Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT AGREEMENT

THIS INVESTMENT MANAGEMENT AGREEMENT (this “Agreement”) is made as of June 8, 2015, between SIGULER GUFF SMALL BUSINESS CREDIT OPPORTUNITIES FUND, INC., a Maryland corporation (“Fund”), and SIGULER GUFF ADVISERS, LLC, a Delaware limited liability company (“Siguler Guff Advisers”).  Siguler Guff Advisers is sometimes referred to herein as the “Manager”.

WHEREAS, the Fund is a newly organized, non-diversified closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”), whose sole stockholder is SIGULER GUFF SMALL BUSINESS CREDIT OPPORTUNITIES FUND, LP, a Delaware limited partnership (the “Partnership”);

WHEREAS, the Manager is an investment adviser registered as such under the Investment Advisers Act of 1940, as amended (“Advisers Act”); and

WHEREAS, the Fund desires to retain the Manager to furnish certain investment advisory, portfolio management and administrative services to the Fund, and the Manager is willing to furnish such services.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties as follows:

1.            Appointment.  The Fund hereby appoints Siguler Guff Advisers as Investment Manager for the period and on the terms set forth in this Agreement.  Siguler Guff Advisers accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

2.             Investment Duties.  Subject to the supervision of the Fund’s Board of Directors (the “Board”), the Manager will provide a continuous investment program for the Fund and will determine from time to time what securities and other investments will be purchased, retained or sold by the Fund.  Subject to investment policies and guidelines established by the Board, the Manager will identify, evaluate, structure and close the investments to be made by the Fund, arrange debt financing for the Fund, provide portfolio management and servicing of loans held in the Fund’s portfolio, and administer the Fund’s day-to-day affairs.

3.             Administrative Duties.  The Manager will administer the affairs of the Fund under the supervision of the Board and subject to the following:

(a)          The Manager will supervise all aspects of the operations of the Fund, including oversight of transfer agency, custodial and accounting services (all of which will be at the expense of the Fund); provided, however, that nothing contained herein shall be deemed to relieve or deprive the Board of its responsibility for directing the management of the business and affairs of the Fund.

 

(b)         The Manager will arrange, but not pay, for the periodic preparation, updating, filing and dissemination (as required) of the Fund’s registration statement under the Securities Exchange Act of 1934, proxy material, tax returns and required reports to the Fund’s stockholders and the Securities and Exchange Commission (“SEC”) and other appropriate federal or state regulatory authorities.

(c)         The Manager will oversee the computation of the net asset value and the net income of the Fund in accordance with procedures adopted by the Board.

(d)         The Manager will maintain or oversee the maintenance of all books and records with respect to the Fund, and will furnish the Board with such periodic and special reports as the Board may reasonably request.  In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Manager hereby agrees that all records that it maintains for the Fund are the property of the Fund, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Fund and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees, upon request by the Fund, to surrender promptly to the Fund any records that it maintains for the Fund.

(e)         All cash, securities and other assets of the Fund will be maintained in the custody of one or more banks in accordance with the provisions of Section 17(f) of the 1940 Act and the rules thereunder; the authority of the Manager to instruct the Fund’s custodian(s) to deliver and receive such cash, securities and other assets on behalf of the Fund will be governed by a custodian agreement between the Fund and each such custodian, and by resolution of the Board.

4.            Further Duties.  In all matters relating to the performance of this Agreement, the Manager will act in conformity with the Charter and Bylaws of the Fund and with the instructions and directions of the Board and will comply with the requirements of the 1940 Act, the rules thereunder, and all other applicable federal and state laws and regulations.

5.            Services Not Exclusive. The services furnished by the Manager hereunder are not to be deemed exclusive and the Manager shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any director, officer, partner, member or employee of the Manager, who may also be a director, officer, partner, member or employee of the Fund, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar or dissimilar nature.

 

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6.            Expenses.

(a)          The Fund will pay all of its reasonable and properly incurred operating costs except those specifically required to be borne by the Manager, including the following: (i) costs related to the organization of the Fund and the offer and placement of its shares, including legal and accounting fees; (ii) costs related to the acquisition, ownership and sale of Fund investments (including hedging and derivative transactions), including, brokerage commissions, transaction taxes and due diligence, travel, investment banking, legal, accounting, custodian and research expenses, including all such costs with respect to transactions that are not consummated to the extent that such costs are not reimbursed by entities in which the Fund invests or proposes to invest; (iii) transfer, registration and similar expenses incurred by the Fund; (iv) expenses allocable to the Fund as a partner or investor in Fund investments; (v) legal fees and expenses incurred in connection with the review and negotiation of the terms and conditions of Fund investments; (vi) SEC fees and expenses, including the expenses of compliance with SEC rules and regulations, and any fees and expenses of state securities regulatory authorities; (vii) costs of proxy solicitations; (viii) costs of meetings of stockholders and the Board; (ix) charges and expenses of the Fund’s custodian, transfer and dividend disbursing agents; (x) compensation and expenses of the Fund’s directors who are not interested persons of the Fund, the Manager or the placement agent, and of any of the Fund’s officers who are not interested persons of the Manager, and expenses of directors in attending Board or stockholder meetings; (xi) costs of any certificates representing the shares of capital stock of the Fund; (xii) fees and expenses of consultants, contractors, experts or custodians retained by the Fund; (xiii) auditing and tax preparation expenses; (xiv) interest expenses; (xv) costs of indemnification arrangements to which the Fund is a party and premiums for liability insurance; (xvi) all extraordinary expenses, such as litigation and indemnification costs and expenses, judgments and settlements; (xvii) the Management Fee (as defined below); (xviii) any taxes levied upon the Fund; (xix) costs of preparing, printing and distributing reports to stockholders; (xx) costs of stationery and supplies; (xxi) the costs of membership by the Fund in any trade organizations; and (xxii) costs of any service providers engaged by the Fund pursuant to Section 6(b).

(b)         The expenses to be borne by the Manager are limited to the following: (i) compensation and expenses of the Manager’s officers, directors and employees that relate to the services provided to the Fund pursuant to Sections 2 and 3 of this Agreement and other normal and routine administrative expenses that relate to the services provided to the Fund pursuant to Sections 2 and 3 of this Agreement; provided, however, that the Manager shall not be required to pay (and if paid by the Manager, the Manager shall be reimbursed by the Fund for payments of) any fees or expense required to be borne by the Fund pursuant to paragraph (a) of this Section 6; (ii) the cost of adequate office space for the Fund and all necessary office equipment and services, including telephone service, heat, utilities and similar items; and (iii) the cost of providing the Fund with such corporate, administrative and clerical personnel (including officers and directors of the Fund who are interested persons of the Manager and are acting in their respective capacities as officers and directors) as the Board reasonably deems necessary or advisable to perform the services required to be performed by the Manager under this Agreement.

(c)          The Fund may pay directly any expenses incurred by it in its normal operations and, if any such payment is consented to by the Manager and acknowledged as otherwise payable by the Manager pursuant to this Agreement, the Fund may reduce the fee payable to the Manager pursuant to Section 7 hereof by such amount.  To the extent that such deductions exceed the fee payable to the Manager on any quarterly payment date, such excess shall be carried forward and deducted in the same manner from the fee payable on succeeding quarterly payment dates.

(d)         The payment or assumption by the Manager of any expense of the Fund that the Manager is not required by this Agreement to pay or assume shall not obligate the Manager to pay or assume the same or any similar expense of the Fund on any subsequent occasion.

 

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7.            Management Fee.

(a)         For the services provided and the expenses assumed pursuant to this Agreement, the Fund or its successor trustees will pay to the Manager, whether before or after dissolution of the Fund, a management fee (the “Management Fee”), computed and paid quarterly in arrears in an amount equal to 1.75% per annum of the Fund’s Net Invested Capital (as defined below), as measured as of the close of business on the last business day of such quarterly period. “Invested Capital means the cost basis of the portfolio investments of the Fund (excluding cash and cash equivalents) that have not been written off or disposed of, including portfolio investments acquired with borrowed funds. For the avoidance of doubt, Invested Capital shall include the cost basis of any portfolio investments held indirectly through any wholly-owned subsidiary of the Fund (if one is formed) that has obtained a license as a Small Business Investment Company from the U.S. Small Business Administration (a “SBIC Subsidiary”). “Net Invested Capital” means Invested Capital multiplied by a fraction: (a) the numerator of which is the dollar amount of all capital commitments to the Partnership other than capital commitments as to which the Partnership will not charge a management fee or carried interest; and (b) the denominator of which is all capital commitments to the Partnership, all as of the last business day of the quarterly period as to which the Management Fee is being calculated.

(b)         One hundred percent (100%) of all directors’ fees, consulting and monitoring fees, advisory board or investment committee fees, commitment fees, break-up fees and advisory fees received by the Manager or its Affiliates in respect of the Fund’s portfolio investments including any investments held through any SBIC Subsidiary (the “Offset Fees”) shall be applied to reduce subsequent payments of the Management Fee by the Fund. In the event that the amount of Offset Fees to be applied against the Management Fee exceeds the Management Fee for the immediately succeeding annual period (the “Excess Offset Fees”), such Excess Offset Fees shall be carried forward to reduce the Management Fee payable in following annual periods and any unapplied Excess Offset Fees shall be returned to the Fund as of the completion of its winding up. The value of any Offset Fees received in a form other than cash will be determined at the time that the Manager or its Affiliate disposes of the property constituting such Offset Fees, based upon the amount of such disposition proceeds.  If such property has not been disposed of prior to the completion of the winding up of the Fund, then such property will be valued by the Manager, with such valuation approved by the Board. An “Affiliate” of the Manager as used in this Agreement means any person or entity that directly or indirectly controls, is controlled by, or is under common control with the Manager.

(c)         If this Agreement becomes effective or terminates before the end of any fiscal quarter, the Management Fee for the period from the effective day to the end of the fiscal quarter or from the beginning of such fiscal quarter to the date of termination, as the case may be, shall be prorated according to the proportion which such period bears to the full fiscal quarter in which such effectiveness or termination occurs.

8.             Limitation of Liability of Manager. The Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from its reckless disregard of its obligations and duties under this Agreement.  Any person, even though also an officer, director, partner, member, employee or agent of the Manager, who may be or become an officer, director, partner, member, employee or agent of the Fund shall be deemed, when rendering services to the Fund or acting with respect to any business of the Fund, to be rendering such service to, or acting solely on behalf of, the Fund and not as an officer, director, partner, member, employee or agent or one under the control or direction of the Manager even though paid by it.

 

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9.             Duration and Termination.

 

(a)         This Agreement shall become effective upon the date here above written provided that this Agreement shall not take effect unless it has first been approved (i) by a vote of a majority of those directors of the Fund who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of the Fund’s outstanding voting securities.

(b)         Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the above written date.  Thereafter, regardless of the dissolution of the Fund, if not terminated, this Agreement shall continue automatically for successive periods of twelve months each, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of those directors of the Fund who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Board or by vote of a majority of the outstanding voting securities of the Fund.

 

(c)         Notwithstanding the foregoing, this Agreement may be terminated:  (i) by vote of the Board or by a vote of a majority of the outstanding voting securities of the Fund at any time, without the payment of any penalty, on sixty days’ written notice to the Manager or (ii) by the Manager at any time, without the payment of any penalty, on sixty days’ written notice to the Fund.  This Agreement will automatically terminate in the event of its assignment.

10.          Amendment of this Agreement.  No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no amendment of this Agreement shall be effective until approved by vote of a majority of the Fund’s outstanding voting securities.

11.          Governing Law.  This Agreement shall be construed in accordance with the laws of the State of Maryland, without giving effect to the conflicts of laws principles thereof, and in accordance with the 1940 Act.  To the extent that the applicable laws of the State of Maryland conflict with the applicable provisions of the 1940 Act, the latter shall control.

12.          Miscellaneous.  The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.  If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.  As used in this Agreement, the terms “majority of the outstanding voting securities”, “interested person”, “assignment”, “investment adviser”, and “security” shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order.  Where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

 

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated as of the day and year first above written.

	
SIGULER GUFF SMALL BUSINESS CREDIT OPPORTUNITIES FUND, INC.

	 	
SIGULER GUFF ADVISERS, LLC

	 	 	 
	
By:

	
 

	 	
By:

	
 

	
Name: Sandip Kakar

Title: Secretary

	 	
Name:  Donald Spencer

Title:  Managing Director

 

 

-6-Exhibit 10.11

 

EXECUTION VERSION

 

EMPLOYMENT
AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) is entered into and effective as of March 29, 2016 by and among Aspen ML LLC, an Oregon
limited liability company (“Employer”), Thetis Asset Management LLC, a Delaware limited liability company (“Thetis”),
Great Ajax Corp., a Maryland corporation (“Ajax”), and Gregory Funding LLC, an Oregon limited liability (“Gregory”,
and, collectively with Thetis and Ajax, the “Companies”) and Mary Doyle (“Executive”), an individual.

 

WHEREAS,
Pursuant to a management agreement, Thetis is the manager of Ajax, a real estate investment trust, and Gregory services the mortgage
loans and other assets owned by Ajax;

 

WHEREAS,
Employer desires to employ Executive to serve as the Chief Financial Officer of each of the Companies, on the terms and conditions
set forth herein; and

 

WHEREAS,
Executive desires to be employed by Employer and to serve as the Chief Financial Officer of each of the Companies, on the terms
and conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the foregoing and of the material promises and conditions contained in this Agreement, the parties
agree as follows:

 

1.            Representations
and Warranties.

 

Employer
and the Companies represent and warrant that they are empowered to enter into this Agreement. Executive represents and warrants
that she is not a party to any employment contract, bond, confidentiality, non-competition or other agreement, and is not otherwise
bound by any other obligation that would violate or be in conflict with the terms and conditions of this Agreement or encumber
her performance of duties assigned to her by Employer or the Companies. Executive further represents and warrants that she has
not signed or committed to any employment or consultant duties or other obligations that would divert her full attention from the
duties assigned to her by Employer or the Companies under this Agreement.

 

2.            Term
of Employment.

 

Subject
to earlier termination pursuant to the provisions of Section 8 of the Agreement, Executive’s employment with Employer and
service as Chief Financial Officer of the Companies under this Agreement shall commence on April 18, 2016 (the “Employment
Commencement Date”) and, unless the parties agree in writing to extend the term of this Agreement, shall end on April 18,
2019 (the “Term”). Executive’s employment may be terminated by Employer for cause at any time and without prior
notice. Executive’s employment may also be terminated by Employer without cause at any time and without prior notice; provided,
however, that if Executive’s employment is terminated without cause, Executive shall be entitled to receive certain specified
benefits if Executive signs a release of claims on the termination of her employment in accordance with Section 8(d) of this Agreement.
For purposes of this Agreement, “cause” shall be defined as set forth in Section 8(c) of this Agreement.

 

     

     

    

  

Executive
is free to terminate her employment by resigning at any time, so long as she provides six (6) months’ notice to Employer.
Executive will not be entitled to any additional compensation if she resigns her employment, if she is terminated by Employer for
cause or if her employment ends due to her death or disability.

 

3.            Employment
and Duties.

 

During
the Term, Executive shall be employed by Employer and shall serve as Chief Financial Officer of each of the Companies. Subject
to the terms of this Agreement, during the Term, Executive shall devote substantially all of her productive time, ability, attention,
energy, knowledge and skill solely and exclusively to performing her duties as Chief Financial Officer of the Companies. In Executive’s
capacity as Chief Financial Officer of Ajax, Executive will report to Ajax’s Chief Executive Officer; in Executive’s
capacity as Chief Financial Officer of Thetis, Executive will report to Thetis’ Manager; and in Executive’s capacity
as Chief Financial Officer of Gregory, Executive will report to Gregory’s Chief Operating Officer. Executive’s responsibilities
shall include the normal responsibilities attendant to the Chief Financial Officer position, and such other responsibilities as
reasonably assigned by Employer or the Companies. Executive shall provide the services contemplated by this Agreement in Portland,
Oregon, except for required business travel.

 

4.            Compensation.

 

a.           Annual
Base Salary. In consideration for Executive’s services during the Term, Executive shall receive a base salary of $250,000
per annum (prorated for partial years of employment), to be paid in installments in accordance with Employer’s payroll practices,
from which Employer shall withhold and deduct all applicable federal and state income, social security, disability and other taxes
as required by applicable laws.

 

b.           Annual
Bonus. Executive’s target annual bonus opportunity for each fiscal year during the Term shall be equal to 60% of Executive’s
base salary. The amount of such bonus actually earned in any such year shall be based on Executive’s achievement of performance
objectives reflected in the Companies’ annual budgets. The performance objectives and Executive’s level of achievement
of such objectives shall be determined by Employer. Executive must be employed by Employer at the time the bonuses are paid to
receive the bonuses for the preceding fiscal year. To the extent earned, annual bonuses will be paid as soon as practicable after
Employer calculates the amount earned, if any, for the preceding fiscal year.

 

c.           Relocation
Costs. Executive shall be reimbursed for up to $25,000 in relocation expenses, provided that such expenses are incurred no
later than ninety (90) days after the Employment Commencement Date and Executive submits documentation satisfactory to Employer
evidencing such relocation expenses not more than sixty (60) days after the expense is incurred. Any such relocation expenses shall
be reimbursed by the Employer within thirty (30) days after Executive’s submission of evidence of the relocation expenses. 

 

d.           Equity
Awards. Executive will be eligible to participate in any equity plan or plans that may be adopted by one or more of the Companies
during the Term, subject to the terms and conditions of the applicable equity plan(s) and award agreement(s).

 

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e.           Source
of Compensation. Other than any equity awards that may be provided to Executive by one or more of the Companies, all compensation
paid to Executive pursuant to this Agreement shall be provided by Employer.

 

5.            Additional
Benefits.

 

a.           Group
Benefit Plans. Subject to limitations under applicable law and the terms and conditions of the applicable plans, Executive
shall be entitled to participate in, and receive such benefits or rights as may be provided to employees of Employer under, any
group employee benefit plans provided by Employer during the Term. Notwithstanding the foregoing, Employer reserves the right to
amend, modify or terminate any employee benefit plan at any time.

 

b.           Business
Expenses. Executive shall be entitled to reimbursement by Employer for such customary, ordinary and necessary business expenses
as are incurred by her in the performance of her duties and activities under this Agreement. All expenses as described in this
Subsection will be reimbursed only upon presentation by Executive of such documentation as may be reasonably necessary to substantiate
that all such expenses were incurred in the performance of her duties and in accordance with Employer’s reimbursement policies.

 

c.           Vacation.
Executive shall not accrue any vacation but shall be entitled to take reasonable time off as necessary and consistent with the
needs of the business.

 

d.           Indemnification.
In the event that Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil,
criminal, administrative or investigative (a “Proceeding”), other than any Proceeding initiated by Executive, Employer,
the Companies or any of their affiliates related to any contest or dispute between Executive and Employer, the Companies, or any
of their affiliates with respect to this Agreement or Executive's employment or services hereunder or any other agreement between
Executive and Employer, the Companies, or any of their affiliates, by reason of the fact that Executive is or was a director or
officer of Employer, the Companies or any affiliates thereof, or is or was serving at the request of Employer or the Companies
as a director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise,
Executive shall be indemnified and held harmless by the Companies to the extent permitted under the Companies’ bylaws and/or
operating agreements from and against any liabilities, costs, claims and expenses, including all costs and expenses incurred in
defense of any Proceeding (including attorneys' fees).

 

6.            Outside
Activities.

 

During
the Term, Executive shall devote her entire productive time, ability and attention to the business of the Companies. Executive
may serve on the board of trustees of up to three nonprofit organizations, provided that such service does not interfere with Executive’s
performance of her duties to the Companies. Without limiting the foregoing, during the term of this Agreement, Executive shall
not, directly or indirectly, either as an employee, employer, consultant, agent, principal, partner, shareholder, corporate officer,
director, or in any other

 

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capacity
(i) engage in any business or devote her time and attention to any other entity that invests in, manages or services the asset
classes in which Ajax intends to invest so long as either Ajax has on hand an average of $25 million in capital available for investment
over the previous two fiscal quarters or the independent directors of Ajax determine that it has the ability to raise capital above
its most recent book value, excluding any transactions that may be in existence on the date hereof; provided that the foregoing
will not prevent being a holder of not more than 2% of the shares of a publicly listed company; or (ii) acquire any mortgage loans
or residential investment properties that are within the investment mandate of Ajax without first offering those opportunities
to Ajax.

 

7.            Non-Competition,
Non-Solicitation and Proprietary Rights and Confidentiality Agreement.

 

As
a condition of employment under this Agreement, Executive shall execute the “Non-Competition, Non-Solicitation, and Proprietary
Rights and Confidentiality Agreement” attached hereto as Exhibit 1 and made a part hereof by this reference.

 

8.            Termination
of Employment.

 

Executive’s employment
with Employer may be terminated at any time and for any reason by either Employer or Executive, subject to the terms of this Agreement
(including, without limitation, Section 2 and this Section 8).

 

a.           By
Death. Executive’s employment and the Term shall automatically end upon the death of Executive. Employer’s and
the Companies’ total liability in such event shall be limited to payment of Executive’s salary and benefits through
the date of Executive’s death and provision of any vested benefits, which will be provided in accordance with the terms and
conditions of the plans or programs under which such vested benefits arise (the “Accrued Amounts”).

 

b.           By
Disability. Employer reserves the right to terminate Executive’s employment and the Term at any time due to Executive
becoming disabled. For purposes of this Agreement, Executive shall be considered disabled if she is entitled to long-term disability
benefits under the long-term disability plan or policy covering Executive (or, if she has not elected to participate in such plan
or policy, if she would have been entitled to long-term disability benefits if she were a participant in the plan or policy covering
similarly situated employees). Upon any termination of Executive’s employment due to Executive becoming disabled, Employer’s
and the Companies’ total liability shall be limited to the Accrued Amounts.

 

c.           For
Cause. Employer reserves the right to terminate Executive’s employment and the Term at any time for cause. For purposes
of this Agreement, the terms “cause” shall mean: (a) disqualifying conduct consisting of (i) Executive or any
of the Companies (as a result of the acts or omissions of Executive) having materially breached its Operating Agreement or the
management agreement between Thetis and Ajax, and failed to cure such breach (in the case of a breach that is susceptible to cure)
within ten (10) days after receiving written notice of such breach; (ii) Executive or any of the Companies (as a result of
the acts or omissions of Executive) being subject to (A) disciplinary action or disqualification by a

 

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regulator or self-regulatory
organization or (B) an examination, investigation or other inquiry or proceeding by any governmental authority that, in the
case of (A) or, if adversely determined, in the case of (B), is reasonably likely to impair any of the Company’s ability
to engage in its business; or (iii) Executive or any of the Companies (as a result of the acts or omissions of Executive)
having committed a felony or other serious crime or violation of federal or state laws (including any crime of dishonesty or disloyalty);
(b) actions that, knowingly and willfully taken by Executive, as determined by Employer or the Companies, caused or are reasonably
likely to cause any of the Companies substantial public disgrace or disrepute or substantial economic harm; or (c) Executive’s
breach of this Agreement. Employer’s and the Companies’ total liability to Executive in the event of termination of
Executive’s employment for cause shall be limited to the Accrued Amounts.

 

d.            Without
Cause. Employer reserves the right to terminate Executive’s employment and the Term without cause at any time and for
any reason whatsoever upon written notice to Executive. If Executive’s employment is terminated by the Employer without cause
(and not due to Executive’s disability) during the Term, Executive shall receive the following:

 

(i)          the
Accrued Amounts; and

 

(ii)         subject
to the following sentence and section 8(g) of this Agreement, Employer shall pay Executive an amount equal to one (1) year of her
annual base salary at the time of termination, to be paid in a lump sum within sixty (60) days following the effective date of
termination.

 

In return for the payment
of the severance amount described in Subsection 8(d)(ii) of the Agreement, which Employer is not obligated to otherwise pay, Executive
agrees that she shall execute a General Release and Covenant Not to Sue which shall contain a Release of Claims against Executive
by Employer, the Companies and their respective affiliates substantially in the form attached hereto as Exhibit 2, whereby Executive
shall waive and release any claims and all potential claims against Employer, the Companies and their respective affiliates and
employees, directors, officers, agents and representatives arising out of or related to her employment with Employer. Executive
must execute (and not revoke) the General Release and Covenant Not to Sue as a condition precedent to Employer’s obligation
to pay the severance amount described in Subsection 8(d)(ii) of the Agreement. The severance amount under Subsection 8(d)(ii) of
the Agreement shall not be paid until the end of the revocation period provided pursuant to the terms of the General Release and
Covenant Not to Sue (but no later than the 60th day following Executive’s termination of employment); provided,
however that if the sixty (60) period following Executive’s termination of employment spans calendar years, payment shall
in all events be made in the latter calendar year.

 

e.           Resignation/Mutual
Consent. Executive’s employment and the Term shall be terminated upon Executive’s resignation, subject to the provisions
of Section 2 of the Agreement, or upon mutual written consent of Employer and Executive. Employer’s and the Companies’
total liability to Executive in the event of termination of employment under this Subsection 8(e) of the Agreement shall be limited
to the Accrued Amounts.

 

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f.            Resignation
of Positions. Upon termination of employment for any reason whatsoever, Executive shall be deemed to have resigned from all
offices and directorships then held with Employer and the Companies.

 

g.           Limitation
on Severance Payments. The payment contemplated under Subsection 8(d)(ii) of the Agreement shall only be payable if Executive
experiences a “separation from service,” as that term is used in Section 409A(a)(2)(A)(i) of the Internal Revenue Code
of 1986, as amended (the “Code”). Whether a separation from service takes place is determined in accordance with the
requirements of Internal Revenue Code Section 409A and related Treasury guidance and regulations based on the facts and circumstances
surrounding the termination of Executive’s employment and whether Employer and Executive intended for Executive to provide
significant services following such termination. Executive’s employment relationship will be treated as continuing intact
while Executive is on military leave, sick leave, or other bona fide leave of absence if the period of such leave of absence does
not exceed six months, or if longer, so long as Executive’s right to reemployment by Employer is provided either by statute
or by contract. If the period of leave exceeds six (6) months and there is no right to reemployment, a separation from service
will be deemed to have occurred as of the first date immediately following such six-month period.

 

h.           Restriction
on Payment. Notwithstanding any provision of this Agreement to the contrary, if Executive is considered a “specified
employee” (as that term is used in Section 409A(a)(2)(B)(i) of the Code) on the date of Executive’s separation from
service, then, to the extent the payment (or any portion thereof) under Subsection 8(d)(ii) of the Agreement is considered “nonqualified
deferred compensation” for purposes of Section 409A of the Code, such payment (or portion thereof) shall not be paid earlier
than six (6) months after the date of such separation from service, but only to the extent necessary to avoid the imposition
of tax on Executive under Section 409A of the Code. Any payments delayed by the operation of the immediately preceding sentence
shall be paid to Executive in a lump sum on the six-month anniversary of Executive’s separation from service or, if Executive
dies within such six month period, within 30 days following the date of Executive’s death.

 

9.            Prohibition
of Assignment.

 

This
Agreement is personal to Executive and she may not assign or delegate any of her rights or obligations hereunder without first
obtaining the written consent of Employer; provided that in the event of Executive’s death, any benefits payable under this
Agreement shall be payable to Executive’s spouse or beneficiary.

 

10.          Modification.

 

Any
modification of this Agreement will be effective only if it is in writing and signed by the parties to be bound thereby.

 

11.          Confidentiality
of Agreement.

 

Executive
agrees that she shall not disclose to any persons or entities, other than members of her immediate family and her personal financial
and legal advisors, the terms and conditions of this Agreement, except for salary information, or unless required to do so by a

 

    	 	6	 

     

    

  

valid
order or subpoena from a court or government agency of competent jurisdiction or pursuant to the requirements of the federal securities
laws if so required by Employer.

 

12.         Entire
Agreement.

 

This
Agreement constitutes the entire agreement between Employer, the Companies and Executive, pertaining to the subject matter hereof,
and supersedes all prior or contemporaneous written or verbal agreements and understandings with Executive in connection with the
subject matter hereof, including, but not limited to, the term sheet dated February 29, 2016 and signed by Executive on March 1,
2016.

 

13.         Governing
Law.

 

This
Agreement and the rights and obligations hereunder shall be governed by the laws of Oregon, and Executive, the Companies and Employer
specifically consent to the jurisdiction of the courts of Portland, Oregon over any action or arbitration arising out of or related
to this Agreement.

 

14.         Severability.

 

If
any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining
provisions shall, nevertheless, continue in full force and effect without being impaired or invalidated in any way.

 

15.         Waiver.

 

The
parties hereto shall not be deemed to have waived any of their respective rights under this Agreement unless the waiver is in writing
and signed by such waiving party. No delay in exercising any right shall be a waiver nor shall a waiver on one occasion operate
as a waiver of such right on a future occasion.

 

16.         Notices.

 

All
notices provided for herein shall be in writing and shall be deemed to have been given when delivered personally, when deposited
in the United States mail, registered or certified, postage prepaid, or when delivered by reputable overnight courier service to
Employer, addressed as follows:

 

	 	To Employer:	9400 SW Beaverton-Hillsdale Hwy
	 	 	Suite 131
	 	 	Beaverton, OR 97005
	 	 	 
	 	To Executive:	___________________
	 	 	___________________
	 	 	___________________

 

or at such other
addresses as either of said parties may from time to time in writing appoint pursuant to this Section.

 

    	 	7	 

     

    

  

17.         Compliance
with Section 409A.

 

The intent of the parties
is that payments and benefits under this Agreement comply with (or qualify for an exemption from) Section 409A of the Internal
Revenue Code and the regulations and guidance promulgated thereunder and, accordingly, to the maximum extent permitted, this Agreement
shall be interpreted and administered accordingly. Specifically, it is intended that the severance payment contemplated by Section
8(d)(ii) of this Agreement qualify for the short-term deferral exemption under Section 409A. Any reimbursements or in-kind benefits
provided to or for the benefit of Executive shall be provided in a manner that complies with Treasury Regulation Section 1.409A-3(i)(v),
which requires that (a) all such reimbursements will be made not later than the last day of the calendar year after the calendar
year in which the expenses were incurred, (b) the right to such reimbursements or in-kind benefits will not be subject to liquidation
or exchange for another benefit, and (c) the amount of the expenses eligible for reimbursement, or the amount of any in-kind benefit
provided, during any taxable year will not affect the amount of expenses eligible for reimbursement, or the in-kind benefits provided,
in any other taxable year.

 

18.         Insurance.

 

Employer and each of
the Companies, at its discretion, may apply for and procure in its own name and for its own benefit life and/or disability insurance
on Executive in any amount or amounts considered available. Executive agrees to cooperate in any medical or other examination,
supply any information, and to execute and deliver any applications or other instruments in writing as may be reasonably necessary
to obtain and continue such insurance. Executive hereby represents that Executive has no reason to believe that Executive’s
life is not insurable at rates now prevailing for a healthy person of Executive’s age.

 

19.         Executive's
Cooperation.

 

During Executive’s
employment and thereafter, Executive shall cooperate with Employer, the Companies and their respective affiliates in any disputes
with third parties, internal investigations or administrative, regulatory or judicial proceedings as reasonably requested by Employer
or the Companies (including, without limitation, Executive being available to Employer upon reasonable notice for interviews and
factual investigations, appearing at Employer’s request to give testimony without requiring service of a subpoena or other
legal process, volunteering to Employer all pertinent information and turning over to Employer all relevant documents which are
or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s
other permitted activities and commitments). In the event Employer or the Companies require Executive’s cooperation in accordance
with this Section 19 of the Agreement after the termination of Executive’s employment, Employer shall compensate Executive
at the rate of $250 per hour and reimburse Executive for reasonable travel expenses (including lodging and meals, upon submission
of receipts).

 

20.         Tax
Withholding.

 

All
amounts paid or provided pursuant to this Agreement shall be subject to

 

    	 	8	 

     

    

  

withholding
and deduction for all applicable federal and state income, social security, disability and other taxes as required by applicable
laws.

 

[Signature Page
Follows]

 

    	 	9	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.

 

	 	 	/s/ Mary Doyle
	 	Mary Doyle
	 	 
	 	ASPEN ML LLC
	 	 	 
	 	By:	/s/ Lawrence Mendelsohn
	 	 	Name: Lawrence Mendelsohn
	 	 	Title:   Manager
	 	 	 
	 	GREAT AJAX CORP.
	 	 	 
	 	By:	/s/ Lawrence Mendelsohn
	 	 	Name: Lawrence Mendelsohn
	 	 	Title:   Chairman and Chief Executive Officer
	 	 	 
	 	THETIS ASSET MANAGEMENT LLC
	 	 	 
	 	By:	 /s/ Lawrence Mendelsohn
	 	 	Name: Lawrence Mendelsohn
	 	 	Title:   Manager
	 	 	 
	 	GREGORY FUNDING LLC
	 	 	 
	 	By:	/s/ Irving Potter
	 	 	Name: Irving Potter
	 	 	Title:   Vice President

 

    	 	10	 

     

    

 

Exhibit 1

 

NON-COMPETITION,
NON-SOLICITATION, AND PROPRIETARY RIGHTS

AND CONFIDENTIALITY AGREEMENT

 

In
return for the bona-fide advancement opportunity that is being offered to Executive through the Employment Agreement dated March
__, 2016 (the “Employment Agreement”) as well as
continued employment by Employer, Executive acknowledges and agrees as follows:

 

1.           For
the purposes of this Agreement, capitalized terms not defined herein shall have the meanings ascribed to such terms in the Employment
Agreement, and the following terms shall have the following meanings:

 

a.           “Group
Company” shall mean Aspen Yo LLC, Aspen ML LLC, Ajax, Thetis, Gregory, or any of their respective subsidiaries and other
affiliates.

 

b.           “Information”
shall mean any and all discoveries, ideas, facts, or any other information relating to the operation of any Group Company’s
business, of whatever type and in whatever form, which is disclosed or otherwise made available to Executive by a Group Company
in confidence, including, but not limited to, all information relating to a Group Company’s business, operations, organization,
financial position, market position, inventory, technical information (e.g., “know-how”), regulatory status, personnel,
sales, customers and financial and scientific matters of a Group Company, and any other discoveries, ideas, business plans, or
facts relating to any of the foregoing, whether developed by Executive or by others.

 

c.           “Trade
Secret” shall mean any and all Information that derives independent economic value, actual or potential, from not being generally
known to persons who can obtain economic value from its disclosure or use, and that is the subject of reasonable efforts by a Group
Company to maintain its secrecy.

 

d.           “Competitive
Activity” shall mean (i) engaging in any business or devoting her time and attention to any other entity that invests in,
manages or services the asset classes in which Ajax intends to invest so long as either Ajax has on hand an average of $25 million
in capital available for investment over the previous two fiscal quarters or the independent directors of Ajax determine that it
has the ability to raise capital above its most recent book value, excluding any transactions that may be in existence on the date
hereof; provided that the foregoing will not prevent being a holder of not more than 2% of the shares of a publicly listed company;
or (ii) acquiring any mortgage loans or residential investment properties that are within the investment mandate of Ajax without
first offering those opportunities to Ajax (“Competitive Activity”).

 

    	 	11	 

     

    

  

2.           Executive
understands that any and all Information and Trade Secrets received or developed by Executive and are disclosed to Executive in
confidence are to be used only for the purposes for which they are provided. During the term of Executive’s employment with
Employer or thereafter, Executive shall not, directly or indirectly, except as required by the normal business of a Group Company
or expressly consented to in writing by the Board of Managers or Directors of a Group Company:

 

a.           disclose,
publish or make available any Information or Trade Secrets, other than to an employee, officer or director of a Group Company who,
in the reasonable exercise of Executive’s judgment, needs to know such Information or Trade Secrets in order to perform her
duties to the Group Company;

 

b.           sell,
transfer or otherwise use or exploit or permit the sale, transfer, use or exploitation of the Information or Trade Secrets for
any purposes other than those for which they were provided including using Information or Trade Secrets in any subsequent employment
or business in which Executive engages or invests;

 

c.           obstruct,
interrupt, disturb or interfere with the business relationships between any Group Company and its customers, suppliers and manufacturers;
or

 

d.           remove
from a Group Company’s premises or retain upon termination any Information or Trade Secrets, any copies thereof or any tangible
or retrievable materials containing or constituting Information or Trade Secrets.

 

3.           Upon
termination of Executive’s employment or upon request by a Group Company, Executive shall return to a Group Company all tangible
forms of Information and Trade Secrets.

 

4.           Executive
agrees that Group Companies have invested substantial time, effort and money in attracting and developing a customer base and assembling
the Group Companies’ staff of personnel. Accordingly, Executive agrees that she will not use any Information or Trade Secrets
to solicit customers or employees of a Group Company. Executive agrees that she shall not use any Information or Trade Secrets
to seek to induce any Group Company’s customers to cease using such Group Company’s products or services.

 

5.           Executive
also agrees that during employment with Employer, and for two (2) years after the termination of her employment with Employer,
Executive shall not, directly or indirectly, recruit, attempt to recruit, raid, induce or solicit any of the Group Company’s
employees (or any person employed by a Group Company within twelve (12) months of such termination or twelve (12) months of such
recruitment or solicitation) to leave their employment with a Group Company or otherwise induce the termination of employment of
any employee of the a Group Company, and shall not do the same for the benefit of others; and further, for two years after the
termination of her employment, Executive agrees not to engage in any Competitive Activity.

 

6.           Executive
certifies that there is no other contract or duty on Executive’s part that would interfere with Executive’s ability
to provide services to Employer or the Companies. Executive agrees that, in performing work for Employer and the Companies,

 

    	 	12	 

     

    

  

Executive will not knowingly
use any patented inventions, trade secrets, confidential information or proprietary information obtained from third parties, including
any prior employer or any other organization or individual. Executive agrees not to use copyrighted materials, nor any portion
thereof, of any other company or person while writing computer programs, manuals or any other materials for a Group Company, and
that Executive will not bring onto the premises of a Group Company any unpublished document or other property containing proprietary
information or trade secrets belonging to Executive’s former or concurrent employers or companies, unless consented to in
writing by said employers or companies.

 

7.          This
Non-Competition, Non-Solicitation and Proprietary Rights and Confidentiality Agreement does not constitute a contract of employment
and does not in any way restrict Executive’s right or the right of Employer to terminate Executive’s employment.

 

8.          Any
breach of this Non-Competition, Non-Solicitation, and Proprietary Rights and Confidentiality Agreement is likely to cause Employer
or another Group Company substantial and irrevocable damage and therefore, in the event of such breach, Employer, in addition to
such other remedies which may be available, will be entitled to specific performance and other injunctive relief, without the posting
of a bond. If Executive violates this Non-Competition, Non-Solicitation, and Proprietary Rights and Confidentiality Agreement,
Employer shall be entitled to repayment of any severance compensation paid to Executive in addition to all other remedies available
to Employer at law, in equity, and under contract. Further, Executive agrees that if Employer prevails in enforcing this Non-Competition,
Non-Solicitation, and Proprietary Rights and Confidentiality Agreement against her, she shall be obligated to pay all Employer’s
costs of enforcement of this Non-Competition, Non-Solicitation, and Proprietary Rights and Confidentiality Agreement, including
attorneys’ fees and expenses, and Employer agrees that if Executive prevails in a proceeding by Employer to enforce this
Non-Competition, Non-Solicitation, and Proprietary Rights and Confidentiality Agreement against her, Employer shall obligated to
pay all of Executive’s costs of enforcement of this Non-Competition, Non-Solicitation, and Proprietary Rights and Confidentiality
Agreement, including attorneys’ fees and expenses.

 

9.          If
any provision of this Non-Competitive, Non-Solicitation, and Proprietary Rights and Confidentiality Agreement is held by a court
of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall, nevertheless, continue in full
force and effect without being impaired or invalidated in any way.

 

10.         This
Non-Competitive, Non-Solicitation, and Proprietary Rights and Confidentiality Agreement and the Employment Agreement constitute
the entire agreement between Employer and Executive pertaining to Non-Competition, Non-Solicitation, the protection of Information
and Trade Secrets, and supersedes all prior or contemporaneous written or verbal agreements and understandings with Executive in
connection with the subject matter hereof. Any modification of this Agreement will be effective only if it is in writing and signed
by the parties to be bound thereby.

 

11.         Executive
understands and agrees that her obligations under this Non-Competition, Non-Solicitation, and Proprietary Rights and Confidentiality
Agreement will continue following the termination of her employment regardless of the manner of such

 

    	 	13	 

     

    

  

termination. Employer
will have the right to assign this Non-Competition, Non-Solicitation, and Proprietary Rights and Confidentiality Agreement to its
affiliates, successors and assigns. Executive expressly consents to be bound by the provisions of this Non-Competition, Non-Solicitation,
and Proprietary Rights and Confidentiality Agreement for the benefit of Employer or any parent, subsidiary or affiliate to whose
employ Executive may be transferred without the necessity that this Non-Competition, Non-Solicitation, and Proprietary Rights and
Confidentiality Agreement be resigned at the time of such transfer.

 

[Signature Page
Follows]

 

    	 	14	 

     

    

  

	 	 	 
	Mary Doyle	 
	 	 	 
	Dated:	 	 

 

	By:	 	 
	Name:		 
	Title:		 
	 	 	 
	GREAT AJAX CORP.	 
	 	 	 
	By:	 	 
	Name:		 
	Title:		 
	 	 	 
	THETIS ASSET MANAGEMENT LLC	 
	 	 	 
	By:	 	 
	Name:		 
	Title:		 
	 	 	 
	GREGORY FUNDING LLC	 
	 	 	 
	By:	 	 
	Name:		 
	Title:		 

 

    	 	15

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