Angel Oak

The General Partner is expressly authorized to give priority to the separate interests of the Company (Angel Oak Mortgage, Inc.) and its stockholders over the interests of the Partnership and its Limited Partners, including in conflict situations. This structurally subordinates LP interests to REIT stockholder interests whenever conflict cannot be resolved neutrally.

“in the event of a conflict between the interests of the Partnership or any Limited Partner, on the one hand, and the separate interests of the Company or its stockholders, on the other hand, the General Partner is under no obligation not to give priority to the separate interests of the Company or the stockholders of the Company and may give priority to the separate interests of the Company and its stockholders in a manner that is adverse to the Partnership and its Limited Partners, and any action or failure to act on the part of the Company or its directors that gives priority to the separate interests of the Company or its stockholders does not violate the duty of loyalty otherwise owed by the General Partner to the Partnership and/or the Limited Partners”