Document:

Exhibit 10.1

 

ZAIS GROUP HOLDINGS, INC.

 

NON-EMPLOYEE DIRECTOR COMPENSATION
POLICY

 

The Board of Directors (the “Board”) of ZAIS
Group Holdings, Inc. (the “Company”) has adopted the following compensation policy, effective as of April 30, 2015,
for non-employee directors of the Company. The Compensation Policy has been developed to compensate non-employee directors of the
Company for their time, commitment and contributions to the Board. This policy shall apply to directors of the Company who are
not employed by the Company or one of its subsidiaries (each an “Eligible Director”).

 

CASH COMPENSATION

 

The retainer fees for Eligible Directors of the Company
will be as follows:

 

	Description	 	Annual Amount	 
	Annual Retainer	 	$	100,000	 

 

These retainer fees are paid to the director on a quarterly
basis, with each installment being equal to one-fourth of the annualized amount set forth above and being paid in arrears in cash
at the end of each quarter.

 

EQUITY-BASED COMPENSATION 

 

Initial Equity Grant.

 

Each Eligible Director who joins the Board after March
25, 2015 (who was not immediately prior to joining the Board an employee of the Company or one of its subsidiaries) shall be granted
an equity-based retainer award in the form of restricted stock units with a value at the time of issuance of approximately $100,000,
or such other value as determined by the Board. The number of shares subject to this initial equity retainer will be based on the
then current price of the Company’s common stock on the NASDAQ stock market and will vest at the first anniversary of the
date of grant. Each grant will be evidenced by, and subject to the terms and conditions of, an award agreement in the form approved
by the Board of Directors to evidence such type of grant pursuant to this policy. Eligible Directors whose Board service begins
after the start of a Company fiscal year following 2015 shall receive a grant pro-rated to reflect the number of days remaining
in such fiscal year.

 

Annual Grants.

 

Each Eligible Director shall be granted an annual equity-based
retainer award with a value at the time of issuance of approximately $100,000, or such other value as determined by the Board.
Such award shall normally be made at the first Board meeting each Company fiscal year in the form of grants of restricted stock
units and will vest based on twelve months of service or in accordance with such other vesting schedule as determined by the Board.

 

    	 

    	 

    

 

EXPENSE REIMBURSEMENT

 

Each of the Eligible Directors shall be entitled to receive reimbursement
for reasonable travel, lodging and other expenses which they properly incur in connection with their functions and duties as a
director.

 

MINIMUM STOCK OWNERSHIP GUIDELINES

 

Each Eligible Director must own shares of Common Stock in an amount
equal to two times his or her base annual cash retainer (excluding additional annual cash retainers for service as the Chairman
of the Board, committee chairpersons and committee members). Eligible Directors are required to achieve the applicable level of
ownership within five years of becoming subject to the requirements.

 

Equity that Counts Toward Meeting the Guidelines:

 

		·	Shares owned directly (e.g., shares purchased in the open
market, etc.)

		·	Shares owned indirectly (e.g., by a spouse, trust or limited
partnership or any other entity)

		·	Shares the receipt of which have been deferred

		·	Unexercised options which have vested (in an amount equal
to the difference between the option price and the      current share price)

		·	Vested restricted
stock units

 

Equity that Does Not Count Toward Meeting the Guidelines:

 

		·	Unexercised options which are unvested

		·	Unvested restricted stock units

 

    	- 2 -

    	 

    

 

Compliance with the Guidelines:

 

Equity ownership guidelines for Eligible Directors are determined
as a multiple of his or her base annual cash retainer and then converted to a fixed number of shares based on an average of the
prior fiscal year’s quarter-end closing stock prices. Currently serving Eligible Directors will first become subject to the
guidelines as of April 1, 2015 which will be the initial date of determination for such Eligible Directors. Eligible Directors
becoming subject to the guidelines thereafter will have their individual guidelines established based upon the base annual cash
retainer at the time they become subject to the guidelines, which shall be the date of determination for such Eligible Director.
The guideline establishing the required ownership level based on a multiple of the base annual cash retainer will be re-determined
each December 1st thereafter based on the then-current annual cash retainer and an average of the prior fiscal year’s quarter-end
closing stock prices. Once established each year, an Eligible Director’s guideline does not change as a result of fluctuations
in the market price of the Common Stock. Once achieved, ownership of the guideline amount must be maintained for as long as the
Eligible Director is subject to the guidelines.

 

The Nominating and Governance Committee of the Board will
be responsible for monitoring compliance with these stock ownership guidelines.

 

EFFECTIVE DATE, AMENDMENT, REVISION AND TERMINATION

 

This policy may be amended, revised or terminated by the Compensation
Committee of the Board at any time and from time-to-time.

 

    	- 3 -Exhibit 10.2

 

ZAIS GROUP HOLDINGS,
INC.

BOARD OF DIRECTORS

RESTRICTED STOCK UNITS AGREEMENT

 

	Name of Participant: 	 	 
	 	 	 
	No. of RSUs:	 	 	 
	 	 	 
	Grant Date:		 
	 	 	 
	Vesting Date:		 

 

This Board of Directors Restricted Stock Units
Agreement (this “Agreement”), dated as of the Grant Date first stated above, is delivered by ZAIS Group Holdings,
Inc., a Delaware corporation, to the Participant named above (the “Participant”), who is a member of the Board
of Directors of the Company.

 

Recitals

 

A.         The Company has agreed to grant to the
Participant, under the ZAIS Group Holdings, Inc.2015 Stock Incentive Plan (the “Plan”), Restricted Stock Units (as
defined under the Plan) (hereafter “RSUs”) as indicated above (the “Award”), subject to the
terms and conditions hereof and the Plan.

 

B.          The Company’s Board of Directors
(the “Board”) has approved this Award.

 

Agreement

 

NOW, THEREFORE, the parties
hereby agree as follows:

 

1.          Definitions. Except as expressly
indicated herein, defined terms used in this Agreement have the meanings set forth in the Plan.

 

2.          Grant of RSUs. Subject to the terms
and conditions hereinafter set forth and the terms and conditions of the Plan, the Company, with the approval and at the direction
of the Board, hereby grants to the Participant the number of RSUs indicated above.

 

3.          Vesting and Forfeiture of RSUs.

 

(a)           Vesting
of RSUs. The RSUs subject to this Award shall be subject to the restrictions contained in this Agreement and subject to forfeiture
to the Company unless and until the RSUs have vested in accordance with the terms and conditions of this Agreement. Subject to
the terms and conditions of this Agreement, the RSUs will vest in full on the Vesting Date indicated above or upon the Accelerated
Vested Date (as defined herein) provided the Participant remains in continuous service as a member of the Board from the Grant
Date until the respective Vesting Date or Accelerated Vesting Date (as defined in Section 3(b) below).

 

(b)          Acceleration
of Vesting. Notwithstanding the foregoing subparagraph (a), in the event that prior to the Vesting Date: (1) the Committee
determines that the Participant’s service as a member of the Board was terminated as a result of the Participant's medically
diagnosed permanent physical or mental inability to perform his or her duties as a director of the Company (“Disability”),
(2) the Participant’s service as a member of the Board terminates due to the Participant’s death, or (3) the Company
undergoes a Change in Control, then all of the unvested RSUs will vest immediately upon the earliest of any such event to occur,
if any. Any vesting date described in this Section 3(b) shall be referred to herein as an “Accelerated Vesting Date.”

 

(c)           Forfeiture.
In the event, in any case prior to the Vesting Date or any Accelerated Vesting Date, of (1) a termination of Participant’s
service as a member of the Board other than under circumstances that would result in an Accelerated Vesting Date, (2) Participant
attempting to sell, assign, transfer or otherwise dispose of, or mortgage, pledge or otherwise encumber any unvested RSUs
or (3) any unvested RSUs becoming subject to attachment or any similar involuntary process, then any unvested RSUs shall be forfeited
by the Participant to the Company, and the Participant shall thereafter have no right, title or interest whatever in such RSUs.

 

    	 

    	 

    

 

(d)         Effect
of Vesting; Issuance of Unrestricted Stock. The vested RSUs will be settled upon the first to occur of (i) the Vesting Date,
(ii) the Participant’s “separation from service” as defined in Section 409A(a)(2)(A)(i) of the Code and the
Treasury Regulations promulgated thereunder (a “Separation from Service”), (iii) a Change in Control, and (iv) the
Participant’s death (the “Settlement Date”). Upon the Settlement Date and pursuant to the terms and conditions
set forth in this Agreement, the Company will issue (subject to Sections 11 and 15 below) to the Participant a certificate or
electronically transfer by book-entry the number of shares of Common Stock of the Company equal to the number of vested RSUs which
are to be settled, which shares of Common Stock shall be free of any transfer or other restrictions arising under this Agreement.

 

(e)         No
Deferral Elections. A Participant may not elect to defer the issuance of shares of Common Stock upon the Settlement Date.

 

4.          Adjustment of RSUs. The number
of RSUs subject to this Award will automatically adjust to prevent accretion, or to protect against dilution, in the event of a
change to the Company’s Common Stock resulting from a recapitalization, stock split, consolidation, spin-off, reorganization,
or liquidation or other similar transactions and any transaction in which shares of Common Stock are changed into or exchanged
for a different number or kind of shares of stock or other securities of the Company or another corporation as provided under Section
12 of the Plan.

 

5.          No
Rights as a Stockholder. As of the Grant Date, the Participant shall have no rights
as a stockholder of the Company with respect to the RSUs (including voting rights and the right to receive dividends and other
distributions), except as otherwise specifically provided in this Agreement; provided that dividends and other distributions paid
on the Common Stock shall be credited to the Participant in an amount equal to the amount that would have been payable or distributable
to the Participant had the Common Stock underlying the RSUs been issued and outstanding as of the record date for such dividend
or distribution, to be held by the Company on the Participant's behalf and made subject to the same vesting conditions applicable
to the underlying RSUs. At the time of delivery of the underlying shares of Common Stock, the Company shall distribute to the Participant
in cash all dividends or distributions previously paid with respect to the RSUs that vested hereunder without interest. In the
event the Participant forfeits RSUs, the Participant shall also immediately forfeit any dividends or distributions held by the
Company that are attributable to the Common Stock underlying such forfeited RSUs.

 

6.          Non-Transferability of Award. The
RSUs shall not be assignable or transferable by the Participant prior to their vesting in accordance with Section 3 of this Agreement.
In addition, RSUs shall not be subject to attachment, execution or other similar process prior to vesting.

 

7.          No Right to Continued Service. The
granting of the Award shall not be construed as granting to the Participant any right to continue service on the Board, and Participant
acknowledges and agrees that he is not an employee of the Company.

 

8.          Amendment of RSUs Award. The Award
or the terms of this Agreement may be amended by the Board or the Committee at any time (a) if the Board or the Committee determines,
in its reasonable discretion, that amendment is necessary or advisable in the light of any addition to or change in the Code or
in the regulations issued thereunder, or any federal or state securities law or other law or regulation, which change occurs after
the Grant Date and by its terms applies to the Award; provided that, such amendment shall not materially and adversely affect the
rights of the Participant hereunder; or (b) other than in the circumstances described in clause (a), with the Participant’s
consent.

 

9.          Notice. Any notice to the Company
provided for in this Agreement shall be addressed to the Company in care of its Secretary at its executive offices and any notice
to the Participant shall be addressed to the Participant at the current address shown on the payroll records of the Company. Any
notice shall be deemed to be duly given if and when properly addressed and posted by registered or certified mail, postage prepaid.

 

    	 

    	 

    

 

10.       Beneficiary. The Participant may
file with the Board a written designation of a beneficiary on such form as may be prescribed by the Board and may, from time to
time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or administrator of
the Participant’s estate shall be deemed to be the Participant’s beneficiary.

 

11.       Tax Consequences and Withholding.
As of the Grant Date, or at any time thereafter as requested by the Company, the Participant hereby authorizes minimum required
withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for,
the minimum sums required to be withheld to satisfy the federal, state, local and foreign tax withholding obligations of the Company,
if any, which arise in connection with the Award. Unless the tax withholding obligations of the Company, if any, are satisfied,
the Company shall have no obligation to issue a certificate or book-entry transfer for such shares. The Participant acknowledges
that he is solely responsible for paying all taxes attributable to this Award.

 

12.       Governing
Plan Document. The Award is subject to all the provisions of the Plan, the provisions
of which are hereby made a part of this Agreement, and is further subject to all interpretations, amendments, rules and regulations
which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions
of the Award or this Agreement and those of the Plan, the provisions of the Plan shall control. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Plan.

 

13.       Governing Law. The validity, construction,
interpretation and effect of this Agreement shall exclusively be governed by and determined in accordance with the laws of the
State of Delaware, except to the extent preempted by federal law, which shall to the extent of such preemption govern.

 

14.       Integrated
Agreement. This Agreement and the Plan constitute the entire understanding and
agreement between the Company and the Participant with respect to the subject matter contained herein and supersedes any prior
agreements, understandings, restrictions, representations, or warranties between the Company and the Participant with respect to
such subject matter other than those as set forth or provided for herein.

 

15.       Securities Matters. The Company
shall not be required to deliver any shares of Common Stock, or any certificates therefore or book-entry transfer notation thereof,
until the requirements of any federal or state securities or other laws, rules or regulations (including the rules of any securities
exchange) as may be determined by the Company to be applicable are satisfied.

 

16.       Saving Clause. If any provision(s)
of this Agreement shall be determined to be illegal or unenforceable, such determination shall in no manner affect the legality
or enforceability of any other provision hereof.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the Grant Date specified above.

 

	ZAIS Group Holdings, Inc.,	 
	 	 
	By:	 	 
	 	 	 

The undersigned hereby acknowledges receipt of an executed
original of this Agreement and the Plan, and accepts the right to receive the RSUs or other securities covered hereby, subject
to the terms and conditions of the Plan and the terms and conditions herein above set forth.

 

	ACCEPTED AND AGREED TO:	 
	 	 
	 	 
	Participant

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