Document:

Form of Management Agreement

 Exhibit 10.2 

 
  
 FORM OF 
 MANAGEMENT AGREEMENT 

by and between 
 Arbolada Capital Management Company 
 and 

Arbolada Management LLC 
 Dated as of             , 2011 
  

 

 MANAGEMENT AGREEMENT, dated as of
            , 2011, by and between Arbolada Capital Management Company, a Delaware corporation (the “Company”), and Arbolada Management LLC, a Delaware limited liability
company (the “Manager”), a subsidiary of a wholly-owned portfolio company of The TCW Group, Inc., a Nevada corporation (“TCW”). 
 W I T N E S S E T H: 
 WHEREAS, the Company is a newly formed corporation which intends to invest in, finance and manage residential mortgage-backed securities (“RMBS”) and intends to qualify as a real estate
investment trust for federal income tax purposes pursuant to Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ending December 31, 2011; and 

WHEREAS, the Company desires to retain the Manager to administer the business activities and day-to-day operations of the Company and to
perform services for the Company in the manner and on the terms set forth herein and the Manager wishes to be retained to provide such services. 
 NOW THEREFORE, in consideration of the premises and agreements hereinafter set forth, the parties hereto hereby agree as follows: 
 Section 1. Definitions. 
 (a) The following terms shall have the
meanings set forth in this Section 1(a): 
 “Administrative Services Agreement” means an
agreement between the Manager and TCW Investment Management Company (“TIMCO”) whereby TIMCO agrees to provide the Manager with the personnel, services and resources necessary for the Manager to perform its obligations and
responsibilities under this Agreement in exchange for certain fees payable by the Manager. 

“Affiliate” means (i) any Person directly or indirectly controlling, controlled by, or under common
control with such other Person, (ii) any executive officer, general partner or employee of such other Person and (iii) any member of the board of directors or board of managers (or bodies performing similar functions) of such Person.

 “Agreement” means this Management Agreement, as amended, supplemented or otherwise modified
from time to time. 

 “Automatic Renewal Term” has the meaning set forth in
Section 10(b) hereof. 
 “Board of Directors” means the board of directors of the Company.

 “Business Day” means any day except a Saturday, a Sunday or a day on which banking
institutions in New York, New York are not required to be open. 
 “Claim” has the meaning set
forth in Section 8(c) hereof. 
 “Closing Date” means the date of closing of the Initial
Public Offering. 
 “Code” has the meaning set forth in the Recitals. 

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

“Company” has the meaning set forth in the Recitals. 

“Company Confidential Information” has the meaning set forth in Section 5 hereof. 

“Company Indemnified Party” has meaning set forth in Section 8(b) hereof. 

“Company Permitted Disclosure Parties” has the meaning set forth in Section 5(b) hereof. 

“Conduct Policies” has the meaning set forth in Section 2(k) hereof. 

“Director Stock Plan” means the certain Director Stock Plan of the Company, adopted on
            , 2011. 
 “Effective Termination
Date” has the meaning set forth in Section 10(c) hereof. 
 “Equity” means the
Company’s month-end stockholders’ equity, as computed in accordance with GAAP, adjusted to exclude (i) the effect of any unrealized gains or losses included in either retained earnings, (ii) other comprehensive income (loss),
(iii) any non-cash compensation expense incurred in current or prior periods and (iv) one-time events pursuant to changes in GAAP. 

  
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 “Exchange Act” means the Securities Exchange Act of 1934,
as amended. 
 “GAAP” means generally accepted accounting principles in effect in the United
States on the date such principles are applied. 
 “Governing Instruments” means, with regard to
any entity, the articles of incorporation or certificate of incorporation and bylaws in the case of a corporation, the certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership
or the certificate of formation and operating agreement in the case of a limited liability company, the trust instrument in the case of a trust, or similar governing documents, in each case as amended. 

“Indemnified Party” has the meaning set forth in Section 8(b) hereof. 

“Independent Director” means a member of the Board of Directors who is “independent” in
accordance with the Company’s Governing Instruments and the rules of the NYSE or such other securities exchange on which the shares of Common Stock are then listed. 

“Initial Public Offering” means the Company’s sale of Common Stock to the public through
underwriters pursuant to the Company’s Registration Statement on Form S-11 (No. 333-172778). 

“Investment Committee” means the investment committee formed by the Manager, the members of which shall
consist of officers of TIMCO and/or TCW’s other Affiliates. 
 “Initial Term” has the
meaning set forth in Section 10(a) hereof. 
 “Investment Company Act” means the Investment
Company Act of 1940, as amended. 
 “Investment Guidelines” means the investment guidelines
proposed by the Investment Committee and approved by the Board of Directors, a copy of which is attached hereto as Exhibit A, as the same may be amended, restated, modified, supplemented or waived by the Investment Committee, subject to the
consent of a majority of the entire Board of Directors (which must include a majority of the Independent Directors). 
 “Losses” has the meaning set forth in Section 8(a) hereof. 

  
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 “Management Fee” means the management fee, calculated and
payable monthly in arrears, in an amount equal to one-twelfth of 1.5% of Equity. 
 “Manager”
has the meaning set forth in the Recitals. 
 “Manager Confidential Information” has the meaning
set forth in Section 5 hereof. 
 “Manager Equity Plan” means that certain Manager Equity Plan
of the Company, adopted on             , 2011. 

“Manager Indemnified Party” has the meaning set forth in Section 8(a) hereof. 

“Manager Permitted Disclosure Parties” has the meaning set forth in Section 5(a) hereof. 

“Notice of Proposal to Negotiate” has the meaning set forth in Section 10(d) hereof. 

“NYSE” means the New York Stock Exchange 

“Person” means any natural person, corporation, partnership, association, limited liability company,
estate, trust, joint venture, any federal, state, county or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such capacity on behalf of the foregoing. 

“REIT” means a “real estate investment trust” as defined under the Code. 

“RMBS” has the meaning set forth in the Recitals. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Subsidiary” means any subsidiary of the Company and any partnership, the general partner of which is the
Company or any subsidiary of the Company, and any limited liability company, the managing member of which is the Company or any subsidiary of the Company. 
 “TCW” has the meaning set forth in the Recitals. 

  
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 “Termination Fee” means a termination fee equal to three
(3) times the average annual Management Fee earned by the Manager during the 24-month period immediately preceding the most recently completed calendar month prior to the Effective Termination Date. 

“Termination Notice” has the meaning set forth in Section 10(c) hereof. 

“Termination Without Cause” has the meaning set forth in Section 10(c) hereof. 

(b) As used herein, accounting terms relating to the Company and its Subsidiaries, if any, not defined in Section 1(a) and
accounting terms partly defined in Section 1(a), to the extent not defined, shall have the respective meanings given to them under United States generally accepted accounting principles. 

(c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 
 (d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words include, includes and including shall be deemed to be followed by
the phrase “without limitation.” 
 Section 2. Appointment and Duties of the Manager. 

(a) The Company hereby appoints the Manager to manage the investments and day-to-day operations of the Company and its Subsidiaries,
subject at all times to the terms and conditions set forth in this Agreement and to the supervision of, and such further limitations or parameters as may be imposed from time to time by, the Board of Directors. The Manager hereby agrees to use its
commercially reasonable efforts to perform each of the duties set forth herein, provided that funds are made available by the Company for such purposes as set forth in Section 7 hereof. The appointment of the Manager shall be exclusive to the
Manager, except to the extent that the Manager elects, in its sole and absolute discretion, in accordance with the terms of this Agreement, to cause the duties of the Manager as set forth herein to be provided by third parties. 

(b) The Manager, in its capacity as manager of the investments and the operations of the Company, at all times will be subject to the
supervision and direction of the Board of Directors and will have only such functions and authority as the Board of 

  
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Directors may delegate to it, including, without limitation, the functions and authority identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day
operations of the Company and will perform (or cause to be performed) such services and activities relating to the investments and operations of the Company as may be appropriate, which may include, without limitation (it being understood that, with
respect to the duties of the Manager set forth in this Section 2(b), all references to the Company shall include the Company and the Subsidiaries): 
 (i) forming and maintaining the Investment Committee, which will have the following responsibilities: (A) proposing the Investment Guidelines to the Board of Directors, (B) reviewing the
Company’s investment portfolio for compliance with the Investment Guidelines on a periodic basis, (C) reviewing the Investment Guidelines adopted by the Board of Directors on a periodic basis, (D) reviewing the diversification of the
Company’s investment portfolio and the Company’s hedging and financing strategies on a periodic basis, and (E) generally be responsible for conducting and overseeing the provision of the services set forth in this Section 2.

 (ii) serving as the Company’s consultant with respect to the periodic review of the investments,
borrowings and operations of the Company and other policies and recommendations with respect thereto, including, without limitation, the Investment Guidelines, in each case subject to the approval of the Board of Directors; 

(iii) serving as the Company’s consultant with respect to the selection, purchase, monitoring and disposition of the
Company’s investments; 
 (iv) serving as the Company’s consultant with respect to decisions regarding
any financings, hedging activities or borrowings undertaken by the Company or its Subsidiaries, including (1) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to the Company’s
investment objectives, and (2) advising the Company with respect to obtaining appropriate financing for its investments; 
 (v) advising the Company with respect to the Manager Equity Plan, the Director Stock Plan and any other equity or incentive plans that the Company may establish; 

(vi) purchasing and financing investments on behalf of the Company; 

(vii) providing the Company with portfolio management; 

(viii) engaging and supervising, on behalf of the Company and at the Company’s expense, independent contractors that
provide real estate, investment banking, securities brokerage, insurance, legal, accounting, transfer agent, registrar and such 

  
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other services as may be required relating to the Company’s operations or investments (or potential investments); 

(ix) providing executive and administrative personnel, office space and office services required in rendering services to
the Company; 
 (x) performing and supervising the performance of administrative functions necessary in the
management of the Company as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the services in respect of any equity incentive plan the Company may establish, the collection of revenues and the payment of
the Company’s debts and obligations and maintenance of appropriate information technology services to perform such administrative functions; 
 (xi) communicating on behalf of the Company with the holders of any equity or debt securities of the Company as required to satisfy the reporting and other requirements of any governmental bodies or
agencies or trading exchanges or markets and to maintain effective relations with such holders, including website maintenance, logo design, analyst presentations, investor conferences and annual meeting arrangements; 

(xii) counseling the Company in connection with policy decisions to be made by the Board of Directors; 

(xiii) evaluating and recommending to the Company hedging strategies and engaging in hedging activities on behalf of the
Company, consistent with such strategies, as so modified from time to time, with the Company’s qualification as a REIT and with the Investment Guidelines; 
 (xiv) counseling the Company regarding the maintenance of its qualification as a REIT and monitoring compliance with the various REIT qualification tests and other rules set out in the Code and U.S.
Treasury regulations promulgated thereunder; 
 (xv) counseling the Company regarding the maintenance of its
exemption from status as an investment company under the Investment Company Act and monitoring compliance with the requirements for maintaining such exemption; 
 (xvi) furnishing reports and statistical and economic research to the Company regarding the activities and services performed for the Company or its Subsidiaries, if any, by the Manager; 

  
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 (xvii) monitoring the operating performance of the Company’s
investments and providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results; 

(xviii) investing and re-investing any monies and securities of the Company (including in short-term investments, payment
of fees, costs and expenses, or payments of dividends or distributions to stockholders of the Company) and advising the Company as to its capital structure and capital-raising activities; 

(xix) causing the Company to retain qualified accountants and legal counsel, as applicable, to (i) assist in
developing appropriate accounting procedures, internal controls, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and, if applicable, taxable
REIT subsidiaries and (ii) conduct quarterly compliance reviews with respect thereto; 
 (xx) causing the
Company to qualify to do business in all jurisdictions in which such qualification is required and to obtain and maintain all appropriate licenses; 
 (xxi) assisting the Company in complying with all regulatory requirements applicable to the Company in respect of its business activities, including preparing or causing to be prepared all financial
statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act, the Securities Act or the rules and regulations of the NYSE; 

(xxii) taking all necessary actions to enable the Company and any Subsidiaries to make required tax filings and reports,
including soliciting stockholders for required information to the extent necessary under the Code and U.S. Treasury regulations applicable to REITs; 
 (xxiii) handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company may be involved or to
which the Company may be subject arising out of the Company’s day-to-day operations; 
 (xxiv) arranging
marketing materials, advertising, industry group activities (such as conference participations and industry organization memberships) and other promotional efforts designed to promote the business of the Company; 

  
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 (xxv) using commercially reasonable efforts to cause expenses incurred by or
on behalf of the Company to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 

(xxvi) performing such other services as may be required from time to time for the management and other activities
relating to the assets, business and operations of the Company as the Board of Directors shall reasonably request or the Manager shall deem appropriate under the particular circumstances; and 

(xxvii) using commercially reasonable efforts to cause the Company to comply with all applicable laws. 

(c) The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of the persons and firms
referred to in Section 7(b) hereof as the Manager deems necessary or advisable in connection with the management and operations of the Company. In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably
on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by the Manager at the Company’s sole cost and expense. 

(d) The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the
Investment Guidelines, (ii) would adversely affect the qualification of the Company as a REIT under the Code or the Company’s status as an entity excluded from investment company status under the Investment Company Act, or (iii) would
violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or of any exchange on which the securities of the Company may be listed or that would otherwise not be permitted by the Company’s
Governing Instruments, code of business conduct and ethics or other compliance or governance policies or procedures. If the Manager is ordered to take any action by the Board of Directors, the Manager shall promptly notify the Board of Directors if
it is the Manager’s judgment that such action would adversely affect the qualification of the Company as a REIT, the Company’s or any Subsidiary’s status as an entity intended to be excluded from registration under the Investment
Company Act or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, neither the Manager nor any of its Affiliates (including TCW) shall be liable to the Company, the Board of Directors, or the
Company’s stockholders for any act or omission by the Manager or any of its Affiliates, except as provided in Section 8 of this Agreement. 
 (e) The Company (including the Board of Directors) agrees to take all actions reasonably required to permit and enable the Manager to carry out its duties and obligations under this Agreement, including,
without limitation, all steps reasonably necessary to allow the Manager to file any registration statement or other filing required to be made under the Securities Act, Exchange Act, NYSE rules and requirements, Code or other applicable law, rule or
regulation on behalf of the Company in a timely manner. The Company further agrees to use commercially reasonable efforts to make available to the Manager all resources, information and 

  
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materials reasonably requested by the Manager to enable the Manager to satisfy its obligations hereunder, including its obligations to deliver financial statements and any other information or
reports with respect to the Company. If the Manager is not able to provide a service, or in the reasonable judgment of the Manager it is not prudent to provide a service, without the approval of the Board of Directors, as applicable, then the
Manager shall be excused from providing such service (and shall not be in breach of this Agreement) until the applicable approval has been obtained. 
 (f) Reporting Requirements. (i) As frequently as the Manager may deem reasonably necessary or advisable, or at the direction of the Board of Directors, the Manager shall prepare, or, at the
sole cost and expense of the Company, cause to be prepared, with respect to any investment, reports and other information with respect to such investment as may be reasonably requested by the Company. 

(ii) The Manager shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, all reports,
financial or otherwise, with respect to the Company reasonably required by the Board of Directors in order for the Company to comply with its Governing Instruments, or any other materials required to be filed with any governmental body or agency,
and shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s books of
account by a nationally recognized independent accounting firm. 
 (iii) The Manager shall prepare, or, at the
sole cost and expense to the Company, cause to be prepared, regular reports for the Board of Directors to enable the Board of Directors to review the Company’s acquisitions, portfolio composition and characteristics, credit quality, performance
and compliance with the Investment Guidelines and policies approved by the Board of Directors. 
 (g) Directors, officers,
employees and agents of the Manager, TCW or their respective Affiliates may serve as directors, officers, agents, nominees or signatories for the Company or any of its Subsidiaries, to the extent permitted by their Governing Instruments and pursuant
to the Administrative Services Agreement, as from time to time amended, by any resolutions duly adopted by the Board of Directors. When executing documents or otherwise acting in such capacities for the Company or any of its Subsidiaries, such
Persons shall indicate in what capacity they are executing on behalf of the Company or any of its Subsidiaries. Without limiting the foregoing, but subject to Section 12 below, the Manager will provide the Company with a management team,
including a Chief Executive Officer, Chief Financial Officer and one or more Chief Investment Officers, or similar positions, along with appropriate support personnel to provide the management services to be provided by the Manager to the Company
hereunder, who shall devote such of their time to the management of the Company as necessary and appropriate, commensurate with the level of activity of the Company from time to time. 

  
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 (h) The Manager shall provide personnel for service on the Investment Committee.

 (i) The Manager shall maintain reasonable and customary “errors and omissions” insurance coverage and other
customary insurance coverage. 
 (j) The Manager shall provide such internal audit, compliance and control services as may be
required for the Company to comply with applicable law (including the Securities Act and Exchange Act), regulation (including SEC regulations) and the rules and requirements of the NYSE or such other securities exchange on which the Common Stock may
be listed and as otherwise reasonably requested by the Company or its Board of Directors from time to time. 
 (k) The Manager
acknowledges receipt of TCW’s Code of Ethics and Trading and Brokerage Policy (collectively, the “Conduct Policies”) and agrees to require the persons who provide services to the Company to comply with such Conduct Policies in
the performance of such services hereunder or such comparable policies as shall in substance hold such persons to at least the standards of conduct set forth in the Conduct Policies. 

Section 3. Additional Activities of the Manager; Non-Solicitation; Restrictions. 

(a) Except as provided in the last sentence of this Section 3(a), the Investment Guidelines and the Conduct Policies, nothing in
this Agreement shall (i) prevent the Manager or any of its Affiliates, officers, directors or employees, from engaging in other businesses or from rendering services of any kind to any other Person or entity, whether or not the investment
objectives or policies of any such other Person or entity are similar to those of the Company or (ii) in any way bind or restrict the Manager or any of its Affiliates, officers, directors or employees from buying, selling or trading any
securities or commodities for their own accounts or for the account of others for whom the Manager or any of its Affiliates, officers, directors or employees may be acting. While information and recommendations supplied to the Company shall, in the
Manager’s reasonable and good faith judgment, be appropriate under the circumstances and in light of the investment objectives and policies of the Company, they may be different from the information and recommendations supplied by the Manager
or any Affiliate of the Manager to others. The Company shall be entitled to equitable treatment under the circumstances in receiving information, recommendations and any other services, but the Company recognizes that it is not entitled to receive
preferential treatment as compared with the treatment given by the Manager or any of its Affiliates to others. The Company shall have the benefit of the Manager’s best judgment and effort in rendering services hereunder and, in furtherance of
the foregoing, the Manager shall not undertake activities that, in its good faith judgment, will adversely affect the performance of its obligations under this Agreement. 
 (b) In the event of a Termination Without Cause of this Agreement by the Company pursuant to Section 10(c) hereof, the Company shall not, without the consent of the Manager, employ or otherwise
retain any employee of the Manager or any of its Affiliates (including TCW) or any person who has been in the employ of the Manager or any of its Affiliates at any time within the two (2) year period immediately preceding the date on which such
person commences employment with or is otherwise retained by the Company for two (2) years after such termination of this Agreement. The Company acknowledges and agrees that, in addition to any damages the Manager shall be entitled to equitable
relief for any violation of this agreement by the Company, including, without limitation, injunctive relief. 

  
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 Section 4. Bank Accounts. At the direction of the Board of Directors, the
Manager may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary, and may collect and deposit into any such account or accounts, and disburse funds from any such account or accounts, under such terms and
conditions as the Board of Directors may approve; and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary.

 Section 5. Records; Confidentiality. 
 (a) The Manager shall maintain appropriate books of accounts and records relating to services performed hereunder, and such books of account and records shall be accessible for inspection by
representatives of the Company or any Subsidiary at any time during normal business hours. The Manager shall keep confidential any and all non-public information related to the Company or any of the Subsidiaries, written or oral, obtained by it in
connection with the services rendered hereunder (“Company Confidential Information”) and shall not use Company Confidential Information except in furtherance of its duties under this Agreement or disclose Company Confidential
Information, in whole or in part, to any Person other than (i) to its Affiliates, officers, directors, employees, agents, representatives or advisors who need to know such Company Confidential Information for the purpose of rendering services
hereunder, (ii) to appraisers, financing sources and others in the ordinary course of the Company’s business ((i) and (ii) collectively, “Manager Permitted Disclosure Parties”), (iii) in connection with any
governmental or regulatory filings of the Company or disclosure or presentations to Company investors, (iv) to governmental officials having jurisdiction over the Company, (v) as requested by law or legal process to which the Manager or
any Person to whom disclosure is permitted hereunder is a party, or (vi) with the consent of the Company. The Manager agrees to inform each of its Manager Permitted Disclosure Parties of the non-public nature of the Company Confidential
Information and to direct such Persons to treat such Company Confidential Information in accordance with the terms hereof. Nothing herein shall prevent the Manager from disclosing Company Confidential Information (i) upon the order of any court
or administrative agency, (ii) upon the request or demand of, or pursuant to any law or regulation, any regulatory agency or authority, (iii) to the extent reasonably required in connection with the exercise of any remedy hereunder, or
(iv) to its legal counsel or independent auditors; provided, however that with respect to clauses (i) and (ii), it is agreed that, so long as not legally prohibited, the Manager will provide the Company with prompt written notice of
such order, request or demand so that the Company may seek, at its sole expense, an appropriate protective order and/or waive the Manager’s compliance with the provisions of this Agreement. If, failing the entry of a protective order or the
receipt of a waiver hereunder, the Manager is required to disclose Company Confidential Information, the Manager may disclose only that portion of such information that is legally required without liability

  
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hereunder; provided, that the Manager agrees to exercise commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information.
Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded from provisions hereof: any Company Confidential Information that (A) is available to the public from a source other than the Manager (not
resulting from the manager’s violation of this Section 5(a)), (B) is released in writing by the Company to the public or to persons who are not under similar obligation of confidentiality to the Company, or (C) is obtained by the
Manager (not resulting from the manager’s violation of this Section 5(a)) from a third-party which, to the best of the Manager’s knowledge, does not constitute a breach by such third-party of an obligation of confidence with respect to the
Company Confidential Information disclosed. The provisions of this Agreement shall survive the expiration or earlier termination of this Agreement for a period of one year. 
 (b) The Company shall keep confidential any and all non-public information related to the Manager, written or oral, obtained by the Company in connection with the performance by the Company of its
obligations under this Agreement (“Manager Confidential Information”) and shall not use Manager Confidential Information except in furtherance of the terms of this Agreement or disclose Manager Confidential Information, in whole or
in part, to any Person other than (i) to its Affiliates, officers or directors who need to know such Manager Confidential Information for the purpose of fulfilling the Company’s obligations hereunder (collectively, “Company
Permitted Disclosure Parties”), (ii) as requested by law or legal process to which the Company or any Person to whom disclosure is permitted hereunder is a party, or (iii) with the consent of the Manager. The Company agrees to
(i) inform each of its Company Permitted Disclosure Parties of the non-public nature of the Manager Confidential Information and to direct such Persons to treat such Manager Confidential Information in accordance with the terms hereof and
(ii) not disclose any Manager Confidential Information to its Company Permitted Disclosure Parties upon the expiration or nonrenewal of this Agreement in accordance with Section 10. Nothing herein shall prevent the Company from disclosing
Manager Confidential Information (i) upon the order of any court or administrative agency, (ii) upon the request or demand of, or pursuant to any law or regulation, any regulatory agency or authority, (iii) to the extent reasonably
required in connection with the exercise of any remedy hereunder, or (iv) to its legal counsel or independent auditors; provided, however that with respect to clauses (i) and (ii), it is agreed that, so long as not legally
prohibited, the Company will provide the Manager with prompt written notice of such order, request or demand so that the Manager may seek, at its sole expense, an appropriate protective order and/or waive the Company’s compliance with the
provisions of this Agreement. If, failing the entry of a protective order or the receipt of a waiver hereunder, the Company is required to disclose Manager Confidential Information, the Company may disclose only that portion of such information that
is legally required without liability hereunder; provided, that the Company agrees to exercise commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information. Notwithstanding anything
herein to the contrary, each of the following shall be deemed to be excluded from provisions hereof: any Manager Confidential Information that (A) is available to the public from a source other than the Company, (B) is released in writing
by the Manager to the public or to persons who are not under similar obligation of confidentiality to the Manager, or (C) is obtained by the Company from a third-party which, to the best of the Company’s knowledge, does not constitute
breach by such third-party of an obligation of confidence with respect to the Manager Confidential Information disclosed. For the avoidance of doubt, information about the systems, employees, policies, procedures and investment portfolio of the
Manager (other than investments in which the Company and Manager have co-invested) shall be deemed to be included within the meaning of “Manager Confidential Information” for purposes of the Company’s obligations pursuant to this
Section 5(b). 

  
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 Section 6. Compensation. 

(a) For the services rendered under this Agreement, the Company shall pay the Management Fee to the Manager. The Manager will not
receive any compensation for the period prior to the Closing Date other than expenses incurred and reimbursed pursuant to Section 7 hereof. 
 (b) The parties acknowledge that the Management Fee is intended to compensate the Manager for the costs and expenses it will incur pursuant to the Administrative Services Agreement, as well as certain
expenses not otherwise reimbursable under Section 7 below, in order for the Manager to provide the Company the investment advisory services and certain general management services rendered under this Agreement. 

(c) The Management Fee shall be payable in arrears in cash, in monthly installments commencing with the month in which this Agreement is
executed. If applicable, the initial and final installments of the Management Fee shall be pro-rated based on the number of days during the initial and final month, respectively, that this Agreement is in effect. The Manager shall calculate each
monthly installment of the Management Fee, and deliver such calculation to the Company, within thirty (30) days following the last day of each calendar month. The Company shall pay the Manager each installment of the Management Fee within five
(5) Business Days after the date of delivery to the Company of such computations. 
 Section 7. Expenses of the
Company. 
 (a) The Manager shall be responsible for the expenses related to any and all personnel of the Manager and its
Affiliates who provide services to the Company pursuant to this Agreement or to the Manager pursuant to the Administrative Services Agreement (including each of the officers of the Company and any directors of the Company who are also directors,
officers, employees or agents of the Manager, TCW or any of their Affiliates, other than pursuant to Section 7(b)(iv) below), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of
such personnel, and costs of insurance with respect to such personnel. 
 (b) The Company shall pay all of its costs and
expenses and shall reimburse the Manager or its Affiliates for expenses of the Manager and its Affiliates incurred on behalf of the Company, excepting only those expenses that are specifically the responsibility of the Manager pursuant to
Section 7(a) of this Agreement. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company or any Subsidiary shall be paid by the Company and shall not be paid by the Manager
or Affiliates of the Manager: 
 (i) all costs and expenses associated with the formation and capital raising
activities of the Company and its Subsidiaries, if any, including, without limitation, the costs and expenses of (A) the preparation of the Company’s registration statements, 

  
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(B) the initial public offering of the Company, (C) the original incorporation and initial organization of the Company, and (D) any subsequent offerings and any filing fees and
costs of being a public company, including, without limitation, filings with the SEC, the Financial Industry Regulatory Authority, Inc. and the NYSE (and any other exchange or over-the-counter market), among other such entities; 

(ii) all costs and expenses in connection with the acquisition, disposition, financing, hedging and ownership of the
Company’s or any Subsidiary’s investments, including, without limitation, costs and expenses incurred in contracting with third parties to provide such services, such as legal fees, accounting fees, consulting fees, trustee fees, appraisal
fees, insurance premiums, commitment fees, brokerage fees and guaranty fees; 
 (iii) all legal, audit,
accounting, consulting, brokerage, listing, filing, custodian, transfer agent, rating agency, registration and other fees and charges, printing, engraving and other expenses and taxes incurred in connection with the issuance, distribution, transfer,
registration and stock exchange listing of the Company’s or any Subsidiary’s equity securities or debt securities; 
 (iv) all expenses related to the employment of the Company’s chief financial officer and all other fully dedicated employees that may be hired in the future by the Manager with the approval of the
Board of Directors, including, without limitation, the salary, bonus and other wages, payroll taxes and the cost of employee benefit plans for such employees; 
 (v) all expenses relating to communications to holders of equity securities or debt securities issued by the Company or any Subsidiary and other third party services utilized in maintaining relations with
holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies (including, without limitation, the SEC), including any costs of computer services in connection with this function,
the cost of printing and mailing certificates for such securities and proxy solicitation materials and reports to holders of the Company’s or any Subsidiary’s securities and the cost of any reports to third parties required under any
indenture to which the Company or any Subsidiary is a party; 
 (vi) all costs and expenses of money borrowed by
the Company or its Subsidiaries, if any, including, without limitation, principal, interest and the costs associated with the establishment and maintenance of any credit facilities, warehouse loans, repurchase facilities and other indebtedness of
the Company and its Subsidiaries, if any (including commitment fees, legal fees, closing and other costs); 

(vii) all taxes and license fees applicable to the Company or any Subsidiary, including interest and penalties thereon;

  
 15 

 (viii) all fees paid to and expenses of third-party advisors and independent
contractors, consultants, managers and other agents engaged by the Company or any Subsidiary or by the Manager for the account of the Company or any Subsidiary; 
 (ix) all insurance costs incurred by the Company or any Subsidiary, including, without limitation, the cost of obtaining and maintaining (A) liability or other insurance to indemnify (1) the
Manager, (2) the directors and officers of the Company, and (3) underwriters of any securities of the Company, (B) “errors and omissions” insurance coverage, and (C) any other insurance deemed necessary or advisable by
the Board of Directors for the benefit of the Company and its directors and officers; 
 (x) all compensation and
fees paid to directors of the Company or any Subsidiary (excluding those directors who are also non-independent directors (such independence to be determined by the Board of Directors), officers, employees or agents of TCW or any of its Affiliates),
and all expenses of all directors of the Company or any Subsidiary incurred in their capacity as such; 
 (xi)
all third-party legal, accounting and auditing fees and expenses and other similar services relating to the Company’s or any Subsidiary’s operations (including, without limitation, all quarterly and annual audit or tax fees and expenses);

 (xii) all third-party legal, expert and other fees and expenses relating to any actions, proceedings,
lawsuits, demands, causes of action and claims, whether actual or threatened, made by or against the Company, or which the Company is authorized or obligated to pay under applicable law or its Governing Instruments or by the Board of Directors;

 (xiii) subject to Section 8 below, any judgment or settlement of pending or threatened proceedings
(whether civil, criminal or otherwise) against the Company or any Subsidiary, or against any trustee, director or officer of the Company or any Subsidiary in his capacity as such for which the Company or any Subsidiary is required to indemnify such
trustee, director or officer by any court or governmental agency, or settlement of pending or threatened proceedings; 
 (xiv) all travel and related expenses of directors, officers and employees of the Company and the Manager, incurred in connection with attending meetings of the Board of Directors or holders of securities
of the Company or any Subsidiary or performing other business activities that relate to the Company or any Subsidiary, including, without limitations, travel and related expenses incurred in connection with the purchase, consideration for purchase,
financing, refinancing, sale or other disposition of any investment or potential investment of the Company; provided, however, that the Company shall only be responsible for a proportionate share of such expenses, as

  
 16 

 
determined by the Manager in good faith, where such expenses were not incurred solely for the benefit of the Company; 

(xv) all expenses of organizing, modifying or dissolving the Company or any Subsidiary and costs preparatory to entering
into a business or activity, or of winding up or disposing of a business activity of the Company or its Subsidiaries, if any; 
 (xvi) all expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by the Board of Directors to or on account of holders of the
securities of the Company or any Subsidiary, including, without limitation, in connection with any dividend reinvestment plan; 
 (xvii) all costs and expenses related to (A) the design and maintenance of the Company’s web site or sites and (B) the Company’s pro rata share of any computer software, hardware or
information technology services that is used by the Company; 
 (xviii) all costs and expensed related to the
acquisition or customization of technological systems solely for the Company’s benefit and use; 
 (xix) all
costs and expenses incurred with respect to market information systems and publications, research publications and materials, and settlement, clearing and custodial fees and expenses; provided, however, that the Company shall only be
responsible for a proportionate share of such expenses, as determined by the Manager in good faith, where such expenses were not incurred solely for the benefit of the Company; 

(xx) all costs and expenses incurred with respect to administering the Manager Equity Plan, the Director Stock Plan and
any other equity or incentive plans that the Company may establish; 
 (xxi) rent (including disaster recovery
facilities costs and expenses), telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates required for the Company’s operations; provided,
however, that the Company shall only be responsible for a proportionate share of such expenses, as determined by the Manager in good faith, where such expenses were not incurred solely for the benefit of the Company; and 

(xxii) all other expenses actually incurred by the Manager or its Affiliates or their respective officers, employees,
representatives or agents, or any Affiliates thereof, which are reasonably necessary for the performance by the Manager of its duties and functions under this Agreement (including, without limitation, any fees or expenses relating to the
Company’s compliance with all governmental and regulatory matters). 
 (c) Costs and expenses incurred by the Manager on
behalf of the Company shall be reimbursed monthly to the Manager. The Manager shall prepare a written statement in reasonable detail documenting the costs and expenses of the Company and those incurred by the Manager on behalf of the Company during
each month, and shall deliver such written statement to the Company within thirty (30) days after the end of each month. The Company shall pay all amounts payable to the Manager pursuant to this Section 7(c) within five (5) Business
Days after the receipt of the written statement without demand, deduction, offset or delay. Cost and expense reimbursement to the Manager shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the
Company. The provisions of this Section 7 shall survive the expiration or earlier termination of this Agreement to the extent such expenses has previously been incurred or are incurred in connection with such expiration or termination.

  
 17 

 Section 8. Limits of the Manager’s Responsibility. 

(a) The Manager assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and
shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in the Investment Guidelines. The Manager and its Affiliates, and the
directors, officers, employees and stockholders of the Manager and its Affiliates, will not be liable to the Company, any Subsidiary of the Company, the Board of Directors, or the Company’s stockholders for any acts or omissions by the Manager,
its officers, employees or its Affiliates, performed in accordance with and pursuant to this Agreement, except by reason of acts constituting bad faith, willful misconduct, gross negligence or reckless disregard of their respective duties under this
Agreement. The Company shall, to the full extent lawful, reimburse, indemnify and hold harmless the Manager, its Affiliates, and the directors, officers, employees and stockholders of the Manager and its Affiliates (each, a “Manager
Indemnified Party”), of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, (including reasonable attorneys’ fees) (collectively “Losses”) in respect of or
arising from any acts or omissions of such Manager Indemnified Party performed in good faith under this Agreement and, in respect of any such Manager Indemnified Party, not constituting bad faith, willful misconduct, gross negligence or reckless
disregard of duties of such Manager Indemnified Party under this Agreement. 
 (b) The Manager shall, to the full extent
lawful, reimburse, indemnify and hold harmless the Company, and the directors, officers and stockholders of the Company and each Person, if any, controlling the Company (each, a “Company Indemnified Party”; a Manager Indemnified
Party and a Company Indemnified Party are each sometimes hereinafter referred to as an “Indemnified Party”) of and from any and all Losses in respect of or arising from (i) any acts or omissions of the Manager constituting bad
faith, willful misconduct, gross negligence or reckless disregard of duties of the Manager under this Agreement or (ii) any claims by the Manager’s employees relating to the terms and conditions of their employment by the Manager.

 (c) In case any such claim, suit, action or proceeding (a “Claim”) is brought against any Indemnified Party
in respect of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall give prompt written 

  
 18 

 
notice thereof to the indemnifying party, which notice shall include all documents and information in the possession of or under the control of such Indemnified Party reasonably necessary for the
evaluation and/or defense of such Claim and shall specifically state that indemnification for such Claim is being sought under this Section 8; provided, however, that the failure of the Indemnified Party to so notify the indemnifying party
shall not limit or affect such Indemnified Party’s rights to be indemnified pursuant to this Section 8. Upon receipt of such notice of Claim (together with such documents and information from such Indemnified Party), the indemnifying party
shall, at its sole cost and expense, in good faith defend any such Claim with counsel reasonably satisfactory to such Indemnified Party, which counsel may, without limiting the rights of such Indemnified Party pursuant to the next succeeding
sentence of this Section 8, also represent the indemnifying party in such investigation, action or proceeding. In the alternative, such Indemnified Party may elect to conduct the defense of the Claim, if (i) such Indemnified Party reasonably
determines that the conduct of its defense by the indemnifying party could be materially prejudicial to its interests, (ii) the indemnifying party refuses to defend (or fails to give written notice to the Indemnified Party within ten
(10) days of receipt of a notice of Claim that the indemnifying party assumes such defense), or (iii) the indemnifying party shall have failed, in such Indemnified Party’s reasonable judgment, to defend the Claim in good faith. The
indemnifying party may settle any Claim against such Indemnified Party without such Indemnified Party’s consent, provided (i) such settlement is without any Losses whatsoever to such Indemnified Party, (ii) the settlement does not
include or require any admission of liability or culpability by such Indemnified Party and (iii) the indemnifying party obtains an effective written release of liability for such Indemnified Party from the party to the Claim with whom such
settlement is being made, which release must be reasonably acceptable to such Indemnified Party, and a dismissal with prejudice with respect to all claims made by the party against such Indemnified Party in connection with such Claim. The applicable
Indemnified Party shall reasonably cooperate with the indemnifying party, at the indemnifying party’s sole cost and expense, in connection with the defense or settlement of any Claim in accordance with the terms hereof. If such Indemnified
Party is entitled pursuant to this Section 8 to elect to defend such Claim by counsel of its own choosing and so elects, then the indemnifying party shall be responsible for any good faith settlement of such Claim entered into by such Indemnified
Party. Except as provided in the immediately preceding sentence, no Indemnified Party may pay or settle any Claim and seek reimbursement therefor under this Section 8. 
 (d) The Indemnified Party shall seek recovery under any insurance policies by which such Indemnified Party is covered and if such Indemnified Party recovers any amounts under any insurance policies, it
shall be offset against this amount owed by the indemnifying party, if the Indemnified Party fails to seek such recovery, the indemnifying party shall be subrogated to the rights of the Indemnified Party under any applicable insurance policy of the
Indemnified Party, and shall be entitled to recover under such policy up to the amount owed or paid by the indemnifying party to the Indemnified Party. 
 (e) The provisions of this Section 8 shall survive the expiration or earlier termination of this Agreement. 
 Section 9. No Joint Venture. The Company and the Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers
or impose any liability as such on either of them. 
 Section 10. Term; Renewal. 

(a) Initial Term. This Agreement shall become effective on the Closing Date and shall continue in operation, unless terminated in
accordance with the terms hereof, until [                ], 2014 (the “Initial Term”). 

  
 19 

 (b) Automatic Renewal Terms. After the Initial Term, this Agreement shall be deemed
renewed automatically each year for an additional one-year period (an “Automatic Renewal Term”) unless the Company or the Manager elects not to renew this Agreement in accordance with Section 10(c) of this Agreement.

 (c) Nonrenewal of this Agreement Without Cause. Notwithstanding any other provision of this Agreement to the
contrary, upon the expiration of the Initial Term and upon 180 days’ prior written notice to the Manager or the Company (the “Termination Notice”), either the Company (but only with the approval of a majority of the Independent
Directors) or the Manager may, without cause, in connection with the expiration of the Initial Term or any Automatic Renewal Term, decline to renew this Agreement (any such nonrenewal, a “Termination Without Cause”). If the Company
issues the Termination Notice, the Company shall be obligated to (i) specify the reason for nonrenewal in the Termination Notice and (ii) pay the Manager the Termination Fee before or on the last day of the Initial Term or Automatic
Renewal Term (the “Effective Termination Date”). In the event of a Termination Without Cause, nonrenewal of this Agreement shall be without any further liability or obligation of either party to the other, except as provided in
Section 3(b), Section 8 and Section 14 of this Agreement. The Manager shall cooperate with the Company in executing an orderly transition of the management of the Company’s assets to a new manager. The Company may terminate this
Agreement for cause pursuant to Section 12 hereof even after a Termination Without Cause and, in such case, no Termination Fee shall be payable. 
 (d) Unfair Manager Compensation. Notwithstanding the provisions of subsection (c) above, if the reason for nonrenewal specified in the Company’s Termination Notice is that a majority of
the Independent Directors have determined that the Management Fee payable to the Manager is unfair, the Company shall not have the foregoing nonrenewal right in the event the Manager agrees that it will continue to perform its duties hereunder
during the Automatic Renewal Term that would commence upon the expiration of the Initial Term or then current Automatic Renewal Term at a fee that the majority of the Independent Directors determine to be fair; provided, however, the Manager
shall have the right to renegotiate the Management Fee by delivering to the Company, not less than 120 days prior to the pending Effective Termination Date, written notice (a “Notice of Proposal to Negotiate”) of its intention to
renegotiate the Management Fee. Thereupon, the Company and the Manager shall endeavor to negotiate the Management Fee in good faith. Provided that the Company and the Manager agree to a revised Management Fee or other compensation structure within
sixty (60) days following the Company’s receipt of the Notice of Proposal to Negotiate, the Termination Notice from the Company shall be deemed of no force and effect, and this Agreement shall continue in full force and effect on the terms
stated herein, except that the Management Fee or other compensation structure shall be the revised Management Fee or other compensation structure then agreed upon by the Company and the Manager. The Company and the Manager agree to execute and
deliver an amendment to this Agreement setting forth such revised Management Fee or other compensation structure promptly upon reaching an agreement regarding same. In the event that the Company and the Manager are unable to agree to a revised
Management Fee or other compensation structure during such sixty (60) day period, this Agreement shall terminate on the 

  
 20 

 
Effective Termination Date and the Company shall be obligated to pay the Manager the Termination Fee upon the Effective Termination Date. 

Section 11. Assignments. 
 (a) Assignments by the Manager. This Agreement shall terminate automatically without payment of the Termination Fee in the event of its assignment, in whole or in part, by the Manager, unless such
assignment is consented to in writing by the Company with the consent of a majority of the Independent Directors. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the Manager
shall be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as the Manager.
Notwithstanding the foregoing, the Manager may (i) assign this Agreement to an Affiliate of the Manager that is a successor to the Manager by reason of a restructuring or other internal reorganization among the Manager and any one or more of
its Affiliates without the consent of the majority of the Independent Directors and (ii) delegate to one or more of its Affiliates the performance of any of its responsibilities hereunder so long as it remains liable for any such
Affiliate’s performance, provided that in the case of (i) and (ii), such assignment does not require the Company’s approval under the Investment Advisers Act of 1940. Nothing contained in this Agreement shall preclude any pledge,
hypothecation or other transfer of any amounts payable to the Manager under this Agreement. 
 (b) Assignments by the
Company. This Agreement shall terminate automatically in the event of its assignment, in whole or in part, by the Company, unless such assignment is consented to in writing by the Manager. Any such permitted assignment shall bind the assignee
under this Agreement in the same manner as the Company is bound. In addition, the assignee shall execute and deliver to the Manager a counterpart of this Agreement. 
 Section 12. Termination of the Manager for Cause. At the option of the Company and at any time during the term of this Agreement, this Agreement shall be and become terminated upon 60
days’ written notice of termination from the Board of Directors to the Manager, without payment of the Termination Fee, if any of the following events shall occur, which shall be determined by a majority of the Independent Directors:

 (a) the Manager shall commit any act of fraud, misappropriation of funds, or embezzlement against the Company or shall be
grossly negligent in the performance of its duties under this Agreement (including such action or inaction by the Manager which materially impairs the Company’s ability to conduct its business); 

(b) the Manager shall fail to provide adequate or appropriate personnel necessary for the Manager to originate investment opportunities
for the Company and to manage and develop the Company’s portfolio; provided, that such default has continued uncured for a period of sixty (60) days after written notice thereof, which notice shall contain a request that the same be
remedied; 

  
 21 

 (c) the Manager shall commit a material breach of any provision of this Agreement
(including the failure of the Manager to use commercially reasonable efforts to comply with the Investment Guidelines); provided, that such default has continued uncured for a period of sixty (60) days after written notice thereof, which
notice shall contain a request that the same be remedied; 
 (d) (A) the Manager shall commence any case, proceeding or other
action (1) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to
adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (2) seeking appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Manager shall make a general assignment for the benefit of its creditors; or (B) there shall be commenced against the Manager any
case, proceeding or other action of a nature referred to in clause (A) above which (1) results in the entry of an order for relief or any such adjudication or appointment or (2) remains undismissed, undischarged or unbonded for a
period of 90 days; or (C) the Manager shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (A) or (B) above; or (D) the Manager shall
generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; 
 (e) if
the Manager is convicted of a felony, including if the Manager enters a plea of nolo contendere with respect thereto; or 
 (f) upon the dissolution of the Manager. 
 If any of the events specified above shall occur, the
Manager shall give prompt written notice thereof to the Board of Directors. 
 Section 13. Action Upon Termination.
From and after the effective date of termination of this Agreement pursuant to Sections 10, 11, or 12 of this Agreement, the Manager shall not be entitled to compensation for further services hereunder, but shall be paid all compensation accruing to
the date of termination and, if terminated or not renewed pursuant to Section 10, the Termination Fee. Upon any such termination, the Manager shall forthwith: 
 (a) after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the
Company or a Subsidiary pursuant to this Agreement; 
 (b) deliver to the Board of Directors a full accounting, including a
statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company and any Subsidiaries; and

  
 22 

 (c) deliver to the Board of Directors all property and documents of the Company and any
Subsidiaries then in the custody of the Manager. 
 Section 14. Release of Money or Other Property Upon Written Request.

 The Manager agrees that any money or other property of the Company (which such term, for the purposes of this Section 14,
shall be deemed to include any and all of its Subsidiaries, if any) held by the Manager shall be held by the Manager as custodian for the Company, and the Manager’s records shall be appropriately and clearly marked to reflect the ownership of
such money or other property by the Company. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company any money or other property then held by the
Manager for the account of the Company under this Agreement, the Manager shall release such money or other property to the Company within a reasonable period of time, but in no event later than 60 days following such request. Upon delivery of such
money or other property to the Company, the Manager shall not be liable to the Company, any Subsidiary, the Board of Directors, or the Company’s or a Subsidiary’s stockholders or partners for any acts or omissions by the Company in
connection with the money or other property released to the Company in accordance with this Section 14. The Company shall indemnify the Manager, its directors, officers, stockholders, employees and agents against any and all expenses, losses,
damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the Manager’s release of such money or other property to the Company in accordance with the terms of this Section 14.
Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under Section 8 of this Agreement. 
 Section 15. Representations and Warranties. 
 (a) The Company hereby
represents and warrants to the Manager as follows: 
 (i) The Company is duly organized, validly existing and in
good standing under the laws of the State of Delaware, has the corporate power and authority and the legal right to own and operate its assets, to lease any property it may operate as lessee and to conduct the business in which it is now engaged and
is duly qualified as a foreign corporation and in good standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except for failures to be so qualified,
authorized or licensed that could not in the aggregate have a material adverse effect on the business operations, assets or financial condition of the Company. 

  
 23 

 (ii) The Company has the corporate power and authority and the legal right
to make, deliver and perform this Agreement and all obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions hereof and the execution, delivery and performance of this
Agreement and all obligations required hereunder. No consent of any other Person, including stockholders and creditors of the Company, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing
or declaration with, any governmental authority is required by the Company in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and all obligations required hereunder. This Agreement
has been, and each instrument or document required hereunder will be, executed and delivered by a duly authorized officer of the Company, and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered
hereunder will constitute, the legally valid and binding obligation of the Company enforceable against the Company in accordance with its terms. 
 (iii) The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate any provision of any existing law or regulation binding on the Company,
or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Company, or the Governing Instruments of, or any securities issued by the Company or of any mortgage, indenture, lease, contract or other
agreement, instrument or undertaking to which the Company is a party or by which the Company or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations, assets or financial condition of
the Company and its Subsidiaries, if any, taken as a whole, and will not result in, or require, the creation or imposition of any lien or any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease,
contract or other agreement, instrument or undertaking. 
 (b) The Manager hereby represents and warrants to the Company as
follows: 
 (i) The Manager is duly organized, validly existing and in good standing under the laws of the State
of Delaware, has the limited liability company power and authority and the legal right to own and operate its assets, to lease the property it operates as lessee and to conduct the business in which it is now engaged and is duly qualified as a
foreign corporation and in good standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except for failures to be so qualified, authorized or licensed that
could not in the aggregate have a material adverse effect on the business operations, assets or financial condition of the Manager. 
 (ii) The Manager has the limited liability company power and authority and the legal right to make, deliver and perform this Agreement and all obligations required hereunder and has taken all necessary
limited liability company action to 

  
 24 

 
authorize this Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder. No consent of any other Person,
including members and creditors of the Manager, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required by the Manager in connection
with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and all obligations required hereunder. This Agreement has been, and each instrument or document required hereunder will be, executed and
delivered by a duly authorized officer of the Manager, and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered hereunder will constitute, the legally valid and binding obligation of the Manager
enforceable against the Manager in accordance with its terms. 
 (iii) The execution, delivery and performance of
this Agreement and the documents or instruments required hereunder will not violate any provision of any existing law or regulation binding on the Manager, or any order, judgment, award or decree of any court, arbitrator or governmental authority
binding on the Manager, or the Governing Instruments of, or any securities issued by the Manager or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Manager is a party or by which the Manager or
any of its assets may be bound, the violation of which would have a material adverse effect on the business operations, assets or financial condition of the Manager, and will not result in, or require, the creation or imposition of any lien or any
of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. 
 Section 16. Miscellaneous. 
 (a) Notices. All notices, requests
and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered against receipt or upon
actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile transmission with telephonic confirmation or (iv) delivery by registered or certified mail, postage prepaid,
return receipt requested, addressed as set forth below (or to such other address as may be hereafter notified by the respective parties hereto in accordance with this Section 16): 

 

			
	The Company:	  	 Arbolada Capital Management Company
 865 South Figueroa Street, Suite 1800
 Los Angeles, California 90017

Attention: General Counsel
 Fax:
213-244-0645

		
	with a copy to:	  	 Skadden, Arps, Slate, Meagher & Flom LLP
 4 Times Square

  
 25 

			
		  	 New York, New York 10036

Attention: David J. Goldschmidt, Esq.
 Fax: (212)
735-2000

		
	The Manager:	  	 Arbolada Management LLC
 865
South Figueroa Street, Suite 1800
 Los Angeles, California 90017
 Attention: General Counsel
 Fax: 213-244-0645

		
	with a copy to:	  	 Skadden, Arps, Slate, Meagher & Flom LLP
 4 Times Square
 New York, New York 10036
 Attention: David J. Goldschmidt, Esq.
 Fax: (212) 735-2000

(b) Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, personal representatives, successors and assigns as provided herein. 
 (c)
Integration. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the
terms hereof. 
 (d) Amendments. This Agreement, nor any terms hereof, may not be amended, supplemented or modified
except in an instrument in writing executed by the parties hereto. 
 (e) GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN §5-1401 OF THE GENERAL
OBLIGATIONS LAW). EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR ANY DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY ACTION OR JUDGMENT
RELATING TO OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE LAYING OF VENUE IN SUCH COURT. 
 (f) WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH
SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

  
 26 

 (g) Survival of Representations and Warranties. All representations and warranties
made hereunder, and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement. 
 (h) No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party hereto, any right, remedy, power or privilege hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

(i) Costs and Expenses. Each party hereto shall bear its own costs and expenses (including the fees and disbursements of counsel
and accountants) incurred in connection with the negotiations and preparation of and the closing under this Agreement, and all matter incident thereto. 
 (j) Section Headings. The section and subsection headings in this Agreement are for convenience in reference only and shall not be deemed to alter or affect the interpretation of any provisions
hereof. 
 (k) Counterparts. This Agreement may be executed by the parties to this Agreement on any number of separate
counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 (l) Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 27 

 IN WITNESS WHEREOF, each of the parties hereto have executed this Management Agreement as of
the date first written above. 
  

							
	Arbolada Capital Management Company
			
		 	By:	 	  

		 		 	Name:	 	Eric Arentsen
		 		 	Title:	 	President and Chief Executive Officer
	
	Arbolada Management LLC
			
		 	By:	 	  

		 		 	Name:	 	Sean Plater
		 		 	Title:	 	Secretary

  
 28 

 Exhibit A 
 INVESTMENT GUIDELINES OF 
 ARBOLADA CAPITAL MANAGEMENT COMPANY

 Reference is made to that certain Management Agreement, dated as of
[—], 2011 as amended from time to time (the “Management Agreement”), by and between Arbolada Capital Management Company (the “Company”) and Arbolada Management Company LLC (the
“Manager”). Following are the investment guidelines to be observed by the Manager in investing the capital of the Company pursuant to the Management Agreement: 

 

	 	1.	No investment shall be made that would cause the Company to fail to qualify as a real estate investment trust under the Internal Revenue Code of 1986.

  

	 	2.	No investment shall be made that would cause the Company to be regulated as an investment company under the Investment Company Act of 1940. 

 

	 	3.	Any proposed investment made with or into The TCW Group, Inc. (“TCW”) or any of its affiliates must be made in conformity with TCW’s Trading and
Brokerage policies with respect to transactions with affiliates. 

 These investment guidelines may be changed by
the Company’s board of directors without the approval of its stockholders.Form of Stock Purchase Agreement

 Exhibit 10.3 
 FORM OF STOCK PURCHASE AGREEMENT 
 This STOCK PURCHASE AGREEMENT (this
“Agreement”) is dated as of [    ], 2011, by and among Arbolada Capital Management Company, a Delaware corporation (the “Issuer”), TCW Capital Investment Corporation, a California corporation
(“TCWCIC”), and the individuals named on Schedule 1 hereto (together with TCWCIC, the “Purchasers”). 
 W I T N E S S E T H: 
 WHEREAS, the Issuer is entering into an underwriting
agreement on the date hereof (the “Underwriting Agreement”), a copy of which is attached as Annex I hereto, with the underwriters named therein (the “Underwriters”) pursuant to which the Issuer will, subject
to the satisfaction of the terms and conditions set forth in the Underwriting Agreement, issue and sell to the Underwriters [            ] shares (the “IPO Shares”) of
common stock, par value $0.01 per share, of the Issuer (the “Common Stock”) in connection with an offering to the public (the “IPO”) of the IPO Shares for
$[            ] per share (the “IPO Price”); and 

WHEREAS, subject to and concurrent with the consummation of the Issuer’s agreement to issue and sell the IPO Shares to the
Underwriters upon the satisfaction of the terms and conditions set forth in the Underwriting Agreement, the Purchasers desire to purchase an aggregate of [            ] shares of Common
Stock at the IPO Price in the amounts per Purchaser set forth on Schedule 1 hereto, and the Issuer desires to issue and sell such shares to the Purchasers. 
 NOW THEREFORE, in consideration of the premises and of the mutual agreements, covenants and provisions herein contained and for good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

PURCHASE AND SALE 
 1.1 Purchase and Sale of Subject Shares. Subject to (a) the terms and conditions set forth in this Agreement and (b) concurrent with the consummation of the Issuer’s agreement to
issue and sell the IPO Shares to the Underwriters upon the satisfaction of the terms and conditions set forth in the Underwriting Agreement (the “IPO Closing”), the Issuer agrees to issue to the Purchasers an aggregate of
[            ] shares of Common Stock (the “Subject Shares”), and the Purchasers agree severally and not jointly to purchase the Subject Shares in the amount per Purchaser
set forth on Schedule 1 hereto, for a price per share equal to the IPO Price, which in the aggregate equals $[            ] (the “Subject Shares Purchase Price”).

 1.2 Closing. Subject to the terms and conditions of this Agreement and concurrent with the IPO Closing, the closing of
the purchase and sale of the Subject Shares (the “Closing”) shall take place on the date of the IPO Closing at the offices of counsel to the Issuer, Skadden, Arps, Slate, Meagher & Flom LLP, located at Four Times Square,
New York, New York 10036, or at such other place as the parties to such closing shall agree in writing. 

 1.3 Delivery at Closing. At the Closing, (a) Purchasers shall deliver to the
Issuer the Subject Shares Purchase Price by wire transfer of immediately available funds to an account designated by the Issuer in writing, and (b) the Issuer shall deliver to the Purchasers either certificates representing the Subject Shares
or evidence of the issuance of the Subject Shares in uncertificated form. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE ISSUER 
 The Issuer represents and warrants to the Purchasers as follows: 
 2.1
Formation and Good Standing. The Issuer is a corporation duly incorporated and is validly existing in good standing under the laws of the State of Delaware. 
 2.2 Authorization and Validity of Agreements. The Issuer has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement, the performance by the Issuer of its obligations hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite
corporate action of the Issuer. This Agreement constitutes a legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its respective terms. 

2.3 No Conflicts; Consents. The execution, delivery and performance of this Agreement by the Issuer and the consummation by the
Issuer of the transactions contemplated hereby do not and will not conflict with, contravene, result in a violation or breach of or default under (with or without the giving of notice or the lapse of time, or both), permit any party to terminate,
amend or accelerate the provisions of, or result in the imposition of any claim, lien, pledge, deed of trust, option, charge, security interest, hypothecation, encumbrance, right of first offer, voting trust, proxy, right of third parties or other
restriction or limitation of any nature whatsoever (each, a “Lien”), or any obligation to create any Lien, upon any of the property or assets of the Issuer under (a) any contract, agreement, indenture, letter of credit,
mortgage, security agreement, pledge agreement, deed of trust, bond, note, guarantee, surety obligation, warranty, license, franchise, permit, power of attorney, lease, instrument or other agreement (each, a “Contract”) to which the
Issuer is a party or by which any of its property or assets may be bound or (b) any provision of the organizational document of the Issuer. 
 2.4 Exemption from Registration; No Integration; No General Solicitation. 

(a) Subject to the accuracy of the representations and warranties of the Purchasers, it is not necessary in connection with the offer,
sale and delivery of the Subject Shares to the Purchasers in the manner contemplated by this Agreement to register the Subject Shares under the Securities Act of 1933 (the “Securities Act”). 

(b) Neither the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act) of the Issuer has
directly, or through any agent, (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or will be integrated with the sale of the Subject

  
 2 

 
Shares in a manner that would require the registration under the Securities Act of the Subject Shares or (ii) offered, solicited offers to buy or sold the Subject Shares by any form of
general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS 
 TCWCIC represents and warrants to the Issuer as follows: 
 3.1 Formation and
Good Standing. TCWCIC is a corporation duly incorporated and is validly existing and in good standing under the jurisdiction and laws of the State of California. 
 3.2 Authorization and Validity of Agreements. TCWCIC has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement, the performance by TCWCIC of its obligations hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite corporate
action of TCWCIC. This Agreement constitutes a legal, valid and binding obligation of TCWCIC, enforceable against TCWCIC in accordance with its respective terms. 
 Each Purchaser severally and not jointly represents and warrants to the Issuer as follows: 
 3.3 No Conflicts; Consents. The execution, delivery and performance of this Agreement by the Purchaser and the consummation by the Purchaser of the transactions contemplated hereby do not and will
not conflict with, contravene, result in a violation or breach of or default under (with or without the giving of notice or the lapse of time, or both), permit any party to terminate, amend or accelerate the provisions of, or result in the
imposition of any Lien (or any obligation to create any Lien) upon any of the property or assets of the Purchaser under (a) any Contract to which the Purchaser is a party or by which any of its property or assets may be bound or (b) any
provision of the organizational document of the Purchaser, if applicable. 
 3.4 Investment Purpose; Accredited Purchaser;
Access to Information. 
 (a) The Purchaser hereby acknowledges that the Subject Shares have not been registered under the
Securities Act and may not be offered or sold except pursuant to registration or to an exemption from the registration requirements of the Securities Act and that the certificates, if any, evidencing the Subject Shares will bear a legend to that
effect. The Subject Shares to be acquired by the Purchaser pursuant to this Agreement are being acquired for its own account and with no intention of distributing or reselling the Subject Shares or any part thereof in any transaction that would be
in violation of the securities laws of the United States, any state of the United States or any foreign jurisdiction. The Purchaser further agrees that it has not entered and prior to the Closing will not enter into any Contract with respect to the
distribution, sale, transfer or delivery of the Subject Shares. 

  
 3 

 (b) The Purchaser is an “accredited investor” as such term is defined in
Section 2(15) of the Securities Act and within the meaning of Rule 501 of Regulation D under the Securities Act, as presently in effect. 
 (c) The Purchaser is sufficiently experienced in financial and business matters to be capable of evaluating the merits and risks involved in purchasing the Subject Shares and to make an informed decision
relating thereto. The Purchaser has been furnished with the materials relating to the business, operations, financial condition, assets, liabilities of the Issuer and other matters relevant to Purchaser’s investment in the Subject Shares, which
have been requested by the Purchaser. The Purchaser has had adequate opportunity to ask questions of, and receive answers from, the officers, employees, agents, accountants and representatives of the Issuer concerning the business, operations,
financial condition, assets and liabilities of the Issuer and all other matters relevant to its investment in the Subject Shares. 
 (d) Each Purchaser has a substantive, pre-existing relationship with the Issuer and was directly contacted by the Issuer or the Issuer’s agents outside of the IPO effort. No Purchaser was identified
or contacted through the marketing of the IPO. No purchaser independently contacted the Issuer as a result of the general solicitation by means of a registration statement. 
 ARTICLE IV 
 COVENANTS 

4.1 Registration Rights. Subject to the occurrence of the IPO Closing and the Closing, each of the parties hereto covenants to
enter into that certain Registration Rights Agreement, a copy of which is attached as Annex II hereto, with respect to the Subject Shares. 
 4.3 Further Assurances. Each party hereto shall execute and deliver such instruments and take such other actions prior to or after the Closing as any other party may reasonably request in order to
carry out the intent of this Agreement, including without limitation obtaining any required consents or approvals from third parties. 
 ARTICLE V 
 CONDITIONS PRECEDENT TO THE OBLIGATIONS 

5.1 Mutual Conditions. The obligations of the Issuer and the Purchasers to consummate the purchase and sale of the Subject Shares
contemplated hereby are subject to the following conditions: (a) completion of all closing conditions to the IPO, (b) the absence of any order, decree, judgment or injunction of a court of competent jurisdiction or other governmental or
regulatory authority precluding the consummation of the purchase and sale of the Subject Shares contemplated hereby, and (c) there shall not have been any action taken or any statute, rule or regulation enacted, promulgated or deemed applicable
to, the purchase and sale of the Subject Shares contemplated hereby by any court, governmental agency or regulatory or administrative authority that makes consummation of such transactions illegal. 

5.2 Conditions to the Obligations of the Issuer. The obligation of the Issuer under this Agreement to consummate the purchase and
sale of the Subject Shares to each Purchaser contemplated hereby are subject to the fulfillment (or waiver by the Issuer) of the conditions that (a) the representations and warranties of such Purchaser contained in or made pursuant to this
Agreement shall be deemed to have been made again at and as of the Closing and shall then be true and accurate, and (b) such Purchaser shall have performed and complied in 

  
 4 

 
all material respects with all agreements required by this Agreement to be performed or complied with by it prior to or at the Closing. 

5.3 Conditions to the Obligations of the Purchaser. The obligation of each Purchaser under this Agreement to consummate the
purchase of the Subject Shares contemplated hereby is subject to the fulfillment (or waiver in writing by such Purchaser) of the condition that (a) all representations and warranties of the Issuer shall be deemed to have been made again at and
as of the Closing and shall then be true and accurate, and (b) the Issuer shall have performed and complied in all material respects with all agreements required by this Agreement to be performed or complied with by it prior to or at the
Closing. 
 ARTICLE VI 
 MISCELLANEOUS 
 6.1 Termination. This Agreement shall be terminated
prior to the consummation of the transactions contemplated hereby if, prior to the consummation of the IPO Closing, the Underwriting Agreement is terminated pursuant to its terms. In the event of any termination of this Agreement, this Agreement
shall become void and have no effect, without any liability to any person in respect hereof on the part of any party hereto, except for any liability resulting from such party’s breach of this Agreement prior to such termination. 

6.2 Survival. Each of the representations and warranties contained in this Agreement shall survive indefinitely. Each of the
covenants contained in this Agreement shall survive the Closing until performed in accordance with its terms. 
 6.3
Amendments; Waivers. The provisions of this Agreement may not be amended or modified except by a writing signed by each of the parties. No waiver of any term or condition hereof or obligation hereunder shall be valid unless made in writing
and signed by the party to which performance is due. 
 6.4 Severability of Provisions. Each provision of this Agreement
shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the
operation of or affect those portions of this Agreement which are valid, enforceable and legal. 
 6.5 Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any conflict of laws principles thereof (other than Section 5-1401 of the General Obligations Law) that would cause
the application of the laws of another jurisdiction. 
 6.6 Waiver of Trial By Jury. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER. 

  
 5 

 6.7 Remedies and Waivers. No delay or omission on the part of any party to this
Agreement in exercising any right, power or remedy provided by law or under this agreement shall (i) impair such right, power or remedy; or (ii) operate as a waiver thereof. The single or partial exercise of any right, power or remedy
provided by law or under this Agreement shall not preclude any other or further exercise of any other right, power or remedy. The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights, powers and
remedies provided by law. 
 6.8 Notices. All notices, requests, demands, waivers and other communications to be given by
either party hereunder shall be in writing and shall be (i) mailed by first-class, registered or certified mail, postage prepaid, (ii) sent by hand delivery or reputable overnight delivery service or (iii) transmitted by fax (provided
that a copy is also sent by reputable overnight delivery service) addressed to the Secretary of the Issuer, the Secretary of TCWCIC or to the other Purchasers directly, as applicable, in each case at 865 South Figueroa Street, Suite 1800, Los
Angeles, California 90017, or such other address as may be specified in writing to the other party hereto. All such notices, requests, demands, waivers and other communications shall be deemed to have been given and received (i) if by personal
delivery or fax, on the day of such delivery, (ii) if by first-class, registered or certified mail, on the fifth business day after the mailing thereof, or (iii) if by reputable overnight delivery service, on the day delivered. 

6.9 Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original, but all such counterparts shall together constitute but one and the same instrument. 
 6.10 Headings. The
Article and Section headings contained herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement. 
 6.11 Entire Agreement. This Agreement, including the Schedule and Exhibits hereto, contains the entire understanding of the parties with respect to the subject matter hereof, and supersedes all
prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

  
 6 

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

			
	ISSUER:
	
	ARBOLADA CAPITAL MANAGEMENT COMPANY
		
	By:	 	  

		 	Name:
		 	Title:
	
	PURCHASERS:
	
	TCW CAPITAL INVESTMENT CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Individual]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Individual]
		
	By:	 	  

		 	Name:
		 	Title:

 Schedule I 

 

			
	Purchaser	 	Number of Shares to be Purchased
	 TCW Capital Investment Corporation
	 	[            ]
	 [Individual]
	 	[            ]
	 [Individual]
	 	[            ]
	 	 	 
	 Total
	 	[            ]

 Annex I 

 Annex II

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