Document:

Amendment, dated as of June 29, 2009, to the Rights Agreement

 Exhibit 4.1 
 AMENDMENT TO RIGHTS AGREEMENT 
 AMENDMENT (this “Amendment”) dated as of
June 29, 2009, to the Rights Agreement, dated as of December 8, 2008 (the “Agreement”), between Casual Male Retail Group, Inc., a Delaware corporation (the “Company”) and American Stock Transfer &
Trust Company, LLC, a New York limited liability company, as rights agent (the “Rights Agent”). 
 WITNESSETH

 WHEREAS, the Board of Directors of the Company (the “Board of Directors”) has determined that it is in the
best interests of the Company to amend the Agreement as set forth in this Amendment; 
 WHEREAS, pursuant to Section 27 of the
Agreement, for so long as the Rights are redeemable, the Company may, and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Agreement in any respect without the approval of any holders of shares of Common
Stock; 
 WHEREAS, pursuant to the terms of the Agreement and in accordance with Section 27 thereof, the Company has directed
that the Agreement be amended as set forth in this Amendment, and by its execution and delivery hereof, directs the Rights Agent to execute this Amendment; and 
 WHEREAS, all acts and things necessary to make this Amendment a valid agreement according to its terms have been done and performed, and the execution and delivery of this Amendment by the Company has been in
all respects authorized by the Company. 
 NOW, THEREFORE, in consideration of the foregoing premises and mutual agreements set forth
in the Agreement and this Amendment, the parties hereto agree as follows: 
  

	1.	The definition of “Acquiring Person” under Section 1 of the Agreement is hereby modified and replaced in its entirety with the following: 

 ““Acquiring Person” means any Person who or which, together with all Affiliates and Associates of such Person, is (i) a
“5-percent shareholder” of Company Securities for purposes of Section 382 of the Code and the Treasury Regulations thereunder or (ii) the Beneficial Owner of 5% or more of the Company Securities then outstanding, but shall not
include: 
  

	 	(a)	Exempt Persons; or 

  

	 	(b)	 any Person who or which, together with all Affiliates and Associates of such Person, is the Beneficial Owner of 5% or more of the Company Securities outstanding as
of the opening of business on the 

	 	 
Amendment Date (an “Existing Holder”), unless and until such time as such Existing Holder becomes the Beneficial Owner of any additional
Company Securities (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding shares of Common Stock in shares of Common Stock or pursuant to a split or subdivision of the outstanding shares of Common Stock)
that would cause such Existing Holder’s percentage ownership of Company Securities outstanding to exceed by any amount such Existing Holder’s percentage ownership as of the opening of business on the Amendment Date, in which case such
Existing Holder will become an Acquiring Person. 

 Notwithstanding the foregoing, no Person shall become an Acquiring
Person: 
  

	 	(i)	as the result of an acquisition of Common Stock by the Company that, by reducing the number of shares of Common Stock outstanding, increases the proportionate number of Company
Securities beneficially owned by such Person to 5% or more of the Company Securities then outstanding; provided, however, that, if a Person becomes the Beneficial Owner of 5% or more of the Company Securities then outstanding by reason of
share purchases by the Company and shall, after such share purchases by the Company, become the Beneficial Owner of any additional Company Securities, then such Person shall be deemed to be an Acquiring Person; or 

  

	 	(ii)	if (1) the Board of Directors determines in good faith that such Person who would otherwise be an Acquiring Person has become such inadvertently and that the exemption of such
Person from the definition of “Acquiring Person” is in the best interests of the Company, and (2) such Person divests as promptly as practicable, pursuant to the divestiture guidelines set forth on Exhibit D attached hereto, a
sufficient amount of the Company Securities so that such Person would no longer become an Acquiring Person, then such Person shall not be deemed to be an Acquiring Person for any purposes of this Agreement. For the avoidance of doubt, if any Person
may avoid being an Acquiring Person by divesting Company Securities as described in this clause (ii)(2), then such Person shall not be considered to become an Acquiring Person until the date that the Board of Directors determines in good faith
that such divestiture has not occurred as promptly as practicable.” 

  

	2.	The definition of ““Affiliate” and “Associate”” under Section 1 of the Agreement is hereby modified and replaced in its entirety as follows:

 ““Affiliate” and “Associate” have the respective meanings ascribed to such terms in Rule 12b-2 under
the Exchange Act as in effect on the date hereof, and to the extent not included within the foregoing clause, shall also include, with respect to 

  

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any Person, any other Person (other than an Exempt Person) whose Company Securities would be deemed constructively owned by such first Person, owned by a
single “entity” as defined in Section 1.382-3(a)(1) of the Treasury Regulations, or otherwise aggregated with shares owned by such first Person pursuant to the provisions of Section 382 of the Code and the Treasury Regulations
thereunder.” 
  

	3.	The definition of “Beneficial Owner” under Section 1 of the Agreement is hereby modified and replaced in its entirety as follows: 

 “A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to have “Beneficial Ownership” of and to
“beneficially own”, any Company Securities that: 
  

	 	(a)	such Person or any of its Affiliates or Associates, directly or indirectly, beneficially owns (as determined pursuant to Rule 13d-3 under the Exchange Act as in effect on the date
hereof); 

  

	 	(b)	such Person or any of its Affiliates or Associates, directly or indirectly, has 

 (i) the right to acquire (whether such right is exercisable immediately or only upon the occurrence of certain events or the passage of
time or both) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise of
conversion rights, exchange rights, rights, warrants, options or otherwise; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, (A) securities tendered pursuant to a tender or
exchange offer made by or on behalf of such Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange, (B) securities that such Person (or an Affiliate or Associate of such
Person, as applicable) has a right to acquire upon the exercise of Rights at any time prior to the time that any Person (or an Affiliate or Associate of such Person, as applicable) becomes an Acquiring Person, or (C) securities issuable upon
the exercise of Rights from and after the time that any Person or any of such Person’s Affiliates or Associates becomes an Acquiring Person if such Rights were acquired by such Person or any of such Person’s Affiliates or Associates prior
to the Distribution Date or pursuant to Section 3(a) or Section 22 hereof (“Original Rights”) or pursuant to Section 11(a)(i) or Section 11(p) with respect to an adjustment to Original Rights or (D) Common
Stock issuable upon the exercise of options to purchase Common Stock, if such options are issued pursuant to an employment or consulting agreement, arrangement or understanding or an employee benefit plan of the Company or any 

  

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Subsidiary of the Company and have an exercise price per share of Common Stock that is greater than the closing price of the Common Stock as determined
pursuant to Section 11(d)(i) on any Trading Day, until such options are exercised in exchange for Common Stock, in which event the holder will be deemed to have beneficial ownership of such Common Stock; or 
 (ii) the right to vote (whether such right is exercisable immediately or only upon the occurrence of certain events or the passage of
time or both) pursuant to any agreement, arrangement or understanding, if, in the case of arrangements described in clause (i) above or this clause (ii), the effect of such right to acquire or vote is to treat such Persons as an
“entity” under Section 1.382-3(a)(1) of the Treasury Regulations; provided, however, that a Person shall not be deemed the “Beneficial Owner” of or to “beneficially own” any security under this clause
(ii) as a result of an agreement, arrangement or understanding to vote such security if such agreement, arrangement or understanding (A) arises solely from a revocable proxy or consent given in response to a public proxy or consent
solicitation made pursuant to, and in accordance with, the applicable rules and regulations under the Exchange Act and (B) is not also then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor
report); 
  

	 	(c)	are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) and with respect to which such Person or any of its Affiliates or
Associates has any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities) for the purpose of acquiring, holding,
voting (except pursuant to a revocable proxy or consent as described in clause (b)(ii) immediately above) or disposing of any such securities, but only if the effect of such agreement, arrangement of understanding is to treat such Persons as an
“entity” under Section 1.382-3(a)(1) of the Treasury Regulations; 

  

	 	(d)	such Person would be deemed to constructively own pursuant to Section 382 of the Code, and the Treasury Regulations thereunder. For the avoidance of doubt, for purposes of this
clause (d), a Person shall be considered to beneficially own Company Securities by reason of entering into of any swap, hedge or other arrangement that results in the acquisition of any of the economic consequences of ownership of Corporation
Securities solely to the extent such Person would be considered an owner pursuant to Section 382 of the Code and the Treasury Regulations thereunder; 

  

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	 	(e)	are in respect of any Synthetic Long Positions held by such Person or such Person’s Affiliates or Associates, which Synthetic Long Positions are disclosed pursuant to a
Schedule 13D under the Exchange Act; or 

  

	 	(f)	are in respect of any Synthetic Long Positions held by such Person or such Person’s Affiliates or Associates, if such Synthetic Long Positions are not disclosed pursuant to a
Schedule 13D under the Exchange Act, if and only if the Board determines that such Person shall be deemed to be the Beneficial Owner of, and to beneficially own, the Common Stock in respect of such Synthetic Long Positions.”

  

	4.	The definition of “Exempt Person” under Section 1 of the Agreement is hereby modified and replaced in its entirety as follows: 

 ““Exempt Person” means a Person whose Beneficial Ownership (together with all Affiliates and Associates of such Person) of 5% or more of
the Company Securities then outstanding will not, as determined by the Board of Directors in its sole discretion, jeopardize or endanger the availability to the Company of its Tax Benefits; provided, however, that such a Person will
cease to be an Exempt Person under this definition if the Board of Directors subsequently makes a contrary determination with respect to the effect of such Person’s Beneficial Ownership (together with all Affiliates and Associates of such
Person) on the availability to the Company of its Tax Benefits.” 
  

	5.	The definition of “Person” under Section 1 of the Agreement is hereby modified and replaced in its entirety as follows: 

 ““Person” means an individual, corporation, partnership, association, trust or any other entity, organization, group of persons making a
“coordinated acquisition” of shares or otherwise treated as an entity within the meaning of Section 1.382-3(a)(1) of the Treasury Regulations or otherwise, and shall include any successor (by merger or otherwise) of such entity or
organization.” 
  

	6.	The following new definitions are hereby added to Section 1 of the Agreement: 

 ““Amendment Date” means June 29, 2009.” 
 ““Code” means the Internal
Revenue Code of 1986, as amended from time to time. Each reference to a Section of the Code shall include any successor to (or replacement of) that provision.” 
 ““Company Securities” means (a) shares of Common Stock, (b) shares of Preferred Stock of any class or series of Preferred Stock, (c) warrants, rights or options (including within the
meaning of Treasury Regulation Section 1.382-2T(h)(4)(v)) to purchase stock of the Company, and (d) any other interests that would be treated as “stock” of the Company pursuant to Treasury Regulation
Section 1.382-2T(f)(18).” 
  

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 “Tax Benefits” means the net operating loss carryovers, capital loss carryovers, general
business credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any “net unrealized built-in loss” within the meaning of Section 382 of the Code, of the Company or any direct or
indirect subsidiary thereof.” 
 “Treasury Regulations” means final, temporary and proposed income tax regulations promulgated
under the Code, including any amendments thereto. 
  

	7.	Section 29 of the Agreement is hereby amended and replaced in its entirety as follows: 

 “Section 29. Determinations and Actions by the Board of Directors, etc. For all purposes of this Agreement, any calculation of the number of
Company Securities outstanding at any particular time, including for purposes of determining the amount of any Person’s Beneficial Ownership, shall be made in accordance with, as the Board of Directors deems to be applicable, the last sentence
of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act or the provisions of Section 382 of the Code and the Treasury Regulations promulgated thereunder. The Board of Directors shall have the exclusive power and
authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board of Directors or to the Company, or as may be necessary or advisable in the administration of this Agreement, including the right and power
to (a) interpret the provisions of this Agreement and (b) make all determinations deemed necessary or advisable for the administration of this Agreement (including a determination to redeem or exchange or not to redeem or exchange the
Rights or to amend the Agreement). All such actions, calculations, interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) that are done or made by the Board of Directors in
good faith shall (x) be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other parties and (y) not subject the Board of Directors to any liability to the holders of the Company Securities or
the Rights.” 
  

	8.	Exhibit C of the Agreement (Summary of Terms) is hereby amended such that (A) in paragraphs (1) and (2) of footnote 2 (i) references to 15% are changed to “5%” and (ii)
references to “Company’s Common Stock” or “Company’s Stock” are changed to “Company Securities”; and (B) the first paragraph under the heading “Flip-In” is hereby amended and replaced in its entirety
as follows: 

 “If any person or group of affiliated or associated persons (an “Acquiring Person”) becomes
the beneficial owner of 5% or more of the Company Securities outstanding as of the opening of business on the Amendment Date (other than as a result of repurchases of stock by the Company or certain inadvertent actions and excluding certain holders
of more than 5% of the Company Securities as of the opening of business on the Amendment Date who do not acquire any additional Company Securities after that date that would cause such holders to exceed their percentage ownership of Company
Securities as of the opening of business on the Amendment Date), then, after the Distribution Date, each Right (other than Rights beneficially owned by the Acquiring Person and certain affiliated persons) will entitle the holder to purchase, for the
Purchase Price, a number of shares of the Common Stock having a market value of twice the Purchase Price.” 
  

	9.	A new Exhibit D (Divestiture Guidelines) shall be added to the Agreement in the form attached hereto. 

  

	10.	The terms and provisions of this Amendment shall terminate and be of no further force and effect on the earlier of (i) the date immediately following the date of the
Company’s 2009 annual meeting of stockholders and (ii) August 31, 2009. 

  

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	11.	This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts to be made and performed entirely within such State.

  

	12.	This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed an original, and all such counterparts shall together
constitute one and the same instrument. 

  

	13.	Except as expressly set forth herein, this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in the Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. 

  

	14.	Capitalized terms used herein but not defined shall have the meanings given to them in the Agreement. 

 [Remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Agreement to be duly executed as
of the day and year first above written. 
  

			
	CASUAL MALE RETAIL GROUP, INC.
		
	By:	 	 /s/ Dennis R. Hernreich

	Name:	 	Dennis R. Hernreich
	Title:	 	Executive Vice President, Chief Operating Officer, Chief Financial Officer, Treasurer and Secretary

  

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
		
	By:	 	 /s/ Herbert J. Lemmer

	Name:	 	Herbert J. Lemmer
	Title:	 	Vice President

 CERTIFICATION 
 The undersigned, the Executive Vice President, Chief Operating Officer, Chief Financial Officer, Treasurer and Secretary of Casual Male Retail Group, Inc., a Delaware corporation (the “Company”)
hereby certifies, on behalf of the Company, that the Amendment, dated as of June 29, 2009, to the Rights Agreement, dated as of December 8, 2008 (the “Agreement”) between the Company and American Stock Transfer &
Trust Company, LLC, a New York limited liability company, as rights agent (the “Rights Agent”), is in compliance with the terms of Section 27 of the Agreement. 
  

					
	Dated: June 29, 2009	 	CASUAL MALE RETAIL GROUP, INC.
			
		 	By:	 	 /s/ Dennis R. Hernreich

		 	Name:	 	Dennis R. Hernreich
		 	Title:	 	Executive Vice President, Chief Operating Officer, Chief Financial Officer, Treasurer and Secretary

 EXHIBIT D 
 Divestiture Guidelines 
 (a) If the Board of Directors determines that a Person would become
an Acquiring Person, but for the good faith determination of the Board of Directors that such Person who would otherwise be an Acquiring Person has become such inadvertently and that the exemption of such Person from the definition of
“Acquiring Person” is in the best interests of the Company, the acquirer of the Company Securities must transfer or cause to be transferred any certificate or other evidence of ownership of such Company Securities in excess of 5% of the
Company Securities (the “Excess Securities”) within the acquirer’s possession or control, together with any dividends or other distributions that were received by the acquirer with respect to the Excess Securities (the
“Prohibited Distributions”), to an agent designated by the Board of Directors (the “Agent”). The Agent shall thereupon sell to a buyer or buyers, which may include the Company or the purported transferor, the Excess
Securities transferred to it in one or more arm’s-length transactions (including over a national securities exchange or national securities quotation system on which the Company Securities may be traded); provided, however, that the Agent, in
its sole discretion, shall effect such sale or sales in an orderly fashion and shall not be required to effect any such sale within any specific time frame if, in the Agent’s discretion, such sale or sales would disrupt the market for the
Company Securities, would adversely affect the value of the Company Securities or would be in violation of applicable securities laws. If the acquirer of the Excess Securities has resold the Excess Securities before receiving the Company’s
demand to surrender such Excess Securities to the Agent, the acquirer shall be deemed to have sold the Excess Securities for the Agent, and shall be required to transfer to the Agent any Prohibited Distributions and proceeds of such sale, except to
the extent that the Company grants written permission to the acquirer to retain a portion of such sales proceeds not exceeding the amount that the acquirer would have received from the Agent pursuant to clause (b) below if the Agent, rather
than the acquirer, had resold the Excess Securities. 
 (b) The Agent shall apply any proceeds of a sale by it of Excess Securities and, if
the acquirer had previously resold the Excess Securities, any amounts received by it from such acquirer, as follows: (i) first, to reimburse itself to the extent necessary to cover its costs and expenses incurred in accordance with its duties
hereunder; (ii) second, to reimburse the acquirer for the amounts paid by the acquirer for the Excess Securities (or in the case of any acquisition by gift, devise or inheritance or any other Prohibited Transfer without consideration, the fair
market value, calculated on the basis of the closing market price for the Company Securities on the day before the transfer); and (iii) third, the remainder, if any, to the original transferor, or, if the original transferor cannot be readily
identified, to an entity designated by the Company’s Board of Directors that is described in Section 501(c) of the Code, contributions to which must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.Securities Purchase Agreement

 Exhibit 10.1 
 SECURITIES PURCHASE AGREEMENT 
 Dated June 25, 2009 
 Dynamic Credit Partners, LLC 
 1500 Broadway 
 New York, NY 10036 
 Ladies and Gentlemen: 
 Each of the sellers listed in Exhibit A hereto (each, a “Seller,” and collectively, the “Sellers”) owns the securities listed
opposite their respective name in Exhibit A hereto (the “Securities”). The Sellers propose to sell to Dynamic Credit Partners LLC (the “Purchaser”) all of the Securities free and clear of any liens, and the Purchaser
proposes to buy the Securities, pursuant to the terms and conditions set forth in this Securities Purchase Agreement (this “Agreement”). The Securities have not been registered under the Securities Act of 1933, as amended (the “1933
Act”). No party has any obligation to register any Securities under the 1933 Act and will not do so. 
 1. Representations and
Warranties of the Sellers. Each Seller represents and warrants to the Purchaser that, as of the date hereof and as of the Closing Date: 
 (a) The Seller has been duly formed and is validly existing under the laws of its jurisdiction of organization and is in good standing under the laws of such jurisdiction, with authority to enter into and perform its
obligations under this Agreement. 
 (b) There are no legal or governmental proceedings pending or, to its knowledge,
threatened to which it is a party that would have a material adverse effect on its power or ability to perform its obligations under this Agreement. 
 (c) This Agreement has been duly authorized, executed and delivered by it, and, assuming the due authorization, execution and delivery hereof by the Purchaser, constitutes a legal, valid and binding instrument
enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws affecting creditors’ rights generally and (ii) general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 
 (d) The execution, delivery and
performance of this Agreement and the consummation of the transactions contemplated hereby does not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed
of trust, loan agreement or other agreement or instrument to which the Seller is a party, by which it is bound or to which any of the Seller’s properties or assets is subject, which breach or violation would have a material adverse effect on
its power or ability to perform its obligations under this Agreement; provided, however, that the Purchaser complies with any applicable contract, document or instrument controlling the transfer of the respective Securities; nor will such actions

 
result in any violation of the provisions of the Seller’s certificate of incorporation or by-laws or any statute or any order, rule or regulation of any
court or governmental agency or body having jurisdiction over the Seller or any of Seller’s properties or assets, which breach or violation would have a material adverse effect on the Seller’s power or ability to perform its obligations
under this Agreement. 
 (e) Immediately prior to the sale of the Securities to the Purchaser pursuant to this Agreement, the
Seller (i) is the sole owner of the Securities set forth opposite such Seller’s name on Exhibit A and such Securities are owned by such Seller, free and clear of any lien, mortgage, pledge, charge, encumbrance, adverse claim or
other security interest (collectively, “Liens”) and (ii) has not made an assignment to any person of any of its right or title in the Securities that will remain in effect on the Closing Date. Upon delivery to the Purchaser or its
agent of the Securities, the Purchaser will have good title to the Securities, free and clear of any Liens. 
 2. Representations and
Warranties of the Purchaser. The Purchaser represents and warrants to the Sellers that, as of the date hereof and as of the Closing Date: 
 (a) The Purchaser has been duly organized and validly exists in good standing under the laws of Delaware with the authority to enter into and perform its obligations under this Agreement. The Purchaser is (i) an
“accredited investor” as that term is defined in Rule 501(a) of Regulation D promulgated under the 1933 Act, (ii) a “qualified institutional buyer” as defined in Rule 144A promulgated under the 1933 Act and (iii) a
“qualified purchaser” as defined in Sections 3(c)(7) and 2(a)(51) and the related rules of the Investment Company Act of 1940. The Purchaser makes the transferee representations set forth in Section 2.4(c) of each of the indentures
related to the Securities. The Purchaser is not (and for so long as it holds any preferred shares included in the Securities, will not be) and is not acting on behalf of (and for so long as it holds such preferred shares, will not be acting on
behalf of) a Benefit Plan Investor or a Controlling Person (as such terms are defined in the preferred share paying agency agreements relating to the Securities (the “PSPA Agreements”)). 
 (b) There are no legal or governmental proceedings pending or, to the knowledge of the Purchaser, threatened to which the Purchaser is a
party that would have a material adverse effect on its power or ability to perform its obligations under this Agreement. 
 (c) This Agreement has been duly authorized, executed and delivered by the Purchaser, and, assuming the due authorization, execution and delivery hereof by the Sellers, constitutes a legal, valid and binding instrument enforceable against
the Purchaser in accordance with its terms, subject to (i) applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law). 
 (d) The execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated hereby does not conflict with or result in 

  

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a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Purchaser is a party, by which the Purchaser is bound or to which any of the properties or assets of the Purchaser is subject, which breach or violation would have a material adverse effect on its power or
ability to perform its obligations under this Agreement; nor will such actions result in any violation of the provisions of the organizational documents of the Purchaser or any statute or any order, rule or regulation of any court or governmental
agency or body having jurisdiction over the Purchaser or any of its properties or assets, which breach or violation would have a material adverse effect its power or ability to perform its obligations under this Agreement. 
 3. Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties set forth herein, the Sellers
agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Sellers, the Securities, upon the Purchaser paying Sellers the purchase price of $10,000 (the “Purchase Price”). 
 4. Delivery and Payment. 
 (a) Delivery of and payment for the Securities shall be made at the offices of Purchaser on June 25, 2009, which date and time may be changed by agreement between the Sellers and the Purchaser (such date and time of delivery and
payment for the Securities being herein called the “Closing Date”). 
 (b) The Securities shall have the
denominations specified on Exhibit A and shall (i) in the case of Securities held through DTC, be delivered through DTC to an account designated by the Purchaser and (ii) in the case of Securities held in physical form, be
physically delivered to the Purchaser or its designated representative, accompanied by any appropriate executed Transfer Documents. The Securities identified on Exhibit A with CUSIP number 873314207 in the amounts of $1,410,000 and $500,000
are held in physical form and shall be physically delivered to the Purchaser or its designated representative accompanied by any appropriate executed Transfer Documents as promptly as is reasonably practicable on or after the Closing Date.

 (c) Payment of the Purchase Price shall be by wire transfer of immediately available funds to the Sellers, in accordance
with the Sellers’ written wiring instructions. 
 (d) The parties agree that the transfer of the Securities from the Sellers to the
Purchaser shall be effective as of the Closing Date. 
 5. Resale of Securities. 
 (a) The Purchaser understands that the Securities have not been registered under the 1933 Act, and agrees that it will not sell or
otherwise transfer the Securities or any interest therein unless such sale or transfer is (i) made pursuant to an effective registration statement under the 1933 Act and any applicable state securities laws or is exempt from the registration
requirements under the 1933 Act and such state securities laws and (ii) in compliance with any applicable contract, document or instrument controlling the transfer of the respective Securities. 
  

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 (b) The Purchaser understands that the Securities are subject to various limitations on
transferability and that the Purchaser may have to hold the Securities for an indefinite period. 
 (c) The Purchaser
understands that there are no contracts, agreements or understandings granting Purchaser the right to require the Sellers, the issuer of the Securities or any other person to file a registration statement under the 1933 Act with respect to the
Securities. 
 6. Conditions to the Obligation of the Purchaser. The obligation of the Purchaser hereunder to purchase the Securities
shall be subject to (a) the accuracy of the representations and warranties on the part of the Sellers contained herein, (b) the performance by the Sellers of their respective obligations hereunder, (c) on the Closing Date, payment by
the Sellers of the Due Diligence Fee (defined below) in accordance with Section 11, (d) delivery of the Securities in accordance with Section 4, (e) execution and delivery (to the extent required) by the Sellers of all transfer
instruments and documents required pursuant to the terms of the Securities and related indentures, agreements and governing documents, including, without limitation, any certifications required under the terms of the PSPA Agreements relating to the
Securities (collectively, the “Transfer Documents”). 
 7. Conditions to the Obligation of the Sellers. The obligation of
the Sellers hereunder to sell the Securities to the Purchaser will be subject to (a) the accuracy of the representations and warranties on the part of the Purchaser contained herein, (b) the performance by the Purchaser of its obligations
hereunder, (c) on the Closing Date, payment by the Purchaser to the Sellers of the Purchase Price, and (d) execution and delivery (to the extent required) by the Purchaser of the Transfer Documents. 
 8. Amendment. This Agreement may be amended from time to time by a written amendment duly executed and delivered by the Sellers and the Purchaser.

 9. Further Assurances. The Sellers and the Purchaser shall each execute and deliver to the other all other instruments that may
reasonably requested by the other in order to more fully effect the sale of the Securities to the Purchaser. 
 10. Limited Recourse.
The Purchaser hereby acknowledges and agrees that (i) it is a sophisticated purchaser capable of analyzing the risk of purchasing the Securities and that, subsequent to the consummation of the transaction contemplated hereby, the Purchaser will
bear all of the risks of ownership of the Securities, (ii) after the Closing Date, the Purchaser will have no recourse to the Sellers, their respective affiliates, stockholders, directors, agents, or employees except for recourse to the Sellers
for loss or damage arising as a result of or related to any breach or alleged breach by the Sellers of any of its representations, warranties and covenants set forth in this Agreement and (iii) it has sought independent legal or tax advice with
respect to this Agreement and the transactions related hereto to the extent it deems necessary or advisable, and that it is in no respect relying on any other party to this Agreement for legal or tax advice or counsel. Sellers hereby acknowledge and
agree that, after the Closing Date, it will have no recourse to the Purchaser, its affiliates and its and their respective stockholders, directors, agents, or employees except for recourse to the Purchaser for loss or damage arising as a result of
or related to any breach or alleged breach by the Purchaser of any of its representations, warranties and covenants set forth in this Agreement. 
  

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 11. Expenses. Sellers represent and warrant to the Purchaser that the ordinary course expenses
incident to the operation and administration of the issuers of the Securities, including, but not limited to, trustee, transfer agent, paying agent, rating agency fees, are payable from the assets of the respective issuers and that such expenses are
not the obligations of an owner of the Securities solely as a result of such ownership. On the Closing Date, Sellers agree to pay a due diligence fee of $45,000 (the “Due Diligence Fee”) payable to Dynamic Credit Management, LLC
(“DCM”) for its work in connection with the sale of the Securities. Payment of the Due Diligence Fee shall be by wire transfer of immediately available funds to DCM, in accordance with DCM’s written wiring instructions. Except as
otherwise provided in this Agreement, each of the Sellers, the Purchaser and DCM shall pay their own expenses incident to the performance of its respective obligations under this Agreement. 
 12. Survival. The respective agreements, representations, warranties and other statements of the Sellers or the Purchaser set forth in or made
pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement as to the result thereof, and will survive delivery of and payment for the Securities and any termination of this Agreement. 

13. Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Purchaser,
will be mailed, delivered or sent by facsimile and confirmed to it at Dynamic Credit Partners LLC, 1500 Broadway, Suite 1107 New York, NY 10036, Attention: James Finkel, (facsimile number: 212-319-9206); or, if sent to the Sellers, will be mailed,
delivered or sent by facsimile and confirmed to it at Taberna Realty Finance Trust and Taberna Equity Funding, Ltd., Cira Centre, 2929 Arch Street, 17th Floor, Philadelphia, PA 19104 Attention: Raphael Licht, Esq. (facsimile number: 215-243-9039). 
 14. Publicity. Each of the Sellers and the Purchaser will not divulge, without the other party’s prior written consent, the existence of this
Agreement, the Securities or the business relationship between the Sellers and the Purchaser; provided that the Sellers and the Purchaser may make such disclosure to its attorneys and accountants and in any report or as otherwise required by law or
by its regulators and provided further that RAIT Financial Trust, the parent of the Sellers, may make any disclosures it deems necessary or advisable under the securities laws. 
 15. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and no other
person will have any right or obligation hereunder. 
 16. Governing Law; Submission to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS, BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 The parties hereto hereby submit to the jurisdiction of the United States District Court for the Southern District of New York and any court in the
State of New York located in the City and County of New York, and appellate court from any thereof, in any action, suit or proceeding brought against it or in connection with this Agreement or any of the related 

  

 5 

 
documents or the transactions contemplated hereunder or for recognition or enforcement of any judgment, and the parties hereto hereby agree that all claims
in respect of any such action or proceeding may be heard or determined in New York State court or, to the extent permitted by law, in such federal court. 
 17. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall for all purposes be deemed to be an original and all of which shall together constitute but one and the same
instrument. 
 18. Headings. The headings herein are inserted for convenience of reference only and are not intended to be part of, or
to affect the meaning or interpretation of, this Agreement. 
 [Remainder of Page Intentionally Left Blank] 
  

 6 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
a counterpart hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Sellers and the Purchaser. 
  

			
	Very truly yours,
	
	SELLERS:
	
	TABERNA REALTY FINANCE TRUST
		
	By:	 	/s/ Raphael Licht
	Name:	 	Raphael Licht
	Title:	 	Chief Administrative Officer
	
	TABERNA EQUITY FUNDING, LTD.
		
	By:	 	/s/ Raphael Licht
	Name:	 	Raphael Licht
	Title:	 	Director

  

 SII-7 

 The foregoing Agreement is hereby confirmed and accepted as of the date first above written. 
  

			
	DYNAMIC CREDIT PARTNERS, LLC
		
	By:	 	/s/ James Finkel
	Name:	 	James Finkel
	Title:	 	CEO/Managing Member
	
	DYNAMIC CREDIT MANAGEMENT, LLC
		
	By:	 	/s/ James Finkel
	Name:	 	James Finkel
	Title:	 	CEO/Managing Member

  

 SII-8 

 Exhibit A 
 RAIT
Financial Trust 
 Taberna CDO Sale to Dynamic 
 Exhibit A enhanced 
  

													
	 Seller
	  	 Issuer Description
	  	 CUSIP
	  	 Reg S/144A
	  	 DTC/Physical
	  	Amount SOLD
to Dynamic	  	 Physical Security Name

							
	 TRFT
	  	TBRNA 2005-3A CL E (BB’s)	  	87330WAK3	  	144A	  	DTC	  	23,000,000	  	N/A
							
	 TRFT
	  	Taberna Preferred Funding III	  	87330Q209	  	144A	  	DTC	  	30,300	  	N/A
							
	 TRFT
	  	TBRNA 2005-4A CL E (BB’s)	  	87330XAA3	  	144A	  	DTC	  	24,375,000	  	N/A
							
	 TRFT
	  	Taberna Preferred Funding IV	  	87330X204	  	144A	  	DTC	  	26,000	  	N/A
							
	 TEF
	  	TBRNA 2006-6A CL F1 (BB’s)	  	87331AAL8	  	144A	  	DTC	  	3,500,000	  	N/A
							
	 TEF
	  	Taberna Preferred Funding VI	  	87331E205	  	144A	  	DTC	  	30,000	  	N/A
							
	 TEF
	  	TBRNA 2006-7A CL B2L (BB’s)	  	873314AA6	  	144A	  	DTC	  	21,000,000	  	N/A
							
	 TEF
	  	Taberna Preferred Funding VII	  	873314207	  	144A	  	Physical	  	28,840,000	  	TRFT
							
	 TEF
	  	Taberna Preferred Funding VII	  	873314207	  	144A	  	Physical	  	1,410,000	  	Bear Stearns
							
	 TEF
	  	Taberna Preferred Funding VII	  	873314207	  	144A	  	Physical	  	500,000	  	Chartwell Dividend & Income Fund

  

 SII-9

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