Document:

Exhibit 10.2

 

INDEMNIFICATION AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as
of     , 20        between Jerash Holdings
(US), Inc., a Delaware corporation (the “Company”), and                            , an individual
(“Indemnitee”). This Agreement supersedes and replaces any and all previous agreements between the Company
and Indemnitee covering the subject matter of this Agreement.

 

WITNESSETH THAT:

 

WHEREAS, Indemnitee performs a valuable service for
the Company;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has adopted bylaws (the “Bylaws”) providing
for the indemnification of the officers and directors of the Company to the maximum extent authorized by the Delaware General Corporation
Law (the “DGCL”);

 

WHEREAS,
the Bylaws and Section 145 of the DGCL, as amended (“Section 145”), by their nonexclusive nature, permit contracts
between the Company and the officers or directors of the Company with respect to indemnification of its officers or directors;

 

WHEREAS,
this Agreement is supplemental to and in furtherance of the Amended and Restated Certificate of Incorporation (the “Certificate
of Incorporation”), the Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor,
nor to diminish or abrogate any rights of Indemnitee thereunder;

 

WHEREAS,
in accordance with the authorization as provided by Section 145, the Company may purchase and maintain a policy or policies of
directors’ and officers’ liability insurance, covering certain liabilities which may be incurred by its officers or
directors in the performance of their obligations to the Company; and

 

WHEREAS,
in order to induce Indemnitee to continue to serve as an officer or director of the Company, the Company has determined and agreed
to enter into this contract with Indemnitee.

 

NOW, THEREFORE,
in consideration of Indemnitee’s service as an officer or director after the date hereof, the parties hereto agree as follows:

 

1. Definitions. For purposes of this Agreement:

 

		(a)	“Corporate Status” means the status
of a person who is or was a director (including, without limitation, serving as a member of any committee or subcommittee of the
Board), officer, employee, agent or fiduciary of the Company (or any subsidiary of the Company) or of any other corporation, limited
liability company, partnership, joint venture, trust, employee benefit plan or other enterprise that the person is or was serving
at the express written request of the Company.

 

		(b)	“Disinterested Director” means
a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

 

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		(c)	“Enterprise” means the Company
and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or
was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

		(d)	“Expenses” means all 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 , any federal, state, local or foreign taxes imposed
on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties,
and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding. Expenses also shall
include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium,
security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for
purposes of Section 7(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense
of Indemnitee’s rights under this Agreement, by litigation or otherwise. The parties agree that for the purposes of any
advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses
included in the demand that are certified by affidavit of Indemnitee’s counsel as being reasonable shall be presumed conclusively
to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or
fines against Indemnitee.

 

		(e)	“Independent Counsel” means a law
firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five
years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either party (other than with respect
to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii)
any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to
above and to fully indemnify the Independent Counsel against any and all Expenses, claims, liabilities and damages arising out
of or relating to this Agreement or its engagement pursuant hereto.

 

		(f)	“Proceeding” means any threatened,
pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or
in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative or investigative (formal
or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party,
non-party witness or otherwise by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason
of any action taken by Indemnitee or of any inaction on Indemnitee’s part while acting as an officer or director of the
Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee,
agent or fiduciary of another corporation, partnership, joint venture, trust or other Enterprise or of any action (or failure
to act) on Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status; in each case whether or not Indemnitee
is acting or serving in that capacity at the time any liability or Expense is incurred for which indemnification, reimbursement,
or advancement of Expenses can be provided under this Agreement; including one pending on or before the date of this Agreement,
but excluding one initiated by an Indemnitee pursuant to Section 7 hereof to enforce Indemnitee’s rights under this
Agreement. If the Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of a Proceeding,
this shall be considered a Proceeding under this paragraph.

 

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2. Indemnification of Indemnitee.
The Company hereby agrees to hold harmless and indemnify Indemnitee to the full extent authorized or permitted by the provisions
of Section 145, the Certificate of Incorporation, and the Bylaws, all as may be amended from time to time. In furtherance of the
foregoing indemnification, and without limiting the generality thereof:

 

		(a)	Proceedings Other Than Proceedings by or in the
Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 2(a)
if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in
any Proceeding other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this
Section 2(a), the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses,
judgments, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection
with or in respect of those Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee,
or on Indemnitee’s behalf, in connection with the Proceeding or any claim, issue or matter therein, if Indemnitee acted
in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and
with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful. The parties
hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly
permitted by statute, including, without limitation, any indemnification provided by the Certificate of Incorporation, the Bylaws,
the vote of its stockholders or Disinterested Directors, or applicable law.

 

		(b)	Proceedings by or in the Right of the Company.
The Company shall indemnify Indemnitee in accordance with the provisions of this Section 2(b) if, by reason of Indemnitee’s
Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the
right of the Company to procure a judgment in its favor. Pursuant to this Section 2(b), the Company shall indemnify Indemnitee
to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s
behalf, in connection with the Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No indemnification of Expenses shall
be made under this Section 2(b) in respect of any claim, issue or matter as to which Indemnitee shall have been finally
adjudged by a court to be liable to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware
or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability
but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

 

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		(c)	Indemnification of Expenses of a Party Who is Wholly
or Partly Successful. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable
law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and
is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or
in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith. If Indemnitee is not wholly successful in the Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in the Proceeding, the Company shall indemnify Indemnitee against
all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully
resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section 2(c) and without limitation,
the termination of any claim, issue or matter in a Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to that claim, issue or matter.

 

3. Additional Indemnity.

 

		(a)	In addition to, and without regard to any limitations
on, the indemnification provided for in Section 2 hereof, the Company shall and hereby does indemnify and hold harmless
Indemnitee, to the fullest extent permitted by applicable law, against all Expenses, judgments, penalties, fines and amounts paid
in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf if, by reason of Indemnitee’s
Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding
by or in the right of the Company), including, without limitation, all liability arising out of the negligence or active or passive
wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement
shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures,
and subject to the presumptions, set forth in Sections 7 and 8 hereof) to be unlawful under Delaware law.

 

		(b)	For the purposes of Section 2(a), the meaning
of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to:

 

(i) to
the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL, and

 

(ii) to
the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

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4. Indemnification of Expenses
of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and
to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or otherwise asked to participate
in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

5. Advancement of Expenses.
Notwithstanding any provision of this Agreement to the contrary (other than Section 7), the Company shall advance, to the
extent not prohibited by law, the Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding (or any part
of any Proceeding) not initiated by Indemnitee. The Company shall make this advancement within 10 days after the receipt by the
Company of a statement or statements from Indemnitee requesting the advance or advances from time to time, whether prior to or
after final disposition of the Proceeding. The Indemnitee’s statement or statements shall reasonably evidence the Expenses
incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay
any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against the Expenses.
Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free. Notwithstanding
the foregoing, the obligation of the Company to advance Expenses pursuant to this Section 5 shall be subject to the condition
that, if, when, and to the extent that the Company determines that Indemnitee would not be permitted to be indemnified under applicable
law, the Indemnitee shall reimburse the Company for all amounts theretofore paid within 30 days of this determination; provided,
however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure
a determination that Indemnitee should be indemnified under applicable law, any determination made by the Company that Indemnitee
would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse
the Company for any advance of Expenses until a final judicial determination is made with respect thereto (and as to which all
rights of appeal therefrom have been exhausted or lapsed). No other form of undertaking shall be required other than the execution
of this Agreement.

 

6. Procedures and Presumptions
for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee rights of
indemnity that are as favorable as may be permitted under Section 145 and the public policy of the State of Delaware. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee
is entitled to indemnification under this Agreement:

 

		(a)	To obtain indemnification (including, but not limited
to, the advancement of Expenses and contribution by the Company) under this Agreement, Indemnitee shall submit to the Company
a written request, including therein or therewith documentation and information as is reasonably available to Indemnitee and is
reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company
shall, promptly upon receipt of the written request for indemnification, advise the Board in writing that Indemnitee has requested
indemnification.

 

		(b)	Upon written request by Indemnitee for indemnification
pursuant to the first sentence of Section 6(a) hereof, a determination, if required by applicable law, with respect to
Indemnitee’s entitlement thereto shall be made in the specific case by one of the following three methods, which shall be
at the election of Board:

 

(i) a majority vote of
the Disinterested Directors, even if less than a quorum;

 

(ii) Independent Counsel
in a written opinion; or

 

(iii) a vote of the Company’s
stockholders.

 

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		(c)	If the determination of entitlement to indemnification
is to be made by Independent Counsel pursuant to Section 6(b)(ii) hereof, the Independent Counsel shall be selected as
provided in this Section 6(c). The Independent Counsel shall be selected by the Company. Indemnitee may, within 10 days
after written notice of selection shall have been given, deliver to the Company a written objection to the selection; provided,
however, that the objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 1(e) hereof, and the objection shall set forth with particularity
the factual basis of this assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel.
If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless
and until the objection is withdrawn or a court has determined that the objection is without merit. If, within 20 days after the
later of submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof and the final
disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee
may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection
which shall have been made by Indemnitee to the selection of Independent Counsel or for the appointment as Independent Counsel
of a person selected by the court or by any other person as the court shall designate, and the person with respect to whom all
objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company
shall pay any and all reasonable fees and expenses of Independent Counsel incurred by the Independent Counsel in connection with
acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures
of this Section 6(c), regardless of the manner in which the Independent Counsel was selected or appointed.

 

		(d)	In making a determination with respect to entitlement
to indemnification hereunder, the person, persons or entity making the determination shall, to the fullest extent not prohibited
by law, presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

		(e)	For the purposes of any determination of good faith,
Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account
of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the
Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given
or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with
reasonable care by the Enterprise. In addition, the knowledge and actions, or failure to act, of any director, officer, agent
or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under
this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed
that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to
the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of
persuasion by clear and convincing evidence.

 

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		(f)	If the person, persons or entity empowered or selected
under this Section 6 to determine whether Indemnitee is entitled to indemnification shall not have made a determination
within 30 days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification
shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to indemnification
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of indemnification
under applicable law; provided, however, that the 30-day period may be extended for a reasonable time, not to exceed an additional
15 days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith
requires additional time to obtain or evaluate documentation and information relating thereto; and provided further, that the
foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to
be made by the stockholders pursuant to Section 6(b) hereof and if (x) within 15 days after receipt by the Company of the
request for this determination, the Board or the Disinterested Directors, if appropriate, resolve to submit the determination
to the stockholders for their consideration at an annual meeting thereof to be held within 75 days after such receipt and such
determination is made thereat, or (y) a special meeting of stockholders is called within 15 days after such receipt for the purpose
of making such determination, such meeting is held for such purpose within 60 days after having been so called and such determination
is made thereat.

 

		(g)	Indemnitee shall cooperate with the person, persons
or entity making the determination with respect to Indemnitee’s entitlement to indemnification, including providing to the
person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to the determination. Any Independent
Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding
the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’
fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making the determination shall
be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company
hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

		(h)	The Company acknowledges that a settlement or other
disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other
than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with
or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or
otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion by clear and convincing evidence.

 

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7. Remedies of Indemnitee.

 

		(a)	In the event that (i) a determination is made pursuant
to Section 6 hereof that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses
is not timely made pursuant to Section 5 hereof, (iii) no determination of entitlement to indemnification is made pursuant
to Section 6(b) hereof within 90 days after receipt by the Company of the request for indemnification, (iv) payment of
indemnification is not made pursuant to this Agreement within 10 days after receipt by the Company of a written request therefor,
(v) payment of indemnification is not made within 10 days after a determination has been made that Indemnitee is entitled to indemnification
or the determination is deemed to have been made pursuant to Section 6 hereof, or (vi) in the event that the Company or
any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation
or other action or Proceeding designed to deny, or to recover from the Indemnitee the benefits provided or intended to be provided
to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware,
or in any other court of competent jurisdiction, of Indemnitee’s entitlement to indemnification or advancement of Expenses.
Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence the proceeding
seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right
to commence such proceeding pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s right to seek
any such adjudication or award in arbitration.

 

		(b)	In the event that a determination shall have been
made pursuant to Section 6(b) hereof that Indemnitee is not entitled to indemnification, any judicial proceeding commenced
pursuant to this Section 7 shall be conducted in all respects as a de novo trial, or arbitration, on the merits,
and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b) hereof. In any judicial
proceeding or arbitration commenced pursuant to this Section 7 the Company shall have the burden of proving Indemnitee
is not entitled to indemnification or advancement of Expenses, as the case may be.

 

		(c)	If a determination shall have been made pursuant to
Section 6(b) hereof that Indemnitee is entitled to indemnification, the Company shall be bound by this determination in
any judicial proceeding or arbitration commenced pursuant to this Section 7, absent (i) a misstatement by Indemnitee of
a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of indemnification under applicable law.

 

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		(d)	In the event that Indemnitee, pursuant to this Section
7, seeks a judicial adjudication of Indemnitee’s rights under, or to recover damages for breach of, this Agreement,
or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company
shall pay on Indemnitee’s behalf, in advance, any and all Expenses actually and reasonably incurred by Indemnitee in the
judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to indemnification, advancement
of expenses or insurance recovery.

 

		(e)	The Company shall, to the fullest extent not prohibited
by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 7 that
the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

		(f)	Notwithstanding anything in this Agreement to the
contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made
prior to the final disposition of the Proceeding.

 

8. Non-Exclusivity; Survival
of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

		(a)	The rights of indemnification and to receive advancement
of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time
be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution
of directors or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict
any right of Indemnitee under this Agreement in respect of any action taken or omitted by the Indemnitee in Indemnitee’s
Corporate Status prior to the amendment, alteration or repeal. To the extent that a change in Section 145, whether by statute
or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Bylaws
and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and
every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other right or remedy.

 

		(b)	To the extent that the Company maintains an insurance
policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or
of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves
at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to
the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies.

 

9. Liability
Insurance. The Company currently maintains liability insurance applicable to directors, officers, employees, or agents,
and, to the extent liability insurance of comparable scope can continue to be purchased at reasonable cost, the Company shall
continue to maintain this coverage. Indemnitee shall be covered by these policies in such a manner as to provide the
Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors. The
Company shall notify Indemnitee of any change, lapse or cancellation of this coverage.

 

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10. Exception to Right
of Indemnification. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification
under this Agreement with respect to any Proceeding brought by Indemnitee, or any claim therein, unless (a) the bringing of such
Proceeding or making of such claim shall have been approved by the Board or (b) such Proceeding is being brought by Indemnitee
to assert, interpret or enforce Indemnitee’s rights under this Agreement. The Company shall not be obligated to indemnify
Indemnitee against amounts paid in settlement of a Proceeding against Indemnitee if the settlement is effected by Indemnitee without
the Company’s prior written consent, which consent shall not be unreasonably withheld, unless the settlement solely involves
the payment of money or performance of any obligation by persons other than the Company and includes an unconditional release of
the Company by all relevant parties from all liability on any matters that are the subject of such Proceeding and an acknowledgment
that the Company denies all wrongdoing in connection with such matters. The Company shall not, without the prior written consent
of Indemnitee, which consent shall not be unreasonably withheld, effect any settlement of any Proceeding against Indemnitee or
which could have been brought against Indemnitee or which potentially or actually imposes any cost, liability, exposure or burden
on Indemnitee, unless the settlement solely involves the payment of money or performance of any obligation by persons other than
Indemnitee and includes an unconditional release of Indemnitee by all relevant parties from all liability on any matters that are
the subject of such Proceeding and an acknowledgment that Indemnitee denies all wrongdoing in connection with such matters.

 

11. Duration of Agreement.
All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer or director
of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee could be subject to
any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of Indemnitee’s Corporate Status, whether
or not Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification
can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or
otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal
and legal representatives.

 

12. Security. To the
extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to
Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

13. Severability.
If any provision or provisions of this Agreement shall be held by a court of competent jurisdiction to be invalid, void,
illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining
provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any
such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not
in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; and (b) to
the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Without limiting the generality
of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted
by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed
modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

    10

     

    

 

14. Enforcement.

 

		(a)	The Company expressly confirms and agrees that it
has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director
or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director
or officer of the Company.

 

		(b)	This Agreement constitutes the entire agreement between
the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written
and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this
Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law, and shall
not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

15. Modification and Waiver.
No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of
the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16. Notice By Indemnitee.
Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation,
subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification
covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee
under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

 

17. Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (a) delivered
by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified
or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, or (c) mailed with
a nationally recognized overnight courier specifying next day delivery with written verification of receipt, on the first business
day after the date on which it is so mailed:

 

(a) If to Indemnitee, to
the address set forth below Indemnitee signature hereto.

 

(b) If to the Company, to:

 

Jerash Holdings (US), Inc.

277 Fairfield Road, Suite 338

Fairfield, NJ 07004

Attention: Chief Financial Officer

 

    11

     

    

 

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

 

Hunter Taubman Fischer & Li LLC

1450 Broadway, 26th Floor

New York, NY 10018

Attention: Ying Li, Esq.

 

or to any other address as may
have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18. Contribution. To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Company and
Indemnitee as a result of the events or transactions giving cause to such Proceeding, and (b) the relative fault of the Company
(and its directors, officers, employees and agents) and Indemnitee in connection with such events or transactions.

 

19. Identical Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

20. Headings. The headings
of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof.

 

21. Governing Law.
The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State
of Delaware without application of the conflict of laws principles thereof.

 

    12

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement on and as of the day and year first above written.

 

	 	JERASH HOLDINGS (US), INC.
	 	 	 
	 	By:	                             
	 	Name: 	 
	 	Title:	 

 

	 	INDEMNITEE
	 	 
	 	[Indemnitee name]
	 	 
	 	 	                     
	 	Address: 	 
	 	 	 
	 	 	 

 

[Signature Page to Indemnification Agreement]

 

 

13Exhibit 4.1

 

THIS
WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD IN ACCORDANCE WITH RULE
144 UNDEr SUCH ACT. 

 

The
shares of the common stock of the company issuable upon exercise of the warrants represented by this certificate are subJEct to
the preferences, powers, qualifications and rights of each class and series as set forth in the company’s articles of amendment
and restatement, as amended, supplemented or amended and restated, and amended and restated bylaws, as amended, supplemented or
amended and restated. The company shall furnish a copy of the foregoing instruments and any relevant amendments thereto to the
holder of this certificate upon written request.

 

Warrant Certificate No. A-3

Date of Issuance: June 3, 2020

Expiration Date: April 6, 2025

 

Warrant Certificate

 

GREAT AJAX CORP.

 

This Warrant Certificate
(this “Warrant Certificate”) certifies that ___________ or its registered assigns (the “Holder”),
for value received, is the registered holder of such number of warrants (“warrants”) as is set forth in the
electronic, book-entry records of American Stock Transfer & Trust Company, LLC, in its capacity as warrant agent for the warrants
(the “Warrant Agent”). The warrants are exercisable for the purchase of shares of common stock, par value $0.01
per share (“Common Stock”), of GREAT AJAX CORP., a Maryland corporation (the “Company”),
in accordance with the provisions of Section 1 hereof and the Warrant Agency Agreement, dated May 4, 2020 (the “Warrant
Agreement”), by and between the Company and the Warrant Agent. This Warrant Certificate and the warrants represented
hereby are issued pursuant to that certain Securities Purchase Agreement, dated as of April 3, 2020, as amended by Amendment No.
1, dated June 3, 2020, by and among the Company, Great Ajax Operating Partnership L.P. and the Holder (the “Securities
Purchase Agreement”), pursuant to which the Company sold two series of warrants and two series of preferred stock (the
 “Preferred Stock”). References in this Warrant Certificate to this “Warrant” shall mean any
and all warrants represented and outstanding under this Warrant Certificate in the Warrant Agent’s records.

 

     

     

    

 

1.           
 EXERCISE.

 

(a)              
Number and Exercise Price of Warrant Shares; Expiration Date. Subject to the terms and conditions set forth herein
and in the Warrant Agreement, each warrant entitles the Holder upon exercise to receive from the Company one fully paid and nonassessable
share of Common Stock of the Company, as may be adjusted from time to time pursuant to the terms herein (the “Warrant
Shares”), at an initial purchase price of $10.00 per share (the “Exercise Price”), on or after the
earlier of (i) the date of effectiveness of the Resale Registration Statement (as such term is defined in the Securities Purchase
Agreement) and (ii) December 3, 2020 (the six-month anniversary of June 3, 2020 (the “Date of Issuance”)), and
on or before 5:00 p.m., Eastern Time, on April 6, 2025 (the “Expiration Date”) (subject to earlier termination
as set forth herein).

 

(b)              
Cash Exercise. While this Warrant remains outstanding and exercisable in accordance with Section 1(a) above,
the Holder may exercise this Warrant in accordance with Section 6 herein and the applicable terms of the Warrant Agreement,
by wire transfer to the Warrant Agent or by certified or official bank check in U.S. dollars made payable to the order of the Warrant
Agent at the office of the Warrant Agent designated for such purposes. Notwithstanding anything herein to the contrary, the Holder
shall physically surrender this Warrant Certificate to the Warrant Agent for cancellation within three Trading Days (as defined
in Section 3(e)(iii)) of the date the final Notice of Exercise (as defined below) is delivered to the Warrant Agent. In
the case of partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder, upon request of the Holder, a new Warrant Certificate evidencing the number of Warrants equivalent to the number of
Warrants remaining unexercised may be issued by the Warrant Agent to the Holder of such Warrant Certificate or his duly authorized
assigns in accordance with Section 12 hereof, subject to the provisions of Section 6 of the Warrant Agreement. The Warrant Agent
shall maintain records showing the number of Warrant Shares purchased and the date of such purchases.

 

(c)              
Net Exercise. In lieu of exercising this Warrant pursuant to Section 1(b), at any time, the Holder may elect
to credit the Exercise Price against the Fair Market Value (as defined below) of the Warrant Shares at the time of exercise (the
 “Net Exercise”) pursuant to this Section 1(c) and the Warrant Agreement. If the Company shall receive
written notice from the Holder at the time of exercise of this Warrant that the Holder elects to Net Exercise this Warrant, the
Company shall deliver such written notice to the Warrant Agent pursuant to the terms of the Warrant Agreement. Pursuant to the
terms and conditions of the Warrant Agreement, the Warrant Agent shall deliver to such Holder (without payment by the Holder of
any exercise price in cash) that number of Warrant Shares computed using the following formula:

 

 

where

 

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

 

    2 

     

    

 

		Y =	The number of Warrant Shares purchasable under this Warrant or, if only a portion of this Warrant
is being exercised, the portion of this Warrant being cancelled (at the date of such calculation).

 

		A =	The Fair Market Value of one share of Common Stock on the trading date immediately preceding the
date on which the Holder elects to exercise this Warrant.

 

		B =	The Exercise Price (as adjusted hereunder).

 

The “Fair
Market Value” of one share of Common Stock shall mean (x) the last reported sale price on the New York Stock Exchange
and, if there are no sales, the last reported bid price, of the Common Stock on the business day prior to the date of exercise
on the Trading Market (as defined below) on which the Common Stock is then listed or quoted as reported by Bloomberg Financial
Markets (“Bloomberg”) or (y) if the Fair Market Value cannot be calculated as of such date on the foregoing
basis, the price determined in good faith by the Company’s board of directors.

 

“OTC Markets”
shall mean either OTCQX or OTCQB of the OTC Markets Group Inc.

 

“Trading Market”
shall mean any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question:
the New York Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the NYSE American
or the OTC Markets (or any successors to any of the foregoing).

 

(d)          
Deemed Exercise. In the event that immediately prior to the close of business on the Expiration Date, the Fair Market
Value of one share of Common Stock (as determined in accordance with Section 1(c) above) is greater than the then applicable
Exercise Price, this Warrant shall be deemed to be automatically exercised on a Net Exercise basis pursuant to Section 1(c)
above, and the Company shall deliver the applicable number of Warrant Shares to the Holder pursuant to the provisions of Section
1(c) above and this Section 1(d).

 

(e)          
Holder’s Exercise Limitations. Notwithstanding anything to the contrary contained herein, the number of Warrant
Shares that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to
the extent necessary to ensure that, following such exercise (or other issuance), the total number of shares of Common Stock then
beneficially owned by such Holder does not exceed the Ownership Limits (as defined below), unless the Company’s board of
directors has, in its sole discretion, granted the Holder a waiver from the stock ownership limitations set forth in the Company’s
charter. The parties hereto acknowledge that certain listing standards of the Trading Market may generally require the Company
to obtain the approval of its stockholders before entering into certain transactions that potentially result in the issuance of
20% or more of its outstanding Common Stock; accordingly, in the event of an exercise of this Warrant that would result in the
total number of shares of Common Stock then beneficially owned by a Holder and any Affiliate of such Holder exceeding 19.9% of
the total number of then issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable
upon such exercise), the Company shall, at its discretion, either obtain stockholder approval of such issuances or upon settlement
of the exercise of such Warrant deliver cash in lieu of any shares otherwise deliverable upon exercise of such Warrant in excess
of such limitation, in accordance with the provisions of Section 6(a) hereof.

 

    3 

     

    

 

		2.	CERTAIN ADJUSTMENTS.

 

(a)         
Adjustment of Number of Warrant Shares and Exercise Price. The number and kind of Warrant Shares purchasable upon
exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows:

 

(i)               
Dividends, Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the Date of Issuance
but prior to the Expiration Date subdivide its shares of capital stock of the same class as the Warrant Shares, by stock split
or otherwise, or combine such shares of capital stock, effect a reverse stock split, pay a dividend or issue additional shares
of capital stock as a dividend with respect to any shares of such capital stock, the number of Warrant Shares issuable on the exercise
of this Warrant shall forthwith be proportionately increased in the case of a subdivision, dividend or stock dividend, or proportionately
decreased in the case of a combination or reverse stock split. Appropriate adjustments shall also be made to the Exercise Price
payable per share, but the aggregate Exercise Price payable for the total number of Warrant Shares purchasable under this Warrant
(as adjusted) shall remain the same. Any adjustment under this Section 2(a)(i) shall become effective at the close of business
on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no
record date is fixed, upon the making of such dividend.

 

(ii)             
Reclassification, Reorganizations and Consolidation. In case of any reclassification, capital reorganization or change
in the capital stock of the Company (other than as a result of a subdivision, combination, stock split (forward or reverse) or
stock dividend provided for in Section 2(a)(i) above) that occurs after the Date of Issuance, then, as a condition of such
reclassification, reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from
the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the right at any time prior
to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind
and amount of shares of stock and/or other securities or property (including, if applicable, cash) receivable in connection with
such reclassification, reorganization or change by a holder of the same number and type of securities as were purchasable as Warrant
Shares by the Holder immediately prior to such reclassification, reorganization or change. In any such case, appropriate provisions
shall be made with respect to the rights and interest of the Holder so that the provisions hereof shall thereafter be applicable
with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate adjustments
shall be made to the Exercise Price payable hereunder, provided the aggregate Exercise Price shall remain the same (and, for the
avoidance of doubt, this Warrant shall be exclusively exercisable for such shares of stock and/or other securities or property
from and after the consummation of such reclassification or other change in the capital stock of the Company).

 

(b)            
Calculations. All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th
of a share, as the case may be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued
and outstanding as of a given date shall be the sum of the number of shares of Common Stock issued and outstanding.

 

(c)            
Treatment of Warrant upon a Change of Control.

 

    4 

     

    

 

(i)               
 If, at any time while this Warrant is outstanding, the Company consummates a Change of Control, then a Holder shall have
the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it
would have been entitled to receive upon the occurrence of such Change of Control if it had been, immediately prior to such Change
of Control, a holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the “Alternate
Consideration”). The Company shall not effect any such Change of Control unless prior to or simultaneously with the consummation
thereof, any successor to the Company, surviving entity or the corporation purchasing or otherwise acquiring such assets or other
appropriate corporation or entity shall assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance
with the foregoing provisions, the Holder may be entitled to purchase, and the other obligations under this Warrant.

 

(ii)             
As used in this Warrant, a “Change of Control” means (i) a consolidation, merger or combination or statutory
share exchange, in each case involving the Company, (ii) a sale of all or substantially all of the direct or indirect assets of
the Company (including by way of any reorganization, merger, consolidation or other similar transaction) or (iii) a direct or indirect
acquisition of beneficial ownership of voting securities of the Company by another person or “group” (within the meaning
of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) by means
of any transaction or series of transactions (including any reorganization, merger, consolidation, joint venture, share transfer
or other similar transaction), in each case, pursuant to which (x) the stockholders of the Company immediately preceding such transaction
or transactions collectively own, following the consummation of such transaction or transactions, less than fifty percent (50%)
of the total economic interests or total voting power of all securities of beneficial interest of the Company entitled to vote
generally and / or (y) as a result of which the Common Stock would be converted into, or exchanged for, or would be reclassified
or changed into, stock, other securities, other property or assets (including cash or any combination thereof).

 

3.           
PUT OPTION.

 

(a)              
Subject to the limitations provided in this Section 3, the Holder shall have the option (the “Put Option”),
but not the obligation, to sell to the Company, in whole or in part, the warrants represented by the Warrant Certificate at a price
per warrant equal to the Put Price, and on the terms set forth in this Section 3. “Put Price” means an
amount equal to the product of (i) the number of Shares (as such term is defined in the Securities Purchase Agreement) held by
the Holder at the time of exercise of the Put Option calculated as discussed in (b) below, (ii) $25.00, (iii) 0.1075, (iv)
the greater of (A) 3.25 and (B) the number of years (or a fraction thereof computed on the basis of a 360-day year comprised of
twelve 30-day months) during which the Holder actually held such Shares as of the time of exercise of the Put Option (provided
that this number shall also include the holding period of the predecessors in interest of the Holder with respect to the Shares)
and (v) a fraction, the numerator of which is one and the denominator of which is the total number of warrants first issued by
the Company to the Holder (or its predecessor in interest) on the Date of Issuance.

 

(b)                The
Put Option may be exercised at any time on or after July 6, 2023. If prior to the time of exercise of the Put Option, the
Holder has sold any Shares, then solely for the purpose of calculating the number of Shares held by the Holder at such time,
such previously sold Shares shall be deemed to be held by the Holder at such time of exercise.

 

    5 

     

    

 

(c)              
The Put Option may be exercised only by the Holder delivering written notice of exercise to the Company specifying the number
of warrants to be sold pursuant to the Put Option (the “Put Notice”). The Company shall be obligated to purchase
from the Holder and cancel, and the Holder shall be obligated to sell to the Company, this Warrant or the portion thereof specified
in the Put Notice within 10 days of the Company’s receipt of the Put Notice (the “Put Notice Period”);
provided that such period may be mutually extended by the Company and the Holder as necessary to accommodate the determination
of the Put Price. For the avoidance of doubt, the Put Notice Period and the Put Option Closing Date (as defined below) may occur
after the Expiration Date, provided that the Put Notice is delivered prior to the close of business on the Expiration Date.
During the Put Notice Period, the Holder shall not take any action that has caused or will cause the Holder to have, directly or
indirectly, effected or agreed to effect any short sale, whether or not against the box, established any “put equivalent
position” (as defined in Rule 16a-1(h) under the Exchange Act with respect to the Common Stock), granted any other right
(including, without limitation, any put or call option) with respect to the Common Stock or with respect to any security that includes,
relates to or derived any significant part of its value from the Common Stock.

 

(d)               If
the Put Option is exercised, the closing of the required purchase and sale of this Warrant shall occur on the 10th day
following the delivery of the Put Notice or at such other time as may be mutually agreed between the Company and the Holder
(the “Put Option Closing Date”). At the closing, and subject to the limitations on issuance of the
Company’s stock that apply in the case of an exercise of this Warrant under Section 1(e), the Company shall pay
the Holder the Put Price in cash or Common Stock or a combination of cash and Common Stock, provided that if the
number of Common Shares to be issued and paid to the Holder as the Put Price would result in the Holder or any person to whom
the Holder’s ownership is attributed in full or in part in applying the Ownership Limits beneficially or constructively
owning either a total number of shares of (i) Common Stock in excess of the Common Stock Ownership Limit (as defined and
determined in accordance with the Company’s Articles of Amendment and Restatement, as amended
(“Charter”)) or (ii) Capital Stock (as defined in the Charter) in excess of the Aggregate Stock Ownership
Limit (as defined and determined in accordance with the Charter, and together with the Common Stock Ownership Limit, the
 “Ownership Limits”), then the Company shall either deliver cash in lieu of any shares otherwise
deliverable in excess of such Ownership Limits, or, subject the Holder’s consent for each such issuance, grant a waiver
to such Holder from the Ownership Limits so as to permit the payment of such shares of Common Stock under the Charter but
only to the extent such Holder is not an individual and such waiver does not result in the total number of shares of Capital
Stock then beneficially or constructively owned by any direct or indirect owner of such Holder who is treated as an
individual pursuant to Sections 542(a)(2) and 544 of the United States Internal Revenue Code of 1986, as amended (the
 “Code”), as those sections are used in Section 856(h) of the Code and determined pursuant to Section 6.2.1
of the Charter, exceeding the Ownership Limits, provided further, that, the number of shares of Common Stock that may
be issued to the Holder upon exercise of the Put Option shall be limited to the extent necessary to ensure that, following
such exercise, the total number of shares of Common Stock then beneficially owned by such Holder does not exceed 19.9% of the
total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable
upon such exercise), unless the Company obtains stockholder approval of the issuances of any such shares of Common Stock then
beneficially owned by a Holder and any Affiliate of such Holder exceeding 19.9% of the total number of then issued and
outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise).
Within three days of the delivery of the Put Notice by the Holder to the Company, the Company will provide written notice to
the Holder of its election to pay the Put Price to the Holder in cash, Common Stock or a specified combination thereof; provided
that if the Company elects to make any portion of the payment of the Put Price in the form of Common Stock, each share of
such Common Stock shall be valued for purposes of payment of the Put Price at its Final Average Trading Price corresponding
to the Put Option Closing Date.

 

    6 

     

    

 

(e)            
The following defined terms shall be employed in the determination of Final Average Trading Price for purposes of Sections
3(d) and 6(a): (i) “Daily Dollar Trading Volume” for each Trading Day during any period, means
the Volume-Weighted Average Daily Price for such Trading Day multiplied by the aggregate number of shares of Common Stock traded
on such Trading Day; (ii) “Final Average Trading Price” means the Weighted Average Period Price of the
Common Stock for the period of 10 Trading Days ending immediately prior to the date that is two business days prior to the Put
Option Closing Date or the Warrant Share Delivery Date, as the case may be; (iii) “Trading Day” means a
day during which trading in securities generally occurs on the Trading Market; (iv) “Weighted Average Period Price”
of the Common Stock for any period means the quotient of (A) the sum of the Daily Dollar Trading Volume for each day during such
period divided by (B) the aggregate number of shares of Common Stock traded during such period; and (v) “Volume-Weighted
Average Daily Price,” on any Trading Day, means the volume-weighted average price for the Common Stock on the Trading
Market, during the period beginning at 9:30:01 a.m., Eastern Time (or such other time as is the official open of trading at the
Trading Market), and ending at 4:00:00 p.m., Eastern time (or such other time as is the official close of trading at the Trading
Market), as reported by Bloomberg through its “Volume at Price” function (or any successor function, or if there is
no such function or such successor function, then as calculated by a nationally recognized investment bank selected by the Company).
The volume-weighted average price shall be rounded to the nearest whole cent.

 

(f)               
Whenever the Holder sells or otherwise transfers any shares of Preferred Stock held by the Holder, the Holder shall immediately
send a notification of such sale or transfer to the Company setting forth in reasonable detail a description of such sale or transfer,
including without limitation, the date on which such sale or transfer is expected to become effective or consummated.

 

(g)              
The Holder shall execute such instruments and other documents as reasonably requested by the Company to evidence the sale,
provided that: (i) the Company shall bear any and all reasonable costs and expenses incurred by the Holder in connection
with the exercise of the Put Option and related sale of this Warrant, and (ii) the Holder shall not be required to make any representations
or warranties in connection with such sale other than representations and warranties with respect to title of this Warrant being
sold, authority to sell this Warrant and such matters pertaining to compliance with securities laws by the Holder as may be reasonably
requested by the Company.

 

    7 

     

    

 

4.            NO
FRACTIONAL SHARES; CHARGES, TAXES AND EXPENSES. No fractional Warrant Shares or scrip representing fractional shares will be
issued upon exercise of this Warrant. In lieu of any fractional shares which would otherwise be issuable, the Company shall
pay cash equal to the product of such fraction multiplied by the Fair Market Value of one Warrant Share. Issuance of Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the
issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall
be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the
Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all fees required for same-day processing of any Notice of Exercise and all fees to The
Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

 

5.           
NO STOCKHOLDER RIGHTS. Until the exercise of this Warrant or any portion of this Warrant, the Holder shall not have, nor
exercise, any rights as a stockholder of the Company (including without limitation the right to notification of stockholder meetings
or the right to receive any notice or other communication concerning the business and affairs of the Company).

 

6.           
MECHANICS OF EXERCISE.

 

(a)               Delivery
of Warrant Shares Upon Exercise. This Warrant may be exercised by the Holder hereof, in whole or in part, by delivering
to the Warrant Agent at the office of the Warrant Agent designated for such purposes, in the case of a cash exercise, and to
the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder
at the address of the Holder appearing on the books of the Company), in the case of a net exercise, a duly executed copy of
the Notice of Exercise in the form attached hereto as Exhibit A (the “Notice of Exercise”) by
facsimile or e-mail attachment and paying the Exercise Price (unless the Holder has elected to Net Exercise, if applicable)
then in effect with respect to the number of Warrant Shares as to which the Warrant is being exercised. No ink-original
Notice of Exercise shall be required, nor any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Exercise shall be required. This Warrant shall be deemed to have been exercised immediately prior to the close of business
on the date of the delivery to the Company of the Notice of Exercise and payment of the Exercise Price (unless the Holder has
elected to Net Exercise, if applicable) as provided above, and the person entitled to receive the Warrant Shares issuable
upon such exercise shall be treated for all purposes as the Holder of such shares of record as of the close of business on
such date. Warrant Shares purchased hereunder shall be transmitted by the Company’s transfer agent to the Holder by
crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit and Withdrawal
at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is
an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the
Holder or (B) the shares are eligible for resale by the holder without volume or manner-of-sale limitations pursuant to Rule
144, and otherwise by electronic book-entry form (unless the Holder requests that the Warrant Shares be issued in
certificated form in the Notice of Exercise) by the end of the day on the date that is two trading days from the delivery to
the Company of the Notice of Exercise and payment of the aggregate Exercise Price (unless exercised by means of a cashless
exercise pursuant to Section 1(c)) (the “Warrant Share Delivery Date”). The Warrant Shares
shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to
have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment
to the Company of the Exercise Price (or by Net Exercise, if applicable) and all taxes required to be paid by the Holder, if
any, prior to the issuance of such shares, having been paid. The Company may settle the exercise of each Warrant by delivery
of Warrant Shares, by payment of cash in lieu thereof or by a combination thereof. Within three days of the delivery of the
Notice of Exercise by the Holder to the Company, the Company will provide written notice to the Holder of its election to
settle the exercise of the exercised Warrants in cash, Common Stock or a specified combination thereof; provided that
if the Company elects to so deliver any cash in lieu of shares of Common Stock, each share of such Common Stock shall be
valued for purposes of such settlement at its Final Average Trading Price corresponding to the Warrant Share Delivery
Date.

 

    8 

     

    

 

(b)              
Rescission Rights. If the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares
pursuant to Section 6(a) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

7.           
CERTIFICATE OF ADJUSTMENT. Whenever the Exercise Price or number or type of securities issuable upon exercise of this Warrant
is adjusted, as herein provided, the Company shall, at its expense, promptly deliver to the Holder a certificate of an officer
of the Company setting forth the nature of such adjustment and showing in detail the facts upon which such adjustment is based.
Whenever the Company makes any announcement or provides any notice to any Person pertaining to any Change of Control or any redemption
of any of its capital stock (including the Preferred Stock), the Company shall, at its expense, immediately send to the Holder
a certificate of an officer of the Company setting forth in reasonable detail a description of such Change of Control or redemption
and any related transactions, including without limitation the date on which such Change of Control or redemption is expected to
become effective or consummated. All certificates required pursuant to this Section 7 shall be provided by facsimile or
electronic mail or by overnight delivery, in each case, in accordance with Section 14(b).

 

8.           
COMPLIANCE WITH SECURITIES LAWS.

 

(a)              
The Holder understands that this Warrant and the Warrant Shares are characterized as “restricted securities”
under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public
offering and that under such laws and applicable regulations this Warrant and the Warrant Shares may be resold without registration
under the Securities Act of 1933, as amended (the “Securities Act”), only in certain limited circumstances.
In this connection, the Holder represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and
understands the resale limitations imposed thereby and by the Securities Act.

 

(b)               Prior
and as a condition to the sale or transfer of the Warrant Shares issuable upon exercise of this Warrant, the Holder shall
furnish to the Company such certificates, representations, agreements and other information, as the Company or the
Company’s transfer agent reasonably may require to confirm that such sale or transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, unless such Warrant
Shares are being sold or transferred pursuant to an effective registration statement.

 

    9 

     

    

 

(c)              
The Holder acknowledges that the Company may place a restrictive legend on the Warrant Shares issuable upon exercise of
this Warrant in order to comply with applicable securities laws, in substantially the following form and substance, unless such
Warrant Shares are otherwise freely tradable under Rule 144 of the Securities Act:

 

“THE SECURITIES
EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED,
SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION WHICH IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, IN
EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT
REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

 

The Holder also acknowledges
that the Company may place a restrictive legend on the Warrant Shares issuable upon exercise of this Warrant in order to comply
with applicable securities laws, in substantially the following form and substance:

 

“THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE OWNED BY A PERSON OR PERSONS WHO MAY BE CONSIDERED AN AFFILIATE FOR PURPOSES OF RULE 144 UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). NO OFFER, SALE, TRANSFER OR ASSIGNMENT OF THESE SHARES OR ANY INTEREST
THEREIN MAY BE MADE UNLESS THE ISSUER HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT THE SHARES MAY BE SOLD PURSUANT
TO RULE 144 UNDER THE ACT OR ANOTHER APPLICABLE EXEMPTION FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.”

 

9.           REPLACEMENT
OF WARRANTS. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement
reasonably satisfactory in form and amount to the Company (but not the posting of any surety or other bond) or, in the case
of any such mutilation, on surrender and cancellation of such Warrant, the Company at its expense will execute and deliver,
in lieu thereof, a new Warrant of like tenor.

 

    10 

     

    

 

 

10.          
NO IMPAIRMENT. Except to the extent as may be waived by the Holder, the Company will not, by amendment of its charter or
through a Change of Control, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment.

 

11.          
TRADING DAYS. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall be other than a day on which the Common Stock is traded on the Trading Market, then such action may be taken or such
right may be exercised on the next succeeding day on which the Common Stock is so traded.

 

12.          
TRANSFERS; EXCHANGES.

 

(a)          
Subject to compliance with applicable federal and state securities laws and Section 8 hereof, this Warrant may only
be transferred by the Holder to an Affiliate of the Holder (a “Permitted Transfer”). For a transfer of this
Warrant as an entirety by the Holder, upon surrender of this Warrant to the Company, together with the Notice of Assignment in
the form attached hereto as Exhibit B duly completed and executed on behalf of the Holder, the Company shall issue a new
Warrant of the same denomination to the assignee. For a transfer of this Warrant with respect to a portion of the Warrant Shares
purchasable hereunder, upon surrender of this Warrant to the Company, together with the Notice of Assignment in the form attached
hereto as Exhibit B duly completed and executed on behalf of the Holder, the Company shall issue a new Warrant to the assignee,
in such denomination as shall be requested by the Holder, and shall issue to the Holder a new Warrant covering the number of shares
in respect of which this Warrant shall not have been transferred. The term “Affiliate” as used herein means,
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 person, and any officers, employees or partners of the Holder.

 

(b)          
Upon any Permitted Transfer, this Warrant is exchangeable, without expense, at the option of the Holder, upon presentation
and surrender hereof to the Company for other warrants of different denominations entitling the holder thereof to purchase in the
aggregate the same number of shares of Common Stock purchasable hereunder. This Warrant may be divided or combined with other warrants
that carry the same rights upon presentation hereof at the principal office of the Company together with a written notice specifying
the denominations in which new warrants are to be issued to the Holder and signed by the Holder hereof. The term “Warrants”
as used herein includes any warrants into which this Warrant may be divided or exchanged.

 

    11

     

    

 

13.           AUTHORIZED
SHARES. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the
purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such
Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Common Stock may be quoted or listed. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase
rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly
issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

14.           MISCELLANEOUS.

 

(a)          
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the United States
of America and the State of New York, both substantive and remedial, without regard to New York conflicts of law principles. Any
judicial proceeding brought under this Agreement or any dispute arising out of this Agreement or any matter related hereto shall
be brought in the courts of the State of New York, New York County, or in the United States District Court for the Southern District
of New York.

 

(b)           Notices.
All notices, requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed facsimile or
electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier,
postage prepaid, and shall be deemed given when so sent in the case of facsimile or electronic mail transmission, or when so received
in the case of mail or courier, and addressed as follows: (a) if to the Company, at Great Ajax Corp., 9400 SW Beaverton-Hillsdale
Hwy, Suite 131, Beaverton, Oregon 97005, Attn: Lawrence Mendelsohn, e-mail: larry@aspencapital.com; with a copy to (which shall
not constitute notice) Mayer Brown LLP, 1221 Avenue of the Americas, New York, New York 10020, Attn: Anna T. Pinedo, Esq., e-mail:
apinedo@mayerbrown.com, (b) to the Warrant Agent, at American Stock Transfer & Trust Company, LLC, 6201 15th Avenue,
Brooklyn, New York 11219, e-mail: reorgwarrants@astfinancial.com, with a copy to American Stock Transfer & Trust Company,
LLC, 48 Wall Street, 22nd Floor, New York, New York 10005, Attn: Legal Department, e-mail: legalteamAST@astfinancial.com,
and (c) if to the Holder, at such address or addresses (including copies to counsel) as may have been furnished by the Holder
to the Company in writing.

 

(c)            The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any
other provisions.

 

(d)          
No Voting Rights; Limited Dividend Rights. Nothing contained in this Warrant shall be construed as conferring upon
the Holder hereof the right to vote or to consent to receive notice as a stockholder of the Company or any other matters or any
rights whatsoever as a stockholder of the Company. No dividends or interest shall be payable or accrued in respect of this Warrant
or the interest represented hereby or the interests purchasable hereunder until, and only to the extent that, this Warrant shall
have been exercised.

 

    12

     

    

 

(e)           
 Tax Treatment.

 

(i)            
The Company and the Holder agree to treat the Warrant as a debt instrument for U.S. federal income tax purposes with an
issue price and a stated redemption price at maturity as set forth for the Holder under Schedule I attached hereto. In order to
obtain “original issue discount” information with respect to the Warrant in accordance with Treas. Reg. 1.1275-3(b),
a Holder can contact Mary Doyle at 503-444-4224.

 

(ii)           
The Company shall maintain a register for the recordation of the names and addresses of each Holder, and the percentage
or portion of such rights and obligations assigned, including the principal amounts (and stated interest) of each Holder from time
to time (the “Register”). Any Warrant may only be transferred in compliance with Section 12 hereof and
upon surrender of such Warrant and the issuance by the Company of a new Warrant (or through a book-entry system), which is intended
to comply with U.S. Treasury Regulations Section 1.871-14(c) and Proposed Regulations Section 1.871-14(c). The Register
is intended to establish that the Warrant is in registered form within the meaning of United States Treasury Regulation Section 5f.103-1(c)
and Proposed Regulation Section 1.163-5(b).

 

(iii)          
The Company shall be entitled to deduct and withhold from any amounts payable under the Warrant such amounts as the Company
is required to deduct and withhold under the Code or any provision of applicable law. The Company does not intend to make any
deduction or withholding under the Code of any provision of applicable law so long as it receives from the Holder (1) any complete
and correct applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation
that is required under Sections 1471-1474 of the Code to enable the Company to determine its duties and liabilities with respect
to any taxes it may be required to withhold in respect of such Warrant or Holder.

 

[Signature Page Follows]

 

    13

     

    

 

IN WITNESS WHEREOF, each of the Company
and the Warrant Agent has caused this Warrant Certificate to be duly executed as of the date first above written.

 

	 	 	GREAT AJAX CORP.
	 	 	 
	 	 	By:_______________________________________
	 	 	Name: Russell Schaub
	 	 	Title: President
	 	 	 
	 	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent.
	 	 	 
	 	 	By:_______________________________________
	 	 	Name:
	 	 	Title:

 

[Signature page to Warrant]

 

    

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

(To be signed only upon exercise of Warrant)

 

To:__________________________

 

 

The undersigned, the
holder of a right to purchase common stock, par value $0.01 per share (“Common Stock”), of GREAT AJAX CORP.,
a Maryland corporation (the “Company”), pursuant to the attached Warrant to Purchase Shares of Common Stock
of Great Ajax Corp. (the “Warrant”), dated as of June 3, 2020, hereby irrevocably elects to exercise the purchase
right represented by such Warrant for, and to purchase thereunder, ______________________________ (_________) shares of Common
Stock and (choose one):

 

		1)	_______ herewith makes payment of ______________________________ Dollars ($__________) therefor
by wire transfer of immediately available funds to the account designated below by the Company.

 

Amount of Transfer: $________________

Date of Transfer: ________, 20__

Bank: [•]

ABA Number: [•]

A/C Number: [•]

A/C Name: [•]

Ref: [•]

ATT: [•]

 

OR

 

		2)	_______ herewith elects to Net Exercise the Warrant pursuant to Section 1(c) thereof.

 

The undersigned requests
that the certificates or book entry position representing the shares of Common Stock to be acquired pursuant to such exercise be
issued in the name of, and delivered to __________________________________________, whose address is ____________________________________________________________________________________________________.

 

    

     

    

 

By its signature below
the undersigned hereby represents and warrants that it is an “accredited investor” as defined in Rule 501(a) of Regulation
D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the attached
Warrant as of the date hereof, including Section 8 thereof.

 

DATED: ________________

 

	 	 	[NAME OF HOLDER]
	 	 	 
	 	 	 
	 	 	 
	 	 	By:_______________________________________
	 	 	 
	 	 	Name:____________________________________
	 	 	 
	 	 	Its:_______________________________________

 

[Signature page to Notice of Exercise]

 

    

     

    

 

EXHIBIT B

 

NOTICE OF ASSIGNMENT FORM

 

FOR VALUE RECEIVED, [_________] (the
 “Assignor”) hereby sells, assigns and transfers all of the rights of the undersigned Assignor under the attached
Warrant with respect to the number of shares of common stock of GREAT AJAX CORP., a Maryland corporation (the “Company”),
covered thereby set forth below, to the following “Assignee” and, in connection with such transfer, represents
and warrants to the Company that the transfer is in compliance with Sections 8 and 12 of the Warrant and applicable federal
and state securities laws:

 

	NAME OF ASSIGNEE:	 	ADDRESS/FAX NUMBER:
	 	 	 
	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Number of shares:	 	 	Signature:	 
	 	 	 	 	 
	Dated:	 	 	Witness:	 

 

ASSIGNEE ACKNOWLEDGMENT

 

The undersigned Assignee acknowledges that
it has reviewed the attached Warrant and by its signature below it hereby represents and warrants that it is an “accredited
investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees
to be bound by the terms and conditions of the Warrant as of the date hereof, including Section 7 thereof.

 

	 	Signature:	 
	 	 	 
	 	By:	 
	 	Title:	 

 

	Address:

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