Document:

Exhibit 10.3

 Exhibit 10.3 
 JER Investors Trust Inc. 
 1650 Tysons Boulevard, Suite 1600 
 McLean, Virginia 22102 
 May 29,
2009 
 Kodiak CDO II, Ltd. 
 c/o Kodiak CDO Management, LLC

 2107 Wilson Boulevard, Suite 400 
 Arlington, VA 22201

 Ladies and Gentlemen: 
 Reference is made to
that certain Exchange Agreement by and among JER Investors Trust Inc., a Maryland corporation (the “Company”), Taberna Preferred Funding IX, Ltd. and Kodiak CDO II, Ltd. (“Kodiak”), and acknowledged and agreed to by
EJF Distressed Master Fund II, LP (“EJF”), dated as of May 29, 2009 (the “Exchange Agreement”), providing for inter alia the exchange by the Company with Kodiak of $28,125,000 aggregate liquidation
amount of preferred securities of JERIT TS Statutory Trust I, a Delaware statutory trust, owned by Kodiak for $35,157,000 aggregate principal amount of Junior Subordinated Notes (the “New Notes”) due 2037 (the
“Exchange”). 
 A. The Company hereby agrees that on or about the date hereof it will (i) pay to Kodiak an amount of
$140,625 (the “Cash Reimbursement”), and (ii) issue to Kodiak 238,347 shares (the “Shares”) of its common stock, par value $0.01 per share (the “Common Stock”), as reimbursement of certain
third party costs for (a) outside legal counsel and (b) financial advisory and/or due diligence services (together, “Third Party Costs”) incurred or to be incurred by Kodiak in connection with the Exchange and related
transactions. 
 B. Kodiak acknowledges that upon receipt of the Cash Reimbursement and the issuance of the Shares the Company will have
satisfied all Third Party Costs owed to it whatsoever in connection with the Exchange and related transactions, and Kodiak agrees that neither it nor any of its affiliates will seek additional reimbursement. Kodiak agrees that if the aggregate value
of Third Party Costs incurred by Kodiak through June 12, 2009: 
  

	 	•	 	 is greater than the amount of the Cash Reimbursement, Kodiak shall be entitled to keep the Cash Reimbursement in full; or 

  

	 	•	 	 is less than the amount of the Cash Reimbursement, Kodiak covenants to purchase from the Company, and the Company covenants to sell to Kodiak on June 19, 2009
(or such other date agreed by the Company and Kodiak), a number of shares of Common Stock (valued at $0.59 per share) equal to the difference between (x) the amount of the Cash Reimbursement and (y) the greater of $100,000 and the amount
of Third Party Costs actually incurred by Kodiak through such date. 

  

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 C. Kodiak represents and warrants to, and agrees with, the Company as follows: 
 1) It is aware that the Shares have not been and will not be registered under the Securities Act of 1933 (the “Securities Act”); that
the Shares may not be offered or sold within the United States or to “U.S. persons” (as defined in Regulation S under the Securities Act) unless registered with the Securities and Exchange Commission (the “Commission”),
except in accordance with Rule 903 of Regulation S (“Regulation S”) under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act; and that the Shares will bear a restrictive legend.

 2) It is an “accredited investor,” as such term is defined in Rule 501(a) of Regulation D (“Regulation D”)
under the Securities Act, and was not organized for the purpose of acquiring any of the Shares. 
 3) It has not engaged any broker, finder
or other entity acting under the authority of it or any of its affiliates that is entitled to any broker’s commission or other fee in connection with the issuance of the Shares pursuant hereto for which the Company or any of its affiliates
could be responsible. 
 4) It understands and acknowledges that (i) it is purchasing the Shares for its own account, for investment and
not with a view to, or for offer or sale in connection with, any fractionalization, division or distribution thereof in violation of the Securities Act or other applicable securities laws, subject to any requirement of law that the disposition of
its property be at all times within its control and subject to its ability to resell such Shares pursuant to an effective registration statement under the Securities Act or pursuant to an exemption therefrom or in a transaction not subject thereto,
and it agrees to the legends and transfer restrictions applicable to the Shares contained or to be contained in the stock certificate or certificates evidencing the Shares, and (ii) it has had the opportunity to ask questions of, and receive
answers and request additional information from, the Company and is aware that it may be required to bear the economic risk of an investment in the Shares. It has not received and is not relying on any representations of the Company other than as
set forth herein, in the Exchange Agreement or in any of the Company’s public filings. It has not entered into any contract to sell, transfer or pledge to any person the Shares that it is acquiring. 
 5) It (i) is a sophisticated entity with respect to the acquisition of the Shares contemplated herein, (ii) has such knowledge and experience,
and has made investments of a similar nature, so as to be aware of the risks and uncertainties inherent such transactions, and (iii) has independently and without reliance upon the Company or any of its affiliates, and based on such information
as it has deemed appropriate, made its own analysis and decision to enter into the Exchange Agreement, except that it has relied upon the Company’s express representations, warranties, covenants and agreements in this letter agreement, the
Exchange Agreement and the other documents delivered by the Company to it in connection therewith. It acknowledges that the Company has not given it any investment advice or opinion on whether the transactions contemplated herein are prudent.

  

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 6) It understands that the issuance of the Shares contemplated herein will be made in reliance upon an
exemption from registration under the Securities Act pursuant to Section 4(2) thereof. 
 D. The Company agrees with Kodiak as follows:

 1) For a period of at least one year following the date of closing, the Company will remain subject to and comply with all reporting
requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) and the regulations thereunder, including without limitation, making and keeping public information available (as those terms are
understood and defined in Rule 144(c) under the Securities Act) and filing with the Commission in a timely manner (taking into account all permitted grace periods) all reports and other documents required of the Company under Section 13 or
15(d) of the Exchange Act. During such one-year period the Company shall furnish to each holder of Shares forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act and
the public information condition of Rule 144 (“Rule 144”) under the Securities Act. 
 2) At such time as any Shares are
eligible for transfer under Rule 144, without the requirement for the Company to be in compliance with the current public information requirement under Rule 144 as to such Shares and without volume or manner-of-sale restrictions, the Company upon
the request of any holder of such Shares shall cause any restrictive legend on the certificates evidencing such Shares to be removed at no cost to such holder. At such time as any Shares are eligible for transfer under Rule 144 subject to current
public information requirements or volume or manner-of-sale restrictions, the Company upon the request of any purchaser of such Shares in a transaction meeting the applicable requirements of Rule 144 shall cause any restrictive legend on the
certificates evidencing such Shares to be removed at no cost to such purchaser. The Company acknowledges and agrees that Kodiak will not, by virtue of its acquisition of the Shares pursuant to this letter agreement, become an “affiliate”
of the Company for purposes of Rule 144; and the Company will not at any time following the Exchange take the position that Kodiak is such an “affiliate” of the Company for purposes of Rule 144 or any other rule or regulation of the
Commission permitting sales of the Shares without registration, absent significant increase in the Control of Kodiak and its Affiliates over the Company or a change in applicable law. 
 3) Without acknowledging any conflict under Article VII of the Charter (as defined below), if at any time the Company determines that solely by virtue of
(i) the 541,906 shares of Common Stock being acquired by EJF pursuant to the Exchange Agreement, and (ii) the Shares being acquired by Kodiak pursuant to this letter agreement (excluding any other shares of Capital Stock hereafter
acquired, other than through stock split, stock dividend or similar capital transaction of the Company), that either EJF or Kodiak individually or, if applicable attribution rules of the Internal Revenue Code of 1986, as amended (the
“Code”) and the rules and regulations promulgated thereunder so require, both such entities in the aggregate Beneficially Own or Constructively Own shares of Common Stock in excess of the Aggregate Stock Ownership Limit under
Article VII of the Company’s 

  

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Articles of Incorporation (as then in effect, the “Charter”), then the Company shall forthwith present to its Board of Directors, and use
reasonable best efforts to obtain the approval of the Board of Directors for, the creation of an Excepted Holder Limit under the Charter for EJF and/or Kodiak, as the case may be, to the extent necessary to permit EJF and/or Kodiak to continue to
own their respective shares of Common Stock specified in clauses (i) and (ii) above without the imposition of any penalties pursuant to Sections 7.2.1(b), 7.2.2 or 7.2.5 of the Charter. Kodiak hereby agrees to deliver reasonable and
customary representations, warranties and covenants satisfactory to the Company preceding any such creation of an Excepted Holder Limit under the Charter for it. As used in this paragraph D(3), the terms “Beneficially Own,” “Capital
Stock,” “Constructively Own,” “Aggregate Stock Ownership Limit” and “Excepted Holder Limit” have the respective meanings given to them in Article VII of the Charter. The foregoing rights of EJF and Kodiak shall not
be transferable to any other party. 
 E. The Company represents and warrants as of the date hereof as follows: 
 1) The Company is and for the ninety (90) days immediately prior to the date hereof has been subject to the reporting requirements of Sections 13 or
15(d) of the Exchange Act and has filed all reports required thereunder, as applicable, during the twelve (12) months preceding the date hereof. 
 2) It has not engaged any broker, finder or other entity acting under the authority of it or any of its affiliates that is entitled to any broker’s commission or other fee in connection with the transaction for
which Kodiak or any of its affiliates could be responsible. 
 3) Neither the Company nor any of its affiliates nor any person acting on its
or their behalf, has, directly or indirectly, made offers or sales of any security, or solicited offers to buy any security, under circumstances that would cause the offering and issuance of the Shares hereunder to fail to meet the conditions in
Rule 502(c) of Regulation D. Without limitation upon the generality of the foregoing, neither the Company nor any person acting on its behalf has taken any action, including any offering of any securities of the Company under circumstances which
could require the integration under the Securities Act of such offering with the offering and issuance of the Shares hereunder, and thereby subject the Company to the registration requirements of the Securities Act. 
 4) Neither the Company nor any of its Affiliates, nor any person acting on its or its behalf, has engaged, or will engage, in any “directed selling
efforts” within the meaning of Regulation S with respect to the Shares. 
 5) It (i) is duly incorporated and validly existing
under the laws of the State of Maryland, (ii) is in good standing under such laws and (iii) has full power and authority to execute, deliver and perform its obligations under this letter agreement. 
 6) Neither the Shares nor this letter agreement are subject to any claim, counterclaim, setoff, defense, action, demand, litigation (including
administrative proceedings or derivative actions), encumbrance, right (including expungement, avoidance, 

  

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reduction, contractual or equitable subordination, or otherwise) or defect. The Company has no current intention to initiate any bankruptcy or insolvency
proceedings. The Company (i) has not issued the Shares or entered into this letter agreement with the actual intent to hinder, delay, or defraud any creditor and (ii) received reasonably equivalent value in exchange for its obligations
under this letter agreement. 
 7) Neither the Company nor any of its affiliates nor any person acting on its or their behalf,
has, directly or indirectly, made offers or sales of any security, or solicited offers to buy any security, under circumstances that would require the registration of any of the Shares under the Securities Act. 
 8) The Shares are not of an open-end investment company, unit investment trust or face-amount certificate company that is, or is required
to be, registered under Section 8 of the Investment Company Act of 1940, as amended (the “Investment Company Act”). 
 9) The Company is not, and immediately following consummation of the transactions contemplated hereby, will not be, an “investment company” or an entity “controlled” by an “investment
company,” in each case within the meaning of Section 3(a) of the Investment Company Act. 
 10) This letter
agreement and the Registration Rights Agreement dated the date hereof by and among the Company, EJF and Kodiak (the “Registration Rights Agreement”), and the consummation of the transactions contemplated herein and therein have been
duly authorized by the Company and, on the date hereof, will have been duly executed and delivered by the Company, and, assuming due authorization, execution and delivery by Kodiak (and by EJF, in the case of the Registration Rights Agreement), will
be legal, valid and binding obligations of the Company enforceable against it in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of
equity. 
 11) Neither the issuance of the Shares nor the execution and delivery of and compliance with this letter agreement
by the Company, nor the consummation of the transactions contemplated herein, (i) will conflict with or constitute a violation or breach of (x) the charter or bylaws or similar organizational documents of the Company or any Significant
Subsidiary (as defined in the Exchange Agreement) of the Company or (y) any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, governmental authority, agency or instrumentality or court, domestic or
foreign, having jurisdiction over the Company or any of its subsidiaries or their respective properties or assets (collectively, the “Governmental Entities”), (ii) will conflict with or constitute a violation or breach of, or a
default or Repayment Event (as defined below) under, or result in the creation or imposition of any pledge, security interest, claim, lien or other encumbrance of any kind (each, a “Lien”) upon any property or assets of the Company
or any of its Significant Subsidiaries pursuant to any contract, indenture, mortgage, loan agreement, note, lease or other agreement or instrument to which (A) the Company or any of its Significant Subsidiaries is a party or by which it or any
of them may be bound, or (B) to which any of the property or assets of any of them is subject, or any judgment, order or decree of any 

  

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Governmental Entity or arbitrator having jurisdiction over the Company or any of its subsidiaries or their respective properties or assets (an
“Arbitrator”), or (iii) will require the consent, approval, authorization or order of any court or Governmental Entity, except, in the case of clause (i)(y), (ii), or (iii) for such conflicts, breaches, violations,
defaults, Repayment Events (as defined below) or Liens which (X) would not, singly or in the aggregate, adversely affect the consummation of the transactions contemplated by this letter agreement and (Y) would not, singly or in the
aggregate, have a material adverse effect on or cause a change in the condition (financial or otherwise), earnings, business, liabilities or assets of the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”).
As used herein, a “Repayment Event” means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the
repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its Significant Subsidiaries prior to its scheduled maturity. 
 12) The Company has all requisite power and authority to own, lease and operate its assets and conduct the business it transacts and
proposes to transact, and is duly qualified to transact business and is in good standing in each jurisdiction where the nature of its activities requires such qualification, except where the failure of the Company to have such power and authority or
to be so qualified would not, singly or in the aggregate, have a Material Adverse Effect. 
 13) Each Significant Subsidiary
of the Company is listed on Schedule 1 of the Exchange Agreement, which the Company represents is true, complete and correct. Each Significant Subsidiary is a corporation, trust, partnership or limited liability company duly and properly
incorporated or organized or formed, as the case may be, validly existing and, with respect to any such corporation, in good standing under the laws of the jurisdiction in which it is chartered or organized or formed, with all requisite power and
authority to own, lease and operate its properties and conduct the business it transacts. Each Significant Subsidiary is duly qualified to transact business in each jurisdiction where the nature of its activities requires such qualification, except
where the failure to be so qualified would not, singly or in the aggregate, have a Material Adverse Effect. No Significant Subsidiary of the Company (other than a taxable REIT subsidiary, if any,) is currently prohibited, directly or indirectly,
under any agreement or other instrument to which it is a party or to which it or its assets is subject, other than as required by applicable law, from paying any dividends to the Company, from making any other distribution on such Significant
Subsidiary’s capital stock or other Equity Interests, from repaying to the Company any loans or advances to such Significant Subsidiary from the Company or from transferring any of such Significant Subsidiary’s wholly owned properties or
assets to the Company or any other subsidiary of the Company except as disclosed to Kodiak in writing or in the Company’s public filings. 
 14) The Company and each of the Company’s subsidiaries hold all necessary approvals, authorizations, orders, licenses, consents, registrations, qualifications, certificates and permits (collectively, the
“Governmental Licenses”) of and from Governmental Entities necessary to conduct their respective businesses as now being conducted, and neither the Company nor any of its subsidiaries has received any notice of proceedings relating
to the 

  

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revocation or modification of any such Government License, except where the failure to be so licensed or approved or the receipt of an unfavorable decision,
ruling or finding, would not, singly or in the aggregate, have a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity or the failure of such Governmental Licenses to be in full
force and effect, would not, singly or in the aggregate, have a Material Adverse Effect; and the Company and its subsidiaries are in compliance with all applicable laws, rules, regulations, judgments, orders, decrees and consents, except where the
failure to be in compliance would not, singly or in the aggregate, have a Material Adverse Effect. 
 15) The authorized
capital stock of the Company as of the date hereof consists solely of 100,000,000 shares of Common Stock and 50,000,000 shares of Preferred Stock, par value $0.01 per share (“Preferred Stock”), of which 4,987,369 shares of Common
Stock and no shares of Preferred Stock are issued and outstanding prior to giving effect to the Exchange and other issuances on the date hereof. All of the issued and outstanding shares of Common Stock have been duly authorized and validly issued,
are fully paid and non-assessable, are not subject to any preemptive rights, and were not issued in violation of the Securities Act or any other applicable laws (including, without limitation, state securities or “blue sky” laws). The
authorized, issued and outstanding capital stock of the Company immediately after the date hereof will be as set forth in Schedule 1 hereto. Other than as set forth on Schedule 1 hereto and other than restricted stock units outstanding as of the
date hereof, the Company does not have outstanding any securities directly or indirectly convertible into or exercisable or exchangeable for any shares of its capital stock nor does it have outstanding any rights to subscribe for or to purchase, or
any warrants, options or other rights for the purchase of, or any agreements providing for the direct or indirect issuance (contingent or otherwise) of any of its capital stock. The outstanding capital stock of the Company is not subject to any
voting trust agreement or other agreement or commitment restricting or otherwise relating to the voting, dividend rights or disposition of such capital stock. The Shares have been duly authorized, and are validly issued, fully paid and
non-assessable. All of the issued and outstanding Equity Interests of each of the Company’s Significant Subsidiaries are validly issued, fully paid and non-assessable; all of the issued and outstanding Equity Interests of each subsidiary of the
Company that are owned by the Company, directly or through subsidiaries, are free and clear of any Lien or claim. As used herein, “Equity Interests” means with respect to any entity (a) if such a entity is a partnership, the
partnership interests (general or limited) in a partnership, (b) if such entity is a limited liability company, the membership interests in a limited liability company (c) if such entity is a corporation, the shares or stock interests
(both common stock and preferred stock) in a corporation and (d) if such entity is a trust, the common or preferred securities issued by such trust. 
 16) Neither the Company nor any of its subsidiaries is (i) in violation of its respective charter or by-laws or similar organizational documents or (ii) in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, loan agreement, note, lease or other agreement or instrument to which the Company or any such Significant Subsidiary is a party or by which it or any of
them may be bound or to which any of the property or assets of any of them is subject, except, in the case of clause (ii), where such violation or default would not, singly or in the aggregate, have a Material Adverse Effect. 
  

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 17) There is no action, suit or proceeding before or by any Governmental Entity or
Arbitrator, now pending or, to the knowledge of the Company after due inquiry, threatened against or affecting the Company or any of its subsidiaries, except for such actions, suits or proceedings as are disclosed in the Company’s 1934 Act
Reports (as defined below), or that, if adversely determined, would not, singly or in the aggregate, adversely affect the consummation of the transactions contemplated by this letter agreement or have a Material Adverse Effect; and, except as
disclosed in the Company’s 1934 Act Reports, the aggregate of all pending legal or governmental proceedings to which the Company or any of its subsidiaries is a party or of which any of their respective properties or assets is subject,
including ordinary routine litigation incidental to the business, are not expected to result in a Material Adverse Effect. 
 18) The accountants of the Company who certified the Financial Statements (defined below) are independent public accountants of the Company and its subsidiaries within the meaning of the Securities Act, and the rules and regulations of the
Commission thereunder. 
 19) The audited consolidated financial statements (including the notes thereto) and schedules of the
Company and its consolidated subsidiaries for the fiscal year ended December 31, 2008 (the “Financial Statements”) filed by the Company with the Commission in its Annual Report on Form 10-K and the Interim Financial Statements
(as defined in the Exchange Agreement) are the most recent available audited and unaudited, respectively, consolidated financial statements of the Company and its consolidated subsidiaries, respectively, and fairly present in all material respects,
in accordance with U.S. generally accepted accounting principles (“GAAP”), subject to Schedule 3 of the Exchange Agreement, the financial position of the Company and its consolidated subsidiaries, and the results of operations and
changes in financial condition as of the dates and for the periods therein specified. Such consolidated financial statements and schedules have been prepared in accordance with GAAP consistently applied throughout the periods involved (except as
otherwise noted therein). 
 20) Neither the Company nor any of its subsidiaries has any material liability, whether asserted
or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due, including any liability for taxes and the Company has not received written notice of any action, suit,
proceeding, hearing, charge, complaint, claim or demand against the Company or any of its subsidiaries that could give rise to any such liability, except for (i) liabilities set forth in the Financial Statements or the Interim Financial
Statements and (ii) normal fluctuations in the amount of the liabilities referred to in clause (i) above occurring in the ordinary course of business of the Company and all of its subsidiaries since the date of the most recent balance
sheet included in such Financial Statements, and (iii) liabilities that would not, singly or in the aggregate, have a Material Adverse Effect. 
  

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 21) Since the date of the Interim Financial Statements, there has not been (A) any
Material Adverse Effect, other than as disclosed to Kodiak or (B) any dividend or distribution of any kind declared, paid or made by the Company on any class of its Equity Interests. 
 22) The documents and reports of the Company filed with the Commission in accordance with the Exchange Act, from and including the
commencement of the fiscal year covered by the Company’s most recent Annual Report on Form 10-K, at the time they were filed by the Company with the Commission (collectively, the “1934 Act Reports”), complied in all material
respects with the requirements of the Exchange Act and the rules and regulations of the Commission thereunder, and did not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has filed all reports required to be filed by it under the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, since January 1, 2005; and has filed all such reports on a timely basis or has received a valid extension of such time of filing and has filed any such reports prior to the expiration of any such extension. 
 23) None of the Company or any of its Significant Subsidiaries has any employees. 
 24) No filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any Governmental
Entity, other than those that have been made or obtained, is necessary or required for the performance by the Company of its obligations under this letter agreement or the Registration Rights Agreement, or the consummation by the Company of the
transactions contemplated by this letter agreement and the Registration Rights Agreement. 
 25) The Company and each of its
Significant Subsidiaries has good and valid title to all of its respective real and personal property, in each case free and clear of all Liens and defects, except for Liens for Taxes (as defined below) not yet due or payable and those Liens
securing debt in the ordinary course of its business and that would not, singly or in the aggregate, have a Material Adverse Effect; and all of the leases and subleases under which the Company or any of its Significant Subsidiaries holds properties
are in full force and effect, except where the failure of such leases and subleases to be in full force and effect would not, singly or in the aggregate, have a Material Adverse Effect, and neither the Company nor any of its Significant Subsidiaries
has any notice of any claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Significant Subsidiary under any such leases or subleases, or affecting or questioning the rights of such entity to the continued
possession of the leased or subleased premises under any such lease or sublease, except for such claims that would not, singly or in the aggregate, have a Material Adverse Effect. 
 26) Commencing with its taxable year ended December 31, 2004, the Company has been, and upon the completion of the transactions
contemplated hereby, the Company will continue to be, organized and operated in conformity with the requirements 

  

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for qualification and taxation as a real estate investment trust (a “REIT”) under Sections 856 through 860 of the Code for so long as the
judgment of the Company’s Board of Directors is that the Company should maintain its status as a REIT, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost. The Company
expects to continue to be organized and to operate in a manner so as to qualify as a REIT in the taxable year ending December 31, 2009 and succeeding taxable years for so long as the judgment of the Company’s Board of Directors is that the
Company should maintain its status as a REIT. 
 27) The Company and each Significant Subsidiary has timely and duly filed (or
filed extensions thereof (and which extensions are presently in effect)) all material Tax Returns (as defined below) required to be filed by them, and all such Tax Returns are true, correct and complete in all material respects. The Company and each
Significant Subsidiary has timely and duly paid in full all material Taxes (as defined below) required to be paid by them (whether or not such amounts are shown as due on any Tax Return). There are no federal, state, or other Tax audits or
deficiency assessments proposed in writing or pending with respect to the Company or any Significant Subsidiary, and no such audits or assessments are threatened in writing to the Company. As used herein, the terms “Tax” or
“Taxes” mean (i) all federal, state, local, and foreign taxes, and other assessments of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax, or penalties applicable
thereto, imposed by any Governmental Entity, and (ii) all liabilities in respect of such amounts arising as a result of being a member of any affiliated, consolidated, combined, unitary or similar group, as a successor to another person or by
contract. As used herein, the term “Tax Returns” means all federal, state, local, and foreign Tax returns, declarations, statements, reports, schedules, forms, and information returns and any amendments thereto filed or required to
be filed with any Governmental Entity. 
 28) (i) The books, records and accounts of the Company and its Significant
Subsidiaries accurately and fairly reflect, in reasonable detail, the transactions in, and dispositions of, the assets of, and the results of operations of, the Company and its subsidiaries. The Company and each of its subsidiaries maintains a
system of internal accounting controls sufficient to provide reasonable assurance as regards the Company and each of its consolidated subsidiaries regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with
management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP and to maintain asset accountability, and (iii) access to assets is
permitted only in accordance with management’s general or specific authorization. 
 (ii) The Company has in place the
“disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) reasonably designed to ensure that information required to be disclosed by the Company in the reports that it files under the Exchange
Act is recorded, processed, summarized and reported within the time 

  

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periods specified in the rules and forms of the Commission (including any permitted extension thereof), and that such information is accumulated and
communicated to the Company’s management, as appropriate to allow timely decisions regarding required disclosure. There is and has been no failure on the part of the Company or, to the Company’s knowledge, any of the Company’s
directors or officers, in their capacities as such, to comply in any material respect with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder, as in effect from time to time. 

29) The Company and its Significant Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts in all material respects as are customary in the businesses in which they are engaged (the ownership of commercial real estate related loans and securities) after giving effect to the transactions contemplated hereby. All
policies of insurance insuring the Company or any of its Significant Subsidiaries’ respective businesses, assets, employees, officers and directors are in full force and effect. The Company and each of the Significant Subsidiaries are in
compliance with the terms of such policies and instruments in all material respects. Neither the Company nor any Significant Subsidiary has reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be available and necessary to continue its business at a cost that would not have a Material Adverse Effect, except (i) for such failures to renew or obtain such insurance
coverage due to conditions then applicable to the insurance industry or the commercial mortgage REIT industry in general, and (ii) that the Company is currently in renewal discussions with the provider of its directors’ and officers’
insurance policy, which may result in reduced coverage levels for the Company and its directors and officers thereunder or result in significant premium increases relative to historical pricing and coverage levels. Within the past twelve months,
neither the Company nor any Significant Subsidiary has been denied any insurance coverage it has sought or for which it has applied, except that one of its current insurers would not provide Clause B or C coverage (though they would still provide
Clause A coverage) with respect to the excess layer of Directors & Officers Liability insurance coverage (i.e., providing coverage between $10 million and $20 million) that it has historically provided to the Company. 
 30) Neither the Company and its Significant Subsidiaries, nor, to the knowledge of the Company, any person acting on behalf of the Company
and/or its Significant Subsidiaries including, without limitation, any director, officer, manager, agent or employee of the Company or its Significant Subsidiaries has, directly or indirectly, while acting on behalf of the Company and/or its
Significant Subsidiaries (i) used any corporate, partnership or company funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (ii) made any unlawful payment to foreign or domestic
government officials or employees or to foreign or domestic political parties or campaigns from corporate, partnership or company funds; (iii) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (iv) made
any other unlawful payment. 
 31) The information provided by the Company pursuant to this letter agreement does not, as of
the date hereof, contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  

 11 

 32) None of the Company or any of its Significant Subsidiaries owns any real property.

 33) The issuance of the Shares (i) does not require the approval of the shareholders of the Company, or (ii) any
filing with the Commission other than the filing of a Current Report on Form 8-K within four (4) business days following the Closing Date. 
 Except as expressly stated in this letter agreement, neither the Company nor Kodiak makes any representations or warranties, express or implied, with respect to the Shares. 
  

 12 

			
	Sincerely,
	
	JER INVESTORS TRUST INC.
		
	By:	 	 /s/ J. Michael McGillis

	Name:	 	J. Michael McGillis
	Title:	 	Chief Financial Officer
	
	Acknowledged and Agreed:
	
	KODIAK CDO II, LTD.
		
	By:	 	Kodiak CDO Management, LLC
	Its:	 	Collateral Manager
		
	By:	 	Kodiak Funding, LP
	Its:	 	Sole Member
		
	By:	 	Kodiak Funding Company, Inc.
	Its:	 	General Partner
		
	By:	 	 /s/ Robert M. Hurley

	Name:	 	Robert M. Hurley
	Title:	 	Chief Financial OfficerEmployment Agreement

 EXHIBIT 10.25 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT by and among APP Pharmaceuticals, Inc., a Delaware
corporation (the “Company”), Christopher Bryant (the “Executive”) and, solely for the purposes of guaranteeing the Company’s obligations under Section 5 of this Agreement, Fresenius SE, a societas
europaea, organized under the laws of Germany (the “Parent”) is dated May 15, 2009; 
 WHEREAS, on September 10, 2008,
the Company became an indirect subsidiary of the Parent; 
 WHEREAS, the Company desires to have the Executive serve as the Company’s
Chief Scientific Officer, on the terms and conditions set forth in this Agreement; 
 WHEREAS, the Executive desires to accept such service,
subject to the terms and conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained
herein and for other good and valuable consideration, the receipt and sufficiency of which is mutually acknowledged, the Company and the Executive (individually, a “Party” and together, the “Parties”) agree as
follows: 
  

	 	1.	Effective Date. The “Effective Date” shall mean May 15, 2009. 

  

	 	2.	Employment Period. The Company hereby agrees to employ the Executive, and the Executive hereby agrees to be employed by the Company, subject to the terms and conditions of
this Agreement, for a period commencing on the Effective Date and ending on December 31, 2011, unless earlier terminated as provided herein. Notwithstanding the foregoing, commencing on January 1, 2012 and each January 1 thereafter
(each, an “Extension Effective Date”), the term of this Agreement shall be extended, without further action by the Company or the Executive, for successive periods of twelve months each, unless either Party shall have given three
(3) months’ advance notice to the other Party, in the manner set forth in Section 8(b) below, prior to the Extension Effective Date in question, that the term of this Agreement that is in effect at the time such notice is given is not
to be extended or further extended, as the case may be (the period of such employment to be called the “Employment Period”). 

  

	 	3.	Terms of Employment. 

  

	 	(a)	Position and Duties. 

  

	 	(i)	During the Employment Period, the Executive shall serve as the Chief Scientific Officer of the Company, with such duties and responsibilities as are commensurate with such position,
and shall report directly to the Chief Executive Officer of the Company. The Executive’s principal location of employment shall be at the principal headquarters of the Company in Schaumburg, Illinois; provided, however, that the
Executive may be required under reasonable business circumstances to travel outside of the principal location of employment in connection with performing his duties under this Agreement. 

  

 1 

	 	(ii)	The Executive agrees that during the Employment Period, he shall devote all of his business time, energies and talents to serving as the Company’s Chief Scientific Officer, and
shall perform his duties conscientiously and faithfully subject to the lawful directions of the Chief Executive Officer of the Company, and in accordance with each of the corporate governance and ethics guidelines, conflict of interests policies,
and codes of conduct of the Company. 

  

	 	(iii)	During the Employment Period, the Executive shall not, without the prior written consent of the Chief Executive Officer of the Company: (A) render or perform services of a
business, professional or commercial nature other than to or for the Company or any of its affiliates or subsidiaries, either alone or as an employee, consultant, director, officer or partner of another business entity (including serving on boards
of directors), whether or not for compensation or (B) plan or otherwise take any preliminary steps, either alone or in concert with others, to establish or engage in any business activity that would compete with the current or proposed
businesses of the Company or any of its affiliates or subsidiaries. 

  

	 	(b)	Compensation. 

  

	 	(i)	Base Salary. As compensation for the performance by the Executive of his obligations hereunder, during the Employment Period, the Company shall pay the Executive a base
salary at an annual rate of $300,000 (the “Base Salary”). The Base Salary shall be payable in accordance with the Company’s regularly established payroll practice. The Company shall conduct an annual review of the Base Salary
and may increase or decrease such Base Salary in its sole discretion, based on the performance of the Executive and the Company. 

  

	 	(ii)	Annual Bonus. With respect to each calendar year during the Employment Period including 2009, the Executive shall be eligible to receive a cash bonus of up to fifty percent
(50%) of Base Salary, based on the achievement of the Company targets and Executive’s functional business unit objectives (“Annual Bonus”). Fifty percent (50%) of Executive’s bonus target will be based on achievement of
the Company revenue and earnings targets, established by Company goals, and fifty percent (50%) will be based upon Executive’s achievement of the goals for new product development and deliveries as agreed upon in Executive’s approved
functional business unit objectives. The Annual Bonus will be payable in a single lump sum cash payment not later than March 15 following the conclusion of the calendar year in which the Annual Bonus is earned. The Bonus payment for the
calendar year 2009 will be prorated per the Company Management Bonus plan 

  

	 	(iii)	Vacation. During the Employment Period, the Executive shall be entitled to four (4) weeks of paid vacation for each calendar year or ratable part thereof. In addition,
the Executive shall be entitled to all paid holidays typically granted to executive officers of the Company generally. 

  

 2 

	 	(iv)	Benefits and Perquisites. The Executive shall be entitled to participate on a comparable basis in all employee benefit plans and to all perquisites which shall be made
available from time to time to executive officers of the Company generally (including, but not limited to equity-based and other long-term incentive plans, qualified and non-qualified retirement and deferred compensation plans, medical, dental and
other welfare plans, and executive short-term disability insurance, and executive long-term disability insurance and supplemental income protection, health club reimbursement, estate and financial planning services and supplemental life insurance).
The Executive acknowledges and agrees that the Company may, in its discretion, terminate at any time or modify from time to time any such employee benefit plans or perquisites. 

  

	 	(v)	Company Automobile Lease. The Executive shall be entitled to an automobile lease allowance during the Employment Period at the Company’s expense in an amount not to
exceed $1,000 per month. 

  

	 	(vi)	Expenses. During the Employment Period, the Executive shall be eligible for prompt reimbursement for business expenses reasonably incurred by the Executive in accordance with
the policies of the Company as may be in effect from time to time for executive officers of the Company generally. 

  

	 	4.	Termination of Employment. 

  

	 	(a)	Death. The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment Period. 

  

	 	(b)	Disability. If the Executive experiences a Disability (within the meaning of the applicable disability plan, program or arrangement of the Company, as in effect from time to
time) during the Employment Period, the Company may provide the Executive with a Notice of Termination in accordance with Section 4(f) below of its intention to terminate the Executive’s employment. In such event, the Executive’s
employment with the Company shall terminate immediately upon the receipt of such Notice of Termination by the Executive. 

  

	 	(c)	Cause. The Executive’s employment may be terminated by the Company during the Employment Period other than for Cause upon the Company providing a Notice of Termination
to the Executive of its intention to so terminate the Executive’s employment in accordance with Section 4(f) below. The Executive’s employment may be terminated by the Company for Cause if (A) the Company provides the Executive
with a Notice of Termination in accordance with Section 4(f) of this Agreement within 30 days after the initial occurrence or existence of an event or circumstance set forth in this Section 4(c), which notice shall specifically identify
the event or circumstance that the Company believes constitutes Cause and (B) the Executive fails to correct the circumstance or event so identified within 60 days after the receipt of such notice. For purposes of this Agreement,
“Cause” shall mean: 

  

 3 

	 	(i)	the Executive’s dishonesty, willful misconduct or gross negligence in the performance of his duties to the Company or any of its affiliates or subsidiaries;

  

	 	(ii)	the Executive’s willful material misrepresentation at any time to the Company or any of its affiliates or subsidiaries; 

  

	 	(iii)	the Executive’s intentional failure or refusal to perform his reasonably assigned duties; 

  

	 	(iv)	the Executive’s commission of any felony, or any other crime (whether or not a felony) involving dishonesty, fraud or breach of trust; 

  

	 	(v)	the Executive’s willful or grossly negligent failure to comply with any written rules, regulations, policies or procedures of the Company or any of its affiliates or
subsidiaries; or 

  

	 	(vi)	the Executive’s material breach of the provisions of Section 6 of this Agreement. 

  

	 	(d)	Good Reason. The Executive’s employment may be voluntarily terminated by the Executive with Good Reason if (A) an event or circumstance set forth in the clauses of
this Section 4(d) below shall have occurred and the Executive provides the Company with a Notice of Termination in accordance with Section 4(f) below within 30 days after the Executive has knowledge of the initial occurrence or existence
of such event or circumstance, which notice shall specifically identify the event or circumstance that the Executive believes constitutes Good Reason and (B) the Company fails to correct the circumstance or event so identified within 90 days
after the receipt of such notice. For purposes of this Agreement, “Good Reason” shall mean, without the Executive’s express written consent, the occurrence of any of the following circumstances: 

  

	 	(i)	There is a reduction in the Executive’s status or responsibilities which represents a material and adverse change from the Executive’s overall status or responsibilities,
taken as a whole, in reference to the status or responsibilities contemplated by Section 3(a); 

  

	 	(ii)	The Executive is required to be based at any place outside of fifty (50) mile radius from Schaumburg, Illinois without his written consent, except for travel that is reasonably
necessary in connection with the Company’s business; 

  

	 	(iii)	Any material breach of the Agreement by the Company, including but not limited to, the failure to pay or provide compensation and benefits in accordance with Section 3
(b) hereof; 

  

	 	(iv)	Delivery by the Company of a notice of non-extension pursuant to Section 2; or 

  

	 	(v)	Any failure by the Successor to assume and agree to perform the Company’s obligations hereunder. 

  

 4 

	 	(e)	Voluntary Termination. The Executive may voluntarily terminate his employment under this Agreement without Good Reason upon the Executive providing a Notice of Termination to
the Company of his intention to so terminate his employment in accordance with Section 4(f) below and such termination shall not be deemed to be a breach of this Agreement. 

  

	 	(f)	Notice of Termination. Any termination of the Executive’s employment by the Company or by the Executive (other than death) shall be communicated by a written notice
(“Notice of Termination”) to the other Party hereto in accordance with Section 8(b) below. The “Date of Termination” shall mean (i) if the Executive’s employment is terminated by the Executive’s
death, the date of his death, (ii) if the Executive’s employment is terminated by the Company for Cause or Disability, the date specified in the Notice of Termination and (iii) if the Executive’s employment is terminated under
any circumstances other than those described in clause (i) or (ii) immediately preceding, the date specified in the Notice of Termination which shall not be less than 90 days from the date such Notice of Termination is given.

  

	 	(g)	Resignation from All Positions. Notwithstanding any other provision of this Agreement, upon the termination of the Executive’s employment for any reason, unless
otherwise requested by the Company, the Executive shall immediately resign from all positions that he holds or has ever held with the Company or any of its affiliates or subsidiaries (and with any other entities with respect to which the Company has
requested the Executive to perform services). The Executive hereby agrees to execute any and all documentation to effectuate such resignations upon request by the Company, but he shall be treated for all purposes as having so resigned upon the Date
of Termination, regardless of when or whether he executes any such documentation. 

  

	 	5.	Obligations of the Company upon Termination. 

  

	 	(a)	Good Reason; Other Than for Cause. If during the Employment Period, (A) the Company shall terminate the Executive’s employment other than for Cause, death or
Disability or (B) the Executive shall terminate employment with Good Reason: 

  

	 	(i)	the Company shall pay to the Executive within 30 days after the Date of Termination the sum of (1) the Executive’s accrued but unpaid Base Salary and any accrued but
unpaid Annual Bonus through the Date of Termination and the Executive’s business expenses that are reimbursable pursuant to Section 3(b)(vi) but have not yet been reimbursed by the Company as of the Date of Termination (collectively, the
“Obligations”); 

  

	 	(ii)	the Company shall pay to the Executive an amount equal to the sum of (A) 1.5 times the Executive’s then-current Base Salary at the highest rate in effect during the 12
– month period immediately preceding the Date of Termination and (B) 30% of the Annual Bonus paid or payable to the Executive for the most recently completed calendar year, payable in substantially equal installments in accordance with the
Company’s regularly established payroll practice during the twelve (12) month period following immediately the Date of Termination; 

  

 5 

	 	(iii)	the Company shall continue to provide the benefits (Health and Dental Insurance only) to the Executive set forth in Section 3(b)(iv) above during the twelve (12) month
period following the Date of Termination; and 

  

	 	(iv)	Except with respect to payments and benefits under Sections 5(a)(i), all payments and benefits to be provided under this Section 5(a) shall be subject to the Executive’s
execution and non-revocation of a general release of claims in favor of the Company and its affiliates and subsidiaries. 

  

	 	(b)	Cause; Other than for Good Reason. If the Executive’s employment shall be terminated for Cause or if the Executive terminates his employment without Good Reason during
the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than the obligation to pay or provide to the Executive the Obligations and the timely payment or provision of the Other Benefits.

  

	 	(c)	Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Employment Period, this Agreement shall terminate without further
obligations to the Executive’s legal representatives, other than the obligation to pay or provide to the Executive’s beneficiaries the Obligations and the timely payment or provision of the Other Benefits. 

  

	 	(d)	Disability. If the Executive’s employment is terminated by reason of the Executive’s Disability during the Employment Period, this Agreement shall terminate without
further obligations to the Executive, other than the obligation to pay or provide to the Executive the Obligations and the timely payment or provision of the Other Benefits, including any applicable disability benefits. 

  

	 	6.	Unauthorized Disclosure; Non-Solicitation; Non-Competition; Proprietary Rights. 

  

	 	(a)	 Unauthorized Disclosure. The Executive agrees and understands that in the Executive’s position with the Company, the Executive has been and will be
exposed to and has and will receive information relating to the confidential affairs of the Company, including, without limitation, technical information, intellectual property, business and marketing plans, strategies, customer information,
software, other information concerning the products, promotions, development, financing, expansion plans, business policies and practices of the Company and other forms of information considered by the Company to be confidential and in the nature of
trade secrets (including, without limitation, ideas, research and development, know-how, formulas, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information and business and marketing plans and
proposals) (collectively, the “Confidential Information”); provided, however, that information that is or becomes generally available to the public other than as a result of a breach of this Agreement by the Executive
shall not be considered to be Confidential Information. The Executive agrees that at all times during the Executive’s employment with the Company and thereafter, the Executive shall not disclose such Confidential Information, either directly or
indirectly, to any individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof (each, a
“Person”) without the prior written consent of the 

  

 6 

 
Company and shall not use or attempt to use any such information in any manner other than in connection with his employment with the Company, unless required
by law to disclose such information, in which case the Executive shall provide the Company with written notice in accordance with Section 8(b) below of such requirement as far in advance of such anticipated disclosure as possible so as to
enable the Company to seek an appropriate protective order or confidential treatment. This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Executive’s employment with the Company, the
Executive shall promptly supply to the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product
or document which has been produced by, received by or otherwise submitted to the Executive during or prior to the Executive’s employment with the Company, and any copies thereof in his (or capable of being reduced to his) possession.

  

	 	(b)	Non-Competition. By and in consideration of the Company’s entering into this Agreement and the payments to be made and benefits to be provided by the Company hereunder,
and in further consideration of the Executive’s exposure to the Confidential Information of the Company, the Executive agrees that the Executive shall not, during the Executive’s employment with the Company and for a twelve-month period
following the Date of Termination (the “Restriction Period”), directly or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control of, or be connected in any
manner with, including, without limitation, holding any position as a stockholder, director, officer, consultant, independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); provided,
however, that in no event (A) shall ownership by the Executive of five percent (5%) or less of the outstanding securities of any class of any issuer whose securities are registered under the Securities Exchange Act of 1934, as
amended, standing alone, be prohibited by this Section 6(b), so long as the Executive does not have, or exercise, any rights to manage or operate the business of such issuer other than rights as a stockholder thereof, nor (B) shall being
employed by a Person that is a Restricted Enterprise, standing alone, be prohibited by this Section 6(b), so long as (i) such Person has more than one discrete and readily distinguishable part of its business, (ii) the
Executive’s duties are not at or involving the part of such Person that is the Restricted Enterprise, including, without limitation, serving in a capacity where any Person involved in the Restricted Enterprise reports to the Executive and
(iii) the Executive notifies the Company of employment with such Person prior to commencement of his or her employment with such Person. For purposes of this Section 6(b), “Restricted Enterprise” shall mean any Person that
is engaged, directly or indirectly, in (or intends or proposes to engage in, or has been organized for the purpose of engaging in) the generic injectible pharmaceutical industry and any other businesses the Company engages in or is preparing to
become engaged in, at the time of the Executive’s termination. During the twelve-month period following the Date of Termination, upon the request of the Company, the Executive shall notify the Company of the Executive’s then-current
employment status. 

  

 7 

	 	(c)	Non-Solicitation of Employees. During the Restriction Period, the Executive shall not directly or indirectly contact, induce or solicit (or assist any Person to contact,
induce or solicit) for employment or consulting services any person who is, or within twelve months prior to the date of such solicitation was, an employee or consultant of the Company. 

  

	 	(d)	Non-Solicitation of Customers. During the Restriction Period, the Executive shall not (A) contact, induce or solicit (or assist any Person to contact, induce or solicit)
any Person which has a business relationship with the Company to terminate, curtail or otherwise limit such business relationship, or (B) solicit, other than on behalf of the Company, any Person that the Executive knows or should have known
(i) is a current customer of the Company, (ii) was, within twelve months prior to the date of such solicitation, a customer of the Company or (iii) is a Person with respect to which the Company has, within the twelve months prior to
the date of such solicitation, devoted more than de minimis resources in an effort to cause such Person to become a customer of the Company. 

  

	 	(e)	Proprietary Rights. The Executive shall disclose promptly to the Company any and all inventions, discoveries, and improvements (whether or not patentable or registrable under
copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived, discovered, reduced to practice, or made by him, either alone or in conjunction with others, during the Executive’s employment with the Company and
related to the business or activities of the Company (the “Developments”). Except to the extent any rights in any Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. § 101 et seq., that are
owned ab initio by the Company, the Executive assigns all of his right, title and interest in and to all Developments (including all intellectual property rights therein) to the Company or its nominee without further compensation, including
all rights or benefits therefor, including without limitation the right to sue and recover for past and future infringement. The Executive acknowledges that any rights in any developments constituting a work made for hire under the U.S. Copyright
Act, 17 U.S.C. § 101 et seq., are owned upon creation by the Company as the Executive’s employer. Whenever requested to do so by the Company, the Executive shall execute any and all applications, assignments or other instruments which the
Company shall deem necessary to apply for and obtain trademarks, patents or copyrights of the United States or any foreign country or otherwise protect the interests of the Company therein. These obligations shall continue beyond the end of the
Executive’s employment with the Company, subject to Section 6(c) hereof, with respect to inventions, discoveries, improvements or copyrightable works initiated, conceived or made by the Executive while employed by the Company, and shall be
binding upon the Executive’s employers, assigns, executors, administrators and other legal representatives. In connection with his execution of this Agreement, the Executive has informed the Company in writing of any interest in any inventions
or intellectual property rights that he holds as of the date hereof. If the Company is unable for any reason, after reasonable effort, to obtain the Executive’s signature on any document needed in connection with the actions described in this
Section 6(d), the Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Executive’s agent and attorney in fact to act for and in the Executive’s behalf to execute, verify
and file any such documents and to do all other lawfully permitted acts to further the purposes of this section with the same legal force and effect as if executed by the Executive. 

  

 8 

	 	(f)	Remedies. The Executive agrees that any breach of the terms of this Section 6 would result in irreparable injury and damage to the Company for which the Company would
have no adequate remedy at law; the Executive therefore also agrees that in the event of such breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach and/or threatened
breach and/or continued breach by the Executive and/or any and all Persons acting for and/or with the Executive, without having to prove damages, in addition to any other remedies to which the Company may be entitled at law or in equity, including,
without limitation, the obligation of the Executive to return to the Company any portion of severance payments that have been paid to him. The terms of this paragraph shall not prevent the Company from pursuing any other available remedies for any
breach or threatened breach hereof, including, without limitation, the recovery of damages from the Executive. The Executive and the Company further agree that the provisions of the covenants contained in this Section 6 are reasonable and
necessary to protect the businesses of the Company because of the Executive’s access to Confidential Information and his material participation in the operation of such businesses. 

  

	 	(g)	Definition of Company. For purposes of this Section 6, the “Company,” as used above, shall be construed to include the Company and its Parent, subsidiaries and
affiliates. 

  

	 	(h)	Survival. The provisions of this Section 6 shall survive the termination of the Executive’s employment with the Company, regardless of the reason for such
termination, for the duration expressly stated in any such provision or, if no duration is stated, then indefinitely. 

  

	 	7.	Assignment. This Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by the Executive, and any purported assignment by the Executive in
violation hereof shall be null and void. The Company may, without the consent of the Executive, assign this Agreement to any entity that is a successor to (a) all or substantially all of the business and/or assets of the Company or
(b) that portion of the business and/or assets of the Company to which the Executive’s services relate. For purposes of this Agreement, (i) any reference to “the Company” herein shall be deemed to be a reference to any such
successor of the Company and (ii) no transfer of the Executive’s employment that occurs in connection with any event that results in such a successor shall be deemed to be a termination of the Executive’s employment for any purpose
under this Agreement or otherwise. 

  

	 	8.	Miscellaneous. 

  

	 	(a)	Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights and obligations of the parties hereto shall be governed by, the laws of the
state of Illinois, without giving effect to the conflicts of law principles thereof. 

  

 9 

	 	(b)	Notices. All notices, claims, certificates, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given and delivered
if personally delivered or if sent by nationally-recognized overnight courier, by telecopy, or by registered or certified mail, return receipt requested and postage prepaid, addressed as follows: 

 If to the Company, to: 
 APP Pharmaceuticals

 1501 East Woodfield Road 
 Schaumburg, Illinois 60173 
 Attn: Thomas H. Silberg 
 If to the Executive, to the last home address the Company maintains in its records for the Executive 
 Any
such notice or communication shall be deemed to have been received (A) in the case of personal delivery, on the date of such delivery (or if such date is not a business day, on the next business day after the date of delivery), (B) in the
case of nationally-recognized overnight courier, on the next business day after the date sent, (C) in the case of telecopy transmission, when received (or if not sent on a business day, on the next business day after the date sent) and
(D) in the case of mailing, on the third business day following that on which the piece of mail containing such communication is posted. 
  

	 	(c)	Validity; Severability. In the event that any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason, the
validity, legality and enforceability of the remainder of this Agreement shall not in any way be affected or impaired thereby. Moreover, without limiting the generality of the foregoing, if any one or more of the provisions contained in this
Agreement shall be held to be unreasonable or unenforceable in any respect, including excessively broad as to duration, scope, activity or subject, such provisions shall be construed by limiting and reducing them so as to be enforceable to the
maximum extent allowed by applicable law. 

  

	 	(d)	Amendments and Waivers. This Agreement and any of the provisions hereof may be amended, waived (either generally or in a particular instance and either retroactively or
prospectively), modified or supplemented, in whole or in part, only by written agreement signed by the Parties hereto; provided, however, that the observance of any provision of this Agreement may be waived in writing signed by the
Party that will lose the benefit of such provision as a result of such waiver. The waiver by any Party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a
waiver of any other or subsequent breach, except as otherwise specifically provided for in such waiver. Except as otherwise expressly provided herein, no failure on the part of any Party to exercise, and no delay in exercising, any right, power or
remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof
or the exercise of any right, power or remedy. 

  

 10 

	 	(e)	Cooperation. Following the termination of the Executive’s employment for any reason, the Executive agrees to cooperate with the Company upon the Company’s request
and to be available to the Company with respect to matters arising out of the Executive’s services to the Company at reasonable times and places and upon reasonable notice. The Company shall reimburse the Executive for expenses reasonably
incurred in connection with such matters as agreed by the Executive and the Company in writing. 

  

	 	(f)	Withholding. Notwithstanding any other provision of this Agreement, the Company may withhold from any amounts payable or benefits provided under this Agreement any Federal,
state, and local taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

  

	 	(g)	Waiver; Strict Construction. Subject to the provisions of (Section 8 (d), the Executive’s or the Company’s failure to insist upon strict compliance with any
provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

  

	 	(h)	Entire Agreement; Effect on Prior Agreement. This Agreement shall constitute the entire agreement between the Parties, and shall supersede all prior representations,
agreements and understandings (including any prior course of dealings), both written and oral, between the Parties with respect to the subject matter hereof and thereof. 

  

	 	(i)	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one
and the same instrument. 

  

	 	(j)	Binding Effect. This Agreement shall inure to the benefit of, and be binding on, the successors and assigns of each of the Parties, including, without limitation, the
Executive’s heirs and the personal representatives of the Executive’s estate and any successor to all or substantially all of the business and/or assets of the Company whether by merger or otherwise (a “Successor”).

  

	 	(k)	No Third Party Beneficiaries. Nothing in this Agreement shall confer upon any Person not a party to this Agreement, or the legal representatives of such Person, any rights or
remedies of any nature or kind whatsoever under or by reason of this Agreement. 

  

	 	9.	 Section 409A. If at the time the Executive becomes entitled to any severance payments or any other termination payment from the Company (collectively
referred to as the “Severance”), the Executive is a “specified employee” (as defined in Section 409A of the Internal Revenue Code of 1986, as amended and the regulations thereunder (“Section 409A”)), then no
Severance considered deferred compensation under Section 409A and not subject to an exception or exemption thereunder shall be paid to the Executive until the date that is six (6) months after the Executive’s date of 

  

 11 

 
termination (or, if later, six (6) months after the Executive has incurred a separation from service as defined in Section 409A). For purposes of
determining whether Severance payment payable on payroll dates occurring on or prior to March 15 of the year following the year that includes the date of termination are exempt from Section 409A as short-term deferrals, each Severance
payment shall be considered a separate payment for purposes of Section 409A. Any Severance that would otherwise have been paid to the Executive during this six-month period that is not exempt from Section 409A shall instead be aggregated
and paid to the Executive on the date that is six (6) months after the Executive’s date of termination. Any Severance to which the Executive is entitled to be paid after the date that is six (6) months following the Executive’s
date of termination or separation from service, as applicable, shall be paid to the Executive in accordance with the applicable schedule. It is intended that this Agreement will comply with Section 409A to the extent applicable, and this
Agreement shall be interpreted and construed on a basis consistent with such intent. The Company and the Executive agree to amend (including retroactively) this Agreement in order to comply with Section 409A, including amending to facilitate
the ability of the Executive to avoid the imposition of, or reduce the amount of, any Section 409A tax or penalties. The Company and the Executive shall reasonably cooperate to provide full effect to this provision and the consent to any
amendment described in the preceding sentence shall not be unreasonably withheld by either party. 
  

	 	10.	Indemnification. The Executive will be covered by the officer and director insurance program of the Fresenius SE group and entitled to indemnification to the fullest extent
under the Amended and Related By-Laws of Fresenius Kabi Pharmaceuticals Holding, Inc. dated September 10, 2008 (or as those by-laws are amended thereafter), Nothing in this Agreement, however, will require the Company to provide indemnification
in any situation where indemnification would violate any applicable law. 

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 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization from the Board of Management of Fresenius Kabi AG, the Company has caused these presents to be executed in its name and on its behalf, all as of the day and year first above written. 
  

			
	APP PHARMACEUTICALS, INC.
		
	By:	 	Thomas H. Silberg
		 	Name: Thomas H. Silberg
		 	Title: President/CEO

  

	
	Agreed and Accepted:
	
	/s/ Christopher Bryant
	Christopher Bryant

  

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