Document:

Exhibit 10.3

 

EXECUTION VERSION

 

REGISTRATION RIGHTS AGREEMENT

 

by and between

 

MFA FINANCIAL, INC.,

 

OMAHA EQUITY AGGREGATOR,
L.P.,

 

ATHENE USA CORPORATION,

 

Athene
Annuity & Life Assurance Company

 

and

 

Athene
Annuity and Life Company

 

Dated as of June 26, 2020

 

     

     

    

 

TABLE OF CONTENTS

 

	 	PAGE
	ARTICLE I
	 	 
	Resale Shelf Registration
	 	 
	Section 1.1        Resale Shelf Registration Statement	1
	Section 1.2        Effectiveness Period	2
	Section 1.3        Subsequent Shelf Registration Statement	2
	Section 1.4        Supplements and Amendments	2
	Section 1.5        Subsequent Holder Notice	2
	Section 1.6        Shelf Take-Downs	3
	Section 1.7        Piggyback Registration	4
	ARTICLE II
	 
	Demand Registration Rights
	 
	Section 2.1        Right to Demand Registrations	5
	Section 2.2        Number of Demand Registrations	6
	Section 2.3        Underwritten Offerings Pursuant to Demand Registrations	6
	Section 2.4        Withdrawal	6
	ARTICLE III
	 
	Additional Provisions Regarding Registration Rights
	 
	Section 3.1        Registration Procedures	7
	Section 3.2        Suspension	10
	Section 3.3        Expenses of Registration	11
	Section 3.4        Cooperation by Holders	11
	Section 3.5        Rule 144 Reporting	11
	Section 3.6        Holdback Agreement	11
	Article IV
	 
	Indemnification
	 
	Section 4.1        Indemnification by Company	12
	Section 4.2        Indemnification by Holders	13
	Section 4.3        Notification	13
	Section 4.4        Contribution	14

 

     

     

    

 

	Article V
	 
	Transfer and Termination of Registration Rights
	 
	Section 5.1        Transfer of Registration Rights	15
	Section 5.2        Termination of Registration Rights	15
	Article VI
	 
	Miscellaneous
	 
	Section 6.1        Amendments and Waivers	15
	Section 6.2        Extension of Time, Waiver, Etc.	15
	Section 6.3        Assignment	16
	Section 6.4        Counterparts	16
	Section 6.5        Entire Agreement; No Third Party Beneficiary	16
	Section 6.6        Governing Law; Jurisdiction	16
	Section 6.7        Waiver of Jury Trial	16
	Section 6.8        Notices	17
	Section 6.9        Severability	18
	Section 6.10      Expenses	18
	Section 6.11      Interpretation	19
	Section 6.12      Purchasers	19

 

     

     

    

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is entered into as of June 26, 2020 (this “Agreement”), by and
between MFA Financial, Inc., a Maryland corporation (the “Company”), Omaha Equity Aggregator, L.P., a Delaware
limited partnership (the “Apollo Purchaser”), Athene USA Corporation, an Iowa corporation (the “Athene
USA Purchaser”), Athene Annuity & Life Assurance Company, a Delaware corporation (the “Athene Annuity &
Life Assurance Purchaser”) and Athene Annuity and Life Company, an Iowa corporation (the “Athene Annuity and
Life Company Purchaser” and, together with the Athene Annuity & Life Assurance Purchaser, the “Athene Purchasers”
and, together with the Apollo Purchaser, the “Purchasers,” and the Purchasers with any Permitted Transferees
(hereinafter defined), the “Investor Group”). Capitalized terms used but not defined elsewhere herein are defined
in Exhibit A. The Purchasers and any other party that may become a party hereto pursuant to Section 5.1
are referred to collectively as the “Investors” and individually each as an “Investor”.

 

WHEREAS, the Company
and the Purchasers are parties to the Investment Agreement, dated as of June 15, 2020 (as it may be amended from time to time,
the “Investment Agreement”), pursuant to which the Company is selling to the Purchasers, and the Purchasers
are purchasing from the Company, (a) such number of shares representing 4.9% of the Company’s outstanding common stock,
par value $0.01 per share (“Common Stock”) as of the Closing Date (as defined in the Investment Agreement) or
such number of shares of Common Stock as the Purchasers acquire using $50 million, whichever is less, over a twelve (12) month
period (which may be extended pursuant to the terms of the Investment Agreement) following the announcement of the transaction
(the “New Shares”), and (b) warrants to purchase 37,039,106 shares (subject to adjustment in accordance
with their terms) of Common Stock (the “Warrants”).

 

WHEREAS, as a condition
to the obligations of the Company and the Purchasers under the Investment Agreement, the Company and the Purchasers are entering
into this Agreement for the purpose of granting certain registration rights to the Investors.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby agree as follows:

 

Article
I

Resale Shelf Registration

 

Section 1.1           
Resale Shelf Registration Statement. Subject to the other applicable provisions of this Agreement, the Company shall
use its commercially reasonable efforts to prepare, file and cause to be declared effective, no later than ninety (90) calendar
days following the date of this Agreement, a registration statement covering the sale or distribution from time to time by the
Holders, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act, of all of the Registrable Securities
on Form S-3 (except if the Company is not eligible as of such ninetieth day after the date of this Agreement to register for
resale the Registrable Securities on Form S-3 or would not be eligible to use such Form S-3 to resell all of the Registrable
Securities, then the Company shall use its commercially reasonable efforts to prepare, file and cause to be declared effective,
no later than ninety (90) calendar days following the date of this Agreement, a registration statement on another appropriate form
which shall provide for the registration of such Registrable Securities for resale by the Holders in accordance with any reasonable
method of distribution elected by the Holders) (any such registration statement, the “Resale Shelf Registration Statement”),
(it being agreed that the Resale Shelf Registration Statement shall be an automatic shelf registration statement that may become
effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is then available to the Company).

 

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Section 1.2           
Effectiveness Period. Once declared effective, the Company shall, subject to the other applicable provisions of this
Agreement, use its commercially reasonable efforts to cause the Resale Shelf Registration Statement to be continuously effective
and usable until such time as there are no longer any Registrable Securities (the “Effectiveness Period”).

 

Section 1.3           
Subsequent Shelf Registration Statement. If any Shelf Registration Statement ceases to be effective under the Securities
Act for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to promptly
cause such Shelf Registration Statement to again become effective under the Securities Act (including obtaining the prompt withdrawal
of any order suspending the effectiveness of such Shelf Registration Statement), and shall use its commercially reasonable efforts
to promptly amend such Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending
the effectiveness of such Shelf Registration Statement or file an additional registration statement (a “Subsequent Shelf
Registration Statement”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the
Securities Act registering the resale from time to time by the Holders thereof of all securities that are Registrable Securities
as of the time of such filing. If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable
efforts to (a) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act promptly after
the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement
that shall become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is then available to the
Company) and (b) keep such Subsequent Shelf Registration Statement continuously effective and usable until the end of the
Effectiveness Period. Any such Subsequent Shelf Registration Statement shall be a registration statement on Form S-3 to the
extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration Statement shall be on another
appropriate form and shall provide for the registration of such Registrable Securities for resale by the Holders in accordance
with any reasonable method of distribution elected by the Holders.

 

Section 1.4           
Supplements and Amendments. The Company shall supplement and amend any Shelf Registration Statement if required by
the Securities Act or the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf
Registration Statement.

 

Section 1.5           
Subsequent Holder Notice. If a Person entitled to the benefits of this Agreement becomes a Holder of Registrable
Securities after a Shelf Registration Statement becomes effective under the Securities Act, the Company shall, promptly, following
delivery of written notice to the Company of such Person becoming a Holder and requesting for its name to be included as a selling
securityholder in the prospectus related to the Shelf Registration Statement (a “Subsequent Holder Notice”):

 

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(a)     
if required and permitted by applicable law, file with the SEC a supplement to the related prospectus or a post-effective
amendment to the Shelf Registration Statement so that such Holder is named as a selling securityholder in the Shelf Registration
Statement and the related prospectus in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable
Securities in accordance with applicable law; provided that the Company shall not be required to file more than one post-effective
amendment or a supplement to the related prospectus for such period in any 45 day period.

 

(b)     
if, pursuant to Section 1.5(a), the Company shall have filed a post-effective amendment to the Shelf Registration
Statement that is not automatically effective, use its commercially reasonable efforts to cause such post-effective amendment to
become promptly effective under the Securities Act; and

 

(c)     
promptly notify such Holder after the effectiveness under the Securities Act of any post-effective amendment filed pursuant
to Section 1.5(a).

 

Section 1.6           
Shelf Take-Downs.

 

(a)     
Subject to any applicable restrictions on transfer in the Investment Agreement or under applicable law, at any time that
any Shelf Registration Statement is effective, if a Holder delivers a notice to the Company stating that it intends to effect a
sale or distribution of all or part of its Registrable Securities included by it on any Shelf Registration Statement (a “Shelf
Offering”) and stating the number of the Registrable Securities to be included in such Shelf Offering, then the Company
shall, subject to the other applicable provisions of this Agreement, amend or supplement the Shelf Registration Statement as may
be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering.

 

(b)     
Subject to any applicable restrictions on transfer in the Investment Agreement or under applicable law, a Holder may, after
any Shelf Registration Statement becomes effective, deliver a written notice to the Company (the “Underwritten Shelf Take-Down
Notice”) specifying that a Shelf Offering is intended to be conducted through an Underwritten Offering (such Underwritten
Offering, an “Underwritten Shelf Take-Down”), which shall specify the number of Registrable Securities intended
to be included in such Underwritten Shelf Take-Down; provided, however, that the Holders of Registrable Securities
may not, without the Company’s prior written consent, launch an Underwritten Shelf Take-Down within the period commencing
20 days prior to and ending two (2) days following the filing of the Company’s annual report on Form 10-K or quarterly
report on Form 10-Q for any fiscal year or quarter, as applicable. To the extent an Underwritten Shelf Take-Down is a Marketed
Underwritten Offering, the Company shall deliver the Underwritten Shelf Take-Down Notice to the other Holders of Registrable Securities
that have been included on such Shelf Registration Statement and permit such Holders to include their Registrable Securities included
on the Shelf Registration Statement in such Underwritten Shelf Take-Down that is a Marketed Underwritten Offering if such Holder
notifies the Holder delivering the Underwritten Shelf Take-Down Notice and the Company within three (3) Business Days after
delivery of the Underwritten Shelf Take-Down Notice to such Holder.

 

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(c)     
In the event of an Underwritten Shelf Take-Down, the Apollo Purchaser or its Permitted Transferees (the “Apollo
Investor Group”) (in the case of a Marketed Underwritten Offering, in consultation with other Holders participating in
the Underwritten Shelf Take-Down) shall select the managing underwriter(s) to administer the Underwritten Shelf Take-Down; provided
that the choice of any such managing underwriter(s) not listed on Schedule I shall be subject to the consent of the Company,
which consent may be withheld in the Company’s sole discretion. The Company and the Holders of Registrable Securities participating
in an Underwritten Shelf Take-Down will enter into an underwriting agreement in customary form with the managing underwriter or
underwriters selected for such offering.

 

(d)     
The Company will not include in any Underwritten Shelf Take-Down pursuant to this Section 1.6 any securities
that are not Registrable Securities without the prior written consent of the Holder(s) of a majority of the Registrable Securities
participating in such Underwritten Shelf Take-Down. In the case of an Underwritten Shelf Take-Down that is a Marketed Underwritten
Offering, if the managing underwriter or underwriters advise the Company and the Holders in writing that in its or their good faith
opinion the number of Registrable Securities (and, if permitted hereunder, other securities) requested to be included in such offering
exceeds the number of securities which can be sold in such offering in light of market conditions or is such so as to adversely
affect the success of such offering, the Company will include in such offering only such number of securities that can be sold
without adversely affecting the marketability of the offering, which securities will be so included in the following order of priority:
(i) first, the Registrable Securities of the Holders that have requested to participate in such Underwritten Shelf Take-Down
that is a Marketed Underwritten Offering, allocated pro rata among such Holders on the basis of the percentage of the
Registrable Securities owned by such Holders, and (ii) second, any other securities of the Company that have been requested
to be so included.

 

Section 1.7           
Piggyback Registration.

 

(a)     
Except with respect to a Demand Registration (as defined below), the procedures for which are addressed in Article II,
if the Company proposes to file a registration statement under the Securities Act with respect to an offering of Common Stock or
securities convertible into, or exchangeable or exercisable for, Common Stock, whether or not for sale for its own account (other
than a registration statement (i) on Form S-4, Form S-8 or any successor forms thereto or (ii) filed to effectuate
an exchange offer or any employee benefit or dividend reinvestment plan), in a manner that would permit registration of the Registrable
Securities for sale for cash to the public under the Securities Act (a “General Common Stock Offering”), then
the Company shall give prompt written notice of such filing, which notice shall be given, no later than five (5) Business
Days prior to the filing date (the “Piggyback Notice”) to the Holders of Registrable Securities. The Piggyback
Notice shall offer such Holders the opportunity to include (or cause to be included) in such registration statement the number
of shares of Registrable Securities as each such Holder may request (each, a “Piggyback Registration Statement”).
Subject to Section 1.7(b), the Company shall include in each Piggyback Registration Statement all Registrable Securities
with respect to which the Company has received written requests for inclusion therein (each, a “Piggyback Request”)
within three (3) Business Days after the date of the Piggyback Notice; provided, that, if the Company receives an initial
inquiry, offer or advice to consider a General Common Stock Offering to be consummated in less than five (5) Business Days following
such initial inquiry, offer or advice, it shall as promptly as possible, and in any event no later than two (2) Business Days prior
to the filing date, give a Piggyback Notice to the Holders of Registrable Securities, and the Company shall include in each Piggyback
Registration Statement any Piggyback Request received no later than one (1) Business Day prior to the filing date. In the case
of a REIT equity offering or an overnight issuance, the Company will provide a Piggyback Notice to the Holders within two (2) Business
Days of such filing, and shall include the Registrable Securities requested to be included by the Holders in any Piggyback Requests
the Company receives within one (1) Business Day after the date of the Piggyback Notice. The Company shall not be required to maintain
the effectiveness of a Piggyback Registration Statement beyond the earlier of (x) 120 days after the effective date thereof
and (y) consummation of the distribution by the Holders of the Registrable Securities included in such registration statement.
The Company may withdraw a Piggyback Registration Statement at any time prior to any sales being made pursuant to the Piggyback
Registration Statement without incurring any liability to the Holders.

 

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(b)     
If any of the securities to be registered pursuant to the registration giving rise to the rights under this Section 1.7
are to be sold in an Underwritten Offering, the Company shall use commercially reasonable efforts to cause the managing underwriter
or underwriters of a proposed Underwritten Offering to permit Holders of Registrable Securities who have timely submitted a Piggyback
Request in connection with such offering to include in such offering all Registrable Securities included in each Holder’s
Piggyback Request on the same terms and subject to the same conditions as any other shares of capital stock, if any, of the Company
included in the Underwritten Offering. Notwithstanding the foregoing, if the managing underwriter or underwriters of such offering
advise the Company in writing that in its or their good faith opinion the number of securities exceeds the number of securities
which can be sold in such offering in light of market conditions or is such so as to adversely affect the success of such offering,
the Company will include in such Underwritten Offering only such number of securities that can be sold without adversely affecting
the marketability of the offering, which securities will be so included in the following order of priority: (i) first, the
securities proposed to be sold by the Company for its own account and (ii) second, the Registrable Securities of the Holders
and any other persons with piggyback registration rights who have the right to participate and that have requested to participate
in such offering, allocated pro rata among the selling shareholders according to the total amount of securities entitled
to be included therein owned by each selling shareholder and its Affiliates (other than the Company) or in such other proportions
as shall mutually be agreed to by such selling shareholders.

 

Article
II

 

Demand Registration Rights

 

Section 2.1           
Right to Demand Registrations. Subject to any applicable restrictions on transfer in the Investment Agreement or
under applicable law, a Holder may, following the one year anniversary of the date of this Agreement (but only if there is no Shelf
Registration Statement then in effect covering all of the Registrable Securities held by such Holder of the class of securities
sought to be registered), request, by providing written notice to the Company, that the Company effect the registration under the
Securities Act of all or part of the Registrable Securities (a “Demand Registration”). Each request for a Demand
Registration (a “Demand Registration Request”) shall specify the number of Registrable Securities intended to
be offered and sold pursuant to the Demand Registration and the intended method of distribution thereof, including whether it is
intended to be an Underwritten Offering. Promptly after receipt of a Demand Registration Request, the Company shall, subject to
Section 2.3, use commercially reasonable efforts to register all Registrable Securities that have been requested to
be registered in the Demand Registration Request. Promptly (but in no event later than five (5) Business Days) after receipt
by the Company of a Demand Registration Request, the Company shall give written notice of such Demand Registration Request to all
other Holders and shall include in such Demand Registration all Registrable Securities with respect to which the Company received
written requests for inclusion therein within fifteen (15) Business Days after the delivery of such notice to such Holder.

 

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Section 2.2           
Number of Demand Registrations. The Investor Group shall be entitled to deliver up to three (3) Demand Registration
Requests in the aggregate for the registration of offers of the Registrable Securities held by members of the Investor Group. At
any time that any of the three (3) Demand Registration Requests are desired to be made, whichever of the Athene Purchasers and
their Permitted Transferees (the “Athene Purchaser Group”) and the Apollo Investor Group that holds the majority
of the Common Shares of the Company (the “Demand Registration Requestor”), in consultation with the Investor
holding the minority of the Common Shares of the Company (the “Piggyback Requestor”), shall provide the Piggyback
Requestor with (3) Business Days notice before submitting the Demand Registration Request to the Company and the Piggyback Requestor
will be able to request inclusion of its Registrable Securities in any such Demand Registration by providing the Demand Registration
Requestor with a written request for inclusion therein within three (1) Business Day after the date of receiving notice of such
Demand Registration. For the avoidance of doubt, all such Demand Registration Requests shall be separate from the Shelf Registration
Statement, Shelf Offerings and Underwritten Shelf Take-Downs pursuant to Article I).

 

Section 2.3           
Underwritten Offerings Pursuant to Demand Registrations. In the event of an Underwritten Offering pursuant to a Demand
Registration, the Apollo Investor Group (in consultation with other Holders participating in such Underwritten Offering) shall
select the managing underwriter(s) to administer such Underwritten Offering; provided that the choice of any such managing
underwriter(s) not listed on Schedule I shall be subject to the consent of the Company, which consent may be withheld in
the Company’s sole discretion. If the managing underwriter or underwriters advise the Company and the Holders in writing
that in its or their good faith opinion the number of Registrable Securities (and, if permitted hereunder, other securities) requested
to be included in such offering exceeds the number of securities which can be sold in such offering in light of market conditions
or is such so as to adversely affect the success of such offering, the Company will include in such offering only such number of
securities that can be sold without adversely affecting the marketability of the offering, which securities will be so included
in the following order of priority: (i) first, the Registrable Securities of the Holders that have requested to participate
in such Underwritten Offering, allocated pro rata among such Holders on the basis of the percentage of the Registrable
Securities owned by such Holders, and (ii) second, any other securities of the Company to be sold for its account.

 

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Section 2.4           
Withdrawal. A Holder may, by written notice to the Company, withdraw its Registrable Securities from a Demand Registration
at any time prior to the effectiveness of the applicable registration statement. Upon receipt of notices from all applicable Holders
to such effect, the Company shall cease all efforts to seek effectiveness of the applicable registration statement with respect
to any Registrable Securities.

 

Article
III

 

Additional Provisions Regarding Registration Rights

 

Section 3.1           
Registration Procedures. Subject to the other applicable provisions of this Agreement, in the case of each registration
of Registrable Securities effected by the Company pursuant to Article I or Article II, the Company will:

 

(a)     
prepare and promptly file with the SEC a registration statement with respect to such securities and use commercially reasonable
efforts to cause such registration statement to become and remain effective for the period of the distribution contemplated thereby,
in accordance with the applicable provisions of this Agreement;

 

(b)      prepare and file with the SEC such amendments (including post-effective amendments) and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be necessary to keep such registration
statement effective for the period specified in paragraph (a) above and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such registration statement in accordance with the Holders’ intended
method of distribution set forth in such registration statement for such period;

 

(c)      furnish
to the Holders copies of the registration statement and the prospectus included therein (including each preliminary prospectus)
proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment on such registration statement;

 

(d)     
if requested by the managing underwriter or underwriters, if any, or the Holder(s), promptly include in any prospectus supplement
or post-effective amendment such information as the managing underwriter or underwriters, if any, or the Holder(s) may reasonably
request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus
supplement or post-effective amendment as soon as reasonably practicable after the Company has received such request; provided,
however, that the Company shall not be required to take any actions under this Section 3.1(d) that are not,
in the opinion of counsel for the Company, in compliance with applicable law;

 

(e)     
in the event that the Registrable Securities are being offered in an Underwritten Offering, furnish to the Holder(s) and
to the underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary
prospectus and final prospectus as the Holder(s) or such underwriters may reasonably request in order to facilitate the public
offering or other disposition of such securities;

 

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(f)      
promptly notify the Holder(s) at any time when a prospectus relating thereto is required to be delivered under the Securities
Act or of the Company’s discovery of the occurrence of any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then
existing, and, subject to Section 3.2, at the request of the Holder(s), promptly prepare and furnish to the Holder(s)
a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter
delivered to the Holder(s) of such securities, such prospectus shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete
in the light of the circumstances then existing;

 

(g)     
register and qualify (or exempt from such registration or qualification) the securities covered by such registration statement
under such other securities or “blue sky” laws of such jurisdictions within the United States as shall be reasonably
requested in writing by the Holder(s); provided, however, that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business in any jurisdictions or file a general consent to service of process in any
such jurisdictions where it would not otherwise be required to qualify but for this subsection;

 

(h)      in
the event that the Registrable Securities are being offered in an underwritten public offering, enter into an underwriting agreement,
a placement agreement or equivalent agreement, in each case in accordance with the applicable provisions of this Agreement;

 

(i)       in connection with an Underwritten Offering, the Company shall cause its officers to use their commercially reasonable efforts
to support the marketing of the Registrable Securities covered by such offering, including but not limited to management presentations
(including “electronic road shows” in the nature of management presentations) or investor calls to the extent reasonably
necessary to support the proposed sale of Registrable Securities pursuant to such Underwritten Offering (it being understood that
the Company and its officers shall not be obligated to participate in any in-person road show presentations);

 

(j)       furnish,
on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through
underwriters, (i) an opinion dated such date of the legal counsel representing the Company for the purposes of such registration,
in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters,
if any, (ii) a “negative assurances letter”, dated such date of the legal counsel representing the Company for
the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering
and (iii) “comfort” letters dated the date of pricing of such offering and dated such date from the independent
certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants
to underwriters in an underwritten public offering, addressed to the underwriters;

 

(k)     
list the Registrable Securities covered by such registration statement with any securities exchange on which the Common
Stock is then listed;

 

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(l)       
provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration
statement;

 

(m)    
in connection with a customary due diligence review, make available for inspection by the Holder(s), any underwriter participating
in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Holder(s) or underwriter
(collectively, the “Offering Persons”), at the offices where normally kept or electronically, during reasonable
business hours, all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries,
and cause the officers, directors and employees of the Company and its subsidiaries to supply all information and participate in
customary due diligence sessions in each case reasonably requested by any such representative, underwriter, counsel or accountant
in connection with such registration statement and/or offering; provided, however, that any information that is not
generally publicly available at the time of delivery of such information shall be kept confidential by such Offering Persons unless
(i) disclosure of such information is required by court or administrative order or in connection with an audit or examination
by, or a blanket document request from, a regulatory or self-regulatory authority, bank examiner or auditor, (ii) disclosure
of such information, in the reasonable judgment of the Offering Persons, is required by law or applicable legal process (including
in connection with the offer and sale of securities pursuant to the rules and regulations of the SEC), (iii) such information
is or becomes generally available to the public other than as a result of a non-permitted disclosure or failure to safeguard by
such Offering Persons in violation of this Agreement or (iv) such information (A) was known to such Offering Persons
(prior to its disclosure by the Company) from a source other than the Company when such source, to the knowledge of the Offering
Persons, was not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such
information, (B) becomes available to the Offering Persons from a source other than the Company when such source, to the knowledge
of the Offering Persons, is not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with
respect to such information or (C) was developed independently by the Offering Persons or their respective representatives
without the use of, or reliance on, such information provided by the Company. In the case of a proposed disclosure pursuant to
(i) or (ii) above, such Person shall be required to give the Company written notice of the proposed disclosure prior to such
disclosure (except in the case of (ii) above when a proposed disclosure was or is to be made in connection with a registration
statement or prospectus under this Agreement and except in the case of clause (i) above when a proposed disclosure is in connection
with a routine audit or examination by, or a blanket document request from, a regulatory or self-regulatory authority, bank examiner
or auditor);

 

(n)     
cooperate with the Holder(s) and each underwriter or agent participating in the disposition of Registrable Securities and
their respective counsel in connection with any filings required to be made with FINRA, including the use of commercially reasonable
efforts to obtain FINRA’s pre-clearance or pre-approval of the registration statement and applicable prospectus upon filing
with the SEC;

 

(o)     
promptly notify the Holder(s) (i) when the prospectus or any prospectus supplement or post-effective amendment has
been filed and, with respect to such registration statement or any post-effective amendment, when the same has become effective,
(ii) of any request by the SEC or other federal or state governmental authority for amendments or supplements to such registration
statement or related prospectus or to amend or to supplement such prospectus or for additional information, (iii) of the issuance
by the SEC of any stop order suspending the effectiveness of such registration statement or the initiation of any proceedings for
such purpose, or (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening
of any proceeding for such purpose;

 

    9

     

    

 

(p)     
The Holders agree that, upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 3.1(f), 3.1(o)(ii) or 3.1(o)(iii), the Holders shall discontinue disposition of any Registrable
Securities covered by such registration statement or the related prospectus until receipt of the copies of the supplemented or
amended prospectus, which supplement or amendment shall, subject to the other applicable provisions of this Agreement, be prepared
and furnished as soon as reasonably practicable, or until the Holders are advised in writing by the Company that the use of the
applicable prospectus may be resumed, and have received copies of any amended or supplemented prospectus or any additional or supplemental
filings which are incorporated, or deemed to be incorporated, by reference in such prospectus (such period during which disposition
is discontinued being an “Interruption Period”) and, if requested by the Company, the Holders shall use commercially
reasonable efforts to return to the Company all copies then in their possession, of the prospectus covering such Registrable Securities
at the time of receipt of such request. As soon as practicable after the Company has determined that the use of the applicable
prospectus may be resumed, the Company will notify the Holders thereof. In the event the Company invokes an Interruption Period
hereunder and in the sole discretion of the Company the need for the Company to continue the Interruption Period ceases for any
reason, the Company shall, as soon as reasonably practicable, provide written notice to the Holders that such Interruption Period
is no longer applicable; and

 

(q)     
shall take all other reasonable steps, at the written request of the Holders, necessary to effect the registration and offer
and sale of the Registrable Securities as required hereby.

 

Section 3.2           
Suspension. (a) The Company shall be entitled, by providing written notice to the Holders, no more than three
(3) times in any twelve (12) month period for a period of time not to exceed ninety (90) days in the aggregate,
to postpone the filing or effectiveness of a registration statement to sell Registrable Securities or to require the Holders of
Registrable Securities to suspend any offerings or sales of Registrable Securities pursuant to a registration statement, if the
Company delivers to the Holders a certificate signed by an executive officer certifying that such registration and offering would
(i) require the Company to make an Adverse Disclosure or (ii) materially interfere with any bona fide material
financing, acquisition, disposition or other similar transaction involving the Company or any of its subsidiaries then under consideration.
Such certificate shall contain a statement of the reasons for such suspension and an approximation of the anticipated length of
such suspension, in accordance with the specifications set forth in this Section 3.2. The Purchasers shall keep the
information contained in such certificate confidential subject to the same terms set forth in Section 3.1(m). If the
Company postpones registration of Registrable Securities in response to a Underwritten Shelf Take-Down Notice or a Demand Registration
Request or requires the Holders to suspend any Underwritten Offering, the Purchasers shall be entitled to withdraw such Underwritten
Shelf Take-Down Notice or a Demand Registration Request, as applicable, and if they do so, such request shall not be treated for
any purpose as the delivery of an Underwritten Shelf Take-Down Notice pursuant to Section 1.6 or a Demand Registration
Request pursuant to Section 2.1.

 

    10

     

    

 

Section 3.3           
Expenses of Registration. All Registration Expenses incurred in connection with any registration pursuant to Article I
or Article II shall be borne by the Company. All Selling Expenses in connection with the sale of Registrable Securities
by the Holders of the Registrable Securities shall be borne, pro rata, by such Holders included in such registration.

 

Section 3.4           Cooperation
by Holders. The Holder or Holders of Registrable Securities included in any registration shall, and the Purchasers shall cause
such Holder or Holders to, furnish to the Company the number of shares of Common Stock (or any securities convertible, exchangeable
or exercisable for Common Stock within 60 days of any such filing) owned by such Holder or Holders, the number of such Registrable
Securities proposed to be sold, the name and address of such Holder or Holders proposing to sell, and the distribution proposed
by such Holder or Holders as shall be required in connection with any registration, qualification or compliance referred to in
this Agreement.

 

Section 3.5           
Rule 144 Reporting. With a view to making available the benefits of Rule 144 to the Holders, the Company
agrees that, for so long as a Holder owns Registrable Securities, the Company will use its commercially reasonable efforts to:

 

(a)     
make and keep public information available, as those terms are understood and defined in Rule 144, at all times after
the date of this Agreement; and

 

(b)     
so long as a Holder owns any restricted securities, furnish to the Holder upon request given in accordance with Section 6.8
(i) a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act; (ii) a
copy of the most recent periodic report of the Company and any other such reports and documents filed by the Company that may be
requested by the Holder; and (iii) any other such information or documentation as may be requested by a Holder pursuant to
an SEC rule or regulation that permits the sale of securities without registration or pursuant to Form S-3, whichever is applicable.

 

Section 3.6           
Holdback Agreement. If the Company shall file a registration statement (other than in connection with the registration
of securities issuable pursuant to an employee stock option, stock purchase or similar plan or pursuant to a merger, exchange offer
or a transaction of the type specified in Rule 145(a) under the Securities Act) with respect to an underwritten public offering
of Common Stock or securities convertible into, or exchangeable or exercisable for, such securities or otherwise informs the Purchasers
that it intends to conduct such an offering utilizing an effective registration statement or pursuant to an underwritten Rule 144A
and/or Regulation S offering and provides the Purchasers and each Holder the opportunity to participate in such offering in accordance
with and to the extent required by Section 1.7, each Holder participating in such offering shall, if requested by the managing
underwriter or underwriters, enter into a customary “lock-up” agreement relating to the sale, offering or distribution
of Registrable Securities, in the form reasonably requested by the managing underwriter or underwriters, covering the period commencing
on the date of the prospectus pursuant to which such offering may be made and continuing until up to 45 days from the date of such
prospectus; provided that nothing herein will prevent (i) any Holder from making a transfer to an Affiliate, (ii) any pledge
of Registrable Securities by a Holder in connection with a permitted loan or (iii) or any foreclosure in connection with a permitted
loan or transfer in lieu of a foreclosure thereunder, in each case that is otherwise in compliance with applicable securities laws;
and, provided, further, that all then current officers, directors of the Company and shareholders of the Company holding
two percent or more of the outstanding voting securities that are publicly registered are subject to a similar “lock-up”
agreement and any exceptions applicable to such officers, directors and shareholders shall apply to such Holder

 

    11

     

    

 

Article
IV

 

Indemnification

 

Section 4.1           
Indemnification by Company. To the extent permitted by applicable law, the Company will, with respect to any Registrable
Securities covered by a registration statement or prospectus, or as to which registration, qualification or compliance under applicable
 “blue sky” laws has been effected pursuant to this Agreement, indemnify and hold harmless each Holder, each Holder’s
current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents, employees and
Affiliates, and each Person controlling such Holder within the meaning of Section 15 of the Securities Act and such Holder’s
current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents, employees and
Affiliates, and each underwriter thereof, if any, and each Person who controls any such underwriter within the meaning of Section 15
of the Securities Act (collectively, the “Company Indemnified Parties”), from and against any and all expenses,
claims, losses, damages, costs (including costs of preparation, reasonable attorney’s fees and expenses and any legal or
other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding), judgments, fines,
penalties, charges, amounts paid in settlement and other liabilities, joint or several, (or actions or proceedings, whether commenced
or threatened, in respect thereof) (collectively, “Losses”) to the extent arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus,
offering circular, “issuer free writing prospectus” (as such term is defined in Rule 433 under the Securities
Act) or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on
any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of the Securities
Act, the Exchange Act, any state securities law or any rules or regulations thereunder applicable to the Company and (without limiting
the preceding portions of this Section 4.1), the Company will reimburse each of the Company Indemnified Parties for
any reasonable and documented out-of-pocket legal expenses and any other reasonable and documented out-of-pocket expenses actually
incurred in connection with investigating, defending or, subject to the last sentence of this Section 4.1, settling
any such Losses or action, as such expenses are incurred; provided that the Company’s indemnification obligations
shall not apply to amounts paid in settlement of any Losses or action if such settlement is effected without the prior written
consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable to a Holder
in any such case for any such Losses or action to the extent that it arises out of or is based upon a violation or alleged violation
of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement or
omission or alleged omission in the registration statement or prospectus) which occurs in reliance upon and in conformity with
written information regarding such Holder furnished to the Company by such Holder or its authorized representatives expressly for
use in connection with such registration by or on behalf of any Holder; it being understood and agreed that the only such information
furnished by any Holder consists of the information described as such in Section 4.2 below.

 

    12

     

    

 

Section 4.2           
Indemnification by Holders. To the extent permitted by applicable law, each Holder will, if Registrable Securities
held by such Holder are included in the securities as to which registration or qualification or compliance under applicable “blue
sky” laws is being effected, indemnify, severally and not jointly with any other Holders of Registrable Securities, the Company,
each of its representatives, each Person who controls the Company or such underwriter within the meaning of Section 15 of
the Securities Act (collectively, the “Holder Indemnified Parties”), against all Losses (or actions in respect
thereof) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained
in any registration statement, prospectus, preliminary prospectus, offering circular, “issuer free writing prospectus”
or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on any
omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading, and will reimburse each of the Holder Indemnified
Parties for any reasonable and documented out-of-pocket legal expenses and any other reasonable and documented out-of-pocket expenses
actually incurred in connection with investigating, defending or, subject to the last sentence of this Section 4.2,
settling any such Losses or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such
untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus,
offering circular, “issuer free writing prospectus” or other document in reliance upon and in conformity with written
information regarding such Holder furnished to the Company by such Holder or its authorized representatives and stated to be specifically
for use therein; it being understood and agreed that the only such information furnished by any Holder consists of the number of
shares of Common Stock (or any securities convertible, exchangeable or exercisable for Common Stock within 60 days of any
such filing) owned by such Holder, the number of Registrable Securities proposed to be sold by such Holder, the name and address
of such Holder proposing to sell, and the distribution proposed by such Holder; provided, however, that in no event
shall any indemnity under this Section 4.2 payable by the Purchasers and any Holder exceed an amount equal to the net
proceeds received by such Holder in respect of the sale of the Registrable Securities giving rise to such indemnification obligation.
The indemnity agreement contained in this Section 4.2 shall not apply to amounts paid in settlement of any Losses or
action if such settlement is effected without the prior written consent of the applicable Holder (which consent shall not be unreasonably
withheld or delayed).

 

    13

     

    

 

Section 4.3           
Notification. If any Person shall be entitled to indemnification under this Article IV (each, an “Indemnified
Party”), such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying
Party”) of any claim or of the commencement of any proceeding as to which indemnity is sought. The Indemnifying Party
shall have the right, exercisable by promptly giving written notice to the Indemnified Party after the receipt of written notice
from such Indemnified Party of such claim or proceeding, to assume, at the Indemnifying Party’s expense, the defense of any
such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying
Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party will not (so long as it shall
continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be
liable to such Indemnified Party hereunder for any legal expenses and other expenses subsequently incurred by such Indemnified
Party in connection with the defense thereof; provided, however, that an Indemnified Party shall have the right to
employ separate counsel in any such claim or litigation, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Party unless (i) the use of counsel chosen by the Indemnifying Party to represent the Indemnified Party would
present such counsel with a conflict of interest; (ii) such action includes both the Indemnified Party and the Indemnifying
Party and the Indemnified Party shall have reasonably concluded that there may be legal defenses available to it and/or other Indemnified
Parties that are different from or additional to those available to the Indemnifying Party; (iii) the Indemnifying Party shall
have failed within a reasonable period of time to employ counsel reasonably satisfactory to the Indemnified Party and assume such
defense and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay or (iv) the
Indemnifying Party agrees to pay such fees and expenses. The failure of any Indemnified Party to give notice as provided herein
shall relieve an Indemnifying Party of its obligations under this Article IV only to the extent that the failure to give
such notice is materially prejudicial or harmful to such Indemnifying Party’s ability to defend such action. No Indemnifying
Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party (which
consent shall not be unreasonably withheld or delayed), consent to entry of any judgment or enter into any settlement which (A) does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from
all liability in respect to such claim or litigation and (B) does not include any statement as to or any admission of fault,
culpability or a failure to act by or on behalf of any Indemnified Party. The indemnity agreements contained in this Article IV
shall not apply to amounts paid in settlement of any claim, loss, damage, liability or action if such settlement is effected without
the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The indemnification
set forth in this Article IV shall be in addition to any other indemnification rights or agreements that an Indemnified
Party may have. An Indemnifying Party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated
to pay the fees and expenses of more than one counsel (in addition to appropriate local counsel) for all parties indemnified by
such Indemnifying Party with respect to such claim, unless in the reasonable judgment of any Indemnified Party a conflict of interest
may exist between such Indemnified Party and any other Indemnified Parties with respect to such claim.

 

    14

     

    

 

Section 4.4           
Contribution. If the indemnification provided for in this Article IV is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any Losses or action
referred to therein, then, subject to the limitations contained in this Article IV, the Indemnifying Party, in lieu of indemnifying
such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
Losses or action in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand,
and the Indemnified Party, on the other, in connection with the actions, statements or omissions that resulted in such Losses or
action, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party, on the one hand,
and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has
been made (or omitted) by, or relates to information supplied by such Indemnifying Party, on the one hand, or such Indemnified
Party, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent any such action, statement or omission. The Company and the Holders agree that it would not be just and equitable if contribution
pursuant to this Section 4.4 was determined solely upon pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to in the immediately preceding sentence of this Section 4.4.
Notwithstanding the provisions of this Section 4.4, an Indemnifying Party that is a Holder shall not be required to
contribute to any amount in excess of the amount by which the net proceeds to the Indemnifying Party from the sale of the Registrable
Securities sold in a transaction that resulted in Losses in respect of which contribution is sought in such proceeding pursuant
to this Section 4.4 exceed the amount of any damages such Indemnifying Party has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission (including as a result of any indemnification
obligation hereunder). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

Article
V

 

Transfer and Termination of Registration Rights

 

Section 5.1           
Transfer of Registration Rights. Any rights to cause the Company to register securities granted to a Holder under
this Agreement may be transferred or assigned to any Investor in connection with (a) a transfer of New Shares, Warrants or
Common Stock, as applicable, to such Person or (b) a pledge by such Holder of its rights and an assignment by such Holder
of its rights in connection with a foreclosure under a pledge of Registrable Securities, in each case, pursuant to a permitted
loan; provided, however, in the case of each of clauses (a) and (b), that (i) prior written notice of such
assignment of rights is given to the Company and (ii) such Investor agrees in writing to be bound by, and subject to, this
Agreement as a “Holder” pursuant to a written instrument in form and substance reasonably acceptable to the Company.

 

Section 5.2           
Termination of Registration Rights. The rights of any particular Holder to cause the Company to register securities
under Article I or Article II shall terminate with respect to such Holder upon the date upon which such
Holder can sell all of its Registrable Securities under Rule 144 without volume limits.

 

Article
VI

 

Miscellaneous

 

Section 6.1           
Amendments and Waivers. Any provision of this Agreement may be amended or waived if, and only if, such amendment
or waiver is in writing and is signed by the Company and the Holder(s) with respect to which such amendment or waiver is applicable.

 

    15

     

    

 

Section 6.2           
Extension of Time, Waiver, Etc. The parties hereto may, subject to applicable law, (a) extend the time for the
performance of any of the obligations or acts of the other party or (b) waive compliance by the other party with any of the
agreements contained herein applicable to such party or, except as otherwise provided herein, waive any of such party’s conditions.
Notwithstanding the foregoing, no failure or delay by the parties hereto in exercising any right hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth
in an instrument in writing signed on behalf of such party; provided that the Purchasers may execute such waivers on behalf
of any Investor.

 

Section 6.3           
Assignment. Except as provided in Section 5.1, neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned, in whole or in part, by operation of law or otherwise, by any of the parties hereto without
the prior written consent of the other party hereto; provided, however, that the Purchaser may provide any such consent
on behalf of the Investors.

 

Section 6.4           
Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile or electronic mail),
each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and
shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other
parties hereto.

 

Section 6.5           
Entire Agreement; No Third Party Beneficiary. This Agreement, including the Transaction Documents (as defined in
the Investment Agreement), constitutes the entire agreement, and supersedes all other prior agreements and understandings, both
written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof.
No provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights
or remedies hereunder.

 

Section 6.6           
Governing Law; Jurisdiction.

 

(a)     
This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts
executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable
conflict of laws principles.

 

(b)         
Each Party irrevocably submits to the non-exclusive jurisdiction of the United States District Court for the Southern District
of New York or any court of the State of New York located in such district any suit, action or other proceeding arising out of
or relating to this Agreement, and hereby irrevocably agrees that all claims in respect of such suit, action or proceeding may
be heard and determined in such court. Each Party hereby irrevocably waives, to the fullest extent that it may effectively do so,
the defense of an inconvenient forum to the maintenance of such suit, action or other proceeding. The Parties further agree, to
the extent permitted by law, that final and unappealable judgment against any of them in any suit, action or other proceeding contemplated
above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment,
a certified copy of which shall be conclusive evidence of the fact and amount of such judgment.

 

    16

     

    

 

 

Section 6.7           
Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY.

 

Section 6.8           
Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be
deemed given if delivered personally, emailed (which is confirmed) or sent by overnight courier (providing proof of delivery)
to the parties at the following addresses:

 

(a)     If
to the Company, to it at:

 

MFA Financial, Inc.

350 Park Avenue, 20th Floor

New York, New York, 10022

Attn: General Counsel

Phone: 212-207-6454

E-mail: Hschwartz@mfafinancial.com

legal@mfafinancial.com

 

with a copy (which shall not constitute notice) to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West,

New York, New York 10001

Attn: David J. Goldschmidt

  Thomas Greenberg

Phone: (212) 735-3574

Fax: (917) 777-3574

E-mail: David@Goldschmidt@skadden.com

Thomas.Greenberg@skadden.com       

 

(b)     If
to the Apollo Purchaser at:

 

Omaha Equity Aggregator, L.P.

c/o Apollo Global Management, Inc.

9 West 57th Street

New York, NY 10019

Attn: Joe Glatt

Phone: 212-822-0456

E-mail: jglatt@apollo.com

ProjectOmahaNotices@apollo.com

 

    17

     

    

 

with a copy (which shall not constitute notice) to:

 

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Attn: Adam Weinstein

  Dan Serota

Phone: (212) 839-5371

Fax: (212) 839-5599

E-mail: AWeinstein@sidley.com

DSerota@sidley.com

 

(c)    If
to the Athene Purchasers at:

 

Athene Annuity & Life Assurance
Company

c/o Apollo Insurance Solutions Group LP

2121 Rosecrans Avenue

Suite 5300

El Segundo, California 90245

Attn:  Matt O’Mara

Phone:   310-698-4414  

Email:  ISG-fundnotices@apollo.com;

Momara@apollo.com

 

and

 

Athene Annuity and Life Company

c/o Apollo Insurance Solutions Group LP

2121 Rosecrans Avenue

Suite 5300

El Segundo, California 90245

Attn:  Matt O’Mara

Phone:   310-698-4414  

Email:  ISG-fundnotices@apollo.com;

Momara@apollo.com

 

    18

     

    

 

with a copy (which shall not constitute notice) to:

 

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Attn: Adam Weinstein

  Dan
Serota

Phone: (212) 839-5371

Fax: (212) 839-5599

E-mail: AWeinstein@sidley.com

DSerota@sidley.com

 

or such other address, email address or
facsimile number as such party may hereafter specify by like notice to the other parties hereto. All such notices, requests and
other communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m.
local time in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request
or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.

 

Section 6.9           
Severability. If any term, condition or other provision of this Agreement is determined by a court of competent
jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, provisions
and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term, condition
or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable
law.

 

Section 6.10          Expenses.
Except as provided in Section 3.3, all costs and expenses, including fees and disbursements of counsel, financial
advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by
the party incurring such costs and expenses.

 

Section 6.11           Interpretation.
The rules of interpretation set forth in Section 7.12 of the Investment Agreement shall apply to this Agreement, mutatis
mutandis.

 

Section 6.12          
Purchasers.

 

(a)     
Each Holder hereby consents, for so long as any Purchaser holds any Registrable Securities, to (i) the appointment
of the Purchasers, acting together, as the attorneys-in-fact for and on behalf of such Holder and (ii) the taking by the
Purchaser, acting together, of any and all actions and the making of any decisions required or permitted by, or with respect to,
this Agreement and the transactions contemplated hereby, including (A) the exercise of the power to agree to execute any
consents under this Agreement and all other documents contemplated hereby and (B) to take all actions necessary in the judgment
of the Purchasers for the accomplishment of the foregoing and all of the other terms, conditions and limitations of this Agreement
and the transactions contemplated hereby.

 

(b)     
Each Holder shall be bound by the actions taken by the Purchasers exercising the rights granted to them by this Agreement
or the other documents contemplated by this Agreement, and the Company shall be entitled to rely on any such action or decision
of the Purchasers.

 

[Signature pages follow]

 

    19

     

    

 

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

 

	 	 	MFA FINANCIAL, INC.
	 	 	 
	 	By:	/s/ Harold E. Schwartz
	 	 	Name:	Harold E. Schwartz
	 	 	Title:	Senior Vice President, General Counsel and Secretary

 

[Signature Page
to Registration Rights Agreement]

 

     

     

    

 

	 	OMAHA EQUITY AGGREGATOR, L.P. 
	 	 
	 	By: AP Omaha Advisors, LLC, its general partner
	 	 
	 	By: Apollo Hybrid Value Advisors, L.P., its sole member
	 	 
	 	By: Apollo Hybrid Value Capital Management, LLC, its general partner
	 	 	 
	 	By:	/s/ Jospeh D. Glatt
	 	 	Name: Joseph D. Glatt
	 	 	Title: Vice President

 

[Signature Page
to Registration Rights Agreement]

 

     

     

    

 

	 	ATHENE USA CORPORATION
	 	 
	 	By: Apollo Insurance Solutions Group LP, its investment adviser
	 	 
	 	By:  AISG GP Ltd., its General Partner

 

	 	By:	/s/ Matthew S. O’Mara
	 	 	Name: Matthew S. O’Mara
	 	 	Title: Authorized Signatory

 

	 	ATHENE ANNUITY & LIFE ASSURANCE COMPANY
	 	 
	 	By: Apollo Insurance Solutions Group LP, its investment adviser
	 	 
	 	By:  AISG GP Ltd., its General Partner

 

	 	By:	/s/ Matthew S. O’Mara
	 	 	Name: Matthew S. O’Mara
	 	 	Title: Authorized Signatory

 

	 	ATHENE ANNUITY AND LIFE COMPANY
	 	 
	 	By: Apollo Insurance Solutions Group LP, its investment adviser
	 	 
	 	By:  AISG GP Ltd., its General Partner

 

	 	By:	/s/ Matthew S. O’Mara
	 	 	Name: Matthew S. O’Mara
	 	 	Title: Authorized Signatory

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

EXHIBIT A

 

DEFINED TERMS

 

1.            The
following capitalized terms have the meanings indicated:

 

“Adverse
Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Company
(after consultation with legal counsel): (i) would be required to be made in any registration statement filed with the SEC
by the Company so that such registration statement would not be materially misleading; (ii) would not be required to be made
at such time but for the filing, effectiveness or continued use of such registration statement; and (iii) the Company has
a bona fide business purpose for not disclosing publicly.

 

“Affiliates”
shall have the meaning given to such term in the Investment Agreement.

 

“Business
Day” shall have the meaning given to such term in the Investment Agreement.

 

“Common Stock”
means all shares currently or hereafter existing of the Company’s common stock, par value $0.01 per share.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and regulations
of the SEC promulgated thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Form S-3”
means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently
adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company
with the SEC.

 

“Holder”
means any Investor holding Registrable Securities.

 

“Marketed
Underwritten Offering” means any Underwritten Offering that includes a customary “electronic road show”
or other marketing efforts by the Company and the underwriters, which for the avoidance of doubt, shall not include block trades
(it being understood that nothing in this Agreement shall require the Company to participate in any in-person road show).

 

“Permitted
Transferee” with respect to the Apollo Purchaser or the Athene Purchasers means any Person who becomes a Holder or is
otherwise entitled to registration rights hereunder as a result of a transfer by the Apollo Purchaser or the Athene Purchasers
or their respective Affiliates, as applicable, in each case in accordance with Section 5.1 hereof, the Investment
Agreement and applicable law.

 

“Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization
or any other entity, including a governmental authority.

 

    A-1

     

    

 

“register”,
 “registered” and “registration” refer to a registration effected by preparing and filing
a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration
statement or the automatic effectiveness of such registration statement, as applicable.

 

“Registrable
Securities” means, as of any date of determination, any shares of Common Stock hereafter held by any Purchaser
Party (as such term is defined in the Investment Agreement), including any Common Stock issuable upon the exercise of any Warrants,
and any other securities issued or issuable with respect to any such shares of Common Stock by way of share split, share dividend,
distribution, recapitalization, merger, exchange, replacement, reorganization, conversion or similar event. As to any particular
Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (i) such securities are
sold or otherwise transferred pursuant to an effective registration statement under the Securities Act, (ii) such securities
shall have ceased to be outstanding, (iii) such securities have been transferred in a transaction in which the Holder’s
rights under this Agreement are not assigned in accordance with the terms of this Agreement to the transferee of the securities,
(iv) such securities may be sold under Rule 144 without restriction on the number of shares to be sold or manner
of sale, or (v) as to any Registrable Securities of a Holder, at any time such Holder and its Affiliates own less than 1%
of the outstanding shares of Common Stock (assuming all Warrants of such Holder and its Affiliates have been exercised).

 

“Registration
Expenses” means all (a) expenses incurred by the Company in complying with Article I or Article II
including all registration, qualification, listing and filing fees, printing expenses, escrow fees, and fees and disbursements
of counsel for the Company, fees and disbursements of the Company’s independent public accountants, fees and disbursements
of the transfer agent, blue sky fees and expenses; and (b) reasonable, documented out-of-pocket fees and expenses of one outside
legal counsel for all Holders retained in connection with any registration contemplated hereby in an amount not to exceed $75,000.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act and any successor provision.

 

“Rule 462(e)”
means Rule 462(e) promulgated under the Securities Act and any successor provision.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor statute thereto, and the rules and regulations
of the SEC promulgated thereunder.

 

“Selling
Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities
registered by the Holders and the fees and expenses of any auditor of any Holders or any counsel to any Holders (other than such
fees and expenses included in Registration Expenses).

 

“Shelf Registration
Statement” means the Resale Shelf Registration Statement, a Subsequent Shelf Registration Statement or any other shelf
registration statement pursuant to which any Registrable Securities are registered, as applicable.

 

    A-2

     

    

 

“Underwritten
Offering” means a registered offering in which securities of the Company are sold to one or more underwriters on a firm-commitment
basis for reoffering to the public.

 

2.            The
following terms are defined in the Sections of the Agreement indicated:

 

INDEX OF TERMS

 

	Term	Section
	Actions	Section 6.6(b)
	Agreement	Preamble
	Apollo Investor Group 	Section 1.6(c)
	Apollo Purchaser 	Preamble
	Athene Annuity & Life Assurance Purchaser
    	Preamble
	Athene Annuity and Life Company Purchaser 	Preamble
	Athene Investor Group 	Section 2.2
	Athene Purchasers	Preamble
	Company	Preamble
	Company Indemnified Parties	Section 4.1
	Demand Registration	Section 2.1
	Demand Registration Requestor	Section 2.2
	Demand Registration Request	Section 2.1
	Demand Registration Statement	Section 2.1
	Effectiveness Period	Section 1.2
	Holder Indemnified Parties	Section 4.2
	Indemnified Party	Section 4.3
	Indemnifying Party	Section 4.3
	Interruption Period	Section 3.1(o)
	Investment Agreement	Recital
	Investor	Preamble
	Investors	Preamble
	Investor Group	Preamble
	Losses	Section 4.1
	New Shares	Preamble
	Offering Persons	Section 3.1(m)
	Piggyback Notice	Section 1.7(a)
	Piggyback Registration Statement	Section 1.7(a)
	Piggyback Requestor	Section 2.2
	Piggyback Request	Section 1.7(a)
	Purchaser	Preamble
	Resale Shelf Registration Statement	Section 1.1
	Shelf Offering	Section 1.6(a)
	Subsequent Holder Notice	Section 1.5
	Subsequent Shelf Registration Statement	Section 1.3
	Underwritten Shelf Take-Down	Section 1.6(b)
	Underwritten Shelf Take-Down Notice	Section 1.6(b)
	Warrants	Recital

 

    A-3

     

    

 

Schedule I

 

Barclays Capital Inc.

Credit Suisse Securities (USA) LLC

Goldman Sachs & Co. LLC

Morgan Stanley & Co. LLC

Wells Fargo Securities, LLC

 

    A-1Exhibit 10.4

 

EXECUTION VERSION

 

FORM OF WARRANT

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF
ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN
EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH
LAWS.

 

WARRANT

TO PURCHASE

SHARES OF COMMON STOCK

OF

MFA FINANCIAL, INC.

 

	No. W-[ ]	June 26, 2020

 

FOR VALUE RECEIVED, the undersigned, MFA
Financial, Inc., a Maryland corporation (together with its successors and assigns, the “Company”), hereby certifies
that

 

[       ]

 

or its registered assign is entitled, upon the terms and subject
to the limitations on exercise and the conditions hereinafter set forth, to subscribe for and purchase from the Company at the
Warrant Exercise Price per share, the Warrant Share Number of duly authorized, validly issued, fully paid and non-assessable shares
of Common Stock. This Warrant is issued pursuant to that certain Investment Agreement, dated as of June 15, 2020, by and among
the Company, Omaha Equity Aggregator, L.P. and Athene USA Corporation (the “Investment Agreement”). Capitalized
terms used in this Warrant and not otherwise defined herein shall have the respective meanings specified in Section 7
hereof.

 

1.                 
Term. The right to subscribe for and purchase Warrant Shares represented hereby, subject to the conditions set forth
herein, shall commence on the date hereof and expire at 11:59 P.M. (New York City time) on the date that is the later of (i) June
15, 2025 and (ii) the first anniversary of the date on which all obligations in respect of that certain Credit Agreement, dated
as of June 15, 2020 (the “New Credit Agreement”) by and between the Company, MFResidential Assets Holding Corp.
and the Lenders (each as defined in the New Credit Agreement) including payment in full of the New Term Loan thereunder, have been
satisfied (such period being the “Term”). The Company shall provide the Holder with written notice of its payment
in full of the New Term Loan reasonably promptly after such payment.

 

    1

     

    

 

2.                 
Method of Exercise; Payment; Issuance of New Warrant; Transfer and Exchange.

 

(a)              
Time and Manner of Exercise. The purchase rights represented by this Warrant may be exercised, upon the terms and
subject to the conditions hereinafter set forth, in whole or in part at any time and from time to time during the Term by (i) the
delivery of the Exercise Form in the form annexed hereto (the “Exercise Form”) duly completed and executed on
behalf of the Holder and (ii) payment of the Warrant Exercise Price for the Warrant Shares thereby purchased by, at the election
of the Holder, either (A) tendering in cash, either by certified or cashier’s check payable to the order of the Company or
by wire transfer of immediately available funds to an account designated by the Company, at the election of the Holder, or (B)
by means of cashless exercise (as specified in Sections 2(b) and (c) below), or (C) some combination of the foregoing;
provided, that, notwithstanding anything to the contrary set forth herein, any exercise of this Warrant shall be subject
to and conditioned upon (x) the fair market value of the Company’s outstanding Common Stock being greater than the Warrant
Exercise Price and (y) making and receipt of all filings, notifications, expirations of waiting periods, waivers and approvals
under applicable Competition Laws necessary in connection with the issuance of the applicable Warrant Shares upon exercise of this
Warrant in accordance with the terms and conditions set forth herein. Notwithstanding anything to the contrary set forth in this
Warrant, if the Warrant is exercised, in whole or in part, in connection with the exercise of the Holder’s registration rights
in accordance with the Registration Rights Agreement (as defined in the Investment Agreement), then this Warrant shall not be deemed
to have been exercised to the extent that the applicable Warrant Shares are not sold in the applicable offering.

 

(b)              
No Cash Exercise. The Company and the Holder agree, unless otherwise required by a
change in law or by the Internal Revenue Service or other governmental authority following an audit or examination, (i) in the
event of a net issue exercise under Section 2(c), the Holder’s surrender of this Warrant in exchange for the receipt
of the Warrant Shares issuable in accordance with this Warrant (or the portion thereof being cancelled) shall be treated as a recapitalization
under Section 368(a)(1)(E) of the Code and (ii) not to file any tax return inconsistent with the foregoing.

 

(c)              
Net Issue Exercise3.. The Holder may, in its sole discretion and in lieu of payment
of the Warrant Exercise Price, elect to exercise all or any part of this Warrant on one or more occasions, at any time prior to
the expiration of the Term, to receive Warrant Shares issuable in accordance with this Warrant (or the portion thereof being exercised)
in a “cashless” or “net-issue” exercise by surrender of this Warrant at the principal office of the Company
together with the Exercise Form selecting a cashless exercise, in which event the Company shall issue to the Holder a number of
Warrant Shares computed using the following formula:

 

    2

     

    

 

Y(A-B)

X =        ----------------

A

 

	Where:	X = the number of the Warrant Shares to be issued to
the Holder.

 

	 	Y = the number of the Warrant Shares with respect to which this Warrant is exercised.

 

	 	A = the fair market value of one share of Common Stock on the date of determination.

 

	 	B = the Warrant Exercise Price (as adjusted to the date of such calculation).

 

For purposes of this Section 2(c), the fair market
value of one share of Common Stock on the date of determination shall mean:

 

(i)                
if the Common Stock is publicly traded, the per share fair market value of the Common Stock shall be the closing price of
the Common Stock as quoted on The New York Stock Exchange, or the principal exchange or market on which the Common Stock is listed,
on the last trading day ending prior to the date of determination (or if no closing per-share sale price is reported, the average
of the last bid and ask prices or, if more than one in either case, the average of the average last bid and the average last ask
prices); and

 

(ii)             
if the Common Stock is not so publicly traded, the per share fair market value of the Common Stock shall be such fair market
value (x) as determined in good faith by the Board of Directors of the Company and set forth in certified resolutions, which shall
include all material information and clearly set forth the methodology used to determine such fair market value and shall be delivered
to the Holder within five (5) Business Days after the Holder delivers this Warrant and the Exercise Form (the “Board Determination”)
and (y) if the Holder delivers a written notice of objection to the Board Determination (a “Valuation Objection”)
within three (3) Business Days after receipt of the Board Determination (the “Objection Deadline”), unless otherwise
agreed by the Holder and the Board of Directors of the Company, as determined by a nationally recognized investment banking firm
selected by the Company in good faith in consultation with the Holder and set forth in a valuation opinion delivered to the Holder
within five (5) Business Days after the Holder delivers such notice of objection (the “Banker Valuation Opinion”).

 

The date of determination for purposes of this Section 2(c)
shall be the date the Exercise Form is validly delivered by the Holder to the Company.

 

    3

     

    

 

(d)              
Issuance of Warrant Shares and New Warrant

 

In the event of any exercise of the rights
represented by this Warrant in accordance with and subject to the terms and conditions hereof, (i) the Warrant Shares so purchased
shall be delivered by the Company within two (2) Business Days after (i) if Section 2(c)(i) applies, the exercise and delivery
of this Warrant and the Exercise Form, (ii) if Section 2(c)(ii)(x) applies, the earlier of (A) the Holder informing the
Company in writing that it accepts the Board Determination and (b) the Objection Deadline if the Holder does not submit a Valuation
Objection and (iii) if Section 2(c)(ii)(y) applies, the delivery of the Banker Valuation Opinion. Such delivery shall be
made in each case via (A) book-entry transfer crediting the account of the Holder through the Company’s transfer agent and
registrar for the Common Stock (which as at the issuance of this Warrant is Computershare) or (B) if requested by the Holder, in
the form of certificates in the name of the Holder. Unless this Warrant has expired, a new Warrant representing the number of Warrant
Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be issued to the Holder at the
same time as delivery of the applicable Warrant Shares. Partial exercises of this Warrant shall have the effect of lowering the
Warrant Share Number by the number of Warrant Shares with respect to which this Warrant has been exercised, and the Warrant Share
Number shall be reduced accordingly. The Holder and the Company shall maintain records showing the number of Warrant Shares with
respect to which this Warrant has been exercised and the date of each such exercise. Each Person in whose name any shares of Common
Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date
on which the Warrant and Exercise Form was delivered to the Company (or, if such date is not a Business Day, on the open of business
on the first Business Day thereafter).

 

Notwithstanding anything in this Warrant
to the contrary, the Holder hereby acknowledges and agrees that its exercise of this Warrant for Warrant Shares is subject to the
condition that the Holder will have first received, to the extent applicable and required to permit the Holder to exercise this
Warrant for shares of Common Stock and to own such Common Stock, the receipt of any necessary approvals and authorizations of,
filings and registrations with, notifications to, or expiration or termination of any applicable waiting period under Laws, including
Competition Laws.

 

(e)              
Compliance with Securities Laws.

 

(i)                
The Holder, by acceptance hereof, acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof
have not been registered under the Act or under any U.S. state security Laws and are being acquired pursuant to an exemption from
registration under the Act solely for the Holder’s own account, and not as a nominee for any other party, and for investment
with no present intention to distribute the Warrants (or any Warrant Shares issuable upon exercise) to any person in violation
of the Act or any applicable U.S. state securities Laws, and that the Holder will not offer, sell or otherwise dispose of this
Warrant or any Warrant Shares to be issued upon exercise hereof except pursuant to an effective registration statement, or an exemption
from registration, under the Act and any applicable state securities Laws.

 

(ii)             
Except as provided in paragraph (iii) below, this Warrant and all Warrant Shares issued upon exercise hereof shall
be stamped or imprinted with a legend in substantially the following form (which, in the case of Warrant Shares, shall be in the
form of an appropriate book entry notation):

 

THE SECURITIES REPRESENTED BY
THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES
LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO
IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR
SUCH LAWS.

 

    4

     

    

 

(iii)           
Subject to Section 2(e), upon request of the Holder and, if requested by the Company, receipt by the Company of an
opinion of counsel reasonably satisfactory to the Company to the effect that such legend is no longer required under the Act and
applicable state securities Laws, the Company shall promptly cause the legend to be removed from any certificate or other instrument
for this Warrant or Warrant Shares to be transferred.

 

(f)               
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional
Warrant Shares shall be issued upon the exercise of this Warrant. In lieu of any fractional Warrant Share to which the Holder would
otherwise be entitled, the Company shall make a cash payment equal to the fair market value of one Warrant Share on the last trading
day ending prior to the payment date multiplied by such fraction.

 

(g)              
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an
indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and
cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

 

(h)              
No Rights of Stockholders. The Holder shall not be entitled to vote or receive dividends
or be deemed the holder of Common Stock or any other securities of the Company that may at any time be issuable on the exercise
hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of
stock, reclassification of stock, change of par value, or change of stock to no par value, consolidation, merger, conveyance, or
otherwise) or to receive notice of meetings, or to receive dividends, other distributions or subscription rights or otherwise.

 

(i)                
Transfer. 

 

(i)                
This Warrant may not be sold, assigned, disposed of, pledged, hypothecated, encumbered or otherwise transferred (collectively,
a “Transfer”), directly or indirectly, in whole or in part, to any Person other than (A) (i) one or more of
the Holder’s Affiliates or one or more cedants that have entered into a reinsurance relationship with the Holder or any Affiliate
thereof, (ii) any fund, insurance company or other entity managed or advised by the investment advisor (or one or more Affiliates
thereof) to the Holder, or (iii) any beneficiary under a trust agreement in which the investment advisor (or an Affiliate thereof)
to the Holder is also the investment advisor or asset manager of the grantor under such trust agreement, (B) due to a Regulatory
Determination or (C) after receipt of the Company’s prior written consent.

 

    5

     

    

 

(ii)             
Subject to compliance with this Section 2(ii), this Warrant and all rights hereunder shall be transferable upon the
books of the Company, and a new warrant shall be made and delivered by the Company, of the same tenor and date as this Warrant
but registered in the name of one or more transferees, upon surrender of this Warrant and delivery of a duly executed Assignment
Form in the form set forth as annex hereto (the “Assignment Form”), duly endorsed, to the office or agency of
the Company described in Section 10 hereof. Upon such Transfer, a new Warrant representing an equal aggregate number of
Warrants shall be issued and the old Warrant shall be cancelled by the Company

 

(iii)           
Any Transfer of the Warrants and Warrant Shares must be in compliance with the Act and applicable state securities Laws
and, if requested by the Company, receipt by the Company of an opinion of counsel, reasonably satisfactory to the Company that
such Transfer is in compliance with the Act and applicable state securities Laws. Following any Transfer, any such Warrants subject
to a Transfer shall at all times remain subject to the terms and restrictions set forth in this Warrant. The Company shall not
be required to effect any registration of Transfer or exchange of a Warrant which shall result in the issuance of a warrant certificate
for a fraction of a Warrant.

 

3.                 
Certain Representations and Agreements. 

 

(a)              
The Company represents that this Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall
be, upon issuance, duly authorized and validly issued.

 

(b)              
The Company further represents, covenants and agrees that all Warrant Shares issuable upon the exercise of this Warrant
pursuant to the terms hereof shall be, upon issuance, and the Company shall take all such actions as may be necessary or appropriate
in order that such Warrant Shares are, validly issued, fully paid and non-assessable, issued without violation of any preemptive
or similar rights of any stockholder of the Company, and free from all taxes, liens and charges (other than liens or charges created
by the Holder, except as otherwise provided herein, or Transfer Taxes that are not the obligation of the Company pursuant to Section
5(b)).

 

(c)              
 The Company further covenants and agrees that during the Term, the Company will at all times have authorized and reserved
(as unissued or held in treasury) a sufficient number of shares of Common Stock to provide for the exercise in full of this Warrant.
The Company will procure, subject to issuance or notice of issuance, the listing of any Warrant Shares issuable upon exercise of
this Warrant on the principal stock exchange on which shares of Common Stock are then listed or traded.

 

(d)              
The Company covenants and agrees that subject to the Investment Agreement, the Company shall take all such reasonable actions
as may be necessary to ensure that all Warrant Shares are issued without violation by the Company of any applicable Law or governmental
regulation or any requirements of any securities exchange upon which shares of the Company’s capital stock may be listed
at the time of such exercise, except to the extent that any such violation would not materially or adversely affect the ability
of the Holder to exercise its rights hereunder or the Company to perform its obligations hereby.

 

    6

     

    

 

(e)              
The Company further covenants and agrees that it shall not amend or modify any provision of the Certificate of Incorporation
or the bylaws of the Company in any manner that would materially and adversely affect the powers, preferences or relative participating,
optional or other special rights of the Common Stock in a manner which would disproportionately and adversely affect the rights
of the Holder.

 

(f)               
The Holder expressly warrants that it (i) is an “accredited investor” (as that term is defined by Rule 501 under
the Act), (ii) has such knowledge and experience in financial and business matters and in investments of this type that it is capable
of evaluating the merits and risks and of making an informed investment decision, and has conducted a review of the business and
affairs of the Company that it considers sufficient and reasonable and (iii) is able to bear the economic risk and at the present
time is able to afford a complete loss of such investment.

 

4.                 
Adjustments and Other Rights. The Warrant Exercise Price, Warrant Share Number and Warrant Shares issuable upon exercise
of this Warrant shall be subject to adjustment from time to time as follows (including, for the avoidance of doubt, as a result
of any events listed in Section 4(a) through (d) below that occur between the date of the Investment Agreement and the Closing
Date); provided, that no single event shall cause an adjustment under more than one subsection of this Section 4
so as to result in duplication.

 

(a)              
Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company shall (i) pay or make a dividend or
make a distribution on its Common Stock payable in shares of Common Stock (which, for the avoidance of doubt, shall not include
any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) split, subdivide or reclassify the outstanding
shares of Common Stock into a greater number of shares or (iii) combine or reclassify the outstanding shares of Common Stock into
a smaller number of shares, the Warrant Share Number at the time of the record date for such dividend or distribution or the effective
date of such split, subdivision, combination or reclassification shall be proportionately adjusted so that the Holder immediately
after such record date or effective date, as the case may be, shall be entitled to purchase the number of shares of Common Stock
which such Holder would have owned or been entitled to receive in respect of the Warrant Shares after such date had this Warrant
been exercised in full immediately prior to such record date or effective date, as the case may be. In the event of such adjustment,
the Warrant Exercise Price in effect at the time of record date for such dividend or distribution or the effective date of such
split, subdivision, combination or reclassification shall be adjusted to the number obtained by dividing (x) the product of (1)
the Warrant Share Number immediately before the adjustment determined pursuant to the immediately preceding sentence and (2) the
Warrant Exercise Price in effect immediately prior to the record or effective date, as the case may be, for the dividend, distribution,
split, subdivision, combination or reclassification giving rise to such adjustment by (y) the new Warrant Share Number determined
pursuant to the immediately preceding sentence.

 

    7

     

    

 

(b)              
Distributions.

 

(i)                
If the Company shall fix a record date for the making of a dividend or other distribution (by spin-off or otherwise) to
all holders of shares of Common Stock (other than in cash) in other securities of the Company (including rights), evidences of
indebtedness of the Company or any other Person or any other property (including securities or evidences of indebtedness of a subsidiary),
or any combination thereof, excluding (i) dividends or distributions subject to adjustment pursuant to Section 4(a), and
(ii) dividends or distributions of rights in connection with the adoption of a stockholder rights plan in customary form (including
with respect to the receipt of such rights in respect of shares of Common Stock (including Warrant Shares) issued subsequent to
the initial dividend or distribution of such rights), then in each such case, the Warrant Share Number in effect immediately prior
to such record date shall be increased by multiplying such Warrant Share Number by a fraction, the numerator of which is the Market
Price per share of Common Stock on such record date and the denominator of which is the Market Price per share of Common Stock
on such record date less the Distribution Fair Market Value of the securities and/or any other property, as applicable, to be so
paid or distributed in such dividend or distribution in respect of one share of Common Stock (in each case as of the record date
of such dividend or distribution); such adjustment shall be effective as of the record date for such dividend or distribution.
In the event of such adjustment, the Warrant Exercise Price shall be decreased by multiplying such Warrant Exercise Price by a
fraction, the numerator of which is the Warrant Share Number immediately prior to such adjustment, and the denominator of which
is the new Warrant Share Number determined in accordance with the immediately preceding sentence. Notwithstanding the foregoing,
in the event that the Distribution Fair Market Value of the securities and/or any other property, as applicable, to be so paid
or distributed in such dividend or distribution in respect of one share of Common Stock (in each case as of the record date of
such dividend or distribution) is equal to or greater than the Market Price per share of Common Stock on such record date, then
proper provision shall be made such that upon exercise of this Warrant, the Holder shall receive, in addition to the applicable
Warrant Shares, the amount and kind of such securities and/or any other property such Holder would have received had such Holder
exercised this Warrant immediately prior to such record date.

 

(ii)               
If the Company shall fix a record date for the making of a cash dividend on shares of Common
Stock that, together with any other cash dividends declared on shares of Common Stock during the calendar year such dividend is
declared, is in excess of 10% of the Company’s book value, as determined in accordance with GAAP as of December 31 preceding
such record date, the Warrant Exercise Price in effect prior to such record date shall be reduced immediately thereafter by the
per share amount of such cash dividend that is in excess of 10% of the Company's book value per share. For clarity, any REIT Qualifying
Dividend declared in respect of a fiscal year shall be deemed, solely for the purpose of this Section 4(b)(ii) to have been declared
in such fiscal year. 

 

(iii)           
For purposes of the foregoing subsections (i) and (ii), to the extent that such dividend or distribution in question is
ultimately not so made or not made in full, the Warrant Exercise Price and the number of Warrant Shares issuable upon exercise
of this Warrant then in effect shall be readjusted, effective as of the date when the Board of Directors of the Company determines
not to make such dividend or distribution to the Warrant Exercise Price that would then be in effect and the number of Warrant
Shares that would then be issuable upon exercise of this Warrant if such record date had not been fixed or had been fixed for the
dividend or distribution actually made, as applicable.

 

    8

     

    

 

(c)              
Business Combinations. In case of any Business Combination or reclassification of Common Stock (other than a reclassification
of Common Stock subject to adjustment pursuant to Section 4(a)), in each case, as a result of which Common Stock would be
converted into, or exchanged for, stock, other securities or property (including cash or any combination thereof), notwithstanding
anything to the contrary contained herein, (i) the Company shall notify the Holder in writing of such Business Combination or reclassification
as promptly as practicable (but in no event later than five (5) Business Days prior to the effectiveness thereof), and (ii) the
Holder’s right to receive Warrant Shares upon exercise of this Warrant shall be converted, effective upon the occurrence
of such Business Combination or reclassification, into the right to exercise this Warrant to acquire the number of shares of stock
or other securities or property (including cash or any combination thereof) that the number of shares of Common Stock equal to
the Warrant Share Number immediately prior to such Business Combination or reclassification would have been entitled to receive
upon consummation of such Business Combination or reclassification; and in any such case, if applicable, the provisions set forth
herein with respect to the rights and interests thereafter of the Holder shall be appropriately adjusted so as to be applicable,
as nearly as may reasonably be, to the Holder’s right to exercise this Warrant in exchange for any shares of stock or other
securities or property pursuant to this paragraph. In determining the kind and amount of stock, securities or the property receivable
upon exercise of this Warrant upon and following adjustment pursuant to this paragraph, if the holders of Common Stock have the
right to elect the kind or amount of consideration receivable upon consummation of such Business Combination, then the Holder shall
have the right at the same time to make the same election with respect to the number of shares of stock or other securities or
property which the Holder will receive upon exercise of this Warrant by providing a written notice of such election to the Company.

 

(d)              
Certain Repurchases of Common Stock. In case the Company effects a Pro Rata Repurchase of Common Stock, then the
Warrant Exercise Price shall be reduced to the price determined by multiplying the Warrant Exercise Price in effect immediately
prior to the Effective Date of such Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the
number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase and (y) the Market Price of a share
of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates
of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and
of which the denominator shall be the product of (x) the number of shares of Common Stock outstanding immediately prior to such
Pro Rata Repurchase minus the number of shares of Common Stock so repurchased and (y) the Market Price per share of Common Stock
on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to
effect such Pro Rata Repurchase. In such event, the number of shares of Common Stock issuable upon the exercise of this Warrant
in full shall be increased to the number obtained by dividing (i) the product of (x) the number of shares of Common Stock issuable
upon the exercise of this Warrant before such adjustment, and (y) the Warrant Exercise Price in effect immediately prior to the
Pro Rata Repurchase giving rise to this adjustment by (ii) the new Warrant Exercise Price determined in accordance with the immediately
preceding sentence.

 

(e)              
Rounding of Calculations; Minimum Adjustments. All calculations under this Section 4 shall be made to the
nearest one-hundredth (1/100th) of a cent or to the nearest one-tenth (1/10th) of a share, as the case may be. No adjustment in
the Warrant Exercise Price or the number of Warrant Shares into which this Warrant is exercisable shall be made if the amount of
such adjustment would be less than $0.01 or one-tenth (1/10th) of a share of Common Stock, but any such amount shall be carried
forward and an adjustment with respect thereto shall be made at the time of and together with any subsequent adjustment which,
together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01 or 1/10th of a share of Common
Stock, or more.

 

    9

     

    

 

(f)               
Timing of Issuance of Additional Securities Upon Certain Adjustments. In any case in which (1) the provisions of
this Section 4 shall require that an adjustment (the “Subject Adjustment”) shall become effective immediately
after a record date (the “Subject Record Date”) for an event and (2) the Holder exercises this Warrant after
the Subject Record Date and before the consummation of such event, the Company may defer until the consummation of such event (or
if later, the calculation of the Distribution Fair Market Value, if applicable) (i) issuing to such Holder the incrementally additional
shares of Common Stock or other property issuable upon such exercise by reason of the Subject Adjustment and (ii) paying to such
Holder any amount of cash in lieu of a fractional share of Common Stock; provided, that the Company upon request shall promptly
deliver to such Holder a due bill or other appropriate instrument evidencing such Holder’s right to receive such additional
shares (or other property, as applicable), and such cash, upon (and subject to) the consummation of such event (or completion of
such calculation).

 

(g)              
Statement Regarding Adjustments. Whenever the Warrant Exercise Price or the Warrant Share Number shall be adjusted
as provided in this Section 4, the Company shall as promptly as practicable prepare and make available to the Holder a statement
showing in reasonable detail the facts requiring such adjustment and the Warrant Exercise Price that shall be in effect and the
Warrant Share Number after such adjustment.

 

(h)              
Adjustment Rules. Any adjustments pursuant to this Section 4 shall be made successively whenever an event
referred to herein shall occur. If an adjustment in Warrant Exercise Price made hereunder would reduce the Warrant Exercise Price
to an amount below par value of the Common Stock, then such adjustment in Warrant Exercise Price made hereunder shall reduce the
Warrant Exercise Price to the par value of the Common Stock.

 

(i)                
Proceedings Prior to any Action Requiring Adjustment. As a condition precedent to the taking of any action which
would require an adjustment pursuant to this Section 4, the Company shall take any action which may be necessary, including
obtaining regulatory, stock exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly and
legally issue as fully paid and nonassessable all shares of Common Stock that the Holder is entitled to receive upon exercise of
this Warrant pursuant to this Section 4.

 

5.                 
Taxes.

 

(a)              
Withholding. The Company and its paying agent shall be entitled to deduct and withhold taxes on all payments and
distributions (or deemed distributions) with respect to the Warrants (or upon the exercise thereof) to the extent required by applicable
Law. To the extent that any amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all purposes
of this Warrant as having been paid to the Person in respect of which such deduction or withholding was made. In the event the
Company previously remitted any amounts to a Governmental Authority on account of taxes required to be deducted or withheld in
respect of any payment or distribution (or deemed distribution) with respect to a Warrant or upon the exercise thereof, the Company
shall be entitled (i) to offset any such amounts against any amounts otherwise payable in respect of such Warrant, any Warrant
Shares otherwise required to be issued upon the exercise of such Warrant or any amounts otherwise payable in respect of Warrant
Shares received upon the exercise of such Warrant, or (ii) to require the Person in respect of whom such deduction or withholding
was made to reimburse the Company for such amounts. Prior to deducting or withholding any amount, the Company shall, pursuant to
a written request to Holder, give the Holder a reasonable opportunity to provide any form or certificate to reduce or eliminate
any withholding or deduction described in this Section 5(a). The Company shall assist, at the Holder’s reasonable
request and expense, the Holder in securing on its behalf any available refunds and reductions of, and exemptions from, withholding
taxes and making any filings, applications or elections to obtain any refund, reduction or exemption from such withholding taxes.
Notwithstanding anything to the contrary in this Section 5(a), the Company shall not withhold or deduct any amount on any
payment or distribution (or deemed distribution) if it receives (or has previously received) a duly executed, valid, accurate and
properly completed IRS Form W-9 from a Holder of Warrants, Common Stock or Warrant Shares.

 

    10

     

    

 

(b)              
Transfer Taxes. The Company shall pay any and all documentary, stamp and similar issue or transfer tax due on (x) the
issue of Warrants and (y) the issue of Warrant Shares pursuant to the exercise of a Warrant. However, in the case of the exercise
of a Warrant, the Company shall not be required to pay any Transfer Tax that may be payable in respect of the issue or delivery
(or any Transfer involved in the issue or delivery) of Warrant Shares to a beneficial owner other than the beneficial owner of
the Warrant immediately prior to such exercise, and no such issue or delivery shall be made unless and until the person requesting
such issue or delivery has paid to the Company the amount of any such Transfer Tax or has established to the satisfaction of the
Company that such Transfer Tax has been paid or is not payable.

 

(c)              
Deemed Distributions. The Company shall use commercially reasonable efforts to provide, from time to time, such information
as is reasonably requested by a Purchaser in order for such Purchaser to be able to determine and comply with its tax obligations
with respect to the Warrants, the Warrant Shares and the New Shares.  Without limiting the foregoing, the Company shall use
commercially reasonable efforts to provide from time to time, upon request, (i) estimates of earnings and profits allocable to
a Purchaser with respect to its Warrants, Warrant Shares or New Shares to the extent such estimates are available and (ii) final
amounts of earnings and profits allocable to a Purchaser with respect to its Warrants, Warrant Shares or New Shares no later than
February 10th of the calendar year following the applicable taxable year that is the subject of Purchaser’s request.

 

6.                 
Frustration of Purpose. The Company shall not, by amendment of its certificate of incorporation, bylaws or any of
its other organizational documents, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
to be observed or performed by it hereunder, but shall at all times in good faith assist in the carrying out of all the provisions
of this Warrant and in the taking of all such action as may reasonably be requested by the Holder in order to protect the exercise
rights of the Holder, consistent with the terms of this Warrant.

 

    11

     

    

 

7.                 
Definitions. For the purposes of this Warrant, the following terms have the following meanings:

 

“Act” has the meaning
specified under the legend hereto.

 

“Action” means any pending
or, to the Knowledge of the Company, threatened legal, regulatory or administrative proceeding, suit, investigation, arbitration
or action against the Company or any of its Subsidiaries.

 

“Affiliate” has the meaning
specified under the Investment Agreement.

 

“Business Combination”
means a merger, consolidation, statutory share exchange, reorganization, recapitalization or similar extraordinary transaction
(which may include a reclassification) involving the Company.

 

“Business Day” has the
meaning specified under the Investment Agreement.

 

“Certificate of Incorporation”
means the Amended and Restated Certificate of Incorporation of the Company as in effect on the Closing Date, and as from time to
time amended, modified, supplemented or restated in accordance with its terms and pursuant to applicable Law.

 

“Closing Date” has the
meaning specified under the Investment Agreement.

 

“Code” means the United
States Internal Revenue Code of 1986, as amended from time to time.

 

“Common Stock” means
the common stock, $0.01 par value, of the Company.

 

“Company” has the meaning
specified in the preamble hereof.

 

“Competition Laws” has
the meaning specified under the Investment Agreement.

 

“Distribution Fair Market Value”
means, with respect to any security or other property, the fair market value of such security or other property as determined by
the Board of Directors of the Company consistent with the advice received from a nationally recognized independent investment banking
firm retained by the Company for this purpose evidenced by a certified resolution of the fair market value from the Board of Directors
of the Company delivered as promptly as practicable to the Holder. For the avoidance of doubt, the Distribution Fair Market Value
of cash shall be the amount of such cash and the Distribution Fair Market Value of a security shall be the Market Price of such
security.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

    12

     

    

 

“GAAP” means generally
accepted accounting principles in the United States, consistently applied.

 

“Holder” means the Person
or Persons who shall from time to time own this Warrant.

 

“Knowledge” has the meaning
specified under the Investment Agreement.

 

“Law” has the meaning
specified under the Investment Agreement.

 

“Market Price” means,
with respect to the Common Stock or any other security, on any given day, the last sale price, regular way, or, in case no such
sale takes place on such day, the average of the closing bid and asked prices, regular way, of the shares of the Common Stock or
of such security, as applicable, on the principal exchange or market on which the Common Stock or such security, as applicable,
is so listed or quoted or, if the Common Stock or such other security is not so publicly traded, such fair market value as determined
by the Board consistent with the advice received from a nationally recognized independent investment banking firm retained by the
Company for this purpose.

 

“New Term Loan” means
the loans provided by the Lenders pursuant to the New Credit Agreement, such loans having an initial principal amount equal to
$500,000,000.

 

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

 

“Pro Rata Repurchase”
means any purchase of shares of Common Stock by the Company or any Affiliate thereof pursuant to (A) any tender offer or exchange
offer subject to Section 13(e) of the Exchange Act, or (B) pursuant to any other offer available to all or substantially all holders
of Common Stock, in each case whether for cash, shares of capital stock of the Company, other securities of the Company, evidences
of indebtedness of the Company or any other Person or any other property, or any combination thereof, effected while this Warrant
is outstanding; provided, however, that “Pro Rata Repurchase” shall not include any purchase of shares
by the Company or any Affiliate thereof made in accordance with the requirements of Rule 10b-18 as in effect under the Exchange
Act, via privately negotiated transactions or structured share repurchase transactions. The “Effective Date”
of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange under any tender or exchange offer
which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange
offer.

 

“Regulatory Determination”
means a determination made by the Holder in its sole discretion that (i) a transfer to a third party is reasonably necessary for
the Holder or any of its Affiliates to comply with any applicable Laws or (ii) beneficial ownership of the Warrant Shares by the
Holder or its Affiliates would require a filing, license, permit or authorization with or from any Governmental Authority (as defined
in the Investment Agreement) which the Holder determines would not be advisable to obtain or make.

 

“REIT Qualifying Dividend”
means a dividend or distribution necessary to maintain the Company’s status as a real estate investment trust under Sections
856 through 860 of the Code, or to avoid the payment by the Company or its subsidiaries (other than any “taxable REIT subsidiary,”
as defined in Section 856(l) of the Code) of any federal, state or local income or excise tax (including, but not limited to, Sections
857 and 4981 of the Code).

 

    13

     

    

 

“Term” has the meaning
specified in Section 1 hereof.

 

“Warrant” means this
Warrant and any other warrants of like tenor issued in substitution or exchange for any thereof pursuant to the provisions hereof.

 

“Warrant Exercise Price”
means $[], subject to adjustment as set forth herein.

 

“Warrant Share Number”
means [], subject to adjustment as set forth herein.

 

“Warrant Shares” means,
subject to Section 4(c), shares of Common Stock issuable upon exercise of this Warrant.

 

8.                 
Amendment and Waiver. Any term, covenant, agreement or condition in this Warrant may be amended, or compliance therewith
may be waived (either generally or in a particular instance and either retroactively or prospectively), by a written instrument
or written instruments executed by the Company and the Holder.

 

9.                 
Governing Law; Jurisdiction; Specific Performance.

 

(a)              
Governing Law and Enforcement. This Warrant shall be governed by, and construed in accordance with, the laws of the
State of New York, without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or
any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of New York.
All Actions arising out of or relating to this Warrant shall be heard and determined in any court located in New York State or
federal court sitting in the Borough of Manhattan in the City of New York (or, if such court lacks subject matter jurisdiction,
in any appropriate New York State or federal court) and the parties hereto hereby irrevocably submit to the exclusive jurisdiction
and venue of such courts in any such Action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction
to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this Section 9 shall not constitute
general consents to service of process in the State of New York and shall have no effect for any purpose except as provided in
this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that
service of process upon such party in any Action arising out of or relating to this Warrant shall be effective if notice is given
by overnight courier at the address set forth in Section 10 of this Warrant. The parties hereto agree that a final judgment
in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party’s rights to
seek any post-judgment relief regarding, or any appeal from, a final trial court judgment. The parties hereto agree that irreparable
damage for which monetary relief, even if available, would not be an adequate remedy, would occur in the event that the parties
hereto do not perform the provisions of this Warrant in accordance with its specified terms or otherwise breach such provisions.
Accordingly, the parties acknowledge and agree that the parties shall be entitled to seek an injunction or injunctions, specific
performance or other equitable relief to prevent breaches of this Warrant and to enforce specifically the terms and provisions
hereof in the courts without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled
under this Warrant, and this right of specific enforcement is an integral part of the terms of this Warrant. The parties agree
not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to Law or inequitable for any reason, and
agree not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate
remedy at law. The parties acknowledge and agree that any party shall not be required to provide any bond or other security in
connection with its pursuit of an injunction or injunctions to prevent breaches of this Warrant and to enforce specifically the
terms and provisions hereof.

 

    14

     

    

 

(b)              
Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
THAT MAY ARISE UNDER THIS WARRANT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH
PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO EXECUTE
THIS WAIVER BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 9.

 

10.             
Notices. All notices, requests, claims, demands and other communications under this
Warrant shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery
in person, by overnight courier service, by email with receipt confirmed, or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties hereto at the following respective addresses (or at such other address for
a party hereto as shall be specified in a notice given in accordance with this Section 10):

 

(a) If to the Holder:

 

[       ]

Attn:     [      ]

Phone:  [      ]

Email:    [      ]

with a copy to (which copy alone shall not constitute
notice):

 

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Attn:       Adam Weinstein

Daniel Serota

Phone:    (212) 839-5371

Fax:         (212) 839-5599

Email:      AWeinstein@sidley.com

Dserota@sidley.com

 

    15

     

    

 

(b) If to the Company:

 

MFA Financial, Inc.

350 Park Avenue, 20th Floor

New York, New York 10022

Attn:     General Counsel

Phone: 212-207-6454

Email:    Hschwartz@mfafinancial.com

       legal@mfafinancial.com

       

with a copy to (which copy alone shall not constitute
notice):

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, New York 10001

Attn:      David J. Goldschmidt

       Thomas Greenberg

Phone:   (212) 735-3574

Fax:        (917) 777-3574

Email:    David.Goldschmidt@skadden.com

      Thomas.Greenberg@skadden.com

 

11.             
Successors and Assigns. This Warrant and the rights evidenced hereby shall inure to
the benefit of and be binding upon the Company and the Holder and their respective successors and permitted assigns (subject to
Section 2(f) with respect to the Holder).

 

12.             
Modification and Severability. The provisions of this Warrant will be deemed severable
and the invalidity or unenforceability of any provision will not affect the validity or enforceability of any other provision hereof.
To the fullest extent permitted by law, if any provision of this Warrant, or the application thereof to any Person or circumstance,
is invalid or unenforceable (a) a suitable and equitable provision will be substituted therefor in order to carry out, so
far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder
of this Warrant and the application of such provision to other Persons, entities or circumstances will not be affected by such
invalidity or unenforceability.

 

    16

     

    

 

13.             
Interpretation. When a reference is made in this Warrant to a Section, such reference
shall be to a Section of this Warrant unless otherwise indicated. The headings contained in this Warrant are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Warrant. Whenever the words “include,”
 “includes” or “including” are used in this Warrant, they shall be deemed to be followed by
the words “without limitation.” The words “hereof,” “herein” and “hereunder”
and words of similar import when used in this Warrant shall refer to this Warrant as a whole and not to any particular provision
of this Warrant unless the context requires otherwise. The words “date hereof” when used in this Warrant shall
refer to the date of this Warrant. The terms “or,” “any” and “either”
are not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree
to which a subject or other thing extends, and such phrase shall not mean simply “if.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” All terms defined in this Warrant
shall have the defined meanings when used in any document made or delivered pursuant hereto unless otherwise defined therein. The
definitions contained in this Warrant are applicable to the singular as well as the plural forms of such terms and to the masculine
as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred to herein
or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended,
modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes)
by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein.
Unless otherwise specifically indicated, all references to “dollars” or “$” shall refer to
the lawful money of the United States. References to a Person are also to its permitted assigns and successors. When calculating
the period of time between which, within which or following which any act is to be done or step taken pursuant to this Warrant,
the date that is the reference date in calculating such period shall be excluded (unless otherwise required by Law, if the last
day of such period is not a Business Day, the period in question shall end on the next succeeding Business Day).

 

[Signature pages follow]

 

    17

     

    

 

IN WITNESS WHEREOF, the Company has duly
executed this Warrant.

 

	Dated:  June 26, 2020.	MFA FINANCIAL, INC.
	 	 
	 	By:	/s/ Harold E. Schwartz
	 	Name:	 Harold E. Schwartz
	 	Title:	Senior Vice President, General Counsel and Secretary

 

[Signature Page
to Warrant]

 

     

     

    

  

	Agreed and Acknowledged:	 
	 	 
	[       ]	 
	 	 
	By: 	/s/ [         ]	 
	 	 
	 	Name: 	[         ]	 
	 	Title:	[         ]	 

  

[Signature Page
to Warrant]

 

    

     

    

 

EXERCISE FORM

(To be executed by the registered holder hereof)

 

The undersigned registered owner of this
Warrant hereby irrevocably elects to exercise the right to purchase represented by the attached Warrant for, and to purchase thereunder,
_____________ shares of Common Stock, par value $0.01 per share (the “Common Stock”), of MFA FINANCIAL, INC.,
a Maryland corporation (the “Company”), as provided for therein, and in consideration therewith hereby agrees,
as indicated below, to pay the Warrant Exercise Price by either (A) tendering in cash, either by certified or cashier’s check
payable to the order of the Company or by wire transfer of immediately available funds to an account designated by the Company,
(B) by means of cashless exercise (as specified in Sections 2(b) and (c) of the Warrant), or (C) some combination of the foregoing,
in each case in accordance with the terms and conditions of the attached Warrant. All capitalized terms used but not defined in
this exercise form shall have the meanings ascribed thereto in the attached Warrant.

 

Method of Exercise (please initial the applicable
blank):

 

_____ The undersigned elects
to exercise the attached Warrant by means of a cash payment, and tenders herewith payment in full for the purchase price of the
shares of Common Stock being purchased, together with all applicable Transfer Taxes, if any.

 

_____ The undersigned elects
to exercise the attached Warrant pursuant to the cashless exercise provisions described in Section 2(b) and (c) of the Warrant.

 

_____ The undersigned elects
to exercise the attached Warrant by means of a partial payment in cash combined with a cashless exercise for the remainder, to
be allocated as follows:

 

______% Cash
payment

 

______% Cashless exercise

 

Please issue a certificate or certificates
representing the applicable number of Warrant Shares issuable pursuant to the Warrant in the name of the undersigned.

 

If said number of shares of Common Stock
shall not be all the shares of Common Stock issuable upon exercise of the attached Warrant, a new Warrant is to be issued in the
name of the undersigned for the balance remaining of such shares of Common Stock less any fraction of a share of Common Stock paid
in cash.

 

	Dated: 	 	 	Name of Holder
	 	 	 	 
	 	 	 	 
	 	 	 	Signature  	 
	 	 	 	Address	 

  

    A-1

     

    

 

ASSIGNMENT FORM

(To be executed by the registered holder hereof)

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ___________ the within Warrant and all rights evidenced thereby and does irrevocably constitute and appoint ___________,
attorney, to transfer the said Warrant on the books of the within named corporation.

  

	Dated:	 	 	Signature  	 
	 	 	 	Address	 

  

PARTIAL ASSIGNMENT

(To be executed by the registered holder hereof)

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto ___________ the right to purchase shares of the Common Stock issuable upon exercise of the attached
Warrant, and does irrevocably constitute and appoint ___________, attorney, to transfer that part of the said Warrant on the books
of the within named corporation.

 

	Dated:	 	 	Signature  	 
	 	 	 	Address	 

  

FOR USE BY THE ISSUER ONLY:

 

This Warrant No. W-1 cancelled (or transferred
or exchanged) this day of _________, 20__, ___________ shares of Common Stock issued therefor in the name of ______________, Warrant
No. W-1 issued for shares of Common Stock in the name of ___________.

  

    A-2

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