Document:

Exhibit 10.1

 

SEVERANCE AGREEMENT 

 

WHEREAS, Steven van
der Velden (“Executive”) and Elephant Talk Communications Corp. (the “Company”) wish to enter into an agreement
to effectuate Executive’s resignation as an employee, officer, and director of the Company and its subsidiaries on the terms
and conditions set forth below;

 

WHEREAS, Executive
is Chief Executive Officer and Executive Chairman of the Company and a member of the Board of Directors;

 

WHEREAS, Executive
is an officer or director of several subsidiaries of the Company;

 

WHEREAS, Executive
and the Company desire to fully and finally resolve and settle any and all issues between them, actual or potential, whether or
not relating to Executive’ employment with the Company, or his status as a director; and

 

WHEREAS, in consideration
of the Company providing certain promises and benefits as explained herein, including a general release of all claims against Executive,
Executive has agreed to a general release of all claims and to the other promises contained herein.

 

NOW, THEREFORE, intending
to be legally bound, the Company and Executive agree, effective as of the date on which both of the parties have executed this
Agreement (the “Effective Date”), as follows:

 

A. Effective November
16, 2015 (the “Effective Date”), Executive is resigning from all offices and positions with the Company, its parents,
subsidiaries, and affiliates. Executive shall have no further rights, duties and authorities as an Executive and shall not be entitled
to any further compensation or non-vested benefits, except as provided in this Agreement.

 

B. As of the Effective
Date, Executive: (i) shall have no further duties to the Company and shall not be required to attend work; (ii) shall have no authority
to take any action, incur any obligation, or incur any expense, on behalf of the Company or any of its subsidiaries; provided,
however, that over the two-week period immediately after the Effective Date, Executive shall (x) transition his former duties
and responsibilities to such individuals as the Executive Chairman or Chief Executive Officer of the Company (“CEO”)
may designate in writing, including to his successor, and (y) provide such assistance, if any, as may be reasonably requested by
the CEO and Executive Chairman.

 

C. As consideration
for the agreements from Executive herein, the Executive shall be entitled to a severance payment (the “Severance Payment”)
with a value equal to Euro 660,000, payable as set forth in Paragraph F below.  In addition, Executive shall have the right
to exercise the 1,200,000 options granted to him on December 4, 2013 through December 4, 2018. Furthermore, as described below,
the Company will provide Executive a general release of any and all claims the Company may have against him.  This Agreement
will not become effective until Executive delivers an executed copy of this Agreement and the Company delivers an executed copy
of this Agreement.

 

     

     

    

 

D. Except for the rights of the Executive
and the duties and obligations of the Company under this Agreement, in consideration for the Severance Payment, and for other good
and valuable consideration, Executive completely releases all claims against the Company, its parent and affiliate companies, subsidiaries,
divisions, business units, committees, groups, insurers and its or their predecessors or successors (the “Releasees”)
and each of the Releasees’ executors, administrators, successors, trustees, assigns, subsidiaries, officers, directors, shareholders,
employees, legal representatives, and agents of each of them, from all actions, causes of action, suits, debts, dues, covenants,
contracts, bonuses, controversies, agreements, promises, claims, charges, complaints and demands whatsoever in law or equity, which
against the Releasees, Executive or Executive’s heirs, executors, administrators, successors, and/or assigns, may now have
or hereinafter can, shall or may have for, upon, or by reason of any matter, cause or thing whatsoever, from the beginning of the
world to the day and date of this Severance Agreement, including, but not limited to, those pertaining to any federal, state or
local human rights, civil rights, pension or labor laws, rules and/or regulations, constitutions, ordinances, public policy, contract
or tort laws, or any claim arising under the common law, or any other action based upon any conduct occurring up to and including
the date of the complete execution of this Severance Agreement, and shall not seek or accept any award or settlement from any such
source or proceeding. Additionally, Executive, in further consideration for the payment listed above, and for other good and valuable
consideration, agrees that Executive will lend no voluntary assistance whatsoever to any person pursuing any type of claim against
Company based on any transaction, act or omission of Company involving or relating to the refusal to hire, the termination, the
layoff, the discharge or any other adverse employment action with respect to any applicant for employment, employee or former employee
of Company. The Executive’s general release and waiver of claims excludes, and Executive does not waive, release or discharge,
any of Executive’s rights to defense costs or  indemnification from the Company, or from any of the Company’s
insurers, with respect to any claims regarding actions by Executive prior to the Resignation Date.  The Company agrees to
maintain a policy of directors and officers’ liability insurance that provides Executive with coverage with respect to any
claims made in connection with Executive’s employment with the Company on the same basis as is provided to the Company’s
continuing officers and directors.

 

E.Except for the rights of the
Company and the duties and obligations of Executive under this Agreement, the Company, for and on behalf of its subsidiaries, affiliates,
shareholders, officers, directors, successors and assigns (collectively referred to as “the Company Releasors”), hereby
agrees to, and does, remise, release and forever discharge Executive, his heirs, beneficiaries, executors, administrators, agents,
representatives, insurers, attorneys, successors and assigns (“collectively referred to as the “Executive Releasees”)
from any and all matters, claims, demands, damages, causes of action, debts, liabilities, controversies, judgments and suits of
every kind and nature whatsoever, foreseen or unforeseen, known or unknown, which have arisen or could arise between the Company
Releasors and the Executive Releasees from all matters which occurred prior to the Effective Date, which matters include, but are
not limited to, Executive’s employment with the Company, the terms and conditions of that employment, Executive’s compensation,
the termination of Executive’ employment with the Company, Executive’s compensation, the termination of Executive’
employment with the Company, Executive’s directorship, Executive’s shareholder status, any acts or actions taken by
Executive as an employee, officer, director or shareholder of the Company. Executive’s status as a holder of stock options,
Executive’ status as a participant in any stock option plan, or equity rights plan, and matters arising from the offer and
acceptance of this Agreement. The Company understands that the provisions of this paragraph mean that except as provided herein
neither the Company nor the Company Releasors can bring a lawsuit against Executive arising out of any actions or failures to act
on the part of Executive and the Executive Releasees arising before the Effective Date. The release set forth in this paragraph
5(c) covers and includes not only rights or claims that the Company may have in its own right, but also all other rights or claims
of whatever nature that might be asserted on behalf of the Company or the Company Releasors against any of the Executive Releasees.

 

     

     

    

 

F.Upon the closing
of an equity financing within six (6) months of the Effective Date, Executive shall receive an amount equal to the entire Severance
Payment as if the Executive had participated in the equity financing in the Company on the same term as the investors in the financing
or, in the event an equity financing is not consummated within six (6) months of the Effective Date, Executive receive an amount
equal to the entire Severance Payment as if the Executive had invested the Severance Payment in the Company on mutually acceptable
terms. 

 

G. Executive has been advised to
consult with an attorney regarding this Severance Agreement.

 

H.This Agreement may only be modified,
altered or changed in writing, signed by the Parties. This Agreement shall be subject to and governed by the laws of the State
of New York without giving effect to principles of conflicts of law.

 

 

MY SIGNATURE BELOW ATTESTS TO THE FACT
THAT I HAVE READ, UNDERSTAND, AND AGREE TO BE LEGALLY BOUND TO ALL OF THE ABOVE TERMS. I UNDERSTAND THIS AGREEMENT INCLUDES A RELEASE
OF ALL KNOWN AND UNKNOWN CLAIMS.

 

 

 

 

By: /s/ Steve van
der Velden

Name: Steve van der
Velden

Date: November 16,
2015; 6 p.m. EST

 

 

 

 

AGREED AND ACKNOWLEDGED:

 

Elephant
talk communications corp

 

 

By: /s/ Alex Vermeulen

Name: Alex Vermeulen

Title: General Counsel

Date: November 16, 2015Exhibit 10.1

 

THIRD AMENDMENT TO

MANAGEMENT AGREEMENT

 

This Third Amendment
to Management Agreement (this “Third Amendment”) is adopted, executed and agreed to as of November 10, 2015,
by and among Bluerock Residential Growth REIT, Inc., a Maryland corporation (the “Company”), Bluerock Residential
Holdings, LP, a Delaware limited partnership (the “Operating Partnership”), and BRG Manager, LLC, a Delaware
limited liability company (the “Manager”). Undefined terms used herein shall have the meaning ascribed to them
in the Agreement (as defined below).

 

W I T N E S S E T H :

 

WHEREAS, the
Company, the Operating Partnership and the Manager are parties to that certain Management Agreement dated April 2, 2014, as amended
by that certain First Amendment to Management Agreement dated February 11, 2015 and that certain Second Amendment to Management
Agreement dated August 6, 2015 (collectively, the “Management Agreement”), a copy of which is attached hereto
as Exhibit A, pursuant to which the Manager is entitled to certain fees in exchange for providing to the Company and the
Operating Partnership potential investment opportunities and a continuing and suitable investment program consistent with the investment
objectives and policies of the Company, and to reimbursement by the Company for certain costs and expenses incurred by the Manager
on behalf of the Company.

 

NOW, THEREFORE,
in consideration of the agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.           
Section 7(c) of the Agreement is hereby deleted in its entirety and replaced with the following paragraph immediately below:

 

“(c) Costs
and expenses incurred by the Manager on behalf of the Company (collectively, “Reimbursable Expenses”) shall
be reimbursed to the Manager in arrears, which payments shall be made, at the election of the Board in advance of each quarter,
either (i) in monthly installments, in cash, or (ii) in quarterly installments, in LTIP Units.  On or prior to the last
day of each quarter, the Board shall determine whether payment of Reimbursable Expenses for the following quarter will be
made monthly in cash, or as a single payment in LTIP Units following the end of the following quarter; provided, however, that
at any time during the fourth quarter of 2015 (“Q4 2015”), the Board may, by Board resolution, elect to pay
Reimbursable Expenses for Q4 2015, if any, as a single payment in LTIP Units following the end of Q4 2015. The Manager
shall prepare a written statement in reasonable detail documenting the costs and expenses of the Company and those incurred by
the Manager on behalf of the Company during each month, and shall deliver such written statement to the Company within thirty (30) days
after the end of each month. For any quarter for which the Board has elected to pay Reimbursable Expenses monthly in cash, the
Company shall pay all Reimbursable Expenses in cash within five (5) Business Days after the receipt of each written statement
without demand, deduction, offset or delay. For any quarter for which the Board has elected to pay Reimbursable Expenses as a single,
quarter-end payment in LTIP Units, the Company shall pay all Reimbursable Expenses in LTIP Units within five (5) Business
Days after the receipt of the written statement for the last month of such quarter, without demand, deduction, offset or delay.
If applicable, the number of LTIP Units payable pursuant to this Section 7(c) to be issued to the Manager will be calculated
in accordance with Section 6(f) in the same manner as calculated for the Incentive Fee. The amount of Reimbursable Expenses payable
to the Manager shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company.
The provisions of this Section 7 shall survive the expiration or earlier termination of this Agreement to the extent
such Reimbursable Expenses have previously been incurred or are incurred in connection with such expiration or termination.”

 

2.           All other
provisions of the Management Agreement, as hereby amended, except as superseded by or inconsistent with this Amendment, shall continue
to be in full force and effect.

 

[SIGNATURES ON FOLLOWING
PAGE]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Third Amendment effective as of the date first set forth above.

 

 

	 	BLUEROCK
    RESIDENTIAL GROWTH REIT, INC.,	 
	 	a
    Maryland corporation	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/
    Michael L. Konig	 
	 	Name: 	Michael
    L. Konig	 
	 	Title:
      	Chief
    Operating Officer, Secretary and General Counsel	 
	 	 	 	 	 
	 	 	 	 	 
	 	BLUEROCK
    RESIDENTIAL HOLDINGS, LP,	 
	 	a
    Delaware limited partnership	 
	 	 	 	 	 
	 	By:	Bluerock
    Residential Growth REIT, Inc.,	 
	 	 	its
    General Partner	 
	 	 	 	 	 
	 	 	By:	/s/
    Michael L. Konig	 
	 	 	Name:	Michael
    L. Konig   	 
	 	 	Title:	Chief Operating Officer, Secretary
    and General Counsel	 
	 	 	 	 	 
	 	 	 	 	 
	 	BRG
    MANAGER, LLC,	 
	 	a
    Delaware limited liability company	 
	 	 	 	 	 
	 	By:	Bluerock
    Real Estate, L.L.C.	 
	 	 	its
    Manager	 
	 	 	 	 	 
	 	 	By:	/s/
    Jordan Ruddy	
	 	 	Name:	Jordan
    Ruddy	
	 	 	Title:	President	

 

     

     

    

  

EXHIBIT
A

 

Management
Agreement

 

 

[SEE
ATTACHED]

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