<SEC-DOCUMENT>0001571049-16-013914.txt : 20160414
<SEC-HEADER>0001571049-16-013914.hdr.sgml : 20160414
<ACCEPTANCE-DATETIME>20160414164832
ACCESSION NUMBER:		0001571049-16-013914
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160607
FILED AS OF DATE:		20160414
DATE AS OF CHANGE:		20160414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Great Ajax Corp.
		CENTRAL INDEX KEY:			0001614806
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				465211780
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36844
		FILM NUMBER:		161572225

	BUSINESS ADDRESS:	
		STREET 1:		9400 SW BEAVERTON-HILLSDALE HIGHWAY
		STREET 2:		SUITE 131
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005
		BUSINESS PHONE:		503-295-5800

	MAIL ADDRESS:	
		STREET 1:		9400 SW BEAVERTON-HILLSDALE HIGHWAY
		STREET 2:		SUITE 131
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>t1601000_pre14a.htm
<DESCRIPTION>FORM PRE 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify"><B>Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</B></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting Material under &sect;240.14a-12</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>Great
    Ajax Corp.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD STYLE="text-align: justify">No fee required.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11.</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and
the date of its filing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">April___, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Fellow Stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">You are cordially invited to attend the 2016
Annual Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;) of Great Ajax Corp., which will be held at the offices of Morrison
&amp; Foerster LLP, 250 West 55<SUP>th</SUP> Street, New York, New York 10019-9601, on June 7, 2016, at 9:00 a.m. Eastern Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">All holders of our common stock at the close
of business on the Record Date (April 11, 2016), or their duly appointed proxies, are authorized to attend the Annual Meeting.
Admission to the meeting will be on a first-come, first-served basis. Because of security reasons at the venue, we request that
you provide us with notice of your intention to attend the meeting at least 24 hours before the scheduled time of the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The matters expected to be acted upon at the
meeting are described in detail in the accompanying Notice of Annual Meeting of Stockholders and Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">In accordance with U.S. Securities and Exchange
Commission rules, we are using the Internet as our primary means of furnishing proxy materials to stockholders. Accordingly, on
or about April 28, 2016, we will send our stockholders a notice with instructions for accessing the proxy materials and voting
via the Internet or by telephone. This notice also provides information on how stockholders may obtain paper copies of our proxy
materials if they so choose. Because we are using the Internet, most stockholders will not receive paper copies of our proxy materials.
We believe the use of the Internet and telephone makes the proxy distribution process more efficient and less costly, and helps
in conserving natural resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Proxy Statement, the Notice of Annual Meeting
of Stockholders and the Annual Report on Form 10-K for the year ended December 31, 2015 (the &ldquo;2015 Annual Report&rdquo;)
are available at http://www.proxyvote.com and may also be accessed through our website at www.great-ajax.com under the &ldquo;Financial
Information &ndash; SEC Filings&rdquo; section. If you would like to receive a paper or e-mail copy of these documents, you must
request one. There is no charge to you for requesting a copy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Your vote is important. Please cast your vote
as soon as possible over the Internet, by telephone, or by completing and returning the proxy card to ensure that your shares are
represented. Your vote by written proxy will ensure your representation at the Annual Meeting regardless of whether or not you
attend in person. Returning the proxy does not deprive you of your right to attend the Annual Meeting and to vote your shares in
person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">On behalf of our Board of Directors and our
employees, we thank you for your continued interest in and support of our company. We look forward to seeing you on June 7, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><IMG SRC="a.jpg" ALT=""></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Lawrence Mendelsohn</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>Chairman and Chief Executive Officer</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GREAT AJAX CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>9400 SW Beaverton-Hillsdale Hwy </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 131</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beaverton, OR 97005</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>To Be Held on June 7, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">NOTICE IS GIVEN that the 2016 Annual Meeting
of Stockholders (the &ldquo;Annual Meeting&rdquo;) of Great Ajax Corp. will be held at the offices of Morrison &amp; Foerster LLP,
250 West 55th Street, New York, New York 10019-9601, on June 7, 2016, at 9:00 a.m. Eastern Time, for the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>to re-elect the seven director nominees named in the Proxy Statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>to consider and vote upon a proposal to adopt the 2016 Equity Incentive Plan so that we may grant and pay equity incentive
awards to our directors, officers, key employees and service providers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>to ratify the appointment of Moss Adams LLP to serve as our registered independent public accounting firm for the year ending
December 31, 2016; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>to transact such other business as may properly come before the Annual Meeting or any adjournment(s) or postponement(s) of
the Annual Meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Proxy Statement accompanying this notice
describes each of these items of business in detail. The Board of Directors has fixed the close of business on April 11, 2016 as
the record date for the determination of stockholders entitled to notice of and to vote at the Annual Meeting and any adjournments
or postponements of the Annual Meeting. Accordingly, only stockholders of record at the close of business on that date are entitled
to notice of and to vote at the Annual Meeting and any adjournments or postponements of the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B>Your vote is important. Whether or not you
expect to attend the meeting, please vote via the Internet, by telephone, or complete, date, sign and promptly return the proxy
so that your shares may be represented at the meeting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 55%; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">By Order of the Board of Directors,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><IMG SRC="b.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Irving Potter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt"><I>Secretary</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Beaverton, OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April ___, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 7, 2016.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>This Notice of Annual Meeting, the Proxy Statement and our Annual
Report on Form 10-K for the year ended December 31, 2015 are available at www.proxyvote.com</B><B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#a_001">FREQUENTLY ASKED QUESTIONS ABOUT THE ANNUAL MEETING</A></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_002">PROPOSAL 1 &ndash; RE-ELECTION OF DIRECTORS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003">PROPOSAL 2 &ndash; ADOPTION OF 2016 EQUITY INCENTIVE PLAN</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_004">PROPOSAL 3 &ndash; RATIFICATION OF APPOINTMENT OF INDEPDENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_005">Fee Disclosure</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_006">Pre-Approval Policies and Procedures</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007">CORPORATE GOVERNANCE AND BOARD MATTERS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_008">Corporate Governance Profile</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_009">Board Committees</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_010">Board and Committee Meetings</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_011">Risk Management and Oversight Process</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_012">Director Selection Process</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_013">Code of Business Conduct and Ethics</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_014">Availability of Corporate Governance Materials</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_015">Independence of Directors</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_016">Board Leadership Structure</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_017">Executive Sessions of Non-Management Directors</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_018">Communications with the Board</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_019">Compensation Committee Interlocks and Insider Participation</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_020">Legal Proceedings</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_021">EXECUTIVE OFFICERS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_022">COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_023">Executive Officer Compensation</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_024">Employment Agreement with Ms. Mary Doyle</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_025">Director Compensation</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_026">REPORT OF THE AUDIT COMMITTEE</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_027">PRINCIPAL STOCKHOLDERS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_028">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_029">Ownership of our Manager, Great Ajax FS LLC and Aspen Yo LLC</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_030">Management Agreement</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_031">Gregory Servicing Agreement</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_032">Trademark License Agreement</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_033">2014 Director Equity Plan</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_034">Agreements with Anchor Investors</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_035">Related Party Transaction Policy</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">34</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#a_036">OTHER MATTERS</A></TD>
    <TD STYLE="width: 10%; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_037">Section 16(a) Beneficial Ownership Reporting Compliance</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_038">Other Matters to Come Before the 2016 Annual Meeting</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_039">Stockholder Proposals and Nominations for the 2017 Annual Meeting</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><A HREF="#a_040">Householding of Proxy Materials</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0pt; text-indent: 0in"><A HREF="#a_appa">APPENDIX A</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GREAT AJAX CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>9400 SW Beaverton-Hillsdale Hwy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 131</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beaverton, OR 97005</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2016 Annual Meeting of Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><A NAME="a_001"></A>FREQUENTLY
ASKED QUESTIONS ABOUT THE ANNUAL MEETING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Why am I receiving this Proxy Statement?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">This Proxy Statement contains information related
to the solicitation of proxies for use at our 2016 Annual Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;), to be held
at the offices of Morrison &amp; Foerster LLP, 250 West 55th Street, New York, New York 10019-9601, on June 7, 2016, at 9:00 a.m.
Eastern Time, for the purposes stated in the accompanying Notice of Annual Meeting of Stockholders (the &ldquo;Notice of Annual
Meeting&rdquo;). This solicitation is made by Great Ajax Corp. on behalf of our Board of Directors (the &ldquo;Board&rdquo;). &ldquo;We,&rdquo;
&ldquo;our,&rdquo; &ldquo;us&rdquo; and the &ldquo;Company&rdquo; refer to Great Ajax Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">We have elected to provide access to our proxy
materials over the Internet. Accordingly, we are sending a Notice of Internet Availability of Proxy Materials (the &ldquo;Notice&rdquo;)
to our stockholders of record on April 11, 2016. All stockholders will have the ability to access the proxy materials on the website
referred to in the Notice or to request to receive a printed set of the proxy materials. Instructions on how to request a printed
copy by mail or electronically may be found on the Notice and on the website referred to in the Notice, including an option to
request paper copies on an ongoing basis. On or about April 28, 2016, we intend to make this Proxy Statement available on the Internet
and to mail the Notice to all stockholders entitled to vote at the Annual Meeting. We intend to mail this Proxy Statement, together
with a proxy card, to those stockholders entitled to vote at the Annual Meeting who have properly requested paper copies of such
materials, within three business days of such request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">This Proxy Statement and our Annual Report on
Form 10-K for the fiscal year ended December 31, 2015 (the &ldquo;2015 Annual Report&rdquo;) are available at http://www.proxyvote.com.
This website address contains the following documents: the Notice, the Proxy Statement and proxy card sample, and the 2015 Annual
Report. You are encouraged to access and review all of the important information contained in the proxy materials before voting.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">What am I being asked to vote on?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">You are being asked to vote on the following
proposals:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Proposal 1 (Re-election of Directors)</I></B>: The re-election of the seven director nominees named in this Proxy Statement,
each for a term expiring at the 2017 annual meeting of stockholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><B><I>Proposal 2 (Adoption of 2016 Equity Incentive Plan)</I></B>:</FONT> <FONT STYLE="font-size: 10pt">The
adoption of the 2016 Equity Incentive Plan for directors, officers, key employees and service providers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Proposal 3 (Ratification of Moss Adams LLP)</I></B>: The ratification of the appointment of Moss Adams LLP to serve as
our registered independent public accounting firm for the year ending December 31, 2016; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>To transact any other business that may properly come before the Annual Meeting or any adjournment(s) or postponements
of the Annual Meeting.</I></B></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">What are the Board&rsquo;s voting recommendations?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Board recommends that you vote as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Proposal 1 (Re-election of Directors)</I></B>: &ldquo;FOR&rdquo; each of the Board nominees for re-election as directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Proposal 2 (Adoption of 2016 Equity Incentive Plan)</I></B>: &ldquo;FOR&rdquo; the adoption of the 2016 Equity Incentive
Plan for directors, officers, key employees and service providers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Proposal 3 (Ratification of Moss Adams LLP)</I></B>: &ldquo;FOR&rdquo; the ratification of Moss Adams LLP as our registered
independent public accounting firm for the year ending December 31, 2016.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Who is entitled to vote at the Annual Meeting?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Only holders of record of our common stock at
the close of business on April 11, 2016, the record date for the Annual Meeting (the &ldquo;Record Date&rdquo;), are entitled to
receive notice of the Annual Meeting and to vote at the meeting. Our common stock constitutes the only class of securities entitled
to vote at the meeting. As of April 11, 2016, there were 15,942,638 shares of common stock outstanding (assuming exchange of 624,106
limited partnership units of our operating partnership (&ldquo;OP Units&rdquo;) purchased by one such investor on a 1-for-1 basis
into shares of our common stock) (see &ldquo;Principal Stockholders&rdquo;).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">What are the voting rights of stockholders?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Each share of our common stock outstanding on
the record date entitles its holder to cast one vote on each matter to be voted on. No dissenters&rsquo; rights are provided under
the Maryland General Corporation Law, our Articles of Amendment and Restatement or our Amended and Restated Bylaws (the &ldquo;Bylaws&rdquo;)
with respect to any of the proposals described in this Proxy Statement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Who can attend the Annual Meeting?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">All holders of our common stock at the close
of business on the Record Date (April 11, 2016), or their duly appointed proxies, are authorized to attend the Annual Meeting.
Admission to the meeting will be on a first-come, first-served basis. Because of security reasons at the venue, we request that
you provide us with notice of your intention to attend the meeting at least 24 hours before the scheduled time of the Annual Meeting.
If you attend the meeting, you may be asked to present valid photo identification, such as a driver&rsquo;s license or passport,
before being admitted. Cameras, recording devices and other electronic devices will not be permitted at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Please also note that if you are the beneficial
owner of shares held in &ldquo;street name&rdquo; (that is, through a bank, broker or other nominee), you will need to bring a
copy of the brokerage statement reflecting your share ownership as of the Record Date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">What is the difference between holding shares as a stockholder
of record and as a beneficial owner?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Many stockholders hold their shares through
a stockbroker, bank or other nominee rather than directly in their own name. As summarized below, there are some distinctions between
shares held of record and those owned beneficially.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Stockholder of record</I>. If your shares are registered directly in your name with our transfer agent, American Stock Transfer
&amp; Trust Company, LLP, you are considered the stockholder of record of those shares and the Notice is being sent directly to
you by us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Beneficial owner of shares held in the street name</I>. If your shares are held in a stock brokerage account or by a bank
or other nominee, you are considered the &ldquo;beneficial owner&rdquo; of shares held in &ldquo;street name,&rdquo; and the Notice
is being forwarded to you by your broker or nominee, which is considered, with respect to those shares, the stockholder of record.
As the beneficial owner, you have the right to direct your broker how to vote your shares and are also invited to attend the Annual
Meeting. However, since you are not the stockholder of record, you may not vote these shares in person at the Annual Meeting unless
you bring with you a legal proxy from the organization that holds your shares.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">What will constitute a quorum at the Annual Meeting?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The presence at the meeting, in person or by
proxy, of the holders of a majority of our common stock outstanding on the Record Date (April 11, 2016) will constitute a quorum,
permitting the stockholders to conduct business at the meeting. We will include abstentions and broker non-votes in the calculation
of the number of shares considered to be present at the meeting for purposes of determining the presence of a quorum at the meeting.
As of the Record Date, there were 15,942,638 shares of our common stock outstanding (assuming exchange of 624,106 OP Units purchased
by one such investor on a 1-for-1 basis into shares of our common stock) (see &ldquo;Principal Stockholders&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">If a quorum is not present to transact business
at the Annual Meeting or if we do not receive sufficient votes in favor of the proposals by the date of the Annual Meeting, the
persons named as proxies may propose one or more adjournments of the Annual Meeting to permit solicitation of additional proxies.
The chairperson of the Annual Meeting shall have the power to adjourn the Annual Meeting.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">What are broker non-votes?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Broker non-votes occur when nominees, such as
banks and brokers holding shares on behalf of beneficial owners, do not receive voting instructions from the beneficial owners
at least ten days before the Annual Meeting. If that happens, the nominees may vote those shares only on matters deemed &ldquo;routine&rdquo;
by the New York Stock Exchange (&ldquo;NYSE&rdquo;), the exchange on which shares of our common stock are listed. On non-routine
matters, nominees cannot vote without instructions from the beneficial owner, resulting in a so-called &ldquo;broker non-vote.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Under NYSE rules, Proposals 1 (re-election of
directors) and 2 (adoption of 2016 equity incentive plan) are considered non-routine proposals. Consequently, if you do not give
your broker or other nominee instructions, your broker or other nominee will not be able to vote on either of these proposals,
and broker non-votes may exist with respect to the re-election of directors and the adoption of the 2016 equity incentive plan.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Proposal 3 (ratification of Moss Adams LLP)
is the only proposal that is considered &ldquo;routine&rdquo; under the NYSE rules. If you are a beneficial owner and your shares
are held in the name of a broker or other nominee, the broker or other nominee is permitted to vote your shares on the ratification
of the appointment of Moss Adams LLP as our independent registered public accounting firm for our fiscal year ending December&nbsp;31,
2016, even if the broker or other nominee does not receive voting instructions from you.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">How many votes are needed for the proposals to pass?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The proposals have the following voting requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Proposal 1 (Re-election of Directors)</I></B>: Directors are elected by plurality vote. There is no cumulative voting
in the election of directors. Therefore, the seven director nominees receiving the highest number of &ldquo;FOR&rdquo; votes will
be re-elected. For purposes of the re-election of directors, abstentions and broker non-votes will not be counted as votes cast
and will have no effect on the result of the vote, although they will be considered present for the purpose of determining the
presence of a quorum.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Proposal 2 (Adoption of 2016 Equity Incentive Plan)</I></B>: The affirmative vote of a majority of the votes cast at
the Annual Meeting is required to approve this proposal. For purposes of this vote, abstentions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0in">and broker non-votes will not be counted
as votes cast and will have no effect on the result of the vote, although they will be considered present for the purpose of determining
the presence of a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Proposal 3 (Ratification of Appointment of Registered Independent Public Accounting Firm)</I></B>: The affirmative vote
of a majority of the votes cast at the Annual Meeting is required to approve this proposal. For purposes of this vote, abstentions
and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote, although they will be
considered present for the purpose of determining the presence of a quorum.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Will any other matters be voted on?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">As of the date of this Proxy Statement, we are
not aware of any matters that will come before the Annual Meeting other than those disclosed in this Proxy Statement. If any other
matters are properly brought before the Annual Meeting, the persons named in the accompanying proxy card will vote the shares represented
by the proxies on the other matters in the manner recommended by the Board, or, if no such recommendation is given, in the discretion
of the proxy holders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">How do I vote?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">If you are a registered stockholder, you may
submit your proxy by U.S. mail, Internet or telephone by following the instructions in the Notice. If you requested a paper copy
of the proxy materials, you also may submit your proxy by mail by following the instructions included with your proxy card. The
deadline for submitting your proxy by Internet or telephone is 11:59 a.m. Eastern Time the day before the Annual Meeting date,
June 6, 2016. The designated proxy will vote according to your instructions. You may also attend the Annual Meeting and vote in
person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">If you are a street name or beneficial stockholder
because your shares are held in a brokerage account or by a bank or other nominee, your broker or nominee firm will provide you
with the Notice. Follow the instructions on the Notice to access our proxy materials and vote by Internet or to request a paper
or email copy of our proxy materials. If you receive these materials in paper form, the materials include a voting instruction
card so that you can instruct your broker or nominee how to vote your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">If you sign and submit your proxy without specifying
how you would like your shares voted, your shares will be voted in accordance with the Board&rsquo;s recommendations specified
above under &ldquo;What are the Board&rsquo;s voting recommendations?&rdquo; and in accordance with the discretion of the proxy
holders with respect to any other matters that may be voted upon at the Annual Meeting.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">If I plan to attend the Annual Meeting, should I still vote
by proxy?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Yes. Voting in advance does not affect your
right to attend the Annual Meeting. If you send in your proxy card and also attend the Annual Meeting, you do not need to vote
again at the Annual Meeting unless you want to change your vote. Written ballots will be available at the meeting for stockholders
of record. Beneficial owners who wish to vote in person at the Annual Meeting must request a legal proxy from the organization
that holds their shares and bring that legal proxy to the Annual Meeting.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">How are proxy card votes counted?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">If the accompanying proxy card is properly signed
and returned to us, and not subsequently revoked, it will be voted as directed by you. Unless contrary instructions are given,
the persons designated as proxy holders on the proxy card will vote: &ldquo;FOR&rdquo; the re-election of all nominees for the
Board named in this Proxy Statement, &ldquo;FOR&rdquo; the adoption of the 2016 Equity Incentive Plan and &ldquo;FOR&rdquo; the
ratification of the appointment of Moss Adams&nbsp;LLP as our independent registered public accounting firm for the fiscal year
ending December&nbsp;31, 2016; and as recommended by the Board with regard to any other matters that may properly come before the
Annual Meeting, or, if no such recommendation is given, in their own discretion.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">May I revoke my vote after I return my proxy card?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Yes. You may revoke a previously granted proxy
and change your vote at any time before the taking of the vote at the Annual Meeting by (i) filing with our Secretary a written
notice of revocation or a duly executed proxy bearing a later date or (ii) attending the Annual Meeting and voting in person.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Who pays the costs of soliciting proxies?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">We will pay the costs of soliciting proxies,
including preparation and mailing of the Notice, preparation and assembly of this Proxy Statement, the proxy card and the 2015
Annual Report, coordination of the Internet and telephone voting process, and any additional information furnished to you by us.
Copies of solicitation materials will be furnished to banks, brokerage houses, fiduciaries and custodians holding in their names
shares of our common stock beneficially owned by others to forward to such beneficial owners. We may reimburse persons representing
beneficial owners of shares of our common stock for their costs of forwarding solicitation materials to such beneficial owners.
Original solicitation of proxies by Internet and mail may be supplemented by telephone, facsimile, or personal solicitation by
our directors, officers or other regular employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>How can I find out the results of the voting
at the Annual Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Preliminary voting results will be announced
at the Annual Meeting. Final results will be announced in a Current Report on Form 8-K that will be filed with the SEC within four
business days after the conclusion of the Annual Meeting and may be accessed from the SEC's website at <U>www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Whom should I contact if I have any questions?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you have any questions about the Annual Meeting
or these proxy materials, please contact us at Great Ajax Corp., 9400 SW Beaverton-Hillsdale Hwy, Suite 131, Beaverton, OR 97005,
Attn: Corporate Secretary, or call (503)-505-5670. If you have questions about your ownership of our common stock, please contact
our transfer agent, American Stock Transfer and Trust Company, LLC (www.amstock.com) by dialing 1-800-937-5449, or via e-mail at
info@amstock.com.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Implications of being an &ldquo;emerging growth company&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">We are an &ldquo;emerging growth company,&rdquo;
as defined in the Jumpstart Our Business Startups Act, enacted on April 5, 2012 (the &ldquo;JOBS Act&rdquo;). For as long as we
are an &ldquo;emerging growth company,&rdquo; we may take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not &ldquo;emerging growth companies,&rdquo; including, but not limited to, not
being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes Oxley Act of 2002, reduced
disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements
of holding stockholder advisory &ldquo;say-on-pay&rdquo; votes on executive compensation and stockholder advisory votes on golden
parachute compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Under the JOBS Act, we will remain an &ldquo;emerging
growth company&rdquo; until the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the last day of the fiscal year during which we have total annual gross revenues of $1 billion or more;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the last day of the fiscal year following the fifth anniversary of our initial public offering (&ldquo;IPO&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date on which we are deemed to be a &ldquo;large accelerated filer&rdquo; under the Securities Exchange Act of 1934, as
amended (the &ldquo;Exchange Act&rdquo;) (we will qualify as a large accelerated filer as of the first day of the first fiscal
year after we have (i) more than $700 million in outstanding</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">common equity held by our non-affiliates
and (ii) been public for at least 12 months; the value of our outstanding common equity will be measured each year on the last
day of our second fiscal quarter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B>You should rely only on the information provided
in this Proxy Statement. We have not authorized anyone to provide you with different or additional information. You should not
assume that the information in this Proxy Statement is accurate as of any date other than the date of this Proxy Statement or,
where information relates to another date set forth in this Proxy Statement, then as of that date.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><A NAME="a_002"></A>PROPOSAL
1 &ndash; RE-ELECTION OF DIRECTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Board is currently comprised of seven directors,
all of whom have terms expiring at the 2016 Annual Meeting. The nominees, all of whom are currently serving as our directors, have
been recommended by the Board for re-election to serve as directors for one-year terms until the 2017 annual meeting of stockholders
and until their successors are duly elected and qualified. Based on its review of the relationships between the director nominees
and us, the Board has affirmatively determined that the following directors are &ldquo;independent&rdquo; directors under the rules
of the NYSE and under applicable rules of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;): Messrs. Condas, Handley,
Hoffman and Ogren.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Board knows of no reason why any nominee
would be unable to serve as a director. If any nominee is unavailable for re-election or service, the Board may designate a substitute
nominee and the persons designated as proxy holders on the proxy card will vote for the substitute nominee recommended by the Board.
Under these circumstances, the Board may also, as permitted by our Bylaws, decrease the size of the Board.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Nominees for Re-election for a One-Year Term
Expiring at the 2017 Annual Meeting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The following table sets forth the name and
age of each nominee for director, indicating all positions and offices with us currently held by the director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name </B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Director Since</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Lawrence Mendelsohn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">55</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman of the Board of Directors and Chief Executive Officer; Manager of our Manager</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Russell Schaub</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Director; Vice-President and Chief Operating Officer of the Servicer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Steven L. Begleiter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">John C. Condas</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">55</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Jonathan Bradford Handley, Jr.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Daniel Hoffman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">56</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">J. Kirk Ogren, Jr.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">56</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Set forth below are descriptions of the backgrounds
and principal occupations of each of our directors, and the period during which he has served as a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>Larry Mendelsohn</I></B> is a founder,
and has been a partner since 1995, of Aspen Capital, a private equity firm with expertise in residential, commercial, distressed
securities and hospitality. Since 2002, Mr.&nbsp;Mendelsohn has been the managing member of Flanders Street Capital Management
LLC, which manages distressed corporate debt and equity, financial services and REIT investments through Flanders Street Credit
Partners I, L.P., the Alleycat Partnerships and Aspen Uranus LLC. Mr. Mendelsohn is also Chairman of the Board of Directors of
Golden Northwest Aluminum Holding Company, Inc., a privately held company primarily owned by the Alleycat Partnerships. From 1998
through 2002, Mr. Mendelsohn was President and a Director of Fog Cutter Capital Group Inc. (formerly Wilshire Real Estate Investment
Trust Inc.); from 1994 to 1999, he was President and a Director of Wilshire Financial Services Group Inc. (now known as Seterus,
Inc. and owned by IBM); from 1991 to 1993, he was Head of Emerging Markets Debt and Equity Capital Markets at Bankers Trust New
York Corporation; and from 1987 to 1991, he was Head of U.S. Equity and Distressed Securities Proprietary Trading at J.P. Morgan
Securities. He has an A.B. in Economics from the University of Chicago, an M.A. in International Politics from the University of
Texas and completed all but his dissertation for a Ph.D. in Finance from the University of Southern California. From 1984 to 1987,
Mr. Mendelsohn also taught Corporate Finance and Investments at the University of Southern California Marshall School of Business.
Mr. Mendelsohn&rsquo;s over 25 years of experience in the mortgage markets and his experience since 1995 with Aspen Capital focusing
on residential and commercial mortgages qualify Mr. Mendelsohn to serve as the Chairman of our Board and to lead the Company as
its Chief Executive Officer (&ldquo;CEO&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>Russell Schaub</I></B> has been with Aspen
Capital since 2010, and has been Vice President and Chief Operating Officer of Gregory Funding LLC (the &ldquo;Servicer&rdquo;
or &ldquo;Gregory&rdquo;), since June&nbsp;2011. Mr. Schaub also serves on the internal investment committee of Thetis Asset Management
LLC, our Manager. He became a member of our Board upon our IPO in February 2015. In June&nbsp;2008, Mr. Schaub was the founder
and managing member of Shackleton Capital Partners, a private equity firm specializing in mortgage and real estate opportunities.
From June&nbsp;2003 to May&nbsp;2008 Mr. Schaub held executive positions at Chase Home Finance and Citibank Credit Cards. From
March&nbsp;2001 through December&nbsp;2002 Mr. Schaub was the President and Chief Executive Officer of TrueCredit, a Lehman Brothers-funded
venture that he sold to TransUnion. Prior thereto, Mr. Schaub was with Citigroup and Chemical Bank for 16 years in their mortgage,
home equity, credit card and banking businesses. He was the President and Chief Operating Officer of Citibank&rsquo;s Home Equity
business from July&nbsp;1998 to February&nbsp;2001 and was the Chief Financial Officer of CitiMortgage and then Citibank Consumer
Assets from January&nbsp;1995 to June&nbsp;1998. Mr. Schaub is currently a Director of High Desert Bank. Mr. Schaub has an A.B.
in Economics from the University of Chicago and an M.B.A. in Finance and Marketing from the University of Chicago Booth School
of Business. Mr.&nbsp;Schaub has over 20 years of experience in the mortgage market, including experience as the Chief Operating
Officer of our Servicer, experience as an investor in mortgage-related assets, and as an executive officer of various mortgage
businesses. We believe that, based on these various roles, he is well positioned to provide valuable advice to the Company as its
President and serve on our Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>Steven L. Begleiter</I></B> has been a
member of our Board since June&nbsp;30, 2014. Mr. Begleiter is a Managing Director of Flexpoint Ford, a private equity group focused
on investments in financial services and healthcare, since October&nbsp;2008. Prior to joining Flexpoint Ford, Mr. Begleiter spent
24 years at Bear, Stearns &amp; Co., serving first as an investment banker in the Financial Institutions Group and then as Senior
Managing Director and member of its Management and Compensation Committee from 2002 to September&nbsp;2008. Mr. Begleiter also
served as head of Bear, Stearns&rsquo; Corporate Strategy Group. Mr.&nbsp;Begleiter has been a director of WisdomTree Investments,
Inc. (NASDAQ: WETF), an exchange-traded fund sponsor and asset manager since 2011. Mr. Begleiter received his B.A. in Economics
with honors from Haverford College. Mr. Begleiter&rsquo;s investment banking and private equity experience, all of which has been
concentrated on the financial services sector, enables him to contribute important skill sets to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>John C. Condas</I></B> became a member
of our Board upon our IPO in February 2015. Mr. Condas is a Partner in the Real Estate and Land Use group at Allen Matkins Leck
Gamble Mallory &amp; Natsis LLP, since March 2008. Prior to joining Allen Matkins LLP, Mr. Condas was a partner at Nossman, LLP
from 2003 to February 2008. Mr. Condas received his J.D. from the University of Southern California, Gould School of Law, his M.A.
in Urban Planning from the University of California, Los Angeles and his A.B., with general honors, from the University of Chicago.
Mr. Condas&rsquo; background as a real estate lawyer will enable him to offer valuable guidance and advice to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>Jonathan Bradford Handley, Jr. </I></B>has
been a member of our Board since June&nbsp;30, 2014. Mr.&nbsp;Handley co-founded and served as Managing Director of Swander Pace
Capital (&ldquo;SPC&rdquo;), a consumer products-focused private equity firm, from 1996-2013. During his years co-managing SPC,
the firm raised four private funds with over $1 billion in equity capital and completed 36 investments, the majority being control-buyouts
of consumer products companies. Prior to co-founding SPC, Mr. Handley was a Vice-President with The Shansby Group (now called &ldquo;TSG
Consumer Ventures&rdquo;), a consumer-focused private equity fund. Earlier, he was an Associate Consultant with Swander Pace &amp;
Company, a strategic management consulting firm, where he worked with Fortune 500 consumer products companies. Mr.&nbsp;Handley
has served as a Chairman or Director of more than a dozen private companies, including ReNew Life Formulas, Inc.; International
Fiber Corporation; Reef Holdings Corp.; Totes-Isotoner Corporation; and Fleischmann&rsquo;s Vinegar Company, Inc. Mr. Handley received
dual BA degrees in Economics and East Asian Studies with honors from Stanford University. Mr. Handley&rsquo;s private equity and
consulting experience, together with his experience as a director of various companies, enables him to provide valuable guidance
and advice to the Board in many important areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>Daniel Hoffman </I></B>has been a member
of our Board since June&nbsp;30, 2014. Mr. Hoffman has been a Managing Director and Head of U.S. Securitized Product Sales at Royal
Bank of Canada Capital Markets since September 2015. Mr. Hoffman was a Managing Director at Amherst, Pierpont Securities, a broker-dealer
specializing in mortgage and mortgage related securities, from May 2010 to August 2015. He was Head of Fixed Income Sales at Amherst
until August 2013 when he accepted a position as an Adjunct Professor of Real Estate Finance at Baruch College, one of the schools
of the City University of New York. Mr. Hoffman remained an adjunct professor until</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">June 2015. From July&nbsp;2008 until May&nbsp;2010,
he was a Managing Director at the Royal Bank of Scotland. Prior thereto, Mr. Hoffman was with Bear, Stearns &amp; Co. Inc. as a
Senior Managing Director in the Fixed Income Division. He was Head of Mortgage Sales, Interest Rate Sales and headed the Middle
Markets sales team. Mr. Hoffman was at Bear, Stearns for 22 years, primarily focused on mortgages (all types), asset-backed securities,
commercial mortgages, CDOs (collateralized debt obligations) and CLOs (collateralized loan obligations). Mr. Hoffman received his
B.S. in Economics from the State University of New York at Binghamton and his M.B.A. in Finance from the University of Chicago
Booth School of Business. Mr. Hoffman&rsquo;s over 25 years of experience in the mortgage securities market and his broad-based
investment banking experience qualify him to serve as a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>J. Kirk Ogren, Jr. </I></B>has been a
member of our Board since June&nbsp;30, 2014. Mr. Ogren was co-founder, Partner, and Portfolio Manager of TPG Credit Management
(now known as Castlelake), a multi-billion dollar global alternative investment firm focused upon distressed credit and special
situations from 2005 until 2013. Mr. Ogren served on the firm-wide Investment Committee and was actively involved in investing
and managing capital in North America, Latin America and Asia. From 1993 until 2005, Mr.&nbsp;Ogren was a senior member and Managing
Director with Cargill Value Investment (now known as CarVal Investors), where he managed distressed and special situations investments
in North America and Emerging Markets. From 1985 until 1993, Mr. Ogren was a Vice President with Bankers Trust Company and worked
in the Latin America Merchant Banking Group with assignments in New York and Santiago, Chile. Mr. Ogren received his B.B.A. in
Finance from the University of Notre Dame and a M.I.B.S. from the University of South Carolina. Mr. Ogren also holds the Chartered
Financial Analyst designation. Mr.&nbsp;Ogren&rsquo;s broad-based commercial and investment banking experience, combined with his
asset management expertise, qualify him to serve as a director.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Vote Required and Recommendation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The affirmative vote of a plurality of all the
votes cast at the Annual Meeting is necessary for the re-election of a director. Therefore, the seven individuals with the highest
number of affirmative votes will be re-elected to the seven directorships. For purposes of the vote on this proposal, abstentions
and other shares not voted (whether by broker non-vote or otherwise) will not be counted as votes cast and will have no effect
on the result of the vote. There is no cumulative voting with respect to the re-election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>THE BOARD RECOMMENDS A VOTE &ldquo;FOR&rdquo; EACH OF THE NOMINEES
SET FORTH ABOVE. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><A NAME="a_003"></A>PROPOSAL
2 &ndash; ADOPTION OF 2016 EQUITY INCENTIVE PLAN </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At the Annual Meeting, stockholders will be
asked to approve the 2016 Equity Incentive Plan (the &ldquo;Plan&rdquo;), which was adopted, subject to stockholder approval, by
the Board on March 10, 2016. The purpose of the Plan is to attract and retain non-employee directors, executive officers, key employees
and service providers, including officers and employees of our affiliates, and to stimulate their efforts toward our continued
success, long-term growth and profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Summary of the Plan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The complete text of the Plan is set forth as
Appendix A hereto. The following is a summary of the material features of the Plan and is qualified in its entirety by reference
to Appendix A. The Plan provides for the grant of stock options, share awards (including restricted stock and restricted stock
units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity-based
awards, including LTIP units, which are convertible on a one-for-one basis into OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Administration of the Plan.</I> The Plan
is administered by our Compensation Committee. Each member of our Compensation Committee that administers the Plan is a &ldquo;non-employee
director&rdquo; within the meaning of Rule 16b-3 under the Exchange Act, an &ldquo;outside director&rdquo; for purposes of Section
162(m) of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) and &ldquo;independent&rdquo; within the meaning
of the NYSE listing rules and the rules and regulations of the SEC. Our Compensation Committee determines eligibility for and designates
participants of the Plan, determines the type and amount of awards to be granted, determines the timing, terms, and conditions
of any award (including the exercise price), and makes other determinations and interpretations as provided in the Plan. All decisions
and interpretations made by our Compensation Committee with respect to the Plan are binding on us and participants. During any
period of time in which we do not have a Compensation Committee, the Plan will be administered by our Board or another committee
appointed by our Board. References below to our Compensation Committee include a reference to our Board or another committee appointed
by our Board for those periods in which our Board or such other committee is acting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Eligible Participants. </I> All of our employees
and the employees of our subsidiaries and affiliates, including our operating partnership, are eligible to receive awards under
the Plan. In addition, our non-employee directors, consultants and advisors who perform services for us and our subsidiaries and
affiliates may receive awards under the Plan. Incentive stock options, however, are only available to our employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have not identified any of our employees
or employees of our subsidiaries and affiliates as &ldquo;key employees&rdquo; likely to receive awards under the Plan. As of the
Record Date, we have five non-employee directors, three executive officers and two service providers (our Manager and Servicer)
eligible to receive awards under the Plan. We do not currently have any employees and do not expect to have any employees in the
foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Share Authorization. </I>Upon stockholder
approval of the Plan, the maximum aggregate number of shares that may be issued under the Plan, in the aggregate, may not exceed
5% of our shares of common stock issued and outstanding from time to time on a fully diluted basis (assuming, if applicable, the
exercise of all outstanding options and the conversion of all warrants and convertible securities, including OP Units and LTIP
(as defined herein) units, into shares of our common stock). The maximum number of shares for which performance compensation awards
denominated in shares may be granted to any individual participant in respect of a single fiscal year is 500,000 (or if any such
awards are settled in cash, the maximum amount may not exceed $5 million). In connection with stock splits, distributions, recapitalizations
and certain other events, our Board or Compensation Committee will make proportionate adjustments that it deems appropriate in
the aggregate number of shares of common stock that may be issued under the Plan and the terms of outstanding awards. If any awards
terminate, expire or are canceled, forfeited, exchanged or surrendered without having been exercised or paid or if any awards are
forfeited or expire or otherwise terminate without the delivery of any shares of common stock, the shares of common stock subject
to such awards will again be available for purposes of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Share Usage.</I> Shares of common stock that
are subject to awards are counted against the Plan share limit as one share for every one share subject to the award. The number
of shares subject to any stock appreciation rights awarded under our the Plan is counted against the aggregate number of shares
available for issuance under the Plan regardless of the number of shares actually issued to settle the stock appreciation right
upon exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Prohibition on Repricing without Stockholder
Approval.</I> Except in connection with certain corporate transactions, no amendment or modification may be made to an outstanding
stock option or stock appreciation right, including by replacement with or substitution of another award type, that would be treated
as a repricing under applicable stock exchange rules or would replace stock options or stock appreciation rights with cash, in
each case without the approval of the stockholders (although appropriate adjustments may be made to outstanding stock options and
stock appreciation rights to achieve compliance with applicable law, including the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Stock Options. </I> The Plan authorizes
our Compensation Committee to grant incentive stock options (under Section 422 of the Code) and options that do not qualify as
incentive stock options. The maximum number of shares for which incentive stock options may be granted is 500,000. The exercise
price of each option will be determined by our Compensation Committee, provided that the price cannot be less than 100% of the
fair market value of shares of our common stock on the date on which the option is granted. If we were to grant incentive stock
options to any 10% stockholder, the exercise price may not be less than 110% of the fair market value of our shares of common
stock on the date of grant. On April <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2016, the last publicly reported
sale price of our common stock on the NYSE was $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The term of an option cannot exceed ten years
from the date of grant. If we were to grant incentive stock options to any 10% stockholder, the term cannot exceed five years from
the date of grant. Our Compensation Committee determines at what time or times each option may be exercised and the period of time,
if any, after retirement, death, disability or termination of employment during which options may be exercised. Options may be
made exercisable in installments. The vesting and exercisability of options may be accelerated by our Compensation Committee. The
exercise price of an option may not be amended or modified after the grant of the option, and an option may not be surrendered
in consideration of or exchanged for or substituted for a grant of a new option having an exercise price below that of the option
which was surrendered or exchanged or substituted for without stockholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The exercise price for any option is generally
payable (i) in cash or cash equivalents, (ii) to the extent the award agreement provides, by the surrender of shares of common
stock (or attestation of ownership of such shares) with an aggregate fair market value, on the date on which the option is exercised,
of the exercise price, (iii) to the extent the award agreement provides, by payment through a broker in accordance with procedures
set forth by us or (iv) to the extent the award agreement provides and/or unless otherwise specified in an award agreement, any
other form permissible by applicable laws, including net exercise and service to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Share Awards.</I> The Plan also provides
for the grant of share awards, including restricted stock and restricted stock units. A share award is an award of shares of common
stock or stock units that may be subject to restrictions on transferability and other restrictions as our Compensation Committee
determines in its sole discretion on the date of grant. The restrictions, if any, may lapse over a specified period of time or
through the satisfaction of conditions, in installments or otherwise, as our Compensation Committee may determine. Restricted stock
units are contractual promises to deliver shares of common stock in the future and may be settled in cash, shares, other securities
or property (as determined by our Compensation Committee) upon the lapse of restrictions applicable to the award and otherwise
in accordance with the award agreement. A participant who receives restricted stock will have all of the rights of a stockholder
as to those shares, including, without limitation, the right to vote and the right to receive dividends or distributions on the
shares, except that our Compensation Committee may require any dividends to be reinvested in shares. A participant who receives
restricted stock units will have no rights of a stockholder with respect to the restricted stock units but may be granted the right
to receive dividend equivalent rights. During the period, if any, when share awards are non-transferable or forfeitable, a participant
is prohibited from selling, transferring, assigning, pledging, exchanging, hypothecating or otherwise encumbering or disposing
of his or her award shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Stock Appreciation Rights. </I>The Plan authorizes
our Compensation Committee to grant stock appreciation rights that provide the recipient with the right to receive, upon exercise
of the stock appreciation right, cash,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">common stock or a combination of the two. The
amount that the recipient will receive upon exercise of the stock appreciation right generally will equal the excess of the fair
market value of shares of our common stock on the date of exercise over the shares&rsquo; fair market value on the date of grant.
Stock appreciation rights will become exercisable in accordance with terms determined by our Compensation Committee. Stock appreciation
rights may be granted in tandem with an option grant or independently from an option grant. The term of a stock appreciation right
cannot exceed ten years from the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Performance Awards. </I> The Plan also authorizes
our Compensation Committee to grant performance awards. Performance awards represent the participant&rsquo;s right to receive a
compensation amount, based on the value of our common stock, if performance goals established by our Compensation Committee are
met. Our Compensation Committee will determine the applicable performance period, the performance goals and such other conditions
that apply to the performance award. Performance goals may relate to our financial performance, the participant&rsquo;s performance
or such other criteria determined by our Compensation Committee. If the performance goals are met, performance awards will be paid
in cash, shares of common stock or a combination thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Plan, one or more of the following
business criteria, on a consolidated basis, and/or with respect to specified subsidiaries (except with respect to the total stockholder
return and earnings per share criteria), will be used by our Compensation Committee in establishing performance goals: Funds from
Operations (&ldquo;FFO&rdquo;); Adjusted FFO; earnings before any one or more of the following: interest, taxes, depreciation,
amortization and/or stock compensation; operating (or gross) income or profit; pretax income before allocation of corporate overhead
and/or bonus; operating efficiencies; operating income as a percentage of net revenue; return on equity, assets, capital, capital
employed or investment; after tax operating income; net income; earnings or book value per share; financial ratios; cash flow(s);
total rental income or revenues; capital expenditures as a percentage of rental income; total operating expenses, or some component
or combination of components of total operating expenses, as a percentage of rental income; stock price or total stockholder return,
including any comparisons with stock market indices; appreciation in or maintenance of the price of the common stock or any of
our publicly-traded securities; dividends; debt or cost reduction; comparisons with performance metrics of peer companies; comparisons
of our stock price performance to the stock price performance of peer companies; strategic business objectives, consisting of one
or more objectives based on meeting specified cost, acquisition or leasing targets, meeting or reducing budgeted expenditures,
attaining division, group or corporate financial goals, meeting business expansion goals and meeting goals relating to leasing,
acquisitions, joint ventures or collaborations or dispositions; economic value-added models; or any combination thereof. Each goal
may be expressed on an absolute and/or relative basis, may be based on or otherwise employ comparisons based on internal targets,
our past performance or the past performance of any of our subsidiaries, operating units, business segments or divisions and/or
the past or current performance of other companies, and in the case of earnings-based measures, may use or employ comparisons relating
to capital, stockholders&rsquo; equity and/or shares outstanding, or to assets or net assets. Our Compensation Committee may appropriately
adjust any evaluation of performance under the foregoing criteria to exclude any of the following events that occurs during a performance
period: asset impairments or write-downs; litigation or claim judgments or settlements; the effect of changes in tax law, accounting
principles or other such laws or provisions affecting reported results; accruals for reorganization and restructuring programs;
significant, infrequently occurring items; the effect of adverse federal, governmental or regulatory action, or delays in federal,
governmental or regulatory action; or any other event either not directly related to our operations or not within the reasonable
control of our management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Bonuses.</I> Cash performance bonuses payable
under the Plan may be based on the attainment of performance goals that are established by our Compensation Committee and relate
to one or more performance criteria described in the Plan. Cash performance bonuses must be based upon objectively determinable
bonus formulas established in accordance with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Dividend Equivalents.</I> Our Compensation
Committee may grant dividend equivalents in connection with the grant of any equity-based award. Dividend equivalents may be paid
in cash or may be deemed reinvested in additional shares of stock and may be payable in cash, common stock or a combination of
the two. To the extent the dividend equivalents are provided with respect to another award that vests or is earned based upon achievement
of performance goals, any dividend equivalents will not be paid currently, but instead will be paid only to the extent the award
vests. Our Compensation Committee will determine the terms of any dividend equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Other Equity-Based Awards. </I> Our Compensation
Committee may grant other types of equity-based awards under the Plan, including Long-Term Incentive Plan (&ldquo;LTIP&rdquo;)
units. Other equity-based awards are payable in cash, common stock or other equity, or a combination thereof, and may be restricted
or unrestricted, as determined by our Compensation Committee. The terms and conditions that apply to other equity-based awards
are determined by our Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">LTIP units are a special class of OP Units.
Each LTIP unit awarded under the Plan will be equivalent to an award of one share under the Plan, reducing the number of shares
available for other equity awards on a one-for-one basis. We will not receive a tax deduction with respect to the grant, vesting
or conversion of any LTIP unit. The vesting period for any LTIP units, if any, will be determined at the time of issuance. Each
LTIP unit, whether vested or not, will receive the same quarterly per unit profit distribution as the other outstanding OP Units,
which profit distribution will generally equal the per share distribution on a share of common stock. This treatment with respect
to quarterly distributions is similar to the expected treatment of our restricted stock awards, which will receive full distributions
whether vested or not. Initially, each LTIP unit will have a capital account of zero and, therefore, the holder of the LTIP unit
would receive nothing if our operating partnership were liquidated immediately after the LTIP unit is awarded. However, the partnership
agreement requires that &ldquo;book gain&rdquo; or economic appreciation in our assets realized by our operating partnership, whether
as a result of an actual asset sale or upon the revaluation of our assets, as permitted by applicable regulations promulgated by
the U.S. Treasury Department (&ldquo;Treasury Regulations&rdquo;), be allocated first to LTIP units until the capital account per
LTIP unit is equal to the capital account per unit of our operating partnership. The applicable Treasury Regulations provide that
assets of our operating partnership may be revalued upon specified events, including upon additional capital contributions by us
or other partners of our operating partnership or a later issuance of additional LTIP units. Upon equalization of the capital account
of the LTIP unit with the per unit capital account of the OP Units and full vesting of the LTIP unit, the LTIP unit will be convertible
into an OP Unit at any time. There is a risk that a LTIP unit will never become convertible because of insufficient gain realization
to equalize capital accounts and, therefore, the value that a grantee will realize for a given number of vested LTIP units may
be less than the value of an equal number of shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Recoupment. </I> If we adopt a &ldquo;clawback&rdquo;
or recoupment policy, any awards granted pursuant to the Plan will be subject to repayment to us to the extent provided under the
terms of such policy. We reserve the right in any award agreement to cause a forfeiture of the gain realized by a recipient if
such recipient is in violation of or in conflict with certain agreements with us (including but not limited to an employment or
non-competition agreement) or upon termination for &ldquo;cause&rdquo; as defined in the Plan, applicable award agreement or any
other agreement between us or an affiliate and the recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Change in Control. </I> If we experience
a change in control in which outstanding awards that are not exercised prior to the change in control will not be assumed or continued
by the surviving entity: (1) except for performance awards, all restricted stock, LTIP units and restricted stock units will vest
and the underlying shares of common stock and all dividend equivalent rights will be delivered immediately before the change in
control; or (2) at our Board or Compensation Committee&rsquo;s discretion, either all options and stock appreciation rights will
become exercisable 15 days before the change in control and terminate upon completion of the change in control, or all options,
stock appreciation rights, restricted stock and restricted stock units will be cashed out before the change in control. In the
case of performance awards denominated in shares or LTIP units, if more than half of the performance period has lapsed, the awards
will be converted into restricted stock or restricted stock units based on actual performance to date. If less than half of the
performance period has lapsed, or if actual performance is not determinable, the awards will be converted into restricted stock
assuming target performance has been achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In summary, a change in control under the Plan
occurs if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a person, entity or affiliated group (with certain exceptions) acquires, in a transaction or series of transactions, 50% or
more of the total combined voting power of our outstanding securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the consummation of a merger or consolidation, unless (1) the holders of our voting shares immediately prior to the merger
have at least 50.1% of the combined voting power of the</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">securities in the surviving entity or
its parent or (2) no person owns 50% or more of the shares of the surviving entity or the combined voting power of our outstanding
voting securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we sell or dispose of all or substantially all of our assets; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>individuals who constitute our Board cease for any reason to constitute a majority of our Board, treating any individual whose
election or nomination was approved by a majority of the incumbent directors as an incumbent director for this purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Adjustments for Stock Dividends and Similar
Events. </I> Our Compensation Committee will make appropriate adjustments in outstanding awards and the number of shares available
for issuance under the Plan, including the individual limitations on awards, to reflect stock splits and other similar events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Transferability of Awards.</I> Except as
otherwise permitted in an award agreement or by our Compensation Committee, awards under the Plan are not transferable other than
by a participant&rsquo;s will or the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Term and Amendment. </I> Our Board may amend
or terminate the Plan at any time; provided that no amendment may adversely impair the benefits of participants with respect to
outstanding awards without the participants&rsquo; consent or violate the Plan&rsquo;s prohibition on repricing. Our stockholders
must approve any amendment if such approval is required under applicable law or stock exchange requirements. Our stockholders also
must approve any amendment that changes the no-repricing provisions of the plan. Unless terminated sooner by our Board, the Plan
will terminate on the tenth anniversary of its approval by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>New Plan Benefits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It is not possible to determine the specific
amounts and types of awards that may be awarded in the future under the Plan because the grant and actual pay-out of awards under
the Plan are subject to the discretion of our Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Certain U.S. Federal Income Tax Consequences
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Section 162(m).</I> Section 162(m) of the
Code generally disallows a public company&rsquo;s tax deduction for compensation paid in excess of $1.0 million in any tax year
to its chief executive officer and certain other most highly compensated executives. However, compensation that qualifies as &ldquo;performance-based
compensation&rdquo; is excluded from this $1.0 million deduction limit and therefore remains fully deductible by the company that
pays it. We generally intend that, except as otherwise determined by our Compensation Committee, performance awards and stock options
granted with an exercise price at least equal to 100% of the fair market value of the underlying shares of common stock at the
date of grant to employees our Compensation Committee expects to be named executive officers at the time a deduction arises in
connection with such awards, will qualify as &ldquo;performance-based compensation&rdquo; so that these awards will not be subject
to the Section 162(m) deduction limitations. Our Compensation Committee will not necessarily limit executive compensation to amounts
deductible under Section 162(m) of the Code, however, if such limitation is not in the best interests of us and our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Section 409A. </I> We intend to administer
the Plan so that awards will be exempt from, or will comply with, the requirements of Section 409A of the Code; however, we do
not warrant that any award under the Plan will qualify for favorable tax treatment under Section 409A of the Code or any other
provision of federal, state, local or foreign law. We will not be liable to any participant for any tax, interest, or penalties
that such participant might owe as a result of the grant, holding, vesting, exercise, or payment of any award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Vote Required and Recommendation</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The affirmative vote of a majority of all the
votes cast at the Annual Meeting is necessary for the adoption of the Plan. For purposes of the vote on this proposal, abstentions
and other shares not voted (whether by broker non-vote or otherwise) will not be counted as votes cast and will have no effect
on the result of the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>THE BOARD RECOMMENDS
A VOTE &ldquo;FOR&rdquo; THE ADOPTION OF THE 2016 EQUITY INCENTIVE PLAN</B></FONT> <FONT STYLE="font-size: 10pt"><B>FOR DIRECTORS,
OFFICERS, KEY EMPLOYEES AND SERVICE PROVIDERS.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><A NAME="a_004"></A>PROPOSAL
3 &ndash; RATIFICATION OF APPOINTMENT OF INDEPDENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Audit Committee of the Board, which is composed
entirely of independent directors, has appointed Moss Adams&nbsp;LLP as our independent registered public accounting firm for the
fiscal year ending December&nbsp;31, 2016. After careful consideration of the matter and in recognition of the importance of this
matter to our stockholders, the Board has determined that it is in the best interests of the Company and our stockholders to seek
the ratification by our stockholders of our Audit Committee&rsquo;s selection of our independent registered public accounting firm.
A representative of Moss Adams LLP will be present at the Annual Meeting by conference phone, will have the opportunity to make
a statement if they so desire and will be available to respond to appropriate questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 46pt; text-indent: -10pt"><B><I>Vote Required and Recommendation
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 46pt; text-indent: -10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The
affirmative vote of the holders of a majority of all the votes cast at the Annual Meeting with respect to the matter is necessary
for the approval of the ratification of the appointment of Moss Adams LLP as our independent registered public accounting firm.
For purposes of vote on this proposal, abstentions and other shares not voted will not be counted as votes cast and will have no
effect on the result of the vote. Even if the appointment of Moss Adams LLP as our independent registered public accounting firm
is ratified, the Audit Committee may, in its discretion, change that appointment at any time during the year should it determine
such a change would be in our and our stockholders' best interests. In the event that the appointment of Moss Adams LLP is not
ratified, the Audit Committee will consider the appointment of another independent registered public accounting firm, but will
not be required to appoint a different firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>THE BOARD RECOMMENDS A VOTE &ldquo;FOR&rdquo; THE RATIFICATION
OF THE SELECTION OF MOSS ADAMS LLP AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER
31, 2016.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 46pt; text-indent: -10pt"><B><I>Relationship with Independent
Registered Public Accounting Firm </I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_005"></A>Fee Disclosure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our consolidated financial statements for the
period ended December 31, 2015 have been audited by Moss Adams LLP, which served as our independent registered public accounting
firm for that year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The following summarizes the fees billed by
Moss Adams LLP for services performed for the year ended December 31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended <BR>
    December 31, 2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">Audit Fees</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">317,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Audit-Related Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tax Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">All Other Fees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">317,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><I>Audit Fees</I>. Audit Fees consist of fees
and expenses billed for professional services rendered for the audit of the consolidated financial statements, review of registration
statements and services that are normally provided by accountants in connection with statutory and regulatory filings or engagements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><I>Audit-Related Fees</I>. Audit-Related Fees
consist of fees and expenses for assurance and related services that are reasonably related to the performance of the audit or
review of our consolidated financial statements that are not &ldquo;Audit Fees.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><I>Tax Fees</I>. Tax Fees consist of fees and
related expenses billed for professional services for tax compliance, tax advice and tax planning. These services include assistance
regarding federal and state tax compliance and tax planning and structuring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><I>All Other Fees</I>. All Other Fees consist
of fees and expenses for products and services that are not &ldquo;Audit Fees,&rdquo; &ldquo;Audit-Related Fees&rdquo; or &ldquo;Tax
Fees.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">On February 23, 2016, the Audit Committee selected
Moss Adams LLP to serve as our independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2016.
Moss Adams LLP has served as our independent registered public accounting firm since our inception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">A representative of Moss Adams is expected to
be present at the Annual Meeting by conference phone and will be given the opportunity to make a statement if he or she so desires
and will be available to respond to appropriate questions.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_006"></A>Pre-Approval Policies and Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Audit Committee&rsquo;s policy is to review
and pre-approve, pursuant to the Audit Committee Pre-Approval Policy, any engagement of the Company&rsquo;s independent auditor
to provide any permitted non-audit service to the Company. Pursuant to the Audit Committee Pre-Approval Policy, which the Audit
Committee will review and reassess periodically, a list of specific services within certain categories of services, including audit,
audit-related and tax services, are specifically pre-approved for the upcoming or current fiscal year, subject to an aggregate
maximum annual fee payable by us for each category of pre-approved services. Any service that is not included in the approved list
of services must be separately pre-approved by the Audit Committee. In addition, the Audit Committee may delegate authority to
its chairperson to pre-approve engagements for the performance of audit and non-audit services. The chairperson must report all
pre-approval decisions to the Audit Committee at its next scheduled meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">All audit related, tax and other services provided
to us after the IPO were reviewed and pre-approved by the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>CORPORATE GOVERNANCE
AND BOARD MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_008"></A>Corporate Governance Profile</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">We have structured our corporate governance
in a manner we believe closely aligns our interests with those of our stockholders. Notable features of our corporate governance
structure include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Board is not classified, with each of our directors subject to re-election annually;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>four of our seven directors satisfy the listing standards for independence of the NYSE and Rule 10A-3 under the Exchange Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at least one of our directors qualifies as an &ldquo;audit committee financial expert&rdquo; as defined by the SEC;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we comply with the requirements of the NYSE listing standards, including having committees comprised solely of independent
directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we have opted out of the business combination and control share acquisition statutes in the Maryland General Corporation Law;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our directors stay informed about our business
by attending meetings of the Board and its committees and through supplemental reports and communications. Our independent directors
meet regularly in executive sessions without the presence of our corporate officers or non-independent directors.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_009"></A>Board Committees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Board has established three standing committees:
the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee. The principal functions
of each committee are described below. We comply with the listing requirements and other rules and regulations of the NYSE, as
amended or modified from time to time, and each of these committees is comprised exclusively of independent directors. Additionally,
the Board from time to time establishes other committees to facilitate the management of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The table below provides membership information for each of the Board committees as of the date of this Proxy Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Member&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Audit&nbsp;</B><BR>
        <B>Committee</B></FONT></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Compensation</B><BR>
        <B>Committee</B></FONT></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Nominating&nbsp;and</B><BR>
        <B>Corporate</B><BR>
        <B>Governance</B><BR>
        <B>Committee</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Lawrence Mendelsohn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Russell Schaub&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Steven L. Begleiter&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">John C. Condas&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Jonathan Bradford Handley, Jr*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Daniel Hoffman&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X (chair)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt"><FONT STYLE="font-size: 10pt">J. Kirk Ogren, Jr.&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X (chair)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X (chair)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-left: 0.5in; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">*Audit Committee financial expert.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Audit Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our Audit Committee consists of Mr. Hoffman,
chairperson, Mr. Handley, and Mr. Ogren. Mr.&nbsp;Handley satisfies the requirements for being designated an audit committee financial
expert as defined in SEC regulations because of his financial and accounting expertise derived from his experiences as a founder
and managing director of SPC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our Board has adopted an Audit
Committee charter. The Audit Committee charter defines its primary duties to include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>serving as an independent and objective body to monitor and assess the integrity of our consolidated financial statements,
our compliance with legal and regulatory requirements, our financial reporting processes and related internal control systems and
the performance generally of our internal audit function;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>overseeing the audit and other services of our independent auditors and be directly responsible for the appointment, independence,
qualifications, compensation and oversight of our independent auditors, who will report directly to the Audit Committee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>providing an open means of communication among our independent auditors, accountants, financial and senior management, our
internal auditing department, our corporate compliance department and our Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>resolving any disagreements between our management and the independent auditors regarding our financial reporting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>meeting at least quarterly with senior executives, internal audit staff and independent auditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>discussing our earnings press releases and our policies with respect to risk assessment and risk management; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>preparing the audit committee report for inclusion, if required, in our annual proxy statements for our annual stockholders&rsquo;
meetings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our Audit Committee charter also mandates that
our audit committee approve all audit, audit-related, tax and other services conducted by our independent accountants. In addition,
the Audit Committee may delegate authority to its chairperson to pre-approve engagements for the performance of audit and non-audit
services. The chairperson must report all pre-approval decisions to the Audit Committee at its next scheduled meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Audit Committee also is responsible for
engaging an independent registered public accounting firm, reviewing with the independent registered public accounting firm the
plans and results of the audit engagement, approving professional services provided by the independent registered public accounting
firm, including all audit and non-audit services, reviewing the independence of the independent registered public accounting firm,
considering the range of audit and non-audit fees and reviewing the adequacy of our internal accounting controls. The Audit Committee
also prepared the Audit Committee report included in this Proxy Statement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Compensation Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our Compensation Committee consists
of Mr. Ogren, chairperson, Mr. Hoffman and Mr. Condas. Our Board has adopted a Compensation Committee charter, which sets forth
the Compensation Committee&rsquo;s primary duties, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>determining the compensation payable to the directors including the number of shares underlying, and the terms of, restricted
common share awards and stock options to be granted to our directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>administering and implementing the 2014 Director Equity Plan and any other equity incentive plan we may implement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing and approving any new equity compensation plan, material change to an existing plan, or any stock option or other
type of award, if required;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>establishing guidelines and standards for determining the compensation, if any, of our executive officers and recommending
to our Board compensation, if any, for them;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>evaluating the objectives of the executive officer compensation programs and the performance of our executive officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>endeavoring to ensure that our, our Manager&rsquo;s, and our Servicer&rsquo;s compensation plans are effective in attracting
and retaining key employees and reinforcing business strategies and objectives; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>preparing a report on executive compensation, if required for inclusion in our annual proxy statement for our annual stockholders&rsquo;
meetings.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Nominating and Corporate Governance Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our Nominating and Corporate Governance Committee
consists of Mr. Ogren, chairperson, Mr.&nbsp;Hoffman and Mr. Condas. Our Board has adopted a Nominating and Corporate Governance
Committee charter, which defines the Nominating and Corporate Governance Committee&rsquo;s primary duties, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>establishing standards for service on our Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>identifying individuals qualified to become members of our Board and recommending director candidates for election or re-election
to our Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>considering and making recommendations to our Board regarding Board size and composition, committee composition and structure
and procedures affecting directors, and each director&rsquo;s independence;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>advising the Board and our Manager on candidates for our executive offices, and conducting appropriate investigation of such
candidates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>monitoring our corporate governance principles and practices, our code of business conduct and ethics, our human resource practices,
our fulfillment of obligations of fairness in internal and external matters, and the effectiveness of our Board; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing changes in legislation, regulations, and other developments impacting corporate governance and making recommendations
to the Board with respect to such matters.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_010"></A>Board and Committee Meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Since our IPO in February 2015, the Board met
ten times, the Audit Committee met eight times, the Compensation Committee met once and the Nominating and Corporate Governance
Committee met once, each including telephonic meetings and unanimous written consents. Each director attended at least 75% of
Board and applicable committee meetings on which he served during his period of service. Directors are expected to attend, in
person or by telephone, all Board meetings and meetings of committees on which they serve.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><A NAME="a_011"></A><B>Risk Management and Oversight Process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our Board and each of its committees are involved
in overseeing risk associated with our operations and business. The Board and the Audit Committee monitor our credit risk, liquidity
risk, regulatory risk, operational risk and enterprise risk by regular reviews with management and independent auditors. In its
periodic meetings with independent auditors, the Audit Committee discussed the scope and plan for any internal audit and includes
management in its review of accounting and financial controls, assessment of business risks and legal and ethical compliance programs.
The Audit Committee also discusses with our independent auditors the external audit scope, the independent auditing firm&rsquo;s
responsibility under applicable requirements, including, the Standards of the Public Company Accounting Oversight Board, accounting
policies and practices and other required communications. The</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Audit Committee and, where appropriate, the independent
members of the Board, review and approve related party transactions under our Related Party Transactions Policy. The Board and
the Nominating and Corporate Governance Committee monitor our governance and succession risks by regular reviews with management.
The Board and the Compensation Committee monitor our compensation policies and related risks by regular reviews with management.
In addition, the Board and the investment supervisory committee of the Board (the &ldquo;Investment Supervisory Committee&rdquo;)
monitor our operations with respect to related party investment transactions, significant investments and overall oversight of
our investment strategies, guidelines and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Board&rsquo;s role in risk oversight is
consistent with our leadership structure, with the Chief Executive Officer and other members of senior management of our Manager,
that perform services for us having responsibility for assessing and managing our risk exposure, and the Board and its committees
providing oversight in connection with these efforts. See &ldquo;Board Leadership Structure.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_012"></A>Director Selection Process</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Nominating and Corporate Governance Committee
is responsible for, among other things, the selection and recommendation to the Board of nominees for election as directors. In
accordance with the Nominating and Corporate Governance Committee charter and our Corporate Governance Guidelines, the Nominating
and Corporate Governance Committee develops on an annual basis guidelines and criteria for the selection of candidates for directors
of the Board. The Nominating and Corporate Governance Committee takes into account such factors as it deems appropriate, which
may include: the current composition of the Board as a whole; considerations of diversity, age, skills and experience in the context
of the Board&rsquo;s needs at that point in time; and the desire for a substantial majority of independent directors. Applying
these criteria, the Nominating and Corporate Governance Committee considers candidates for Board membership suggested by its members
and other Board members, as well as management and stockholders. After completing the identification and evaluation process described
above, the Nominating and Corporate Governance Committee selects the nominees for directorship for stockholders to consider and
vote upon at the annual stockholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Stockholders wishing to recommend individuals for consideration
as directors must follow the procedures described in Article II, Section 11 of the Company&rsquo;s Bylaws, including (among other
requirements) the giving of written notice of the nomination to our Secretary no later than 120 days prior to the first anniversary
of the date of the proxy statement for the previous year&rsquo;s annual meeting. The stockholder&rsquo;s notice must set forth
as to each nominee all information relating to the person that would be required to be disclosed in a solicitation of proxies for
election of directors pursuant to Regulation 14A under the Exchange Act if the candidate had been nominated by or on behalf of
the Board. Recommendations by stockholders that are made in this manner will be evaluated in the same manner as other candidates.
See &ldquo;Other Matters&mdash;Stockholder Proposals and Nominations for the 2017 Annual Meeting.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_013"></A>Code of Business Conduct and Ethics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Board established a Code of
Business Conduct and Ethics that applies to our officers, directors and employees and a Code of Ethics for the Chief Executive
Officer, Chief Financial Officer and Other Senior Financial Officers that applies to our CEO, Chief Financial Officer (&ldquo;CFO&rdquo;)
and other senior financial officers. Among other matters, our code of business conduct and ethics is designed to deter wrongdoing
and to promote:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and
professional relationships;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>full, fair, accurate, timely and understandable disclosure in our SEC reports and other public communications;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>compliance with applicable laws, rules and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prompt internal reporting of violations of the code to appropriate persons identified in the code; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">accountability for adherence to the code of business
conduct and ethics.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Any waiver of the Code of Business Conduct and Ethics must
be approved by the Compliance Officer or such officer&rsquo;s designee. Any waiver of the Code of Ethics for the Chief Executive
Officer, Chief Financial Officer and Other Senior Financial Officers must be approved in writing by the Board. Any such waiver
shall be promptly disclosed to stockholders as required by law or NYSE regulations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B><A NAME="a_014"></A>Availability of Corporate Governance Materials</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Stockholders may view our corporate governance materials, including
the charters of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee, our Corporate Governance
Guidelines and our Code of Business Conduct and Ethics and the Code of Ethics for the Chief Executive Officer and Chief Financial
Officer, on our website at www.great-ajax.com <FONT STYLE="color: black">under </FONT>the &ldquo;Investor Relations-Company Information&rdquo;
tab, and these documents are available in print to any stockholder who sends a written request to such effect to Great Ajax Corp.,
9400 SW Beaverton-Hillsdale Hwy, Suite 131, Beaverton, OR 97005, Attention: Corporate Secretary. Information at or connected to
our website is not and should not be considered a part of this Proxy Statement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_015"></A>Independence of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">NYSE listing standards require NYSE-listed companies
to have a majority of independent board members and a nominating/corporate governance committee, compensation committee and audit
committee, each comprised solely of independent directors. Under the NYSE listing standards, no director of a company qualifies
as &ldquo;independent&rdquo; unless the board of directors of the company affirmatively determines that the director has no material
relationship with the company (either directly or as a partner, stockholder or officer of an organization that has a relationship
with such company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Board currently has seven directors, a majority
of whom the Board affirmatively has determined, after broadly considering all relevant facts and circumstances, to be &ldquo;independent&rdquo;
under the listing standards of the NYSE and under applicable rules of the SEC. The Board affirmatively has determined that each
of the following directors is independent under these standards: Messrs. Condas, Handley, Hoffman and Ogren. Messrs. Mendelsohn
and Schaub are not independent as they are executive officers of the Company. Mr. Begleiter is not independent as he is the designee
of Flexpoint REIT Investor (as defined below). See &ldquo;Certain Relationships and Related Party Transactions&mdash; Agreements
with Anchor Investors&mdash;Flexpoint Ford.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_016"></A>Board Leadership Structure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Mr. Mendelsohn serves as the Chairman of the Board and CEO.
The Board has reviewed its current leadership structure and has determined that the combined Chairman and CEO position is currently
the most appropriate and effective leadership structure for the Company. Mr. Mendelsohn has been involved with the mortgage markets
for more than 25 years. As the individual primarily responsibility for the day-to-day management of business operations, he is
best positioned to chair regular Board meetings as the directors discuss key business and strategic issues.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_017"></A>Executive Sessions of Non-Management Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Pursuant to our Corporate Governance Guidelines
and the NYSE listing standards, in order to promote open discussion among non-management directors since our IPO, our non-management
directors meet in executive sessions without management participation regularly. The non-management directors determine among themselves
which non-management directors will preside over each executive session (the &ldquo;presiding independent director&rdquo;), although
the same director is not required to preside at all such executive sessions. The presiding independent director approves the meeting
agenda items, and serves as a liaison between the Chairman of the Board and the independent directors with respect to matters discussed
at each such executive session.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_018"></A>Communications with the Board</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Stockholders and other interested parties may
communicate with the Board by sending written correspondence to the Corporate Secretary of Great Ajax Corp., 9400 SW Beaverton-Hillsdale
Hwy, Suite 131, Beaverton, OR 97005. The independent, non-employee directors have directed our Secretary to act as their agent
in processing any communications received. All communications that relate to matters within the scope of the responsibilities of
the Board and its standing committees are to be forwarded to the Chairman of the Board. Communications that relate to matters that
are within the scope of the responsibilities of one of the Board&rsquo;s standing committees are also to be forwarded to the chair
of the appropriate committee. Communications that relate to ordinary business matters that are not within the scope of the responsibilities
of the Board are to be sent to the appropriate member of management.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_019"></A>Compensation Committee Interlocks and Insider Participation<FONT STYLE="background-color: #F2DBDB">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">No member of the Compensation Committee is or
has been an officer or employee of our Company, and no member has any relationship with us requiring disclosure under Item 404
of SEC Regulation S-K. No member of our Compensation Committee currently serves or has served as a member of any board of directors
or compensation committee of any other entity that has one or more executive officers serving as a member of our Board.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_020"></A>Legal Proceedings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The nature of our business exposes our properties,
us and our operating partnership, Great Ajax Operating Partnership L.P., to the risk of claims and litigation in the normal course
of business. Other than routine litigation arising out of the ordinary course of business, neither we nor our officers and directors
are presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us or any
of our officers or directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_021"></A>EXECUTIVE OFFICERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The following table sets forth information concerning
our executive officers. Executive officers are elected annually by the Board and serve at the Board&rsquo;s discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Age</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 61%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Title</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Lawrence Mendelsohn</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">55</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chairman of the Board and Chief Executive Officer; Manager of our Manager</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Russell Schaub&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">President and Director; Vice-President and Chief Operating Officer of the Servicer </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Mary Doyle</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chief Financial Officer; Chief Financial Officer of the Manager and the Servicer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Set forth below is a description of the background
of our Chief Financial Officer, Ms. Mary Doyle Messrs. Mendelsohn and Schaub&rsquo;s backgrounds are described above under &ldquo;Proposal
1: Re-election of Directors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B><I>Mary Doyle</I></B> joined us as our Chief
Financial Officer on April 18, 2016. Prior to joining us, Ms. Doyle served as the Senior Vice President of Finance and the Senior
Advisor to the Chief Financial Officer at Nationstar Mortgage LLC, one of the largest mortgage servicers in the United States,
from 2012 to 2015. Prior to that, she was the Senior Advisor to the Chief Financial Officer and Acting Tax Director at Aurora Bank,
FSB, a subsidiary of Lehman Brother Holdings Inc., from 2011 to 2013 and the Chief Financial Officer at Arch Bay Capital, LLC,
an investment firm specializing in the real estate and mortgage industries, from 2010 to 2011. Prior to that, she worked at Fannie
Mae and Sallie Mae, as well as the international public accounting firms of Arthur Andersen LLP and KPMG LLP. Ms. Doyle has a B.B.A.
in Marketing from the University of Texas and a M.S. in Accounting from the University of Houston.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_022"></A>COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_023"></A>Executive Officer Compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">We are externally managed by our Manager under
the terms of the management agreement, pursuant to which our Manager provides us with all of the personnel required to manage our
operations, including our executive officers. Our executive officers are officers or employees of our Manager or Servicer and receive
compensation from them as appropriate. Our Manager or the Servicer makes all decisions relating to the compensation of such officers
based on factors it deems appropriate. We do not directly or indirectly reimburse our Manager for the compensation paid to our
executive officers. We do not provide any of our executive officers with pension benefits or nonqualified deferred compensation
plans. We do not have any employment agreements with any person (except with Ms. Doyle as described below) and are not obligated
to make any payments to any of our executive officers upon termination of employment or a change in control (except with Ms. Doyle
as described below). See &ldquo;Certain Relationships and Related Party Transactions&mdash;Management Agreement.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_024"></A>Employment Agreement with Ms. Mary Doyle</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">On March 29, 2016, we, our Manager, our Servicer,
and an Aspen Capital affiliate (collectively, the &ldquo;Companies&rdquo;) entered into an employment agreement with Mary Doyle,
who will serve as the chief financial officer of each entity. The employment agreement has a three-year term, which may be extended
if agreed to by the parties. The employment agreement provides for a base salary of $250,000 and an annual target bonus opportunity
equal to 60% of Ms. Doyle&rsquo;s base salary, with the amount actually earned based on the achievement of certain performance
objectives. Ms. Doyle will also be eligible to participate in any equity plans that may be adopted during her employment term,
and she will be entitled to participate in and receive such benefits or rights as may be provided to other employees under any
group employee benefit plan provided during her employment term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The employment agreement provides that, if
Ms. Doyle&rsquo;s employment is terminated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>for cause, by Ms. Doyle for any reason, or due to Ms. Doyle&rsquo;s death or disability, Ms. Doyle will receive salary and
benefits through the date of her termination and provision of any vested benefits, which will be provided in accordance with the
terms and conditions of the plans or programs under which such vested benefits arise; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>without cause, Ms. Doyle shall receive the amounts described above and a lump sum severance payment equal to one year of her
annual base salary at the time of termination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The term &ldquo;cause&rdquo; is defined to
include (a) Ms. Doyle or any of the Companies (as a result of the acts or omissions of Ms. Doyle) having materially breached its
Operating Agreement or the Management Agreement between us and our Manager, (b) Ms. Doyle or any of the Companies (as a result
of the acts or omissions of Ms. Doyle) being subject to disciplinary action or disqualification by a regulator or self-regulatory
organization or an examination, investigation or other inquiry or proceeding by any governmental authority that is reasonably likely
to impair our ability to engage in business, (c) commission of a felony or other serious crime or violation of federal or state
laws (including any crime of dishonesty or disloyalty), (d) certain actions that caused or are reasonably likely to cause a substantial
public disgrace or disrepute or substantial economic harm, or (e) Ms. Doyle&rsquo;s breach of the employment agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Ms. Doyle&rsquo;s right to receive the severance
payment is subject to her delivery and non-revocation of an effective general release of claims in favor of us and our affiliates
and compliance with confidentiality, noncompetition, and nonsolicitation covenants.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_025"></A>Director Compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">In July 2014, pursuant to the 2014 Director
Equity Plan (see &ldquo;Certain Relationships and Related Party Transactions&mdash;2014 Director Equity Plan&rdquo;), Messrs. Handley,
Hoffman and Ogren, members of our Board who are identified as independent directors (see &ldquo;Corporate Governance and Board
Matters&mdash;Independence of Directors&rdquo; above) were each granted restricted stock awards of 2,000 shares of common stock,
which are subject to a one-year vesting period. Mr. Condas, who was also identified by our Board as independent (see &ldquo;Corporate
Governance and Board Matters &mdash;Independence of Directors&rdquo; above), received a similar grant when he joined the Board
following our IPO in February 2015. In addition, each independent director is entitled to an annual retainer of $50,000, payable
quarterly, half in shares of our common stock and half in cash. The value of the shares is determined in the same manner as the
value of the shares to be paid to our Manager as part of its base management fee (see &ldquo;Certain Relationships and Related
Party Transactions&mdash;Management Agreement&rdquo;). The chair of each committee of the Board other than the Investment Supervisory
Committee also receives an additional cash payment of $10,000 per year. The non-independent directors, including Mr. Begleiter,
the designee of Flexpoint REIT Investor, are not entitled to any compensation for serving as a director. We reimburse our independent
directors and Mr. Begleiter for their reasonable travel expenses incurred in connection with their attendance at board and committee
meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The following table sets forth information regarding
the compensation paid during 2015 to each of our independent directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Name</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fees
    Earned or<BR> Paid in Cash ($)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Stock
    Awards ($)<SUP>(1)</SUP></B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total
    ($)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; text-indent: -12pt; padding-left: 12pt">John C. Condas</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">50,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.25pt; padding-left: 12.25pt">Jonathan Bradford Handley, Jr</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12.25pt; padding-left: 12.25pt">Daniel Hoffman</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">J. Kirk Ogren, Jr.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">200,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt">(1) Represents payment of the quarterly directors&rsquo;
fees which are payable in shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_026"></A>REPORT OF THE
AUDIT COMMITTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Audit Committee is currently composed of
Messrs. Hoffman, Handley and Ogren, with Mr. Hoffman serving as its chairperson. The members of the Audit Committee are appointed
by and serve at the discretion of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">One of the principal purposes of the Audit Committee
is to assist the Board in the oversight of the integrity of the Company&rsquo;s consolidated financial statements. The Company&rsquo;s
management team has the primary responsibility for the consolidated financial statements and the reporting process, including the
system of internal controls and disclosure controls and procedures. In fulfilling its oversight responsibilities, the Audit Committee
reviewed the audited consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2015 with
our management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Audit Committee also is responsible for
assisting the Board in the oversight of the qualification, independence and performance of the Company&rsquo;s independent auditors.
The Audit Committee reviewed with the independent auditors, who are responsible for expressing an opinion on the conformity of
those audited consolidated financial statements with generally accepted accounting principles, their judgments as to the quality,
not just the acceptability, of the Company&rsquo;s accounting principles and such other matters as are required to be discussed
with the Audit Committee under the standards of the Public Company Accounting Oversight Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Audit Committee has received both the written
disclosures and the letter from Moss Adams LLP required by applicable requirements of the Public Company Accounting Oversight Board
regarding the independent accountant&rsquo;s communications with the Audit Committee concerning independence, and has discussed
with Moss Adams LLP its independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Based on the reviews and discussions referred
to above, the Audit Committee recommended to the Board that the Company&rsquo;s audited consolidated financial statements for 2015
be included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 for filing with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt; font-style: normal">Respectfully submitted, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; font-style: normal">The Audit Committee of the Board of Directors</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; font-style: normal">Daniel Hoffman (Chairman)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; font-style: normal">Jonathan Bradford Handley, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; font-style: normal">J. Kirk Ogren, Jr.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Audit Committee Report above does not constitute
&ldquo;soliciting material&rdquo; and will not be deemed &ldquo;filed&rdquo; or incorporated by reference into any of our filings
under the Securities Act of 1933, as amended (the &ldquo;Exchange Act&rdquo;), that might incorporate SEC filings by reference,
in whole or in part, notwithstanding anything to the contrary set forth in those filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_027"></A>PRINCIPAL STOCKHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The following table sets forth the total number
and percentage of our shares of common stock beneficially owned as of April 11, 2016 (assuming exchange of 624,106 OP Units on
a 1-for-1 basis into shares of our common stock) by: (1) each holder of more than 5% of our common stock; (2)&nbsp;each director;
(3) our chief executive officer and our other executive officers; and (4) all executive officers and directors as a group. The
information with respect to beneficial ownership is based on publicly available information and information provided to us by the
holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Shares
    Beneficially<BR>
 Owned</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Percent</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left"><FONT STYLE="font-size: 10pt">Wellington Management Company LLP<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">2,964,853</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">18.6</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Ithan Creek Master Investors (Cayman) L.P.<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,295,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Flexpoint Great Ajax Holdings LLC<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,917,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">American Financial Group, Inc.<SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,571,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">TIG Advisors, LLC<SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,399,404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The Allstate Corporation<SUP>(6)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,080,493</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Covalent Partners LLC<SUP>(7)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">963,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Lawrence Mendelsohn<SUP>(8)(9)(10)(11)(12)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">495,508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Aspen Yo LLC<SUP>(12)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">458,765</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Thetis Asset Management LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Jonathan Bradford Handley, Jr<SUP>.</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,722</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Russell Schaub<SUP>(13)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,047</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">* </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">J. Kirk Ogren, Jr<SUP>.(14)(15)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">* </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Daniel Hoffman</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">* </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Glenn Ohl<SUP>(16)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">* </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">John C. Condas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,718</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">* </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Steven L. Begleiter<SUP>(17)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mary Doyle</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Executive officers and directors as a group (8 persons)<SUP>(18)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.8</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* Less than 1%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>As of December 31, 2015, as reported on Schedule 13G. Wellington Management Company LLP is an investment adviser registered
under the Investment Advisers Act of 1940, as amended, and is an indirect subsidiary of Wellington Management Group LLP. The shares
indicated in the table are held of record by investment advisory clients of Wellington Management Company LLP, including 2,295,363
shares held by Ithan Creek Master Investors (Cayman) L.P. (which total includes 624,106 OP Units). Wellington Management Company
LLP and Wellington Management Group LLP may be deemed to beneficially own the shares indicated in the table, and have shared voting
power and dispositive power with respect to such shares. The business address of Wellington Management Company LLP and Wellington
Management Group LLP is 280&nbsp;Congress Street, Boston, Massachusetts 02210.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>As of December 31, 2015, as reported on Schedule 13G. Includes 624,106 OP units (which are redeemable for cash (or at our election
shares of our common stock) beginning on July&nbsp;8, 2015, 14,555 of which are redeemable for cash (or at our election shares
of our common stock). Wellington Management Company LLP, an investment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">adviser registered under the Investment Advisers Act
of 1940, as amended, is the investment adviser to Ithan Creek Master Investors (Cayman) L.P. Wellington Management Company LLP
is an indirect subsidiary of Wellington Management Group LLP. Wellington Management Company LLP and Wellington Management Group
LLP may be deemed to beneficially own the shares indicated in the table, all of which are held of record by Ithan Creek Master
Investors (Cayman) L.P., and have shared voting power and dispositive power with respect to the shares owned by Ithan Creek Master
Investors (Cayman) L.P. The business address of Ithan Creek Master Investors (Cayman) L.P., Wellington Management Company LLP and
Wellington Management Group LLP is 280 Congress Street, Boston, Massachusetts 02210. Wholly owned subsidiaries of Ithan Creek Master
Investors (Cayman) L.P. also own interests in our Manager and GA-FS, the parent of the Servicer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>As of December 31, 2015, as reported on Schedule 13G. The business address of Flexpoint Great Ajax Holdings LLC is c/o Flexpoint
Ford, LLC at 676&nbsp;N. Michigan Avenue, Suite 3300, Chicago, IL 60611. Flexpoint Great Ajax Holdings LLC also owns interests
in our Manager and GA-FS, the parent of the Servicer. Flexpoint Great Ajax Holdings LLC is indirectly controlled by Donald J. Edwards
who has sole voting and dispositive power with respect to the shares owned by it.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>As of December 31, 2015, as reported on Schedule 13G. American Financial Group, Inc. is a parent holding company or control
person of the following subsidiaries which hold the referenced shares: Great American Life Insurance Company, National Interstate
Insurance Company and Republic Indemnity Company of America. Each of the subsidiaries is an insurance company. The business address
of American Financial Group, Inc. is 301 East Fourth Street, Cincinnati, Ohio 45202.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>As of December 31, 2015, as reported on Schedule 13G. TIG Advisors, LLC is an investment adviser registered under the Investment
Advisers Act of 1940, as amended. The shares indicated in the table are held of record by investment advisory clients of TIG Advisors,
LLC, including TIG Securitized Asset Master Fund, L.P. TIG Advisors, LLC may be deemed to beneficially own the shares indicated
in the table, and have shared voting power and dispositive power with respect to such shares. Carl Tiedemann and Michael Tiedemann
exercise voting and investment power with respect to the shares owned by TIG Securitized Asset Master Fund, L.P. The business address
of TIG Advisors, LLC is 520&nbsp;Madison, 26th Floor, New York, New York 10022.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>As of December 31, 2015, as reported on Schedule 13G. The Allstate Corporation is an insurance company as defined under the
Exchange Act. Allstate Insurance Company, an indirect wholly-owned subsidiary of The Allstate Corporation, is the owner of 720,327
shares and Allstate Life Insurance Company, an indirect wholly-owned subsidiary of The Allstate Corporation, is the owner of 360,166
shares. The business address of Allstate Corporation is 2775 Sanders Road, Northbrook, IL 60062.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>As of December 31, 2015, as reported on Schedule 13G. Covalent Partners LLC, an investment adviser registered under the Investment
Advisers Act of 1940, as amended, is an investment adviser to Covalent Capital Partners Master Fund, L.P. (the &ldquo;Master Fund&rdquo;)
and Covalent Housing Co-Investment Opportunity Master Fund, L.P (the &ldquo;Housing Master Fund&rdquo;). The Master Fund and the
Housing Master Fund directly hold shares for the benefit of the investors in the Master Fund and Housing Master Fund, respectively.
Covalent Capital Partners GP, LLC (&ldquo;CCP GP&rdquo;) is the general partner of the Master Fund and Housing Master Fund. Mr.
Robert L. Hockett is the majority member of each of CCP GP and Covalent Partners LLC and therefore a majority indirect owner of
the Master Fund and Housing Master Fund. By virtue of these relationships, CCP GP and Mr. Hockett may be deemed to beneficially
own the shares indicated in the table, all of which are held of record by Covalent Partners LLC. The business address for Covalent
Partners LLC is 930 Winter Street, Suite 2800, Waltham, MA 02451.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>Includes 280 shares owned by or for the benefit of his spouse and children who live in his home.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(9)</TD><TD>Includes 7,018 shares owned by Flanders Street Capital Partners I., L.P., which is managed by Flanders Street Capital Management
which is wholly owned by Mr. Mendelsohn. Mr. Mendelsohn disclaims beneficial ownership of the securities held by Flanders Street
Capital Partners I., L.P. except to the extent of his pecuniary interest therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(10)</TD><TD>Includes 21,452 shares owned by Aspen Uranus LLC, the manager of which is Mr. Mendelsohn, who is also a member thereof. Mr.
Mendelsohn disclaims beneficial ownership of the securities held by Aspen Uranus LLC except to the extent of his pecuniary interest
therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(11)</TD><TD>Includes 5,923 shares owned by the Mendelsohn Family Limited Partnership, which is managed by Mr. Mendelsohn and certain members
of his family which are partners of Mendelsohn Family Limited Partnership. Mr. Mendelsohn disclaims beneficial ownership of the
securities held by Mendelsohn Family Limited Partnership except to the extent of his pecuniary interest therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(12)</TD><TD>Aspen Yo LLC (&ldquo;Aspen&rdquo;) is an affiliate of our Manager and the indirect parent of the Servicer. Our Manager and
the Servicer own 183,998 and 274,667 shares, respectively. Mr. Mendelsohn controls 50% of the manager of Aspen and has certain
economic and/or management rights with respect to 8.5% of the interests in Aspen; Steven Rosenberg, the President of Gregory and
the founder of Aspen Capital, controls the other 50% of the manager of Aspen and he or his affiliates own 24.7% of the interests
in Aspen. The business address of Aspen is 9400 SW Beaverton-Hillsdale Hwy, Suite 131, Beaverton, OR 97005. Mr. Mendelsohn disclaims
beneficial ownership of the securities held by our Manager and the Servicer except to the extent of his pecuniary interest therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(13)</TD><TD>Includes 3,280 shares owned by or for the benefit of his spouse and children who live in his home.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(14)</TD><TD>Includes 280 shares owned by or for the benefit of his children who live in his home.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(15)</TD><TD>Includes 6,583 shares owned by John Kirk Ogren Jr. Revocable Trust, of which Mr. Ogren and his immediate family, among others,
are beneficiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(16)</TD><TD>Mr. Ohl acted as our Chief Financial Officer during our last fiscal year and until April 18, 2016.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(17)</TD><TD>Mr. Begleiter is a Managing Director of Flexpoint Ford, LLC, the manager of the investment fund that owns Flexpoint Great Ajax
Holdings LLC. However, Mr. Begleiter does not have voting or dispositive power over the shares of common stock owned by Flexpoint
Great Ajax Holdings LLC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(18)</TD><TD>See notes (8), (9), (10), (11), (12), (13), (14) (15), and (16).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_028"></A>CERTAIN RELATIONSHIPS
AND RELATED PARTY TRANSACTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_029"></A>Ownership of our Manager, Great Ajax FS LLC and Aspen Yo LLC</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Our Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">On July 8, 2014, we closed a private offering
of shares of our common stock and OP Units. We commenced operations on July 8, 2014. On August 1, 2014, we closed the sale of additional
shares of our common stock and OP Units pursuant to the exercise of the additional allotment option we granted to the initial purchaser
and placement agent in connection with the July placement and we refer to these closings as the Original Private Placement. Upon
the closing of the Original Private Placement, we received a 19.8% equity interest in our Manager, which is held by GA-TRS LLC
(&ldquo;Thetis TRS&rdquo;). Our Manager is owned 19.8% by Thetis TRS, 26.73% by Flexpoint REIT Investor, 26.73% by the Wellington
Management Institutional Investor (as defined below) and its wholly owned subsidiaries and the balance of 26.74% by Aspen.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Great Ajax FS LLC and Aspen Yo LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Flexpoint REIT Investor and the Wellington Management
Institutional Investor directly or indirectly each own 9.8% of Great Ajax FS LLC (&ldquo;GA-FS&rdquo;), the parent of the Servicer
and subsidiary of Aspen. See &ldquo;&mdash;Agreements with Anchor Investors&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Aspen is managed by its manager, MARS Development
LLC. Mr. Mendelsohn controls 50% of the manager of Aspen and has certain economic and/or management rights with respect to 8.5%
of the interests in Aspen. Steven Rosenberg, the President of Gregory and the founder of Aspen Capital (the business trade name
for the group of companies using the Aspen name), controls the other 50% of the manager of Aspen, and he or his affiliates own
24.7% of the interests in Aspen; Mr. Schaub owns 2.9% of the interests in Aspen; partners of Aspen Capital who are not involved
in the operations of Aspen own 14.2% of the interests in Aspen, another employee of Aspen owns less than 0.2% of the interests
in Aspen, and the balance of the interests in Aspen are held by investors not affiliated with Aspen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">In connection with the closing of the Original
Private Placement, Aspen entered into an agreement with us pursuant to which Aspen agreed, for itself and on behalf of its subsidiaries,
that it may not engage in any business or provide any services to any other entity that invests in the asset classes in which we
intend to invest so long as either we have on hand an average of&thinsp; $25 million in capital available for investment over the
previous two fiscal quarters or our independent directors determine that we have the ability to raise capital at or above our most
recent book value.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_030"></A>Management Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">On July 8, 2014, we entered into a 15-year management
agreement (the &ldquo;Management Agreement&rdquo;) with the Manager, which was amended and restated on October 27, 2015. Under
the Management Agreement, the Manager implements our business strategy and manages our business and investment activities and day-to-day
operations, subject to oversight by the Board. Among other services, the Manager, directly or through Aspen affiliates, provides
us with a management team and necessary administrative and support personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Under the Management Agreement, we pay a quarterly
base management fee based on our stockholders&rsquo; equity and a quarterly incentive management fee based on our cash distributions
to stockholders. We pay our Manager fees as follows: the initial $1 million of the quarterly base management fee is payable 75%
in cash and 25% in shares of our common stock. Any amount of the base management fee in excess of $1 million is payable in shares
of our common stock until payment is 50% in cash and 50% in shares (the &ldquo;50/50 split&rdquo;). Any remaining amount of the
quarterly base management fee after the 50/50 split threshold is reached is payable in equal amounts of cash and shares. As for
the Manager&rsquo;s incentive fee, in the event that the payment of the quarterly base management fee has not reached the 50/50
split, all of the incentive fee is payable in shares of our common stock until the 50/50 split occurs. In the event that the total
payment of the quarterly base management fee and the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">incentive fee has reached the 50/50 split, 20%
of the remaining incentive fee is payable in shares of our common stock and 80% of the remaining incentive fee is payable in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our Manager is entitled to an incentive fee
only if our Board declares a dividend from REIT taxable income, which on an annualized basis exceeds 8% of our book value per
share, and upon earnings exceeding certain thresholds for a given series of calendar quarters. The incentive fee is payable
at the same time that the dividend is payable to our stockholders. Our Manager will not receive any incentive fee in respect of
a dividend constituting a return of capital. We also reimburse our Manager for all third party, out of pocket costs incurred by
our Manager, including third party diligence and valuation consultants, legal expenses, auditors and other financial services.
Neither we nor our Manager may terminate the management agreement without cause during the first 24 months of its term. Following
such 24 month period, we or the Manager may terminate the management agreement without cause or in connection with any renewal
of the management agreement, subject in certain cases, to payment of a termination fee.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_031"></A>Gregory Servicing Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Under the servicing agreement, Gregory receives
servicing fees ranging from 0.65% &ndash; 1.25% annually of the unpaid principal balance (&ldquo;UPB&rdquo;) (or the fair market
value or purchase of REO we own or acquire). Gregory is reimbursed for all customary, reasonable and necessary out-of-pocket costs
and expenses incurred in the performance of its obligations, and the actual cost of any repairs and renovations. The total fees
incurred by us for these services is dependent upon the UPB and type of mortgage loans that Gregory services, property values,
previous UPB of the relevant loan, and the number of REO properties. The agreement automatically renews for successive one-year
terms, subject to prior written notice of non-renewal. In certain cases, we may be obligated to pay a termination fee. The management
agreement will automatically terminate at the same time as the servicing agreement if the servicing agreement is terminated for
any reason.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_032"></A>Trademark License Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Upon the closing of the Original Private Placement,
we entered into a trademark license agreement with Aspen. Under the trademark license, Aspen grants us a non-exclusive, non-transferable,
non-sublicensable, royalty-free license to use the name &ldquo;Great Ajax&rdquo; and the related logo. We also have a similar license
to use the name &ldquo;Thetis.&rdquo; The agreement has no specified term. If the management agreement expires or is terminated,
the trademark license agreement will terminate within 30 days. In the event that this agreement is terminated, all rights and licenses
granted thereunder, including, but not limited to, the right to use &ldquo;Great Ajax&rdquo; in our name will terminate. Upon the
closing of the Original Private Placement, Aspen also entered into a substantially identical trademark license that grants our
Manager a non-exclusive, non-transferable, non-sublicensable, royalty-free license to use of the name &ldquo;Thetis.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_033"></A>2014 Director Equity Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our 2014 Director Equity Plan (the &ldquo;Director
Plan&rdquo;) is designed to promote our interests by attracting and retaining qualified and experienced individuals for service
as non-employee directors. The Director Plan is administered by our board of directors. The total number of shares of common stock
or other stock-based award, including grants of LTIP units from our operating partnership available for issuance under the Director
Plan is 100,000 shares. At the closing of the Original Private Placement, Messrs. Handley, Hoffman and Ogren each were granted
restricted stock awards of 2,000 shares of common stock, and at the closing of our IPO, Mr. Condas was granted 2,000 restricted
shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Director Plan permits the grant of shares
of our common stock in the form of restricted stock. A&nbsp;restricted stock award is an award of a specified number of shares
of our common stock which may be subject to forfeiture upon the occurrence of specified events. The expiration of any restriction
period may be conditioned on continued employment over a period of time or upon any other criteria as determined by the board of
directors. During such time as shares awarded under the Director Plan are under restriction, holders of restricted stock have the
right to receive any dividends paid on our common stock and to vote the shares of restricted stock. The Director Plan also permits
the grant of stock awards that are free of forfeiture provisions, and the grant of awards valued in whole or in part by reference
to, or otherwise calculated by reference to or based on, shares of common stock, including, without limitation, interests in a
subsidiary of the Company or interests in our operating partnership, such as LTIP units. The</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Board may condition the expiration of any restriction
period on continued service over a period of time with the company or upon any other criteria, as specified in the award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Director Plan contains customary provisions
to adjust the grants of restricted stock and other awards in the event of any corporate transaction or event such as a stock dividend,
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, spin-off, combination or other similar
corporate transaction or event affecting the common stock, or other interests subject to the awards under the Director Plan. In
the event of a Change of Control (as defined in the Director Plan) of the Company, the board of directors may, on a holder by holder
basis, take any of the following actions, either singly or in combination: (i) fully vest and/or accelerate the restriction period
of any awards; (ii) cancel and/or redeem any outstanding awards with respect to all common stock or other interests for which the
award is subject to forfeiture in exchange for a cash payment of an amount determined by the board; (iii) require that the award
be assumed by any successor corporation or that awards for shares of other interests in the company or any other entity be substituted
for such award; or (iv) take such other action as the Board shall determine to be reasonable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Director Plan shall remain in full force
and effect until the tenth anniversary of the date of its adoption by the board of directors, or if earlier, the date it is terminated
by the board. The Board may amend, suspend or terminate the Director Plan at any time. However, no amendment is permitted without
stockholder approval if such approval is required by applicable law or applicable requirements of any securities exchange or similar
entity. The Board may amend outstanding awards, provided, however, that in the case of amendments adverse to the holder, the board
of directors must obtain the holder&rsquo;s consent to any such amendment unless the amendment is required by certain tax laws.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_034"></A>Agreements with Anchor Investors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Wellington Management Institutional Investor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">In the Original Private Placement and related
investment agreements, an investment fund for which Wellington Management Company LLP is the investment advisor, or the Wellington
Management Institutional Investor, acquired the following interests and rights in the aggregate, either directly or through one
or more wholly owned subsidiaries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Interests in our common stock</I>&mdash;1,645,363 shares of our common stock (inclusive of shares issuable upon redemption
of 468,106 OP Units on a 1-for-1 basis), and the right, prior to the closing of our IPO, subject to certain customary exclusions,
with respect to future sales by us of our common stock or securities convertible into common stock, to acquire their respective
pro rata portions of such offered shares that equals the proportion that the number of shares of common stock issued and held,
or issuable upon conversion of any convertible securities then held, by such account bears to the total number of shares of our
common stock then outstanding (assuming full conversion and exercise of all outstanding convertible and exercisable securities);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Interests in Great Ajax FS LLC</I>&mdash;(i) 9.8% of the equity of Great Ajax FS LLC, a subsidiary of Aspen and parent of
the Servicer (including the interest-bearing promissory notes from GA-FS in the aggregate principal amount of&thinsp; $1.05 million
that automatically converted into 4.9% equity interest in GA-FS on September&nbsp;15, 2014), and (ii) two non-transferable ten-year
warrants, which each permit the holder to acquire an additional 9.9% equity interest in GA-FS at a premium to the original purchase
price, exercisable subject to certain regulatory requirements or in the event of a contemporaneous sale of the equity interests
of GA-FS; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Interests in our Manager</I>&mdash;26.73% of the equity of our Manager.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">In addition, the Wellington Management Institutional
Investor and other investment funds sponsored and advised by Wellington Management Company LLP sold a 41% equity interest in Little
Ajax II, LLC (&ldquo;Little Ajax II&rdquo;) to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">On December 16, 2014, we closed an additional
private placement pursuant to which we sold 2,725,326 shares of common stock and 156,000 OP Units, which we refer to as the Second
Private Placement. The Wellington Management Institutional Investor purchased 650,000 shares of common stock (inclusive of shares
issuable upon redemption of 156,000 OP Units on a 1-for-1 basis) in the Second Private Placement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Flexpoint Ford</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">In the Original Private Placement and related
investment agreements, Flexpoint Great Ajax Holdings LLC, or the Flexpoint REIT Investor, an affiliate of an investment fund managed
by Flexpoint Ford LLC, acquired the following interests and rights:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Interests in our common stock</I>&mdash;1,645,363 shares of our common stock, and the right, prior to the closing of our
initial public offering, subject to certain customary exclusions, with respect to future sales by us of our common stock or securities
convertible into common stock to acquire its pro rata portion of such offered shares that equals the proportion that the number
of shares of common stock issued and held, or issuable upon conversion of any convertible securities then held, by Flexpoint REIT
Investor bears to the total number of shares of our common stock then outstanding (assuming full conversion and exercise of all
outstanding convertible and exercisable securities);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Interests in Great Ajax FS LLC</I>&mdash;(i) 9.8% of the equity of Great Ajax FS LLC, a subsidiary of Aspen and parent of
the Servicer (including the interest-bearing promissory notes from GA-FS in the aggregate principal amount of&thinsp; $1.05 million
that automatically converted into 4.9% equity interest in GA-FS on September&nbsp;15, 2014) and (ii) two non-transferable ten-year
warrants, which each permit the holder to acquire an additional 9.9% equity interest in GA-FS at a premium to the original purchase
price, exercisable subject to certain regulatory requirements or in the event of a contemporaneous sale of the equity interests
of GA-FS; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Interests in our Manager</I>&mdash;26.73% of the equity of our Manager.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">In addition, so long as Flexpoint REIT Investor
and/or its affiliates own at least 9.8% of our outstanding shares of common stock, Flexpoint REIT Investor will have the right
to nominate a representative for election as a member of our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Flexpoint Ford is also the manager of the investment
fund whose affiliate sold a 41% equity interest in Little Ajax II to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The Flexpoint REIT Investor purchased 192,137
shares of common stock in the Second Private Placement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Original Private Placement, Initial Portfolio</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our Manager used $1 million of the aggregate
proceeds from Flexpoint REIT Investor and the Wellington Management Institutional Investor to acquire 66,666 shares of our common
stock in the Original Private Placement. GA-FS contributed to the Servicer $4&nbsp;million of the aggregate proceeds from Flexpoint
REIT Investor and the Wellington Management Institutional Investor, which used such funds to acquire 266,667 shares of our common
stock. In addition, we used $48.8 million of the proceeds in the Original Private Placement offering to acquire our initial portfolio
of mortgage-related assets through acquisition of the 82% equity interests in Little Ajax II owned by Flexpoint REIT Investor,
the Wellington Management Institutional Investor and affiliated entities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Governance Matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">In connection with their acquisition of interests
in our Manager and GA-FS, Flexpoint REIT Investor and the Wellington Management Institutional Investor entered into an operating
agreement with our Manager and Great Ajax FS LLC pursuant to which our Manager and GA-FS agreed not to take certain actions outside
of their respective ordinary course of operations without the consent of Flexpoint REIT Investor and the Wellington Management
Institutional Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_035"></A>Related Party Transaction Policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Our Board has adopted a policy and procedure
for review, approval and monitoring of transactions involving related persons, including our Manager, the Servicer, directors and
executive officers or their immediate family members and stockholders owning 5% or greater of our outstanding stock. Any situation
that potentially qualifies as a conflict of interest will immediately be disclosed to the Audit Committee to assess the nature
and extent of any concern as well as the appropriate next steps, including whether such situation requires approval of the Board,
including a majority of the disinterested directors. Related persons are required to obtain the prior written approval of the Audit
Committee before participating in any transaction or situation that may pose a conflict of interest. In considering a transaction,
the Audit Committee will consider all relevant factors including (i) whether the transaction is in our best interests; (ii)&nbsp;alternatives
to the related person transaction; (iii) whether the transaction is on terms comparable to those available to third parties; (iv)
the potential for the transaction to lead to an actual or apparent conflict of interest and any safeguards imposed to prevent such
actual or apparent conflicts; and (v) the overall fairness of the transaction to us. The Audit Committee will periodically monitor
any approved transactions to ensure that there are no changed circumstances that would render it advisable for us to amend or terminate
the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_036"></A>OTHER MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_037"></A>Section 16(a) Beneficial Ownership Reporting Compliance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Section 16(a) of the Exchange Act requires that
our executive officers and directors, and persons who own more than 10% of a registered class of our equity securities, file reports
of ownership and changes in ownership on Forms 3, 4 and 5 with the SEC and the NYSE. Executive officers, directors and greater
than 10% stockholders are required by the SEC to furnish us with copies of all Forms 3, 4 and 5 that they file. Since our IPO in
February 2015, based solely on our review of copies of such reports, we believe that all Section 16(a) filing requirements applicable
to our directors, officers and 10% stockholders were complied with during 2015, with the exception of one filing by each of J.
Kirk Ogren, Jr., John C. Condas, Jonathan Bradford Handley, Jr., Daniel Hoffman, and Lawrence Mendelsohn.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_038"></A>Other Matters to Come Before the 2016 Annual Meeting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">No other matters are expected to be presented
for action at the Annual Meeting other than as set forth in this Proxy Statement. If other matters properly come before the meeting,
however, the persons named in the accompanying proxy card will vote all proxies solicited by this Proxy Statement as recommended
by the Board, or, if no such recommendation is given, in their own discretion.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_039"></A>Stockholder Proposals and Nominations for the 2017 Annual Meeting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Any stockholder proposal pursuant to Rule 14a-8
of the rules promulgated under the Exchange Act, to be considered for inclusion in our proxy materials for the 2017 annual meeting
of stockholders must be received at our principal executive offices no later than December 29, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">In addition, any stockholder who wishes to propose
a nominee to the Board or propose any other business to be considered by the stockholders (other than a stockholder proposal included
in our proxy materials pursuant to Rule 14a-8 of the rules promulgated under the Exchange Act) must comply with the advance notice
provisions and other requirements of Article II, Section 11 of our Bylaws, which are on file with the SEC and may be obtained from
our corporate secretary upon request. These notice provisions require that nominations of persons for election to the Board and
the proposal of business to be considered by the stockholders for the 2017 Annual Meeting must be received no earlier than December
29, 2016 and no later than January 30, 2017.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_040"></A>Householding of Proxy Materials</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">The SEC has adopted rules that permit companies
and intermediaries (such as banks and brokers) to satisfy the delivery requirements for notices of annual meetings, proxy statements
and annual reports with respect to two or more stockholders sharing the same address by delivering a single proxy statement addressed
to those stockholders. This process, which is commonly referred to as &ldquo;householding,&rdquo; potentially means extra convenience
for stockholders and cost savings for companies. This year, a single notice of the annual meeting of stockholders, or copy of the
proxy statement and annual report, will be delivered to multiple stockholders sharing an address unless contrary instructions have
been received from the affected stockholders. Once you have received notice from your bank or broker that it will be householding
communications to your address, householding will continue until you are notified otherwise or until you revoke your consent. If,
at any time, you no longer wish to participate in householding and would prefer to receive a separate proxy statement and annual
report, please notify your bank or broker, and direct your written request to Great Ajax Corp., 9400 SW Beaverton-Hillsdale Hwy,
Suite 131, Beaverton, OR 97005, Attention: Corporate Secretary, or contact us by telephone at (503) 505-5670. Stockholders who
currently receive multiple copies of the proxy statement at their address and would like to request householding of their communications
should contact their bank or broker.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">By Order of the Board of Directors, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><IMG SRC="b.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Irving Potter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Secretary </I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Beaverton, OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April ___, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U><A NAME="a_appa"></A>Appendix A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Great
ajax corp. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>2016
Equity Incentive Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="toc1"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 6%; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 88%; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-weight: bold">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_041">1.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_041">PURPOSE</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1</B></FONT></TD></TR>
<TR STYLE="background-color: White; font-weight: bold">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_042">2.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_042">DEFINITIONS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-weight: bold">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_043">3.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_043">ADMINISTRATION OF THE PLAN</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_044">3.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_044">Committee</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_045">3.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_045">Terms of Awards</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_046">3.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_046">Forfeiture; Recoupment</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_047">3.4</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_047">No Repricing</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_048">3.5</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_048">Deferral Arrangement</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_049">3.6</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_049">No Liability</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_050">3.7</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_050">Share Issuance/Book-Entry</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-weight: bold">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_051">4.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_051">SHARES SUBJECT TO THE PLAN</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_052">4.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_052">Number of Shares Available for Awards</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_053">4.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_053">Adjustments in Authorized Shares</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_054">4.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_054">Share Usage</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-weight: bold">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_055">5.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_055">EFFECTIVE DATE, DURATION AND AMENDMENTS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_056">5.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_056">Effective Date</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_057">5.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_057">Term</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_058">5.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_058">Amendment and Termination of the Plan</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-weight: bold">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_059">6.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_059">AWARD ELIGIBILITY AND LIMITATIONS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_060">6.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_060">Service Providers and Other Persons</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_061">6.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_061">Limitation on Shares Subject to Awards and Cash Awards</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_062">6.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_062">Stand-Alone, Additional, Tandem and Substitute Awards</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-weight: bold">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_063">7.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_063">AWARD AGREEMENT</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13</B></FONT></TD></TR>
<TR STYLE="background-color: White; font-weight: bold">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_064">8.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_064">TERMS AND CONDITIONS OF OPTIONS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_065">8.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_065">Option Price</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_066">8.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_066">Vesting</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_067">8.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_067">Term</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_068">8.4</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_068">Termination of Service</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_069">8.5</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_069">Limitations on Exercise of Option</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_070">8.6</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_070">Method of Exercise</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_071">8.7</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_071">Rights of Holders of Options</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_072">8.8</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_072">Delivery of Share Certificates</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_073">8.9</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_073">Transferability of Options</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_074">8.10</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_074">Family Transfers</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_075">8.11</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_075">Limitations on Incentive Stock Options</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_076">8.12</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_076">Notice of Disqualifying Disposition</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-weight: bold">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_077">9.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_077">TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_078">9.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_078">Right to Payment and Grant Price</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_079">9.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_079">Other Terms</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_080">9.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_080">Term</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_081">9.4</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_081">Transferability of SARS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_082">9.5</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_082">Family Transfers</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-weight: bold">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_083">10.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_083">TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>17</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_084">10.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_084">Grant of Restricted Stock or Stock Units</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc1">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 6%; text-align: right"><A HREF="#a_085">10.2</A></TD>
    <TD STYLE="vertical-align: top; width: 88%; padding-left: 22pt"><A HREF="#a_085">Restrictions</A></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; text-align: right">17</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_086">10.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_086">Restricted Stock Certificates</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_087">10.4</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_087">Rights of Holders of Restricted Stock</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_088">10.5</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_088">Rights of Holders of Stock Units</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_089">10.6</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_089">Termination of Service</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_090">10.7</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_090">Delivery of Shares</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
<TR STYLE="font-weight: bold; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_091">11.</A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_091">TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS</A></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>19</B></FONT></TD></TR>
<TR STYLE="font-weight: bold; background-color: White">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_092">12.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_092">FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>19</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_093">12.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_093">General Rule</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_094">12.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_094">Surrender of Shares</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_095">12.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_095">Cashless Exercise</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_096">12.4</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_096">Other Forms of Payment</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR STYLE="font-weight: bold; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_097">13.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_097">TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>20</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_098">13.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_098">Dividend Equivalent Rights</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_099">13.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_099">Termination of Service</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR STYLE="font-weight: bold; background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_100">14.</A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_100">TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL INCENTIVE AWARDS</A></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>21</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_101">14.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_101">Grant of Performance Awards and Annual Incentive Awards</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_102">14.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_102">Value of Performance Awards and Annual Incentive Awards</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_103">14.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_103">Earning of Performance Awards and Annual Incentive Awards</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_104">14.4</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_104">Form and Timing of Payment of Performance Awards and Annual Incentive Awards</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_105">14.5</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_105">Performance Conditions</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_106">14.6</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_106">Performance Awards or Annual Incentive Awards Granted to Designated Covered Employees</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_107">14.7</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_107">Status of Awards Under Code Section 162(m)</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR STYLE="font-weight: bold; background-color: White">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_108">15.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_108">TERMS AND CONDITIONS OF LONG-TERM INCENTIVE UNITS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>25</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_109">15.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_109">Vesting</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR STYLE="font-weight: bold; background-color: White">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_110">16.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_110">REQUIREMENTS OF LAW</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>25</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_111">16.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_111">General</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_112">16.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_112">Rule 16b-3</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
<TR STYLE="font-weight: bold; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_113">17.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_113">EFFECT OF CHANGES IN CAPITALIZATION</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>26</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_114">17.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_114">Changes in Shares</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; padding-left: 0.19in"><A HREF="#a_115">17.2</A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A HREF="#a_115">Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_116">17.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_116">Change in Control in which Awards are not Assumed</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_117">17.4</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_117">Change in Control in which Awards are Assumed</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_118">17.5</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_118">Adjustments</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_119">17.6</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_119">No Limitations on Company</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
<TR STYLE="font-weight: bold; background-color: White">
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_120">18.</A></B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_120">GENERAL PROVISIONS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>29</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_121">18.1</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_121">Disclaimer of Rights</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_122">18.2</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_122">Nonexclusivity of the Plan</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_123">18.3</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_123">Withholding Taxes</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_124">18.4</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_124">Captions</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_125">18.5</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_125">Other Provisions</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_126">18.6</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_126">Number and Gender</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 6%; text-align: right"><A HREF="#a_127">18.7</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt; width: 87%"><A HREF="#a_127">Severability</A></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; text-align: right">31</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_128">18.8</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_128">Governing Law</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: right"><A HREF="#a_129">18.9</A></TD>
    <TD STYLE="vertical-align: top; padding-left: 22pt"><A HREF="#a_129">Code Section 409A</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>great
ajax corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2016 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Great Ajax Corp., a Maryland corporation (the
&ldquo;Company&rdquo;), sets forth herein the terms of its 2016 Equity Incentive Plan (the &ldquo;Plan&rdquo;), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_041"></A>1.</B></FONT></TD><TD><B>PURPOSE</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Plan is intended to provide (a) incentive
to officers, employees, directors, consultants and other eligible persons to stimulate their efforts towards the success of the
Company and to operate and manage its business in a manner that will provide for the long term growth and profitability of the
Company; and (b) a means of obtaining, rewarding and retaining key personnel. To this end, the Plan provides for the grant of stock
options, stock appreciation rights, restricted stock, unrestricted stock, stock units (including deferred stock units), dividend
equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Any of these awards may, but need
not, be made as performance incentives to reward attainment of annual or long-term performance goals in accordance with the terms
hereof. Stock options granted under the Plan may be non-qualified stock options or incentive stock options, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_042"></A>2.</B></FONT></TD><TD><B>DEFINITIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For purposes of interpreting the Plan and related
documents (including Award Agreements), the following definitions shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Affiliate&rdquo;</B>
means, with respect to the Company, any company or other trade or business that controls, is controlled by or is under common control
with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including, without limitation, any Subsidiary.
For purposes of granting Options or Stock Appreciation Rights, an entity may not be considered an Affiliate of the Company unless
the Company holds a &ldquo;controlling interest&rdquo; in such entity, where the term &ldquo;controlling interest&rdquo; has the
same meaning as provided in Treasury Regulation Section&nbsp;1.414(c)-2(b)(2)(i), provided that the language &ldquo;at least 50
percent&rdquo; is used instead of &ldquo;at least 80 percent&rdquo; and, provided further, that where granting of Options or Stock
Appreciation Rights is based upon a legitimate business criterion, the language &ldquo;at least 20 percent&rdquo; is used instead
of &ldquo;at least 80 percent&rdquo; each place it appears in Treasury Regulation Section&nbsp;1.414(c)-2(b)(2)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Annual
Incentive Award&rdquo;</B> means an Award, denominated in cash, made subject to attainment of performance goals (as described in
<B>Section&nbsp;14</B>) over a Performance Period of up to one (1) year (which shall correspond to the Company&rsquo;s fiscal year,
unless otherwise specified by the Committee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Applicable
Laws&rdquo;</B> means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate,
securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national
market system, of any jurisdiction applicable to Awards granted to residents therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Award&rdquo;</B>
means a grant of an Option, Stock Appreciation Right, Restricted Stock, Unrestricted Stock, Stock Unit, Dividend Equivalent Right,
Performance Award, Annual Incentive Award, LTIP Unit, or other equity-based award<B> </B>under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Award
Agreement&rdquo;</B> means the agreement between the Company and a Grantee that evidences and sets out the terms and conditions
of an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Board&rdquo;</B>
means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Cause&rdquo;
</B>means, unless defined otherwise in a Service Provider&rsquo;s Award Agreement or employment, consulting or services agreement
with the Company or an Affiliate (in which case such definition shall control), as determined by the Committee, the Service Provider&rsquo;s
(i) continued failure to substantially perform duties, or gross negligence or willful misconduct in connection with the performance
of duties; (ii) conviction or plea of guilty or nolo contendere of a felony; (iii) conviction of any other criminal offense involving
an act of dishonesty intended to result in substantial personal enrichment of such Grantee at the expense of the Company or an
Affiliate; or (iv) material breach of any Company policy or term of any employment, consulting or other services, confidentiality,
intellectual property or non-competition agreements, if any, between the Service Provider and the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Change
in Control&rdquo;</B> means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
&ldquo;person&rdquo; as such term is used in Section&nbsp;13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
&ldquo;<U>Exchange Act</U>&rdquo;) (other than the Company, any trustee or other fiduciary holding securities under any employee
benefit plan of the Company or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportion as their ownership of stock of the Company), is or becomes the &ldquo;beneficial owner&rdquo; (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined
voting power of the Company&rsquo;s then outstanding voting securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any period of twelve consecutive months, individuals who at the beginning of such period constitute the Board, and any new director
(other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described
in clause (i), (iii) or (iv) hereof) whose election by the Board or nomination for election by the Company&rsquo;s stockholders
was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least
a majority thereof, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of directors or actual threatened solicitation
of proxies or consents by or on behalf of a person other than the Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consummation of a merger or consolidation of the Company with any other entity or approve the issuance of voting securities in
connection with a merger or consolidation of the Company (or any direct or indirect subsidiary thereof) pursuant to applicable
exchange requirements, other than (A) a merger or consolidation which would result</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
or parent entity) at least 50.1% of the combined voting power of the voting securities of the Company or such surviving or parent
entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction) in which no &ldquo;person&rdquo; (as defined above) is or becomes the beneficial owner,
directly or indirectly, of securities of the Company representing 50% or more of either of the then outstanding shares of Common
Stock or the combined voting power of the Company&rsquo;s then outstanding voting securities; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consummation of the sale or disposition by the Company of all or substantially all of the Company&rsquo;s assets (or any transaction
or series of transactions within a period of twelve months ending on the date of the last sale or disposition having a similar
effect).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing, if an Award constitutes
deferred compensation within the meaning of Code Section&nbsp;409A, no payment, settlement or vesting (if vesting would be deemed
a distribution with respect to the Award under Section&nbsp;409A) shall occur with respect to such Award on account of the Change
in Control transaction or event unless the transaction or event also constitutes a change in the ownership or effective control
of the Company or a change in the ownership of a substantial portion of the Company&rsquo;s assets, as those terms are used in
Code Section&nbsp;409A(a)(2)(c)(v).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Code&rdquo;</B>
means the Internal Revenue Code of 1986, as now in effect or as hereafter amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Committee&rdquo;</B>
means the Committee constituted under Section&nbsp;3 to administer the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Common
Stock&rdquo;</B> means the common stock of the Company, par value $0.01 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Company&rdquo;</B>
means Great Ajax Corp., a Maryland corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Covered
Employee&rdquo;</B> means a Grantee who is a covered employee within the meaning of Code Section&nbsp;162(m)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Determination
Date&rdquo;</B> means the Grant Date or such other date as of which the Fair Market Value of a Share is required to be established
for purposes of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Disability&rdquo;</B>
means the Grantee is unable to perform each of the essential duties of such Grantee&rsquo;s position by reason of a medically determinable
physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period
of not less than 12 months; provided, however, that, with respect to rules regarding expiration of an Incentive Stock Option following
termination of the Grantee&rsquo;s Service, Disability shall mean the Grantee is unable to engage in any substantial gainful activity
by reason of a medically determinable physical or mental impairment which can be expected to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">result in death or which has lasted or can be expected to last for
a continuous period of not less than 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Dividend
Equivalent Right&rdquo;</B> means a right, granted to a Grantee under <B>Section&nbsp;13</B>, to receive cash, Shares, other Awards
or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Effective
Date&rdquo;</B> means June 7, 2016, the date the Plan was approved by the stockholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Exchange
Act&rdquo;</B> means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Fair
Market Value&rdquo;</B> means the fair market value of a Share for purposes of the Plan, which shall be determined as of any Determination
Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
on such Determination Date the Shares are listed on a Stock Exchange, or are publicly traded on another established securities
market (a &ldquo;<U>Securities Market</U>&rdquo;), the Fair Market Value of a Share shall be the closing price of the Share as
reported on such Stock Exchange or such Securities Market (provided that, if there is more than one such Stock Exchange or Securities
Market, the Committee shall designate the appropriate Stock Exchange or Securities Market for purposes of the Fair Market Value
determination). If there is no such reported closing price on such Determination Date, the Fair Market Value of a Share shall be
the closing price of the Share on the most recent date prior to such Determination Date on which any sale of Shares shall have
been reported on such Stock Exchange or such Securities Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
on such Determination Date the Shares are not listed on a Stock Exchange or publicly traded on a Securities Market, the Fair Market
Value of a Share shall be the value of the Share as determined by the Committee in good faith; provided, however, that if such
Fair Market Value is used to determine an Option Price or a SAR Exercise Price, the Committee shall use a reasonable application
of a reasonable valuation method, in a manner consistent with Code Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Family
Member&rdquo;</B> means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including
adoptive relationships, of the Grantee, any person sharing the Grantee&rsquo;s household (other than a tenant or employee), a trust
in which any one or more of these persons have more than fifty percent (50%) of the beneficial interest, a foundation in which
any one or more of these persons (or the Grantee) control the management of assets, and any other entity in which one or more of
these persons (or the Grantee) own more than fifty percent (50%) of the voting interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Good
Reason&rdquo; </B>means, unless defined otherwise in a Service Provider&rsquo;s Award Agreement or employment, consulting or services
agreement with the Company or an Affiliate (in which case such definition shall control), as determined by the Committee (i) a
material adverse change to the Service Provider&rsquo;s title or responsibilities; (ii) a material reduction in the Service Provider&rsquo;s
annual base salary or annual target bonus opportunity; or (iii) the relocation of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the Service Provider&rsquo;s principal place of employment to a
location more than 35 miles from the Service Provider&rsquo;s principal place of employment or the Company&rsquo;s requiring the
Service Provider to be based anywhere other than such principal place of employment (or permitted relocation thereof) except for
required travel on the Company&rsquo;s business to an extent substantially consistent with the Service Provider&rsquo;s business
travel obligations as of immediately prior to the Change in Control; provided, however, that the Service Provider must provide
written notice to the Company of the condition that could constitute a &ldquo;Good Reason&rdquo; event within ninety (90) days
of the initial existence of such condition, such condition must not have been remedied by the Company within thirty (30) days of
such written notice, and the termination must occur within ninety (90) days after such failure to remedy the event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Grant
Date&rdquo;</B> means, as determined by the Committee, the latest to occur of (i) the date as of which the Company completes the
action constituting the Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under
<B>Section&nbsp;6</B>, or (iii) such other date as may be specified by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Grantee&rdquo;</B>
means a natural person who receives or holds an Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Incentive
Stock</B> <B>Option&rdquo;</B> means an &ldquo;incentive stock option&rdquo; within the meaning of Code Section&nbsp;422, or the
corresponding provision of any subsequently enacted tax statute, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Long-Term
Incentive Unit&rdquo;</B> or <B>&ldquo;LTIP Unit&rdquo;</B> means an Award under <B>Section&nbsp;15</B> of an interest in the operating
partnership affiliated with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Non-Qualified
Stock Option&rdquo;</B> means an Option that is not an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Option&rdquo;</B>
means an option to purchase one or more Shares pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Option
Price&rdquo;</B> means the exercise price for each Share subject to an Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<B>OP Unit</B>&rdquo; means the limited
partnership units of the Company&rsquo;s operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Other
Agreement&rdquo;</B> shall have the meaning set forth in <B>Section&nbsp;16</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Outside
Director&rdquo;</B> means a member of the Board who is not an officer or employee of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Performance
Award&rdquo;</B> means an Award made subject to the attainment of performance goals (as described in <B>Section&nbsp;14</B>) over
a Performance Period of up to ten (10) years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Performance-Based
Compensation&rdquo; </B>means compensation under an Award that is intended to satisfy the requirements of Code Section&nbsp;162(m)
for &ldquo;qualified performance-based compensation&rdquo; paid to Covered Employees. Notwithstanding the foregoing, nothing in
the Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">shall be construed to mean that an Award which does not satisfy
the requirements for &ldquo;qualified performance-based compensation&rdquo; under Code Section&nbsp;162(m) does not constitute
performance-based compensation for other purposes, including for purposes of Code Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Performance
Measures&rdquo;</B><I> </I>means measures as described in <B>Section&nbsp;14</B> on which the performance goals are based and which
have been approved by the Company&rsquo;s stockholders pursuant to the Plan in order to qualify Awards as Performance-Based Compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Performance
Period&rdquo; </B>means the period of time during which the performance goals must be met in order to determine the degree of payout
and/or vesting with respect to an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Plan&rdquo;</B>
means this Great Ajax Corp., 2016 Equity Incentive Plan, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Purchase
Price&rdquo;</B> means the purchase price for each Share pursuant to a grant of Restricted Stock, Stock Units or Unrestricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Restricted
Stock&rdquo;</B> means Shares awarded to a Grantee pursuant to <B>Section&nbsp;10</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;SAR
Exercise Price&rdquo;</B> means the per share exercise price of a SAR granted to a Grantee under <B>Section&nbsp;9</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Securities
Act&rdquo;</B> means the Securities Act of 1933, as now in effect or as hereafter amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Service&rdquo;</B>
means service as a Service Provider to the Company or any Affiliate. Unless otherwise stated in the applicable Award Agreement,
a Grantee&rsquo;s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues
to be a Service Provider to the Company or any Affiliate. Subject to the preceding sentence, whether a termination of Service shall
have occurred for purposes of the Plan shall be determined by the Committee, which determination shall be final, binding and conclusive.
Notwithstanding any other provision to the contrary, for any individual providing services solely as a director, only service to
the Company or any of its Subsidiaries constitutes Service. Except as may otherwise be required to comply with Code Section&nbsp;409A,
if the Service Provider&rsquo;s employment or other service relationship is with an Affiliate and that entity ceases to be an Affiliate,
a termination of Service shall be deemed to have occurred when the entity ceases to be an Affiliate unless the Service Provider
transfers his or her employment or other service relationship to the Company or its remaining Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Service
Provider&rdquo;</B> means an employee, officer, director, or a consultant or adviser (who is a natural person) providing services
to the Company or any of its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.42&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Share&rdquo;</B>
means a share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.43&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Stock
Appreciation Right&rdquo;</B> or <B>&ldquo;SAR&rdquo;</B> means a right granted to a Grantee under <B>Section&nbsp;9</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Stock
Units&rdquo; </B>means a bookkeeping entry representing the equivalent of one Share awarded to a Grantee pursuant to <B>Section&nbsp;10</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.45&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Stock
Exchange&rdquo;</B> means the New York Stock Exchange or another established national or regional stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.46&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Subsidiary&rdquo;</B>
means any &ldquo;subsidiary corporation&rdquo; of the Company within the meaning of Code Section&nbsp;424(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.47&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Substitute
Award&rdquo;</B> means an Award granted upon assumption of, or in substitution for, outstanding awards previously granted by a
company or other entity acquired by the Company or an Affiliate or with which the Company or an Affiliate combines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.48&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Ten
Percent Stockholder&rdquo;</B> means an individual who owns more than ten percent (10%) of the total combined voting power of all
classes of outstanding voting securities of the Company, its parent or any of its Subsidiaries. In determining Share ownership,
the attribution rules of Code Section&nbsp;424(d) shall be applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>2.49&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Unrestricted
Stock&rdquo; </B>shall have the meaning set forth in <B>Section&nbsp;11</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless the context otherwise requires, all references
in the Plan to &ldquo;including&rdquo; shall mean &ldquo;including without limitation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">References in the Plan to any Code Section shall
be deemed to include, as applicable, regulations promulgated under such Code Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_043"></A>3.</B></FONT></TD><TD><B>ADMINISTRATION OF THE PLAN</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_044"></A>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committee</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Plan shall be administered by the Committee,
constituted as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee will consist of the Compensation Committee of the Board or, in the absence of a Compensation Committee, the Board or
such committee as the Board shall select. Once appointed, the Committee will serve in its designated capacity until otherwise directed
by the Board. The Board may increase the size of the Committee and appoint additional members, remove members (with or without
cause) and substitute new members, fill vacancies (however caused), or remove all members of the Committee and thereafter directly
administer the Plan. Notwithstanding the foregoing, unless the Board determines otherwise, while the Company Shares are registered
pursuant to Section&nbsp;12 of the Exchange Act, the Plan will be administered only by a committee consisting of no fewer than
two directors of the Company, each of whom is (A) a &ldquo;non-employee director&rdquo; within the meaning of Rule 16b-3 (or any
successor rule) of the Exchange Act, (B) an &ldquo;outside director&rdquo; within the meaning of Section&nbsp;162(m)(4)(C)(i) of
the Code, and (C) an &ldquo;independent director&rdquo; for purpose of the rules and regulations of the Stock Exchange or quotation
system on which the Shares are principally traded; provided, however, the failure of the Committee to be composed solely of individuals
who are &ldquo;non-employee directors,&rdquo; &ldquo;outside directors,&rdquo; and &ldquo;independent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">directors&rdquo; shall not render ineffective or void any Awards
made by, or other actions taken by, such Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan may be administered by different bodies with respect to different Grantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Decisions of the Committee shall be final, conclusive and binding on all persons or entities, including the Company, any Grantee,
any stockholder and any employee or any Affiliate. A majority of the members of the Committee may determine its actions and fix
the time and place of its meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may delegate to a committee of one or more Directors of the Company or, to the extent permitted by Applicable Law, to
one or more officers or a committee of officers, the authority to grant Awards to employees and officers of the Company and its
Affiliates who are not directors, Covered Employees, or &ldquo;officers,&rdquo; as such term is defined by Rule 16a-1(f) of the
Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_045"></A>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms
of Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the other terms and conditions of
the Plan, the Committee shall have full and final authority to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designate
Grantees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determine
the type or types of Awards to be made to a Grantee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determine
the number of Shares to be subject to an Award;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;establish
the terms and conditions of each Award (including, but not limited to, the exercise price of any Option, the nature and duration
of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of
an Award or the Shares subject thereto, the treatment of an Award in the event of a Change in Control, and any terms or conditions
that may be necessary to qualify Options as Incentive Stock Options);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prescribe
the form of each Award Agreement evidencing an Award;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interpret
and administer the Plan and any instrument or agreement entered into under or in connection with the Plan, including any Award
Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;correct
any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent that the
Committee shall deem desirable to carry it into effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;establish
such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend,
modify, or reprice (except as such practice is prohibited by <B>Section&nbsp;3.4 </B>herein) the terms of any outstanding Award;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
any other determination and take any other action that the Committee deems necessary or desirable for administration of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Such authority specifically includes the authority, in order to
effectuate the purposes of the Plan but without amending the Plan, to make or modify Awards to eligible individuals who are foreign
nationals or are individuals who are employed outside the United States to recognize differences in local law, tax policy, or custom.
Notwithstanding the foregoing, no amendment, modification or supplement of any Award shall, without the consent of the Grantee,
impair the Grantee&rsquo;s rights under such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_046"></A>3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeiture;
Recoupment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may reserve the right in an Award
Agreement to cause a forfeiture of the gain realized by a Grantee with respect to an Award thereunder on account of actions taken
by, or failed to be taken by, such Grantee in violation or breach of or in conflict with any (a) employment agreement, (b) non-competition
agreement, (c) agreement prohibiting solicitation of employees or clients of the Company or any Affiliate, (d) confidentiality
obligation with respect to the Company or any Affiliate, or (e) other agreement, as and to the extent specified in such Award Agreement.
The Company may annul an outstanding Award if the Grantee thereof is an employee and is terminated for Cause as defined in the
Plan or the applicable Award Agreement or for &ldquo;cause&rdquo; as defined in any other agreement between the Company or any
Affiliate and such Grantee, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Company adopts a &ldquo;clawback&rdquo;
or recoupment policy, any Award will be subject to repayment to the Company to the extent so provided under the terms of such policy.
Such policy may authorize the Company to recover from a Grantee incentive-based compensation (including Options awarded as compensation)
awarded to or received by such Grantee during a period of up to three (3) years, as determined by the Committee, preceding the
date on which the Company is required to prepare an accounting restatement due to material noncompliance by the Company, as a result
of misconduct, with any financial reporting requirement under the federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_047"></A>3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Repricing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except for adjustments to Options or SARs contemplated
by <B>Section&nbsp;17</B>, the Company may not, without obtaining stockholder approval: (a) amend the terms of outstanding Options
or SARs to reduce the Option Price or SAR Exercise Price of such outstanding Options or SARs; (b) cancel outstanding Options or
SARs in exchange for or substitution of Options or SARs with an Option Price or SAR Exercise Price that is less than the exercise
price of the original Options or SARs; (c) cancel outstanding Options or SARs with an Option Price or SAR Exercise Price above
the current Fair Market Value of a Share in exchange for cash or other securities; or (d) take any other action with respect to
Options or SARS that would be treated as a repricing under the Stock Exchange or quotation system on which the Shares are principally
traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_048"></A>3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferral
Arrangement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Committee may permit or require the deferral
of any award payment into a deferred compensation arrangement, subject to such rules and procedures as it may establish, which
may include provisions for the payment or crediting of interest or Dividend Equivalent Rights and, in connection therewith, provisions
for converting such credits into Stock Units and for restricting deferrals to comply with hardship distribution rules affecting
tax-qualified retirement plans subject to Code Section&nbsp;401(k)(2)(B)(IV),<I> </I>provided that no Dividend Equivalent Rights
may be granted in connection with, or related to, an Award of Options or SARs. Any such deferrals shall be made in a manner that
complies with Code Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_049"></A><B>3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Liability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No member of the Board or the Committee (or
any other person to whom administrative authority has been delegated hereunder) shall be liable for any action or determination
made in good faith with respect to the Plan or any Award or Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_050"></A><B>3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
Issuance/Book-Entry.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding any provision of the Plan to
the contrary, the issuance of the Shares under the Plan may be evidenced in such a manner as the Committee, in its discretion,
deems appropriate, including, without limitation, book-entry or direct registration or issuance of one or more share certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_051"></A>4.</B></FONT></TD><TD><B>SHARES SUBJECT TO THE PLAN</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_052"></A><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number
of Shares Available for Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to adjustment as provided in <B>Section&nbsp;17</B>,
the number of Shares available for issuance under the Plan (including pursuant to Incentive Stock Options) shall, in the aggregate,
not exceed 5% of the Shares issued and outstanding from time to time on a fully diluted basis (assuming, if applicable, the exercise
of all outstanding options and the conversion of all warrants and convertible securities, including OP Units and LTIP Units, into
Shares). Shares issued or to be issued under the Plan shall be authorized but unissued shares or treasury Shares or any combination
of the foregoing, as may be determined from time to time by the Board or by the Committee. The maximum number of Shares that may
be granted under the Plan pursuant to Incentive Stock Options is 500,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_053"></A>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments
in Authorized Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Committee shall have the right to substitute
or assume Awards in connection with mergers, reorganizations, separations, or other transactions to which Code Section&nbsp;424(a)
applies. The number of Shares reserved pursuant to <B>Section&nbsp;4</B> shall be increased by the corresponding number of awards
assumed and, in the case of a substitution, by the net increase in the number of Shares subject to awards before and after the
substitution. Available shares under a stockholder approved plan of an acquired company (as appropriately adjusted to reflect the
transaction) may be used for Awards under the Plan and do not reduce the number of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">available under the Plan, subject to requirements of the Stock Exchange
on which the Shares are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_054"></A>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
Usage.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shares covered by an Award shall be counted
as used as of the Grant Date. Any Shares that are subject to Awards shall be counted against the limit set forth in <B>Section&nbsp;4.1</B>
as one (1) Share for every one (1) Share subject to an Award. With respect to SARs, the number of Shares subject to an award of
SARs will be counted against the aggregate number of Shares available for issuance under the Plan regardless of the number of Shares
actually issued to settle the SAR upon exercise. If any Shares covered by an Award granted under the Plan are not purchased or
are forfeited or expire, or if an Award otherwise terminates without delivery of any Shares subject thereto, then the number of
Shares counted against the aggregate number of Shares available under the Plan with respect to such Award shall, to the extent
of any such forfeiture, termination or expiration, again be available for making Awards under the Plan in the same amount as such
Shares were counted against the limit set forth in <B>Section&nbsp;4.1</B>. The number of Shares available for issuance under the
Plan shall not be increased by (i) any Shares tendered or withheld or Award surrendered in connection with the purchase of Shares
upon exercise of an Option as described in <B>Section&nbsp;12.2</B>, (ii) any Shares deducted or delivered from an Award payment
in connection with the Company&rsquo;s tax withholding obligations as described in <B>Section&nbsp;18.3 </B>or (iii) any Shares
purchased by the Company with proceeds from option exercises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_055"></A>5.</B></FONT></TD><TD><B>EFFECTIVE DATE, DURATION AND AMENDMENTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_056"></A>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
Date.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Plan shall be effective as of the Effective
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_057"></A><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Plan first became effective on the Effective
Date. The Plan shall continue in effect until the day immediately prior to the 10-year anniversary of the Effective Date, unless
sooner terminated on any date as provided in <B>Section&nbsp;5.3 </B>or extended with approved by the stockholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_058"></A><B>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment
and Termination of the Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board may, at any time and from time to
time, amend, suspend, or terminate the Plan as to any Shares as to which Awards have not been made. An amendment shall be contingent
on approval of the Company&rsquo;s stockholders to the extent stated by the Board, required by Applicable Laws or required by the
Stock Exchange on which the Shares are listed. No amendment will be made to the no-repricing provisions of <B>Section&nbsp;3.4</B>
or the option pricing provisions of <B>Section&nbsp;8.1 </B>without the approval of the Company&rsquo;s stockholders. No amendment,
suspension, or termination of the Plan shall, without the consent of the Grantee, impair rights or obligations under any Award
theretofore awarded under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_059"></A>6.</B></FONT></TD><TD><B>AWARD ELIGIBILITY AND LIMITATIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_060"></A><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service
Providers and Other Persons.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to this <B>Section&nbsp;6</B>, Awards
may be made under the Plan to: (i) any Service Provider, as the Committee shall determine and designate from time to time and (ii)
any other individual whose participation in the Plan is determined to be in the best interests of the Company by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_061"></A><B>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation
on Shares Subject to Awards and Cash Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During any time when the Company has a class
of equity security registered under Section&nbsp;12 of the Exchange Act and the transition period under Treasury Regulation Section&nbsp;1.162-27(f)(2)
has lapsed or does not apply, Awards intended to qualify as Performance-Based Compensation shall be subject to the following limitations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
maximum number of Shares subject to Options or SARs that can be granted under the Plan to any person eligible for an Award under
<B>Section&nbsp;6</B> is 500,000 Shares in a calendar year (for this purpose, tandem SARs/Options shall be treated as one Award);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
maximum number of Shares that can be granted under the Plan, other than pursuant to Options or SARs, to any person eligible for
an Award under <B>Section&nbsp;6</B> is 500,000 Shares in a calendar year; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
maximum amount that may be paid as an Annual Incentive Award in a calendar year to any person eligible for an Award shall be $5,000,000
and the maximum amount that may be paid as a cash-settled Performance Award in respect of a performance period by any person eligible
for an Award shall be $5,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The preceding limitations in this <B>Section&nbsp;6.2</B>
are subject to adjustment as provided in <B>Section&nbsp;17</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_062"></A>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stand-Alone,
Additional, Tandem and Substitute Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to <B>Section&nbsp;3.4</B>, Awards granted
under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution
or exchange for, any other Award or any award granted under another plan of the Company, any Affiliate, or any business entity
to be acquired by the Company or an Affiliate, or any other right of a Grantee to receive payment from the Company or any Affiliate.
Such additional, tandem, and substitute or exchange Awards may be granted at any time. Subject to <B>Section&nbsp;3.4</B>, if an
Award is granted in substitution or exchange for another Award, the Committee shall require the surrender of such other Award in
consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu
of cash amounts payable under other plans of the Company or any Affiliate. Notwithstanding <B>Section&nbsp;8.1 </B>and <B>Section&nbsp;9.1
</B>but subject to <B>Section&nbsp;3.4</B>, the Option Price of an Option or the SAR Exercise Price of an SAR that is a Substitute
Award may be less than 100% of the Fair Market Value of a Share on the original date of grant; provided, that, the Option Price
or grant price is determined in accordance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">with the principles of Code Section&nbsp;424 and the regulations
thereunder for any Incentive Stock Option and consistent with Code Section&nbsp;409A for any other Option or SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_063"></A>7.</B></FONT></TD><TD><B>AWARD AGREEMENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Award granted pursuant to the Plan shall
be evidenced by an Award Agreement, in such form or forms as the Committee shall from time to time determine. Award Agreements
granted from time to time or at the same time need not contain similar provisions but shall be consistent with the terms of the
Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options are intended to be Non-Qualified Stock
Options or Incentive Stock Options, and in the absence of such specification such options shall be deemed Non-Qualified Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_064"></A>8.</B></FONT></TD><TD><B>TERMS AND CONDITIONS OF OPTIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_065"></A>8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option
Price.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Option Price of each Option shall be fixed
by the Committee and stated in the Award Agreement evidencing such Option. Except in the case of Substitute Awards,<B> </B>the
Option Price of each Option shall be at least the Fair Market Value of a Share on the Grant Date; provided, <U>however</U>, that
in the event that a Grantee is a Ten Percent Stockholder, the Option Price of an Option granted to such Grantee that is intended
to be an Incentive Stock Option shall be not less than one hundred ten percent (110%) of the Fair Market Value of a Share on the
Grant Date. In no case shall the Option Price of any Option be less than the par value of a Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_066"></A><B>8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to <B>Sections 8.3 and 17.3</B>, each
Option granted under the Plan shall become exercisable at such times and under such conditions as shall be determined by the Committee
and stated in the Award Agreement. For purposes of this <B>Section&nbsp;8.2</B>, fractional numbers of Shares subject to an Option
shall be rounded down to the next nearest whole number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_067"></A><B>8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Option granted under the Plan shall terminate,
and all rights to purchase Shares thereunder shall cease, upon the expiration of ten (10) years from the date such Option is granted,
or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and
stated in the Award Agreement relating to such Option; provided, however, that in the event that the Grantee is a Ten Percent Stockholder,
an Option granted to such Grantee that is intended to be an Incentive Stock Option shall not be exercisable after the expiration
of five (5) years from its Grant Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_068"></A><B>8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of Service.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Award Agreement shall set forth the extent
to which the Grantee shall have the right to exercise the Option following termination of the Grantee&rsquo;s Service. Such provisions
shall be determined in the sole discretion of the Committee, need not be uniform among all</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Options issued pursuant to the Plan, and may reflect distinctions
based on the reasons for termination of Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_069"></A>8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations
on Exercise of Option.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding any other provision of the Plan,
in no event may any Option be exercised, in whole or in part, prior to the date the Plan is approved by the stockholders of the
Company as provided herein or after the occurrence of an event referred to in <B>Section&nbsp;17</B> which results in termination
of the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_070"></A><B>8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Method
of Exercise.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the terms of <B>Section&nbsp;12 </B>and
<B>Section&nbsp;18.3.3</B>, an Option that is exercisable may be exercised by the Grantee&rsquo;s delivery to the Company of notice
of exercise on any business day, at the Company&rsquo;s principal office, on the form specified by the Company and in accordance
with any additional procedures specified by the Committee. Subject to the terms of <B>Section&nbsp;12 </B>and <B>Section&nbsp;18.3.3</B>,
such notice shall specify the number of Shares with respect to which the Option is being exercised and shall be accompanied by
payment in full of the Option Price of the Shares for which the Option is being exercised plus the amount (if any) of federal and/or
other taxes which the Company may, in its judgment, be required to withhold with respect to an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_071"></A><B>8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights
of Holders of Options.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless otherwise stated in the applicable Award
Agreement, an individual or entity holding or exercising an Option shall have none of the rights of a stockholder (for example,
the right to receive cash or dividend payments or distributions attributable to the subject Shares or to direct the voting of the
subject Shares or to receive notice of any meeting of the Company&rsquo;s stockholders) until the Shares covered thereby are fully
paid and issued to him. Except as provided in <B>Section&nbsp;17</B>, no adjustment shall be made for dividends, distributions
or other rights for which the record date is prior to the date of such issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_072"></A><B>8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of Share Certificates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Promptly after the exercise of an Option by
a Grantee and the payment in full of the Option Price with respect thereto, such Grantee shall be entitled to receive such evidence
of such Grantee&rsquo;s ownership of the Shares subject to such Option as shall be consistent with <B>Section&nbsp;3.7</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_073"></A><B>8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferability
of Options.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as provided in <B>Section&nbsp;8.10</B>,
during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee&rsquo;s guardian
or legal representative) may exercise an Option. Except as provided in <B>Section&nbsp;8.10</B>, no Option shall be assignable
or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_074"></A>8.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Family
Transfers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If authorized in the applicable Award Agreement
or by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of an Option which is not an Incentive
Stock Option to any Family Member. For the purpose of this <B>Section&nbsp;8.10</B>, a &ldquo;not for value&rdquo; transfer is
a transfer which is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii)
unless Applicable Law does not permit such transfers, a transfer to an entity in which more than fifty percent (50%) of the voting
interests are owned by Family Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this
<B>Section&nbsp;8.10</B>, any such Option shall continue to be subject to the same terms and conditions as were applicable immediately
prior to transfer, and Shares acquired pursuant to the Option shall be subject to the same restrictions on transfer of shares as
would have applied to the Grantee. Subsequent transfers of transferred Options are prohibited except to Family Members of the original
Grantee in accordance with this <B>Section&nbsp;8.10</B> or by will or the laws of descent and distribution. The events of termination
of Service of <B>Section&nbsp;8.4</B> shall continue to be applied with respect to the original Grantee, following which the Option
shall be exercisable by the transferee only to the extent, and for the periods specified, in <B>Section&nbsp;8.4</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_075"></A><B>8.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations
on Incentive Stock Options.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An Option shall constitute an Incentive Stock
Option only (i) if the Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (ii) to the extent
specifically provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair Market Value (determined
at the time the Option is granted) of the Shares with respect to which all Incentive Stock Options held by such Grantee become
exercisable for the first time during any calendar year (under the Plan and all other plans of the Grantee&rsquo;s employer and
its Affiliates) does not exceed $100,000. Except to the extent provided in the regulations under Code Section&nbsp;422, this limitation
shall be applied by taking Options into account in the order in which they were granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_076"></A><B>8.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice
of Disqualifying Disposition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Grantee shall make any disposition of
Shares issued pursuant to the exercise of an Incentive Stock Option under the circumstances described in Code Section&nbsp;421(b)
(relating to certain disqualifying dispositions), such Grantee shall notify the Company of such disposition within ten (10) days
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_077"></A>9.</B></FONT></TD><TD><B>TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_078"></A>9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right
to Payment and Grant Price.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A SAR shall confer on the Grantee to whom it
is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise
over (B) the SAR Exercise Price as determined by the Committee. The Award Agreement for a SAR shall specify the SAR Exercise Price,
which shall be at least the Fair Market Value of one (1) Share on the Grant Date. SARs may be granted in conjunction with all or
part of an Option granted under the Plan or at any subsequent time during the term of such Option, in conjunction with all or part
of any other Award or without regard to any Option or other Award; provided that a SAR that is</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">granted subsequent to the Grant Date of a related Option must have
a SAR Exercise Price that is no less than the Fair Market Value of one Share on the SAR Grant Date;<I> </I>and provided<I> </I>further
that a Grantee may only exercise either the SAR or the Option with which it is granted in tandem and not both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_079"></A>9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Terms.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Committee shall determine on the Grant Date
or thereafter, the time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including
based on achievement of performance goals and/or future service requirements), the time or times at which SARs shall cease to be
or become exercisable following termination of Service or upon other conditions, the method of exercise, method of settlement,
form of consideration payable in settlement, method by or forms in which Shares will be delivered or deemed to be delivered to
Grantees, whether or not a SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of
any SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_080"></A><B>9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each SAR granted under the Plan shall terminate,
and all rights thereunder shall cease, upon the expiration of ten (10) years from the date such SAR is granted, or under such circumstances
and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement
relating to such SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_081"></A><B>9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferability
of SARS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as provided in <B>Section&nbsp;9.5</B>,
during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee&rsquo;s guardian
or legal representative) may exercise a SAR. Except as provided in <B>Section&nbsp;9.5</B>, no SAR shall be assignable or transferable
by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_082"></A><B>9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Family
Transfers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If authorized in the applicable Award Agreement
and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of a SAR to any Family Member.
For the purpose of this <B>Section&nbsp;9.5</B>, a &ldquo;not for value&rdquo; transfer is a transfer which is (i) a gift, (ii)
a transfer under a domestic relations order in settlement of marital property rights; or (iii) unless Applicable Law does not permit
such transfers, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family Members
(or the Grantee) in exchange for an interest in that entity. Following a transfer under this <B>Section&nbsp;9.5</B>, any such
SAR shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and Shares
acquired pursuant to a SAR shall be subject to the same restrictions on transfer or shares as would have applied to the Grantee.
Subsequent transfers of transferred SARs are prohibited except to Family Members of the original Grantee in accordance with this
<B>Section&nbsp;9.5</B> or by will or the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_083"></A>10.</B></FONT></TD><TD><B>TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_084"></A>10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant
of Restricted Stock or Stock Units.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Awards of Restricted Stock or Stock Units may
be made for consideration or no consideration. To the extent required by applicable law, Grantees will be required to pay the par
value of the Shares; provided, however, that, to the extent permitted by applicable law, par value shall be deemed paid by past
Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future
Service to the Company or an Affiliate of the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_085"></A><B>10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At the time a grant of Restricted Stock or Stock
Units is made, the Committee may, in its sole discretion, establish a period of time (a &ldquo;restricted period&rdquo;) applicable
to such Restricted Stock or Stock Units. Each Award of Restricted Stock or Stock Units may be subject to a different restricted
period. The Committee may in its sole discretion, at the time a grant of Restricted Stock or Stock Units is made, prescribe restrictions
in addition to or other than the expiration of the restricted period, including the satisfaction of corporate or individual performance
objectives, which may be applicable to all or any portion of the Restricted Stock or Stock Units as described in <B>Section&nbsp;14</B>,
and which shall be set forth in the Award Agreement relating to such grant. Neither Restricted Stock nor Stock Units may be sold,
transferred, assigned, pledged or otherwise encumbered or disposed of during the restricted period or prior to the satisfaction
of any other restrictions prescribed by the Committee with respect to such Restricted Stock or Stock Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_086"></A><B>10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock Certificates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to <B>Section&nbsp;3.7</B>, to the
extent that ownership of Restricted Stock is evidenced by a book-entry registration or direct registration, such registration shall
be notated to evidence the restrictions imposed on such Award of Restricted Stock under the Plan and the applicable Award Agreement.
Subject to <B>Section&nbsp;3.7</B> and the immediately following sentence, the Company may issue, in the name of each Grantee to
whom Restricted Stock have been granted, share certificates representing the total number of Restricted Stock granted to the Grantee,
as soon as reasonably practicable after the Grant Date. The Committee may provide in an Award Agreement that either (i) the Secretary
of the Company shall hold such certificates for the Grantee&rsquo;s benefit until such time as the shares of Restricted Stock are
forfeited to the Company or the restrictions applicable thereto lapse and such Grantee shall deliver a stock power to the Company
with respect to each certificate, or (ii) such certificates shall be delivered to the Grantee, provided, however, that such certificates
shall bear a legend or legends that comply with the applicable securities laws and regulations and make appropriate reference to
the restrictions imposed under the Plan and the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_087"></A>10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights
of Holders of Restricted Stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless the Committee otherwise provides in an
Award Agreement, holders of Restricted Stock shall have the right to vote such Shares. Awards of Restricted Stock may provide for
the right to receive any dividends declared or paid with respect to such Shares; provided, however,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">that to the extent such dividend rights are provided with respect
to Restricted Stock that vests or is earned based upon the achievement of performance goals, dividends shall not be paid currently,
but shall, instead, be paid (or, to the extent deemed reinvested into additional Shares of Restricted Stock, vest) only to the
extent (and when) such Restricted Stock vests. The Award Agreement may provide that dividends are payable in cash or deemed reinvested
in additional Shares of Restricted Stock at a price per Share equal to the Fair Market Value of a Share on the date that such dividend
is paid. All distributions, if any, received by a Grantee with respect to Restricted Stock as a result of any stock split, extraordinary
dividend, share dividend, combination of shares, or other similar transaction shall be subject to the restrictions applicable to
the original Grant. Absent advance written consent by the Committee, holders of Restricted Stock may not make an election under
Code Section&nbsp;83(b) with regard to the grant of Restricted Stock, and any holder who attempts to make such an election without
first obtaining such consent shall forfeit the Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_088"></A>10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights
of Holders of Stock Units.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>10.5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
and Dividend Equivalent Rights.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Holders of Stock Units shall have no rights
as stockholders of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the
Shares subject to such Stock Units, to direct the voting of the Shares subject to such Stock Units, or to receive notice of any
meeting of the Company&rsquo;s stockholders); provided, however, that the Committee may provide in an Award Agreement evidencing
a grant of Stock Units that the holder of such Stock Units shall be entitled to receive Dividend Equivalent Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>10.5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creditor&rsquo;s
Rights.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A holder of Stock Units shall have no rights
other than those of a general creditor of the Company. Stock Units represent an unfunded and unsecured obligation of the Company,
subject to the terms and conditions of the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_089"></A><B>10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of Service.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless the Committee otherwise provides in an
Award Agreement or in writing after the Award Agreement is issued, upon the termination of a Grantee&rsquo;s Service, any Restricted
Stock or Stock Units held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions
have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of Restricted Stock or Stock Units, the Grantee shall have
no further rights with respect to such Award, including but not limited to any right to vote Restricted Stock or any right to receive
dividends with respect to Restricted Stock or Stock Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_090"></A>10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the expiration or termination of any restricted
period and the satisfaction of any other conditions prescribed by the Committee and set forth in the Award Agreement relating to
such Restricted Stock or Stock Units, the restrictions applicable to Restricted Stock or Stock Units settled in Shares shall lapse,
and, unless otherwise provided in the applicable Award Agreement, a book-entry or direct registration or a share certificate evidencing
ownership of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">such Shares shall, consistent with <B>Section&nbsp;3.7</B>, be issued,
free of all such restrictions, to the Grantee or the Grantee&rsquo;s beneficiary or estate, as the case may be. Neither the Grantee,
nor the Grantee&rsquo;s beneficiary or estate, shall have any further rights with regard to a Stock Unit once the Shares represented
by the Stock Unit has been delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_091"></A>11.</B></FONT></TD><TD><B>TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND
OTHER EQUITY-BASED AWARDS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Committee may, in its sole discretion, grant
(or sell) an Unrestricted Stock Award to any Grantee pursuant to which such Grantee may receive Shares free of any restrictions
(&ldquo;Unrestricted Stock&rdquo;) under the Plan. Unrestricted Stock Awards may be granted or sold to any Grantee as provided
in the immediately preceding sentence in respect of past or, if so provided in the related Award Agreement or a separate agreement,
the promise by the Grantee to perform future Service to the Company or an Affiliate or other valid consideration, or in lieu of,
or in addition to, any cash compensation due to such Grantee. To the extent required by applicable law, Grantees will be required
to pay the par value of any Shares received pursuant to an Award; provided, however, that, to the extent permitted by applicable
law, par value shall be deemed paid by past Service or, if so provided in the related Award Agreement or a separate agreement,
the promise by the Grantee to perform future Service to the Company or an Affiliate of the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Committee may, in its sole discretion, grant
Awards to Grantees in the form of other equity-based awards, as deemed by the Committee to be consistent with the purposes of the
Plan. Awards granted pursuant to this <B>Section&nbsp;11</B> may be granted with vesting, value and/or payment contingent upon
the attainment of one or more performance goals. The Committee shall determine the terms and conditions of such Awards at the date
of grant or thereafter.<B> </B>Unless the Committee otherwise provides in an Award Agreement or in writing after the Award Agreement
is issued, upon the termination of a Grantee&rsquo;s Service, any other equity-based awards held by such Grantee that have not
vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited.
Upon forfeiture of other equity-based awards, the Grantee shall have no further rights with respect to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_092"></A>12.</B></FONT></TD><TD><B>FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_093"></A>12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
Rule.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Payment of the Option Price for the Shares purchased
pursuant to the exercise of an Option or the Purchase Price for Restricted Stock shall be made in cash or in cash equivalents acceptable
to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_094"></A><B>12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrender
of Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent the Award Agreement so provides,
payment of the Option Price for Shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock
may be made all or in part through the tender or attestation to the Company of Shares, which shall be valued, for purposes of determining
the extent to which the Option Price or Purchase Price has been paid thereby, at their Fair Market Value on the date of exercise
or surrender, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_095"></A>12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cashless
Exercise.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to an Option only (and not with
respect to Restricted Stock), to the extent permitted by law and to the extent the Award Agreement so provides, payment of the
Option Price for Shares purchased pursuant to the exercise of an Option may be made all or in part (i) by delivery (on a form acceptable
to the Committee) by the Grantee of an irrevocable direction to a licensed securities broker acceptable to the Company to sell
Shares and to deliver all or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes
described in <B>Section&nbsp;18.3</B>,<B> </B>or, (ii) with the consent of the Company, by the Grantee electing to have the Company
issue to Grantee only that the number of Shares equal in value to the difference between the Option Price and the Fair Market Value
of the Shares subject to the portion of the Option being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_096"></A><B>12.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Forms of Payment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent the Award Agreement so provides
and/or unless otherwise specified in an Award Agreement, payment of the Option Price for Shares purchased pursuant to exercise
of an Option or the Purchase Price for Restricted Stock may be made in any other form that is consistent with Applicable Laws,
regulations and rules, including, without limitation, Service to the Company or an Affiliate or net exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_097"></A>13.</B></FONT></TD><TD><B>TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_098"></A>13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend
Equivalent Rights.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Dividend Equivalent Right is an Award entitling
the recipient to receive credits based on cash distributions that would have been paid on the Shares specified in the Dividend
Equivalent Right (or other award to which it relates) if such Shares had been issued to and held by the recipient. A Dividend Equivalent
Right may be granted hereunder to any Grantee, provided that no Dividend Equivalent Rights may be granted in connection with, or
related to, an Award of Options or SARs, and, provided, further, that to the extent such Dividend Equivalent Rights are provided
with respect to an Award that vests or is earned based upon the achievement of performance goals, any dividend equivalent amounts
shall not be paid currently, but shall, instead, be paid (or, to the extent deemed reinvested into additional Shares or Share-based
Awards, issued) only to the extent such Award vest (with the Dividend Equivalent amount paid or issued, as the case may be, at
the same time the cash is paid or Shares are issued at or after vesting of the Award). The terms and conditions of Dividend Equivalent
Rights shall be specified in the Award Agreement. Dividend equivalents credited to the holder of a Dividend Equivalent Right may
be paid in cash or may be deemed to be reinvested in additional Shares or Share-based Awards, which may thereafter accrue additional
dividend equivalents. Any such reinvestment shall be based on the Fair Market Value of a Share on the date the dividend was paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_099"></A><B>13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of Service.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as may otherwise be provided by the Committee
either in the Award Agreement or in writing after the Award Agreement is issued, a Grantee&rsquo;s rights in all Dividend Equivalent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Rights or interest equivalents shall automatically terminate upon
the Grantee&rsquo;s termination of Service for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_100"></A>14.</B></FONT></TD><TD><B>TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL
INCENTIVE AWARDS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_101"></A>14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant
of Performance Awards and Annual Incentive Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the terms and provisions of the Plan,
the Committee, at any time and from time to time, may grant Performance Awards and/or Annual Incentive Awards to a Plan participant
in such amounts and upon such terms as the Committee shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_102"></A><B>14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value
of Performance Awards and Annual Incentive Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Performance Award and Annual Incentive
Award shall have an initial value that is established by the Committee at the time of grant. The Committee shall set performance
goals in its discretion which, depending on the extent to which they are met, will determine the value and/or number of Performance
Awards that will be paid out to the Plan participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_103"></A><B>14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earning
of Performance Awards and Annual Incentive Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the terms of the Plan, after the
applicable Performance Period has ended, the holder of Performance Awards or Annual Incentive Awards shall be entitled to receive
payout on the value and number of the Performance Awards or Annual Incentive Awards earned by the Plan participant over the Performance
Period, to be determined as a function of the extent to which the corresponding performance goals have been achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_104"></A><B>14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
and Timing of Payment of Performance Awards and Annual Incentive Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Payment of earned Performance Awards and Annual
Incentive Awards shall be as determined by the Committee and as evidenced in the Award Agreement. Subject to the terms of the Plan,
the Committee, in its sole discretion, may pay earned Performance Awards in the form of cash or in Shares (or in a combination
thereof) equal to the value of the earned Performance Awards at the close of the applicable Performance Period, or as soon as practicable
after the end of the Performance Period; provided that, unless specifically provided in the Award Agreement pertaining to the grant
of the Award, such payment shall occur no later than the 15th day of the third month following the end of the calendar year in
which the Performance Period ends. Any Shares may be granted subject to any restrictions deemed appropriate by the Committee. The
determination of the Committee with respect to the form of payout of such Awards shall be set forth in the Award Agreement pertaining
to the grant of the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_105"></A><B>14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
Conditions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The right of a Grantee to exercise or receive
a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by
the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing
any performance conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_106"></A>14.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
Awards or Annual Incentive Awards Granted to Designated Covered Employees.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If and to the extent that the Committee determines
that a Performance or Annual Incentive Award to be granted to a Grantee who is designated by the Committee as likely to be a Covered
Employee should qualify as &ldquo;qualified performance-based compensation&rdquo; for purposes of Code Section&nbsp;162(m), the
grant, exercise and/or settlement of such Award shall be contingent upon achievement of pre-established performance goals and other
terms set forth in this <B>Section&nbsp;14.6</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>14.6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
Goals Generally.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The performance goals for Performance or Annual
Incentive Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each
of such criteria, as specified by the Committee consistent with this <B>Section&nbsp;14.6</B>. Performance goals applicable to
Awards intended to qualify as Performance-Based Compensation shall be objective and shall otherwise meet the requirements of Code
Section&nbsp;162(m) and regulations thereunder including the requirement that the level or levels of performance targeted by the
Committee result in the achievement of performance goals being &ldquo;substantially uncertain.&rdquo; The Committee may determine
that such Awards shall be granted, exercised and/or settled upon achievement of any one performance goal or that two or more of
the performance goals must be achieved as a condition to the grant, exercise and/or settlement of such Awards. Performance goals
may differ for Awards granted to any one Grantee or to different Grantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>14.6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timing
For Establishing Performance Goals.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Performance goals applicable to Awards intended
to qualify as Performance-Based Compensation shall be established not later than the earlier of (i) 90 days after the beginning
of any performance period applicable to such Awards and (ii) the day on which twenty-five percent (25%) of any performance period
applicable to such Awards has expired, or at such other date as may be required or permitted for &ldquo;qualified performance-based
compensation&rdquo; under Code Section&nbsp;162(m).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>14.6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement
of Awards; Other Terms.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Settlement of such Awards shall be in cash,
Shares, other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce the amount
of a settlement otherwise to be made in connection with such Awards. The Committee shall specify the circumstances in which such
Performance or Annual Incentive Awards shall be paid or forfeited in the event of termination of Service by the Grantee prior to
the end of a performance period or settlement of Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>14.6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
Measures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The performance goals upon which the payment
or vesting of a Performance or Annual Incentive Award to a Covered Employee that is intended to qualify as Performance-Based Compensation
shall be limited to the following Performance Measures, with or without adjustment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;funds
from operations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjusted
funds from operations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings
before any one or more of the following: interest, taxes, depreciation, amortization and/or stock compensation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating
(or gross) income or profit;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pretax
income before allocation of corporate overhead and/or bonus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating
efficiencies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating
income as a percentage of net revenue;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;return
on equity, assets, capital, capital employed or investment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after
tax operating income;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net
income;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings
or book value per share;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;financial
ratios;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cash
flow(s);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;total
rental income or revenues;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capital
expenditures as a percentage of rental income;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;total
operating expenses, or some component or combination of components of total operating expenses, as a percentage of rental income;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stock
price or total stockholder return, including any comparisons with stock market indices;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation
in or maintenance of the price of the common stock or any of our publicly-traded securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt
or cost reduction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;comparisons
with performance metrics of peer companies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;comparisons
of our stock price performance to the stock price performance of peer companies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;strategic
business objectives, consisting of one or more objectives based on meeting specified cost, acquisition or leasing targets, meeting
or reducing budgeted expenditures, attaining division, group or corporate financial goals, meeting business expansion goals and
meeting goals relating to leasing, acquisitions, joint ventures or collaborations or dispositions; economic value-added models;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
combination of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Business criteria may be (but are not required
to be) measured on a basis consistent with U.S. Generally Accepted Accounting Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any Performance Measure(s) may be expressed
on an absolute and/or relative basis, may be based on or otherwise employ comparisons based on internal targets, the performance
of the Company, Subsidiary, and/or Affiliate or past performance or the past performance of any of the Company, Subsidiary, and/or
Affiliate, operating units, business segments or divisions and/or the past or current performance of other companies, and in the
case of earnings based measures, may use or employ comparisons relating to capital, stockholders&rsquo; equity and/or shares outstanding,
or to assets or net assets, as the Committee may deem appropriate. The Committee also has the authority to provide for accelerated
vesting of any Award based on the achievement of performance goals pursuant to the Performance Measures specified in this <B>Section&nbsp;14</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>14.6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluation
of Performance.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Committee may provide in any such Award
that any evaluation of performance may include or exclude any of the following events that occur during a Performance Period: (a)
asset impairments or write-downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting
principles, or other laws or provisions affecting reported results; (d) accruals for reorganization and restructuring programs;
(e) significant, infrequently occurring items; (f) foreign exchange gains and losses, (g) the effect of adverse federal, governmental
or regulatory action, or delays in federal, governmental or regulatory action; and (h) any other event either not directly related
to operations or not within the reasonable control of management. To the extent such inclusions or exclusions affect Awards to
Covered Employees that are intended to qualify as Performance-Based Compensation, they shall be prescribed in a form that meets
the requirements of Code Section&nbsp;162(m) for deductibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>14.6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment
of Performance-Based Compensation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Awards that are intended to qualify as Performance-Based
Compensation may not be adjusted upward. The Committee shall retain the discretion to adjust such Awards downward, either on a
formula or discretionary basis, or any combination as the Committee determines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>14.6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board
Discretion.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that applicable tax and/or securities
laws change to permit Board discretion to alter the governing Performance Measures without obtaining stockholder approval of such
changes, the Committee shall have sole discretion to make such changes without obtaining stockholder approval provided the exercise
of such discretion does not violate Code Sections 162(m) or 409A. In addition, in the event that the Committee determines that
it is advisable to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">grant Awards that shall not qualify as Performance-Based Compensation,
the Committee may make such grants without satisfying the requirements of Code Section&nbsp;162(m) and base vesting on Performance
Measures other than those set forth in <B>Section&nbsp;14.6.4</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_107"></A>14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Status
of Awards Under Code Section&nbsp;162(m).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It is the intent of the Company that Awards
under <B>Section&nbsp;14.6</B> granted to persons who are designated by the Committee as likely to be Covered Employees within
the meaning of Code Section&nbsp;162(m) and regulations thereunder shall, if so designated by the Committee, constitute &ldquo;qualified
performance-based compensation&rdquo; within the meaning of Code Section&nbsp;162(m) and regulations thereunder. Accordingly, the
terms of <B>Section&nbsp;14.6</B>, including the definitions of Covered Employee and other terms used therein, shall be interpreted
in a manner consistent with Code Section&nbsp;162(m) and regulations thereunder. If any provision of the Plan or any agreement
relating to such Awards does not comply or is inconsistent with the requirements of Code Section&nbsp;162(m) or regulations thereunder,
such provision shall be construed or deemed amended to the extent necessary to conform to such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_108"></A>15.</B></FONT></TD><TD><B>TERMS AND CONDITIONS OF LONG-TERM INCENTIVE UNITS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">LTIP Units are intended to be profits interests
in the operating partnership affiliated with the Company, if any<B> </B>(such operating partnership, if any, the &ldquo;Operating
Partnership&rdquo;), the rights and features of which, if applicable, will be set forth in the agreement of limited partnership
for the Operating Partnership (the &ldquo;Operating Partnership Agreement&rdquo;). Subject to the terms and provisions of the Plan
and the Operating Partnership Agreement, the Committee, at any time and from time to time, may grant LTIP Units to Plan participants
in such amounts and upon such terms as the Committee shall determine. LTIP Units must be granted for service to the Operating Partnership.
Each LTIP Unit awarded will be equivalent to an award of one Share for purposes of reducing the number of Shares available under
the Plan on a one-for-one basis pursuant to Section&nbsp;4.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_109"></A>15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to <B>Section&nbsp;18</B>, each LTIP
Unit granted under the Plan shall vest at such times and under such conditions as shall be determined by the Committee and stated
in the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_110"></A>16.</B></FONT></TD><TD><B>REQUIREMENTS OF LAW</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_111"></A>16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No participant in the Plan will be permitted
to acquire, or will have any right to acquire, Shares thereunder if such acquisition would be prohibited by any share ownership
limits contained in charter or bylaws or would impair the Company&rsquo;s status as a REIT. The Company shall not be required to
offer, sell or issue any Shares under any Award if the offer, sale or issuance of such Shares would constitute a violation by the
Grantee, any other individual or entity exercising an Option, or the Company or an Affiliate of any provision of any law or regulation
of any governmental authority, including without limitation any federal or state securities laws or regulations. If at any time
the Company shall determine, in its discretion, that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the offering, listing, registration or qualification of any Shares
subject to an Award upon any securities exchange or under any governmental regulatory body is necessary or desirable as a condition
of, or in connection with, the issuance or purchase of Shares hereunder, no Shares may be offered, issued or sold to the Grantee
or any other individual or entity exercising an Option pursuant to such Award unless such offering, listing, registration, qualification,
consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused
thereby shall in no way affect the date of termination of the Award. Without limiting the generality of the foregoing, in connection
with the Securities Act, upon the exercise of any Option or any SAR that may be settled in Shares or the delivery of any Shares
underlying an Award, unless a registration statement under such Act is in effect with respect to the Shares covered by such Award,
the Company shall not be required to offer, sell or issue such Shares unless the Committee has received evidence satisfactory to
it that the Grantee or any other individual or entity exercising an Option or SAR or accepting delivery of such Shares may acquire
such Shares pursuant to an exemption from registration under the Securities Act. Any determination in this connection by the Committee
shall be final, binding, and conclusive. The Company may, but shall in no event be obligated to, register any securities covered
hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the
exercise of an Option or a SAR or the issuance of Shares pursuant to the Plan to comply with any Applicable Laws. As to any jurisdiction
that expressly imposes the requirement that an Option (or SAR that may be settled in Shares) shall not be exercisable until the
Shares covered by such Option (or SAR) are registered under the securities laws thereof or are exempt from such registration, the
exercise of such Option (or SAR) under circumstances in which the laws of such jurisdiction apply shall be deemed conditioned upon
the effectiveness of such registration or the availability of such an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_112"></A>16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule
16b-3.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During any time when the Company has a class
of equity security registered under Section&nbsp;12 of the Exchange Act, it is the intent of the Company that Awards pursuant to
the Plan and the exercise of Options and SARs granted hereunder that would otherwise be subject to Section&nbsp;16(b) of the Exchange
Act will qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any provision of the Plan
or action by the Committee does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative with respect to
such Awards to the extent permitted by Applicable Law and deemed advisable by the Committee, and shall not affect the validity
of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify the Plan in any
respect necessary to satisfy the requirements of, or to take advantage of any features of, the revised exemption or its replacement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_113"></A>17.</B></FONT></TD><TD><B>EFFECT OF CHANGES IN CAPITALIZATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_114"></A>17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
in Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the number of outstanding Shares is increased
or decreased or the Shares are changed into or exchanged for a different number or kind of Shares or other securities of the Company
on account of any recapitalization, reclassification, stock split, reverse stock split, spin-off, combination of share, exchange
of shares, share dividend or other distribution payable in capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">shares, or other increase or decrease in such shares effected without
receipt of consideration by the Company occurring after the Effective Date, the number and kinds of shares for which grants of
Options and other Awards may be made under the Plan, including, without limitation, the limits set forth in <B>Section&nbsp;6.2</B>,
shall be adjusted proportionately and accordingly by the Company in a manner deemed equitable by the Committee. In addition, the
number and kind of shares for which Awards are outstanding shall be adjusted proportionately and accordingly so that the proportionate
interest of the Grantee immediately following such event shall, to the extent practicable, be the same as immediately before such
event. Any such adjustment in outstanding Options or SARs shall not change the aggregate Option Price or SAR Exercise Price payable
with respect to shares that are subject to the unexercised portion of an outstanding Option or SAR, as applicable, but shall include
a corresponding proportionate adjustment in the Option Price or SAR Exercise Price per share. The conversion of any convertible
securities of the Company shall not be treated as an increase in shares effected without receipt of consideration. Notwithstanding
the foregoing, in the event of any distribution to the Company&rsquo;s stockholders of securities of any other entity or other
assets (including an extraordinary dividend but excluding a non-extraordinary dividend of the Company) without receipt of consideration
by the Company, the Company shall, in such manner as the Company deems appropriate, adjust (i) the number and kind of shares subject
to outstanding Awards and/or (ii) the exercise price of outstanding Options and Stock Appreciation Rights to reflect such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_115"></A>17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization
in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to <B>Section&nbsp;17.3</B>, if the
Company shall be the surviving entity in any reorganization, merger, or consolidation of the Company with one or more other entities
which does not constitute a Change in Control, any Option or SAR theretofore granted pursuant to the Plan shall pertain to and
apply to the securities to which a holder of the number of Shares subject to such Option or SAR would have been entitled immediately
following such reorganization, merger, or consolidation, with a corresponding proportionate adjustment of the Option Price or SAR
Exercise Price per share so that the aggregate Option Price or SAR Exercise Price thereafter shall be the same as the aggregate
Option Price or SAR Exercise Price of the Shares remaining subject to the Option or SAR immediately prior to such reorganization,
merger, or consolidation. Subject to any contrary language in an Award Agreement evidencing an Award, or in another agreement with
the Grantee, or otherwise set forth in writing, any restrictions applicable to such Award shall apply as well to any replacement
shares received by the Grantee as a result of the reorganization, merger or consolidation. In the event of a transaction described
in this <B>Section&nbsp;17.2</B>, Performance Awards shall be adjusted (including any adjustment to the Performance Measures applicable
to such Awards deemed appropriate by the Committee) so as to apply to the securities that a holder of the number of Shares subject
to the Performance Awards would have been entitled to receive immediately following such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_116"></A>17.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
in Control in which Awards are not Assumed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise provided in the applicable
Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change
in Control in which outstanding Options, SARs, Stock Units, Dividend Equivalent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Rights, Restricted Stock, LTIP Units or other equity-based awards
are not being assumed or continued:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
each case with the exception of any Performance Award, all outstanding Restricted Stock and LTIP Units shall be deemed to have
vested, all Stock Units shall be deemed to have vested and the Shares subject thereto shall be delivered, and all Dividend Equivalent
Rights shall be deemed to have vested and the Shares subject thereto shall be delivered, immediately prior to the occurrence of
such Change in Control, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either
of the following two actions shall be taken:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fifteen
(15) days prior to the scheduled consummation of a Change in Control, all Options and SARs outstanding hereunder shall become immediately
exercisable and shall remain exercisable for a period of fifteen (15) days, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Committee may elect, in its sole discretion, to cancel any outstanding Awards of Options, Restricted Stock, Stock Units, and/or
SARs and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or securities having a value
(as determined by the Committee acting in good faith), in the case of Restricted Stock or Stock Units, equal to the formula or
fixed price per share paid to holders of Shares and, in the case of Options or SARs, equal to the product of the number of Shares
subject to the Option or SAR (the &ldquo;Award Shares&rdquo;) multiplied by the amount, if any, by which (I) the formula or fixed
price per share paid to holders of Shares pursuant to such transaction exceeds (II) the Option Price or SAR Exercise Price applicable
to such Award Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
Performance Awards denominated in Shares, Stock Units or LTIP Units, if less than half of the Performance Period has lapsed, the
Awards shall be converted into Restricted Stock or Stock Units assuming target performance has been achieved (or Unrestricted Stock
if no further restrictions apply). If more than half the Performance Period has lapsed, the Awards shall be converted into Restricted
Stock or Stock Units based on actual performance to date (or Unrestricted Stock if no further restrictions apply). If actual performance
is not determinable, then Performance Awards shall be converted into Restricted Stock or Stock Units assuming target performance
has been achieved, based on the discretion of the Committee (or Unrestricted Stock if no further restrictions apply).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other
equity-based awards shall be governed by the terms of the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to the Company&rsquo;s establishment
of an exercise window, (i) any exercise of an Option or SAR during such fifteen (15)-day period shall be conditioned upon the consummation
of the event and shall be effective only immediately before the consummation of the event, and (ii) upon consummation of any Change
in Control, the Plan and all outstanding but unexercised Options and SARs shall terminate. The Committee shall send notice of an
event that will result in such a termination to all individuals and entities that hold Options and SARs not later than the time
at which the Company gives notice thereof to its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_117"></A>17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
in Control in which Awards are Assumed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise provided in the applicable
Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change
in Control in which outstanding Awards are being assumed or continued, the following provisions shall apply to such Award, to the
extent assumed or continued:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Plan, Options, SARs, Stock Units, Restricted
Stock and other equity-based awards theretofore granted shall continue in the manner and under the terms so provided in the event
of any Change in Control to the extent that provision is made in writing in connection with such Change in Control for the assumption
or continuation of the Options, SARs, Stock Units, Restricted Stock and other equity-based awards theretofore granted, or for the
substitution for such Options, SARs, Stock Units, Restricted Stock and other equity-based awards for new common stock options and
stock appreciation rights and new common stock units, restricted stock and other equity-based awards relating to the stock of a
successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any
consideration that is not common stock) and option and stock appreciation rights exercise prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_118"></A>17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Adjustments under this <B>Section&nbsp;17</B>
related to Shares or securities of the Company shall be made by the Committee, whose determination in that respect shall be final,
binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions
resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. The Committee
shall determine the effect of a Change in Control upon Awards other than Options, SARs, Stock Units and Restricted Stock, and such
effect shall be set forth in the appropriate Award Agreement. The Committee may provide in the Award Agreements at the time of
grant, or any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those
described in <B>Sections 17.1, 17.2,</B> <B>17.3 </B>and <B>17.4</B>. This <B>Section&nbsp;17 </B>does not limit the Company&rsquo;s
ability to provide for alternative treatment of Awards outstanding under the Plan in the event of change in control events that
do not constitute a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_119"></A>17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Limitations on Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The making of Awards pursuant to the Plan shall
not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes
of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of
its business or assets (including all or any part of the business or assets of any Subsidiary or other Affiliate) or engage in
any other transaction or activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_120"></A>18.</B></FONT></TD><TD><B>GENERAL PROVISIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_121"></A>18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer
of Rights.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No provision in the Plan or in any Award or
Award Agreement shall be construed to confer upon any individual or entity the right to remain in the employ or Service of the
Company or an Affiliate, or to interfere in any way with any contractual or other right or authority of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Company or an Affiliate either to increase or decrease the compensation
or other payments to any individual or entity at any time, or to terminate any employment or other relationship between any individual
or entity and the Company or an Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary, unless
otherwise stated in the applicable Award Agreement, in another agreement with the Grantee, or otherwise in writing, no Award granted
under the Plan shall be affected by any change of duties or position of the Grantee, so long as such Grantee continues to provide
Service. The obligation of the Company to pay any benefits pursuant to the Plan shall be interpreted as a contractual obligation
to pay only those amounts described herein, in the manner and under the conditions prescribed herein. The Plan and Awards shall
in no way be interpreted to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts
in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_122"></A>18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonexclusivity
of the Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the adoption of the Plan nor the submission
of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations upon the right and authority
of the Company to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to
a class or classes of individuals or specifically to a particular individual or particular individuals) as it may determine to
be desirable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_123"></A><B>18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding
Taxes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company or an Affiliate, as the case may
be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes of any
kind required by law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or upon
the issuance of any Shares upon the exercise of an Option or pursuant to an Award. At the time of such vesting, lapse, or exercise,
the Grantee shall pay in cash to the Company or an Affiliate, as the case may be, any amount that the Company or an Affiliate may
reasonably determine to be necessary to satisfy such withholding obligation; provided, that if there is a same-day sale of Shares
subject to an Award, the Grantee shall pay such withholding obligation on the day on which such same-day sale is completed. Subject
to the prior approval of the Company or an Affiliate, which may be withheld by the Company or an Affiliate, as the case may be,
in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by causing the Company or an
Affiliate to withhold Shares otherwise issuable to the Grantee or (ii) by delivering to the Company or an Affiliate Shares already
owned by the Grantee. The Shares so delivered or withheld shall have an aggregate Fair Market Value equal to such withholding obligations.
The Fair Market Value of the Shares used to satisfy such withholding obligation shall be determined by the Company or an Affiliate
as of the date that the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to this <B>Section&nbsp;18.3</B>
may satisfy his or her withholding obligation only with Shares that are not subject to any repurchase, forfeiture, unfulfilled
vesting, or other similar requirements. The maximum number of Shares that may be withheld from any Award to satisfy any federal,
state or local tax withholding requirements upon the exercise, vesting, lapse of restrictions applicable to such Award or payment
of Shares pursuant to such Award, as applicable, cannot exceed such number of Shares having a Fair Market Value equal to the minimum
statutory amount required by the Company or an Affiliate to be withheld and paid to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">any such federal, state or local taxing authority with respect to
such exercise, vesting, lapse of restrictions or payment of Shares. Notwithstanding<B> Section&nbsp;2.19</B> or this <B>Section&nbsp;18.3</B>,
for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to this <B>Section&nbsp;18.3</B>,
for any Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be
sold pursuant to the terms of the related Award Agreement, the Fair Market Value of such shares shall be the sale price of such
shares on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of
such shares on such date), so long as such Grantee has provided the Company or an Affiliate, or its designee or agent, with advance
written notice of such sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_124"></A>18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Captions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The use of captions in the Plan or any Award
Agreement is for the convenience of reference only and shall not affect the meaning of any provision of the Plan or such Award
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_125"></A><B>18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Provisions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Award granted under the Plan may contain
such other terms and conditions not inconsistent with the Plan as may be determined by the Committee, in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_126"></A><B>18.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number
and Gender.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to words used in the Plan, the
singular form shall include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_127"></A><B>18.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any provision of the Plan or any Award Agreement
shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and
thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other
jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_128"></A><B>18.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The validity and construction of the Plan and
the instruments evidencing the Awards hereunder shall be governed by, and construed and interpreted in accordance with, the laws
of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or
interpretation of the Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_129"></A><B>18.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code
Section&nbsp;409A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company intends to comply with Code Section&nbsp;409A,
or an exemption to Code Section&nbsp;409A, with regard to Awards hereunder that constitute deferred compensation within the meaning
of Code Section&nbsp;409A, and the Plan and all Award Agreements shall be interpreted accordingly. To the extent that the Company
determines that a Grantee would be subject to the additional twenty percent (20%) tax imposed on certain nonqualified deferred
compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">plans pursuant to Code Section&nbsp;409A as a result of any provision
of any Award granted under the Plan, such provision shall be deemed amended to the minimum extent necessary to avoid application
of such additional tax. The nature of any such amendment shall be determined by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
