Document:

Exhibit 10.2

RODMAN & RENSHAW CAPITAL
GROUP, INC.

2010 STOCK AWARD AND INCENTIVE PLAN

Restricted Stock Units Agreement

(Employees – 2011 Performance-Vesting Grant)

This Restricted Stock Units Agreement (the “Agreement,” which includes
the “Terms and Conditions of Restricted Stock Units” attached hereto) confirms
the grant on April 8, 2010 (the “Grant Date”), by Rodman & Renshaw Capital Group, Inc., a Delaware corporation
(the “Company”), to Anthony Sanfilippo (“Employee”) of Restricted Stock Units
(“RSUs”), as follows: 

	
  

 	
  

 	
  

 
	
  

 	
 Number
 granted:          482,500 RSUs

 
	
  

 	
  

 	
  

 
	
  

 	
 RSUs vest:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The RSUs, provided
 they have not previously been forfeited as provided herein, shall vest as to
 one-fifth of the underlying shares on each of April 8, 2012, April 8, 2013,
 April 8, 2014, April 8, 2015 and April 8, 2016 (each a “Stated Vesting Date”)
 subject in each year to the Company having achieved “non-GAAP net income
 before executive bonuses plus or minus adjustments for certain events related
 to non-cash principal transactions, non-recurring legal fees and the
 impairment of goodwill and other intangible assets, as calculated consistent
 with past practice” for the respective preceding calendar year, failing which
 the RSUs for such year shall be forfeited (except as otherwise provided in
 Section 4 below). In addition, the RSUs, if not previously forfeited, will
 become immediately vested upon a Change in Control and will vest on an
 accelerated basis upon the occurrence of certain events relating to Termination
 of Employment (as defined below), in accordance with Section 4 hereof.

 
	
  

 	
  

 	
  

 
	
  

 	
 Further restriction and settlement:

 
	
  

 	
  

 
	
  

 	
  

 	
 Any RSUs that vest
 as provided above and are not forfeited remain subject to the further
 restriction that they shall be settled on April 8, 2016 except that during
 the period following vesting of such RSUs and ending April 8, 2016 (the
 “Mandatory Restriction Period”), settlement of the vested RSUs shall be
 accelerated upon occurrence of certain events as set forth in Section 4(a) or
 4(d) below, subject in all cases to Section 6 below. Such RSUs shall be
 settled at the applicable date by delivery of one share of the Company’s Common
 Stock, $.001 par value, for each RSU being settled, with such delivery to
 occur in the manner determined by the Company but not later than 30 days
 after the applicable settlement date, except that if termination is governed
 by Section 4(b) below this period shall be 60 days and if termination results
 from death settlement shall be on the 60th day following death. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Settlement of RSUs
 at any settlement date is subject to compliance with requirements under
 Section 409A of the Internal Revenue Code (the “Code”), as required under
 Section 6 below. In the case of any settlement triggered by a Termination of
 Employment, the six-month delay rule under Section 409A may apply, as
 provided in Section 6 below. 

 

* * * * * *

          The RSUs
are subject to the terms and conditions of the 2010 Stock Award and Incentive
Plan (the “Plan”), and this Agreement, including the Terms and Conditions of
Restricted Stock Units attached hereto. The number of RSUs and the kind of
shares deliverable in settlement of RSUs are subject to adjustment in
accordance with Section 5 hereof and Section 11(c) of the Plan.

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          Employee
acknowledges and agrees that (i) RSUs are nontransferable, except as provided
in Section 3 hereof and Section 11(b) of the Plan, (ii) RSUs are subject to
forfeiture in the event of Employee’s Termination of Employment in certain
circumstances prior to vesting, as specified in Section 4 hereof, (iii) sales
of shares delivered in settlement of RSUs will be subject to the Company’s
policies regulating trading by employees, if applicable, and (iv) a copy of the
Plan and related prospectus have previously been delivered to Employee or are
available upon request of the Company’s General Counsel.

          IN WITNESS
WHEREOF, Rodman & Renshaw Capital
Group, Inc. has caused this Agreement to be executed by its officer
thereunto duly authorized, and Employee has duly executed this Agreement, by
which each has agreed to the terms of this Agreement. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 RODMAN & RENSHAW CAPITAL GROUP, INC.

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Date: April 8,
 2011

 	
 By:

 	
    /s/ David Horin 

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 David Horin 

 	
  

 
	
  

 	
 Chief Financial
 Officer

 	
  

 
	
  

 
	
  

 	
 Employee:

 	
  

 
	
  

 
	
 Date: April 8,
 2011

 	
 /s/ Anthony
 Sanfilippo

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
 Anthony Sanfilippo

 	
  

 

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          TERMS AND
CONDITIONS OF RESTRICTED STOCK UNITS

          The following
Terms and Conditions apply to the RSUs granted to Employee by Rodman & Renshaw Capital Group, Inc. (the
“Company”), as specified in the Restricted Stock Units Agreement (of which
these Terms and Conditions form a part). Certain terms of the RSUs, including
the number of RSUs granted, vesting date(s) and settlement date, are set forth
on the preceding pages. 

          1.          General. The RSUs are
granted to Employee under the Company’s 2010 Stock Award and Incentive Plan
(the “Plan”), a copy of which is available for review, along with other
documents constituting the “prospectus” for the Plan, from the Company’s
General Counsel. All of the applicable terms, conditions and other provisions
of the Plan are incorporated by reference herein. Capitalized terms used in
this Agreement but not defined herein shall have the same meanings as in the
Plan. If there is any conflict between the provisions of this document and
mandatory provisions of the Plan, the provisions of the Plan govern. By
accepting the grant of the RSUs, Employee agrees to be bound by all of the
terms and provisions of the Plan (as presently in effect or later amended), the
rules and regulations under the Plan adopted from time to time, and the
decisions and determinations of the Company’s Compensation Committee (the
“Committee”) made from time to time, provided that no such Plan amendment, rule
or regulation or Committee decision or determination shall materially and
adversely affect the rights of the Employee with respect to outstanding RSUs.

          2.          Account for Employee.
The Company shall maintain a bookkeeping account for Employee (the “Account”)
reflecting the number of RSUs then credited to Employee hereunder as a result
of such grant of RSUs.

          3.          Nontransferability.
Until RSUs become settleable in accordance with the terms of this Agreement,
Employee may not transfer RSUs or any rights hereunder to any third party other
than by will or the applicable laws of descent and distribution, except for
transfers to a designated beneficiary upon death to the extent permitted by the
Company and subject to the conditions under Section 11(b) of the Plan. This
restriction on transferability of the RSUs precludes any anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or
garnishment by Employee’s creditors or of any beneficiary.

          4.          Termination Provisions.
In the event of Employee’s Termination of Employment for any reason before a
given RSU has vested, such unvested RSU shall be forfeited unless otherwise
determined by the Committee or otherwise provided in Subsections (a) – (d)
below. Subsection (a) – (d) below also specify terms regarding acceleration of
vesting upon a Change in Control and settlement.

	
  

 	
  

 
	
  

 	
              (a)          Death or
 Disability. In the event of the death of Employee or Employee’s
 Termination of Employment due to Disability (as defined in the Plan), all of
 the RSUs, to the extent then outstanding (i.e., not previously forfeited) but
 not previously vested, will vest and become non-forfeitable immediately, and
 such RSUs, together with any then-outstanding RSUs that previously became
 vested and non-forfeitable, will have a settlement date that is the 60th
 day following death, or in the case of Disability, the date of such
 Termination of Employment (subject to Section 6(b)).

 
	
  

 	
  

 
	
  

 	
              (b)          Termination
 by the Company Not For Cause. In the event of Employee’s
 Termination of Employment by the Company not for Cause (as defined below) and
 provided Employee signs a standard release of liability in connection with
 Employee’s Termination, any then unvested RSUs not previously forfeited will
 not be forfeited due to such Termination, and such RSUs will be or become
 vested in full if and at such time as the performance goal specified on the
 Cover Page hereof has been achieved for any year in the specified performance
 period (including any such year prior to the Termination), and such vested
 RSUs, together with any then-outstanding RSUs that previously became vested
 and non-forfeitable, will be settled at the end of the Mandatory Restriction
 Period as provided on the Cover Page hereof (subject to accelerated
 settlement under Section 4(a) or 4(d)). The Company will supply to Employee a
 form of such release agreement not later than the date of Employee’s
 termination, which must be returned 

 

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 within the time
 period required by law and must not be revoked by Employee within any
 applicable revocation period such that the release becomes legally effective
 (if no time period is specified by law, the return period shall be 14 days
 after receipt of the release but not earlier than the date of Termination).
 The Company, in determining the time of settlement under this Section 4(b),
 will not be influenced by Employee or the timing of any action by Employee
 including execution of such a release agreement and expiration of any
 revocation period. In particular, the Company retains discretion to deposit
 shares hereunder in escrow at any time during such fixed period, so that such
 deposited amount is constructively received and taxable income to Employee
 upon deposit but with distribution from such escrow remaining subject to
 Employee’s execution and non-revocation of such release agreement. If
 Employee has an Employment Agreement providing for payment of severance in
 the event of Termination for “Good Reason” as defined in such Employment
 Agreement, then for purposes of this Agreement a termination by Employee for
 Good Reason shall be treated as a Termination by the Company not for Cause
 and not as a voluntary termination by Employee.

 
	
  

 	
  

 
	
  

 	
           (c)          Termination
 by the Company For Cause or Voluntarily by Executive. In the event
 of Employee’s Termination of Employment by the Company for Cause or
 Termination of Employment by Employee voluntarily (other than a Termination
 for Good Reason if such Termination would be governed by Section 4(b)), the
 portion of the then-outstanding RSUs not vested at the date of Termination
 will be forfeited (unless otherwise determined by the Committee), and the
 portion of the then-outstanding RSUs that are vested and non-forfeitable will
 be settled at the end of the Mandatory Restriction Period as provided on the
 Cover Page hereof (subject to accelerated settlement under Section 4(a) or
 4(d)).

 
	
  

 	
  

 
	
  

 	
           (d)          Change in
 Control. Upon a Change in Control, vesting of RSUs shall occur as
 specified on the Cover Page hereof. Because the RSUs constitute deferrals of
 compensation under Code Section 409A, the following rule will apply to the
 timing of settlement of such RSUs: RSUs shall be settled immediately upon the
 occurrence of a 409A Change in Control but, if a Change in Control occurs but
 does not constitute a 409A Change in Control, the RSUs will be settled at the
 earliest date thereafter at which the RSUs otherwise are to be settled
 hereunder. 

 
	
  

 	
  

 
	
  

 	
           (e)          Certain
 Definitions. The following definitions apply for purposes of this
 Agreement:

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
                (i)          “Cause”
 means “Cause” as defined in any Employment Agreement between the Company or a
 subsidiary of the Company and Employee in effect as of the Grant Date or
 explicitly made applicable to Employee’s equity awards (an “Employment
 Agreement”). In the absence of such an applicable Employment Agreement
 provision, “Cause” shall mean (1) the failure by the Employee to perform the
 material duties of his or her position, including, by way of example and not
 of limitation, the failure or refusal to follow instructions reasonably given
 by his or her superiors in the course of employment; (2) fraud, dishonesty,
 gross negligence or the willful misconduct on the part of the Employee in the
 performance of his or her duties and responsibilities; (3) the Employee’s
 violation of federal, state or local securities laws, rules or regulations or
 violation of or failure to comply with the Company’s or its affiliates’
 internal policies or the rules and regulations of the Financial Industry
 Regulatory Authority (“FINRA”) or any other federal, foreign or state regulatory
 agency having jurisdiction over the business conduct of the Employee as an
 employee of the Company or its affiliates; (4) the Employee’s failure to
 obtain or maintain any license or registration required to be maintained by
 the rules and regulations of FINRA, the Securities and Exchange Commission,
 or any other federal, foreign or state regulatory agency having jurisdiction
 over the business conduct of the Employee as an employee of the Company or
 its affiliates; or (5) the Employee’s conviction
 of a felony or crime involving moral turpitude; provided that any termination
 for Cause shall be effective as follows: (a) immediately upon giving
 the Employee written notice thereof stating the reason or reasons therefor
 with respect to clause (2) or (5) above, and (b) thirty (30) days after
 written notice thereof from the Company to the 

 

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 Employee
 specifying the acts or omissions constituting the “Cause” with respect to
 clauses (1), (3) and (4) above, but only if the Employee has not cured such
 failure within such thirty (30) day period.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
                (ii)          “409A
 Change in Control” means a Change in Control as defined in the Plan which
 constitutes or in connection with which there occurs an event constituting a
 change in the ownership of the Company, a change in effective control of the
 Company, or a change in the ownership of a substantial portion of the assets
 of the Company as defined in Treasury Regulation § 1.409A-3(i)(5). If a
 409A Change in Control would have occurred but for the fact that a Change in
 Control has not yet occurred, the 409A Change in Control will be deemed to
 have occurred if the Change in Control occurs within 90 days after the 409A
 Change in Control, but only if the occurrence of the Change in Control is
 non-discretionary and objectively determinable at the time of the 409A Change
 in Control (in this case, the Employee shall have no influence on when during
 such 90-day period the settlement shall occur).

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
                (iii)          “Termination
 of Employment” means the event by which Employee has a separation from
 service from the Company and its subsidiaries within the meaning of Treasury
 Regulation § 1.409A-1(h).

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 Dividends and Adjustments. 

 

	
  

 	
  

 	
  

 
	
  

 	
           (a)          Dividend
 Equivalents. Dividend Equivalents will be credited on RSUs (other
 than RSUs that, at the relevant record date, previously have been settled or
 forfeited) and deemed reinvested in additional RSUs. Such crediting shall be
 as follows, except that the Company may vary the manner of crediting (for
 example, by crediting cash dividend equivalents rather than additional RSUs)
 for administrative convenience, subject to Section 9(a):

 
	
  

 	
  

 
	
  

 	
  

 	
                (i)          Cash
 Dividends. If the Company declares and pays a dividend or
 distribution on shares in the form of cash, then additional RSUs shall be
 credited to Employee’s Account in lieu of payment or crediting of cash
 dividend equivalents equal to the number of RSUs credited to Employee’s
 Account as of the relevant record date multiplied by the amount of cash paid
 per share in such dividend or distribution divided by the Fair Market Value
 of a share at the payment date for such dividend or distribution.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
                (ii)          Non-Common
 Stock Dividends. If the Company declares and pays a non-cash
 dividend or distribution on shares in the form of property other than
 shares, then a number of additional RSUs shall be credited to Employee’s
 Account as of the payment date for such dividend or distribution equal to the
 number of RSUs credited to Employee’s Account as of the record date for such
 dividend or distribution multiplied by the fair market value of such property
 actually paid as a dividend or distribution on each outstanding share at such
 payment date, divided by the Fair Market Value of a share at such payment
 date.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
                (iii)          Common
 Stock Dividends and Splits. If the Company declares and pays a
 dividend or distribution on shares in the form of additional shares, or there
 occurs a forward split of shares, then a number of additional RSUs shall be
 credited to Employee’s Account as of the payment date for such dividend or
 distribution or forward split equal to the number of RSUs credited to
 Employee’s Account as of the record date for such dividend or distribution or
 split multiplied by the number of additional shares actually paid as a
 dividend or distribution or issued in such split in respect of each
 outstanding share.

 
	
  

 	
  

 	
  

 
	
  

 	
           (b)          Adjustments.
 The number of RSUs credited to Employee’s Account and/or the property
 deliverable upon settlement of RSUs shall be appropriately adjusted (taking
 into account any Dividend Equivalents credited under Section 5(a)) in order
 to prevent dilution or enlargement of Employee’s rights with respect to RSUs
 in connection with, or to reflect any changes in 

 

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 the number and
 kind of outstanding shares resulting from, any transaction that constitutes
 an “equity restructuring” as defined under FASB ASC Topic 718.

 
	
  

 	
  

 	
  

 
	
  

 	
           (c)          Risk of
 Forfeiture and Settlement of Dividend Equivalents and RSUs Resulting from
 Adjustments. RSUs, cash and other property deliverable in
 settlement of RSUs which directly or indirectly result from the crediting of
 Dividend Equivalents under Section 5(a) or adjustments to RSUs under Section
 5(b) shall be subject to the same risk of forfeiture (including additional
 forfeiture terms of Section 7 below) as applies to the original granted RSU
 and will be settled at the same time as such original granted RSU.

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 Settlement. 

 
	
  

 	
  

 	
  

 
	
  

 	
           (a)          Generally.
 Because the RSUs constitute a deferral of compensation subject to Code
 Section 409A, settlement of such RSUs may not be accelerated in the
 discretion of the Company except to the extent permitted under Treasury
 Regulation § 1.409A-3 (accelerated vesting of all RSUs is permissible,
 however). In any case in which a period is specified for delivery of shares
 following an applicable settlement date, if such period spans more than one
 calendar year, the determination as to the year in which shares will be
 delivered in settlement shall be made solely by the Company without any
 influence whatsoever by the Employee in such determination. Other provisions
 of this Agreement notwithstanding, under U.S. federal income tax laws and Treasury
 Regulations (and other applicable guidance) as presently in effect or
 hereafter implemented: (i) if the timing of any distribution in settlement of
 RSUs would result in Employee’s constructive receipt of income relating to
 the RSUs prior to such distribution, the date of distribution will be the
 earliest date after the specified date of distribution that distribution can
 be effected without resulting in such constructive receipt; and (ii) any
 rights of Employee or retained authority of the Company with respect to RSUs
 hereunder shall be automatically modified and limited to the extent necessary
 so that Employee will not be deemed to be in constructive receipt of income
 relating to the RSUs prior to the distribution and so that Employee shall not
 be subject to any penalty under Section 409A. 

 
	
  

 	
  

 	
  

 
	
  

 	
           (b)          
 The
 Six-Month Delay Rule. In furtherance of Section 6(a), the
 six-month delay rule will apply to RSUs if the following four conditions are
 met:

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 o

 	
 Employee has a
 Termination of Employment;

 
	
  

 	
  

 	
 o

 	
 A settlement of
 the RSUs is triggered by the Termination (but not due to death); 

 
	
  

 	
  

 	
 o

 	
 Employee is a “key
 employee” (as defined in Code Section 416(i) without regard to paragraph (5)
 thereof). The Company will determine status of “key employees” annually,
 under administrative procedures applicable to all Section 409A plans; and 

 
	
  

 	
  

 	
 o

 	
 The Company’s
 stock is publicly traded on an established securities market or otherwise.

 
	
  

 	
 If it applies, the
 six-month delay rule will delay a settlement of such RSUs triggered by the
 Termination of Employment where the settlement otherwise would be within six
 months after the Termination: 

 
	
  

 	
  

 	
 o

 	
 Any delayed
 settlement shall be made on the date six months after Termination of
 Employment;

 
	
  

 	
  

 	
 o

 	
 During the six-month
 delay period, accelerated settlement will be permitted in the event of the
 participant’s death and for no other reason (including no acceleration upon a
 Change in Control); and

 
	
  

 	
  

 	
 o

 	
 Any settlement
 that is not triggered by a Termination of Employment, or is triggered by a
 Termination of Employment but would be made more than six months after the
 Termination (without applying this six-month delay rule), shall be unaffected
 by the six-month delay rule.

 

          7.          Employee Representations and
Warranties Upon Settlement. As a condition to the settlement of the
RSUs, the Company may require Employee to make any representation or warranty
to the Company as may be required under any applicable law or regulation,
provided that the Company shall 

6

give notice to Employee of such requirement no later than the
applicable settlement date and Employee must respond within ten business days
of receipt of such notice (or any earlier date as may be required in order to
remain in compliance with Code Section 409A) in order to satisfy this
condition. 

	
  

 	
  

 
	
  

 	
 8.          Other Terms Relating to RSUs.
 

 
	
  

 	
  

 
	
  

 	
              (a)          Fractional
 RSUs and Shares. The number of RSUs credited to Employee’s Account
 shall include fractional RSUs, if any, calculated to at least three decimal
 places, unless otherwise determined by the Committee. Unless settlement is
 effected through a third-party broker or agent that can accommodate
 fractional shares (without requiring issuance of a fractional share by the
 Company), upon settlement of the RSUs Employee shall be paid, in cash, an
 amount equal to the value of any fractional share that would have otherwise
 been deliverable in settlement of such RSUs. 

 
	
  

 	
  

 
	
  

 	
              (b)          Mandatory
 Tax Withholding. Unless otherwise determined by the Committee, at
 the time of settlement the Company will withhold from any shares deliverable
 in settlement of the RSUs, in accordance with Section 11(d)(i) of the Plan,
 the number of shares having a value equal to the amount of income taxes, employment
 taxes or other withholding amounts required to be withheld under applicable
 local laws and regulations, and pay the amount of such withholding taxes in
 cash to the appropriate taxing authorities. Fractional shares will not be
 withheld, but the Company will make reasonable arrangements regarding such
 fractional shares with a view to complying with requirements under FASB ASC
 Topic 718 to avoid recognition of expense. Employee will be responsible for
 any taxes relating to the RSUs not satisfied by means of such mandatory
 withholding. Please note that, upon the lapse of the risk of forfeiture relating
 to RSUs for which settlement is delayed, the Company is required to withhold
 from Employee Social Security and Medicare taxes (FICA) at the applicable
 minimum statutory rate at such time, even though the RSUs will not be settled
 until the end of the Mandatory Restriction Period or other applicable
 settlement date. Such withholding will be based upon the aggregate
 Fair Market Value of the shares underlying the RSUs at the applicable date,
 and will be required to be paid by Employee separately at that time or
 deducted from Employee’s salary in the payroll period that immediately
 follows the applicable tax date.

 
	
  

 	
  

 
	
  

 	
              (c)          Employee
 Consent. By signing this Agreement, Employee voluntarily
 acknowledges and consents to the collection, use processing and transfer of
 personal data as described in this Section 8(c). Employee is not obliged to
 consent to such collection, use, processing and transfer of personal data;
 however, failure to provide the consent may affect Employee’s ability to
 participate in the Plan. The Company and its subsidiaries hold, for the
 purpose of managing and administering the Plan, certain personal information
 about Employee, including Employee’s name, home address and telephone number,
 date of birth, social security number or other employee identification
 number, salary, nationality, job title, any shares of stock or directorships
 held in the Company, and details of all options or any other entitlement to
 shares of stock awarded, canceled, purchased, vested, unvested or outstanding
 in Employee’s favor (“Data”). The Company and/or its subsidiaries will
 transfer Data among themselves as necessary for the purpose of
 implementation, administration and management of Employee’s participation in
 the Plan and the Company and/or any of its subsidiaries may each further
 transfer Data to any third parties assisting the Company in the
 implementation, administration and management of the Plan. These recipients
 may be located in the European Economic Area, or elsewhere throughout the
 world, such as the United States. Employee authorizes them to receive,
 possess, use, retain and transfer the Data, in electronic or other form, for
 the purposes of implementing, administering and managing Employee’s
 participation in the Plan, including any requisite transfer of such Data as
 may be required for the administration of the Plan and/or the subsequent
 holding of shares on Employee’s behalf to a broker or other third party with
 whom Employee may elect to deposit any shares acquired pursuant to the Plan.
 Employee may, at any time, review Data, require any necessary amendments to
 it or withdraw the consents herein in writing by contacting the Company;
 however, withdrawing consent may affect Employee’s ability to participate in
 the Plan.

 

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              (d)          Voluntary
 Participation. Employee’s participation in the Plan is voluntary.
 The value of the RSUs is an extraordinary item of compensation. Unless otherwise
 expressly provided in Employee’s Employment Agreement, the RSUs are not part
 of normal or expected compensation for purposes of calculating any severance,
 resignation, redundancy, end of service payments, bonuses, long-service
 awards, pension or retirement benefits or similar payments, and, therefore,
 the awarding of RSUs to Employee under the Plan represents a mere investment
 opportunity.

 
	
  

 	
  

 
	
  

 	
              (e)          Consent to
 Electronic Delivery. EMPLOYEE HEREBY CONSENTS TO ELECTRONIC
 DELIVERY OF THE PLAN, THE PROSPECTUS FOR THE PLAN AND OTHER DOCUMENTS RELATED
 TO THE PLAN (COLLECTIVELY, THE “PLAN DOCUMENTS”). THE COMPANY WILL DELIVER
 THE PLAN DOCUMENTS ELECTRONICALLY TO EMPLOYEE BY E-MAIL, BY POSTING SUCH
 DOCUMENTS ON ITS INTRANET WEBSITE OR BY ANOTHER MODE OF ELECTRONIC DELIVERY
 AS DETERMINED BY THE COMPANY IN ITS SOLE DISCRETION. THE COMPANY WILL SEND TO
 EMPLOYEE AN E-MAIL ANNOUNCEMENT WHEN A NEW PLAN DOCUMENT IS AVAILABLE
 ELECTRONICALLY FOR EMPLOYEE’S REVIEW, DOWNLOAD OR PRINTING AND WILL PROVIDE
 INSTRUCTIONS ON WHERE THE PLAN DOCUMENT CAN BE FOUND. UNLESS OTHERWISE
 SPECIFIED IN WRITING BY THE COMPANY, EMPLOYEE WILL NOT INCUR ANY COSTS FOR
 RECEIVING THE PLAN DOCUMENTS ELECTRONICALLY THROUGH THE COMPANY’S COMPUTER
 NETWORK. EMPLOYEE WILL HAVE THE RIGHT TO RECEIVE PAPER COPIES OF ANY PLAN
 DOCUMENT BY SENDING A WRITTEN REQUEST FOR A PAPER COPY TO THE ADDRESS
 SPECIFIED IN SECTION 9(e) HEREOF. EMPLOYEE’S CONSENT TO ELECTRONIC DELIVERY
 OF THE PLAN DOCUMENTS WILL BE VALID AND REMAIN EFFECTIVE UNTIL THE EARLIER OF
 (I) THE TERMINATION OF EMPLOYEE’S PARTICIPATION IN THE PLAN AND (II) THE
 WITHDRAWAL OF EMPLOYEE’S CONSENT TO ELECTRONIC DELIVERY OF THE PLAN
 DOCUMENTS. THE COMPANY ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS THE RIGHT AT
 ANY TIME TO WITHDRAW HIS OR HER CONSENT TO ELECTRONIC DELIVERY OF THE PLAN
 DOCUMENTS BY SENDING A WRITTEN NOTICE OF WITHDRAWAL TO THE ADDRESS SPECIFIED
 IN SECTION 9(e) HEREOF. IF EMPLOYEE WITHDRAWS HIS OR HER CONSENT TO
 ELECTRONIC DELIVERY, THE COMPANY WILL RESUME SENDING PAPER COPIES OF THE PLAN
 DOCUMENTS WITHIN TEN (10) BUSINESS DAYS OF ITS RECEIPT OF THE WITHDRAWAL
 NOTICE. EMPLOYEE ACKNOWLEDGES THAT HE OR SHE IS ABLE TO ACCESS, VIEW AND
 RETAIN AN E-MAIL ANNOUNCEMENT INFORMING EMPLOYEE THAT THE PLAN DOCUMENTS ARE
 AVAILABLE IN EITHER HTML, PDF OR SUCH OTHER FORMAT AS THE COMPANY DETERMINES
 IN ITS SOLE DISCRETION. 

 
	
  

 	
  

 
	
  

 	
 9.          Miscellaneous.

 
	
  

 	
  

 
	
  

 	
              (a)          Binding
 Agreement; Written Amendments. This Agreement shall be binding
 upon the heirs, executors, administrators and successors of the parties. This
 Agreement constitutes the entire agreement between the parties with respect
 to the RSUs, and supersedes any prior agreements or documents with respect
 thereto. No amendment or alteration of this Agreement which may impose any
 additional obligation upon the Company shall be valid unless expressed in a
 written instrument duly executed in the name of the Company, and no
 amendment, alteration, suspension or termination of this Agreement which may
 materially impair the rights of Employee with respect to the RSUs shall be
 valid unless expressed in a written instrument executed by Employee.

 
	
  

 	
  

 
	
  

 	
              (b)          No Promise
 of Employment. The RSUs and the granting thereof shall not
 constitute or be evidence of any agreement or understanding, express or
 implied, that Employee has a right to continue as an officer or employee of
 the Company for any period of time, or at any particular rate of
 compensation. Employee acknowledges and agrees that the Plan is discretionary
 in nature and limited in duration, and may be amended, cancelled, or
 terminated by the Company, in its sole discretion, at any time, provided,
 however that any outstanding RSUs 

 

8

	
  

 	
  

 
	
  

 	
 shall not be
 materially and adversely affected. The grant of RSUs under the Plan is a
 one-time benefit and does not create any contractual or other right to
 receive a grant of restricted stock units or other equity awards or benefits
 in lieu of units or other equity awards in the future. Future grants, if any,
 will be at the sole discretion of the Company, including, but not limited to,
 the timing of any grant, the number of units or other awards and vesting
 provisions.

 
	
  

 	
  

 
	
  

 	
           (c)          Unfunded
 Plan. Any provision for distribution in settlement of Employee’s
 Account hereunder shall be by means of bookkeeping entries on the books of
 the Company and shall not create in Employee any right to, or claim against
 any, specific assets of the Company, nor result in the creation of any trust
 or escrow account for Employee. With respect to Employee’s entitlement to any
 distribution hereunder, Employee shall be a general creditor of the Company. 

 
	
  

 	
  

 
	
  

 	
           (d)          Governing
 Law. THE VALIDITY, CONSTRUCTION, AND EFFECT OF THIS AGREEMENT
 SHALL BE DETERMINED IN ACCORDANCE WITH THE DELAWARE GENERAL CORPORATION LAW
 AND OTHERWISE IN ACCORDANCE WITH THE LAWS (INCLUDING THOSE GOVERNING
 CONTRACTS) OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF
 CONFLICTS OF LAWS, AND APPLICABLE FEDERAL LAW. The RSUs and the granting thereof
 are subject to the Employee’s compliance with the applicable law of the
 jurisdiction of Employee’s employment.

 
	
  

 	
  

 
	
  

 	
           (e)          Notices.
 Any notice to be given the Company under this Agreement shall be addressed to
 the Company at 1251 Avenue of the Americas, 20th Floor, New York,
 NY 10020 attention: General Counsel, and any notice to the Employee shall be
 addressed to the Employee at Employee’s address as then appearing in the
 records of the Company.

 

9Exhibit 10.7

EXHIBIT 10.7 – Sublet Agreement

Sublet Agreement

It is mutually agreed on this date ___7/1/10______ between Landlord/Agent ______6/30/11_______

			
	and Sublessor(s)(Original Tenant(s))

	 
	The Diversified Group

	 
	 
	Partnership Management, LLC

	 
	 
	/s/

	and Sublessee(s) (New Tenant(s))

	 
	American Realty Funds Corporation

	 
	 
	/s/

_____________________________, that all the rights and

duties described below shall be transferred to Sublessee(s) for the term of the sublet agreement specified below. The sublessee acknowledges receipt of the original lease and agrees to be bound by the terms of the original lease consistent with this sublet agreement effective__7-1-10_____(date of beginning of sublease).

Description of Lease and Premises

Address of Rental Unit _501 S.

 Euclid

Avenue, Bay City, MI 48706_________________________

Term of Original Lease __5/15/10__________ to _____5/14/11______ (beginning and ending dates)

Term of Sublease ____7/1/10_________ to _____6/30/11_________ (beginning and ending dates)

Provisions of Sublet Agreement

A. Choose one of the following:

[X]

The sublessee(s) shall be liable for the full rent of the sublessor(s) in the amount of $_500___________ per month.

[  ]

The sublessee(s) shall be liable for part of the rent of the sublessor(s) in the amount of $_________er month. Sublessor(s) shall remain liable for the remaining $____________ per

month.

B. Choose one of the following:

[  ]

The sublessor(s) shall be relieved of all liability and the original lease is assigned to the sublessee(s) effective ______________(date). Note: Any sublessor’s release from liability must be approved by the landlord.

[X]

The sublessor(s) shall remain liable under the original lease.

C. Choose one of the following:

[  ]

The sublessee(s) shall pay a security deposit in the amount of $____________ to be held by _______________________. Note: In the cities of Madison and Fitchburg, no single party may require a security deposit from tenants if the combined total is more than one month of the original lease’s rent.

[X]

The sublessee(s) shall pay no security deposit.

			
	Tenant Resource Center, Inc. • (608) 2570006/(877) 238 RENT (7368)

	 
	 9/05

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