Document:

EX-10.8

 Exhibit 10.8 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the
“Agreement”), is entered into and executed on October 31, 2012, effective as of June 1, 2012 (the “Effective Date”), by and between RAIT Financial Trust, a Maryland real estate investment trust (the
“Company”), with a principal office in Philadelphia, Pennsylvania, and Jack E. Salmon (“Executive”). 
 WHEREAS, the Company and Executive previously entered into an Employment Agreement dated as of June 8, 2006, amended as of December 15, 2008 (as amended, the “Prior
Agreement”); 
 WHEREAS, the Company wishes to employ Executive to perform the duties and responsibilities set
forth in Section 1.2, and Executive wishes to accept such employment, on the terms set forth below, effective as of the Effective Date; and 
 WHEREAS, this Agreement supersedes all previous agreements between Executive and the Company, including the Prior Agreement; 

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Employment. The Company continues to employ Executive, and Executive hereby accepts such continued employment and agrees to perform
Executive’s duties and responsibilities, in accordance with the terms, conditions and provisions hereinafter set forth. 

1.1 Employment Term. This Agreement shall be effective as of the Effective Date and shall continue until the first anniversary of
the Effective Date, unless the Agreement is terminated sooner in accordance with Section 2 or 3 below; and shall be effective for successive one-year periods in accordance with the terms of this Agreement (subject to termination as aforesaid)
unless either party notifies the other party of non-renewal in writing prior to three months before the expiration of each annual renewal. The period commencing on the Effective Date and ending on the date on which the term of Executive’s
employment under the Agreement shall terminate is hereinafter referred to as the “Employment Term.” 
 1.2
Duties and Responsibilities. Executive shall serve as a Senior Vice President of the Company as well as the executive designated by the Company to serve as the President and Chief Executive Officer of Independence Realty Trust, Inc.
(“IRT”), a non-traded real estate investment trust externally managed by the Company. (For purposes of this Agreement, IRT shall be deemed to be an affiliate of the Company without regard to whether IRT subsequently becomes independent of
the Company.) Executive’s service as President and Chief Executive Officer of IRT shall be subject to his appointment by the Board of Trustees of IRT to serve in such capacities. Executive may also serve in such other positions for IRT and/or
for the Company as IRT and the Company, as applicable, shall determine from time to time. Executive shall perform all duties and accept all responsibilities incident to such positions as may be reasonably assigned to him by the Board of Trustees of
the Company (the “Board”) or the Chief Executive Officer of the Company or, with respect to the duties and responsibilities for IRT, the Board of Trustees of IRT. The Executive’s service shall be performed for the Company in a
manner consistent with the organizational documents of IRT and the Amended and Restated 

 
Advisory Agreement by and among IRT, Independence Realty Operating Partnership, LP and Independence Realty Advisors, LLC (“IRA”), dated as of April 8, 2011 (as it may be amended
hereafter or as it may be replaced by any successor advisory agreement with IRT and its affiliates.) 
 1.3 Extent of
Service. Executive agrees to use Executive’s best efforts to carry out Executive’s duties and responsibilities under Section 1.2 hereof and, consistent with the other provisions of this Agreement, to devote all of his business
time, attention and energy to the performance of his duties hereunder. 
 1.4 Base Salary. For all of the services
rendered by Executive hereunder, the Company shall continue to pay Executive a base salary (“Base Salary”), which shall be at the annual rate of Four Hundred and Eighty Four Thousand Dollars ($484,000) beginning as of the Effective
Date, payable in installments at such times as the Company customarily pays its other senior level executives. Executive’s Base Salary shall be reviewed annually for appropriate increases by the Board pursuant to the Board’s normal
performance review policies for senior level executives but shall not be decreased. 
 1.5 Bonus. Executive shall
continue to be eligible to receive annual bonuses in such amounts as the Board may approve in its sole discretion in accordance with its annual review of senior level executives, with the understanding that the review of Executive shall be based
substantially, but not exclusively, upon the performance of his duties and responsibilities for IRT, subject to the following: in the annual review for calendar year 2012 (to be announced in January 2013), the Company will also take into
consideration Executive’s performance as the Company’s Chief Financial Officer during the period of January 1 through May 24, 2012. 
 1.6 Retirement and Welfare Plans and Perquisites. Executive shall continue to be entitled to participate in all employee retirement and welfare benefit plans and programs or executive perquisites
made available to the Company’s senior level executives as a group or to its employees generally, as such retirement and welfare plans or perquisites may be in effect from time to time and subject to the eligibility requirements of the plans.
Nothing in this Agreement shall prevent the Company from amending or terminating any retirement, welfare or other employee benefit plans or programs from time to time as the Company deems appropriate. 

1.7 Reimbursement of Expenses; Vacation. Executive shall continue to be provided with reimbursement of reasonable expenses related
to Executive’s employment by the Company on a basis no less favorable than that which may be authorized from time to time for senior level executives as a group, and shall be entitled to vacation and sick leave in accordance with the
Company’s vacation, holiday and other pay for time not worked policies. 
 1.8 Incentive Compensation. Executive
shall continue to be eligible to participate in any short-term and long-term incentive programs (including without limitation any equity compensation plans) established by the Company for its senior level executives generally, with the amount, if
any, of incentive compensation/benefits to be determined by the Board in its sole discretion, based substantially, but not exclusively, upon the performance of his duties and responsibilities for IRT. 

  
 2 

 2. Termination. Executive’s employment shall terminate upon the occurrence of any of the
following events: 
 2.1 Termination Without Cause; Resignation for Good Reason; Non-Renewal by the Company. 

(a) The Company may remove Executive at any time without Cause (as defined in Section 4) from the position in which Executive is
employed hereunder upon not less than sixty (60) days’ prior written notice to Executive. In addition, Executive may initiate a termination of employment by resigning under this Section 2.1 for Good Reason (as defined in
Section 4). Executive shall give the Company not less than sixty (60) days’ prior written notice of such resignation. In addition, the Company may initiate a termination of employment by sending a notice of non-renewal of this
Agreement to the Executive, as described in Section 1.1. 
 (b) Upon any removal or resignation described in
Section 2.1(a) above, Executive shall be entitled to receive only the amount due to Executive under the Company’s then current severance pay plan for employees, if any. No other payments or benefits shall be due under this Agreement to
Executive, but Executive shall be entitled to any benefits accrued and earned in accordance with the terms and conditions of any applicable benefit plans and programs of the Company in which Executive participated prior to his termination of
employment. 
 (c) Notwithstanding the provisions of Section 2.1(b), in the event that Executive executes and does not
revoke a written mutual release upon such removal or resignation, in a form acceptable to the Company (the “Release”), of any and all claims against the Company and all related parties with respect to all matters arising out of
Executive’s employment by the Company, or the termination thereof (other than claims for any entitlements under the terms of this Agreement or under any plans or programs of the Company under which Executive has accrued and is due a benefit),
and any claims against Executive for actions within the scope of his employment by the Company, Executive shall be entitled to receive (in exchange for the Company’s undertakings in this Section 2.1(c)), in lieu of the payment described in
Section 2.1(b), the following: 
 (i) Executive shall receive a lump sum cash payment equal to one and a half times the
sum of (x) Executive’s Base Salary, as in effect immediately prior to his termination of employment and (y) the average annual cash bonus Executive received for the three year period immediately prior to his termination of employment
(the “Cash Bonus”). Unless the payment is required to be delayed pursuant to Section 18.2 below, the payment shall be made on the sixtieth (60th) day following Executive’s last day of employment with the Company, provided
Executive executes the Release during the forty-five (45) day period following Executive’s last day of employment and the revocation period for the Release has expired without revocation by Executive. 

(ii) Executive shall receive a lump sum cash payment equal to a pro rata portion of the Cash Bonus. The pro-rated Cash Bonus shall be
determined by multiplying the Cash Bonus by a fraction, the numerator of which is the number of days during which Executive was employed by the Company in the fiscal year of his termination of employment

  
 3 

 
and the denominator of which is three hundred sixty-five (365). Unless the payment is required to be delayed pursuant to Section 18.2 below, the payment shall be made on the sixtieth
(60th) day following Executive’s last day of employment with the Company, provided Executive executes the Release during the forty-five (45) day period following Executive’s last day of employment and the revocation period for
the Release has expired without revocation by Executive. 
 (iii) For a period of eighteen (18) months following the date
of termination, Executive shall continue to receive the medical coverage in effect at the date of his termination (or generally comparable coverage) for himself and, where applicable, his spouse and dependents, at the same premium rate as may be
charged from time to time for employees generally, as if Executive had continued in employment with the Company during such period. The COBRA health care continuation coverage period under Section 4980B of the Internal Revenue Code of 1986, as
amended (the “Code”), shall run concurrently with the foregoing eighteen (18) month benefit period. 
 For clarity, the foregoing
payments and benefits referenced in Section 2.1(c)(i) – (iii), which Executive shall receive if he executes and does not revoke the Release required by this Section 2.1(c), shall be in addition to any other amounts earned, accrued and
owing to Executive but not yet paid under Section 1 above and under any applicable benefit plans and programs of the Company (other than severance plans or programs) in which Executive participated prior to his termination of employment,
subject to the terms and conditions of any such plans and programs, without regard to whether Executive executes and does not revoke the Release. 
 2.2 Voluntary Termination. Executive may voluntarily terminate his employment for any reason upon sixty (60) days’ prior written notice or by sending a notice of non-renewal of this
Agreement to the Company, as described in Section 1.1. In any such event, after the effective date of such termination, except as provided in Section 2.1 with respect to a resignation for Good Reason, no further payments shall be due under
this Agreement, except that Executive shall be entitled to any benefits accrued and due in accordance with the terms and conditions of any applicable benefit plans and programs of the Company in which Executive participated prior to his termination
of employment. 
 2.3 Disability. The Company may terminate Executive’s employment, to the extent permitted by
applicable law, if Executive has been unable to perform the material duties of his employment and has been formally determined to be eligible for disability benefits under the Company’s long-term disability plan (“Disability”);
provided, however, that the Company shall continue to pay Executive’s Base Salary until the Company acts to terminate Executive’s employment. Executive agrees, in the event of a dispute under this Section 2.3 relating to
Executive’s Disability, to submit to a physical examination by a licensed physician jointly selected by the Board and Executive. If the Company terminates Executive’s employment for Disability, Executive shall be entitled to receive the
following: 
 (a) Executive shall receive a lump sum cash payment equal to a pro rata portion of Executive’s Cash Bonus (as
Cash Bonus is defined in Section 2.1(c)(i)(1) above). The pro-rated Cash Bonus (the “Pro-Rata Cash Bonus”) shall be determined by multiplying the Cash Bonus by a fraction, the numerator of which is the number of days in the
Company’s fiscal year 

  
 4 

 
during which Executive was employed by the Company, prior to his termination of employment, in the Company’s fiscal year in which his termination of employment occurs and the denominator of
which is three hundred sixty-five (365). Except as otherwise required to comply with the requirements of Section 18 below, payment shall be made on the sixtieth (60th) day following Executive’s last day of employment with the Company.

 (b) The Company shall pay to Executive any amounts earned, accrued and owing but not yet paid under Section 1 above and
any other benefits accrued and earned in accordance with the terms and conditions of any applicable benefit plans and programs of the Company in which Executive participated prior to his termination of employment. 

2.4 Death. If Executive dies while employed by the Company, the Company shall pay to Executive’s executor, legal
representative, administrator or designated beneficiary, as applicable, (i) any amounts earned, accrued and owing but not yet paid under Section 1 above and any benefits accrued and earned under the Company’s benefit plans and
programs in which Executive participated prior to his termination of employment, in accordance with the terms and conditions of such plans and programs, and (ii) a Pro-Rata Cash Bonus (determined according to Section 2.3(a) above) for the
Company’s fiscal year in which Executive’s death occurs, and, except as otherwise required to comply with the requirements of Section 18 below, shall be paid on the sixtieth (60th) day following the date of Executive’s
death. Otherwise, the Company shall have no further liability or obligation under this Agreement to Executive’s executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through Executive.

 2.5 Cause. The Company may terminate Executive’s employment at any time for Cause upon written notice to
Executive, in which event all payments under this Agreement shall cease, except for Base Salary to the extent already accrued. Executive shall be entitled to any benefits accrued and earned before his termination in accordance with the terms and
conditions of any applicable benefit plans and programs of the Company in which Executive participated prior to his termination of employment. 
 2.6 Notice of Termination. Any termination of Executive’s employment shall be communicated by a written notice of termination to the other party hereto given in accordance with
Section 10. The notice of termination shall (i) indicate the specific termination provision in this Agreement relied upon, (ii) briefly summarize the facts and circumstances deemed to provide a basis for a termination of employment
and the applicable provision hereof, and (iii) specify the termination date in accordance with the requirements of this Agreement. 
 3.
Change of Control. 
 3.1 Change of Control. Upon a “Change of Control” (as defined below)
while Executive is employed by the Company, all outstanding unvested equity-based awards held by Executive shall fully vest and shall become immediately exercisable, as applicable. 

3.2 Termination for Good Reason Following a Change of Control. If, within the six (6) month period following a Change of
Control, Executive terminates his employment with the Company for any reason or no reason, such termination shall be deemed a termination by Executive for Good Reason covered by Section 2.1; provided, however, that Executive shall give the
Company not less than thirty (30) days’ prior written notice of such resignation. 

  
 5 

 3.3 Code Section 280G. 

(a) Executive shall bear all expense of, and be solely responsible for, all federal, state, local or foreign taxes due with respect to any
amount payable to or other benefit receivable by Executive hereunder, including, without limitation, any excise tax imposed by Section 4999 of the Code; provided, however, that any such amount or benefit deemed to be a Parachute Payment (as
defined below) alone or when added to any other amount payable or paid to or other benefit receivable or received by Executive which is deemed to constitute a Parachute Payment (whether or not under an existing plan, arrangement or other agreement),
and would result in the imposition on Executive of an excise tax under Section 4999 of the Code, (all such amounts and benefits being hereinafter called “Total Payments”) shall be reduced to the extent necessary so that no
portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code but only if, by reason of such reduction, the net after-tax benefit received by the Executive shall exceed the net after-tax benefit received by the
Executive if no such reduction was made. For purposes of this Section 3.3, “net after-tax benefit” shall mean (i) the total of all payments and the value of all benefits which the Executive receives or is then
entitled to receive from the Company that would constitute Parachute Payments, less (ii) the amount of all federal, state and local income taxes payable with respect to the foregoing calculated at the maximum marginal income tax rate for each
year in which the foregoing shall be paid to the Executive (based on the rate in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing) and the amount of applicable employment taxes, less
(iii) the amount of excise taxes imposed with respect to the payments and benefits described in (i) above by Section 4999 of the Code. For purposes of this Section 3.3, “Parachute Payment” shall mean a
“parachute payment” as defined in Section 280G of the Code. 
 (b) The foregoing determination shall be made by
tax counsel appointed by the Executive (the “Tax Counsel”). The Tax Counsel shall submit its determination and detailed supporting calculations to both the Executive and the Company within 15 days after receipt of a notice from
either the Company or the Executive that the Executive may receive payments which may be Parachute Payments. If the Tax Counsel determines that such reduction is required by this Section 3.3, the Total Payments shall be reduced to the
extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code, and the Company shall pay such reduced amount to the Participant. The manner in which the Total Payments are reduced shall be
mutually agreed to by the Company and the Executive and approved by Tax Counsel; provided, however, that if the Company and the Executive do not agree within 15 days of the receipt of the Tax Counsel’s determination, the reduction shall be
accomplished by, first, reducing any lump sum cash payments included in the Total Payments and, if further reductions are necessary, by such other reductions as shall be recommended by Tax Counsel. If the Tax Counsel determines that no
reduction is necessary under this Section 3.3, it will, at the same time as it makes such determination, furnish the Executive and the Company an opinion that the Executive shall not be liable for any excise tax under Section 4999 of the
Code. The Executive and the Company shall each provide the Tax Counsel access to and copies of any books, records, and documents in the possession of the Executive or the Company, as the case may be, reasonably requested by the Tax Counsel, and
otherwise cooperate with the Tax Counsel in 

  
 6 

 
connection with the preparation and issuance of the determinations and calculations contemplated by this Section 3.3. The fees and expenses of the Tax Counsel for its services in
connection with the determinations and calculations contemplated by this Section 3.3 shall be borne by the Company. 
 4.
Definitions. 
 4.1 “Cause” shall mean any of the following grounds for termination of
Executive’s employment: 
 (a) Executive’s commission of, or indictment for, or formal admission to a felony, or any
crime of moral turpitude, dishonesty, or breach of the Company’s code of ethics, or any crime involving the Company; 
 (b)
Executive’s engagement in fraud, misappropriation or embezzlement; 
 (c) Executive’s continual failure to
substantially perform his reasonably assigned material duties to the Company (other than a failure resulting from Executive’s incapacity due to physical or mental illness), and such failure has continued for a period of at least 30 days after a
written notice of demand, signed by a duly authorized officer of the Company, has been delivered to Executive specifying the manner in which Executive has failed to substantially perform; or 

(d) Executive’s breach of Section 5 of this Agreement. 

4.2 “Good Reason” shall mean, without Executive’s consent: 

(a) the material reduction of Executive’s title, authority, duties and responsibilities or the assignment to Executive of duties
materially inconsistent with Executive’s position or positions with the Company; 
 (b) a reduction in Base Salary of the
Executive; or 
 (c) the Company’s material and willful breach of this Agreement. 

Notwithstanding the foregoing, (i) Good Reason shall not be deemed to exist unless notice of termination on account thereof (specifying a
termination date of at least 45 days but no more than 60 days from the date of such notice) is given no later than 30 days after the time at which the event or condition purportedly giving rise to Good Reason first occurs or arises and (ii) if
there exists (without regard to this clause (ii)) an event or condition that constitutes Good Reason, the Company shall have 30 days from the date notice of such a termination is given to cure such event or condition and, if the Company does so,
such event or condition shall not constitute Good Reason hereunder. 
 4.3 “Change of Control” shall mean the
occurrence of any of the following: 
 (a) The acquisition of the beneficial ownership, as defined under the Securities Exchange
Act of 1934, of twenty-five percent (25%) or more of the Company’s voting securities or all or substantially all of the assets of the Company by a single person or entity or group of affiliated persons or entities other than by a Related
Entity (as defined below); or 

  
 7 

 (b) The merger, consolidation or combination of the Company with an unaffiliated entity,
other than a Related Entity (as defined below) in which the directors of the Company as applicable immediately prior to such merger, consolidation or combination constitute less than a majority of the board of directors of the surviving, new or
combined entity unless one-half of the board of directors of the surviving, new or combined entity, were directors of the Company immediately prior to such transaction and the Company’s chief executive officer immediately prior to such
transaction continues as the chief executive officer of the surviving, new or combined entity; or 
 (c) During any period of
two consecutive calendar years, individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least two-thirds thereof, unless the election or nomination for the election by the Company’s
stockholders of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period; or 
 (d) The transfer of all or substantially all of the Company’s assets or all or substantially all of the assets of its primary subsidiaries to an unaffiliated entity, other than to a Related Entity
(as defined below). 
 For purposes of the definition of “Change of Control” as set forth herein, the term “Related Entity”
shall mean an entity that is an “affiliate” of Mr. Scott F. Schaeffer, or any member of Mr. Schaeffer’s immediate family, as determined in accordance with Rule 12b-2 of the General Rules and Regulations under the
Securities Exchange Act of 1934, as amended. 
 5. Non-Competition, Non-Solicitation, Intellectual Property and Confidentiality.
Executive hereby acknowledges that, during and solely as a result of his employment by the Company, Executive will receive special information with respect to the operation of the businesses of the Company, and/or its affiliates (for clarity,
including without limitation IRT for purposes of this Section 5 and Sections 5.1 – 5.4) and other related matters not generally available to other executives of the Company, and access to confidential information and business and
professional contacts. Executive hereby agrees to abide by the terms of the non-competition, non-solicitation, intellectual property and confidentiality provisions below, in consideration of: Executive’s employment by the Company under this
Agreement and the public stature which accompanies these positions, as well as access to confidential information and business and professional contacts, and unique opportunities afforded by the Company to Executive as a result of Executive’s
employment in these positions; Executive’s eligibility for the benefits set forth in this Agreement (including without limitation the opportunity for the payment of additional salary and bonuses as well as Company paid or subsidized medical
insurance referenced in Section 2.1(c) above, and the opportunity to participate in any long term incentive programs); the Company’s release of Executive from the covenants and other provisions set forth in the Prior Agreement; and the
Company’s entering into this Agreement. Executive agrees and acknowledges that the foregoing, whether treated separately or together, constitute full, adequate and sufficient consideration for the restrictions and obligations set forth in those
provisions. 

  
 8 

 5.1 Non-Competition and Non-Solicitation. Executive agrees that during the Employment
Term and, with respect to Section 5.1(a) below, for a period of eight (8) months after the termination of the Employment Term and, with respect to Section 5.1(b) and (c) below, for a period of twelve (12) months after the
termination of the Employment Term, without regard to its termination for any reason which does not constitute a breach of this Agreement by the Company or a resignation for Good Reason by the Executive, Executive shall not, unless acting pursuant
hereto or with the prior written consent of the Board: 
 (a) directly or indirectly, own, manage, operate, finance, join,
control or participate in the ownership, management, operation, financing or control of, or be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit Executive’s
name to be used in connection with any Competing Business (defined below) within any state in which the Company, and/or its affiliates, currently engage in any Substantial Business Activity (defined below) or any state in which the Company, and/or
its affiliates, engaged in any Substantial Business Activity during the thirty-six month period preceding the date the Executive’s employment terminates; provided, however, that notwithstanding the foregoing, this provision shall not be
construed to prohibit the passive ownership by Executive of not more than five percent (5%) of the capital stock of any corporation which is engaged in any Competing Business having a class of securities registered pursuant to the Securities
Exchange Act of 1934, as amended; or 
 (b) solicit or divert to any Competing Business any individual or entity which is an
active or prospective customer of Company, and/or its affiliates, or was such an active or prospective customer at any time during the preceding 12 months; or 
 (c) employ, attempt to employ, solicit or assist any Competing Business in employing any employee of the Company, and/or its affiliates, whether as an employee or consultant. 

The phrase “Competing Business” shall mean: any entity or enterprise actively engaged in any business or businesses the Company, and/or its
affiliates, are actively engaged in (or are expected to be actively engaged in within 12 months) at the time of termination. 
 The phrase
“Substantial Business Activity” shall mean that the Company, and/or its affiliates (i) has a business office, (ii) owns, services or manages real estate, or (iii) has a recorded and unsatisfied mortgage or other lien upon
real estate or personal property. 
 In the event that the provisions of this Section 5.1 should ever be adjudicated to exceed the time,
geographic, product or other limitations permitted by applicable law in any jurisdiction, then such provisions shall be deemed reformed in such jurisdiction to the maximum time, geographic, product or other limitations permitted by applicable law.

 5.2 Developments. Executive shall disclose fully, promptly and in writing to the Company any and all inventions,
discoveries, improvements, modifications and other intellectual property rights, whether patentable or not, which Executive has conceived, made or developed, solely or jointly with others, while employed by the Company and which (i) relate to
the businesses, work or activities of the Company, and/or its affiliates, or (ii) result from or are 

  
 9 

 
suggested by the carrying out of Executive’s duties hereunder or from or by any information that Executive may receive as an employee of the Company. Executive hereby assigns, transfers and
conveys to the Company all of Executive’s right, title and interest in and to any and all such inventions, discoveries, improvements, modifications and other intellectual property rights and agrees to take all such actions as may be requested
by the Company at any time and with respect to any such invention, discovery, improvement, modification or other intellectual property rights to confirm or evidence such assignment, transfer and conveyance. Furthermore, at any time and from time to
time, upon the request of the Company, Executive shall execute and deliver to the Company, any and all instruments, documents and papers, give evidence and do any and all other acts that, in the opinion of counsel for the Company, are or may be
necessary or desirable to document such assignment, transfer and conveyance or to enable the Company to file and prosecute applications for and to acquire, maintain and enforce any and all patents, trademark registrations or copyrights under United
States or foreign law with respect to any such inventions, discoveries, improvements, modifications or other intellectual property rights or to obtain any extension, validation, reissue, continuance or renewal of any such patent, trademark or
copyright. The Company shall be responsible for the preparation of any such instruments, documents and papers and for the prosecution of any such proceedings and shall reimburse Executive for all reasonable expenses incurred by Executive in
compliance with the provisions of this Section 5.2. 
 5.3 Confidentiality. 

(a) Executive acknowledges that, by reason of Executive’s employment by the Company, Executive will have access to confidential
information of the Company, and/or its affiliates, including, without limitation, information and knowledge pertaining to products, inventions, discoveries, improvements, innovations, designs, ideas, trade secrets, proprietary information,
manufacturing, packaging, advertising, distribution and sales methods, sales and profit figures, customer and client lists and relationships between the Company, and/or affiliates, and dealers, distributors, sales representatives, wholesalers,
customers, clients, suppliers and others who have business dealings with them (“Confidential Information”). Executive acknowledges that such Confidential Information is a valuable and unique asset of the Company, and/or its
affiliates, and covenants that, both during and after the Employment Term, Executive will not disclose any Confidential Information to any person (except as Executive’s duties as an officer of the Company may require or as required by law or in
a judicial or administrative proceeding) without the prior written authorization of the Board. The obligation of confidentiality imposed by this Section 5.3 shall not apply to information that becomes generally known to the public through no
act of Executive in breach of this Agreement. 
 (b) Executive acknowledges that all documents, files and other materials
received from the Company and/or its affiliates during the Employment Term (with the exception of documents relating to Executive’s compensation or benefits to which Executive is entitled following the Employment Term) are for use of Executive
solely in discharging Executive’s duties and responsibilities hereunder and that Executive has no claim or right to the continued use or possession of such documents, files or other materials following termination of Executive’s employment
by the Company. Executive agrees that, upon termination of employment, Executive will not retain any such documents, files or other materials and will promptly return to the Company any documents, files or other materials in Executive’s
possession or custody. 

  
 10 

 5.4 Equitable Relief. Executive acknowledges that the restrictions contained in
Sections 5.1, 5.2 and 5.3 hereof are, in view of the nature of the businesses of the Company, and/or its affiliates, reasonable and necessary to protect the legitimate interests of the Company and/or its affiliates, and that any violation of any
provision of those Sections will result in irreparable injury to the Company, and/or its affiliates. Executive also acknowledges that in the event of any such violation, the Company shall be entitled to preliminary and permanent injunctive relief,
without the necessity of proving actual damages, and to an equitable accounting of all earnings, profits and other benefits arising from any such violation, which rights shall be cumulative and in addition to any other rights or remedies to which
the Company may be entitled. Executive agrees that in the event of any such violation, an action may be commenced for any such preliminary and permanent injunctive relief and other equitable relief in any federal or state court of competent
jurisdiction sitting in Pennsylvania or in any other court of competent jurisdiction. Executive hereby waives, to the fullest extent permitted by law, any objection that Executive may now or hereafter have to such jurisdiction or to the laying of
the venue of any such suit, action or proceeding brought in such a court and any claim that such suit, action or proceeding has been brought in an inconvenient forum. Executive agrees that effective service of process may be made upon Executive by
mail under the notice provisions contained in Section 10 hereof. 
 6. Non-Exclusivity of Rights. Nothing in this Agreement
shall prevent or limit Executive’s continuing or future participation in or rights under any benefit, bonus, incentive or other plan or program provided by the Company and for which Executive may qualify; provided, however, that if Executive
becomes entitled to and receives the payments provided for in Section 2.1(c) of this Agreement, Executive hereby waives Executive’s right to receive payments under any severance plan or similar program applicable to all employees of
the Company. 
 7. Survivorship. The respective rights and obligations of the parties under this Agreement shall survive any
termination of Executive’s employment to the extent necessary to the intended preservation of such rights and obligations. 
 8.
Mitigation. Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise and there shall be no offset against amounts due Executive under this
Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. 

  
 11 

 9. Arbitration; Expenses. In the event of any dispute under the provisions of this Agreement,
other than a dispute in which the primary relief sought is an equitable remedy such as an injunction, the parties shall be required to have the dispute, controversy or claim settled by arbitration in Philadelphia, Pennsylvania in accordance with the
National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association, before a panel of three arbitrators, two of whom shall be selected by the Company and Executive, respectively, and the third of whom
shall be selected by the other two arbitrators. Any award entered by the arbitrators shall be final, binding and nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any court of competent
jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a benefit
specifically provided under or by virtue of the Agreement. Each party shall be responsible for its own expenses relating to the conduct of the arbitration (including reasonable attorneys’ fees and expenses) and shall share the fees of the
American Arbitration Association. 
 10. Notices. All notices and other communications required or permitted under this Agreement
or necessary or convenient in connection herewith shall be in writing and shall be deemed to have been given when hand delivered or mailed by registered or certified mail, as follows (provided that notice of change of address shall be deemed given
only when received): 
 If to the Company, to: 
 RAIT Financial Trust 
 Cira Centre 

2929 Arch Street, 17th Floor 
 Philadelphia, PA 19104 
 Attention: Chief Executive Officer 

If to Executive, to: 
 Jack E. Salmon at his most recent home address set forth in the records of the Company. 
 or to
such other names or addresses as the Company or Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the manner specified in this Section. 

11. Contents of Agreement; Amendment and Assignment. 
 11.1 This Agreement sets forth the entire understanding between the parties hereto with respect to the subject matter hereof and cannot be changed, modified, extended or terminated except upon written
amendment approved by the Board and executed on its behalf by a duly authorized officer and by Executive. This Agreement supersedes the provisions of any employment or other agreement between Executive and the Company that relate to any matter that
is also the subject of this Agreement and such provisions in such other agreements will be null and void. 

  
 12 

 11.2 All of the terms and provisions of this Agreement shall be binding upon and inure to
the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of Executive under this Agreement are of a
personal nature and shall not be assignable or delegable in whole or in part by Executive. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially
all of the business or assets of the Company, within fifteen (15) days of such succession, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such
succession had taken place. 
 12. Severability. If any provision of this Agreement or application thereof to anyone or under any
circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable
provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it shall
nevertheless remain in full force and effect in all other circumstances. 
 13. Remedies Cumulative; No Waiver. No remedy
conferred upon a party by this Agreement is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter existing at law
or in equity. No delay or omission by a party in exercising any right, remedy or power under this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party
from time to time and as often as may be deemed expedient or necessary by such party in its sole discretion. 
 14.
Beneficiaries/References. Executive shall be entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit payable under this Agreement following
Executive’s death by giving the Company written notice thereof. In the event of Executive’s death or a judicial determination of Executive’s incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to
refer to Executive’s beneficiary, estate or other legal representative. 
 15. Miscellaneous. All section headings used in
this Agreement are for convenience only. This Agreement may be executed in counterparts, each of which is an original. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other
counterparts. 
 16. Withholding. All payments under this Agreement shall be made subject to applicable tax withholding, and the
Company shall withhold from any payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. Except as specifically provided otherwise in this
Agreement, Executive shall bear all expense of, and be solely responsible for, all federal, state and local taxes due with respect to any payment received under this Agreement. 

  
 13 

 17. Governing Law. This Agreement shall be governed by and interpreted under the laws of the
Commonwealth of Pennsylvania without giving effect to any conflict of laws provisions. 
 18. Section 409A. 

18.1 Interpretation. Notwithstanding the other provisions hereof, this Agreement is intended to comply with the requirements of
Section 409A of the Code, to the extent applicable, and this Agreement shall be interpreted to avoid any penalty sanctions under Section 409A of the Code. Accordingly, all provisions herein, or incorporated by reference, shall be construed
and interpreted to comply with Section 409A and, if necessary, any such provision shall be deemed amended to comply with section 409A of the Code and regulations thereunder. If any payment or benefit cannot be provided or made at the time
specified herein without incurring sanctions under section 409A of the Code, then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. For purposes of section 409A of the Code,
each payment made under this Agreement shall be treated as a separate payment. In no event may the Executive, directly or indirectly, designate the calendar year of payment. 
 18.2 Payment Delay. Notwithstanding any provision to the contrary in this Agreement, if on the date of the Executive’s termination of employment, the Executive is a “specified
employee” (as such term is defined in section 409A(a)(2)(B)(i) of the Code and its corresponding regulations) as determined by the Board (or its delegate) in its sole discretion in accordance with its “specified employee”
determination policy, then all cash severance payments payable to the Executive under this Agreement that are deemed as deferred compensation subject to the requirements of section 409A of the Code shall be postponed for a period of six months
following the Executive’s “separation from service” with the Company (or any successor thereto). The postponed amounts shall be paid to the Executive in a lump sum on the date that is six (6) months and one (1) day following
the Executive’s “separation from service” with the Company (or any successor thereto). If the Executive dies during such six-month period and prior to payment of the postponed cash amounts hereunder, the amounts delayed on account of
section 409A of the Code shall be paid to the personal representative of the Executive’s estate on the sixtieth (60th) day after Executive’s death. If any of the cash payments payable pursuant to this Agreement are delayed due to the
requirements of section 409A of the Code, there shall be added to such payments interest during the deferral period at an annualized rate of interest equal to the prime rate as reported in the Wall Street Journal (or, if unavailable, a comparable
source) at the relevant time. 
 18.3 Reimbursements. All reimbursements provided under this Agreement shall be made or
provided in accordance with the requirements of section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in
this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made
on or before the last day of the taxable year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit. 

[SIGNATURE PAGE FOLLOWS] 

  
 14 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this
Agreement as of the date first above written. 
  

			
	RAIT FINANCIAL TRUST:
		
	By:	 	 /s/ Scott F. Schaeffer

	Name:	 	Scott F. Schaeffer
	Title:	 	 Chairman, Chief Executive

Officer & President

  

			
	EXECUTIVE:
		
	By:	 	 /s/ Jack E. Salmon

	Name:	 	Jack E. Salmon

  
 15Sublease of Office Lease Agreement

 Exhibit 10.1 
 SUBLEASE 
 THIS SUBLEASE (this
“Sublease”) is made and entered into as of the 17th day of July, 2012, by and between CAPITALSOURCE FINANCE LLC, a Delaware limited liability company (“Sublandlord”), and DANAC, LLC, a Maryland limited liability company
(“Subtenant”). 
 W I T N E S S E T H: 

WHEREAS, by that certain Office Lease Agreement dated as of the 27th day of April, 2007, as amended by Amendment No. 1 to Lease
dated as of August 25, 2008, and Amendment No. 2 to Lease dated as of February 17, 2009, and Amendment No. 3 to Lease dated as of April 8, 2010 (collectively and together with any other amendments thereto, the “Prime
Lease”), Wisconsin Place Office LLC (“Landlord”) leases to Sublandlord certain premises (the “Master Premises”) in the building known as Wisconsin Place and located at 5404 Wisconsin Avenue, Chevy Chase,
Maryland (the “Building”); and 
 WHEREAS, subject to the consent of Landlord, Subtenant
desires to sublease from Sublandlord, and Sublandlord desires to sublease to Subtenant, a portion of the Master Premises consisting of approximately 5,603 square feet of rentable area of the third (3rd) floor of the Building, as depicted on Exhibit A hereto
(hereinafter referred to as the “Subleased Premises”), all upon the terms and subject to the conditions and provisions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
mutually acknowledged, Sublandlord and Subtenant hereby agree as follows: 
 1. Demise; Use. Sublandlord hereby
subleases to Subtenant and Subtenant hereby subleases from Sublandlord the Subleased Premises for the term and rental and upon the other terms and conditions hereinafter set forth, to be used and occupied by Subtenant solely for general office use
and for no other purpose. 
 2. Term. 
 (a) Subject to subsection (b) below, the term of this Sublease shall commence on January 1, 2013 (the “Commencement Date”), and, unless sooner terminated pursuant to the
provisions hereof, shall terminate on May 25, 2024, or any earlier date as of which the Prime Lease may be terminated. As soon as practicable following September 1, 2012, Sublandlord shall provide Subtenant access (“Early
Access”) to the Subleased Premises for the exclusive purpose of installing Subtenant’s telecommunications and data cabling and equipment. During such period of Early Access, all of the provisions of this Sublease shall be in effect, except
for Subtenant’s obligation to pay Base Rent or additional rent, and except for Subtenant’s right to use the Subleased Premises for the operation of its business. Subtenant shall coordinate its telecommunications and data work with
Sublandlord to avoid interference with completion of the Subleasehold Improvements. 

 (b) Notwithstanding anything to the contrary in this Sublease, if Sublandlord has not
completed the Subleasehold Improvements and provided Subtenant with Early Access on or before December 15, 2012, then the Commencement Date shall be delayed by one day for each day after December 15, 2012 that elapses before Sublandlord
completes the Subleasehold Improvements and provides Subtenant with Early Access. 
 3. Base Rent. 

(a) Subtenant shall pay to Sublandlord base rental (“Base Rent”) for the Subleased Premises as follows: 

 

													
	 Lease Period
	  	Annual 
Base
Rent
per
Rentable
Square Foot	 	  	Annual Base
Rent	 	  	Monthly Base
Rent	 
	 Commencement Date – 12/31/13
	  	$	45.25	  	  	$	253,535.75	  	  	$	21,127.98	  
	 1/1/14 – 12/31/14
	  	$	46.49	  	  	$	260,483.47	  	  	$	21,706.96	  
	 1/1/15 – 12/31/15
	  	$	47.77	  	  	$	267,655.31	  	  	$	22,304.61	  
	 1/1/16 – 12/31/16
	  	$	49.09	  	  	$	275,051.27	  	  	$	22,920.94	  
	 1/1/17 – 12/31/17
	  	$	50.44	  	  	$	282,615.32	  	  	$	23,551.28	  
	 1/1/18 – 12/31/18
	  	$	51.82	  	  	$	290,347.46	  	  	$	24,195.62	  
	 1/1/19 – 12/31/19
	  	$	53.25	  	  	$	298,359.75	  	  	$	24,863.31	  
	 1/1/20 – 12/31/20
	  	$	54.71	  	  	$	306,540.13	  	  	$	25,545.01	  
	 1/1/21 – 12/31/21
	  	$	56.22	  	  	$	315,000.66	  	  	$	26,250.06	  
	 1/1/22 – 12/31/22
	  	$	57.76	  	  	$	323,629.28	  	  	$	26,969.11	  
	 1/1/23 – 12/31/23
	  	$	59.35	  	  	$	332,538.05	  	  	$	27,711.50	  
	 1/1/24 – 5/25/24
	  	$	60.98	  	  	$	341,670.94	  	  	$	28,472.58	  

 Base Rent shall be due and payable in equal monthly installments. Each such installment shall be due and payable in
advance on the first day of each calendar month of the term hereof. If the term of this Sublease commences on a day other than the first day of a month or ends on a day other than the last day of a month, Base Rent for such month shall be prorated;
prorated Base Rent for any such partial first month of the term hereof shall be paid on the date on which the term commences. Concurrently with its execution of this Sublease, Subtenant shall pay to Sublandlord the installment of Base Rent due for
the first full calendar month within the term of this Sublease following the abatement period described in Section 3(c) below. 

  
 2 

 (b) Except as otherwise provided in this Sublease, all Base Rent and additional rent shall
be paid without any notice, setoff or deduction whatsoever, and shall be paid to Sublandlord at its address set forth in Section 15 below or at such other place as Sublandlord may designate by notice to Subtenant. 

(c) Notwithstanding anything to the contrary set forth above, so long as Subtenant is not in default hereunder beyond any applicable
notice and cure period, Base Rent payable by Subtenant to Sublandlord as provided above shall be abated for the first five (5) months of the term of this Sublease. If the Commencement Date is later than January 1, 2013, then this 5-month
abatement period shall be calculated by using a period of one hundred fifty (150) days from the Commencement Date. The date which is one calendar day after the end of the abatement period as defined in this paragraph, shall be called the
“Post-Abatement Commencement Date”. 
 4. Additional Rent; Payments; Interest. 

(a) In addition to the Base Rent described above, commencing on January 1, 2014, Subtenant shall pay to Sublandlord additional rent
with respect to the Subleased Premises on account of Operating Expenses and Real Estate Taxes in accordance with the provisions of the Prime Lease; provided, however, that Subtenant shall be liable only for increases in Operating Expenses and Real
Estate Taxes above a calendar year 2013 base year (the “Base Year”). Subtenant’s share of the Operating Expenses and Real Estate Taxes shall be 4.157% of increases billed to Sublandlord above the Base Year amounts. 

(b) Subtenant shall pay to Sublandlord all other amounts payable by Sublandlord under the Prime Lease which are attributable to Subtenant,
its agents, employees, customers or invitees. By way of example and not by way of limitation, charges by Landlord for furnishing air conditioning or heating at Subtenant’s request to the Subleased Premises at times in addition to those certain
times specified in the Prime Lease, costs incurred by Landlord in repairing damage to the Building caused by an employee of Subtenant, increased insurance premiums due as a result of Subtenant’s use of the Subleased Premises, and amounts
expended or incurred by Landlord on account of any default by Subtenant which gives rise to a default under the Prime Lease would be amounts payable by Subtenant pursuant to this Section 4(b). 

(c) Each amount due pursuant to Section 4(a) and 4(b) above and each other amount payable by Subtenant hereunder, unless a date for
payment of such amount is provided for elsewhere in this Sublease, shall be due and payable on the tenth day following the date on which Landlord or Sublandlord has given notice to Subtenant of the amount thereof, but in no event later than the date
on which any such amount is due and payable under the Prime Lease. 
 (d) All amounts other than Base Rent payable to Sublandlord
under this Sublease shall be deemed to be additional rent due under this Sublease. All past due installments of Base Rent and additional rent shall be subject to the same late charges and interest as are applicable to late payments under the Prime
Lease. 

  
 3 

 (e) Subtenant shall pay directly to Landlord on or before the applicable due dates for all
services requested by Subtenant that are billed by Landlord directly to Subtenant rather than through Sublandlord. 
 5.
Condition of Subleased Premises and Construction of Improvements. 
 (a) Subtenant accepts the Subleased Premises
in their current “as-is” condition; provided, however, that prior to the Commencement Date, Sublandlord, at its cost, will build-out the Subleased Premises in accordance with the scope of work attached hereto as Exhibit B (the
“Subleasehold Improvements”). All of the Subleasehold Improvements shall be constructed using approved materials, in a good and workmanlike manner. Sublandlord shall complete the Subleasehold Improvements on or before
December 15, 2012. 
 (b) Subtenant’s taking possession of the Subleased Premises shall be conclusive evidence as
against Subtenant that the Subleased Premises were in good working order and satisfactory condition when Subtenant took possession. Upon the expiration of the term hereof, or upon any earlier termination of the term hereof or of Subtenant’s
right to possession, Subtenant shall surrender the Subleased Premises in at least as good condition as at the commencement of the term hereof, ordinary wear and tear, casualty loss, and permitted alterations excepted. 

6. The Prime Lease. 
 (a) This Sublease and all rights of Subtenant hereunder and with respect to the Subleased Premises are subject and subordinate to the terms, conditions and provisions of the Prime Lease. Subtenant hereby
assumes and agrees to perform faithfully and be bound by, with respect to the Subleased Premises, all of Sublandlord’s obligations, covenants, agreements and liabilities under the Prime Lease and all terms, conditions, provisions and
restrictions contained in the Prime Lease except: 
 (i) for the payment of rent in amounts other than as set
forth in this Sublease; 
 (ii) that Subtenant shall not have any obligation or right to construct or install
leasehold improvements except as may be expressly provided herein; and 
 (iii) that the following provisions of
the Prime Lease do not apply to this Sublease: any provisions in the Prime Lease allowing or purporting to allow Sublandlord any rent concessions or abatements or construction allowances and any provisions of the Prime Lease granting Sublandlord any
expansion options, renewal options, termination options, or rights of first offer or first refusal. 
 (b) Without limitation of
the foregoing: 

  
 4 

 (i) Subtenant shall not make any changes, alterations or additions in or to
the Subleased Premises except as otherwise expressly provided herein; 
 (ii) If Subtenant desires to take any
other action and the Prime Lease would require that Sublandlord obtain the consent of Landlord before undertaking any action of the same kind, Subtenant shall not undertake the same without the prior written consent of Sublandlord. Sublandlord may
condition its consent on the consent of Landlord being obtained and may require Subtenant to contact Landlord directly for such consent; 
 (iii) All rights given to Landlord and its agents and representatives by the Prime Lease to enter the Master Premises shall inure to the benefit of Sublandlord and its agents and representatives with
respect to the Subleased Premises; 
 (iv) Sublandlord shall also have all other rights, privileges, options,
reservations and remedies granted or allowed to or held by Landlord under the Prime Lease; 
 (v) Subtenant shall
maintain insurance of the kinds and in the amounts required to be maintained by Sublandlord under the Prime Lease. All policies of liability insurance shall name as additional insureds Landlord and Sublandlord and their respective officers,
directors or partners, as the case may be, and the respective agents and employees of each of them. Simultaneously with the execution of this Sublease and thereafter not later than thirty (30) days before any scheduled date of expiration of
such insurance, Subtenant shall furnish Sublandlord with certificates of insurance evidencing that Subtenant is carrying the insurance required to be carried by Subtenant hereunder; and 

(vi) Subtenant shall not do anything or suffer or permit anything to be done which could result in a default under the
Prime Lease or permit the Prime Lease to be cancelled or terminated. 
 (c) Notwithstanding anything contained herein or in the
Prime Lease that may appear to be to the contrary, Sublandlord and Subtenant hereby agree as follows: 
 (i)
Subtenant shall not assign, mortgage, pledge, hypothecate or otherwise transfer or permit the transfer of this Sublease or any interest of Subtenant in this Sublease, by operation of law or otherwise, or permit the use of the Subleased Premises or
any part thereof by any persons other than Subtenant and Subtenant’s employees, or sublet the Subleased Premises or any part thereof, without the prior written consent of Prime Landlord and Sublandlord (which consent of Sublandlord shall not be
unreasonably withheld, conditioned or delayed); 
 (ii) Neither rental nor other payments hereunder shall abate
by reason of any damage to or destruction of the Subleased Premises, the Master Premises or the Building or any part thereof, unless, and then only to the extent that, rental and such other payments actually abate under the Prime Lease with respect
to the Subleased Premises on account of such event; 

  
 5 

 (iii) Subtenant shall not have any right to any portion of the proceeds of
any award for a condemnation or other taking, or a conveyance in lieu thereof, of all or any portion of the Building, the Master Premises or the Subleased Premises; 

(iv) Subtenant shall not have any right to exercise or have Sublandlord exercise any option under the Prime Lease,
including, without limitation, any option to extend the term of the Prime Lease or lease additional space; and 

(v) Subject to Section 6(a) above, as between Sublandlord and Subtenant, in the event of any conflict between the
terms, conditions and provisions of the Prime Lease and of this Sublease, the terms, conditions and provisions of this Sublease shall, in all instances, govern and control. 
 (d) It is expressly understood and agreed that Sublandlord does not assume and shall not have any of the obligations or liabilities of Landlord under the Prime Lease and that Sublandlord is not making the
representations or warranties, if any, made by Landlord in the Prime Lease. With respect to work, services, repairs and restoration or the performance of other obligations required of Landlord under the Prime Lease, Sublandlord’s sole
obligation with respect thereto shall be to request the same, upon written request from Subtenant, and to use reasonable efforts to obtain the same from Landlord, at no expense to Sublandlord. Sublandlord shall not be liable in damages, nor shall
rent abate hereunder, for or on account of any failure by Landlord to perform the obligations and duties imposed on it under the Prime Lease, unless, and then only to the extent that, rental and such other payments actually abate under the Prime
Lease with respect to the Subleased Premises on account of such failure. 
 (e) Nothing contained in this Sublease shall be
construed to create privity of estate or contract between Subtenant and Landlord, except the agreements of Subtenant in Sections 10 and 11 hereof in favor of Landlord, and then only to the extent of the same. 

7. Default by Subtenant. 
 (a) Upon the happening of any of the following: 
 (i) Subtenant
fails to pay any Base Rent within five (5) days after the date such payment is due; 
 (ii) Subtenant fails
to pay any other amount due from Subtenant hereunder and such failure continues for five (5) days after notice thereof from Sublandlord to Subtenant; 
 (iii) Subtenant fails to perform or observe any other covenant or agreement set forth in this Sublease and such failure continues for thirty (30) days after notice thereof from Sublandlord to
Subtenant; provided, however, that if such failure cannot be cured within such 30-day period, then Subtenant shall not be in default hereunder if Subtenant commences the cure within the 30-day period and thereafter diligently pursues the cure to
completion, but not to exceed ninety (90) days after notice thereof; or 

  
 6 

 (iv) any other event occurs which involves Subtenant or the Subleased
Premises and which would constitute a default under the Prime Lease if it involved the Sublandlord or the Master Premises; 
 Subtenant shall be
deemed to be in default hereunder, and Sublandlord may exercise, without limitation of any other rights and remedies available to it hereunder or at law or in equity, any and all rights and remedies of Landlord set forth in the Prime Lease in the
event of a default by Sublandlord thereunder. 
 (b) In the event Subtenant fails or refuses to make any payment or perform any
covenant or agreement to be performed hereunder by Subtenant, Sublandlord may make such payment or undertake to perform such covenant or agreement (but shall not have any obligation to Subtenant to do so). In such event, amounts so paid and amounts
expended in undertaking such performance, together with all costs, expenses and attorneys’ fees incurred by Sublandlord in connection therewith, together with interest on all of the foregoing at the rate specified in Section 4(d) above as
applicable to late payments of rent, shall be due as additional rent hereunder. 
 8. Nonwaiver. Failure of either
party to declare any default or delay in taking any action in connection therewith shall not waive such default. No receipt of moneys by Sublandlord from Subtenant after the termination in any way of the term or of Subtenant’s right of
possession hereunder or after the giving of any notice shall reinstate, continue or extend the term of affect any notice given to Subtenant or any suit commenced or judgment entered prior to receipt of such moneys. 

9. Cumulative Rights and Remedies. All rights and remedies of Sublandlord and Subtenant under this Sublease shall be
cumulative and none shall exclude any other rights or remedies allowed by law. 
 10. Indemnity. Subtenant agrees
to indemnify, defend and hold harmless Landlord, Sublandlord and the managing agent of the Building and each of their respective officers, directors, partners, agents and employees, from and against any and all claims, demands, costs and expenses of
every kind and nature, including attorneys’ fees and litigation expenses, arising from Subtenant’s occupancy of the Subleased Premises, Subtenant’s construction of any leasehold improvements in the Subleased Premises, any breach or
default on the part of Subtenant in the performance of any agreement or covenant of Subtenant to be performed or performed by it under this Sublease or pursuant to the terms of this Sublease, or any act or neglect of Subtenant or its agents,
officers, employees, guests, servants, invitees or customers in or about the Subleased Premises, except to the extent resulting from the gross negligence or willful misconduct of Sublandlord or its employees, agents and contractors. Sublandlord
agrees to indemnify, defend and hold harmless Subtenant and its officers, directors, partners, agents and employees from and against any and all claims, demands, costs and expenses of every kind and

  
 7 

 
nature, including reasonable attorneys’ fees and litigation expenses, arising from any breach or default on the part of Sublandlord in the performance of any agreement or covenant of
Sublandlord to be performed or performed by it under the Prime Lease, this Sublease, or pursuant to the terms of this Sublease, except to the extent resulting from the gross negligence or willful misconduct of Subtenant or its employees, agents and
contractors. In case any such proceeding is brought against any of said indemnified parties, the indemnifying party covenants, if requested by indemnified party, to defend such proceeding at its sole cost and expense by legal counsel reasonably
satisfactory to the indemnified party. 
 11. Waiver of Subrogation. Anything in this Sublease to the contrary
notwithstanding, Sublandlord and Subtenant each hereby waives any and all rights of recovery, claims, actions or causes of action against the other and the officers, directors, partners, agents and employees of each of them, and Subtenant hereby
waives any and all rights of recovery, claims, actions or causes of action against Landlord and its agents and employees, for any loss or damage that may occur to the Subleased Premises or the Master Premises, or any improvements thereto, or any
personal property of any person therein or in the Building, by reason of fire, the elements or any other cause insured against (or required by the Prime Lease or this Sublease to be insured against) under valid and collectible fire and extended
coverage insurance policies, regardless of cause or origin, including negligence, except in any case which would render this waiver void under law. 
 12. Brokerage Commissions. Each party hereby represents and warrants to the other that it has had no dealings with any real estate broker or agent in connection with this Sublease, excepting
only Larsen Commercial Real Estate Services, Inc. (“Larsen”), whose commission shall be paid by Sublandlord pursuant to the terms of a separate written agreement, and CBRE Real Estate Services, whose commission shall be paid by
Sublandlord pursuant to the terms of a separate written agreement, and that it knows of no other real estate broker or agent who is or might be entitled to a commission in connection with this Sublease. Each party agrees to protect, defend,
indemnify and hold the other harmless from and against any and all claims inconsistent with the foregoing representations and warranties for any brokerage, finder’s or similar fee or commission in connection with this Sublease, if such claims
are based on or relate to any act of the indemnifying party which is contrary to the foregoing representations and warranties. 

13. Successors and Assigns. This Sublease shall be binding upon and inure to the benefit of the successors and assigns of
Sublandlord and shall be binding upon and inure to the benefit of the successors of Subtenant and, to the extent any such assignment may be approved, Subtenant’s assigns. 
 14. Entire Agreement. This Sublease contains all the terms, covenants, conditions and agreements between Sublandlord and Subtenant relating in any manner to the rental, use and occupancy of
the Subleased Premises. No prior agreement or understanding pertaining to the same shall be valid or of any force or effect. The terms, covenants and conditions of this Sublease cannot be altered, changed, modified or added to except by a written
instrument signed by Sublandlord and Subtenant. 

  
 8 

 15. Notices. Notices and demands required or permitted to be given by either
party to the other with respect hereto or to the Subleased Premises shall be in writing and shall be served either by personal delivery with a receipt requested, by overnight air courier service or by United States certified or registered mail,
return receipt requested, postage prepaid, addressed as follows: 
 If to Sublandlord: 

CapitalSource Finance LLC 
 5404 Wisconsin Avenue, Second Floor 
 Chevy Chase, MD 20815 

Attn: General Counsel 
 If to Subtenant: 
 Before Commencement Date: 

DANAC LLC 
 7501
Wisconsin Avenue 
 Suite 1120E 
 Bethesda, Maryland 20814 
 Attn: Eugene A. Carlin, Jr. 

After Commencement Date: 
 DANAC LLC 
 5404 Wisconsin Avenue 

Suite 301 
 Chevy
Chase, Maryland 20815 
 Attn: Eugene A. Carlin, Jr. 
 Notices and demands shall be deemed to have been given three (3) business days after mailing if mailed, or, if made by personal delivery or by overnight air courier service, then upon such delivery.
Either party may change its address for receipt of notices by giving notice to the other party. 
 16. Authority,
etc. Each party represents and warrants to the other that this Sublease has been duly authorized, executed and delivered by and on behalf of such party and constitutes its valid, enforceable and binding agreement. 

  
 9 

 17. Security Deposit. 

(a) Concurrently with its execution of this Sublease, Subtenant shall deposit with Sublandlord Twenty-One Thousand One Hundred
Twenty-Seven and 98/100 Dollars ($21,127.98) as security for the full and faithful performance of every provision of this Sublease to be performed by Subtenant. If Subtenant defaults with respect to any provision of this Sublease, including, but not
limited to, the provisions relating to the payment of rent, Sublandlord may use, apply or retain all or any part of said security deposit for the payment of any rent and any other sum in default, or for the payment of any other amount which
Sublandlord may spend or become obligated to spend by reason of Subtenant’s default or to compensate Sublandlord for any other loss or damage which Sublandlord may suffer by reason of Subtenant’s default. If any portion of said security
deposit is so used or applied, Subtenant shall, within five (5) days after written demand therefor, deposit cash with Sublandlord in an amount sufficient to restore the security deposit to its original amount, and Subtenant’s failure to do
so shall be a material breach of this Sublease. Except to the extent required by law, Sublandlord shall not be required to keep said security deposit separate from its general funds, and Subtenant shall not be entitled to interest on any security
deposit. If Subtenant shall fully and faithfully perform every provision of this Sublease to be performed by it, said security deposit or any balance thereof shall be returned to Subtenant (or, at Sublandlord’s option, to the last assignee of
Subtenant’s interest hereunder) within thirty (30) days after the expiration of the term and Subtenant’s vacation of the Subleased Premises. Nothing herein shall be construed to limit the amount of damages recoverable by Sublandlord
or any other remedy to the security deposit. 
 (b) At Subtenant’s election, the security deposit may take the form either
of cash or of an unconditional, irrevocable letter of credit (the “Letter of Credit”) from a U.S. banking institution reasonably acceptable to Sublandlord, insured by a federal insurance agency (“Issuer”). The
Letter of Credit shall (i) meet the requirements of the “Uniform Customs and Practice for Documentary Credits,” ICC No. 500 (1993 Edition), (ii) name Sublandlord as beneficiary, (iii) be in the amount of the security
deposit required hereunder, (iv) be payable in full or partial draws against Sublandlord’s sight draft, (v) include an “evergreen” provision which provides that the Letter of Credit shall be renewed automatically on an
annual basis unless the Issuer delivers thirty (30) days prior written notice of cancellation to Sublandlord, (vi) have an initial expiration date no earlier than one year from the date of issue, and (vii) otherwise be in form and
substance satisfactory to Sublandlord. In the event the Letter of Credit is ever not renewed when required hereunder, Sublandlord shall have the right to draw upon the Letter of Credit and hold the proceeds thereof as a cash security deposit.

 18. Parking. During the term of this Sublease, Subtenant shall have the right to purchase two (2) monthly
parking permits in the Building’s parking garage for each 1,000 square feet of rentable area in the Subleased Premises, upon the terms and conditions set forth in Article XXIV of the Prime Lease. Subtenant shall coordinate payment and parking
passes directly with Landlord or the operator of the garage. 
 19. Furniture. Throughout the term of this
Sublease, Subtenant shall be permitted to use the furniture located in the Subleased Premises on the date of this Sublease (the “Furniture”). The Furniture is provided in its “as-is” condition upon delivery of the
Subleased Premises. Subtenant shall maintain the Furniture in good condition and repair, ordinary wear and tear excepted, and shall leave the Furniture in the Subleased Premises upon the expiration or

  
 10 

 
earlier termination of this Sublease. Sublandlord shall have no liability for moving the Furniture or any of Subtenant’s own personal property. Notwithstanding the foregoing, upon the
written consent of Sublandlord, Subtenant may dispose of any Furniture that cannot be repaired at a reasonable cost or is beyond its useful life. Any furniture or other personal property purchased by Subtenant shall remain Subtenant’s property.

 20. Rooftop Deck. Subject to rules and regulations developed by Sublandlord, Subtenant may have occasional
scheduled access to the rooftop deck at the Building without additional charge. Such access is not intended to be a daily or frequent occurrence. Subtenant shall schedule use in advance with Sublandlord on an as-available basis. Subtenant
acknowledges that Sublandlord is a regulated entity subject to strict security and confidentiality requirements; therefore, it shall not be unreasonable for Sublandlord to restrict access to the rooftop deck if required by a regulating authority or
in Sublandlord’s discretion from time to time. 
 21. Signs. Subject to Landlord’s approval, Subtenant,
at its sole expense, (i) may install one (1) Building-standard suite entry sign at the main entrance to the Subleased Premises, (ii) shall be entitled to one (1) listing on the Building directory in the main lobby of the
Building, and (iii) Subtenant will be allowed to post the “DANAC” logo in vertical format on the glass panel next to the entrance door to the Premises. 
 22. Modifications. Sublandlord shall not amend the Prime Lease with respect to any provision that would affect Subtenant’s rights or obligations hereunder without the Subtenant’s
prior written consent. 
 23. No Breach of Prime Lease. Sublandlord shall not do or permit to be done any act which
may constitute a breach or violation of any term, covenant or condition of the Prime Lease and which is not cured within any cure period granted under the Prime Lease. 
 24. Consent of Landlord. The obligations of Sublandlord and Subtenant under this Sublease are conditioned and contingent upon Landlord consenting hereto by executing and delivering a
counterpart of this Sublease or a separate instrument signifying its consent. In the event Landlord’s consent is not obtained within thirty (30) days after the date hereof, this Sublease shall be null and void, and neither Sublandlord nor
Subtenant shall have any further obligations or liability hereunder or to each other with respect to the Subleased Premises. 

25. Examination. Submission of this instrument for examination or signature by Subtenant does not constitute a reservation
of or option for the Subleased Premises or in any manner bind Sublandlord, and no lease, sublease or obligation of Sublandlord shall arise until this instrument is signed and delivered by Sublandlord and Subtenant and the consent of Landlord is
obtained as described in Section 24 above. 
 26. Guaranty. Contemporaneously with the execution and delivery of this
Sublease, Subtenant shall cause John F. Jaeger (the “Guarantor”) to enter into a deliver to Sublandlord a duly executed Guaranty of Sublease in the form attached to this Sublease as Exhibit C (the “Guaranty”).
Notwithstanding any provision of this Sublease to the contrary, the occurrence of 

  
 11 

 
any of the following shall constitute an immediate Event of Default under this Sublease: (a) any failure by Guarantor to timely perform its obligations under the Sublease; (b) Guarantor
shall at any time become the subject of a bankruptcy or insolvency proceeding, or shall otherwise become unable to pay his debts as they become due: or (c) Guarantor dies and his estate fails to expressly assume Guarantor’s obligations
under this Sublease within thirty (30) days of Guarantor’s death. Provided there is no default under the Sublease, this Guaranty shall expire on the third anniversary of the date of the Post-Abatement Commencement Date, provided that such
expiration shall not affect, release or otherwise limit any claims which may have been asserted against Guarantor pursuant to the Guaranty prior to such expiration date, all of which claims shall expressly survive such expiration. 

[REMAINDER OF PAGE BLANK; SIGNATURE PAGE FOLLOWS] 

  
 12 

 IN WITNESS WHEREOF, Sublandlord and Subtenant have executed this Sublease under seal as of the date
aforesaid. 
  

											
	ATTEST/WITNESS:	 		 	 Sublandlord:
  

CAPITALSOURCE FINANCE LLC
	 	
						
	By:	 	 	 		 	By:	 	/s/ Sima Parsa	 	(Seal)
		 		 		 	Its:	 	Vice President, Corporate Real Estate & Procurement	 	

  

											
		 		 	 Subtenant:
  

DANAC LLC
	 	
						
	By:	 	/s/ Douglas E. Bream	 		 	By:	 	/s/ John F. Jaeger	 	(Seal)
		 		 		 	Its:	 	Chairman and Manager	 	

  
 13 

 EXHIBIT A 
 Subleases Premises 
  
 

 

 EXHIBIT B 
 Scope of Work 
  

	1.	Demo twelve (12) LF of wall next to accounting office. Remove glass and install three (3) LF of drywall partition. Install new carpet and base in new large
room. 

  

	2.	Shift three (3) workstations approximately one (1) foot. 

  

	3.	Furnish and install ninety (90) LF of demising partition. 

  

	4.	Demo one (1) wall between offices. Demo one (1) door and frame, close opening. Furnish and install new carpet and base in expanded office.

  

	5.	Demo walls, door and frame and expand with new glass wall and glass door to create conference room. Furnish and install new carpet and base in new conference room.

  

	6.	Relocate doors from elevator lobby to new suite entry, including new glass on sides of doors. 

 

	7.	Demo partitions, furnish and install new partitions to create new reception, closet, office, LAN room, storage, and admin area. Furnish and install new carpet and base.

  

	8.	Prep and paint drywall partitions and doors and frames throughout space. 

  

	9.	Electrical relocation of switches, outlets and fixtures. Six (6) additional voice/data outlets required contractor ring and string at locations designated by
sub-tenant. 

  

	10.	HVAC relocation. 

  

	11.	Sprinkler relocation. 

  

	12.	Ceiling tile replacement in areas of construction. Total costs for above work: match existing 

 

	13.	Conference room: GWB ceiling in lieu of suggested ACT. Recessed down lighting squared to match reception desk area. 

 

	14.	LAN Room: Static resistant VCT tile, wax. 

  

	15.	HVAC: air balanced upon completion. 

  

	16.	Batt installation in all new walls. 

  

	17.	Perimeter office glass privacy vinyl screening, window film. 

  

	18.	Delete two (2) existing workstation at accounting office. 

  

	19.	Allow for phone/fax jack-copier in pantry room. 

	20.	Core drill and x-ray required for poly com system. 

  

	21.	Delete wing wall at space #316, open up the corner. 

  

	22.	Relocate door to vacant tenant space so that it swings against the elevator wall. 

 

	23.	Furnish and install white melamine coat rod and shelf at Closet. 

  

	24.	At Reception #300: furnish and install new GWB ceiling with square downlights to match existing and linear diffusers. Use $30 s.f. for flooring allowance. Plan east
wall to have full height anigre wood panels mounted to new demising wall. Plan west wall to have full height fabric panels along entire wall and concealed wood door; hold allowance for Forty Dollars ($40.00) per square yard fabric. Blocking in north
wall to be provided for Tenant relocating 54” monitor; provide conduit for AV, power and cable. Reception desk to be relocated from Tenant existing space. Furnish and install new black lacquer return with file drawers. Base to match floor
finishes selected by sub-tenant. 4’6”W x 2’0”D x 3’0”H to be installed with relocated Reception desk. 

  

	25.	At Conference #302: furnish and install full height fabric panels with drywall build out to align with existing column; figured anigre wood panels to align with fabric
panels. Wood base to match wall finishes. Install glass door with 2’0” side glass panel. Align door with reception entrance glass door. 

  

	26.	Furnish and install new lighting in office #319. 

  

	27.	At existing offices that are being made larger: additional glass to be installed to match existing glass partitions. Doors to be reused where possible and finished to
be patched and repaired to match existing. Carpet to be replaced as needed. 

  

	28.	At Administrative Assistant #316: furnish and install 3’6” high partitions with 10” deep stone transaction ledge, new 2’0” deep plastic
laminate countertop with plastic laminate supports and new paint grade wood overhead bookshelf to be installed on east wall. File cabinets and etc. to be relocated by Tenant and coordinate with install work. 

 

	29.	Furnish and install new carpet and pad at corridors and workstation area. Carry allowance of $40 s.y. 

 

	30.	At existing Workroom #317: all existing storage and shelving to be removed. 

 

	31.	At new LAN Room #318: furnish and install slab partitions with sound attenuation, exhaust fan and louver within existing door with storeroom function hardware and
closer. Electrical Requirements: three (3) dedicated circuits required, three (3) quads – dedicated, two (2) duplex outlets and three (3) data – ring and string. 

 

	32.	Existing power to be reused. Existing tele/data will need to be terminated back to panel in existing LAN Room. New tele/data to be pulled by Tenant Vendor.

  
 2 

	33.	New demising partitions to be slab sound insulated; all other new walls to be slab to ceiling. Existing partitions at demising partition locations to be built up to
slab and filled with insulation. 

  

	34.	Patch and match existing finishes as necessary for construction or public corridor demising partitions. 

  
 3 

 EXHIBIT C 
 Form of Guaranty 
 GUARANTY OF SUBLEASE 

The undersigned John F. Jaeger, an individual (the “Guarantor”), hereby unconditionally and irrevocably guarantees to
Sublandlord (a) the due and punctual payment in full (and not merely the collectability) of all Base Rent, additional rent, and all other amounts due and payable by DANAC, LLC, and its successors and assigns (collectively,
“Subtenant”) under that certain Sublease dated July 17, 2012, by and between CapitalSource Finance LLC, as Sublandlord and Subtenant (as amended from time to time, the “Sublease”); and (b) the full and faithful
performance and observance of all terms, covenants, and conditions contained in said Sublease to be performed or observed by Subtenant. 
 Guarantor expressly agrees that Sublandlord may, in its sole and absolute discretion, without notice to or further consent of Guarantor and without in any way releasing, affecting, or impairing the
obligations and liabilities of Guarantor hereunder (a) waive compliance with any of the terms of the Sublease; (b) modify, amend, or change any provisions of the Sublease by agreement between Subtenant and Landlord; (c) grant
extensions or renewals of the Sublease and/or effect any release, compromise, or settlement in connection therewith; (d) assign or otherwise transfer all or part of its interest in the Sublease, the Prime Lease (as defined in the Sublease), the
Subleased Premises, or this Guaranty or any interest therein or herein; and (e) consent to an assignment, subletting, conveyance, or other transfer of all or any part of the interest of Subtenant in the Sublease. 

If Subtenant holds over beyond the term of the Sublease, Guarantor’s obligations hereunder shall extend and apply with respect to
the full and faithful performance and observance of all of the covenants, terms, and conditions of the Sublease and of any such modification thereof. This Guaranty, and all of the terms hereof, shall be binding on Guarantor and the successors,
assigns, and legal representatives of Guarantor. Guarantor does not require and hereby waives all notices of Subtenant’s nonpayment, nonperformance, or nonobservance of the covenants, terms, and conditions of the Sublease. Guarantor hereby
expressly waives all notices and demands otherwise required by law which Guarantor may lawfully waive. 
 Insofar as the payment
by Subtenant of any sums of money to Sublandlord is involved, this Guaranty is a guaranty of payment and not of collection, and shall remain in full force and effect until payment in full to Sublandlord of all sums payable under the Sublease.
Guarantor waives any right to require that Sublandlord bring any legal action against Subtenant before, simultaneously with, or after enforcing its rights and remedies hereunder against Guarantor. Sublandlord shall not be required to make any demand
on Subtenant, apply any security deposit being held by Sublandlord on behalf of Subtenant or any other credit in favor of Subtenant, or otherwise pursue or exhaust its remedies against Subtenant before, simultaneously with, or after enforcing its
rights and remedies hereunder against Guarantor. Neither Guarantor’s obligation to make payment in accordance with the terms of the Guaranty nor any remedy for the enforcement 

 
thereof shall be impaired, modified, released, limited, or affected in any way by any impairment, modification, release, or limitation of the liability of Subtenant or its estate in bankruptcy,
resulting from (a) the operation of any present or future provision of the Bankruptcy Code of the United States or from the decision of any court interpreting the same; (b) the rejection, or disaffirmance, of the Sublease in any such
proceedings; or (c) the assumption and assignment or transfer of the Sublease by Subtenant or Subtenant’s bankruptcy trustee. 
 Guarantor represents and warrants that this Guaranty has been duly authorized, has been duly executed by Guarantor, and constitutes Guarantor’s valid and legally binding agreement in accordance with
its terms. The liability of Guarantor is coextensive with that of Subtenant and also joint and several, and legal action may be brought against Guarantor and carried to final judgment either with or without making Subtenant a party thereto. Until
all of Subtenant’s obligations under the Sublease are fully performed, Guarantor (a) waives any rights that Guarantor may have against Subtenant by reason of any one or more payments or acts in compliance with the obligations of Guarantor
under this Guaranty; and (b) subordinates any liability of indebtedness of Subtenant held by Guarantor to the obligations of Subtenant to Sublandlord under its Sublease. 
 Provided there is no default under the Sublease, this Guaranty shall expire on the third anniversary of the Post-Abatement Rent Commencement Date in the Sublease, provided that such expiration shall not
affect, release or otherwise limit any claims which may have been asserted against Guarantor pursuant to this Guaranty prior to such expiration date, all of which claims shall expressly survive such expiration. 

Guarantor waives the benefit of any statute of limitations affecting Guarantor’s liability under this Guaranty. This Guaranty shall
be governed by and construed in accordance with the laws of the State of Maryland, without regard to the choice of law rules thereof. Guarantor hereby consents to the jurisdiction of any competent federal or state court located within the State of
Maryland. Guarantor hereby waives trial by jury in any action brought on or with respect to this Guaranty. Guarantor agrees to pay all costs and expenses incurred by Sublandlord in enforcing this Guaranty, including, without limitation, all legal
fees and disbursements. 
 IN WITNESS WHEREOF, the parties hereto have executed this Guaranty under Seal as
of this 17th day of July, 2012. 

 

							
	WITNESSES AS TO GUARANTOR:	 		 	GUARANTOR: John F. Jaeger	 	
				
	/s/ Douglas E. Bream	 		 	/s/ John F. Jaeger	 	Seal
	Signature	 		 	Signature	 	

  

					
			
	Douglas E. Bream	 		 	 
	Print Name

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]