    

     

    
      	
               
      

            	
               ̈

            	
              Personal
      check, bank draft or money order payable to “Rurban Financial
      Corp.”

            

    

     

    
      	
               
      

            	
               ̈

            	
              Through
      the tender of whole shares of Stock that the Optionee has held for at
      least six months (or
      such other period established by generally accepted accounting principles)
      and which have a Fair Market Value equal to the total exercise
      price.

            

    

     

    
      	
               
      

            	
               ̈

            	
              A
      combination of these two methods (the aggregate amount of cash and value
      of shares delivered or attested must be equal to the total exercise
      price).

            

    

     

    
      
        	
              	
                Notes: 

              	
                If:
      (a) the cash, bank
      or money order method of exercise is selected, full payment must be
      included with this Exercise Notice; and (b) you elect the tender form of
      paying the exercise price, you may contact the Company at the address
      given below for further information as to how the choice of payment will
      affect the number of shares of Stock you will
  receive.

              

      

    

    

    
      	
              3.

            	
              Payment of
      Taxes:  Subject to Section 5(c) of the Award Agreement
      under which the Option was issued, the withholding taxes associated with
      this exercise of the Option will be paid (check
    one):

            

    

    

    
      	
               
      

            	
               ̈

            	
              From
      my payroll checking account.

            

    

     

    
      	
               
      

            	
               ̈

            	
              By
      having the Company withhold shares of Stock that would otherwise be issued
      with respect to this exercise.

            

    

     

    
      
         

      

      
        6.

        
          

        

      

      
         

      

    

     

    
      	
              4.

            	
              Acknowledgement of Effect of
      Exercise:  By signing below, I acknowledge and agree
      that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              I
      fully understand the effect (including the investment effect) of
      exercising the Option and buying the shares of stock and understand that
      there is no guarantee that the value of these shares of Stock will
      appreciate or will not depreciate;

            

    

     

    
      	
               
      

            	
              (b)

            	
              This
      Exercise Notice will have no effect if it is not returned to the Company
      at the address given below before the Expiration Date or such other date
      as may be specified in the Award Agreement or, to the extent applicable,
      if full payment of the exercise price is not included;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      shares of Stock I am buying by completing and returning this Exercise
      Notice will be issued to me as soon as administratively
      practicable.  I will not have any rights as a shareholder of the
      Company until the shares of Stock are
issued.

            

    

     

    
      
        
          
            
              
                
                  
                    
                      	 
      
	
                              (Optionee’s
      printed name)

                            
	 
      
	 
      
	
                              (Optionee’s
      signature)

                            
	 
	Date signed:	 

                    

                  

                

              

            

          

        

      

    

     

    A signed
copy of this Exercise Notice must be sent to the following address no later than
the Expiration Date or such other date as may be specified in the Award
Agreement to:

     

    Linda
Hogrefe

    Vice
President, Human Resources Manager

    Rurban
Financial Corp.

    401
Clinton Street

    Defiance,
Ohio 43512

     

    *****

     

    Acknowledgement
of Receipt

     

    A signed
copy of the Exercise Notice was received
on:  _______________________.

     

    The
Optionee:

     

     ̈           Has
effectively exercised the portion of the Option described in the Exercise
Notice; or

     

     ̈           Has
not effectively exercised the portion of the Option described in the Exercise
Notice because

     

    (describe deficiency)
_________________________________________________________________

     

    
      
        
          
            
              
                	
                        By:

                      	 
      	 
      
	 
      	 
      	 
      
	
                        Date:

                      	 
      	 
      

              

            

          

        

      

    

    

    Note: Keep a copy of this
Exercise Notice as part of the Plan’s permanent records.

     

    
      
         

      

      
        7.

        
          

        

      

      
         

      

    

    EXHIBIT
B

    RURBAN
FINANCIAL CORP.

    2008
STOCK INCENTIVE PLAN

    BENEFICIARY
DESIGNATION FORM

    

    Primary Beneficiary
Designation.  I designate the following person(s) as my primary
beneficiary or beneficiaries, in the proportion specified, to receive or to
exercise any vested Awards under the Rurban Financial Corp. 2008 Stock Incentive
Plan (the “Plan”) that are unpaid or unexercised at my death:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	 
      	 
      	
                                                        %  to

                                                      	 
      	 
      
	 
      	 
      	 
      	
                                                        (Name)

                                                      	
                                                        (Relationship)

                                                      
	 
      	
                                                        Address:

                                                      	 
      	 
      	 
      
	 	 	 	 	 
	 
      	 
      	
                                                        %  to

                                                      	 
      	 
      
	 
      	 
      	 
      	
                                                        (Name)

                                                      	
                                                        (Relationship)

                                                      
	 
      	
                                                        Address:

                                                      	 
      	 
      	 
      
	 	 	 	 	 
	 
      	 
      	
                                                        %  to

                                                      	 
      	 
      
	 
      	 
      	 
      	
                                                        (Name)

                                                      	
                                                        (Relationship)

                                                      
	 
      	
                                                        Address:

                                                      	 
      	 
      	 
      

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    Note: You are not required to
name more than one primary beneficiary but, if you do, the sum of these
percentages may not be greater than 100 percent.

    Contingent Beneficiary
Designation.  If one or more of my primary beneficiaries dies
before I die, I direct that any vested Awards under the Plan that are unpaid or
unexercised at my death and that might otherwise have been paid to that
beneficiary be:

     

     ̈           Allocated
to my other named primary beneficiaries in proportion to the allocation given
above (ignoring the interest allocated to the deceased primary beneficiary);
or

     

     ̈           Allocated,
in the proportion specified, among the following contingent
beneficiaries:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	 
      	 
      	
                                                        %  to

                                                      	 
      	 
      
	 
      	 
      	 
      	
                                                        (Name)

                                                      	
                                                        (Relationship)

                                                      
	 
      	
                                                        Address:

                                                      	 
      	 
      	 
      
	 	 	 	 	 
	 
      	 
      	
                                                        %  to

                                                      	 
      	 
      
	 
      	 
      	 
      	
                                                        (Name)

                                                      	
                                                        (Relationship)

                                                      
	 
      	
                                                        Address:

                                                      	 
      	 
      	 
      
	 	 	 	 	 
	 
      	 
      	
                                                        %  to

                                                      	 
      	 
      
	 
      	 
      	 
      	
                                                        (Name)

                                                      	
                                                        (Relationship)

                                                      
	 
      	
                                                        Address:

                                                      	 
      	 
      	 
      

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    Note: You are not required to
name more than one contingent beneficiary but, if you do, the sum of these
percentages may not be greater than 100 percent.

     

    
      
        
          
            
              	 
      	 
      	 
      	 
      
	
                      (Signature)

                    	 
      	
                      (Date)

                    	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      (Print
      Name)

                    	 
      	 
      	 
      

            

          

        

      

    

    

    Please
return an executed copy of this form to the following:  Linda Hogrefe, Vice
President, Human Resources Manager, Rurban Financial Corp., 401 Clinton Street,
Defiance, Ohio 43512.

    
      
         

      

      
        8.Unassociated Document

    Exhibit
10.3

     

    MANAGEMENT
AGREEMENT

     

    BY
AND BETWEEN

     

    STRATEGIC
WEALTH & INCOME FUND, LLC

     

    AND

     

    SWI
MANAGEMENT, LLC

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE OF
CONTENTS

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    	 
      	 
      	
                                                            Page

                                                          
	 	 	 
	
                                                            ARTICLE
      1.

                                                          	
                                                            
                                                              DEFINITIONS

                                                            

                                                          	

                                                            1

                                                          
	
                                                          	 
      	
                                                             

                                                          
	
                                                            ARTICLE
      2.

                                                          	
                                                            APPOINTMENT

                                                          	
                                                            3

                                                          
	 	 	 
	
                                                            ARTICLE
      3.

                                                          	
                                                            DUTIES
      OF THE MANAGER

                                                          	
                                                            3

                                                          
	 
      	
                                                            3.1.
      Organizational and Offering Services

                                                          	
                                                            3

                                                          
	 
      	
                                                            3.2.
      Acquisition Services

                                                          	
                                                            3

                                                          
	 
      	
                                                            3.3.
      Asset Management Services

                                                          	
                                                            4

                                                          
	 
      	
                                                            3.4.
      Member and Senior Noteholder Services

                                                          	
                                                            5

                                                          
	 
      	
                                                            3.5.
      Other Services

                                                          	
                                                            6

                                                          
	 	 	 
	
                                                            ARTICLE
      4.

                                                          	
                                                            AUTHORITY
      OF MANAGER

                                                          	
                                                            6

                                                          
	 
      	
                                                            4.1.
      General

                                                          	
                                                            6

                                                          
	 
      	
                                                            4.2.
      Powers of the Manager

                                                          	
                                                            6

                                                          
	 	 	 
	
                                                            ARTICLE
      5.

                                                          	
                                                            BANK
      ACCOUNTS

                                                          	
                                                            6

                                                          
	 	 	 
	
                                                            ARTICLE
      6.

                                                          	
                                                            RECORDS
      AND FINANCIAL STATEMENTS

                                                          	
                                                            6

                                                          
	 	 	 
	
                                                            ARTICLE
      7.

                                                          	
                                                            LIMITATION
      ON ACTIVITIES

                                                          	
                                                            6

                                                          
	 	 	 
	
                                                            ARTICLE
      8.

                                                          	
                                                            FEES

                                                          	
                                                            7

                                                          
	 
      	
                                                            8.1.
      Organization Fee

                                                          	
                                                            7

                                                          
	 
      	
                                                            8.2.
      Origination Fees

                                                          	
                                                            7

                                                          
	 
      	
                                                            8.3.
      Acquisition Fees

                                                          	
                                                            7

                                                          
	 
      	
                                                            8.4.
      Asset Management Fees

                                                          	
                                                            7

                                                          
	 	 	 
	
                                                            ARTICLE
      9.

                                                          	
                                                            EXPENSES

                                                          	
                                                            7

                                                          
	
                                                             

                                                          	
                                                            9.1.
      General

                                                          	
                                                            7

                                                          
	
                                                          	
                                                            
                                                              9.2.
      Timing
      of and Limitations on Reimbursements

                                                            

                                                          	
                                                            8

                                                          
	 	 	 
	ARTICLE 10. 	
                                                            VOTING
      AGREEMENT

                                                          	
                                                            8

                                                          
	 	 	 
	
                                                            ARTICLE
      11.

                                                          	
                                                            RELATIONSHIP
      OF MANAGER AND COMPANY; OTHER ACTIVITIES OF THE MANAGER

                                                          	
                                                            9

                                                          
	
                                                          	
                                                            
                                                              11.1.
      Relationship

                                                            

                                                          	
                                                            9

                                                          
	
                                                          	
                                                            
                                                              11.2.
      Time
      Commitment

                                                            

                                                          	
                                                            9

                                                          
	
                                                          	
                                                            11.3.
      Investment Opportunities and Allocation

                                                          	
                                                            9

                                                          
	 
      	 
      	 
      
	
                                                            ARTICLE
      12.

                                                          	
                                                            TERM
      AND TERMINATION OF THE AGREEMENT

                                                          	
                                                            9

                                                          
	
                                                          	
                                                            
                                                              12.1.
      Term

                                                            

                                                          	
                                                            9

                                                          
	
                                                          	
                                                            
                                                              12.2.
      Termination by
      Either Party

                                                            

                                                          	
                                                            9

                                                          
	
                                                          	
                                                            
                                                              12.3.
      Payments on
      Termination and Survival of Certain Rights and
      Obligations

                                                            

                                                          	
                                                            9

                                                          

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      TABLE
OF CONTENTS

      (continued)

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	 	 	
                                              Page

                                            
	 	 	 
	
                                              ARTICLE
      13.

                                            	ASSIGNMENT	
                                              10

                                            
	 
      	 
      	 
      	 
      
	
                                              ARTICLE
      14.

                                            	INDEMNIFICATION
      AND LIMITATION OF LIABILITY	
                                              10

                                            
	 
      	 
      	 
      	 
      
	
                                              ARTICLE
      15.

                                            	MISCELLANEOUS	
                                              10

                                            
	 
      	15.1.
      Notices	
                                              10

                                            
	 
      	15.2.
      Modification	
                                              11

                                            
	 
      	15.3.
      Severability	
                                              11

                                            
	 
      	15.4.
      Construction	
                                              11

                                            
	 
      	15.5.
      Entire
      Agreement	
                                              11

                                            
	 
      	15.6.
      Waiver	
                                              11

                                            
	 
      	15.7.
      Gender	
                                              11

                                            
	 	15.8.
      Titles
      Not to Affect Interpretation	
                                              11

                                            
	 
      	15.9.
      Counterparts	
                                              11

                                            

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      MANAGEMENT
AGREEMENT

      

      This
Management Agreement, effective as of January 1, 2009 (the “Agreement”), is by and between Strategic Wealth
& Income Fund, LLC, a Delaware limited liability company (the “Company”), and SWI Management, LLC, an Arizona limited
liability company (the “Manager”).

      

      RECITALS

      

      WHEREAS, the Company desires
to avail itself of the knowledge, experience, sources of information, advice,
assistance, and certain facilities available to the Manager, and to have the
Manager undertake the duties and responsibilities hereinafter set forth, all as
provided herein; and

      

      WHEREAS, the Manager is
willing to undertake to render such services on the terms and conditions
hereinafter set forth.

      

      NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

      

      ARTICLE
1.

       

      DEFINITIONS

      

      The
following defined terms used in this Agreement shall have the meanings specified
below:

       

      “Acquisition Expenses” means
any and all expenses, excluding the Origination Fees and Acquisition Fees,
incurred by the Company, the Manager, or any Affiliate of either in connection
with the selection, acquisition, or development of any property, loan, or other
potential investment, whether or not acquired or originated, as applicable,
including, without limitation, legal fees and expenses, travel and
communications expenses, costs of appraisals, nonrefundable option payments on
properties or other investments not acquired, accounting fees and expenses, and
title insurance premiums.

       

      “Acquisition Fees” shall have
the meaning set forth in Section
8.3.

      

      “Advisory Committed” means
that certain committee established pursuant to Section 6.13 of the Operating
Agreement.

      

      “Affiliate” or “Affiliated” means with
respect to any Person (i) each Person that such Person Controls, (ii) each
Person that Controls such Person, and (iii) each Person that is under common
Control with such Person.

       

      “Asset Management Fee” shall have the meaning set
forth in Section
8.4.

      

      “Capital Contribution” means a capital contribution of a
Member to the Company, made in accordance with the Company’s Operating
Agreement and pursuant to the Memorandum.

      

      “Certificate” means the certificate of formation
of the Company, as amended from time to time.

      

      “Code” means the United States Internal Revenue
Code of 1986, as amended from time to time. All references herein to sections of
the Code shall include any corresponding provision or provisions of succeeding
law.

      

      “Company” means Strategic Wealth & Income
Fund, LLC, a Delaware limited liability company.

      

      “Control” means, with respect
to any Person, the possession, directly or indirectly, through one or more
intermediaries, of the following: (a) in the case of a corporation, ownership of
fifty percent (50%) or more of the outstanding shares of any series or class of
voting securities thereof; (b) in the case of a limited liability company,
partnership, limited partnership or joint venture, the right to receive fifty
percent (50%) or more of the distributions therefrom at any time during the
duration of such Person (including liquidation distributions); (c) in the case
of a trust or estate, ownership of fifty percent (50%) or more of the beneficial
interest therein; (d) in the case of any other Person, ownership of fifty
percent (50%) or more of the economic or beneficial interest therein; or (e) in
the case of any Person, the power or authority, through ownership of voting
securities, by contract or otherwise, to direct the management activities or
policies of such Person.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

    

     

    
      “Distributions” means any
distributions of money or other property by the Company to Members, including
distributions that may constitute a return of capital for federal income tax
purposes.

      

      “Eligible Investments” means any Property, Loans,
and other Permitted Investments.

      

      “GAAP” means accounting principles generally
accepted in the United States in effect from time to time as applied on a
consistent basis.

      

      “IMH Group” means Investors
Mortgage Holdings, Inc.; Investor Mortgage Holdings California, Inc.; IMH
Holdings, LLC; IMH Management Services, LLC; the Manager and any of their
respective Affiliates.

      

      “Investment Committee” means
that certain committee established pursuant to Section 6.12 of the Operating
Agreement.

      

      “Joint Venture” means any joint venture,
limited liability company, or other Affiliate of the Company that owns, in whole
or in part, on behalf of the Company any Properties, Loans, or other Permitted
Investments.

      

      “Liquidation Phase” means the
period commencing on January 1, 2013 and ending concurrently with the expiration
of the term of the Company as set forth in the Operating Agreement.

      

      “Loans” means mortgage loans and other types of
debt financing purchased by the Company.

      

      “Manager” means SWI Management, LLC, an Arizona
limited liability company, or any successor manager to the Company.

      

      “Member” means a Person admitted as a Member of
the Company.

      

      “Memorandum” means that certain Confidential
Private Placement Memorandum, dated January 1, 2009, if and as updated from time
to time, relating to the offer and sale of Units and Senior Notes by the
Company.

      

          “Senior Note
Reinvestment Plan” means the plan
whereby interest payable on the Senior Notes can be loaned to the Company, as
further described in Section 3(c) of the Senior Notes.

      

      “Offering” means the offering of Units and
Senior Notes pursuant to the Memorandum.

      

      “Operating Agreement” means
the limited liability company agreement of the Company, as amended from time
to
time.

      

      “Organization and Offering Expenses”
means those expenses incurred in connection with the Offering by Company
pursuant to the Memorandum and paid or owed to a non-Affiliated third party.
Organization and Offering Expenses include, without limitation, fees paid to
attorneys, brokers, accountants, and any other charges incurred in connection
with the Offering pursuant to the Memorandum.

      

      “Organization Fee” means the fee payable to the Manager
pursuant to Section 8.1. 

       

      “Origination Fees” means the fee payable to the Manager
pursuant to Section 8.2.

      

      “Permitted Investments” means all investments (other than
Properties and Loans) that the Company may acquire pursuant to its Certificate,
Operating Agreement, and the investment objectives and policies adopted by the
Investment Committee from time to time, other than short-term investments
acquired for purposes of cash management.

      

      “Person” means a corporation,
limited liability company, partnership, limited partnership, public or private
pension fund, insurance company, foundation, endowment, investment company,
trust, estate, governmental entity, or other entity or natural
person.

      

      “Property” means individually, and “Properties” means
collectively, any real property transferred or conveyed to the Company or a
Subsidiary, either directly or indirectly, including through ownership interests
in a Joint Venture or otherwise.

      

      
        “Property Manager” means an
entity that has been retained to perform and carry out at one or more of the
Properties property-management services, excluding persons, entities, or
independent contractors retained or hired to perform
facility management or other services or tasks at a particular Property, the
costs for which are passed through to and ultimately paid by the tenant at such
Property.

      

       

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      
      

    

    “Redemption and Prepayment Program”
means that program pursuant to which Members and Senior Noteholders can
request that the Company redeem their Units or Senior Notes, as applicable, as
further described in Section 3.7 of Operating Agreement (with respect to Units)
and Section 7 of the Senior Notes (with respect to Senior Notes).

    

    “Senior Note Reinvestment
Plan” means that certain plan
described in Section 3(c) of the Senior Note.

     

    “Senior Noteholders” means the holders of the
Company’s
Senior Notes. 

     

    “Senior Notes” means the Company’s 9% senior notes
that are being offered pursuant to the Offering.

     

    “Subsidiary” means, with respect to any Person,
any corporation, limited liability company, trust, partnership or joint venture,
or other entity which is Controlled by such Person or of which a majority of (i)
the total voting power of the voting equity securities or (ii) the outstanding
equity interests is owned, directly or indirectly, by such Person.

    

    “Termination Date” means the
date of termination of the Agreement determined in accordance with Article 12
hereof.

     

    “Units” means limited liability company units
of the Company.

    

    “Unit Reinvestment Plain”
means that certain plan described in Section 3.8 of the Company’s
Operating Agreement.

    

    ARTICLE 2.

     

    APPOINTMENT

    

    The
Company hereby appoints the Manager to serve as its manager on the terms and
conditions set forth in this Agreement, and the Manager hereby accepts such
appointment.

    

    ARTICLE
3.

     

    DUTIES
OF THE MANAGER

    

    The
Manager is responsible for managing, operating, directing, and supervising the
operations and administration of the Company and its assets. Subject to the
limitations set forth in this Agreement, the Manager shall, either directly or
by engaging an Affiliate or third party, perform the following
duties:

    

    3.1.    Organizational
and Offering Services. The Manager shall
perform all services related to the organization of the Company or any Offering
or private sale of the Company’s securities, other than services that (a) the
Company elects to perform directly, or (b) would require the Manager to register
as a broker-dealer or investment adviser with the Securities and Exchange
Commission or any state.

    

    3.2.           Acquisition
Services.

    

    (a) Serve
as the Company’s investment and financial advisor and provide relevant market
research and economic and statistical data in connection with the Company's
assets and investment objectives and policies;

    

    (b)
Subject to the investment objectives and policies of the Company: (i) locate,
analyze, and select potential investments; (ii) structure and negotiate the
terms and conditions of transactions pursuant to which investments in
Properties, Loans, and other Permitted Investments will be made; (iii) acquire
Properties, Loans, and other Permitted Investments on behalf of the Company;
(iv) arrange for financing and refinancing and make other changes in the asset
or capital structure of investments in Properties, Loans, and other Permitted
Investments; and (v) enter into leases, service contracts, and other agreements
for Properties;

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      (c)           Perform
due diligence on prospective investments and create due diligence reports
summarizing the results of such work;

       

      (d)         
Prepare reports regarding prospective investments that include recommendations
and supporting documentation necessary for the Investment Committee or Advisory
Committee, if applicable, to evaluate the proposed investments;

       

      (e)           Obtain
reports (which may be prepared by the Manager or its Affiliates), where
appropriate, concerning the value of contemplated investments of the
Company;

      

      (f)            Deliver
to or maintain on behalf of the Company copies of all appraisals obtained in
connection with the Company's investments; and

      

      (g)           Negotiate
and execute approved investments and other transactions. 

       

      3.3.         Asset
Management
Services.

      

      (a)           Real
Estate and Loan Services.

       

      (i)
Investigate, select and, on behalf of the Company, engage and conduct business
with (including enter contracts with) such Persons as the Manager deems
necessary to the proper performance of its obligations as set forth in this
Agreement, including but not limited to consultants, accountants, lenders,
technical advisors, attorneys, brokers, underwriters, corporate fiduciaries,
escrow agents, depositaries, custodians, agents for collection, insurers,
insurance agents, developers, construction companies, Property Managers, and any
and all Persons acting in any other capacity deemed by the Manager necessary or
desirable for the performance of any of the foregoing services;

      

      (ii)
Service and administer any Loans, or enter into one or more agreements with such
Persons as the Manager deems necessary to service and administer any
Loans;

      

      (iii)
Monitor applicable markets and obtain reports (which may be prepared by the
Manager or its Affiliates), where appropriate, concerning the value of
investments of the Company;

      

      (iv)
Monitor and evaluate the performance of each asset of the Company and the
Company's overall portfolio of assets, provide daily management services to the
Company, and perform and supervise the various management and operational
functions related to the Company's investments;

       

      (v)
Formulate and oversee the implementation of strategies for the administration,
promotion, management, operation, maintenance, improvement, financing and
refinancing, marketing, leasing, and disposition of Properties, Loans, and other
Permitted Investments on an overall portfolio basis;

       

      (vi)
Oversee the performance by the Property Managers, if any, of their duties,
including collection and proper deposits of rental payments and payment of
Property expenses and maintenance;

      

      (vii)
Conduct periodic on-site property visits to some or all (as the Manager deems
reasonably necessary) of the Properties to inspect the physical condition of the
Properties and to evaluate the performance of the Property
Managers;

      

      (viii)
Review, analyze, and comment upon the operating budgets, capital budgets, and
leasing plans prepared and submitted by each Property Manager and aggregate
these property budgets into the Company's overall budget;

       

      (ix)
Coordinate and manage relationships between the Company and any Joint Venture
partners; and

       

      (x)
Negotiate and service the Company's debt facilities, if any, and other
financings.

    

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      (b)           Accounting
and Other Administrative Services.

      

      (i)
Provide the day-to-day management of the Company and perform and supervise the
various administrative functions reasonably necessary for the management of the
Company;

      

      (ii) Make
reports to the Advisory Committee each quarter of the investments that have been
made by, with, or involving the Manager or any of its Affiliates and programs
sponsored thereby, including Investors Mortgage Holdings, Inc., IMH Secured Loan
Fund, LLC, and IMH Holdings, LLC;

       

      (iii)
Provide or arrange for any administrative services and items, legal and other
services, office space, office furnishings, personnel, and other overhead items
necessary and incidental to the Company's business and operations;

      

      (iv) Provide
financial and operational planning services;

      

      (v)
Maintain accounting and other record-keeping functions at the Company, including
information concerning the activities of the Company as shall be required to
prepare and to file all periodic financial reports, tax returns and any other
information required to be filed with the Securities and Exchange Commission,
the Internal Revenue Service, and any other regulatory agency;

      

      (vi)
Maintain and preserve all appropriate books and records of the
Company;

      

      (vii) Provide
tax and compliance services and coordinate with appropriate third parties,
including the Company's independent auditors and other consultants, on related
tax matters;

      

      (viii)
Provide the Company with all necessary cash management services;

      

      (ix)
Manage and administer the Company's Unit Reinvestment Plan, Senior Note
Reinvestment Plan, and Redemption and Prepayment Program;

      

      (x)
Evaluate and obtain, on behalf of the Company, adequate insurance coverage based
upon risk management determinations;

       

      (xi)
Monitor the Company's corporate governance structure and adopt and implement
appropriate policies and procedures related thereto;

       

      (xii)
Perform all reporting, record keeping, internal controls, and similar matters in
a manner to allow the Company to comply with applicable law, including the
Sarbanes-Oxley Act of 2002, as appropriate;

       

      (xiii) In
conjunction with the Investment Committee, review all proposed material
transactions before they are completed; and

       

      (xiv) Do
all things necessary to assure its ability to render the services described in
this Agreement.

      

      3.4.          Member
and Senior Noteholder Services.

       

      (a)           Manage
communications with Members and Senior Noteholders, including answering phone
calls, preparing, and sending written and electronic reports and other
communications;

      

      (b)           Establish
technology infrastructure to assist in providing Member and Senior Noteholder
support and service; and

       

      (c)           Perform
the various subscription processing services reasonably necessary for the
admission of new Members and acceptance of Senior Note
subscriptions.

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

     

    
      3.5. Other
Services. Except as provided in
Article 7, the
Manager shall perform any other services reasonably necessary to manage and
operate the Company.

      

      ARTICLE
4.

       

      AUTHORITY
OF MANAGER

      

      4.1.
General. All rights and powers to
manage and control the day-to-day business and affairs of the Company shall be
vested in the Manager. The Manager shall have the power to delegate all or any
part of its rights and powers to manage and control the business and affairs of
the Company to such officers, employees, Affiliates, agents, and representatives
of the Manager or the Company as it may deem appropriate. Any authority
delegated by the Manager to any other Person shall be subject to the limitations
on the rights and powers of the Manager specifically set forth in this
Agreement, the Certificate, or the Operating Agreement.

      

      4.2.
Powers of
the Manager. Subject to the express
limitations set forth in this Agreement, the power to direct the management,
operation, and policies of the Company shall be vested in the Manager, which
shall have the power by itself and shall be authorized and empowered on behalf
and in the name of the Company to carry out any and all of the objectives and
purposes of the Company and to perform all acts and enter into and perform all
contracts and other undertakings that it may in its sole discretion deem
necessary, advisable, or incidental thereto to perform its obligations under
this Agreement.

      

      ARTICLE
5.

       

      BANK
ACCOUNTS

      

      The
Manager may establish and maintain one or more bank accounts in the name of the
Company and may collect and deposit into any such account or accounts, and
disburse from any such account or accounts, any money on behalf of the Company,
provided that no funds shall be commingled with the funds of the Manager. The
Manager shall from time to time render appropriate accountings of such
collections and payments to the Company and the independent auditors of the
Company.

      

      ARTICLE
6.

       

      RECORDS
AND FINANCIAL STATEMENTS

      

      The
Manager, in the conduct of its responsibilities to the Company, shall maintain
adequate and separate books and records for the Company's operations in
accordance with GAAP, which shall be supported by sufficient documentation to
ascertain that such books and records are properly and accurately recorded. Such
books and records shall be the property of the Company and shall be available
for inspection by the Company and by counsel, auditors, and other authorized
agents of the Company, at any time or from time to time during normal business
hours. Such books and records shall include all information necessary to
calculate and audit the fees or reimbursements paid under this Agreement. The
Manager shall utilize procedures to attempt to ensure such control over
accounting and financial transactions as is reasonably required to protect the
Company's assets from theft, error, or fraudulent activity. All financial
statements that the Manager delivers to the Company shall be prepared on an
accrual basis in accordance with GAAP, except for special financial reports that
by their nature require a deviation from GAAP. The Manager shall liaise with the
Company's independent auditors and shall provide such auditors with the reports
and other information that the Company so requests.

      

      ARTICLE 7.

       

      LIMITATION
ON ACTIVITIES

      

      Notwithstanding
any provision in this Agreement to the contrary, the Manager shall not take any
action that, in its sole judgment made in good faith, would (i) subject the
Company to regulation under the Investment Company Act of 1940, as amended, (ii)
violate any law, rule, regulation, or statement of policy of any governmental
body or agency having jurisdiction over the Company, its Units, its Senior
Notes, or its other securities, (iii) require the Manager to register as a
broker-dealer with the Securities and Exchange Commission or any state, or (iv)
violate the Certificate or Operating Agreement.

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      ARTICLE
8.

       

      FEES

      

      8.1.
Organization
Fee. The
Company shall pay the Manager an organization fee in consideration for the
Manager's services in organizing the Company (the “Organization
Fee”). The Organization Fee shall be an
amount equal to one half of one percent (0.5%) of the sum of (i) all Capital
Contributions made to the Company excluding any Capital Contributions made
pursuant to the Unit Reinvestment Plan and (ii) the principal balance of all
Senior Notes excluding any amounts loaned to the Company pursuant to the Senior
Note Reinvestment Plan.. Any Organizational and Offering Expenses incurred in
excess of the Organization Fee shall be borne by the Manager. The Organization
Fee will be paid monthly in arrears, starting with the first month in which the
first sale of Units or Senior Notes occurs, and will be prorated for any partial
month. At each month-end, the Manager shall submit an invoice to the Company,
accompanied by a computation of the Organization Fee for that month, and the
Company shall pay the Organization Fee for that month within five (5) business
days of receipt of the invoice.

      

      8.2.
Origination
Fees. The
Manager and any Affiliate thereof is entitled to charge and retain fees or
commissions, including processing, extension, renewal or modification fees in
connection with the making of Eligible Investments (collectively, “Organization Fees”). In the
event that the Manager or any Affiliate thereof collects Origination Fees, an
amount equal to fifty percent (50%) of such Origination Fees will be credited
against the Asset Management Fee the Company otherwise pays to the Manager. At
each month-end, the Manager shall submit a report to the Company calculating the
Origination Fees received by the Manager or an Affiliate during the course of
the prior month and the amount of such fees that are payable to the
Company.

      

      8.3.
Acquisition
Fees. The
Company will also pay to the Manager an acquisition fee in an amount up to two
percent (2%) of the acquisition price of each Eligible Investment, less any
Origination Fees that are paid to our Manager or any Affiliate with respect to
such Eligible Investments (the “Acquisition
Fee”). The Manager shall submit an invoice to the Company following the
closing or closings of each acquisition of an Eligible Investment, accompanied
by a computation of the Origination Fees and Acquisition Fees relating thereto,
and the Company shall pay the Acquisition Fee, if any, to the Manager within
five (5) business days of receipt of the invoice.

      

      8.4.
Asset
Management Fees. The Company will pay the
Manager a monthly asset management fee (the “Asset Management Fee”) to provide asset management services to
the Company. From January 1, 2009 until commencement of the Liquidation Phase,
the Asset Management Fee is an amount equal to 1.75% of the cost basis of the
aggregate assets of the Company, as determined at each month-end, divided by
twelve. Upon commencement of and continuing until the end of the Liquidation
Phase, the Asset Management Fee is an amount equal to the greater of (i) an
amount equal to 1.75% of the cost basis of the aggregate assets of the Company,
as determined at each month-end, divided by twelve and (ii) an amount equal to
the average Asset Management Fee paid over the preceding twelve months. The
Asset Management Fee will be paid monthly in arrears and will be prorated for
any partial month. At each month-end, the Manager shall submit an invoice to the
Company, accompanied by a computation of the Asset Management Fee for that
month, and the Company shall pay the Asset Management Fee, less any Origination
Fees otherwise payable to the Company pursuant to Section 8.2, for that
month within five (5) business days of receipt of the invoice.

      

      ARTICLE
9. 

       

      EXPENSES

      

      9.1.
General. In addition to the
compensation paid to the Manager pursuant to Article 8 hereof,
subject to the limitations set forth in Section 9.2, the
Company shall pay directly or reimburse the Manager for all of the expenses paid
or incurred by the Manager or its Affiliates on behalf of the Company or in
connection with the services provided to the Company pursuant to this Agreement,
including, but not limited to:

      

      (a)
Acquisition Expenses incurred in connection with the selection and acquisition
of Properties, Loans, and other Permitted Investments, including such expenses
incurred related to assets pursued or considered but not ultimately acquired by
the Company;

      

      (b) The
actual out-of-pocket cost of goods and services used by the Company and obtained
from entities not Affiliated with the Manager;

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

     

    
      (c)
Interest and other costs for borrowed money, including discounts, points, and
other similar fees;

       

      (d) Taxes
and assessments on income or Properties, taxes as an expense of doing business,
and any other taxes otherwise imposed on the Company and its business, assets,
or income;

       

      (e)
Out-of-pocket costs associated with insurance required in connection with the
business of the Company;

       

      (f)
Expenses of managing, improving, developing, operating, and selling Properties
owned by the Company;

       

      (g) All
out-of-pocket expenses in connection with meetings of the Members or
solicitations or tenders relating to the Units or Senior Notes;

       

      (h)
Personnel and related employment costs incurred by the Manager or its Affiliates
in performing the services described in Article 3 hereof,
including but not limited to reasonable salaries and wages, benefits, and
overhead of all employees directly involved in the performance of such services,
provided that no reimbursement shall be made for costs of such employees of the
Manager or its Affiliates to the extent that such employees perform services for
which the Manager receives Origination Fees or Acquisition Fees;

      

      (i)
Out-of-pocket expenses of maintaining communications with Members and Senior
Noteholders, including the cost of preparation, printing, and mailing annual and
other reports, proxy statements, and other reports required by governmental
entities, in each case as applicable;

      

      (j)
Audit, accounting, and legal fees, and other fees for professional services
relating to the operations of the Company, and all such fees incurred at the
request, or on behalf of, the Advisory Committee;

      

      (k)
Out-of-pocket costs for the Company to comply with all applicable laws,
regulations, and ordinances;

      

      (1)
Expenses incurred in connection with making Distributions on behalf of by the
Company to the Members, interest payments on behalf of the Company to the Senior
Noteholders, and expenses incurred in administering the Redemption and
Prepayment Program;

      

      (m)
Expenses of redomesticating, merging, liquidating, or dissolving the Company or
of amending the Certificate or Operating Agreement; and

       

      
        (n)
All other
out-of-pocket costs incurred by the Manager in performing its duties
hereunder.

      

       

      9.2.
Timing of
and Limitations on Reimbursements. Expenses incurred by the
Manager on behalf of the Company and reimbursable pursuant to this Article 9 shall be
reimbursed no less than monthly to the Manager. The Manager shall prepare an
expense report documenting the expenses of the Company during each month and
shall deliver such statement to the Company within fifteen (15) days after the
end of each month, and the Company shall reimburse the Manager for such
expenses, to the extent not already reimbursed, within five (5) business days
after receipt of the expense report.

      

      ARTICLE
10.

       

      VOTING
AGREEMENT

       

      The
Manager agrees that, with respect to any Units now or hereinafter owned by it,
the Manager will not vote or consent on matters submitted to the Members
regarding (a) the removal of the Manager or any Affiliate of the Manager or (b)
any transaction between the Company and the Manager or any of its Affiliates.
This voting restriction shall survive until such time that the Manager is both
no longer serving as such and is no longer an Affiliate of the
Company.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

     

    
      ARTICLE
11.

      

      RELATIONSHIP
OF MANAGER AND COMPANY;

      OTHER
ACTIVITIES OF THE MANAGER

      

      11.1.
Relationship. The Company and the
Manager are not partners or joint venturers with each other, and nothing in this
Agreement shall be construed to make them such partners or joint venturers.
Except as otherwise provided in the Operating Agreement, the Manager may engage
(independently or with others) in other business ventures of every nature and
description, including, without limitation, the rendering of advice or services
of any kind to other investors and the making or management of other investments
and serving as a general partner or manager of other real estate investment
partnerships, companies, or other entities that make, hold, or dispose of real
estate or real estate-related investments. This Agreement shall not limit or
restrict the right of any manager, director, officer, employee, member, or
equityholder of the Manager or its Affiliates to engage in any other business or
to render services of any kind to any other Person. Nothing in this Agreement
shall be deemed to prohibit the Manager or any member of the IMH Group from
dealing or otherwise engaging in business with Persons transacting business with
the Company or from providing services or advice relating to the purchase, sale,
servicing, administering, financing, management, construction, renovation, or
operation of assets of the type included within the definition of Eligible
Investments and receiving compensation therefor. Neither the Company nor any
Member shall have any right by virtue of this Agreement or the relationship
created hereby in or to such other ventures or activities or to the income or
proceeds derived therefrom, and the pursuit of such ventures shall not be deemed
wrongful or improper. The Manager shall promptly disclose to the Advisory
Committee the existence of any condition or circumstance, existing or
anticipated, of which it has knowledge, that creates or could create a conflict
of interest between the Manager's obligations to the Company and its obligations
to or its interest in any other Person. The Company hereby acknowledges the
existence of the actual and potential conflicts of interest described in the
Private Placement Memorandum and, to the fullest extent permitted by law, hereby
waives any claim it may have with respect to the existence of any such conflicts
of interest.

      

      11.2.
Time
Commitment. The Manager shall, and
shall cause its Affiliates and their respective employees, officers, and agents
to, devote to the Company such time as shall be reasonably necessary to conduct
the business and affairs of the Company in an appropriate manner consistent with
the terms of this Agreement. The Company acknowledges that the Manager and its
Affiliates and their respective employees, officers, and agents may also engage
in activities unrelated to the Company and may provide services to Persons other
than the Company or any of its Affiliates.

      

      11.3.
Investment
Opportunities and Allocation. The Manager shall be
required to act in good faith in allocating investment opportunities to the
Company and any Affiliates of the Manager, and to use its best efforts to
provide the Company with a continuing and suitable investment program consistent
with the investment objectives and policies of the Company, as determined and
adopted from time to time by the Investment Committee. Notwithstanding the
foregoing, neither the Manager nor any Affiliate of the Manager shall be
obligated generally to present any particular investment opportunity to the
Company even if the opportunity is of a character that, if presented to the
Company, could be taken by the Company

      

      ARTICLE
12.

       

      TERM
AND TERMINATION OF THE AGREEMENT

      

      12.1.
Term. This Agreement shall
have a term equal to that of the life of the Company, plus whatever amount of
time is necessary to finalize Company operations, including the preparation of
tax and other filings, unless terminated in accordance with Section
12.2.

      

      12.2.
Termination
by Either Party. This Agreement may be
terminated upon 60 days written notice without cause or penalty by either the
Company or the Manager. The provisions of Article 1, Article 10, Article 12, Article 14, and Article 15 shall
survive termination of this Agreement.

      

      12.3. Payments
on Termination and Survival of Certain Rights and
Obligations.

      

      (a) After
the Termination Date, the Manager shall not be entitled to compensation for
further services hereunder, except it shall be entitled to receive from the
Company within 30 days after the effective date of such termination all unpaid
reimbursements of expenses and all earned but unpaid fees payable to the Manager
prior to termination of this Agreement.

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      (b)           The
Manager shall promptly upon termination:

      

      (i) pay
over to the Company all money collected pursuant to this Agreement, if any,
after deducting any accrued compensation and reimbursement for its expenses to
which it is then entitled;

      

      (ii)
deliver to the Company a full accounting, including a statement showing all
payments collected by it and a statement of all money held by it;

      

      (iii)
deliver to the Company all assets and documents of the Company then in the
custody of the Manager; and

      

      
        (iv)
cooperate
with the Company to provide an orderly transition of advisory functions.

         

        ARTICLE 13.

         

      

      ASSIGNMENT

      

      This
Agreement may be assigned by the Manager to an Affiliate with the consent of the
Advisory Committee. The Manager may assign any rights to receive fees or other
payments under this Agreement without obtaining the approval of the Company or
the Advisory Committee. This Agreement shall not be assigned by the Company
without the consent of the Manager, except in the case of an assignment by the
Company to a corporation or other organization that is a successor to all of the
assets, rights, and obligations of the Company, in which case such successor
organization shall be bound hereunder and by the terms of said assignment in the
same manner as the Company is bound by this Agreement.

      

      ARTICLE
14.

       

      INDEMNIFICATION
AND LIMITATION OF LIABILITY

      

      The
Company shall indemnify, defend, and hold harmless the Manager and its
Affiliates to the extent set forth in the Operating Agreement.

      

      ARTICLE
15.

       

      MISCELLANEOUS

      

      15.1.
Notices. Any notice, report, or
other communication required or permitted to be given hereunder shall be in
writing unless some other method of giving such notice, report, or other
communication is required by the Certificate, Operating Agreement, or is
accepted by the party to whom it is given, and shall be given by being delivered
by hand or by overnight mail or other overnight delivery service to the
addresses set forth herein:

      

      To the
Company:

      

      Strategic
Wealth & Income Fund, LLC 

      4900
North Scottsdale Road, Suite 5000 

      Scottsdale,
Arizona 85251

      

      To the
Manager:

      

      SWI
Management, LLC

      4900
North Scottsdale Road, Suite 5000 

      Scottsdale,
Arizona 85251

      

      Either
party may at any time give notice in writing to the other party of a change in
its address for the purposes of this Section
15.1.

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      15.2.
Modification. This Agreement shall not
be changed, modified, terminated, or discharged, in whole or in part, except by
an instrument in writing signed by both parties hereto, or their respective
successors or permitted assigns.

      

      15.3.
Severability. The provisions of this
Agreement are independent of and severable from each other, and no provision
shall be affected or rendered invalid or unenforceable by virtue of the fact
that for any reason any other or others of them may be invalid or unenforceable
in whole or in part.

      

      15.4.
Construction. The provisions of this
Agreement shall be construed and interpreted in accordance with the laws of the
State of Delaware.

      

      15.5.
Entire
Agreement. This Agreement contains
the entire agreement and understanding between the parties hereto with respect
to the subject matter hereof, and supersedes all prior and contemporaneous
agreements, understandings, inducements, and conditions, express or implied,
oral or written, of any nature whatsoever with respect to the subject matter
hereof. The express terms hereof control and supersede any course of performance
and/or usage of the trade inconsistent with any of the terms hereof. This
Agreement may not be modified or amended other than by an agreement in
writing.

      

      15.6.
Waiver. Neither the failure nor
any delay on the part of a party to exercise any right, remedy, power, or
privilege under this Agreement shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, remedy, power, or privilege preclude
any other or further exercise of the same or of any other right, remedy, power,
or privilege, nor shall any waiver of any right, remedy, power, or privilege
with respect to any occurrence be construed as a waiver of such right, remedy,
power, or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have
granted such waiver.

      

      15.7.
Gender. Words used herein
regardless of the number and gender specifically used, shall be deemed and
construed to include any other number, singular or plural, and any other gender,
masculine, feminine, or neuter, as the context requires.

      

      15.8.
Titles
Not to Affect Interpretation. The titles of Articles
and Sections contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof.

      

      15.9.
Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an
original as against any party whose signature appears thereon, and all of which
shall together constitute one and the same instrument. This Agreement shall
become binding when one or more counterparts hereof, individually or taken
together, shall bear the signatures of all of the parties reflected hereon as
the signatories. Delivery of an executed counterpart of a signature page to this
Agreement by facsimile, or by electronic mail in a portable document file (.pdf)
or other similar format, shall be effective as delivery of a manually executed
counterpart of this Agreement.

      

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

    
       

      

      
        
          
            	 	
                    STRATEGIC WEALTH & INCOME FUND, LLC, 

                    a
      Delaware limited liability company

                     

                    
                      By:
      SWI Management, LLC, an Arizona limited liability company

                      Its: Manager

                    

                  
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/ William
      Merill	 
	 	Name:
      	William
      Merill	 
	 	Title:
      	President	 
	 	 	 	 

          

        

        
          	 	
                  SWI
      MANAGE LENT, LLC,
      

                  an Arizona limited liability company

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Shane
      Albers	 
	 	Name:
      	Shane
      Albers	 
	 	Title:
      	CEO	 
	 	 	 	 

        

      

       

      
        
          
          

        

        
          12

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