Document:

Form of Escrow Agreement

 EXHIBIT 10.4 
  
 ESCROW AGREEMENT 
  
 THIS ESCROW AGREEMENT, made and entered into this day of         , 2003, by and among Great Lakes Capital
Acceptance, LLC, an Illinois limited liability company (“Great Lakes”), and U.S. Bank National Association, a national banking association (the “Bank” or the “Escrow Agent”); 
  
 WITNESSETH THAT: 
  
 WHEREAS, Great Lakes proposes to issue and sell up to 1,000,000 units of Series A Cumulative Redeemable Preferred Membership
Interests (the “Preferred Units”), at a subscription price of $25.00 per unit, directly on a best efforts basis. 
  
 WHEREAS, Great Lakes desires to establish an escrow account with the Escrow Agent into which subscription proceeds and related documents will be deposited
promptly and held in escrow until the offering of Preferred Units is terminated or until the minimum $1,000,000 of subscription proceeds in immediately available funds (representing 400 Preferred Units) have been obtained from subscribers whose
subscriptions have been accepted by Great Lakes (herein, the “Minimum Amount”); and 
  
 WHEREAS, Great Lakes also may enter into one or more agreements pursuant to which various members of the National Association of Securities Dealers, Inc. (collectively, the “Dealers”) will offer the
Preferred Units for sale for and on behalf of Great Lakes on a best efforts basis; and 
  
 WHEREAS, if Great Lakes does so enter into on or more agreements with such Dealers pursuant to which they will offer the Preferred Units for sale for and on behalf of Great Lakes, said agreements will require the
Dealers promptly to deposit subscription proceeds and related documents into said escrow until the offering of Preferred Units is terminated; and 
  
 WHEREAS, Great Lakes desires to have the Bank deposit such funds in an escrow account until the termination of the offering of Preferred Units, and the
Bank has agreed to serve as Escrow Agent for such purpose. 
  
 NOW, THEREFORE, for and in consideration of the covenants and agreements set forth below, the parties agree as follows: 
  
 l. APPOINTMENT OF ESCROW AGENT; DELIVERY OF FUNDS TO ESCROW ACCOUNT. 
  
 Great Lakes hereby appoints the Bank as Escrow Agent to receive and hold all proceeds from the sale of Preferred Units for
the term of this Agreement, and to invest the same, along with all earned interest, in such manner as it shall be directed to in writing by the Great Lakes, except that prior to the Initial Disbursement (as hereinafter defined) of funds in
accordance with Section 3, all proceeds shall be cleared and held in a U.S. Bank Business Money Market Account, which is FDIC insured. All subscription checks must be payable to “U.S. Bank National Association—Great Lakes Acceptance
Escrow.” Great Lakes and the Dealers shall transmit all subscription checks for Preferred Units to the Escrow Agent, or return unaccepted checks to subscribers, as soon as practicable, but in any event by the end of the second business day
following receipt of such checks by the Dealer. 

 2. IDENTITY OF SUBSCRIBERS: OWNERSHIP OF FUNDS DEPOSITED. 
  
 Great Lakes, if it makes sales directly, or the Dealers shall deliver to the
Escrow Agent, with each deposit of checks, a list that contains the names and addresses of all persons who have subscribed for Preferred Units, the amount of money tendered by each subscriber and the date on which the funds were received from each
subscriber. The Escrow Agent shall hold all funds received for the individual account of each subscriber identified by Great Lakes or the Dealers. The funds, as well as any interest or income earned thereon, shall remain the property of the
subscribers until released to Great Lakes as hereinafter provided, and shall not be subject to any liens by the Escrow Agent or judgments or claims against Great Lakes or the Dealers. 
  
 3. COLLECTED FUNDS; DISBURSEMENT OF FUNDS. 
  
 (a) No subscription proceeds shall be disbursed pursuant to this Section 3 until the Escrow Agent receives such subscription
proceeds in immediately available funds. If, upon presentment for payment, any payment instrument is dishonored, the Escrow Agent shall immediately notify Great Lakes of such dishonor and return such payment instrument to Great Lakes. 
  
 (b) If the Escrow Agent has not received, on or before the date designated
for the sale of the Minimum Amount, as set forth in Great Lakes’ Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on August 22, 2003, as amended (the “Initial Closing Date”), then the Escrow Agent
shall refund to subscribers the face amount of payments made in subscription for Preferred Units, together with his or her pro-rata share of interest or income, if any, earned on the funds deposited in escrow. Unless instructed otherwise, the Escrow
Agent shall release all subscription proceeds held in the Escrow Account to each Subscriber respectively, at the address given by such Subscriber in the Subscription Agreement. All disbursements by the Escrow Agent pursuant to this Section 3(a)
shall be made by the Escrow Agent’s usual escrow checks and shall be mailed by first class United States Postal Service mail, postage pre-paid, as soon as practicable but not later than the third business day after the Termination Date.

  
 (c) If the Escrow Agent has received the Minimum Amount on or
before the Initial Closing Date, all interest on funds held in the Escrow Account shall be for the account of Great Lakes and the Escrow Agent shall disburse (“Initial Disbursement”) to Great Lakes, pursuant to written instruction from
Great Lakes, substantially in the form attached hereto as Exhibit A, all of the subscription proceeds held in the Escrow Account in immediately available funds, together with such interest. 
  
 (d) If the Escrow Agent receives additional subscription proceeds in
immediately available funds after the Initial Disbursement has been made, then the Escrow Agent shall disburse the subscription proceeds to Great Lakes upon written instruction from Great Lakes, substantially in the Form attached hereto as Exhibit
A. All subscription proceeds upon which acceptance remains pending shall be held by the Escrow Agent for disbursement in accordance with the direction contained in the next succeeding notice. If the Escrow Agent does not receive notice from Great
Lakes by the Termination Date with respect to any subscriber’s subscription proceeds, then the Escrow Agent shall refund to each of those subscribers the face amount of payments made in subscription for his or her Preferred Units, together with
his or her pro-rata share of interest or income, if any, earned on the funds deposited in escrow. Unless instructed otherwise, the Escrow Agent shall release all subscription proceeds held in the Escrow Account to each Subscriber respectively, at
the address given by such Subscriber in the Subscription Agreement. All disbursements by the Escrow Agent pursuant to this Section 3(d) shall be made by the Escrow Agent’s usual escrow checks and shall be mailed by first class United States
Postal Service mail, postage pre-paid, as soon as practicable but not later than the third business day after the Termination Date. 
  

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   4. TERM OF ESCROW. 
  
 This Agreement shall terminate two years following the effective date of the registration statement relating to the
Preferred Units or on such earlier date as all funds are released to Great Lakes as provided in Section 3 above, provided, however, that if the Minimum Amount has not been received by the Initial Closing Date, this Agreement shall terminate upon
completion of the Escrow Agent’s disbursements to subscribers pursuant to Section 3(b). Great Lakes also may terminate this Agreement at any time upon notice to the Escrow Agent that Great Lakes has made a decision to terminate the offer and
sale of Preferred Units. As used in this Agreement, “Termination Date,” shall mean the date in which this Agreement is terminated in accordance with this Section 5. 
  
 5. FEE OF ESCROW AGENT. 
  
 The Escrow Agent will receive a fee of $         per year in exchange for its services under this Agreement. If
the conditions of this Agreement are not promptly fulfilled, or if the Escrow Agent renders any service not provided for in this Agreement, or if Great Lakes requests a substantial modification of its terms, or if any controversy arises, or if the
Escrow Agent is made a party to, or intervenes in, any litigation pertaining to this escrow or its subject matter, the Escrow Agent shall be reasonably compensated for such extraordinary services and reimbursed for all costs, attorney’s fees,
and expenses occasioned by such default, delay, controversy or litigation, and the Escrow Agent shall have the right to retain all documents and/or things of value at any time held by the Escrow Agent in this escrow until such compensation, fees,
costs and expenses are paid, up to the amount of such compensation, fees, costs and expenses. Unless otherwise provided, the Escrow Agent may deduct such sums from the funds deposited in the Escrow Account if the funds are to be disbursed to Great
Lakes. 
  
 6. REPRESENTATIONS OF ESCROW AGENT. 
  
 The Escrow Agent represents and warrants that: 
  
 (a) subscription proceeds deposited will be insured by the Federal Deposit
Insurance Corporation to the maximum extent and 
  
 (b) it will
distribute to subscribers within the time period prescribed by the Internal Revenue Code of 1986, as amended, reports of all interest income earned on escrowed funds. 
  
 Except as provided in this Section 7, the sole duty of the Escrow Agent shall be to receive funds from the sale of the
Preferred Units and hold them for release in accordance with the terms of this Agreement. 
  
 7. LIABILITY OF ESCROW AGENT. 
  
  The Escrow Agent may conclusively rely upon and shall have no duty to verify any statement, certificate, notice, request, consent, order or other document believed by it to be genuine and to have been signed or presented by the proper party
or parties. The Escrow Agent shall be under no obligation to institute or defend any action, suit or proceeding in connection with this Agreement unless first indemnified to its satisfaction by Great Lakes. The Escrow Agent may consult counsel with
respect to any question arising under this Agreement, and the Escrow Agent shall not be liable for any action taken or omitted in good faith on advice of such counsel. All funds held by the Escrow Agent pursuant to this Agreement shall constitute
trust property for the purposes for which they are held. 
   

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 8. CONTROVERSIES. 
  
 If any controversy arises between the Parties to this Agreement, or with any other Party, concerning the subject matter of
this Agreement, its terms or conditions, the Escrow Agent will not be required to determine the controversy or to take any action regarding it. The Escrow Agent may hold all documents and funds and may wait for settlement of any such controversy by
final appropriate legal proceedings or other means as, in the Escrow Agent’s discretion, the Escrow Agent may require, despite what may be set forth elsewhere in this Agreement. In such event, the Escrow Agent will not be liable for interest or
damage. Furthermore, the Escrow Agent may at its option file an action of interpleader requiring the Parties to answer and litigate any claims and rights among themselves. The Escrow Agent is authorized to deposit with the clerk of the court all
documents and funds held in escrow, except all costs, expenses, charges and reasonable attorney fees incurred by the Escrow Agent due to the interpleader action and which the Company agrees to pay. Upon initiating such action, the Escrow Agent shall
be fully released and discharged of and from all obligations and liability imposed by the terms of this Agreement. 
  
 9. INDEMNIFICATION OF ESCROW AGENT. 
  
 The Company and its successors and assigns agree jointly and severally to indemnify and hold the Escrow Agent harmless against any and all losses, claims,
damages, liabilities, and expenses, including reasonable costs of investigation, counsel fees, including allocated costs of in-house counsel and disbursements that may be imposed on the Escrow Agent or incurred by the Escrow Agent in connection with
the performance of its duties under this Agreement, including but not limited to any litigation arising from this Agreement or involving its subject matter. The Escrow Agent shall have a first lien on the property and papers held under this
Agreement for such compensation and expenses. 
  
 10. INSPECTION
OF RECORDS. 
  
 Great Lakes may, at any time during regular
business hours, inspect the records of the Escrow Agent, insofar as they relate to this Agreement, for the purpose of determining that the Escrow Agent is acting in compliance with the provisions of this Agreement. Additionally, any State Securities
Administrator or Commissioner, may, at any time during regular business hours, inspect and make copies of the records of the Escrow Agent, insofar as they relate to this Agreement. 
  
 11. RESIGNATION OR REMOVAL OF ESCROW AGENT 
  
 The Escrow Agent may resign at any time upon giving at least thirty (30) days written notice to Great Lakes. Great Lakes may
remove the Escrow Agent, with or without cause, at any time upon giving ten (10) days prior written notice to the Escrow Agent. However, such resignation or removal shall not become effective until the appointment of a successor escrow agent, which
shall be accomplished as follows: Great Lakes shall use its best efforts to obtain a successor escrow agent within thirty (30) days after receiving a resignation notice or giving a removal notice. If Great Lakes fails to appoint a successor escrow
agent within such time, the Escrow Agent shall have the right to appoint a successor escrow agent. The resignation shall take effect upon the appointment of a successor escrow agent, the successor escrow agent executing and delivering an instrument
accepting such appointment, and upon receipt, to their reasonable satisfaction, by Great Lakes and the successor escrow agent, of a full accounting of all funds held and disbursed by the Escrow Agent hereunder. Upon the occurrence of the above and
without further acts, the successor escrow agent shall be vested with all the estates, properties rights, powers, and duties of the predecessor escrow agent as if originally named as escrow agent. The predecessor escrow agent shall be discharged
from its duties and obligations under this Agreement, but shall not be discharged from any liability hereunder for actions taken as escrow agent hereunder prior to such succession. After any predecessor escrow agent’s resignation or removal,
the provisions of this 

  

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Agreement shall continue to apply as to any actions taken or omitted to be taken by it while acting as escrow agent under this Agreement. 
  
 12. AUTOMATIC SUCCESSION. 
  
 Upon Great Lakes’ consent, any company into which the Escrow Agent may
be merged or with which it may be consolidated, or any company to whom the Escrow Agent may transfer substantially all of its assets, shall be the successor to the Escrow Agent without the execution or filing of any paper or any further act on the
part of any of the Parties, anything herein to the contrary notwithstanding. The successor escrow agent shall be vested with all the estates, properties, rights, powers, and duties of the predecessor escrow agent as if originally named as escrow
agent. 
  
 13. BINDING EFFECT. 
  
 The terms and conditions of this Agreement shall be binding upon the parties
hereto and their respective creditors, transferees, successors in interest and assigns, whether by operation of law or otherwise. 
  
 14. MISCELLANEOUS. 
  
 (a) GOVERNING LAWS. This Agreement is to be construed and interpreted according to Illinois law. 
  
 (b) FACSIMILE LANGUAGE. This Agreement may be executed in one or more
counterparts and all such executed counterparts may be delivered by facsimile transmission, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 (c) NOTICES. All instructions, notices, and demands herein provided for shall
be in writing and shall be mailed postage prepaid, first class mail, delivered by courier, or telecopies as follows: 
  
 If to the Escrow Agent: 
  
 U.S. Bank National Association 
 60 Livingston
Avenue 
 EP-MN-WS3C 
 Attn:
Thomas H. Caruth 
 (phone) 651-495-3911 
 (facsimile) 651-495-8096 
  
 IN WITNESS WHEREOF, the
parties hereto have executed this Escrow Agreement on the date first above written. 
  
 Great Lakes Capital Acceptance, LLC 
 By George Luburich, II, Chief Executive Officer and Manager 
  
 U.S. BANK NATIONAL ASSOCIATION 
  
 By: 
 Its:

  

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 EXHIBIT A 
  
 FUND DISBURSEMENT INSTRUCTIONS 
  
 The undersigned certifies that he, she or it is duly authorized to execute and deliver this Escrow Notice on behalf of Great Lakes Capital Acceptance, LLC
(the “Company”). Pursuant to the Escrow Agreement dated             , 2003 (the “Agreement”) by and among the Company and U.S. Bank and Trust (the “Escrow
Agent”), the Company hereby requests that the Escrow Agent remit, in immediately available funds, $             from the Escrow Account to the following parties as follows:

  

	 PARTY

	  	AMOUNT

	Great Lakes Capital Acceptance, LLC	  	$	    
	 [Dealers]
	  	$	    
	 TOTAL
	  	$	        
	 	  	
	

  
 IN WITNESS WHEREOF,
the undersigned have executed this Fund Disbursement Instruction as of the date set forth below. 
  
  
 Dated:                                     
                             
  
 By:
                                        
                                        
                     
  
 Its:
                                        
                                        
             
  

 6Exployment Agreement Between the Company & George Luburich, II

 EXHIBIT 10.5 
  
 EMPLOYMENT AGREEMENT 
  
 This EMPLOYMENT AGREEMENT (this “Agreement”) is entered into effective as of August 4, 2003 by and between George Luburich, II
(“Employee”), and Great Lakes Capital Acceptance, LLC, an Illinois limited liability company (the “Company”). 
  
 WHEREAS, Employee serves as President and Chief Executive Officer of the Company and Chairman of its Board of Managers; and 
  
 WHEREAS, Employee and Company desire to set forth the terms of
Employee’s employment by the Company from the date of this Agreement and thereafter, replacing and superceding any prior agreements or understanding concerning such terms. 
  
 NOW THEREFORE, for and in consideration of the mutual promises and covenants contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
  
 1. Employment. 
  
 1.1 Generally. The Company employs the Employee as Chief Executive Officer (“CEO”), and the Employee accepts such employment and agrees
to perform his duties and responsibilities in accordance with the terms and conditions of this Agreement. During the term of this Agreement, the Company shall cause the Employee to be elected to serve as Chairman of the Board of Managers
(“Board”) and to serve on all committees of the Board to the extent permissible for an inside director pursuant to rules of the Securities and Exchange Commission or any stock exchange on which the Company’s securities may be listed.

  
 1.2 Duties and Responsibilities. 
  
 (a) The Employee agrees to use his best efforts to competently and
faithfully promote the interests of the Company in his capacity as CEO. As CEO, the Employee shall be the most senior officer of the Company and he shall report directly to and be under the supervision and subject to the policies of the Board.
Employee shall have and exercise general and active control of the Company’s and any subsidiary’s business affairs and supervision of its officers, agents and employees, and shall have such other duties, authority and responsibilities as
are set forth for the CEO in the Company’s Amended and Restated Operating Agreement (as amended from time to time) and as may customarily inure to the office of the chief executive officer of a company. 
  
 (b) The Employee represents to the Company that he is not subject to or a
party to any agreement, covenant, understanding or restriction that would prohibit the Employee from executing this Agreement and performing fully his duties and responsibilities hereunder, or which would in any manner, directly or indirectly, limit
or affect the duties and responsibilities which may now or in the future be assigned to the Employee by the Company or the scope of assistance to which he may now or in the future provide to affiliates of the Company. 
  
 (c) Employee may provide services as a volunteer or director to charitable,
educational or civic organizations, act as a member, director or officer of any industry trade association or group; serve as a trustee, director or advisor to any family companies or trusts; and he may serve as a director, advisor or investor in
any for-profit entity; provided that in all events such activities do not materially interfere with the performance of Employee’s duties to the Company as required under this Agreement. Employee may retain any compensation he receives from such
activities without affecting his compensation hereunder. 
  
 (d)
Employee shall perform his job at the Company’s offices in Chicago, Illinois and shall not be 

  

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required to work from any other location, except for reasonable travel required by the Company’s business and for other temporary assignments.

  
 1.3 Base Salary. For all of the services rendered by
the Employee hereunder, the Company shall pay Employee, for the fiscal year ending December 31, 2003, an annual base salary of $300,000.00, less withholdings required by law or agreed to by Employee and pro rated for partial years, payable in
installments at such times as the Company customarily pays its other senior officers (but in any event no less often than bi-monthly). The Company agrees that the Employee’s base salary and performance will thereafter be reviewed at least
annually by the Board or a committee thereof to determine if an increase in compensation is appropriate. If an increase in base salary is awarded, the increased salary shall be Employee’s new base salary for that year and in no event will
Employee’s base salary be lowered. 
  
 1.4 Incentive
Compensation and Bonus. Employee will be eligible to participate in any long-term or short-term incentive compensation, bonus, and/or equity compensation programs, plans or arrangements established by the Company that are generally available to
the Company’s employees or senior executives. The Company will develop an annual bonus plan for its senior executives with target Company and individual performance levels and bonus awards associated with achieving those objectives and
implement that plan as soon as practicable after the date hereof. 
  
 1.5 Life Insurance. The Company shall pay all premiums for: (i) the life insurance pledged to Textron the amount of $2,000,000; and (ii) the life insurance payable to the Employee’s estate in the amount of approximately
$3,000,000 for each year of Employee’s employment under this Agreement and for one (1) year after the termination of this Agreement other than for Cause. 
  

1.6 Expenses. The Company shall reimburse the Employee for all reasonable and necessary business expenses incurred in the discharge of his
duties and responsibilities under this Agreement within thirty (30) days after presentation of an itemized account and appropriate written evidence of such expenses in accordance with the Company’s expense approval procedures in effect from
time to time. 
  
 1.7 Benefits; Vacation. 
  
 (a) During the term of employment, the Employee shall be provided such
benefits and be permitted to participate in all benefit plans made available to employees of the Company generally and to executives, of the Company which, from time to time the Company may provide, including, without limitation, health insurance,
disability insurance, life insurance, pension, profit sharing, salary deferral, welfare benefit plans, and other comparable plans and benefits. 
  
 (b) The Company shall reimburse Employee for the cost of (i) his East Bank Club membership during the term of this Agreement, (ii) monthly parking
expenses at a parking facility near the Company’s offices for the term of this Agreement, and (iii) monthly payments for the lease or principal and interest incurred for the loan of one (1) automobile of Employee’s selection for the term
of this Agreement and for one (1) year after the termination of this Agreement for other than Cause. 
  
 (c) The Employee shall be entitled to up to 160 hours of vacation per fiscal year. If the Employee does not use the full 160 hours of vacation in a year,
then at his 

  

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election, he may roll eighty (80) hours of vacation to the next fiscal year to be added to the vacation he is entitled to in the subsequent fiscal year.

  
 2. Confidential Information. 
  
 2.1 The Employee acknowledges that he will have access to confidential
information of the Company and its affiliates, including, without limitation, information and knowledge pertaining to research activities, products and services offered, inventions, innovations, designs, ideas, plans, trade secrets, proprietary
information, advertising, sales methods and systems, sales, cost and profit figures, customer lists, financing plans, acquisition or divestiture plans, and relationships between the Company and its customers, suppliers and others who have had or
will have business dealings with the Company (“Confidential Information”). Employee acknowledges that such Confidential Information is a valuable and unique asset of the Company. Employee covenants that he will hold Confidential
Information in trust for the benefit of the Company and will not, either during or at any time after termination of employment with the Company, disclose any such Confidential Information to, or use any such Confidential Information for the benefit
of, any person or entity other than the Company and/or its affiliates for any reason whatsoever without the prior written authorization of the Company’s Board, except as may be required by law or as may be required for the proper discharge of
his responsibilities to the Company. In the event that the Employee is subject to a subpoena or other order of any governmental entity which might seek disclosure of Confidential Information, the Employee shall furnish a copy of such subpoena or
order to the Company’s General Counsel, or in the General Counsel’s absence, to its principal outside counsel, as soon as practicable after his receipt of such subpoena or order. Confidential Information shall not include (i) information
known to Employee before he became employed by the Company, (ii) information in the public domain or known generally in the industry through no fault of Employee, (iii) information that is not treated by the Company as confidential or is disclosed
by the Company to third parties without a duty of confidentiality imposed on such third parties; and (iv) information in which the Company ceases to have a legally protectible interest. 
  
 2.2 The Employee agrees that the Company shall be entitled to seek preliminary and permanent injunctive relief arising from
any violation of this Section 2, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled. 
  
 3. Term and Termination. 
  
 3.1 Definitions. The following terms are defined for purposes of this Section 
  
 (a) “Beneficial Owner” shall have the meaning given to such term defined in Rule 13d-3 under the Exchange Act.

  
 (b) “Cause” means: (i) the Employee’s
indictment, or conviction for, or plea of nolo contendere to a felony or other crime involving serious moral turpitude (excluding traffic offenses) that has a material adverse effect on the Company or its business; (ii) the Employee’s
misappropriation, conversion or embezzlement of funds; or (iii) failure of the Employee to substantially perform his duties or to observe any material terms or provisions of this Agreement; provided that (A) such events, acts or omissions are not
corrected to the Company’s reasonable satisfaction within sixty (60) days after written notice from the Company to the Employee specifying in reasonable detail the nature of the alleged breach, and (B) the determination of Cause and the
Company’s determination that Employee failed to cure is promptly confirmed by a majority 

  

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vote of the members of the Board (excluding the Employee) in a meeting of the Board where the Employee may appear with counsel and present his position.

  
 (c) A “Change of Control” with respect to the
Company shall be deemed to have occurred at the time of the earliest to occur of the following: 
  

	 	(1)	any Person (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any company owned, directly or indirectly, by
the security owners of the Company in substantially the same proportions as their ownership of voting securities of the Company), is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifty percent
(50%) or more of the combined voting power of the Company’s then outstanding securities; 

  

	 	(2)	the equity owners of the Company approve a merger or consolidation of the Company with any other entity, other than (A) a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting
securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a change of domicile or recapitalization of the Company (or similar transaction) in
which no Person acquires more than 50°% of the combined voting power of the Company’s then outstanding securities; or the security owners of the Company approve a plan of liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets. 

  
 (d) “Disability” or “Disabled” means that the Employee has suffered a disability from illness, accident or any other cause and is
unable to perform a substantial portion of his usual duties or employment for a total (consecutive or cumulative) of 180 days in any twelve (12) month period after the date the disability commenced; subject in all events to the Company’s
obligation to provide accommodations of such disability to the extent required by law. 
  
 (e) Exchange Act” means the Securities Exchange Act of 1934 and all rules and regulations adopted thereunder, as amended. 
  

(f) “Good Reason” means that any of the following events has occurred and has not been corrected to the Employee’s reasonable
satisfaction within thirty (30) days after Employee’s written notice to the Company: (i) the failure to elect and continue Employee as CEO of the Company and Chairman of the Board, (ii) a material reduction to the Employee’s duties and
responsibilities as CEO of the Company; (iii) a reduction of Employee’s annual base salary as in effect from time to time; (iv) a requirement by the Company or the Board that the Employee be relocated to a Company office more than forty (40)
miles from the current executive offices of the 

  

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Company, or the Company requiring the Employee to be based anywhere other than its principal executive offices for more than ten (10) days per month for a
continuous period of three months, other than on travel reasonably required to carry out Employee’s obligations under this Agreement; or (v) a material breach by the Company of any of the terms of this Agreement. 
  
 (g) “Person” has the meaning given to such term in Sections 13(d)
and 14(d) of Exchange Act. 
  
 (h) “Separation
Payment” means an amount of money equal to twelve (12) months of the Employee’s annual base salary in effect at the time of termination, less applicable withholding, payable in regular installments consistent with the Company’s normal
payroll practices (but not less often than bi-monthly). 
  
 3.2
Term. The initial term of this Agreement and Employee’s employment for the Company shall begin as of the effective date of this Agreement and end on December 31, 2007, unless and until this Agreement is sooner terminated pursuant to the
provisions of this Section 3. 
  
 3.3 Termination.
Notwithstanding the foregoing, this Agreement and the Employee’s employment hereunder may be terminated for any of the following reasons: 
  
 (a) The Company may terminate this Agreement for Cause (and termination will be effective after the notice, cure period and Board determination have been
completed). 
  
 (b) The Company may terminate this Agreement as
a result of the Employee’s death or Disability (and termination will be effective upon the Employee’s death or upon the Company’s notification to Employee of its determination that Employee is Disabled). 
  
 (c) The Employee may terminate this Agreement for Good Reason (and
termination will be effective after the end of the applicable cure period). 
  
 (d) The Employee may terminate this Agreement upon the occurrence of a Change of Control; provided that the Employee gives the Company at least twenty (20) days prior written notice of Employee’s intention to
terminate for that reason (and termination will be effective at the end of the 20-day period). 
  
 3.4 Consequences of Termination. 
  
 (a) Upon a termination of this Agreement for any reason, the Company will be obligated to pay the Employee’s base salary, unreimbursed business
expenses and earned but unused vacation through the effective date of termination. If this Agreement is terminated for Cause, the Company will have no further obligations to the Employee except to the extent required by law and this Agreement. If
this Agreement is terminated for any other reason, the Company shall have the additional obligations set forth below. 
  
 (b) Upon a termination of this Agreement as a result of death or Disability, for Good Reason or as a result of a Change of Control, in addition to any
other right or remedy of the Employee: 
  

	 	(1)	The Company will pay Employee the Separation Payment; 

  

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	 	(2)	The Company will have and, upon ten (10) day’s written notice to Employee may exercise, a call option to repurchase all securities of the Company of which the Employee is the
Beneficial Owner on the date of termination. If the call option is exercised, the Company’s purchase shall be closed within ninety (90) days of such termination date at a repurchase price in the amount of the greater of the book value or the
fair market value of such securities on the effective date of termination (such fair market value being the average of the closing bid prices for the Company’s securities for the ten (10) trading days immediately prior to termination if traded
or quoted on an exchange or another commercially reasonable method acceptable to the Company and Employee if not so traded) plus a gross-up to cover any tax on such payments. If the call option is not exercised, Employee may continue to be the
Beneficial Owner of the Company’s securities even though he will no longer be providing services to the Company. 

  

	 	(3)	Employee will be entitled to a pro rata portion of any bonus or incentive compensation he would have earned had he been employed through the remainder of the year in which the
termination occurred (or other period during which such bonus or compensation would have been determined); 

  

	 	(4)	All awards of equity compensation shall vest and become immediately exercisable; 

  

	 	(5)	The Company will continue Employee’s insurance and other benefits he participated in prior to termination for a period of twelve (12) months at no cost to the Employee (but the
same shall be applied against the maximum period for continuation of coverage provided under COBRA), or if such continuation is prohibited by the terms of the applicable plans, then the Company will pay Employee an amount necessary to reimburse the
Employee for his own cost of continuing such benefits plus a gross-up to cover any tax on such payments; 

  

	 	(6)	Employee shall not be required to mitigate any loss or damage he incurs as a result of such termination; 

  

	 	(7)	The Company’s obligation to provide the payments and benefits under this paragraph (b) is absolute and irrevocable, and shall not be subject to delay, abatement, offset or
objection, and shall not be reduced by the amount Employee may receive from any other source; and 

  

	 	(8)	If Employee prevails in any claim to enforce Employee’s rights under this Section 3, the Company shall pay all reasonable attorneys’ fees and expenses Employee incurs in
connection with such action. 

  

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 (c) If any payment or benefit to which the Employee is entitled under paragraph (b) above is more likely
than not to be subject to the tax imposed by Section 4999 of the Internal Revenue Code of 1986 and regulations thereunder (as determined by an independent accounting firm retained at the Company’s expense and reasonably acceptable to the
Employee), the payment or benefit shall be reduced or restructured to the extent necessary to avoid or mitigate the application of such tax. Employee shall be entitled to determine the order in which payments or benefits will be reduced or other
manner in which the payments or benefits will otherwise be restructured. 
  
 (d) Upon termination of this Agreement for any reason, employee shall be deemed to have resigned as an officer and director of the Company, as a trustee of any employee benefit plans and from any other official
capacity in connection with the Company or its business. 
  
 (e)
Upon termination or expiration of this Agreement, regardless of the reason, the Employee shall return to the Company all Company property in the Employee’s possession or under Employee’s control, including, without limitation, all
Confidential Information. 
  
 (f) Upon termination of this
Agreement for any reason other than for Cause, Employee may own, manage, control, participate in, consult with, render services for or in any manner engage in any business that is similar to or competitive with products or services which the Company
offered or sold or planned to offer or sell at any time during the term of this Agreement; provided that Employee complies with Section 2, above. 
  
 (g) The Employee’s obligations under Sections 2 and 3, and the Company’s obligations under this Section 3, shall survive and remain in full
force and effect for the periods therein provided, and the provisions for relief for any violation thereof shall continue in force. 
  
 4. Indemnity. 
  
 4.1 The following terms are defined for purposes of Section 4 of this Agreement. 
  
 (a) “Adverse Consequences” means all judgments, fines, penalties, settlement payments, ERISA excise taxes,
arbitration awards, reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all
other disbursements or expenses of the types customarily incurred in connection with prosecuting or defending (or preparing to prosecute or defend) a Proceeding. 
  
 (b) “Company Status” describes the status of a person who is or was a director, officer, employee, agent or
fiduciary of (i) the Company or (ii) of any other limited liability company, corporation, partnership, joint venture, trust, employee benefit plan or other enterprise with which such person is or was serving at the request of the Company.

  
 (c) “Good Faith” means Employee having acted in
good faith and in a manner he reasonably believed to be in or not opposed to the best interests of an entity, and, with respect to any criminal Proceeding, having had no reasonable cause to believe his conduct was unlawful. 
  

 - 7 - 

 (d) “Proceeding” means any action, suit, arbitration, alternate dispute resolution mechanism,
investigation, administrative hearing or any other actual, threatened or completed proceeding whether civil, criminal, administrative or investigative, other than one initiated by Employee, including the investigation, defense, settlement or appeal
of any of the foregoing. For purposes of the foregoing sentence, a “Proceeding” shall not be deemed to have been initiated by Employee where Employee seeks to enforce his rights under this Agreement. 
  
 4.2 The Company shall, to the fullest extent permitted by applicable law and
provided in Article IX of the Company’s Amended and Restated Operating Agreement, defend, indemnify, reimburse and hold the Employee harmless from all Adverse Consequences he incurs or otherwise becomes liable for by arising from or related to
any Proceeding by reason of his Corporate Status, provided Employee acted in Good Faith. The foregoing includes advancement of expenses prior to a final determination of whether Employee acted in Good Faith, all of which advanced expenses Employee
agrees to repay upon a final determination that Employee did not act in good faith (such advances shall not bear interest of be subject to collateral security). Employee agrees to cooperate with the Company and its counsel in the disposition of any
Proceeding that is the subject of the Company’s indemnification obligations hereunder. 
  
 4.3 To the extent that Employee is, by reason of his Company Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Employee shall be indemnified against any and all Adverse Consequences
as provided in Section 4.2. If Employee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Employee
against all Adverse Consequences in connection with each successfully resolved claim, issue or matter. The termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter, so long as there has been no finding (either adjudicated or pursuant to this Section 4) that Employee did not act in Good Faith. 
  
 4.4 The Company’s obligations under this Section 4 continue until and terminate upon the later of (i) six (6) years
after the date that Employee’s Company Status shall have ceased; or (ii) the final termination of all pending Proceedings in respect of which Employee is granted rights of indemnification or advancement of expenses hereunder and of any
proceeding commenced by Employee regarding the interpretation or enforcement of this Agreement. 
  
 4.5 If the Company claims that Employee is not entitled to indemnification, Employee shall be entitled to select the forum in which the validity of the
Company’s claim will be heard from among the following: (a) a quorum of the Board consisting of individuals not subject to the Proceeding; (b) the members of the Company; (c) legal counsel selected by Employee and reasonably approved by the
Board, which counsel shall make such determination in a written opinion; or (d) a panel of three arbitrators, one of whom is selected by the Company, another of whom is selected by Employee and the last of whom is selected by the first two
arbitrators so selected. The determination shall be made as soon as practicable after Employee notifies the Company of his choice of forum. Employee shall have the right to appeal any determination by any such forum by applying to the court in which
that Proceeding is or was pending, or any other court of competent jurisdictions. In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Employee
is entitled to indemnification under this Agreement. The Company shall have the burden of proof to overcome that presumption by a preponderance of the evidence. Employee shall be deemed to have 

  

 - 8 - 

 
acted in Good Faith if, without excluding any other way of demonstrating Good Faith, his action is based on the records or books of account of the Company,
on information supplied to Employee by the officers of the Company in the course of their duties, on the advice of legal counsel for the Company or on information or records given or reports made to the Company by another expert selected with
reasonable care by the Company. 
  
 5. Miscellaneous.

  
 5.1 This Agreement shall be governed by and interpreted under
the laws of the State of Illinois, without giving effect to the principles of conflicts of laws thereof. Words of the masculine, feminine or neuter gender shall mean and include the correlative words of other genders. The headings in this Agreement
are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. Unless the context otherwise requires, references in this Agreement to any gender shall be construed to include all other genders; references in the
singular shall be construed to include the plural, and references in the plural shall be construed to include the singular; and the word “including” shall be construed to mean “including, without limitation.” 
  
 5.2 This Agreement constitutes the entire understanding and agreement
between the parties concerning the subject matter hereof supersedes all prior discussions, representations and agreements (written or oral) concerning such subject matter, none of which prior matters shall be binding upon the parties. This Agreement
may not be changed, modified, extended or terminated except upon written amendment executed by the Employee and by a committee of the Board or another duly appointed representative of the Board. In the event of any conflict between this Agreement
and the Company’s Amended and Restated Operating Agreement, the provisions of this Agreement shall prevail. 
  
 5.3 All notices and other communications required or permitted hereunder or necessary or convenient in connection herewith shall be in writing and shall
be deemed to have been given when hand-delivered, mailed by registered or certified mail (three days after deposited), faxed (with confirmation of receipt) or sent by a nationally recognized courier service, as follows (provided that notice of
change of address shall be deemed given only when received) to the parties at their addresses beneath their signatures on the signature page hereof or to such other names and addresses as the Company or the Employee, as the case may be, shall
designate by notice to each other person entitled to receive notices in the manner specified in this Section. 
  
 5.4 All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs,
executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of the Employee hereunder are of a personal nature and shall not be assignable or delegable in whole or in
part by the Employee, and the Company may not transfer or convey its rights hereunder to any third party other than an affiliate of the Company without the prior express written consent of the Employee. 
  
 5.5 If any provision of this Agreement or application thereof to any person
or circumstance is held invalid or unenforceable in any jurisdiction, the remainder of this Agreement shall not be affected thereby and the provisions hereof shall be severable. Any such invalid or unenforceable portion shall be deemed modified to
the minimum extent necessary to be valid and shall be enforced as so modified. 
  

 - 9 - 

 5.6 No remedy conferred upon the Company or the Employee by this Agreement is intended to be exclusive of
any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter existing at law or in equity. Except as specifically provided in this Agreement, no delay or
omission by the Company or Employee in exercising any right, remedy or power hereunder or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by the Company or Employee from time
to time and as often as may be deemed expedient or necessary by the Company Employee in its or his sole discretion. 
  
 IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement to be effective as of the date first set forth above.

  

	 EMPLOYEE:

	
	 /s/ George Luburich, II

	

	George Luburich, II
Address for notices:
510 West Erie Street, #230
Chicago, Illinois 60610

  
  

	 COMPANY:
  
 Great Lake Capital Acceptance, LLC

		
	By:	 	 /s/ George Luburich, II

	 	

	 	 	 Chairman of the Compensation Committee

 Address for notices:

 27 East Monroe St. #700

 Chicago, Illinois 60603

  

 - 10 -

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