Document:

Exhibit 10.3

 

 

EXECUTION
VERSION

 

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

by 

 

HUNT COMPANIES
FINANCE TRUST, INC.

 

and

 

OREC INVESTMENT
HOLDINGS, LLC

 

DATED
AS OF JANUARY 3, 2020

 

 

 

 

 

     

     

    

TABLE
OF CONTENTS

 

Page

 

 

	SECTION 1.	Definitions	1
	SECTION 2.	Request for Registration (Demand Registration)	2
	SECTION 3.	Company Registration (Piggyback Registration)	3
	SECTION 4.	Obligations of the Company	4
	SECTION 5.	Furnish Information	5
	SECTION 6.	Expenses of Registration	6
	SECTION 7.	Underwriting Requirements	6
	SECTION 8.	Delay of Registration	6
	SECTION 9.	Market Stand-Off Agreement	6
	SECTION 10.	Indemnification	7
	SECTION 11.	No Inconsistent Agreements	9
	SECTION 12.	Miscellaneous	9

 

 

 

    i 

     

    

REGISTRATION
RIGHTS AGREEMENT

 

REGISTRATION
RIGHTS AGREEMENT, dated as of January 3, 2020 (this “Agreement”), between Hunt Companies Finance Trust,
Inc., a Maryland corporation (the “Company”) and OREC Investment Holdings, LLC, a Delaware limited liability
company (“ORIX”).

 

RECITALS

 

WHEREAS,
the Company and ORIX entered into a Securities Purchase Agreement, dated as of the date hereof, (“Securities Purchase
Agreement”) for the purchase of 1,246,719 of shares of the Company’s Common Stock;

 

WHEREAS,
the Securities Purchase Agreement provides that the Company shall grant registration rights to ORIX as set forth herein; and

 

WHEREAS,
the board of directors of the Company (the “Board”) has determined that it is in the best interests of the
Company that the Company enter into this Agreement.

 

NOW,
THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby mutually acknowledged, the parties hereto further covenant and agree as follows:

 

SECTION
1.Definitions. The following terms have the following meanings:

 

“Affiliate”
shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls,
is controlled by or is under common control with such first Person. No holder of Registrable Securities nor any of its Affiliates
shall be deemed to be an “Affiliate” of the Company for purposes of this Agreement.

 

“Agreement”
shall have the meaning set forth in the Preamble to this Agreement, as the same may be amended, modified or supplemented from
time to time in accordance with the terms hereof.

 

“Board”
shall have the meaning set forth in the Recitals to this Agreement.

 

“Common
Stock” shall mean the common stock, par value $0.01, of the Company, any securities into which such shares of common
stock shall have been changed, or any securities resulting from any reclassification, recapitalization or similar transactions
with respect to such shares of common stock.

 

“Company”
shall have the meaning set forth in the Preamble to this Agreement.

 

“Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as amended and the rules and regulations promulgated
thereunder, or any similar successor statute, as in effect at the time.

 

     1

     

    

“Indemnified
Beneficiary” shall have the meaning assigned to such term in Section 11(c) of this Agreement.

 

“Indemnified
Party” shall have the meaning assigned to such term in Section 11(a) of this Agreement.

 

“Indemnified
Person(s)” shall have the meaning assigned to such term in Section 11(b) of this Agreement.

 

“Independent
Directors” shall mean the members of the Board who are not officers or employees of the Shareholder or any Affiliate
thereof and who otherwise are “independent” in accordance with the rules of the NYSE or such other securities exchange
on which the Common Stock are listed.

 

“Person”
shall mean an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization
or other enterprise, or any governmental or political subdivision or agency, bureau, department or instrumentality thereof.

 

“register,”
“registered” and “registration” shall mean a registration effected by preparing and filing
a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such registration statement or document.

 

“Registrable
Securities” shall mean the shares of Common Stock issued to Shareholder pursuant to the Securities Purchase Agreement,
any and all shares of Common Stock owned or hereafter acquired by Shareholder and any other securities issued or issuable with
respect to such shares of Common Stock by way of share split, share dividend, recapitalization, exchange or similar event or otherwise.

 

“SEC”
shall mean the United States Securities and Exchange Commission.

 

“Securities
Act” shall mean the United States Securities Act of 1933, as amended and the rules and regulations promulgated thereunder,
or any similar successor statute, as in effect at the time.

 

“Securities
Purchase Agreement” shall have the meaning assigned to such term in the Recitals to this Agreement.

 

“Shareholder”
means ORIX or its permitted assigns, as the case may be.

 

“Violation”
shall have the meaning assigned to such term in Section 11(a) of this Agreement.

 

SECTION
2.Request for Registration (Demand Registration).

 

(a)       Subject
to Section 2(c), upon the written request from the Shareholder that the Company file a registration statement on an appropriate
form under the Securities Act covering some or all of the registration of the Registrable Securities then owned by the Shareholder,
then the Company shall file as soon as reasonably practicable, and in any event within ninety (90) days of the receipt of such
request, a registration statement under the Securities Act covering such Registrable Securities.

 

     2

     

    

(b)       Notwithstanding
the foregoing, if the Company shall furnish to the Shareholder requesting a registration statement pursuant to this Section 2,
a certificate signed by the chief investment officer or another responsible officer of the Company stating that in the good faith
judgment of a majority of the Independent Directors, the filing of such registration statement would materially interfere with
or otherwise adversely affect in any material respect any financing, acquisition, corporate reorganization or other material transaction
or development involving the Company, or that would be materially detrimental to the Company and its stockholders because such
filing would (A) require premature disclosure of material information that the Company has a bona fide business purpose for preserving
as confidential; or (B) render the Company unable to comply with requirements under the Securities Act or Exchange Act, the Company
shall have the right to defer taking action with respect to such filing for a period of not more than sixty (60) days after receipt
of the request of the Shareholder; provided, however, that the Company may not utilize this right more than twice
in any twelve (12)-month period.

 

(c)       Shareholder
shall have the right to request registration pursuant to this Section 2 an aggregate of two (2) times in any twelve (12)-month
period; provided, that each such registration remain effective under the Securities Act until the earlier of (1) an aggregate
of ninety (90) days after the effective date thereof and (2) the consummation of the distribution by the holders participating
in such registration of all of the Registrable Securities covered thereby.

 

(d)       In
addition, the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section
2 for the Shareholder during the period starting with the date sixty (60) days prior to the Company’s good faith estimate
of the date of filing of, and ending on a date ninety (90) days after the effective date of, a registration subject to Section
3 hereof; provided, however, that the Company is actively employing in good faith all commercially reasonable efforts
to cause such registration statements to become effective.

 

SECTION
3.Company Registration (Piggyback Registration). 

 

If
the Company, directly or indirectly through an Affiliate established for such purpose, proposes to register (including for this
purpose a registration effected by the Company for equity owners other than the Shareholder) any of its Common Stock under the
Securities Act in connection with a public offering of such Common Stock (other than pursuant to a registration statement on Form
S-8 or any successor to such Form), the Company shall, at such time, promptly give Shareholder written notice of such registration
setting forth the date on which the Company proposes to file such registration statement (which date shall be no earlier than
thirty (30) days from the date of such notice). Upon the written request of Shareholder given within twenty (20) days after sending
such notice by the Company in accordance with Section 12(l), the Company shall cause to be registered under the Securities Act
all of the Registrable Securities that each Shareholder has requested to be registered and take any and all other actions reasonably
necessary under United States federal or state laws or otherwise to permit such Shareholder to effect the proposed sale or other
disposition of such Registrable Securities. The Company shall have the right to terminate or withdraw any registration statement
contemplated by this Section 3, whether or not Shareholder has elected to include any Registrable Securities in such registration.

 

     3

     

    

If
the managing underwriter or underwriters of any proposed underwritten offering of Registrable Securities included in a Piggyback
Registration informs the Company and each Shareholder that has requested to participate in such Piggyback Registration, in writing
that, in its or their opinion, the number of securities which such Shareholder and any other Persons intend to include in such
offering in accordance with the terms of this Section 3 exceeds the number which can be sold in such offering without being likely
to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities
offered, then the securities to be included in such registration shall be (i) first, 100% of the securities that the Company
or any Person (other than a Shareholder) who exercised a contractual right to demand registration, as the case may be, proposes
to sell; and (ii) second, and only if all the securities referred to in clause (i) have been included, the number of that,
in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect on such registration,
which such number shall be allocated pro rata among the Shareholders and any other Person to whom the Company has a contractual
obligation on the date hereof to include in any such registration based on the relative number of the securities requested to
be registered by such holders.

 

SECTION
4.Obligations of the Company. Whenever required under Sections 2 or 3 to effect the registration of any Registrable
Securities, the Company shall:

 

(a)       Prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use all commercially reasonable
efforts to cause such registration statement to become effective, and keep such registration statement effective until the completion
of the distribution contemplated in the registration statement; provided, however, that before filing such registration
statement or amendments thereto, the Company will furnish to the Shareholder copies of all such documents proposed to be filed
and afford Shareholder a reasonable opportunity to comment thereon;

 

(b)       Subject
to Section 4(a) above, prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such registration statement until the earlier of such time as all of such
securities have been disposed of in accordance with the intended methods of disposition set forth in the applicable registration
statement;

 

(c)       Furnish
to the holders of Registrable Securities such number of copies of a prospectus, including a preliminary prospectus, in conformity
with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the
disposition of Registrable Securities owned by them;

 

(d)       Use
all commercially reasonable efforts to register and qualify the securities covered by such registration statement under the securities
or Blue Sky laws of such jurisdictions as shall be reasonably requested by the holders of Registrable Securities; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business
or to file a general consent to service of process in any such jurisdictions;

 

     4

     

    

(e)       In
the event of any underwritten public offering, use all commercially reasonable efforts to enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering and, in connection
therewith, the Company shall cooperate with the underwriter and shall attend such meetings and travel to such places to aid in
the marketing of such underwritten public offering as the underwriter may reasonably request;

 

(f)       Notify
each participating Shareholder at any time when the Company is notified or becomes aware that a prospectus relating thereto is
required to be delivered under the Securities Act of the happening 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 in the light of the circumstances then
existing;

 

(g)       Use
all commercially reasonable efforts to cause all such Registrable Securities registered pursuant hereto be listed on each securities
exchange on which similar securities issued by the Company are then listed;

 

(h)       Provide
a transfer agent and registrar for all Registrable Securities registered pursuant hereto and a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration statement;

 

(i)       In
the event of an underwritten public offering, use all commercially reasonable efforts to obtain, at the request of any holder
requesting registration of Registrable Securities pursuant to this Agreement, on the date that such Registrable Securities are
delivered to the underwriters for sale in connection with a registration effected pursuant to this Agreement, if such securities
are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration
statement with respect to such securities becomes effective, (i) an opinion, dated such date, of the 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, and to the holders requesting registration of Registrable Securities and
(ii) a letter, 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, if any, and to the holders requesting registration of Registrable Securities; and

 

(j)       Take
such other customary and reasonable actions as a Shareholder may reasonably request in order to facilitate the distribution of
its Registrable Securities.

 

SECTION
5.Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant
to this Agreement with respect to the Registrable Securities of a Shareholder that such Shareholder shall furnish to the Company
such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities
as shall be reasonably required to effect the registration of such Shareholder’s Registrable Securities; provided,
however, that under no circumstances will a Shareholder be obligated to make representations or provide indemnities except
with respect to information

 

     5

     

    

reasonably
required with respect to itself, the securities proposed to be sold by it and the intended method of disposition of such securities
by such Shareholder, or such other representations as required by law.

 

SECTION
6.Expenses of Registration. All expenses (other than underwriting discounts and commissions, which shall be borne by
the Shareholder) incurred in connection with registrations, filings or qualifications pursuant to Sections 2 or 3, including (without
limitation) all registration, filing and qualification fees, SEC and state “Blue Sky” filings, printers’ and
accounting fees (including the cost of “cold comfort” letters, if required), fees and disbursements of counsel for
the Company and fees and disbursements of one counsel for all the holders, shall be borne by the Company; provided, however, that
the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2 if the registration
request is subsequently withdrawn at the request of the initiating Shareholder (in which case all participating holders shall
severally and proportionally bear such expenses), unless the initiating Shareholder agrees to forfeit its right to one demand
registration pursuant to Section 2 for each such withdrawal.

 

SECTION
7.Underwriting Requirements. Notwithstanding anything herein to the contrary, in connection with any offering involving
an underwriting of equity interests of the Company, the Company shall not be required under Sections 2 or 3 to include any of
a Shareholder’s Registrable Securities in such underwriting unless (i) in the case of registrations under Section 2, after
such Shareholder’s reasonable opportunity to review and comment on the terms of the underwriting proposed by the underwriter,
such Shareholder accepts the terms of the underwriting as agreed upon among the Company, such Shareholder and the underwriter,
or (ii) in the case of registrations under Section 3, such Shareholder accepts the terms of the underwriting as agreed upon between
the Company and the underwriters, and then only in such quantity as the underwriters determine in their sole discretion will not
jeopardize the success of the offering by the Company; provided, however, that under no circumstances will the Shareholder
be obligated to make representations or provide indemnities except with respect to information reasonably required to be furnished
pursuant to Section 5 or such other representations as required by law.

 

SECTION
8.Delay of Registration. Shareholder shall not have any right to obtain or seek an injunction restraining or otherwise
delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation
of this Agreement.

 

SECTION
9.Market Stand-Off Agreement. The Company and Shareholder agree, in the event requested by the managing underwriter(s)
in connection with an underwritten public offering of securities of the Company, (a) not to sell, make short sales of, loan, grant
any options for the purchase of, or otherwise dispose of any securities of the Company of the same or a similar class as the securities
of the Company that are the subject of such underwritten public offering (other than those securities included in such public
offering) without the prior written consent of the managing underwriter(s) for a period equal to the shorter of (i) forty-five
(45) days in the case of any underwritten public offering and (ii) the period requested by the managing underwriter(s); and (b)
to execute an agreement reflecting (a) above as may be reasonably requested by such managing underwriter(s).

 

     6

     

    

SECTION
10.Indemnification. In the event any Registrable Securities are included in a registration statement pursuant to this
Agreement:

 

(a)       To
the full extent permitted by law, the Company will indemnify and hold harmless Shareholder, and each officer, director, employee,
Affiliate and each Person, if any, who controls such holder within the meaning of the Securities Act or the Exchange Act (any
of the foregoing Persons, an “Indemnified Party”), against any losses, claims, damages, or liabilities (joint
or several) to which they may become subject under the Securities Act, or the Exchange Act or other federal or state securities
law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any
of the following statements, omissions or violations (collectively, a “Violation”): (A) any untrue statement
or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus
or final prospectus contained therein or any amendments or supplements thereto, (B) the omission or alleged omission to state
therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (C) any
violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or
regulation promulgated under any state securities law; and, the Company will pay to each Indemnified Party, as incurred, any legal
or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability,
or action; provided, however, that the indemnity agreement contained in this Section 11(a) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of
the Company (which consent shall not be unreasonably withheld, delayed or conditioned); provided further, however,
that the Company shall not be liable to an Indemnified Party in any such case for any such loss, claim, damage, liability or action
to the extent that it arises out of or is directly based upon a Violation which occurs in reliance upon and in conformity with
written information furnished by such Indemnified Party pursuant to Section 5 for use in connection with such registration, or
which results from the failure of an Indemnified Party to deliver a final, amended or supplemental prospectus that was furnished
to such Indemnified Party and required to be delivered if the Violation would not have occurred if the delivery by such Indemnified
Party had been made.

 

(b)       To
the full extent permitted by law, each Shareholder that is selling Registrable Securities, will indemnify and hold harmless the
Company, each of its directors, officers, employees and Affiliates, and each Person, if any, who controls the Company within the
meaning of the Securities Act or the Exchange Act, any other holder selling securities in such registration statement and any
controlling Person of any such other holder (any of the foregoing Persons, an “Indemnified Person(s)”), against
any losses, claims, damages or liabilities (joint or several) to which any of such Indemnified Persons may become subject under
the Securities Act, the Exchange Act or state securities law, insofar as such losses, claims, damages or liabilities (or actions
in respect thereto) arise out of or are directly based upon any Violation, in each case to the extent (and only to the extent)
that such Violation occurs in reliance upon and in conformity with written information furnished by such Shareholder pursuant
to Section 5 for use in connection with such registration; and each such Shareholder will pay, as incurred, any legal or other
expenses reasonably incurred by any such Indemnified Person in connection with investigating or defending any such loss, claim,
damage, liability, or action; provided, however, that the indemnity agreement contained in this Section 11(b) shall
not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected

 

     7

     

    

without
the consent of the applicable Shareholder, which consent shall not be unreasonably withheld, delayed or conditioned. In no event
shall any indemnity under this Section 11(b) exceed the gross proceeds from the offering received by such Shareholder.

 

(c)       Promptly
after receipt by an Indemnified Party or Indemnified Person, as applicable (the applicable Indemnified Party or Indemnified Person,
an “Indemnified Beneficiary”) under this Section 11(c) of written notice of the commencement of any action
(including any governmental action), such Indemnified Beneficiary will, if a claim in respect thereof is to be made against any
indemnifying party under this Section 11(c), deliver to the indemnifying party a written notice of the commencement thereof and
the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with
any other indemnifying party similarly noticed, to assume the defense of the action with respect to such claim with counsel mutually
and reasonably satisfactory to the parties; provided, however, that an Indemnified Beneficiary (together with all
other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate
counsel, reasonably acceptable to the indemnifying party, with the reasonable fees and expenses of such counsel to be paid by
the indemnifying party, if representation of such Indemnified Beneficiary by the counsel retained by the indemnifying party would
be inappropriate due to actual or potential differing interests between such Indemnified Beneficiary and any other party represented
by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of
the commencement of any such action, only if such failure materially prejudices the ability of the indemnifying party to defend
such action, shall relieve such indemnifying party of any liability to the extent of such material prejudice to the Indemnified
Beneficiary under this Section 11, but the omission so to deliver written notice to the indemnifying party will not relieve the
indemnifying party of any liability that the indemnifying party may have to any Indemnified Beneficiary otherwise than under this
Section 11.

 

(d)       If
the indemnification provided for in this Section 11 is unavailable to an Indemnified Beneficiary with respect to any loss, liability,
claim, damage, or expense referred to herein, then the indemnifying party, in lieu of indemnifying such Indemnified Beneficiary
hereunder, shall contribute to the amount paid or payable by such Indemnified Beneficiary as a result of such loss, liability,
claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of the Indemnified Beneficiary on the other in connection with the statements or omissions that resulted in such
loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying
party and of the Indemnified Beneficiary shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying
party or by the Indemnified Beneficiary and the parties’ relative intent, knowledge, access to information, and opportunity
to correct or prevent such statement or omission provided, however, that, in any such case, no Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation.

 

(e)       Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in

 

     8

     

    

connection
with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement
shall control; provided, however, that any Indemnified Beneficiary hereunder has executed such underwriting agreement
or otherwise has consented in writing to such provisions in the underwriting agreement.

 

(f)       The
obligations of the Company and the Shareholder under this Section 11 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Agreement, and otherwise.

 

SECTION
11.No Inconsistent Agreements. The Company represents, warrants and covenants and agrees that it has not granted, and
shall not grant, registration rights with respect to any securities of the Company that would conflict with its obligations under
the terms of this Agreement or that would grant any Person the right to include any securities in any demand registration effected
pursuant to Section 2 of this Agreement.

 

SECTION
12.Miscellaneous.

 

(a)       Amendments
and Waivers. Except as otherwise provided in the following sentence, any provision of this Agreement may be amended or waived,
if, but only if, such amendment or waiver is in writing and is signed by the Company and the Shareholder.

 

(b)       Expenses.
Except as otherwise expressly provided herein, all costs and expenses incurred by a party in connection with the negotiation,
execution and delivery of this Agreement shall be paid by the Person incurring such cost or expense.

 

(c)       Successors
and Assigns. The rights and obligations of each party hereto may not be assigned, in whole or in part, without the written
consent of (i) the Company and (ii) ORIX; provided, however, that notwithstanding the foregoing, the rights and obligations set
forth herein may be assigned, in whole or in part, by ORIX to any transferee of Registrable Securities provided that such transferee
shall only be admitted as a party hereunder upon its, his, or her execution and delivery of a joinder agreement, in form and substance
acceptable to ORIX, agreeing to be bound by the terms and conditions of this Agreement as if such Person were a party hereto (together
with any other documents that ORIX determines is necessary to make such Person a party hereto), whereupon such Person will be
treated as a holder of Registrable Securities for all purposes of this Agreement, with same rights, benefits and obligations hereunder
as the transferring holder with respect to the transferred Registrable Securities.

 

(d)       No
Waiver. No failure or delay by any party hereto in exercising any right, power or privilege under this Agreement 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, power or privilege. The rights and remedies herein and therein provided shall be cumulative and not exclusive
of any rights or remedies provided by law.

 

(e)       Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.

 

(f)       Venue.
EXCLUSIVE VENUE FOR ANY ACTION RELATING TO THIS AGREEMENT SHALL BE MAINTAINED IN THE COURTS LOCATED IN

 

     9

     

    

MARYLAND.
EACH PARTY HERETO HEREBY CONSENTS TO PERSONAL JURISDICTION AND SERVICE OF PROCESS IN THE STATE OF MARYLAND FOR MATTERS THAT ARISE
OUT OF THIS AGREEMENT.

 

To
the extent permitted by applicable law, each party hereto waives and agrees not to assert, by way of motion, as a defense or otherwise
in any such action, any claim (i) that it is not subject to the personal jurisdiction and service of process in the State of New
York, (ii) that the action is brought in an inconvenient forum, (iii) that it is immune from any legal process with respect to
itself or its property, (iv) that the venue of the suit, action or proceeding is improper or (v) that this Agreement, or the subject
matter hereof, may not be enforced in or by any court of competent jurisdiction located within the State of New York.

 

(g)       Submission
to Jurisdiction; Waiver of Jury Trial. No proceeding related to this Agreement may be commenced, prosecuted or continued in
any court other than the courts of the State of New York located in the City and County of New York or in the United States District
Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the
Company and each other party hereto hereby consents to the jurisdiction of such courts and personal service with respect thereto.
The Company and each other party hereto hereby waives all right to trial by jury in any proceeding (whether based upon contract,
tort or otherwise) in any way arising out of or relating to this Agreement. The Company and each other party hereto agree that
a final judgment in any such proceeding brought in any such court shall be conclusive and binding upon the Company and such other
party and may be enforced in any other courts in the jurisdiction of which the Company and such other party are or may be subject,
by suit upon such judgment.

 

(h)       Third
Party Beneficiaries. Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon any Person
not a party hereto (other than those Persons entitled to indemnity or contribution under Section 11, each of whom shall be a third
party beneficiary thereof) any right, remedy or claim under or by virtue of this Agreement.

 

(i)       Limitation
on Damages. No punitive or consequential damages may be awarded in any action, suit or proceeding arising under or as a result
of this Agreement.

 

(j)       Severability.
Any term or provision of this Agreement that is determined to be invalid or unenforceable shall be ineffective to the extent of
such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement.

 

(k)       Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery or any courier
guaranteeing overnight delivery (such as FedEx), addressed to the applicable party at the address set forth below and as set forth
on Schedules I, II and III, or such other address as may hereafter be designated in writing by such party to the other parties
in accordance with the provisions of this Section:

 

(a)           if
to the Company:

 

Hunt Companies Finance
Trust, Inc.

230 Park Avenue, 19th
Floor

 

     10

     

    

New York, New York 10169

Attention:James Flynn

Telephone:(212) 521-6339

Email:james.flynn@huntcompanie.com

 

With a copy to:

 

Dentons US LLP

1221 Avenue of the Americas

New York, NY 10020-1089

Attention:Paul D.
Tvetenstrand, Esq.

Fax:(212) 768-6800

Email:paul.tvetenstrand@dentons.com

 

(b)           if
to Investor:

 

OREC
Investment Holdings, LLC

c/o
ORIX Corporation USA

1717
Main Street, Suite 1000

Dallas,
Texas 75201

Attention: Ryan Farha

Telephone: 212-237-2000

Email:
ryan.farha@orix.com

 

With
a copy to:

 

Davis
Polk & Wardwell LLP

450
Lexington Avenue

New
York, NY 10017

Attention:Michael
Davis

Fax:(212)
450-5184

Email:michael.davis@davispolk.com

 

(l)       Captions.
The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation
hereof.

 

(m)       Entire
Agreement. This Agreement constitute the entire agreement between the parties with respect to the subject matter of this Agreement
and all other prior agreements and understandings with respect to the subject matter of this Agreement, whether oral or written,
and there are no other representations, warrantees, covenants or other agreements except as stated or referred to herein or therein.

 

(n)       Counterparts;
Facsimile Signatures. This Agreement may be executed in counterparts, each of which shall be an original, with the same effect
as if the parties executing the counterparts had all executed one instrument. This Agreement may be executed and delivered by
facsimile, and any such facsimile shall be treated for all purposes of this Agreement as an original.

 

     11

     

    

(o)       No
Partnership Intended. The parties hereto do not intend to be partners to one another or partners to any third party solely
as a result of the operation of this Agreement.

 

(p)       Term.
This Agreement shall terminate with respect to any Shareholder (i) for those Shareholders that beneficially own (as determined
in accordance with Section 13(d) of the Exchange Act) less than one percent (1%) of the Company’s outstanding Common Stock,
if all of the Registrable Securities then owned by such Shareholder could be sold in any ninety (90)-day period pursuant to Rule
144 under the Securities Act or (ii) as to any Shareholder, if all of the Registrable Securities held by the Shareholder have
been sold in a registration pursuant to the Securities Act or pursuant to an exemption therefrom. Notwithstanding the foregoing,
the provisions of Sections 1, 6, 8, 10 and 12 shall survive any such termination. Upon the written request of the Company, each
Shareholder agrees to promptly deliver a certificate to the Company setting forth the number of Registrable Securities then beneficially
owned by such Shareholder.

 

(q)       General
Interpretive Principles. For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise
requires:

 

(i)       the
terms defined in this Agreement include the plural as well as the singular, and the use of any gender herein shall be deemed to
include any other gender;

 

(ii)       accounting
terms not otherwise defined herein have the meanings given to them in the United States in accordance with GAAP;

 

(iii)       references
herein to “Sections”, “clauses”, “paragraphs” and other subdivisions with reference to a document
are to designated Sections, clauses, paragraphs and other subdivisions of this Agreement;

 

(iv)       a
reference to a clause or paragraph without further reference to a Section is a reference to such clause or paragraph as contained
in the same Section in which the reference appears, and this rule shall also apply to other subdivisions;

 

(v)       the
words “herein”, “hereof,” “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular provision;

 

(vi)       the
term “include” or “including” shall mean without limitation by reason or enumeration; and

 

(vii)       the
term “or” is used in the inclusive sense of “and/or.”

 

[Remainder
of Page Intentionally Left Blank]

 

     12

     

    

IN
WITNESS WHEREOF, the undersigned have executed this Agreement on the date first written above..

 

 

	 	HUNT COMPANIES FINANCE TRUST, INC.
	 	 
	 	 
	 	By:	/s/ James P. Flynn
	 	 	Name: James P. Flynn
	 	 	Title: Chief Executive Officer

 

 

 

[Signature
Page to Registration Rights Agreement]

 

     

     

    

IN
WITNESS WHEREOF, the undersigned have executed this Agreement on the date first written above.

 

	 	OREC
INVESTMENT HOLDINGS, LLC
	 	 
	 	 
	 	By:	/s/ Robert T. Kirkwood
	 	 	Name: Robert T. Kirkwood
	 	 	Title: Chief Financial Officer

 

 

 

 

 

[Signature
Page to Registration Rights Agreement]Exhibit 10.4

 

EXECUTION
VERSION 

 

 

 

 

 

 

	 

                                                                                          

                                                                                         TERMINATION
                                         AGREEMENT

         

        by
        and between

         

        HUNT
        INVESTMENT MANAGEMENT, LLC

         

        and

         

        HUNT
        COMPANIES FINANCE TRUST, INC.

         

        Dated
        as of January 3, 2020

         

         

 

 

 

 

 

 

 

NO
AGREEMENT, ORAL OR WRITTEN, REGARDING OR RELATING TO ANY OF THE MATTERS COVERED BY THIS DRAFT AGREEMENT HAS BEEN ENTERED INTO
BETWEEN THE PARTIES. THIS DOCUMENT, IN ITS PRESENT FORM OR AS IT MAY BE HEREAFTER REVISED BY ANY PARTY, WILL NOT BECOME A BINDING
AGREEMENT OF THE PARTIES UNLESS AND UNTIL IT HAS BEEN SIGNED BY ALL PARTIES.

 

     

     

    

TABLE
OF CONTENTS

 

Page

 

	Article I Definitions	1 
	Section 1.1	Definitions	1 
	Section 1.2	Interpretive Provisions	4 
	Article II Termination and Release	5 
	Section 2.1	Termination of Management Agreement; Waiver
    of Termination Fee.	5 
	Section 2.2	HIM Release	5 
	Section 2.3	Covenant Not to Sue	6 
	Article III Transition Assistance	6 
	Section 3.1	Books and Records.	6 
	Section 3.2	Transition Under the Management Agreement	7 
	Section 3.3	Further Assurances	7 
	Section 3.4	Confidentiality	7 
	Section 3.5	Insurance	8 
	Section 3.6	Public Announcements	8 
	Article IV Representations and warranties of HIM	8 
	Section 4.1	Organization and Qualification of HIM	8 
	Section 4.2	Authority of HIM and Enforceability	8 
	Section 4.3	Non-Contravention	9 
	Section 4.4	Legal Proceedings; Governmental Orders.	9 
	Section 4.5	Compliance With Laws	9 
	Section 4.6	Brokers	10 
	Article V Representations and warranties of HCFT	10 
	Section 5.1	Organization and Qualification of HCFT	10 
	Section 5.2	Authority of HCFT and Enforceability	10 
	Section 5.3	Brokers	10 
	Article VI Miscellaneous	10 
	Section 6.1	Expenses	10 
	Section 6.2	Notices	10 
	Section 6.3	Headings	11 
	Section 6.4	Severability	11 
	Section 6.5	Entire Agreement	11 

 

    i 

     

    

 

	Section 6.6	Schedules and Exhibits.	11 
	Section 6.7	Successors and Assigns	12 
	Section 6.8	No Third-Party Beneficiaries	12 
	Section 6.9	Amendment and Modification; Waiver	12 
	Section 6.10	Mutual Drafting	12 
	Section 6.11	Governing Law	12 
	Section 6.12	Consent to Jurisdiction and Service of Process.	12 
	Section 6.13	WAIVER OF JURY TRIAL	13 
	Section 6.14	Specific Performance	13 
	Section 6.15	Counterparts	13 
	Section 6.16	Non-recourse	 

 

 

 

    ii 

     

    

TERMINATION
AGREEMENT

 

This
TERMINATION AGREEMENT, dated as of January 3, 2020 (this “Agreement”), is made and entered into by and between
Hunt Investment Management, LLC, a Delaware limited liability company (“HIM”), and Hunt Companies Finance Trust,
Inc. (f/k/a Five Oaks Investment Corp.), a Maryland corporation (“HCFT”).

 

RECITALS

 

WHEREAS,
HIM and HCFT are party to that certain Management Agreement, dated as of January 18, 2018, as modified by that certain Support
Agreement, dated as of March 18, 2019, by and between HCFT and HIM (the “Management Agreement”), by and between
HIM and HCFT, pursuant to which HIM provides external management and other advisory services to HCFT (the “Business”);

 

WHEREAS,
HIM and HCFT desire to terminate the Management Agreement (the “Termination”);

 

WHEREAS,
HIM and HCFT have agreed that the Termination will not trigger payment of any Termination Fee (as such term is defined in the
Management Agreement) and HIM desires to hereby irrevocably waive any right to receive a Termination Fee;

 

WHEREAS,
immediately following the Termination, HCFT has agreed to enter into a new Management Agreement, dated as of the date hereof,
by and between OREC Investment Management, LLC, a Delaware limited liability company (“ORIX”), and HCFT (the
“New Management Agreement”), which will govern the terms upon which ORIX will provide external management and
other advisory services to HCFT from and after the Termination; and

 

WHEREAS,
HIM has agreed to enter into a Transition Agreement with ORIX which provides, among other things, that HIM will provide certain
transition assistance to ORIX in connection with ORIX becoming the new external manager of HCFT (the “Transition Agreement”).

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements contained in
this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties to this Agreement, intending to be legally bound, agree as follows:

 

Article
I

Definitions

 

Section
1.1Definitions. The following capitalized terms shall have the following meanings for all purposes of this Agreement:

 

“Action”
means any action, cause of action, claim, demand, arbitration, hearing, charge, complaint, examination, indictment, litigation,
suit, inquiry, audit, notice of violation, proceeding, citation, summons, subpoena or investigation of any nature, civil, criminal,
administrative, regulatory or otherwise, whether at law or in equity.

 

     1

     

    

“Affiliate”
means, with respect to any specified Person, any other Person that directly or indirectly controls, is controlled by, or is under
common control with, such specified Person. For the purposes of this definition, the term “control,” when used
with respect to any specified Person, means the power to direct or cause the direction of the management or policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have correlative meanings.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Announcement”
has the meaning set forth in ‎Section 3.6.

 

“Books
and Records” means originals, or where not available, copies, of all books and records relating in any way to Business,
the Management Agreement (including HIM’s performance of services thereunder) or HCFT, including books of account, ledgers
and general, financial and accounting records, Tax returns (or portions thereof), machinery and equipment maintenance files, customer
and distributor lists, customer and distributor purchasing histories, price lists, distribution lists, supplier lists, production
data, sourcing data, quality control records and procedures, customer complaints and inquiry files, research and development files,
records and data (including all correspondence with any Governmental Authority), sales material and records (including pricing
history, total sales, terms and conditions of sale, sales and pricing policies and practices), strategic plans, internal financial
statements, marketing and promotional surveys, material and research and files.

 

“Business”
has the meaning set forth in the recitals.

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are
authorized or required by Law to close.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Contract”
means any contract, agreement, indenture, note, bond, loan, lease, sublease, conditional sales contract, mortgage, license, sublicense,
franchise agreement, obligation, right, instrument, promise, undertaking, commitment or other binding arrangement or understanding
(in each case, whether written or oral).

 

“Enforceability
Exceptions” means (a) any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar
Laws affecting creditors’ rights generally and (b) general principles of equity.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or
instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory
authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any
Governmental Authority.

 

     2

     

    

“HCFT”
has the meaning set forth in the preamble.

 

“HIM”
has the meaning set forth in the preamble.

 

“HIM’s
Knowledge” or any other similar knowledge qualification, means the actual or constructive knowledge of any of Jim Flynn,
Mike Larsen or Paul Donnelly, in each case, after due inquiry.

 

“Investment
Advisers Act” means the Investment Advisers Act of 1940, as amended.

 

“Investment
Company Act” means the Investment Company Act of 1940, as amended.

 

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.

 

“Liability”
means any liability, obligation, debt or commitment of whatever kind or nature whatsoever (whether known or unknown, whether asserted
or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether matured or unmatured, whether liquidated
or unliquidated and whether due or to become due or otherwise) regardless of when arising.

 

“Management
Agreement” has the meaning set forth in the recitals.

 

“New
Management Agreement” has the meaning set forth in the recitals.

 

“ORIX”
has the meaning set forth in the recitals.

 

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

 

“Representative”
means, with respect to any Person, any and all managers, directors, officers, employees, trustees, control persons, partners,
stockholders, equity holders, members, consultants, financial advisors, counsel, accountants and other agents of such Person.

 

“Tail
Policy” has the meaning set forth in ‎Section 3.5.

 

“Taxes”
means (a) all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, documentary,
franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated,
excise, severance, environmental, stamp, occupation, premium, property (real or personal), real property gains, windfall profits,
customs, duties or other taxes, fees, assessments or charges of any kind whatsoever; (b) any interest, additions or penalties
with respect thereto and any interest in respect of such additions or penalties; and (c) any Liability in respect of the items
described in clauses (a) and (b) payable by reason of successor, transferee or other Liability, operation of law, Treasury
Regulations under section 1502 of the Code, or by contract, indemnity or otherwise.

 

     3

     

    

“Transition
Agreement” has the meaning set forth in the recitals.

 

“Treasury
Regulations” means the Treasury regulations promulgated under the Code.

 

Section
1.2Interpretive Provisions. Unless the express context otherwise requires:

 

(a)       the
words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement;

 

(b)       words
defined in the singular shall have a comparable meaning when used in the plural, and vice versa;

 

(c)       the
words “Dollars” and “$” mean U.S. dollars;

 

(d)       references
herein to a specific Article, Section, Subsection, Recital, Schedule or Exhibit shall refer, respectively, to Articles, Sections,
Subsections, Recitals, Schedules or Exhibits of this Agreement or the Disclosure Schedules or Exhibits attached hereto;

 

(e)       wherever
the word “include,” “includes” or “including” is used in this Agreement, it shall be deemed
to be followed by the words “without limitation”;

 

(f)       references
herein to any gender shall include each other gender;

 

(g)       references
herein to any Person shall include such Person’s heirs, executors, personal representatives, administrators, successors
and assigns; provided, however, that nothing contained in this clause (g) is intended to authorize any assignment
or transfer not otherwise permitted by this Agreement;

 

(h)       references
herein to a Person in a particular capacity or capacities shall exclude such Person in any other capacity;

 

(i)       with
respect to the determination of any period of time, the word “from” means “from and including” and the
words “to” and “until” each means “to but excluding”;

 

(j)       the
word “or” shall be disjunctive but not exclusive;

 

(k)       references
herein to any Law shall be deemed to refer to such Law as amended, reenacted, supplemented or superseded in whole or in part and
in effect from time to time and also to all rules and regulations promulgated thereunder;

 

(l)       references
herein to any Contract, instrument or other document mean such Contract, instrument or document as amended, supplemented or modified
(including any waiver thereto) in accordance with the terms thereof, except that with respect to any Contract listed on any schedule
hereto, all such amendments, supplements or modifications must also be listed on such schedule; and

 

     4

     

    

(m)       any
reference to “ordinary course of business” will be interpreted to mean “ordinary course of business consistent
with past practice.”

 

Article
II

Termination and Release

 

Section
2.1Termination of Management Agreement; Waiver of Termination Fee.

 

(a)       Subject
to the terms and conditions set forth herein, effective as of the execution of this Agreement, the Management Agreement is hereby
terminated by mutual agreement of HCFT and HIM; provided, however, that HCFT and HIM hereby agree that Section 10
of the Management Agreement (provided, that HCFT’s surviving indemnification obligations shall solely be with respect
to Losses (as defined in the Management Agreement) (i) arising from claims brought by HCFT or third parties against HIM or its
Affiliates (excluding claims brought against HIM or its Affiliates for the payment of fees, costs or expenses for services performed
on or prior to the date hereof) relating to the Management Agreement and (ii) which are otherwise indemnifiable under the terms
of Section 10 of the Management Agreement, as modified by the foregoing) and Sections 6 (Records; Confidentiality), 16
(Action Upon Termination) and 18(f) (GOVERNING LAW) of the Management Agreement shall survive the Termination in
accordance with the terms of the Management Agreement (the “Surviving Provisions”).

 

(b)       Upon
the entry into this Agreement, HCFT shall pay to HIM an amount equal to $1,024,922.20, which amount represents all accrued and
unpaid fees and reimbursements required to be paid under the Management Agreement through the date hereof.

 

(c)       Upon
receipt of the payment specified in ‎Section 2.1‎(b), HIM hereby releases HCFT from any and all claims HIM or its
Affiliates may have in respect of any fees or reimbursements under the Management Agreement. The foregoing shall not in any way
limit or modify HCFT’s indemnification obligations under Section 10 of the Management Agreement (subject to the terms of
this Agreement and limitations set forth in Section 2.1(a)).

 

(d)       HIM
hereby irrevocably waives any and all right or interest that HIM may have to receive a Termination Fee (as such term is defined
in the Management Agreement) under the Management Agreement in connection with the Termination or the transactions contemplated
hereby. HIM acknowledges and agrees that it has no right to receive a Termination Fee under the Management Agreement.

 

Section
2.2HIM Release. HIM, on behalf of itself and its controlled Affiliates and their successors and assigns hereby
releases, acquits and forever discharges HCFT and each of its Affiliates, stockholders, members, directors, officers, employees,
agents, representatives or advisors shareholders, members, partners, managers, directors, officers and employees, in their capacities
as such, and each of their respective successors and assigns from any and all claims, demands, damages, actions, causes of action,
rights, costs, losses, expenses, compensation or suits in equity, of whatsoever kind or nature, occurring or arising at any time
through and including the date hereof with respect to the Management Agreement; provided, however, that

 

     5

     

    

the
release included in this ‎Section 2.2 shall not include (i) the right to enforce the Surviving Provisions or (ii) the
right to assert any affirmative defenses, indemnity claims under Section 10 of the Management Agreement (subject to the terms
of this Agreement) or counterclaims, in each case, in connection with any claim brought against HIM or its Affiliates relating
to the Management Agreement, whether occurring or arising at, prior to or after the date hereof (clauses (i) and (ii), the “Excluded
Matters”).

 

Section
2.3Covenant Not to Sue. Other than any Action or proceeding to enforce the terms of this Agreement or relating
to the Excluded Matters, HIM hereby agrees not to encourage, solicit, initiate, institute, commence, continue, file, or otherwise
prosecute, directly or indirectly, or through third parties, any lawsuit, Action, claim, demand, or legal proceeding, for or arising
out of or relating to the Management Agreement.

 

Article
III

Transition Assistance

 

Section
3.1Books and Records.

 

(a)       Subject
to the Surviving Provisions and ‎Section 3.1(c), HIM will make its Books and Records available to any external manager
of HCFT.

 

(b)       For
a period of 18 months from the Termination, subject to ‎Section 3.1(c), HIM shall (i) retain and reasonably make
available to HCFT and its Affiliates and Representatives (including any then external manager of HCFT) copies of all information
related to the Business or HCFT, (ii) respond promptly to the reasonable requests of HCFT and its Affiliates and Representatives
(including any then external manager of HCFT) for information regarding the Business or HCFT, including in connection with the
assessment or audit of internal control of financial reporting and management’s assessment thereof, Tax, litigation and
other appropriate matters, (iii) reasonably cooperate with HCFT and its Affiliates and Representatives (including any then
external manager of HCFT) and take all reasonable steps requested by HCFT and its Affiliates and Representatives (including any
then external manager of HCFT) to assist in making an orderly transition to a new external manager of HCFT of the functions performed
by HIM for HCFT and (iv) promptly make available the personnel of HIM (to the extent still employed by HIM) regarding the
foregoing, to the extent such activities are at reasonable times and places and do not interfere with the performance of their
employment duties.

 

(c)       Notwithstanding
anything to the contrary set forth herein, HIM shall not be required to, or cause its controlled Affiliates, to deliver or make
available any Books and Records where such delivery would (i) jeopardize the attorney-client, work product or other legal privilege
of HIM, (ii) contravene any applicable Law (including any applicable law related to the confidentiality of individual performance
or evaluation records, medical histories or other personnel-related information) or Governmental Order or (iii) materially breach
or otherwise give a third party the right to terminate or accelerate material rights under a contract to which HIM or any of its
Affiliates is a party or otherwise bound (other than any such contract to which HCFT or any of its Affiliates (other than HIM
and its Affiliates) is also a party or otherwise bound or for which HCFT had an obligation to reimburse HIM for any fees or reimbursement
incurred thereunder); provided that in each case, HIM shall: (A) give reasonable notice to HCFT

 

     6

     

    

of
the fact that it is withholding any Books and Records pursuant to this ‎Section 3.1(c), (B) inform HCFT with sufficient
detail of the reason for such restriction or prohibition, and (C) use its reasonable best efforts to cause the Books and Records
that are subject to such restriction or prohibition to be provided in a manner that would not reasonably be expected to violate
such restriction or prohibition, including using reasonable best efforts to obtain a waiver of any such liability or third party
right; and provided further that (x) the auditors and accountants of HIM or its Affiliates shall not be obligated to make
any work papers (to the extent extant) available to any Person unless and until such Person has signed a customary agreement relating
to such access to work papers in form and substance reasonably acceptable to such auditors or accountants, and (y) if the parties
are in an adversarial relationship in litigation or arbitration, the furnishing of Books and Records in accordance with this Section
3.1 shall be subject to applicable rules relating to discovery.

 

Section
3.2Transition Under the Management Agreement. From and after the Termination, HIM shall take, and shall
cause its controlled Affiliates and Representatives to take, the actions set forth in Sections 16(a) through 16(c) of the Management
Agreement without any further compensation therefor.

 

Section
3.3Further Assurances. From and after the Termination, each of the parties hereto shall, and shall cause its controlled
Affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances, and take such further actions
as may be reasonably required to carry out the provisions hereof.

 

Section
3.4Confidentiality. From and after the Termination, subject to Section 3.6 with respect to public announcements,
except as may be required by applicable Law, Governmental Order or court process, without the prior written consent of HCFT, HIM
shall, and shall cause its controlled Affiliates and subsidiaries to, hold, and shall use its reasonable best efforts to cause
its and their respective Representatives to hold in confidence and not use for any purpose whatsoever (including for its own benefit
or for the benefit of any third-party) any and all information, whether written or oral, concerning the Business or HCFT, except
to the extent that HIM can show that such information: (a) is generally available to and known by the public through no fault
of HIM, any of its subsidiaries or controlled Affiliates or their respective Representatives; or (b) is lawfully acquired by HIM,
any of its subsidiaries or controlled Affiliates or their respective Representatives from and after the Termination from sources
which are not prohibited from disclosing such information by a legal, contractual or fiduciary obligation. If HIM, any of its
subsidiaries or any of their controlled Affiliates or their respective Representatives are compelled to disclose any information
by judicial or administrative process or by other requirements of Law, HIM shall promptly notify HCFT and any external manager
of HCFT in writing, to the extent legally permissible, and shall disclose only that portion of such information which HIM is advised
by its counsel in writing is legally required to be disclosed; provided, that, if requested by HCFT or any then external
manager of HCFT, HIM shall, and shall cause its subsidiaries, controlled Affiliates and its and their respective Representatives
to cooperate in all reasonable respects with HCFT’s efforts to obtain an appropriate protective order or other reasonable
assurance that confidential treatment will be accorded such information. For purposes of this ‎Section 3.4, Representatives
shall not include stockholders, equity holders or members who are not otherwise covered within another category of Persons under
the definition of Representatives.

 

     7

     

    

Section
3.5Insurance. At or prior to the Termination, HIM shall, at its sole cost and expense, purchase the following “tail”
liability insurance coverage (each, a “Tail Policy”). Each Tail Policy shall provide for coverage for a period
of six years following the Termination related to, arising from or in connection with any of HIM’s acts or omissions in
connection with the Management Agreement or its performance of services as “Manager” thereunder prior to the Termination.
Each Tail Policy shall provide the coverage and limits contained in the policies in force immediately prior to the Termination,
which coverage and limits are set forth on Schedule 3.5. HCFT and any external manager of HCFT (and its successors and
assigns) shall be additional named insureds and direct third-party beneficiaries to each Tail Policy, and HIM agrees not to take
any action to limit, impair or circumvent any Tail Policy, including, to the extent required, failing to maintain its limited
liability company existence.

 

Section
3.6Public Announcements. HIM and HCFT agree that the initial press release with respect to this Agreement and the
transactions contemplated hereby shall be in the form set forth on Exhibit A hereto (the “Announcement”).
Thereafter, HIM agrees and acknowledges that it will, and will cause its controlled Affiliates to, consult with HCFT before issuing,
and give HCFT the opportunity to review and comment upon, and agree to the terms of, any press release or other public statement
before making any such public statements, in each case, with respect to this Agreement or HCFT, and shall not, and shall cause
its controlled Affiliates not to, issue any such press release or make any such public statement prior to such consultation and
agreement, except as may be required by applicable Law, Governmental Order, court process or the rules and regulations of any
national securities exchange, or national securities quotation system. For the avoidance of doubt, nothing herein will restrict
HCFT from making any public statement or issuing any press release, provided that HCFT shall provide HIM the opportunity
to review and comment on any press release with respect to this Agreement and the transactions contemplated hereby to the extent
HIM or its Affiliates are identified by name in the press release and the contents of any such press release are inconsistent
with the Announcement or any other public statements or press releases made by HCFT or HIM in compliance with this ‎Section
3.6.

 

Article
IV

Representations and warranties of HIM

 

Except
as set forth in the correspondingly numbered of the Disclosure Schedules, HIM represents and warrants to HCFT that the statements
contained in this ‎Article IV are true and correct as of the date hereof.

 

Section
4.1Organization and Qualification of HIM. HIM is a limited liability company, duly organized, validly existing
and in good standing under the Laws of the State of Delaware. There are no bankruptcy, insolvency, reorganization or arrangement
proceedings commenced (or, to HIM’s Knowledge, threatened) by any Person, or pending that involve HIM or its controlled
Affiliates.

 

Section
4.2Authority of HIM and Enforceability. HIM has full limited liability company power and authority to execute,
deliver and perform this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby

 

     8

     

    

(including,
for the avoidance of doubt, the Termination). The execution, delivery and performance by HIM of this Agreement and the consummation
by HIM of the transactions contemplated hereby have been duly and validly authorized by all necessary limited liability company
action on the part of HIM, and no other limited liability company action on the part of HIM or its board of directors or managers,
management committee, members or any equity holder is necessary to authorize the execution, delivery and performance by HIM of
this Agreement. This Agreement has been duly executed and delivered by HIM and, assuming due execution and delivery by each other
party hereto, constitutes the legal, valid and binding obligation of HIM, enforceable against HIM in accordance with its terms,
subject to the Enforceability Exceptions. The entry into this Agreement and the Transition Agreement does not violate any of the
applicable provisions of the Investment Company Act or the Investment Advisers Act.

 

Section
4.3Non-Contravention. The execution, delivery and performance by HIM of this Agreement and the consummation
of the transactions contemplated hereby do not and will not: (a) conflict with or result in a violation or breach of, or default
under (or an event which, with the giving of notice or the passage of time, or both, would constitute a breach), require any consent,
authorization, approval or exemption by, any Person under, or give to others any rights of termination or amendment under, any
provision of the certificate of formation, limited liability company agreement or other organizational documents of HIM; (b) conflict
with or result in a violation or breach of any provision of any Law or Governmental Order applicable to HIM; (c) require the consent,
notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event
that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of, or create
in any party, the right to accelerate, terminate, modify or cancel any Contract to which HIM is a party, or by which any of its
assets or properties may be bound or affected and which has not been obtained on or prior to the date hereof; or (d) result in
the creation or imposition of any encumbrance on HIM or HCFT. Assuming the accuracy of the representations and warranties in Article
V, this Agreement is adequate and sufficient to complete the Termination, and no further action on the part of any Person
(including HCFT or its board of directors or shareholders) is required to effect the Termination.

 

Section
4.4Legal Proceedings; Governmental Orders.

 

(a)       There
are no Actions pending or, to HIM’s Knowledge, threatened against HIM or any of its assets, properties or businesses by
any Person, including any Actions that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by
this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

 

(b)       There
are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against, relating to or affecting HIM
or any of its assets, properties or businesses.

 

Section
4.5Compliance With Laws. HIM has complied, and is in compliance in all material respects, with all Laws applicable
or related to it or its properties or assets, the

 

     9

     

    

Business,
HCFT and the Management Agreement (including in connection with HIM’s performance of services as “Manager” thereunder).

 

Section
4.6Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of
HIM.

 

Article
V

Representations and warranties of HCFT

 

HCFT
represents and warrants to HIM that the statements contained in this ‎Article V are true and correct as of the date
hereof.

 

Section
5.1Organization and Qualification of HCFT. HCFT is a corporation, duly incorporated, validly existing and in good
standing under the Laws of the State of Maryland.

 

Section
5.2Authority of HCFT and Enforceability. HCFT has full corporate power and authority to execute, deliver and perform
this Agreement, to carry out its obligations hereunder. The execution, delivery and performance by HCFT of this Agreement, and
the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action
on the part of HCFT, and no other corporate action on the part of HCFT or its board of directors, members or any equity holder
is necessary to authorize the execution, delivery and performance by HCFT of this Agreement. This Agreement has been duly executed
and delivered by HCFT and, assuming due execution and delivery by each other party hereto, constitutes the legal, valid and binding
obligation of HCFT, enforceable against HCFT in accordance with its terms, subject to the Enforceability Exceptions.

 

Section
5.3Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of HCFT, which
would give rise to any Liability of HIM after the Termination.

 

Article
VI

Miscellaneous

 

Section
6.1Expenses. Except as otherwise expressly provided herein, 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
6.2Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall
be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when
received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile
or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on
the next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by
certified or

 

     10

     

    

registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses
(or at such other address for a party as shall be specified in a notice given in accordance with this ‎Section 6.2):

 

If
to HIM:

 

Hunt
Investment Management, LLC

c/o Hunt Companies, Inc.

980 North Michigan Avenue, Suite 1150

Chicago, Illinois 60611

Attention:Kara E. Harchuck 

   General
Counsel 

Email:       kara.harchuck@huntcompanies.com

 

If
to HCFT:

 

HCFT
Investment Corp.

540 Madison Avenue, 19th Floor

New York, NY 10022

Attention:Secretary of the Board of Directors

 

Section
6.3Headings. The headings in this Agreement are for reference only, and shall not affect the interpretation of
this Agreement.

 

Section
6.4Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision
is invalid, illegal or unenforceable, 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 in a mutually acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the greatest extent possible.

 

Section
6.5Entire Agreement. This Agreement constitutes the sole and entire agreement of the parties to this Agreement
with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings and
agreements, both written and oral, with respect to such subject matter.

 

Section
6.6Schedules and Exhibits.Any matter, information or item disclosed in the Schedules delivered under any
specific representation, warranty or covenant or Schedule number hereof shall be deemed to have been disclosed for all
purposes of this Agreement, in response to all representations, warranties or covenants in this Agreement, solely to the
extent the applicability of such matter, information or item disclosed is apparent based on a plain reading of such
disclosure without reference to extrinsic documentation. The Schedules and Exhibits hereto are hereby incorporated into this
Agreement, and are hereby made a part hereof as if set out in full in this Agreement.

 

     11

     

    

 

Section
6.7Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the
prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve
the assigning party of any of its obligations hereunder.

 

Section
6.8No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective
successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person
or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
6.9Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement
in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly
set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect
of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character,
and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or
privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege.

 

Section
6.10Mutual Drafting. The parties hereto have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of
the authorship of any of the provisions of this Agreement.

 

Section
6.11Governing Law. This Agreement and all claims or causes of action (whether in contract or tort) that may be
based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including
any claim or cause of action based upon, arising out of or related to any representation or warranty made in, or in connection
with, this Agreement or as an inducement to enter into this Agreement), shall be governed by the internal laws of the State of
New York.

 

Section
6.12Consent to Jurisdiction and Service of Process.

 

(a)       Other
than an Action by any party or any external manager of HCFT, in each case, for equitable relief as set forth in ‎Section
6.12(b), any Action seeking to enforce any provision of, or, directly or indirectly arising out of or in any way relating
to, this Agreement or the transactions contemplated hereby shall be brought in a federal or state court located in the State of
New York, in each case, located in the Borough of Manhattan in the county of New York, and each of the parties hereby irrevocably
consents to the exclusive jurisdiction
of such courts in any such Action and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now
or hereafter have to the laying of the venue of any such Action in any such court or that any such Action brought in any such
court has been 

 

     12

     

    

brought in an inconvenient forum. Process in any such Action may be served on any party anywhere in the world,
whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of
process on such party as provided in ‎Section 6.2 shall be deemed effective service of process on such party.

 

(b)       Nothing
contained in ‎Section 6.12(a) shall limit the right of a party hereto to take any Action against any other party hereto
in any court of competent jurisdiction for the purposes of seeking any equitable remedy or relief, including injunctions, rescission
or specific performance, nor shall the taking of any such Action by a party hereto in one or more jurisdictions preclude the taking
of any such Action in any other jurisdiction (whether concurrently or not) if and to the extent permitted by Law.

 

Section
6.13WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE CONTEMPLATED TRANSACTIONS (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT 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 AND (B) ACKNOWLEDGES THAT IT, AND THE OTHER PARTIES HERETO, HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section
6.14Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of
the provisions of this Agreement were not performed by them in accordance with the terms hereof or were otherwise breached and
that each party hereto shall be entitled to an injunction or injunctions to prevent breaches of the provisions hereof and to specific
performance of the terms hereof, in addition to any other remedy at law or equity, and the parties hereby waive any requirement
for the posting of any bond or similar collateral in connection herewith.

 

Section
6.15Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but
all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile,
e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed
copy of this Agreement.

 

Section
6.16Non-recourse. This Agreement may only be enforced against, and any claim, action, suit or other legal proceeding
based upon, arising out of, or related to this Agreement, or the negotiation, execution or performance of this Agreement, may
only be brought against the entities that are expressly named as parties hereto and then only with respect to the specific obligations
set forth herein with respect to such party. No past, present or future

 

     13

     

    

director,
officer, employee, incorporator, manager, member, partner, stockholder, Affiliate, agent, attorney or other Representative of
any party or of any Affiliate of any party, or any of their successors or permitted assigns, shall have any liability for any
obligations or liabilities of any party hereto under this Agreement or for any claim, action, suit or other legal proceeding based
on, in respect of or by reason of the transactions contemplated hereby.

 

[Signature
Pages Follow]

 

     14

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

 

	 	HUNT INVESTMENT
MANAGEMENT, LLC
	 	 
	 	 
	 	By	/s/ Paul Donnelly
	 	 	Name: Paul Donnelly
	 	 	Title: General Counsel

 

 

 

 

[Signature
Page to Termination Agreement]

 

     

     

    

 

	 	HUNT COMPANIES FINANCE TRUST, INC.
	 	 
	 	 
	 	By	/s/ James P. Flynn
	 	 	Name: James P. Flynn
	 	 	Title: Chief Executive Officer

 

 

 

[Signature
Page to Termination Agreement]

 

     

     

    

Exhibit
A

Announcement

 

(Please
see attached.)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]