Document:

Form of Management Agreement

 Exhibit 10.1 
 FORM OF MANAGEMENT AGREEMENT 
 THIS MANAGEMENT AGREEMENT is made as of
              , 2009 by and among BAYVIEW FUND MANAGEMENT, LLC, a Delaware limited liability company (together with its permitted assignees, the “Manager”),
BAYVIEW MORTGAGE CAPITAL, INC., a Maryland corporation (the “Company”), and each Subsidiary (as defined below) of the Company that becomes a party to the Agreement (as defined below) pursuant to Section 29. 
 WHEREAS, the Company intends to elect to be taxed as a “real estate investment trust” (“REIT”) as defined under the Internal
Revenue Code of 1986, as amended (the “Code”); and 
 WHEREAS, the Company and the Subsidiaries each desire to retain the
Manager to administer its business activities and day-to-day operations and to provide the investment advisory and other services described herein to the Company and the Subsidiaries on the terms and conditions hereinafter set forth, and the Manager
wishes to be retained to provide such services. 
 NOW THEREFORE, in consideration of the mutual agreements herein set forth, the parties
hereto agree as follows: 
 SECTION 1. DEFINITIONS. The following terms have the following meanings assigned to them: 
 (a) “Affiliate” means (i) any Person directly or indirectly controlling, controlled by, or under common control with
such other Person, (ii) any executive officer, general partner or employee of such other Person, (iii) any member of the board of directors or board of managers (or bodies performing similar functions) of such Person, and (iv) any
legal entity for which such Person acts as an executive officer or general partner. 
 (b) “Agreement” means
this Management Agreement, as amended from time to time. 
 (c) “Assets” means the assets of the Company and
each Subsidiary, as applicable. 
 (d) “BAM” means Bayview Asset Management, LLC. 
 (e) “Bankruptcy” means, with respect to any Person, (a) the filing by such Person of a voluntary petition seeking
liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or foreign insolvency law, or such Person’s filing an answer consenting to or acquiescing
in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors, (c) the expiration of sixty (60) days after the filing of an involuntary petition under Title 11 of the Unites States Code, an
application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other federal, state or foreign
insolvency law, provided that the same shall not have been vacated, set aside or stayed within such 60-day period or (d) the entry against it of a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or
hereinafter in effect. 

 (f) “Base Management Fee” means a base management fee equal
to 1.50% per annum, calculated and paid (in cash) quarterly in arrears, of the Stockholders’ Equity. 
 (g) “Board of Directors” means the Board of Directors of the Company. 
 (h)
“Change of Control” means the occurrence of any of the following: 
 (i) the sale, lease or
transfer, in one or a series of related transactions, of all or substantially all of the assets of the Manager, taken as a whole, or BAM, taken as a whole, to any Person other than BAM (in the case of the Manager) or any of its respective
Affiliates; or 
 (ii) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than BAM (in
the case of the Manager) or any of its respective Affiliates, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of
Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50% of the total voting power of the voting capital interests of the Manager or BAM. 
 (i) “Closing Fee” means $250. 
 (j) “CMBS” means commercial mortgage-backed securities. 
 (k) “Code” has the meaning set forth in the recitals of the Agreement. 
 (l) “Commissions” means commission fees paid by the Company to the Manager, which vary in amount based on
the size of the transaction and may vary depending on BAM’s commission policies; provided that such fees must be fair and reasonable and are no more favorable than would be paid to unrelated third-party sales employees in a comparable
arm’s-length transaction. The current indicative amounts based on the aggregate principal balances, or face amounts, are (i) less than $10,000,000, 0.5% of such principal balance, (ii) between $10,000,000 and $50,000,000, 0.25% of
such principal balance, and (iii) greater than $50,000,000, 0.125% of such principal balance. 
 (m)
“Common Stock” means the common stock, par value $0.01 per share, of the Company. 
 (n)
“Company” has the meaning set forth in the preamble of the Agreement. 
 (o) “Company
Account” has the meaning set forth in Section 5 of the Agreement. 
 (p) “Company
Indemnified Party” has the meaning set forth in Section 11(b) of the Agreement. 
  

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 (q) “Core Earnings” is defined as GAAP net income (loss)
excluding non-cash equity compensation expense and excluding any unrealized gains, losses or other non-cash items recorded in the period, regardless of whether such items are included in other comprehensive income or loss, or in net income. Core
Earnings shall be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussions between the Manager and the Independent Directors and after approval by a majority of the Independent Directors.
Any amounts that the Company pays to BAM and the underwriters of the Company’s initial public offering relating to the conditional payment of the underwriting discount shall be excluded from the calculation of Core Earnings. 
 (r) “Diligence Fee” means $250, or such other amount as may be determined from time to time upon agreement
of the Manager and the Company. 
 (s) “Effective Termination Date” has the meaning set forth in
Section 13(a) of the Agreement. 
 (t) “Equity Investment Fees” has the meaning set forth
in Section 8(a)(iv) of the Agreement. 
 (u) “Excess Equity Investment Fees” has the
meaning set forth in Section 8(a)(iv) of the Agreement. 
 (v) “Excess Funds” has the
meaning set forth in Section 2(m) of the Agreement. 
 (w) “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
 (x) “Expenses” has the meaning set forth in
Section 9 of the Agreement. 
 (y) “GAAP” means generally accepted accounting principles,
as applied in the United States. 
 (z) “Governing Instruments” means, with regard to any
entity, the articles of incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation and the
operating agreement in the case of a limited liability company, the trust instrument in the case of a trust, or similar governing documents, in each case as amended from time to time. 
 (aa) “Guidelines” has the meaning set forth in Section 2(b)(i) of the Agreement. 
 (bb) “Incentive Compensation” means an incentive management fee that is payable (in cash) quarterly in
arrears in an amount equal to 20% of the dollar amount by which Core Earnings, on a rolling four-quarter basis and before the Incentive Compensation, exceeds the product of (1) the weighted average of the issue price per share of all of the
Company’s public offerings multiplied by the weighted average number of shares of Common Stock outstanding (including any restricted stock units, any restricted shares of Common Stock and other shares of Common Stock underlying
outstanding awards granted under the Company’s equity incentive plans) in the four-quarter period and (2) 8%. 
  

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 (cc) “Indemnitee” has the meaning set forth in
Section 11(b) of the Agreement. 
 (dd) “Indemnitor” has the meaning set forth in
Section 11(c) of the Agreement. 
 (ee) “Independent Directors” means the members of the
Board of Directors who are not officers or employees of the Manager or any Person directly or indirectly controlling or controlled by the Manager, and who are otherwise “independent” in accordance with the Company’s Governing
Instruments and, if applicable, the rules of any national securities exchange on which the Common Stock is listed. 
 (ff) “Initial Term” has the meaning set forth in Section 13(a) of the Agreement. 
 (gg) “Insider Trading Policy” means the Company’s Insider Trading Policy, adopted by the Board of Directors on [            ], 2009. 
 (hh) “Investment Company Act” means the Investment Company Act of 1940, as amended. 
 (ii) “Losses” has the meaning set forth in Section 11(a) of the Agreement. 
 (jj) “Manager” has the meaning set forth in the preamble of the Agreement. 
 (kk) “Manager Indemnified Party” has the meaning set forth in Section 11(a) of the Agreement.

 (ll) “Monitoring Services” has the meaning set forth in Section 2(b) of the Agreement.

 (mm) “MOSA” means a mortgage loan origination and servicing agreements. 
 (nn) “Notice of Proposal to Negotiate” has the meaning set forth in Section 13(a) of the Agreement.

 (oo) “NYSE” means the New York Stock Exchange LLC. 
 (pp) “Person” means any individual, corporation, partnership, joint venture, limited liability company,
estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 
 (qq) “Portfolio Management Services” has the meaning set forth in Section 2(b) of the Agreement.

 (rr) “REIT” has the meaning set forth in the recitals of the Agreement. 
  

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 (ss) “Renewal Term” has the meaning set forth in
Section 13(a) of the Agreement. 
 (tt) “RMBS” means residential mortgage-backed
securities. 
 (uu) “Securities Act” means the Securities Act of 1933, as amended. 

(vv) “Stockholders’ Equity”, for purposes of calculating the Base Management Fee, means: 

(A) the sum of the net proceeds from any issuances of the Company’s equity securities since inception (allocated on a
pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus 
 (B) the
Company’s consolidated retained earnings at the end of such quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less 
 (C) any amount that the Company pays for repurchases of shares of its Common Stock (to the extent such amounts were not
charged to retained earnings), excluding unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in our financial statements prepared in accordance with GAAP (regardless of whether such items are
included in other comprehensive income or loss, or in net income), and excluding 
 (D) one-time events pursuant
to changes in GAAP and certain non-cash charges after discussions between the Manager and the Company’s Independent Directors and approval by a majority of the Company’s Independent Directors. 
 Any amounts that the Company pays to BAM and the underwriters of the Company’s initial public offering relating to the
conditional payment of the underwriting discount shall be included in stockholders’ equity only from and after the payment thereof. 
 (ww) “Subsidiary” means any subsidiary of the Company; any partnership, the general partner of which is the Company or any subsidiary of the Company; and any limited liability company,
the managing member of which is the Company or any subsidiary of the Company. 
 (xx) “Termination
Fee” has the meaning set forth in Section 13(b) of the Agreement. 
 (yy) “Termination
Notice” has the meaning set forth in Section 13(a) of the Agreement. 
 (zz) “Treasury
Regulations” means the regulations promulgated under the Code from time to time, as amended. 
  

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 SECTION 2. APPOINTMENT AND DUTIES OF THE MANAGER. 
 (a) The Company and each Subsidiary that becomes a party to this Agreement each hereby appoints the Manager to manage the Assets and the
day-to-day operations of the Company and each Subsidiary that becomes a party to this Agreement subject to the further terms and conditions set forth in this Agreement, and the Manager hereby agrees to use its commercially reasonable efforts to
perform each of the duties set forth herein. Unless otherwise provided, the appointment gives the Manager discretionary authority over the Assets and in the performance of the Portfolio Management Services, as defined below. The appointment of the
Manager shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, pursuant to the terms of this Agreement, to cause the duties of
the Manager hereunder to be provided by third parties. 
 (b) The Manager, in its capacity as manager of the Assets and the
day-to-day operations of the Company and its Subsidiaries, at all times will be subject to the supervision of the Company’s Board of Directors and will have only such functions and authority as the Company and its Subsidiaries may delegate to
it including, without limitation, the functions and authority identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and its Subsidiaries and will perform (or cause to be
performed) such services and activities relating to the Assets and operations of the Company and its Subsidiaries as may be appropriate, including, without limitation: 
 (i) serving as consultant for the Company and its Subsidiaries with respect to the periodic review of the investment criteria and
parameters for the Assets, borrowings and operations, any modifications to which shall be approved by a majority of the Independent Directors (such policy guidelines as initially approved and attached hereto as Exhibit A, as the same may be
modified with such approval, the “Guidelines”), and other policies for approval by the Board of Directors; 
 (ii) investigating, analyzing and selecting possible asset acquisition opportunities and acquiring, financing, retaining, selling, restructuring, or disposing of Assets consistent with the Guidelines; 
 (iii) representing and making recommendations to the Company in connection with the purchase and finance and commitment to purchase and
finance Assets and the sale and commitment to sell such Assets; 
 (iv) with respect to prospective purchases, sales, or
exchanges of Assets, conducting negotiations, on behalf of the Company and its Subsidiaries, with sellers and purchasers and their respective agents, representatives and investment bankers; 
 (v) negotiating and entering into, on behalf of the Company and its Subsidiaries, and at the Company’s expense, credit finance
agreements, repurchase agreements, securitizations, loans and other financings provided by the sellers of Assets acquired by the Company, interest rate swap agreements, warehouse facilities, agreements relating to borrowings under programs
established by the U.S. Government and other agreements and instruments required for the Company and its Subsidiaries to conduct their business; 
  

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 (vi) engaging and supervising, on behalf of the Company and its Subsidiaries, and at the
Company’s expense, independent contractors which provide investment banking, mortgage brokerage, securities brokerage, other financial services, due diligence services, underwriting review services, and all other services as may be required
relating to the Company’s and the Subsidiaries’ operations or Assets (or potential Assets); 
 (vii) advising the
Company and its Subsidiaries on, preparing, negotiating and entering into, on the Company’s behalf, applications and agreements relating to financing, mortgage-related programs or other programs established by the U.S. Government; 

(viii) coordinating and managing operations of any joint venture or co-investment interests held by the Company and its Subsidiaries
and conducting all matters with the joint venture or co-investment partners; 
 (ix) providing executive and administrative
personnel, office space and office services required in rendering services to the Company and its Subsidiaries; 
 (x)
administering the day-to-day operations of the Company and its Subsidiaries and performing and supervising the performance of such other administrative functions necessary in the management of the Company and its Subsidiaries as may be agreed upon
by the Manager and the Board of Directors, including, without limitation, the collection of revenues, services in respect of any equity incentive plans and the payment of the Company’s and its Subsidiaries’ debts and obligations and
maintenance of appropriate information technology services to perform such administrative functions; 
 (xi) communicating on
behalf of the Company and its Subsidiaries with the holders of any equity or debt securities of the Company and its Subsidiaries as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading exchanges
or markets and to maintain effective relations with such holders, including website maintenance, logo design, analyst presentations, investor conferences and annual meeting arrangements; 
 (xii) counseling the Company in connection with policy decisions to be made by the Board of Directors; 
 (xiii) evaluating and recommending to the Board of Directors hedging strategies and engaging in hedging activities on behalf of the
Company and its Subsidiaries, consistent with such strategies, as so modified from time to time, with the Company’s status as a REIT, and with the Guidelines; 
  

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 (xiv) counseling the Company regarding the maintenance of its status as a REIT and
monitoring compliance with the various REIT qualification tests and other rules set out in the Code and Treasury Regulations thereunder and using commercially reasonable efforts to cause the Company to qualify for taxation as a REIT; 
 (xv) counseling the Company and its Subsidiaries regarding Asset holdings in order for the Company or any Subsidiary not to fall within
the definition of “investment company” under the Investment Company Act or otherwise satisfying an exemption or exclusion from the Investment Company Act and monitoring compliance with the requirements for maintaining an exemption from
that the Investment Company Act and using commercially reasonable efforts to cause the Company and its Subsidiaries to maintain such exemption from the registration as an investment company under the Investment Company Act; 
 (xvi) assisting the Company and its Subsidiaries in developing criteria for asset purchase commitments that are specifically tailored to
the investment objectives of the Company and its Subsidiaries and making available to the Company and its Subsidiaries its knowledge and experience with respect to mortgage loans, real estate, RMBS, CMBS and other real estate-related securities,
other real estate-related assets and non-real estate related assets; 
 (xvii) furnishing reports and statistical and economic
research to the Company and its Subsidiaries regarding the activities of the Company and its Subsidiaries and the services performed for the Company and its Subsidiaries by the Manager; 
 (xviii) monitoring the operating performance of the Assets and providing periodic reports with respect to Asset performance to the Board
of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results; 
 (xix) investing and re-investing any moneys and securities of the Company and its Subsidiaries (including investing Assets in short-term financial instruments pending investment of such Assets, payment of fees, costs
and expenses, or payments of dividends or distributions to stockholders and partners of the Company and its Subsidiaries) and advising the Company and its Subsidiaries as to its capital structure and capital raising activities; 
 (xx) causing the Company and its Subsidiaries to retain qualified accountants and legal counsel, as applicable, to assist in developing
appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and, if applicable, a domestic taxable REIT subsidiary,
and to conduct quarterly compliance reviews with respect thereto; 
  

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 (xxi) assisting the Company and its Subsidiaries in qualifying to do business in all
jurisdictions in which such qualification is required or advisable and to obtain and maintain all appropriate licenses; 
 (xxii) assisting the Company and its Subsidiaries in complying with all regulatory requirements applicable to the Company and its Subsidiaries in respect of its business activities, including preparing or causing the preparation of all
financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act and the Securities Act or by the NYSE; 
 (xxiii) assisting the Company and its Subsidiaries in taking all necessary actions to enable the Company to make required tax filings and
reports, including soliciting stockholders for required information to the extent provided by the provisions of the Code applicable to REITs; 
 (xxiv) placing, or arranging for the placement of, all portfolio management orders pursuant to the Manager’s investment determinations for the Company and its Subsidiaries either directly with the issuer or with
a broker or dealer (including any Affiliated broker or dealer); 
 (xxv) handling and resolving all claims, disputes or
controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company and its Subsidiaries may be involved or to which the Company may be subject arising out of the day-to-day operations of the
Company and its Subsidiaries (other than with the Manager or its Affiliates), subject to such limitations or parameters as may be imposed from time to time by the Board of Directors; 
 (xxvi) using commercially reasonable efforts to cause expenses incurred by or on behalf of the Company and its Subsidiaries to be
commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 
 (xxvii) representing and making recommendations to the Company and its Subsidiaries in connection with the purchase and finance of, and commitment to purchase and finance, mortgage loans (including on a portfolio
basis), real estate, RMBS, CMBS and other real estate-related securities, other real estate-related assets and non-real estate-related assets, and the sale and commitment to sell such assets; 
 (xxviii) advising the Company and its Subsidiaries with respect to and structuring long-term financing vehicles for the portfolio of
Assets, and offering and selling securities publicly or privately in connection with any such structured financing; 
 (xxix)
serving as the consultant for the Company and its Subsidiaries with respect to decisions regarding any of its financings, hedging activities or borrowings undertaken by the Company and its Subsidiaries including (1) assisting the Company and
its Subsidiaries in developing criteria for debt and equity financing that is specifically tailored to their investment objectives; and (2) advising the Company and its Subsidiaries with respect to obtaining appropriate financing for their
Assets; 
  

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 (xxx) arranging marketing materials, advertising, industry group activities (such as
conference participations and industry organization memberships) and other promotional efforts designed to promote the business of the Company and its Subsidiaries; 
 (xxxi) performing such other services as may be required from time to time for management and other activities relating to the Assets and
business of the Company and its Subsidiaries as the Board of Directors shall reasonably request or the Manager shall deem appropriate under the particular circumstances; and 
 (xxxii) using commercially reasonable efforts to cause the Company and its Subsidiaries to comply with all applicable laws. 
 Without limiting the foregoing, the Manager will perform portfolio management services (the “Portfolio Management Services”) on behalf of the Company
and its Subsidiaries with respect to the Assets. Such services will include, but not be limited to: (i) consulting with the Company and its Subsidiaries on the purchase and sale of portfolio Assets; (ii) identifying other investment
opportunities in connection with managing the portfolio of Assets; (iii) collecting information on, and submitting reports pertaining to Assets, interest rates and general economic conditions; (iv) periodically reviewing and evaluating the
performance of the portfolio of Assets; (v) acting as liaison between the Company and its Subsidiaries and banking, mortgage banking, investment banking and other parties with respect to the purchase, financing and disposition of Assets; and
(vi) performing other customary functions related to portfolio management. Additionally, the Manager will perform monitoring services (the “Monitoring Services”) on behalf of the Company and its Subsidiaries with respect to any
loan servicing activities provided by third parties. Such Monitoring Services will include, but not be limited to: (i) negotiating MOSAs with third parties to originate, underwrite, conduct due diligence, close and service commercial real
estate loans; (ii) acting as a liaison between the servicers of the assets and the Company and its Subsidiaries; (iii) reviewing servicers’ delinquency, foreclosure and other reports on the Assets; supervising claims filed under any
insurance policies; and (iv) enforcing the obligation of any servicer to repurchase assets. 
 (c) For the period and on
the terms and conditions set forth in this Agreement, the Company and each of its Subsidiaries hereby constitutes, appoints and authorizes the Manager as its true and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate,
execute, deliver and enter into such credit finance agreements and arrangements and securities repurchase and reverse repurchase agreements and arrangements, brokerage agreements, interest rate swap agreements and such other agreements, instruments
and authorizations on its behalf on such terms and conditions as the Manager, acting in its sole and absolute discretion, deems necessary or appropriate. This power of attorney is deemed to be coupled with an interest. 
  

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 (d) The Manager may enter into agreements with other parties, including its Affiliates,
for the purpose of engaging one or more parties for and on behalf, and at the sole cost and expense, of the Company and its Subsidiaries to provide property management, asset management, leasing, development and/or other services to the Company and
its Subsidiaries (including, without limitation, Portfolio Management Services and Monitoring Services) pursuant to agreement(s) with terms which are then customary for agreements regarding the provision of services to companies that have assets
similar in type, quality and value to the assets of the Company and its Subsidiaries; provided that (i) any such agreements entered into with Affiliates of the Manager shall be (A) on terms no more favorable to such Affiliate than
would be obtained from a third party on an arm’s-length basis and (B) to the extent the same do not fall within the provisions of the Guidelines, approved by a majority of the Independent Directors, (ii) with respect to Portfolio
Management Services, (A) any such agreements shall be subject to the Company’s prior written approval and (B) the Manager shall remain liable for the performance of such Portfolio Management Services, and (iii) with respect to
Monitoring Services, any such agreements shall be subject to the Company’s prior written approval. 
 (e) To the extent
that the Manager deems necessary or advisable, the Manager may, from time to time, propose to retain one or more additional service providers for the provision of sub-advisory services to the Manager in order to enable the Manager to provide the
services to the Company and its Subsidiaries specified by this Agreement; provided that any such agreement (i) shall be on terms and conditions substantially identical to the terms and conditions of this Agreement or otherwise not
adverse to the Company and its Subsidiaries, (ii) shall not result in an increased Base Management Fee, Incentive Compensation, or expenses to the Company, and (iii) shall be approved by a majority of the Independent Directors. 

(f) The Manager may retain, for and on behalf and at the sole cost and expense of the Company and its Subsidiaries, such services of
accountants, legal counsel, appraisers, insurers, brokers, dealers, transfer agents, registrars, developers, investment banks, financial advisors, due diligence firms, underwriting review firms, banks and other lenders and others as the Manager
deems necessary or advisable in connection with the management and operations of the Company and its Subsidiaries. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered
by its employees or Affiliates. The Company shall pay or reimburse the Manager or its Affiliates performing such services for the cost thereof; provided that such costs and reimbursements are no greater than those which would be payable to
comparable outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. 
 (g) The Manager may effect transactions by or through the agency of another person with it or its Affiliates which have an arrangement under which that party or its Affiliates will from time to time provide to or
procure for the Manager and/or its Affiliates goods, services or other benefits (including, but not limited to, research and advisory services; economic and political analysis, including valuation and performance measurement; market analysis, data
and quotation services; computer hardware and software incidental to the above goods and services; clearing and custodian services and investment related publications), the nature of which is such that provision can reasonably be expected to benefit
the Company as a whole and may contribute to an improvement in the performance of the Company or the Manager or its Affiliates in providing services to the Company on terms that no direct payment is made but instead the Manager and/or its Affiliates
undertake to place business with that party. 
  

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 (h) In executing portfolio transactions and selecting brokers or dealers, the Manager
will use commercially reasonable efforts to seek on behalf of the Company and its Subsidiaries the best overall terms available. In assessing the best overall terms available for any transaction, the Manager shall consider all factors that it deems
relevant, including without limitation the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of transaction costs, including
commissions, mark-ups, markdowns or other expenses, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in selecting the broker or dealer to execute a particular transaction, the
Manager may also consider whether such broker or dealer furnishes research and other information or services to the Manager. 
 (i) The Manager has no duty or obligation to seek in advance competitive bidding for the most favorable commission rate applicable to any particular purchase, sale or other transaction, or to select any broker-dealer on the basis of its
purported or “posted” commission rate, but will endeavor to be aware of the current level of charges of eligible broker-dealers and to minimize the expense incurred for effecting purchases, sales and other transactions to the extent
consistent with the interests and policies of the Company and its Subsidiaries. Although the Manager will generally seek competitive commission rates, it is not required to pay the lowest commission or commission equivalent, provided that such
decision is made in good faith to effect the best interests of the Company and its Subsidiaries. 
 (j) As frequently as the
Manager may deem necessary or advisable, or at the direction of the Board of Directors, the Manager shall, at the sole cost and expense of the Company and its Subsidiaries, prepare, or cause to be prepared, with respect to any investment, reports
and other information with respect to such investment as may be reasonably requested by the Company. 
 (k) The Manager shall
prepare, or cause to be prepared, at the sole cost and expense of the Company and its Subsidiaries, all reports, financial or otherwise, with respect to the Company and its Subsidiaries reasonably required by the Board of Directors in order for the
Company and its Subsidiaries to comply with its Governing Instruments or any other materials required to be filed with any governmental body or agency, and shall prepare, or cause to be prepared, all materials and data necessary to complete such
reports and other materials including, without limitation, an annual audit of the Company’s and its Subsidiaries’ books of account by a nationally recognized independent accounting firm. 
 (l) The Manager shall prepare regular reports for the Board of Directors to enable the Board of Directors to review the Company’s and
its Subsidiaries’ acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Guidelines and policies approved by the Board of Directors. 
 (m) Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of additional moneys is
proven by the Company to have been required as a direct result of the Manager’s acts or omissions which result in the right of the Company to terminate this Agreement pursuant to Section 15 of this Agreement (other than pursuant to
Section 15(a)(vi)), the Manager shall not be required to expend money (“Excess  

  

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Funds”) in connection with any expenses that are required to be paid for or reimbursed by the Company pursuant to Section 9 in excess of
that contained in any applicable Company Account (as herein defined) or otherwise made available by the Company to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a
contributing factor to the right of the Company under Section 13(a) of this Agreement to terminate this Agreement due to the Manager’s unsatisfactory performance. 
 (n) In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on qualified experts and
professionals (including, without limitation, accountants, legal counsel and other service providers) hired by the Manager at the Company’s and its Subsidiaries’ sole cost and expense. 
 (o) The Manager acknowledges receipt of the Company’s Code of Business Conduct and Ethics and Insider Trading Policy (collectively,
the “Conduct Policies”) and agrees to require its officers and employees who provide services to the Company to comply with such Conduct Policies in the performance of such services hereunder or such comparable policies as shall in
substance hold officers and employees of the Manager to at least the standards of conduct set forth in the Conduct Policies. 
 SECTION 3.
DEVOTION OF TIME; ADDITIONAL ACTIVITIES. 
 (a) The Manager will provide or cause to be provided the Company and its
Subsidiaries with a management team, including a Chief Executive Officer and President, a Chief Financial Officer, and other support personnel, to provide the management services to be provided by the Manager to the Company and its Subsidiaries
hereunder, the members of which team shall devote such of their time to the management of the Company and its Subsidiaries as the Board of Directors may reasonably determine to be commensurate with the level of activity of the Company and its
Subsidiaries from time to time. None of the officers or employees of the Manager will be dedicated exclusively to the Company and its Subsidiaries. 
 (b) (i) Except to the extent set forth in clause (a) above, nothing in this Agreement shall (A) prevent the Manager, BAM or any of their Affiliates, officers, directors, employees or personnel, from engaging
in other businesses or from rendering services of any kind to any other Person, including, without limitation, investing in, or rendering advisory services to others investing in, any type of business (including, without limitation, investments that
meet the principal investment objectives of the Company and its Subsidiaries), whether or not the investment objectives or policies of any such other Person or entity are similar to those of the Company and its Subsidiaries or (B) in any way
bind or restrict the Manager, BAM or any of their Affiliates, officers, directors, employees or personnel from buying, selling or trading any securities or investments for their own accounts or for the account of others for whom the Manager, BAM or
any of their Affiliates, officers, directors, employees or personnel may be acting, subject to the Company’s Insider Trading Policy. 
 (ii) The Manager serves as investment adviser to other funds and accounts, and its Affiliates manage their own accounts, and the Manager and its Affiliates may make investment decisions for their own accounts and for
the accounts of others, including other funds, that may be different from, or competing with, those that will be made by the Manager for 

  

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the Company. The Company is not required to participate in each suitable transaction identified by the Manager, but the Manager shall endeavor to allocate
investments over time so that, on an overall aggregate basis, the Company equitably participates with the Manager’s other clients and funds in all such opportunities in accordance with the Manager’s then-prevailing allocation policy.

 (iii) The Manager may at certain times be simultaneously seeking to purchase (or sell) investments from the Company and its
Subsidiaries and sell (or purchase) the same investment for a similar entity, including other funds, for which it serves as asset manager now or in the future, or for its clients or Affiliates. All such activities will be conducted in accordance
with the Manager’s then existing allocation policy (as such policy may be amended from time to time). In addition, the Manager and its Affiliates may buy securities from or sell securities to the Company and its Subsidiaries to the extent
permitted by applicable law. The Manager may (but is not obligated to) aggregate securities trades of the Company and its Subsidiaries with securities trades of other clients of the Manager, if in the reasonable and sole determination of the Manager
aggregating such trades will be of benefit to the Company and its Subsidiaries and the Manager’s other clients and if such aggregation will be consistent with the Manager’s duties of best execution. 
 (c) Managers, partners, officers, employees and agents of the Manager or Affiliates of the Manager may serve as directors, officers,
employees, agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by their Governing Instruments or by any resolutions duly adopted by the Board of Directors pursuant to the Company’s Governing Instruments.
When executing documents or otherwise acting in such capacities for the Company or the Subsidiary, such persons shall use their respective titles in the Company or the Subsidiary. 
 (d) Subject to Section 2(d), the Manager is authorized, for and on behalf of, and at the sole cost and expense of the Company and the
Subsidiaries, to employ securities dealers for the purchase and sale of investments in accordance with the Manager’s soft dollar policy, as amended from time to time. 
 (e) The Company agrees to take, or cause to be taken, all actions reasonably required to permit and enable the Manager to carry out its
duties and obligations under this Agreement, including, without limitation, all steps reasonably necessary to allow the Manager to file any registration statement on behalf of the Company in a timely manner or to deliver any financial statements or
other reports with respect to the Company or any Subsidiary. If the Manager is not able to provide a service, or in the reasonable judgment of the Manager it is not prudent to provide a service, without the approval of the Board of Directors or the
Independent Directors, as applicable, then the Manager shall use good faith reasonable efforts to promptly obtain such approval and shall be excused from providing such service (and shall not be in breach of this Agreement) until the applicable
approval has been obtained. 
 SECTION 4. AGENCY. The Manager shall act as agent of the Company and each Subsidiary in making,
acquiring, financing and disposing of Assets, disbursing and collecting the Company’s funds, paying the debts and fulfilling the obligations of the Company and each Subsidiary, supervising the performance of professionals engaged by or on
behalf of the 

  

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Company and the Subsidiaries, and handling, prosecuting and settling any claims of or against the Company or Subsidiary, the Board of Directors, and holders
of the Company’s and the Subsidiaries’ Assets. 
 SECTION 5. BANK ACCOUNTS. At the direction of the Board of Directors, the
Manager may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit funds into any such Company Account or Company Accounts,
and disburse funds from any such Company Account or Company Accounts, under such terms and conditions as the Board of Directors may approve; and the Manager shall from time to time render appropriate accountings of such collections and payments to
the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary. 
 SECTION 6. RECORDS; CONFIDENTIALITY.
The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by representatives of the Company or any Subsidiary at
any time during normal business hours. The Manager shall keep confidential any and all information obtained relating exclusively to the Company or any Subsidiary in connection with the services rendered under this Agreement and shall not disclose
any such information (or use the same except in furtherance of its duties under this Agreement) to non-Affiliated third parties except (i) with the prior written consent of the Board of Directors; (ii) to legal counsel, accountants and
other professional advisors; (iii) to appraisers, financing sources and others in the ordinary course of the Company’s and its Subsidiaries’ business; (iv) to governmental officials having jurisdiction over the Company or any
Subsidiary; (v) in connection with any governmental or regulatory filings of the Company or any Subsidiary or disclosure or presentations to Company or Subsidiary investors; or (vi) as required by law or legal process to which the Manager
or any Person to whom disclosure is permitted hereunder is a party. The foregoing shall not apply to information which has previously become publicly available through the actions of a Person other than the Manager not resulting from the
Manager’s violation of this Section 6. The provisions of this Section 6 shall survive the expiration or earlier termination of this Agreement for a period of one (1) year. 
 SECTION 7. OBLIGATIONS OF MANAGER; RESTRICTIONS. 
 (a) The Manager shall require each seller or transferor of investment assets to the Company and its Subsidiaries to make such representations and warranties regarding such assets as may, in the judgment of the
Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard to the protection of the Assets. 
 (b) The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the
Guidelines, (ii) would adversely affect the status of the Company as a REIT under the Code, (iii) would adversely affect the status of the Company or the Subsidiary under the Investment Company Act or the Company’s or any
Subsidiary’s reliance on any exemption from registration as an “investment company” under the Investment Company Act, or (iv) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over
the Company or any Subsidiary or that would otherwise 

  

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not be permitted by the Company’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall
promptly notify the Board of Directors of the Manager’s judgment that such action would adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the Manager, its
directors, officers, stockholders and employees shall not be liable to the Company or any Subsidiary, the Board of Directors, or the Company’s or any Subsidiary’s stockholders or partners, for any act or omission by the Manager, its
directors, officers, stockholders or employees except as provided in Section 11 of this Agreement. 
 (c) The Board of
Directors will periodically review the Guidelines and the Company’s portfolio of Assets but will not review each proposed investment, except as otherwise provided herein. If a majority of the Independent Directors determine in their periodic
review of the Guidelines and the Company’s portfolio of Assets that a particular transaction does not comply with the Guidelines, then a majority of the Independent Directors will consider what corrective action, if any, should be taken. The
Manager shall be permitted to rely upon the direction of the Secretary of the Company to evidence the approval of the Board of Directors or the Independent Directors with respect to a proposed investment. 
 (d) The Company shall not invest in any investment vehicle managed by the Manager or any Affiliate thereof, other than Bayview
Acquisitions, LLC, unless (i) the investment is made in accordance with the Guidelines and (ii) such investment is approved in advance by a majority of the Independent Directors. 
 (e) The Manager at its cost and expense shall at all times during the term of this Agreement maintain “errors and omissions”
insurance coverage and other insurance coverage which is customarily carried by property, asset and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the
Company and its Subsidiaries, in an amount which is comparable to that customarily maintained by other managers or servicers of similar assets. 
 SECTION 8. COMPENSATION. 
 (a) Base Management Fee. 
 (i) During the Initial Term and any Renewal Term (each as defined below), the Company shall pay the Manager the Base Management Fee
quarterly in cash in arrears commencing with the quarter in which this Agreement was executed (with such initial payment pro-rated based on the number of days during such quarter that this Agreement was in effect). 
 (ii) The Manager shall compute each installment of the Base Management Fee within thirty (30) days after the end of the fiscal
quarter with respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment shall thereafter, for informational purposes only and subject in any event to Section 13(a) of this
Agreement, promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Base Management Fee shown therein shall be due and payable no later than the date which is five (5) business days after the
date of delivery to the Board of Directors of such computations. 
  

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 (iii) The Base Management Fee is subject to adjustment pursuant to and in accordance with
the provisions of Section 13(a) of this Agreement. 
 (iv) The Manager agrees to reduce each installment of the Base
Management Fee (but not below zero) in respect of any equity investment made by the Company in any investment vehicle managed by BAM or any of its subsidiaries by the amount of the management and incentive fees paid during the period covered by such
installment to BAM or any of its subsidiaries under the investment vehicle with regard to the Company’s equity investment (the “Equity Investment Fees”). If the Equity Investment Fees exceed the Base Management Fee during the
period covered by such installment, such excess (the “Excess Equity Investment Fees”) shall reduce the Incentive Compensation for such period in accordance with Section 8(b)(v) below. The Manager’s Base Management Fee
shall not be reduced in respect of any equity investment made by the Company in any investment vehicle managed by an entity other than BAM or any of its subsidiaries. 
 (b) Incentive Compensation. 
 (i) During the Initial Term and any Renewal Term (each as defined below), the Company shall pay the Manager the Incentive Compensation quarterly in cash in arrears commencing with the quarter in which this Agreement
was executed (with such initial payment pro-rated based on the number of days during such quarter that this Agreement was in effect). 
 (ii) The Manager shall compute each installment of the Incentive Compensation within thirty (30) days after the end of the fiscal quarter with respect to which such installment is payable. A copy of the
computations made by the Manager to calculate such installment shall thereafter, for informational purposes only and subject in any event to Section 13(a) of this Agreement, promptly be delivered to the Board of Directors and, upon such
delivery, payment of such installment of the Incentive Compensation shown therein shall be due and payable no later than the date which is five (5) business days after the date of delivery to the Board of Directors of such computations.

 (iii) For the initial four quarters following the date of the Agreement, Core Earnings will be calculated on the basis of
each of the previously completed quarters on an annualized basis. Core Earnings for the initial quarter will be calculated from the settlement date of the Agreement through the end of the initial quarter on an annualized basis. 
 (iv) To the extent the Company has a net loss in Core Earnings from a period prior to the rolling four-quarter period that has not been
offset by Core Earnings in a subsequent period, such loss will continue to be included in the rolling four-quarter calculation of the Incentive Compensation until such loss has been fully offset. 
  

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 (v) The Manager agrees to reduce each installment of the Incentive
Compensation (but not below zero) in respect of any equity investment made by the Company in any investment vehicle managed by BAM or any of its subsidiaries by the amount of the related Excess Equity Investment Fees during the period covered by
such installment. The Manager’s Incentive Compensation shall not be reduced in respect of any equity investment the Company may decide to make in any investment vehicle managed by an entity other than BAM or any of its subsidiaries. Any Excess
Equity Investment Fees that have been incurred but have not been applied to reduce either the Base Management Fee as provided in Section 8(a)(iv) or the Incentive Compensation as provided in this Section 8(b)(v) for any installment, shall
be applied to reduce the immediately succeeding installment of the Base Management Fee and the Incentive Compensation in the same manner as provided in Section 8(a)(iv) and this Section 8(b)(v) until the Company has received full credit
for the Equity Investment Fees. 
 (c) Diligence Fees. The Company shall pay to the Manager a Diligence
Fee for every mortgage loan diligenced by the Manager in connection with a potential acquisition. This fee covers loan underwriting, appraisal review, title review, and transaction management activities. The Company will pay the Manager Diligence
Fees only with respect to mortgage loans that are acquired or that would have been allocated to the Company had they been acquired by the acquisition vehicle. 
 (d) Commissions. The Company shall reimburse the Manager for Commissions on acquisitions or sales relating to the
investments acquired for the Company. 
 (e) Closing Fees. The Company shall pay to the Manager a Closing
Fee for every mortgage loan acquired. The Closing Fee is in addition to the Diligence Fee and covers servicing setup, collateral review and closing transaction management. This Closing Fee applies only to mortgage loans acquired for the Company by
the Manager. 
 SECTION 9. EXPENSES OF THE COMPANY. The Company shall pay all of its expenses and shall reimburse the
Manager for documented expenses of the Manager incurred on its behalf (collectively, the “Expenses”) excepting those expenses that are specifically the responsibility of the Manager as set forth herein. Without limiting the
generality of the foregoing, expenses to be paid by the Company include, but are not limited to, the following: 
 (a) expenses in connection with the issuance and transaction costs incident to the acquisition, disposition and financing of Assets, other than those covered by the Diligence Fees; 
 (b) costs of legal, tax, accounting, consulting, auditing, administrative and other similar services rendered for the Company
and its Subsidiaries by providers retained by the Manager or, if provided by the Manager’s employees, in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services
pursuant to agreements negotiated on an arm’s-length basis; 
  

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 (c) the compensation of the Independent Directors and expenses of the Company’s
directors and the cost of liability insurance to indemnify the directors and officers of the Company and its Subsidiaries; 
 (d) costs associated with the establishment and maintenance of any credit facilities or other indebtedness of the Company and its Subsidiaries (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any
securities offerings of the Company and its Subsidiaries; 
 (e) expenses connected with communications to holders of
securities of the Company or its Subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or
agencies, including, without limitation, all costs of preparing and filing required reports with the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or
trading of the Company’s stock on any exchange or other market center, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to its
stockholders and proxy materials and of communicating with shareholders with respect to any meeting of the stockholders of the Company; 
 (f) costs associated with any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors that is used for the Company and its Subsidiaries; 
 (g) expenses incurred by managers, officers, employees and agents of the Manager for travel on behalf of the Company and its Subsidiaries
and other out-of-pocket expenses incurred by managers, officers, employees and agents of the Manager in connection with the purchase, financing, refinancing, sale or other disposition of Assets or establishment and maintenance of any credit
facilities and other indebtedness or any securities offerings of the Company and its Subsidiaries or in connection with fulfilling its other obligations under this Agreement; 
 (h) costs and expenses incurred with respect to market information systems and publications, research publications and materials, and
settlement, clearing and custodial fees and expenses; 
 (i) compensation and expenses of the custodian and transfer agent of
the Company and its Subsidiaries, if any; 
 (j) the costs of maintaining compliance with all federal, state and local rules
and regulations or any other regulatory agency; 
 (k) all taxes and license fees; 
 (l) all insurance costs incurred in connection with the operation of the business of the Company and its Subsidiaries except for the costs
attributable to the insurance that the Manager elects or is required by Section 7(e) to carry for itself and its employees; 
 (m) costs and expenses incurred in contracting with third parties, including Affiliates of the Manager, for the servicing and special servicing of the Assets; 
 (n) all other costs and expenses relating to the business and investment operations of the Company and its Subsidiaries, including,
without limitation, the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Assets, including appraisal, reporting, audit and legal fees; 
  

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 (o) expenses relating to any office(s) or office facilities, including but not limited to
disaster backup recovery sites and facilities, maintained for the Company and its Subsidiaries or Assets separate from the office or offices of the Manager; 
 (p) expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made
by the Board of Directors to or on account of the holders of securities of the Company or its Subsidiaries, including, without limitation, in connection with any dividend reinvestment plan; 
 (q) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company or any
Subsidiary, or against any trustee, director or officer of the Company or of any Subsidiary in his capacity as such for which the Company or any Subsidiary is required to indemnify such trustee, director or officer by any court or governmental
agency; and 
 (r) all other expenses actually incurred by the Manager which are reasonably necessary for the performance by
the Manager of its duties and functions under this Agreement. 
 In addition, the Company will be required to reimburse the Manager upon
request for the pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates required or advisable for the operations of the Company and its
Subsidiaries. These expenses will be allocated between the Manager and the Company based on the ratio of the proportion of gross assets of the Company and its Subsidiaries compared to all remaining gross assets managed by the Manager as calculated
at each quarter end. The Manager and the Company will modify this allocation methodology, subject to the Board of Directors’ approval, if the allocation becomes inequitable (i.e., if the Company becomes highly leveraged compared to the
Manager’s other funds and accounts). The Manager hereby waives its right to request reimbursement from the Company of these expenses until such time as it determines to rescind that waiver. The Manager may, at its option, elect not to seek
reimbursement for certain expenses during a given quarterly period, which determination shall not be deemed to be or construed as a waiver of reimbursement for similar expenses in future periods. 
 Except as noted herein, the Manager is responsible for all costs and expenses incident to the performance of its duties under this Agreement, including
compensation of the Manager’s executives and employees and other related expenses and overhead. 
 In the event that the Company’s
initial public offering is consummated, the Company will reimburse the Manager for all organizational, formation and offering costs and expenses it has incurred on behalf of the Company. 
 The provisions of this Section 9 shall survive the expiration or earlier termination of this Agreement to the extent such expenses have previously
been incurred and have not yet been paid or are incurred in connection with such expiration or termination. 
  

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 SECTION 10. CALCULATIONS OF EXPENSES. 
 The Manager shall prepare a statement documenting the Expenses of the Company and its Subsidiaries and the Expenses incurred by the
Manager on behalf of the Company during each fiscal quarter, and shall deliver such statement to the Company within 30 days after the end of each fiscal quarter. Expenses incurred by the Manager on behalf of the Company shall be reimbursed by the
Company to the Manager on or before the fifth (5th) business day immediately
following the date of delivery of such statement; provided, however, that such reimbursements may be offset by the Manager against amounts due to the Company. The provisions of this Section 10 shall survive the expiration or earlier
termination of this Agreement. 
 SECTION 11. LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION. 
 (a) The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement in good
faith and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b) of this Agreement. The Manager, its officers,
directors, members, managers, employees, any Person controlling or controlled by the Manager and any Person providing sub-advisory services to the Manager and the officers, directors and employees of the Manager, its officers, directors and
employees, will not be liable to the Company or any Subsidiary, to the Board of Directors, or the Company’s or any Subsidiary’s stockholders or partners for any acts or omissions by any such Person, performed pursuant to or in accordance
with this Agreement, except by reason of acts determined by a final non-appealable order of a court of competent jurisdiction to constitute bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this
Agreement. The Company and each Subsidiary shall, to the full extent lawful, reimburse, indemnify and hold harmless the Manager, its officers, stockholders, directors, employees, any Person controlling or controlled by the Manager and any Person
providing sub-advisory services to the Manager, together with the managers, officers, directors and employees of the Manager, its officers, members, directors and employees (each a “Manager Indemnified Party”), of and from any and
all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) (“Losses”) in respect of or arising from any acts or omissions of such Manager Indemnified Party made
in good faith in the performance of the Manager’s duties under this Agreement and not constituting such Manager Indemnified Party’s bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under
this Agreement. 
 (b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company (or any
Subsidiary), its directors, officers and employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party” and together with a Manager Indemnified Party, the “Indemnitee”),
harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from (i) the Manager’s bad faith, willful misconduct,
gross negligence or reckless disregard of its duties under this Agreement, or (ii) any claims by the employees of BAM relating to the terms and conditions of their employment by BAM. 
  

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 (c) The Indemnitee will promptly notify the party against whom indemnity is claimed (the
“Indemnitor”) of any claim for which it seeks indemnification; provided, however, that the failure to so notify the Indemnitor will not relieve the Indemnitor from any liability which it may have hereunder, except to the extent such
failure actually prejudices the Indemnitor. The Indemnitor shall have the right to assume the defense and settlement of such claim; provided, that the Indemnitor notifies the Indemnitee in writing of its election to assume such defense and
settlement within thirty (30) days after the Indemnitee gives the Indemnitor notice of the claim. In such case, the Indemnitee will not settle or compromise such claim, and the Indemnitor will not be liable for any such settlement made without
its prior written consent. If the Indemnitor is entitled to, and does, assume such defense by delivering the aforementioned notice to the Indemnitee, the Indemnitee will (i) have the right to approve the Indemnitor’s counsel (which
approval will not be unreasonably withheld, delayed or conditioned), (ii) be obligated to cooperate in furnishing evidence and testimony and in any other manner in which the Indemnitor may reasonably request and (iii) be entitled to
participate in (but not control) the defense of any such action, with its own counsel and at its own expense. The Indemnitor may settle any claim against an Indemnitee without such Indemnitee’s consent, provided that (i) such settlement is
without any Losses whatsoever to such Indemnitee, (ii) the settlement does not include or require any admission of liability or culpability by such Indemnitee, and (iii) the Indemnitor obtains an effective written release of liability for
such Indemnitee from the party to the claim with whom such settlement is being made, which release must be reasonably acceptable to such Indemnitee, and a dismissal with prejudice with respect to all claims made by the party against such Indemnitee
in connection with such claim. 
 (d) The Indemnitee may defend the claim, or assume such claim from the Indemnitor, as the
case may be, and engage counsel of its own choosing in order to do so, if (i) the Indemnitee reasonably determines that the conduct of its defense assumed by the Indemnitor pursuant to Section 11(c) could be materially prejudicial to the
Indemnitee’s interests, (ii) the Indeminitor does not assume defense of such claim in writing pursuant to Section 11(c) within thirty (30) days of receipt of a notice of claim, or (iii) the Indemnitor shall have failed, in
such Indemnitee’s reasonable judgment, to defend the claim in good faith. If the Indemnitee is entitled to defend such claim by engaging counsel of its own choosing pursuant to this Section 11(d) and it elects to do so, then the Indemnitor
shall be responsible for legal fees of such counsel and any good faith settlement of such claim entered into by such Indemnitee. Except as provided in the immediately preceding sentence, no Indemnitee may pay or settle any claim and seek
reimbursement therefor. 
 SECTION 12. NO JOINT VENTURE. Nothing in this Agreement shall be construed to make the Company and each
Subsidiary and the Manager partners or joint venturers or impose any liability as such on either of them. 
 SECTION 13. TERM;
TERMINATION. 
 (a) Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect
through December 31, 2012 (the “Initial Term”) and shall be automatically renewed for a one-year term each anniversary date thereafter (a “Renewal Term”). With respect to the end of the Initial Term or any
Renewal Term, this Agreement may be terminated by the Company annually upon the affirmative vote of at least two-thirds of the 

  

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Independent Directors or the holders of a majority of the outstanding shares of common stock (other than those shares held by BAM or its Affiliates) based
upon (i) unsatisfactory performance by the Manager that is materially detrimental to the Company or its Subsidiaries or (ii) the Company’s determination that the compensation payable to the Manager hereunder is unfair; provided
that the Company shall not have the right to terminate this Agreement under clause (ii) above if the Manager agrees to continue to provide the services under this Agreement at a reduced fee that at least two-thirds of the Independent Directors
determines to be fair pursuant to the procedure set forth below. The Company may not terminate this Agreement without cause prior to the end of the Initial Term. If the Company elects not to renew this Agreement at the expiration of the Initial Term
or any Renewal Term as set forth above, the Company shall deliver to the Manager prior written notice (the “Termination Notice”) of the Company’s intention not to renew this Agreement based upon the terms set forth in this
Section 13(a) not less than one hundred eighty (180) days prior to the expiration of the then existing term. If the Company so elects not to renew this Agreement, the Company shall designate the date (the “Effective Termination
Date”), not less than one hundred eighty (180) days from the date of the notice, on which the Manager shall cease to provide services under this Agreement and this Agreement shall terminate on such date; provided, however, that
in the event that such Termination Notice is given in connection with a determination that the compensation payable to the Manager is unfair, the Manager shall have the right to renegotiate such compensation by delivering to the Company, no fewer
than forty-five (45) days prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to Negotiate”) of its intention to renegotiate its compensation under this Agreement.
Thereupon, the Company (represented by the Independent Directors) and the Manager shall endeavor to negotiate in good faith the revised compensation payable to the Manager under this Agreement. Provided that the Manager and at least two-thirds of
the Independent Directors agree to the terms of the revised compensation to be payable to the Manager within forty-five (45) days following the receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed of no force
and effect and this Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the compensation payable to the Manager hereunder shall be the revised compensation then agreed upon by the parties to this
Agreement. The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised compensation promptly upon reaching an agreement regarding same. In the event that the Company and the Manager are unable
to agree to the terms of the revised compensation to be payable to the Manager during such 45-day period, this Agreement shall terminate, such termination to be effective on the date which is the later of (A) ten (10) days following the
end of such 45-day period and (B) the Effective Termination Date originally set forth in the Termination Notice. 
 (b)
Subject to subsection (c) below and Section 15 of this Agreement, and in recognition of the level of the upfront effort required by the Manager to structure and acquire the assets of the Company and the Subsidiaries and the commitment of
resources by the Manager, in the event that this Agreement is terminated in accordance with the provisions of Section 13(a) of this Agreement, the Company shall pay to the Manager, on the date on which such termination is effective, a
termination fee (the “Termination Fee”) equal to three (3) times the sum of (a) the average annual Base Management Fee and (b) the average annual (or if the period is less than 24 months, annualized) Incentive
Compensation earned by the Manager during the 24-month period immediately preceding the date of such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. The obligation of the Company
to pay the Termination Fee shall survive the termination of this Agreement. 
  

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 (c) Following the Initial Term, the Manager may decline to renew this Agreement by
delivering written notice to the Company informing it of the Manager’s intention no later than one hundred eighty (180) days prior to the end of the Initial Term or the anniversary date of this Agreement during any Renewal Term, as the
case may be, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the final date of the Initial Term or on the anniversary date of this Agreement next following the delivery of such notice,
respectively. The Company is not required to pay to the Manager the Termination Fee if the Manager terminates this Agreement pursuant to this Section 13(c). 
 (d) If this Agreement is terminated pursuant to Section 13, such termination shall be without any further liability or obligation of
either party to the other, except as provided in Sections 6, 9, 10, 13(b), 15(b), and 16 of this Agreement. In addition, Sections 11 and 18 of this Agreement shall survive termination of this Agreement. 
 SECTION 14. ASSIGNMENT. 
 (a) Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the
Company with the consent of a majority of the Independent Directors; provided, however, that no such consent shall be required in the case of an assignment by the Manager to an Affiliate of BAM. Any such permitted assignment shall bind the
assignee under this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to
the Company a counterpart of this Agreement naming such assignee as Manager. This Agreement shall not be assigned by the Company without the prior written consent of the Manager, except in the case of assignment by the Company to another REIT or
other organization which is a successor (by merger, consolidation, purchase of assets, or similar transaction) to the Company, in which case such successor organization shall be bound under this Agreement and by the terms of such assignment in the
same manner as the Company is bound under this Agreement. 
 (b) Notwithstanding any provision of this Agreement, the Manager
may subcontract and assign any or all of its responsibilities under Sections 2(b), 2(c) and 2(d) of this Agreement to any of its Affiliates in accordance with the terms of this Agreement applicable to any such subcontract or assignment, and the
Company hereby consents to any such assignment and subcontracting. In addition, provided that the Manager provides prior written notice to the Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge,
hypothecation or other transfer of any amounts payable to the Manager under this Agreement. In addition, the Manager may assign this Agreement to any of its Affiliates without the Company’s approval if such assignment does not require the
Company’s approval under the Investment Advisers Act of 1940, as amended. 
  

 24 

 SECTION 15. TERMINATION FOR CAUSE. 
 (a) The Company may terminate this Agreement at any time (including during the Initial Term) effective upon thirty (30) days’
prior written notice of termination from the Company to the Manager, without payment by the Company of any Termination Fee, if (i) the Manager, its agents or its assignees materially breaches any provision of this Agreement and such breach
shall continue for a period of thirty (30) days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period (or forty-five (45) days after written notice of such breach if the Manager
takes steps to cure such breach within thirty (30) days of the written notice), (ii) the Manager engages in any act of fraud, misappropriation of funds, or embezzlement against the Company or any Subsidiary, (iii) there is an event of
any gross negligence on the part of the Manager in the performance of its duties under this Agreement, (iv) there is a commencement of any proceeding relating to the Manager’s Bankruptcy or insolvency, (v) there is a dissolution of
the Manager or (vi) there is a Change of Control which a majority of the Independent Directors determines is materially detrimental to the Company and its Subsidiaries taken as a whole. 
 (b) The Manager may terminate this Agreement at any time (including during the Initial Term) effective upon sixty (60) days’
prior written notice of termination to the Company in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of
thirty (30) days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period. The Company is required to pay to the Manager the Termination Fee if the termination of this Agreement is made
pursuant to this Section 15(b). 
 (c) The Manager may terminate this Agreement at any time, without payment by the
Company of any Termination Fee, in the event the Company becomes regulated as an “investment company” under the Investment Company Act, with such termination deemed to have occurred immediately prior to such event. 
 SECTION 16. ACTION UPON TERMINATION. From and after the effective date of termination of this Agreement, pursuant to Sections 13 or 15 of this
Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13(a) or Section 15(b),
the applicable Termination Fee. Upon such termination, the Manager shall forthwith: 
 (i) after deducting any accrued
compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; 
 (ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of
all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and 
  

 25 

 (iii) deliver to the Board of Directors all property and documents of the Company or any
Subsidiary then in the custody of the Manager. 
 SECTION 17. RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST. The Manager
agrees that any money or other property of the Company or Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or Subsidiary, and the Manager’s records shall be appropriately marked
clearly to reflect the ownership of such money or other property by the Company or such Subsidiary. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the
Company or any Subsidiary any money or other property then held by the Manager for the account of the Company or any Subsidiary under this Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a
reasonable period of time, but in no event later than thirty (30) days following such request. The Manager shall not be liable to the Company, any Subsidiary, the Independent Directors, or the Company’s or a Subsidiary’s stockholders
or partners for any acts performed or omissions to act by the Company or any Subsidiary in connection with the money or other property released to the Company or any Subsidiary in accordance with the second sentence of this Section 17. The
Company and any Subsidiary shall indemnify the Manager and its officers, directors, employees, managers, officers and employees against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which
arise in connection with the Manager’s release of such money or other property to the Company or any Subsidiary in accordance with the terms of this Section 17. Indemnification pursuant to this provision shall be in addition to any right
of the Manager to indemnification under Section 11 of this Agreement. 
 SECTION 18. REPRESENTATIONS AND WARRANTIES. 

(a) The Company hereby represents and warrants to the Manager as follows: 
 (i) The Company is duly organized, validly existing and in good standing under the laws of the State of Maryland, has the corporate power
and authority and the legal right to own and operate its assets, to lease any property it may operate as lessee and to conduct the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the laws
of each jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect
on the business operations, assets or financial condition of the Company. 
 (ii) The Company has the corporate power and
authority and the legal right to make, deliver and perform this Agreement and all obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions hereof and the execution, delivery
and performance of this Agreement and all obligations required hereunder. No consent of any other Person, including stockholders and creditors of the Company, and no license, permit, approval or authorization of, exemption by, notice or report to,
or registration, filing or declaration with, any governmental authority is required by the Company in connection with this Agreement or 

  

 26 

 
the execution, delivery, performance, validity or enforceability of this Agreement and all obligations required hereunder. This Agreement has been, and each
instrument or document required hereunder will be, executed and delivered by a duly authorized officer of the Company, and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered hereunder will
constitute, the legally valid and binding obligation of the Company enforceable against the Company in accordance with its terms. 
 (iii) The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate any provision of any existing law or regulation binding on the Company, or any order, judgment, award or
decree of any court, arbitrator or governmental authority binding on the Company, or the Governing Instruments of, or any securities issued by the Company or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking
to which the Company is a party or by which the Company or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations, assets or financial condition of the Company and its Subsidiaries, if
any, taken as a whole, and will not result in, or require, the creation or imposition of any lien or any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument
or undertaking. 
 (b) The Manager hereby represents and warrants to the Company as follows: 
 (i) The Manager is duly organized, validly existing and in good standing under the laws of the State of Delaware, has the limited
liability company power and authority and the legal right to own and operate its assets, to lease the property it operates as lessee and to conduct the business in which it is now engaged and is duly qualified as a foreign limited liability company
and in good standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the
aggregate have a material adverse effect on the business operations, assets or financial condition of the Manager. 
 (ii) The
Manager has the limited liability company power and authority and the legal right to make, deliver and perform this Agreement and all obligations required hereunder and has taken all necessary limited liability company action to authorize this
Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder. No consent of any other Person, including members and creditors of the Manager, and no license,
permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required by the Manager in connection with this Agreement or the execution, delivery, performance,
validity or enforceability of this Agreement and all obligations required hereunder. This Agreement has been, and each instrument or document required hereunder will be, executed and delivered by a duly authorized officer of the Manager, and this
Agreement constitutes, and each instrument or document required hereunder when executed and delivered hereunder will constitute, the legally valid and binding obligation of the Manager enforceable against the Manager in accordance with its terms.

  

 27 

 (iii) The execution, delivery and performance of this Agreement and the documents or
instruments required hereunder will not violate any provision of any existing law or regulation binding on the Manager, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Manager, or the
Governing Instruments of, or any securities issued by the Manager or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Manager is a party or by which the Manager or any of its assets may be bound,
the violation of which would have a material adverse effect on the business operations, assets or financial condition of the Manager, and will not result in, or require, the creation or imposition of any lien or any of its property, assets or
revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. 
 SECTION 19. NOTICES. Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly
given, made and received when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile transmission with telephonic confirmation or
(iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below: 
  

	 	(a)	If to the Company: 

  

	 	 	Bayview Mortgage Capital, Inc. 

	 	 	4425 Ponce de Leon Blvd., 4th Floor 

  

	 	 	Coral Gables, FL 33146 

	 	 	Attention: Brian E. Bomstein, Esq. 

  

	 	(b)	If to the Manager: 

  

	 	 	Bayview Fund Management, LLC 

	 	 	4425 Ponce de Leon Blvd., 4th Floor 

	 	 	Coral Gables, FL 33146 

	 	 	Attention: Brian E. Bomstein, Esq. 

 Either party may alter the address to
which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section 19 for the giving of notice. 
 SECTION 20. BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 
  

 28 

 SECTION 21. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among
the parties hereto with respect to the subject matter of this Agreement, 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 of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. 
 SECTION 22. AMENDMENTS. This Agreement may not be modified or amended other than by an agreement in writing signed by the parties hereto.

 SECTION 23. GOVERNING LAW; WAIVER OF JURY TRIAL; ATTORNEYS’ FEES. 
 (a) This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of Florida. 
 (b) EACH PARTY HEREBY KNOWINGLY, VOLUNTARY AND INTENTIONALLY, WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 
 (c) In the event of a dispute with reference to this Agreement, the prevailing party shall be entitled to attorneys’ fees and costs incurred in resolving such dispute at all levels, including appeals. 
 SECTION 24. NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise and no delay in exercising, on the part of any party hereto, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No waiver of any provision hereto shall be effective unless it is in
writing and is signed by the party asserted to have granted such waiver. 
 SECTION 25. HEADINGS. The headings of the sections of this
Agreement have been inserted for convenience of reference only and shall not be deemed part of this Agreement. 
 SECTION 26.
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 of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 SECTION 27. SEVERABILITY. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. 
  

 29 

 SECTION 28. 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. 
 SECTION 29. JOINDER. Each Subsidiary of the Company will become a party to this Agreement by executing a Joinder Agreement substantially in the form attached hereto as Exhibit B. 
 [SIGNATURE PAGE FOLLOWS] 
  

 30 

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

  

			
	BAYVIEW MORTGAGE CAPITAL, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	BAYVIEW FUND MANAGEMENT, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 31 

 EXHIBIT A 
 GUIDELINES 
  

	•	 	 No investment shall be made that would cause the Company to fail to qualify as a REIT for U.S. federal income tax purposes; 

  

	•	 	 No investment shall be made that would cause the Company to be regulated as an investment company under the Investment Company Act; 

  

	•	 	 Any assets the Company purchases will be in the targeted assets of the Company (as determined from time to time by the Board of Directors); and

  

	•	 	 Until appropriate assets can be identified, the Manager may deploy the proceeds of any offerings of capital stock of the Company or other cash of the Company in
interest-bearing, short-term investments, including money market accounts and/or funds, that are consistent with the Company’s intention to qualify as a REIT. 

  

 32 

 EXHIBIT B 
 FORM OF JOINDER AGREEMENT 
 THIS
JOINDER (the “Joinder”) to the Management Agreement, (as amended, supplemented or otherwise modified from time to time, the “Agreement”), among Bayview Fund Management, LLC (the “Manager”) and Bayview
Mortgage Capital, Inc. (the “Company”), dated as of [            ], 2009, is made and entered into as of
[            ], by [            ] (the “Undersigned”). Capitalized terms used herein but not
otherwise defined shall have the meanings set forth in the Agreement. 
 WHEREAS, as of the date hereof, the Undersigned is a Subsidiary of
the Company; and 
 WHEREAS, the Agreement provides that prior to becoming a party to the Agreement, the Undersigned shall have executed and
delivered to the Company a written undertaking to be bound by the terms and conditions of the Agreement in the form of this Joinder, and the Undersigned agrees to do so in accordance with the terms hereof. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Joinder hereby agree as follows: 
 1. Agreement to be Bound. The Undersigned hereby
(i) acknowledges that it has received and reviewed a complete copy of the Agreement and (ii) agrees that upon execution of this Joinder, the Undersigned shall become a party to the Agreement and shall be fully bound by, and subject to, all
of the covenants, terms and conditions of the Agreement as though an original party thereto and shall be deemed, and is hereby deemed as, a Subsidiary for all purposes thereof and entitled to all the rights incidental thereto, and shall hold the
status of a Subsidiary. 
 2. Notice Information; Capital Accounts; Authorized Representatives. The address and authorized
representatives of the Undersigned are as follows: 
  

	
	Name and Address
	
	[                    ]
	
	Attention: [                    ]
	
	Telephone: [                    ]
	
	Facsimile: [                    ]

  

 33 

 Authorized Representatives 
  

					
	Name	 		 	Signature
			
	[                                ]	 		 	
			
	  	 		 	  

 3. Representations and Warranties. The Undersigned hereby makes to the Company, jointly and
not severally, all of the representations and warranties set forth in Section 18 of the Agreement 
 4. Governing Law; Waiver of Jury
Trial; Attorney’s Fees. 
 (a) This Joinder shall be governed by and construed and interpreted in accordance with the laws of the
State of Florida. 
 (b) EACH PARTY HEREBY KNOWINGLY, VOLUNTARY AND INTENTIONALLY, WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS JOINDER AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 
 (c) In the event of a dispute with reference to this Joinder, the prevailing party shall be entitled to attorneys’ fees and costs incurred in
resolving such dispute at all levels, including appeals. 
 5. Descriptive Headings. The descriptive headings of this Joinder are
inserted for convenience only and do not constitute a part of this Joinder. 
 6. Counterparts. This Joinder may be executed in
counterparts each of which, taken together, shall constitute one and the same original. 
 [Signature Page follows] 
  

 34 

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

  

					
	[                ]	 	
			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
  

			
	 ACCEPTED AND AGREED:
  
 BAYVIEW FUND MANAGEMENT, LLC

		
	By:	 	 
	Name:	 	
	Title:	 	

  

 35Form of 2009 Non-Executive Director and Officer Incentive Plan

 Exhibit 10.2 
 BAYVIEW MORTGAGE CAPITAL, INC. 
 FORM OF 2009 NON-EXECUTIVE DIRECTOR AND OFFICER INCENTIVE PLAN

 Section 1. Purpose of the Plan 
 The purpose of the Plan is to aid the Company in attracting, rewarding, and retaining non-executive directors and officers and to motivate such non-executive directors and officers to stimulate their efforts toward
the Company’s continued success, long-term growth and profitability by providing incentives through the granting of Awards. The Company expects that it will benefit from the added interest which such non-executive directors and officers will
have in the welfare of the Company as a result of their proprietary interest in the Company’s success. 
 Section 2. Definitions

 The following capitalized terms used in the Plan have the respective meanings set forth in this Section: 
 (a) Act: The Securities Exchange Act of 1934, as amended, or any successor thereto. 
 (b) Affiliate: Any entity directly or indirectly controlling, controlled by, or under common control with, the Company or any other
entity designated by the Board in which the Company or stockholder of the Company has an interest. 
 (c) Award: An
Option, Stock Appreciation Right or Other Share-Based Award granted pursuant to the Plan. 
 (d) Beneficial Owner: A
“beneficial owner,” as such term is defined in Rule 13d-3 and 13d-5 under the Act (or any successor rule thereto). 
 (e) Board: The Board of Directors of the Company. 
 (f) Change in Control: The occurrence of any of
the following events: 
  

	 	i.	any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding the Company, the Manager, any entity
controlling, controlled by or under common control with the Company or the Manager, any director, fiduciary or other person or entity holding securities under any employee benefit plan of the Company or any such entity, and with respect to any
particular Participant, such Participant and any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which such Participant is a member), is or becomes the “beneficial owner” (as defined in Rule
13(d)(3) under the Exchange Act), directly or indirectly, of shares of the Company representing 50% or more of either (A) the combined voting power of the Company’s then outstanding securities or (B) the then outstanding Shares (other
than as a result of an acquisition of securities directly from the Company); or 

	 	ii.	any consolidation or merger of the Company where the shareholders of the Company immediately prior to the consolidation or merger, would not, immediately after the consolidation or
merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the surviving or resulting entity in
the consolidation or merger (or of its ultimate parent entity, if any); or 

  

	 	iii.	there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all
or substantially all of the assets of the Company, other than a sale or transfer by the Company of all or substantially all of the Company’s assets to an entity at least 50% of the combined voting power of the securities of which are owned by
“persons” (as defined above) who were shareholders of the Company immediately prior to such sale or transfer or (B) the approval by shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company;
or 

  

	 	iv.	the termination of the Management Agreement; or 

  

	 	v.	the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to
constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election by the Company’s shareholders, was approved or ratified by a vote of a majority of the members of the Board then
still in office who were Incumbent Directors at the beginning of such 24-calendar-month period shall be deemed to be an Incumbent Director for purposes of the foregoing. 

 Notwithstanding the foregoing, for any Awards that constitute a nonqualified deferred compensation plan within the meaning of
Section 409A(d) of the Code and provide for an accelerated payment in connection with a Change in Control, Change in Control shall have the same meaning as set forth in any regulations, revenue procedure, revenue rulings or other pronouncements
issued by the Secretary of the United States Treasury pursuant to Section 409A of the Code, applicable to such plans. 
 (g) Code: The Internal Revenue Code of 1986, as amended, or any successor thereto. 
  

 - 2 - 

 (h) Committee: The Compensation Committee of the Board or such other committee as
may be appointed by the Board in accordance with Section 4 of the Plan. The Board may exercise any power or right of the Committee; provided, that, the Board may not grant any Award that is intended to be performance-based compensation under
Section 162(m) of the Code. 
 (i) Company: Bayview Mortgage Capital, Inc., a Maryland corporation. 
 (j) Effective Date: The date the initial public offering of shares of the Company’s common stock is completed. 
 (k) Fair Market Value: On a given date, (i) if there should be a public market for the Shares on such date, the closing price
of the Shares as reported on such date on the Composite Tape of the principal national securities exchange on which such Shares are listed or admitted to trading, or, if the Shares are not listed or admitted on any national securities exchange, the
closing price on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such market in which such prices are regularly quoted) (the “NASDAQ”), or, if no sale of Shares shall have been reported
on the Composite Tape of any national securities exchange or quoted on the NASDAQ on such date, then the immediately preceding date on which sales of the Shares have been so reported or quoted shall be used; provided that, in the event of an initial
public offering of the Shares of the Company, the Fair Market Value on the date of such initial public offering shall be the price at which the initial public offering was made, and (ii) if there should not be a public market for the Shares on
such date, the Fair Market Value shall be the value established by the Committee in its sole discretion in accordance with any applicable requirements of Section 409A of the Code. 
 (l) Group: A “group” as such term is used in Sections 13(d) and 14(d) of the Act, acting in concert. 
 (m) ISO: An Option that is also an incentive stock option, as described in Section 422 of the Code, granted pursuant to
Section 6(d) of the Plan. 
 (n) Management Agreement: The Management Agreement between the Company and the
Manager, dated as of [                    ], 2009, as the same may be amended from time to time. 
 (o) Manager: Bayview Fund Management, LLC, a Delaware limited liability company, or any successor or assign. 
 (p) Option: An option to purchase Shares granted pursuant to Section 6 of the Plan. 
 (q) Option Price: The purchase price per Share under the terms of an Option, as determined pursuant to Section 6(b) of the
Plan. 
 (r) Other Share-Based Awards: Awards granted pursuant to Section 8 of the Plan. 
  

 - 3 - 

 (s) Participant: Members of the Board who are not officers of the Company or
Bayview Asset Management, LLC or its subsidiaries and [            ], the Company’s [            ] and
[            ], the Company’s [            ]. 
 (t) Person: A “person,” as such term is used for purposes of Section 13(d) or 14(d) of the Act (or any successor
section thereto). 
 (u) Plan: The 2009 Non-Executive Director and Officer Incentive Plan. 
 (v) RSU: A restricted stock unit, granted pursuant to Section 8 of the Plan, which represents the right to receive a Share.

 (w) Shares: Shares of common stock of the Company, subject to adjustment pursuant to Section 9 of the Plan.

 (x) Stock Appreciation Right: A stock appreciation right granted in connection with or independent of the grant of
an Option, pursuant to Section 7 of the Plan. 
 Section 3. Shares Subject to the Plan 
 Subject to adjustments as provided in Section 9, the maximum number of Shares that may be issued with respect to Awards granted under the Plan, in
the aggregate, shall be [                    ] Shares; provided, however, that no Award may cause the total number of Shares subject to all
outstanding Awards to officers of the Company exceed [__] Shares at the time of the Award. The Shares that may be used hereunder may consist, in whole or in part, of unissued Shares or previously issued Shares that have been reacquired by the
Company, as determined by the Chief Financial Officer of the Company (or the Chief Financial Officer’s designee) from time to time, unless otherwise determined by the Committee. The issuance of Shares upon the exercise or payment of an Award
shall reduce the total number of Shares available under the Plan, as applicable. Shares which are subject to Awards that terminate, lapse or are cancelled may again be used to satisfy Awards under the Plan. If the Option Price of any Option granted
under the Plan is satisfied by delivering Shares to the Company in accordance with the terms of Section 6(c) of the Plan (including through a net settlement), only the number of Shares issued net of the Shares delivered shall be deemed
delivered for purposes of determining the maximum number of Shares available under the Plan. If, in accordance with the terms of the Plan, a Participant pays the Option Price for an Option or satisfies any tax withholding requirement with respect to
any taxable event arising as a result of this Plan by either tendering previously-owned Shares or having the Company withhold Shares, then such Shares shall not be deemed to have been delivered for purposes of determining the maximum number of
Shares available under the Plan. If any Other Share-Based Awards under Section 8 are paid out in cash, then the underlying Shares may again be made the subject of Awards under the Plan. [For purposes of Section 422(b)(1) of the Code, the
maximum number of Shares which may be issued under the Plan pursuant to ISOs is as set forth in the first sentence of this Section 3 above, without regard to the adjustments above resulting from Awards that terminate, lapse or are cancelled,
from Shares used to satisfy the Option Price of any Option, from Shares used to satisfy any tax withholding obligation or from Awards settled in cash. In addition, in no event shall a Participant receive an Award or Awards during any one
(1) calendar year covering in the aggregate more than [            ] (            ) Shares (whether such Award
or Awards may be settled in Shares, cash or any combination of Shares and cash.] 
  

 - 4 - 

 Section 4. Administration 
 The Plan shall be administered by the Committee, which may delegate its duties and powers in whole or in part as it determines, including to a
subcommittee consisting of at least two individuals who are intended to qualify as “non-employee directors” within the meaning of Rule 16b-3 under the Act (or any successor rule thereto) and “outside directors” within the meaning
of Section 162(m) of the Code. The following items shall not count against the aggregate number of Shares available for grants under the Plan set forth in Section 3 above: (i) the payment in cash of dividends or dividend equivalents
under any outstanding Award; (ii) any Award that is settled in cash rather than by issuance of Shares; or (iii) Awards granted through the assumption of, or in substitution for, outstanding awards previously granted to individuals who
become senior managers as a result of a merger, consolidation, acquisition or other corporate transaction involving the Company or any Subsidiary. The Committee is authorized to interpret the Plan, to establish, amend and rescind any rules and
regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in
the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final,
conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Committee shall have the full power and authority to establish the terms and conditions of any Award consistent
with the provisions of the Plan and to waive any such terms and conditions at any time, in its sole discretion (including, without limitation, accelerating or waiving any vesting conditions and/or accelerating any payment). No member of the
Committee shall be personally liable for any action, determination or interpretations taken or made in good faith with respect to this Plan or Awards made hereunder, and all members of the Committee shall be fully indemnified and protected by the
Company in respect of any such action, determination or interpretation. 
 Section 5. Limitations 
 No Award may be granted under the Plan after the tenth anniversary of the earlier of (i) the date that the stockholders adopt the Plan or
(ii) the date the Board adopts the Plan, but Awards theretofore granted may extend beyond that date and will continue to be governed by the terms of the Plan. 
 Section 6. Terms and Conditions of Options 
 Options granted under the Plan shall be, as determined
by the Committee, non-qualified stock options or ISOs for United States federal income tax purposes (or other types of Options in jurisdictions outside the United States), as evidenced by the related Award, and shall be subject to the foregoing, the
following terms and conditions, and to such other terms and conditions, not inconsistent therewith, as the Committee shall determine: 
 (a) Grants upon Election. Any independent director elected or appointed to our Board for the first time following the completion of the Company’s initial public offering will receive a one-time grant of
2,500 Shares on the date of election or appointment, which shares will vest in full on the one-year anniversary of the date of grant. 
  

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 (b) Option Price; Exercisability. Any Option granted under the Plan shall have an
Option Price of not less than the Fair Market Value of one Share on the date the Option is granted, and may be vested and exercisable in installments at such time and upon such terms and conditions, as may be determined by the Committee, but in no
event shall an Option be exercisable more than ten years after the date it is granted. 
 (c) Exercise of Options.
Except as otherwise provided in the Plan or in an Award, an Option may be exercised for all, or from time to time any part, of the Shares for which it is then exercisable. For purposes of this Section 6 of the Plan, the exercise date of an
Option shall be the later of the date a notice of exercise is received by the Company and, if applicable, the date payment is received by the Company pursuant to clauses (i) through (vi) in the following sentence. Except as otherwise
provided in an Award, the purchase price for the Shares as to which an Option is exercised shall be paid in full at the time of exercise at the election of the Participant: (i) in cash or its equivalent (e.g., by check); (ii) to the extent
permitted by the Committee, in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other requirements as may be imposed by the Committee; (iii) partly in cash and, to the
extent permitted by the Committee, partly in such Shares; (iv) to the extent permitted by applicable law through the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and deliver promptly
to the Company an amount out of the proceeds of such sale equal to the aggregate Option Price for the Shares being purchased, (v) to the extent permitted by the Committee, through net settlement in Shares (a “cashless exercise”) or
(vi) by any other means which the Committee determines to be consistent with the Plan’s purpose and applicable law. The Committee may also authorize the Company to make or facilitate loans to Participants to enable them to exercise Options
to the extent not prohibited by applicable law. The Committee may permit Participants to exercise Options in joint-tenancy with the Participant’s spouse. 
 (d) ISOs. The Committee may grant Options under the Plan that are intended to be ISOs. No ISO shall have an Option Price of less
than the Fair Market Value of one Share on the date granted or have a term in excess of ten years. Additionally, no ISO may be granted to any Participant who, at the time of such grant, owns more than ten percent of the total combined voting power
of all classes of shares of the Company or of any Subsidiary, unless (i) the Option Price for such ISO is at least 110% of the Fair Market Value of one Share on the date the ISO is granted and (ii) the date on which such ISO terminates is
a date not later than the day preceding the fifth anniversary of the date on which the ISO is granted. Any Participant who disposes of Shares acquired upon the exercise of an ISO either (A) within two years after the date of grant of such ISO
or (B) within one year after the transfer of such Shares to the Participant, shall notify the Company of such disposition and of the amount realized upon such disposition. All 

  

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options granted under the Plan are intended to be nonqualified stock options, unless the applicable Award agreement expressly states that the Option is
intended to be an ISO. If an Option is intended to be an ISO, and if for any reason such Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such non-qualification, such Option (or portion thereof) shall be regarded as a
nonqualified stock option granted under the Plan; provided that such Option (or portion thereof) otherwise complies with the Plan’s requirements relating to nonqualified stock options. In no event shall any member of the Committee, the Company
or any of its Affiliates (or their respective employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure of an Option to qualify for any reason as an ISO. 
 (e) Attestation. Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to pay the Option Price (or
taxes relating to the exercise of an Option) by delivering Shares, the Participant may, subject to procedures satisfactory to the Committee (and to the extent permitted by applicable law), satisfy such delivery requirement by presenting proof of
record ownership of such Shares, or, to the extent permitted by the Committee, beneficial ownership of such Shares, in which case the Company shall treat the Option as exercised without further payment and shall withhold such number of Shares from
the Shares acquired by the exercise of the Option. 
 Section 7. Terms and Conditions of Stock Appreciation Rights 
 (a) Grants. The Committee also may grant (i) a Stock Appreciation Right independent of an Option or (ii) a Stock
Appreciation Right in connection with an Option, or a portion thereof. A Stock Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time prior
to the exercise or cancellation of the related Option, (B) shall cover the same number of Shares covered by an Option (or such lesser number of Shares as the Committee may determine) and (C) shall be subject to the same terms and
conditions as such Option except for such additional limitations as are contemplated by this Section 7 (or such additional limitations as may be included in a Stock Appreciation Right Award). 
 (b) Terms. The exercise price per Share of a Stock Appreciation Right shall be an amount determined by the Committee but in no
event shall such amount be less than the greater of (i) the Fair Market Value of a Share on the date the Stock Appreciation Right is granted or, in the case of a Stock Appreciation Right granted in conjunction with an Option, or a portion
thereof, the Option Price of the related Option and (ii) the minimum amount permitted by applicable laws, rules, by-laws or policies of regulatory authorities or stock exchanges. Each Stock Appreciation Right granted independent of an Option
shall entitle a Participant upon exercise to a payment from the Company of an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the exercise price per Share, times (ii) the
number of Shares covered by the Stock Appreciation Right. Each Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, shall entitle a Participant to surrender to the Company the unexercised Option, or any portion
thereof, and to receive from the Company in exchange therefor an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the Option Price, times (ii) the number 

  

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of Shares covered by the Option, or portion thereof, which is surrendered. The date a notice of exercise is received by the Company shall be the exercise
date. Payment shall be made in Shares or in cash, or partly in Shares and partly in cash (any such Shares valued at such Fair Market Value), all as shall be determined by the Committee. Stock Appreciation Rights may be exercised from time to time
upon actual receipt by the Company of written notice of exercise stating the number of Shares with respect to which the Stock Appreciation Right is being exercised. No fractional Shares will be issued in payment for Stock Appreciation Rights, but
instead cash will be paid for a fraction or, if the Committee should so determine, the number of Shares will be rounded downward to the next whole Share. 
 (c) Limitations. The Committee may impose, in its discretion, such conditions upon the exercisability of Stock Appreciation Rights as it may deem fit; provided that no Stock Appreciation Right may remain
exercisable more than 10 years after the date of grant. 
 Section 8. Other Share-Based Awards 
 (a) Generally. The Committee, in its sole discretion, may grant Awards of Shares, Awards of restricted Shares, Awards of RSUs and
other Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value, of Shares (“Other Share-Based Awards”). Such Other Share-Based Awards shall be in such form, and dependent on such
conditions, as the Committee shall determine, including, without limitation, the right to receive one or more Shares (or the equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an event
and/or the attainment of performance objectives. Other Share-Based Awards may be granted alone or in addition to any other Awards granted under the Plan. Subject to the provisions of the Plan, the Committee shall determine: (i) to whom and when
Other Share-Based Awards will be made; (ii) the number of Shares to be awarded under (or otherwise related to) such Other Share-Based Awards; (iii) whether such Other Share-Based Awards shall be settled in cash, Shares or a combination of
cash and Shares; and (iv) all other terms and conditions of such Other Share-Based Awards (including, without limitation, the vesting provisions thereof and provisions ensuring that all Shares so awarded and issued shall be fully paid and
non-assessable). 
 (b) Performance-Based Awards. Notwithstanding anything to the contrary herein, certain Other
Share-Based Awards granted under this Section 8 may be granted in a manner which is intended to be deductible by the Company under Section 162(m) of the Code (or any successor section thereto) (“Performance-Based Awards”).
A Participant’s Performance-Based Award shall be determined based on the attainment of written performance goals approved by the Committee for a performance period established by the Committee (i) while the outcome for that performance
period is substantially uncertain and (ii) no more than 90 days after the commencement of the performance period to which the performance goal relates or, if less, the number of days which is equal to 25 percent of the relevant performance
period. The performance goals, which must be objective, shall be based upon one or more of the following criteria: (i) consolidated earnings before or after taxes (including earnings before interest, taxes, 

  

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depreciation and amortization); (ii) net income; (iii) operating income; (iv) earnings per Share; (v) book value per Share;
(vi) return on stockholders’ equity; (vii) expense management; (viii) return on investment; (ix) improvements in capital structure; (x) profitability of an identifiable business unit or product; (xi) maintenance or
improvement of profit margins; (xii) stock price; (xiii) dividend per Share; (xiv) revenues or sales; (xv) costs; (xvi) cash flow; and (xvii) return on assets. The foregoing criteria may relate to the Company, one or
more of its Affiliates or one or more of its or their divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to prior years for the Company, one or more peer group companies or indices, or
any combination thereof, all as the Committee shall determine. In addition, to the degree consistent with Section 162(m) of the Code (or any successor section thereto), the performance goals may be calculated without regard to extraordinary
items. The Committee shall determine whether, with respect to a performance period, the applicable performance goals have been met with respect to a given Participant and, if they have, shall so certify and ascertain the amount of the applicable
Performance-Based Award. No Performance-Based Awards will be paid for such performance period until such certification is made by the Committee. The amount of the Performance-Based Award actually paid to a given Participant may be less than the
amount determined by the applicable performance goal formula, at the discretion of the Committee. The amount of the Performance-Based Award determined by the Committee for a performance period shall be paid to the Participant at such time as
determined by the Committee in its sole discretion after the end of such performance period; provided, however, that a Participant may, if and to the extent permitted by the Board and consistent with the provisions of Sections 162(m) and 409A of the
Code, elect to defer payment of a Performance-Based Award. 
 Section 9. Adjustments Upon Certain Events 
 Subject to Section 17 below, the following provisions shall apply to all Awards granted under the Plan: 
 (a) Generally. In the event of any change in the outstanding Shares after the Effective Date by reason of any Share dividend or
split, reorganization, recapitalization, merger, consolidation, spin-off or combination transaction or exchange of Shares or other corporate exchange, or any distribution to stockholders of Shares other than regular cash dividends or any transaction
similar to the foregoing, the Committee in its sole discretion and without liability to any person shall make such substitution or adjustment, if any, as it deems to be equitable, as to (i) the number or kind of Shares or other securities
available for issuance, issued or reserved for issuance pursuant to the Plan and pursuant to outstanding Awards; (ii) the maximum amounts of Awards that may be granted during a calendar year to any Participant pursuant to Section 3;
(iii) the Option Price or exercise price of any Stock Appreciation Right; and/or (iv) any other affected terms of any Award. 
 (b) Change in Control. In the event of a Change in Control after the Effective Date, the Committee may, in its sole discretion, provide for: (i) the accelerated vesting (including transferability) or
exercisability of any outstanding Awards then held by Participants that are otherwise unexercisable or unvested, as the case may be, to the 

  

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extent determined by the Committee and as of a date selected by the Committee; (ii) the earning of all or any outstanding performance shares or
incentive awards; (iii) the termination of an Award upon the consummation of the Change in Control, and the payment of a cash amount in exchange for the cancellation of an Award which, in the case of Options and Stock Appreciation Rights, may
equal the excess, if any, of the Fair Market Value of the Shares in the Change in Control subject to such Options or Stock Appreciation Rights over the aggregate exercise price of such Options or Stock Appreciation Rights; and/or (iv) the
issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted hereunder. 
 Section 10. No Right to Employment or Awards 
 The granting of an Award under the Plan shall impose no obligation on the
Company or any Affiliate to continue the employment or service or consulting relationship of a Participant and shall not lessen or affect the Company’s or any Affiliates’s right to terminate the employment or service or consulting
relationship of such Participant. No Participant or other person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of
Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated). 
 Section 11. Successors and Assigns 
 The Plan shall be binding on all successors and assigns of the Company and a Participant, including without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in
bankruptcy or representative of the Participant’s creditors. 
 Section 12. Transferability of Awards 
 Unless otherwise permitted by the Committee on such terms and conditions as it shall determine, an Award shall not be transferable or assignable by the
Participant other than by will or by the laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant. 
 Section 13. Amendments or Termination 
 Subject to Section 9 of the Plan, the Board may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which would: (a) increase the maximum number of Shares available for Awards under
the Plan (including the limits applicable to the different types of Awards) or change the class of eligible Participants under the Plan other than amendments having such purpose that are approved by a majority of the Stockholders of the Company that
are present and entitled to vote on such matter at a meeting duly convened for such purposes (or such other standard of Stockholder vote as may be required by applicable state or federal law); (b) without the consent of a Participant, diminish
any of the rights of the Participant under any Award theretofore granted to such Participant under the Plan; or (c) be 

  

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prohibited by applicable law or otherwise require stockholder approval (whether in order to maintain the full tax deductibility of all Awards under
Section 162(m) of the Code or otherwise); provided, however, that the Committee may amend the Plan in such manner as it deems necessary to permit Awards to meet the requirements of the Code or other applicable laws. Notwithstanding any
provision herein to the contrary, the repricing of Options or Stock Appreciation Rights is prohibited without prior approval of the Company’s stockholders. For this purpose, a “repricing” means any of the following (or any other
action that has the same effect as any of the following): (A) changing the terms of an Option or Stock Appreciation Right to lower its Option Price or grant price (other than as contemplated by Section 9(a)(iii) above); (B) any other
action that is treated as a “repricing” under generally accepted accounting principles; and (C) repurchasing for cash or canceling an Option or Stock Appreciation Right at a time when its Option Price or grant price is greater than
the Fair Market Value of the underlying Shares in exchange for another Award, unless the cancellation and exchange occurs in connection with a change in capitalization or similar change under Section 9 above. Such cancellation and exchange
would be considered a “repricing” regardless of whether it is treated as a “repricing” under generally accepted accounting principles and regardless of whether it is voluntary on the part of the Participant.” 
 Without limiting the generality of the foregoing, to the extent applicable, notwithstanding anything herein to the contrary, this Plan and Awards issued
hereunder shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulations or other guidance that may
be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that the Committee reasonably determines that any amounts payable hereunder may be taxable to a Participant under Section 409A of the
Code and related Department of Treasury guidance prior to payment to such Participant of such amount, the Company may (a) adopt such amendments to the Plan and Awards and appropriate policies and procedures, including amendments and policies
with retroactive effect, that the Committee determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards hereunder and/or (b) take such other actions as the Committee determines
necessary or appropriate to comply with the requirements of Section 409A of the Code, provided that under no circumstances shall the Company or any Affiliate be liable for or indemnify any Participant for any additional taxes or other amounts
that may be imposed upon such Participant pursuant to or as a result of Section 409A of the Code. 
 Section 14. International
Participants 
 With respect to Participants, if any, who reside or work outside the United States of America, the Committee may, in its
sole discretion, amend the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the provisions of local law, and the Committee may, where appropriate, establish one or more sub-plans to reflect such
amended or varied provisions. 
 Section 15. Choice of Law; Waiver of Jury Trial; Attorneys’ Fees 
 (a) The Plan shall be governed by and construed and interpreted in accordance with the laws of the State of Florida. 
  

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 (b) EACH PARTY HEREBY KNOWINGLY, VOLUNTARY AND INTENTIONALLY, WAIVES (TO THE EXTENT
PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THE PLAN AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 
 (c) In the event of a dispute with reference to the Plan, the prevailing party shall be entitled to attorneys’ fees and costs
incurred in resolving such dispute at all levels, including appeals. 
 Section 16. Effectiveness of the Plan 
 The Plan shall be effective as of the Effective Date. 
 Section 17. Section 409A 
 No Award shall be granted, deferred, accelerated, transferred, paid
out or modified under this Plan in a manner that would result in the imposition of a penalty tax under Section 409A upon a Participant. In the event that it is reasonably determined by the Committee that, as a result of Section 409A,
payments in respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or the relevant Award agreement, as the case may be, without causing the Participant holding such Award to be subject to an income tax
penalty under Section 409A, the Company will make such payment on the first day that would not result in the Participant incurring any tax liability under Section 409A. 
 Section 18. Tax Withholding 
 The
Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy Federal, state, and local taxes (including the Participant’s FICA obligation) required by law to
be withheld with respect to any taxable event arising as a result of this Plan. In that regard, the Company may cause any such tax withholding obligation to be satisfied by the Company withholding Shares having a Fair Market Value on the date the
tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction. In the alternative, the Company may permit Participants to elect to satisfy the tax withholding obligation, in whole or in part, by either
(i) having the Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction or (ii) tendering previously acquired Shares
having an aggregate Fair Market Value equal to the minimum statutory total tax which could be imposed on the transaction (provided that the Shares which are tendered must have been held by the Participant for at least six (6) months prior to
their tender unless such Shares had been acquired by the Participant on the open market). All such elections shall be irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the
Committee, in its sole discretion, deems appropriate. 
  

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