Document:

Exhibit 10.6

 

GREAT AJAX CORP.

 

2014 DIRECTOR EQUITY
PLAN

 

1.           Purpose
of the Plan.

 

The purpose of the Plan is to promote the
interests of the Company by attracting and retaining qualified and experienced individuals for service as Directors of the Company,
and to motivate these individuals to exercise their best efforts on the Company’s behalf.

 

2.           Definitions

 

(a)          “Award”
means a grant of Restricted Stock, a Stock Award or an Other Stock-Based Award under the Plan.

 

(b)          “Award
Agreement” means the agreement or agreements between the Company and a Holder pursuant to which an Award is granted and
which specifies the terms and conditions of that Award, including the vesting requirements applicable to that Award, if any.

 

(c)          “Board”
means the Board of Directors of the Company.

 

(d)          “Change
in Control” means any of the following:

 

(i)          the
sale, lease, exchange or other transfer of all or substantially all of the assets of the Company (in one transaction or in a series
of related transactions) to a corporation that is not controlled by the Company;

 

(ii)         the
approval by the shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company;

 

(iii)        a
successful tender offer for the Common Stock of the Company, after which the bidding party holds more than 50% of the issued and
outstanding Common Stock of the Company; or

 

(iv)        a
merger, consolidation, share exchange, or other transaction to which the Company is a party pursuant to which the holders of all
of the shares of the Company outstanding prior to such transaction do not hold, directly or indirectly, more than 50% of the outstanding
shares of the surviving company after the transaction.

 

(v)         a
change in the composition of the Board over a period of 12 months or less such that a majority of the Board members (rounded up
to the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals
who are Continuing Directors. For this purpose, “Continuing Directors” means members of the Board who either (i) have
been Board members continuously for a period of at least 12 months or (ii) have been Board members for less than 12 months
and were elected or nominated for election as Board members by at least a majority of the Board members described in clause (i) who
were still in office at the time such election or nomination was approved by the Board.

 

    	 

    	 

    

 

(e)          “Common
Stock” means the common stock of the Company, par value $0.001 per share, or such other class or kind of shares or other
securities resulting from the application of Section 9.

 

(f)          “Company”
means Great Ajax Corp., a Maryland corporation, and any successor thereto.

 

(g)          “Director”
means a member of the Board who is not also an employee of the Company or its subsidiaries.

 

(h)          “Holder”
means a Director who receives an Award.

 

(i)          “Operating
Partnership” means Great Ajax Operating Partnership L.P., a Delaware limited partnership, and any successor thereto.

 

(j)          “Other-Stock
Based Award” means an award, other than an Award of Restricted Stock or a Stock Award, awarded by the Board under Section
8 of the Plan.

 

(k)          “Plan”
means the Great Ajax Corp. 2014 Director Equity Plan herein set forth, as amended from time to time.

 

(l)          “Restricted
Stock” means Common Stock subject to a Restriction Period awarded by the Board under Section 6 of the Plan.

 

(m)          “Restriction
Period” means the period during which an Award is subject to forfeiture and is non-transferable. The Restriction Period
shall not lapse until any and all conditions, imposed under this Plan or under the Award Agreement, have been satisfied. The restrictions
may be based upon years of service or performance goals or both.

 

(n)          “Stock
Award” means Common Stock issued free of vesting and forfeiture conditions awarded by the Board under Section 7
of the Plan.

 

3.           Eligibility

 

All Directors are eligible to receive grants
of Awards under the Plan.

 

4.           Administration
and Implementation of the Plan

 

The Plan shall be administered by the Board,
which shall have full power to interpret and administer the Plan and full authority to act in selecting the Directors to whom Awards
will be granted, in determining the amount and type of Awards to be granted to each such Director, in determining the terms and
conditions of Awards granted under the Plan and in determining the terms of the Award Agreements that will be entered into with
Holders. Any interpretation by the Board of the terms and provisions of the Plan and the administration thereof, and all action
taken by the Board, shall be final, binding and conclusive for all purposes and upon all Holders and other interested persons.
The Board shall have the power to adopt regulations for carrying out the Plan and to make changes in such regulations as it shall,
from time to time, deem advisable. The Board may amend any outstanding Awards without the consent of the Holder to the extent it

 

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deems appropriate; provided however, that
in the case of amendments adverse to the Holder, the Board must obtain the Holder’s consent to any such amendment. Except
to the extent prohibited by applicable law or the applicable rules of a stock exchange, if any, the Board may allocate all or any
portion of its responsibilities and powers to any of its committees or to one or more of its members and may delegate all or any
part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked
by the Board at any time.

 

5.           Shares
of Stock Subject to the Plan

 

Subject to adjustment as provided in Section
9, the total number of shares of Common Stock available for the grant of Awards under the Plan shall be equal to [ ] shares
of Common Stock. Any shares issued hereunder may consist, in whole, or in part, of authorized and unissued shares or treasury shares.
If any shares subject to any Award granted hereunder are forfeited or such Award otherwise terminates without the issuance of such
shares, the shares subject to such Award, to the extent of any such forfeiture or termination, shall not again be available for
grant under the Plan. For purposes of this Section 5, each unit, if any, underlying an Other Stock-Based Award shall count
as determined in good faith by the Board.

 

6.           Restricted
Stock

 

An Award of Restricted Stock is a grant by
the Company of a specified number of shares of Common Stock to a Director, which shares may in the sole discretion of the Board
be subject to forfeiture during a Restriction Period upon the happening of events or other conditions as specified in the Award
Agreement. Such an Award of Restricted Stock shall be subject to the following terms and conditions:

 

(a)          Restricted
Stock shall conform to the requirements of the Plan and may contain such other provisions as the Board shall deem advisable. At
the time of grant of an Award of Restricted Stock, the Board will determine the price, if any, to be paid by the Holder for each
share of Common Stock subject to the Award, and such price, if any, shall be set forth in the Award Agreement. The number of shares
subject to an Award of Restricted Stock shall be determined on such basis as the Board deems advisable, subject to terms of the
Plan.

 

(b)          Unless
otherwise provided by the Board, upon determination of the number of shares of Restricted Stock to be granted to the Holder, the
Board shall direct that a certificate or certificates representing that number of shares of Common Stock be issued to the Holder
with the Holder designated as the registered owner. The certificate(s), if any, representing such shares shall bear appropriate
legends as to sale, transfer, assignment, pledge or other encumbrances to which such shares are subject during any Restriction
Period and shall be deposited by the Holder together with a stock power endorsed in blank, with the Company, to be held in escrow
during the Restriction Period.

 

(c)          During
any Restriction Period for an Award of Restricted Stock the Holder shall have the right to receive the Holder’s allocable
share of any cash dividends declared and paid by the Company on its Common Stock and to vote the shares of Restricted Stock.

 

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(d)          The
Board may condition the expiration of the Restriction Period upon the Holder’s continued service over a period of time with
the Company or upon any other criteria, as specified in the Award Agreement. If the specified conditions are not attained, the
Holder shall forfeit the portion of the Award with respect to which those conditions are not attained, and the underlying Common
Stock shall be forfeited to the Company.

 

(e)          At
the end of any Restriction Period, if all such conditions have been satisfied, the restrictions imposed hereunder shall lapse with
respect to the applicable number of shares of Restricted Stock as determined by the Board, and any legend described in Section
6(b) that is then no longer applicable, shall be removed and such number of shares delivered to the Holder (or, where appropriate,
the Holder’s legal representative). Subject to Section 4, the Board may, in its sole discretion, accelerate the vesting
and delivery of shares of Restricted Stock.

 

7.           Stock
Awards

 

A Stock Award is a grant by the Company of
the right to receive a specified number of shares of Common Stock to a Director, which right may be granted free of, or subject
to, vesting and forfeiture conditions. A Stock Award shall be subject to the following terms and conditions:

 

(a)          Stock
Awards shall conform to the requirements of the Plan and may contain such other provisions as the Board shall deem advisable. At
the time of grant of a Stock Award, the Board will determine the price, if any, to be paid by the Holder for each share of Common
Stock subject to the Award. The number of shares subject to a Stock Award shall be determined on such basis as the Board deems
advisable, subject to terms of the Plan.

 

(b)          As
determined by the Board, prior to the issuance of Common Stock pursuant to a Stock Award, the Holder may be entitled to dividend
equivalents on the shares subject to the Stock Award.

 

(c)          Subject
to the foregoing provisions of this Section 7 and the applicable Award Agreement, if any, upon the issuance of Common Stock
under a Stock Award, the Holder shall have all rights of a stockholder with respect to the shares of Common Stock, including the
right to vote the shares and receive all dividends and other distributions paid or made with respect thereto. Stock Awards shall
be subject to such restrictions on transfer as determined appropriate by the Board and as necessary to comply with applicable securities
law.

 

8.           Other
Stock-Based Awards

 

An Other Stock-Based Award is a grant by the
Company of an award, other than an Award of Restricted Stock or a Stock Award, valued in whole or in part by reference to, or otherwise
calculated by reference to or based on, shares of Common Stock, including, without limitation, interests in a subsidiary of the
Company or interests in the Operating Partnership.

 

(a)          Other
Stock-Based Awards shall conform to the requirements of the Plan and may contain such other provisions as the Board shall deem
advisable. At the time of grant of an Other Stock-Based Award, the Board will determine the price, if any, to be paid by the Holder
for the Award, and such price, if any, shall be set forth in the Award Agreement. The number of shares

 

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subject to an Other Stock-Based Award, if
any, shall be determined on such basis as the Board deems advisable, subject to terms of the Plan.

 

(b)          The
Board may condition the expiration of the Restriction Period upon the Holder’s continued service over a period of time with
the Company or upon any other criteria, as specified in the Award Agreement. If the specified conditions are not attained, the
Holder shall forfeit the portion of the Award with respect to which those conditions are not attained, and the underlying Common
Stock or interests, if any, shall be forfeited to the Company.

 

(c)          At
the end of any Restriction Period, if all such conditions have been satisfied, the restrictions imposed hereunder shall lapse with
respect to the applicable portion of the Other Stock-Based Award as determined by the Board. Subject to Section 4, the Board
may, in its sole discretion, accelerate the vesting of any Other Stock-Based Award.

 

9.           Changes
in Capitalization; Changes of Control; Settlement of Awards

 

(a)          Adjustment
for Changes in Capitalization: To prevent the dilution or enlargement of benefits or potential benefits intended to be made
available under the Plan, in the event of any corporate transaction or event such as a stock dividend, recapitalization, stock
split, reverse stock split, reorganization, merger, consolidation, spin-off, combination or other similar corporate transaction
or event affecting the Common Stock, or other interests with respect to an Other Stock-Based Award, as applicable, with respect
to which Awards have been or may be issued under the Plan (any such transaction or event, a “Transaction”),
then the Board shall, in such manner as the Board deems equitable: make a proportionate adjustment in (i) the maximum number and
type of securities (or interests) as to which awards may be granted under this Plan and the terms of such awards, if applicable,
and (ii) the number and type of securities (or interests) subject to outstanding Awards and the terms of such outstanding Awards,
if applicable.

 

(b)          Change
in Control: In the event of a Change of Control of the Company, the Board may, on a Holder by Holder basis, take any of the
following actions, either singly or in combination:

 

(i)          fully
vest and/or accelerate the Restriction Period of any Awards;

 

(ii)         cancel
and/or redeem any outstanding Awards with respect to all Common Stock or other interests for which the Award is subject to forfeiture
in exchange for a cash payment of an amount determined by the Board;

 

(iii)        require
that the Award be assumed by any successor corporation or that awards for shares of other interests in the Company or any other
entity be substituted for such Award; or

 

(iv)        take
such other action as the Board shall determine to be reasonable under the circumstances.

 

The application of the foregoing provisions,
including, without limitation, the issuance of any substitute Awards, shall be determined in good faith by the Board in its sole
discretion.

 

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10.         Effective
Date, Termination and Amendment

 

The Plan shall remain in full force and effect
until the [tenth] anniversary of the date of its adoption by the Board, or if earlier, the date it is terminated by the Board.
The Board shall have the power to amend, suspend or terminate the Plan at any time. Termination of the Plan pursuant to this Section
10 shall not affect Awards outstanding under the Plan at the time of termination. Amendments to this Plan shall be subject
to shareholder approval to the extent such approval is required by applicable law or applicable requirements of any securities
exchange or similar entity, if any.

 

11.         Transferability

 

(a)          Prior
to vesting, awards under the Plan are not transferable except as designated by the Holder by will, by the laws of descent and distribution
or by a beneficiary form filed with the Company.

 

(b)          Awards
may be claimed on behalf of a deceased Holder or other person entitled to benefits under the Plan by the beneficiary of such Holder
or other person if the Company has a valid designation of such beneficiary on file, or otherwise by the personal legal representative
of such Holder or other person.

 

12.         General
Provisions

 

(a)          No
Implied Rights: Nothing in the Plan or any Award granted pursuant to the Plan shall be deemed to create any obligation on behalf
of the Board to nominate any Director for re-election to the Board by the Company’s shareholders. Except as otherwise provided
in the Plan, no Award under the Plan shall confer upon the Holder any rights as a shareholder of the Company prior to the date
on which the individual fulfills all conditions for the receipt of such rights.

 

(b)          Withholding:
Holders shall be responsible for making appropriate provisions for all taxes required to be withheld, if any, in connection with
any Award or the transfer of shares of Common Stock pursuant to this Plan.

 

(c)          Award
Agreement: An Award under the Plan shall be subject to such terms and conditions, not inconsistent with the Plan, as the Board
shall, in its sole discretion, prescribe. The terms and conditions of any Award to any Holder shall be reflected in such form of
written documents to the extent and in the manner determined by the Board. A copy of such document shall be provided to the Holder,
and the Board may, but need not, require that the Holder sign a copy of such document. Such document is referred to in the Plan
as an “Award Agreement” regardless of whether any Holder signature is required.

 

(d)          Securities
Law Compliance: No shares of Common Stock or other interests will be issued or transferred pursuant to an Award unless and
until all then applicable requirements imposed by federal and state securities and other laws, rules and regulations and by any
regulatory agencies having jurisdiction, and by any exchanges upon which the shares of Common Stock or such other interests may
be listed, have been fully met. As a condition precedent to the issuance of shares or other interests pursuant to the grant of
an Award, the

 

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Company may require the Holder to take any
reasonable action to meet such requirements. The Board may impose such conditions on any shares of Common Stock or other interests
issuable under the Plan as it may deem advisable, including, without limitation, restrictions under the Securities Act of 1933,
as amended, under the requirements of any exchange upon which such shares of the same class are then listed, and under any blue
sky or other securities laws applicable to such shares. The Board may also require the Holder to represent and warrant at the time
of issuance or transfer that the shares of Common Stock or other interests are being acquired only for investment purposes and
without any current intention to sell or distribute such shares.

 

(e)          Governing
Law: To the extent that federal laws do not otherwise control, the Plan and all determinations made and actions taken pursuant
hereto shall be governed by the law of the State of Maryland and construed accordingly.

 

    	7Exhibit 10.7

 

GREAT AJAX
CORP. 2014 DIRECTOR EQUITY PLAN

 

NOTICE
OF RESTRICTED STOCK AWARD

 

Grantee’s Name and Address:

 

You (the “Grantee”) have been
granted shares of Common Stock of the Company (the “Award”), subject to the terms and conditions of this Notice of
Restricted Stock Award (the “Notice”), the Great Ajax Corp. 2014 Director Equity Plan (the “Plan”), as
amended from time to time, and the Restricted Stock Award Agreement (the “Agreement”) attached hereto, as follows.
Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice.

 

Award Number

 

Date of Award

 

Vesting Commencement Date

 

Total Number of Shares

of Common Stock Awarded

(the “Shares”)

 

Vesting Schedule:

 

Subject to the Grantee’s continued
service as a member of the Board (“Continuous Service”) and other limitations set forth in this Notice, the Plan and
the Agreement, the Shares will “vest” in accordance with the following schedule:

 

100% of the Shares shall vest twelve
months after the Vesting Commencement Date.

 

For purposes of this Notice and the Agreement,
the term “vest” shall mean, with respect to any Shares, that such Shares are no longer subject to forfeiture to the
Company. Shares that have not vested are deemed “Restricted Shares.” If the Grantee would become vested in a fraction
of a Restricted Share, such Restricted Share shall not vest until the Grantee becomes vested in the entire Share.

 

Vesting shall cease upon the date
of termination of the Grantee’s Continuous Service for any reason, including death or disability. In the event the Grantee’s
Continuous Service is terminated for any reason, including death or disability, any Restricted Shares held by the Grantee immediately
following such termination of Continuous Service shall be deemed reconveyed to the Company and the Company shall thereafter be
the legal and beneficial owner of the Restricted Shares and shall have all

 

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rights and interest in or related thereto
without further action by the Grantee. The foregoing forfeiture provisions set forth in this Notice as to Restricted Shares shall
apply to the new capital stock or other property (including cash paid other than as a regular cash dividend) received in exchange
for the Shares in consummation of any transaction described in Section 9 of the Plan and such stock or property shall be deemed
Additional Securities (as defined in the Agreement) for purposes of the Agreement, but only to the extent the Shares are at the
time covered by such forfeiture provisions.

 

The Award shall be subject to the provisions
of Section 9 of the Plan in the event of a Change in Control.

 

IN WITNESS WHEREOF, the Company and the
Grantee have executed this Notice and agree that the Award is to be governed by the terms and conditions of this Notice, the Plan
and the Agreement.

 

	 	Great Ajax Corp.,
	 	a Maryland corporation
	 	 	 
	 	By: 	 
	 	 	 
	 	Title:	 

 

THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SHALL VEST,
IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING ENGAGED, BEING GRANTED
THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT
NOR THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR
SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S CONTINUOUS
SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A
WRITTEN AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL.

 

As a condition to receiving the Shares,
the Grantee agrees to refrain from making an election pursuant to Section 83(b) of the Code with respect to the Shares.

 

The Grantee acknowledges receipt of a copy
of the Plan and the Agreement and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts
the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Agreement and
the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands
all provisions of this Notice, the Agreement and the Plan. The Grantee hereby agrees that all questions of interpretation and administration
relating to this Notice, the Plan and the Agreement shall be resolved by the Administrator in accordance with Section 11 of
the Agreement. The Grantee further agrees to the venue selection and waiver of a jury trial in accordance with Section 12
of

 

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the Agreement. The Grantee further agrees
to notify the Company upon any change in the residence address indicated in this Notice.

 

	Dated:	 	 	Signed:	 

 

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Award Number: RS-2

 

GREAT AJAX CORP. DIRECTOR EQUITY
PLAN

 

RESTRICTED STOCK AWARD AGREEMENT

 

1.   Issuance
of Shares.  Great Ajax Corp., a Maryland corporation (the “Company”), hereby issues to the Grantee (the “Grantee”)
named in the Notice of Restricted Stock Award (the “Notice”), the Total Number of Shares of Common Stock Awarded set
forth in the Notice (the “Shares”), subject to the Notice, this Restricted Stock Award Agreement (the “Agreement”)
and the terms and provisions of the Company’s Director Equity Plan (the “Plan”), as amended from time to time,
which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same
defined meanings in this Agreement. All Shares issued hereunder will be deemed issued to the Grantee as fully paid and nonassessable
shares, and the Grantee will have the right to vote the Shares at meetings of the Company’s stockholders. The Company shall
pay any applicable stock transfer taxes imposed upon the issuance of the Shares to the Grantee hereunder.

 

2.   Transfer
Restrictions.  The Shares issued to the Grantee hereunder may not be sold, transferred by gift, pledged, hypothecated, or otherwise
transferred or disposed of by the Grantee prior to the date when the Shares become vested pursuant to the Vesting Schedule set
forth in the Notice. Any attempt to transfer Restricted Shares in violation of this Section 2 will be null and void and will
be disregarded.

 

3.   Escrow
of Stock.  For purposes of facilitating the enforcement of the provisions of this Agreement, the Grantee agrees, immediately
upon receipt of the certificate(s) for the Restricted Shares, to deliver such certificate(s), together with an Assignment Separate
from Certificate in the form attached hereto as Exhibit A, executed in blank by the Grantee with respect to each such
stock certificate, to the Secretary or Assistant Secretary of the Company, or their designee, to hold in escrow for so long as
such Restricted Shares have not vested pursuant to the Vesting Schedule set forth in the Notice, with the authority to take all
such actions and to effectuate all such transfers and/or releases as may be necessary or appropriate to accomplish the objectives
of this Agreement in accordance with the terms hereof. The Grantee hereby acknowledges that the appointment of the Secretary or

 

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Assistant Secretary of the Company
(or their designee) as the escrow holder hereunder with the stated authorities is a material inducement to the Company to make
this Agreement and that such appointment is coupled with an interest and is accordingly irrevocable. The Grantee agrees that the
Restricted Shares may be held electronically in a book entry system maintained by the Company’s transfer agent or other third
party and that all the terms and conditions of this Section 3 applicable to certificated Restricted Shares will apply with the
same force and effect to such electronic method for holding the Restricted Shares. The Grantee agrees that such escrow holder shall
not be liable to any party hereto (or to any other party) for any actions or omissions unless such escrow holder is grossly negligent
relative thereto. The escrow holder may rely upon any letter, notice or other document executed by any signature purported to be
genuine and may resign at any time. Upon the vesting of Restricted Shares, the escrow holder will, without further order or instruction,
transmit to the Grantee the certificate evidencing such Shares; provided, however, that no transmittal of certificates
evidencing the Shares will occur unless and until the Grantee has satisfied all Tax Withholding Obligations (as defined in Section
5(c) below).

 

4.   Additional
Securities and Distributions.

 

(a)         Any
securities or cash received (other than a regular cash dividend) as the result of ownership of the Restricted Shares (the “Additional
Securities”), including, but not by way of limitation, warrants, options and securities received as a stock dividend or stock
split, or as a result of a recapitalization or reorganization or other similar change in the Company’s capital structure,
shall be retained in escrow in the same manner and subject to the same conditions and restrictions as the Restricted Shares with
respect to which they were issued, including, without limitation, the Vesting Schedule set forth in the Notice. The Grantee shall
be entitled to direct the Company to exercise any warrant or option received as Additional Securities upon supplying the funds
necessary to do so, in which event the securities so purchased shall constitute Additional Securities, but the Grantee may not
direct the Company to sell any such warrant or option. If Additional Securities consist of a convertible security, the Grantee
may exercise any conversion right, and any securities so acquired shall constitute Additional Securities. In the event of any change
in certificates evidencing the Shares or the Additional Securities by reason of any recapitalization, reorganization or other transaction
that results in the creation of Additional Securities, the escrow holder is authorized to deliver to the issuer the certificates
evidencing the Shares or the Additional Securities in exchange for the certificates of the replacement securities.

 

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(b)       The
Company shall disburse to the Grantee all regular cash dividends with respect to the Shares and Additional Securities (whether
vested or not), less any applicable withholding obligations. 

 

5.   Taxes.

 

(a)       No
Section 83(b) Election.  As a condition to receiving the Shares, the Grantee agrees to refrain from making an election
pursuant to Section 83(b) of the Code with respect to the Shares. 

 

(b)       Tax
Liability.  The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award,
regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in
connection with the Award. Neither the Company nor any Related Entity makes any representation or undertaking regarding the treatment
of any tax withholding in connection with the grant or vesting of the Award or the subsequent sale of Shares subject to the Award.
The Company and its Related Entities do not commit and are under no obligation to structure the Award to reduce or eliminate the
Grantee’s tax liability.

 

(c)        Payment
of Withholding Taxes.  Prior to any event in connection with the Award (e.g., vesting) that the Company determines may result
in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any employment tax obligation
(the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax
Withholding Obligation in a manner acceptable to the Company.

 

(i)       By
Share Withholding.  The Grantee authorizes the Company to, upon the exercise of its sole discretion, withhold from those Shares
issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation. The
Grantee acknowledges that the withheld Shares may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation.
Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional
payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the withholding of Shares described
above.

 

(ii)       By
Sale of Shares.  Unless the Grantee determines to satisfy the Tax Withholding Obligation by some other means in accordance with
clause (iii) below, the Grantee’s acceptance of this Award constitutes the Grantee’s instruction and authorization
to the Company and any brokerage firm determined acceptable to the Company for such purpose to sell on the Grantee’s behalf
a whole number of Shares from those Shares issuable to the Grantee as the Company determines to be appropriate to generate cash
proceeds sufficient to satisfy the minimum applicable Tax Withholding Obligation. Such Shares will be sold on the day such Tax
Withholding Obligation arises (e.g., a vesting date) or as soon thereafter as practicable. The Grantee will be responsible for
all broker’s fees and other costs of sale, and the Grantee agrees to indemnify and hold the Company harmless from any losses,
costs, damages, or expenses relating to any such sale. To the extent the proceeds of such sale exceed the Grantee’s minimum
Tax Withholding

 

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Obligation, the Company agrees to pay such excess in cash
to the Grantee. The Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any
particular price, and that the proceeds of any such sale may not be sufficient to satisfy the Grantee’s minimum Tax Withholding
Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through
additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of Shares described
above.

 

(iii)       By
Check, Wire Transfer or Other Means.  At any time not less than five (5) business days (or such fewer number of business days
as determined by the Administrator) before any Tax Withholding Obligation arises (e.g., a vesting date), the Grantee may elect
to satisfy the Grantee’s Tax Withholding Obligation by delivering to the Company an amount that the Company determines is
sufficient to satisfy the Tax Withholding Obligation by (x) wire transfer to such account as the Company may direct, (y) delivery
of a certified check payable to the Company, or (z) such other means as specified from time to time by the Administrator.

 

Notwithstanding the foregoing, the Company also may satisfy
any Tax Withholding Obligation by offsetting any amounts (including, but not limited to, salary, bonus and severance payments)
due to the Grantee by the Company.

 

6.   Stop-Transfer
Notices.  In order to ensure compliance with the restrictions on transfer set forth in this Agreement, the Notice or the Plan,
the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company transfers
its own securities, it may make appropriate notations to the same effect in its own records. The Company may issue a “stop
transfer” instruction if the Grantee fails to satisfy any Tax Withholding Obligations.

 

7.   Refusal
to Transfer.  The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord
the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

8.   Restrictive
Legends.  The Grantee understands and agrees that the Company shall cause the legends set forth below or legends substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that
may be required by the Company or by state or federal securities laws:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED
BY THE TERMS OF THAT CERTAIN

 

    	7

    	 

    

 

RESTRICTED STOCK AWARD AGREEMENT BETWEEN THE COMPANY
AND THE NAMED STOCKHOLDER. THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH SUCH AGREEMENT,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

9.   Entire
Agreement: Governing Law.  The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee
with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of
a writing signed by the Company and the Grantee. These agreements are to be construed in accordance with and governed by the internal
laws of the State of Maryland without giving effect to any choice of law rule that would cause the application of the laws of any
jurisdiction other than the internal laws of the State of Maryland to the rights and duties of the parties. Should any provision
of the Notice or this Agreement be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective
and shall remain enforceable.

 

10.  Construction.
 The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the Award for
construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural
shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires
otherwise.

 

11.  Administration
and Interpretation.  Any question or dispute regarding the administration or interpretation of the Notice, the Plan or this
Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute
by the Administrator shall be final and binding on all persons.

 

12.  Venue
and Waiver of Jury Trial.  The parties agree that any suit, action, or proceeding arising out of or relating to the Notice,
the Plan or this Agreement shall be brought in the United States District Court for the District of Maryland (or should such court
lack jurisdiction to hear such action, suit or proceeding, in a Maryland state court and that the parties shall submit to the jurisdiction
of such court. The parties irrevocably waive, to the fullest extent permitted by law, any

 

    	8

    	 

    

 

objection the party may have
to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT
THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 12
shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified
to the minimum extent necessary to make it or its application valid and enforceable.

 

13.  Notices.
 Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery,
upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail
by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at
its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to
the other party.

 

END OF
AGREEMENT

 

    	9

    	 

    

 

EXHIBIT A

 

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE

 

FOR VALUE RECEIVED,  hereby sells,
assigns and transfers unto _______________________, _________ (______) shares of the Common Stock of Great Ajax Corp., a Maryland
corporation (the “Company”), standing in his name on the books of, the Company represented by Certificate No. 
   herewith, and does hereby irrevocably constitute and appoint the Secretary of the Company attorney to transfer the
said stock in the books of the Company with full power of substitution.

 

	DATED:	 	 	 
	 	 	 
	 	 	 

 

[Please sign this document but do not
date it. The date and information of the transferee will be completed if and when the shares are assigned.]

 

    	10

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