Document:

EX-10.1

RAIT FINANCIAL TRUST

2929Arch Street, 17th Floor

Philadelphia, PA 19104

As of January 25, 2011

Re: 2011 Annual Trustee Compensation Cash Payment & Common Share Purchases

To Each of RAIT’s Non-Management Trustees:

The purpose of this letter is to notify you that, on January 25, 2011, the Compensation
Committee (the “Committee”) of the Board of Trustees (the “Board”) of RAIT
Financial Trust (“RAIT”) approved a cash payment (the “Cash Payment”) to each of
the seven non-management Trustees (the “Non-Management Trustees”) on the Board. Your Cash
Payment is in the amount of $50,000. This Cash Payment is intended to constitute a portion of your
2011 annual non-management trustee compensation and is subject to the terms and conditions set
forth in this letter. Specifically:

	 	(a)	 	The first $20,000 of the Cash Payment will be paid to you by check in a single
lump sum in accordance with RAIT’s normal practices within ten business days following
the date of this letter.

	 	(b)	 	The remaining $30,000 of the Cash Payment (the “Common Share Purchase
Portion”) will be wired as promptly as is practicable directly to your brokerage
account (the “Account”) at Deutsche Bank Securities Inc. (“DB”)
previously identified by you to us.

	 	(c)	 	RAIT will give prior notice to you of the date when RAIT’s current Blackout
Period (as defined in RAIT’s Insider Trading Policy (the “Policy”)) will end.
You elect to authorize RAIT to deliver on your behalf instructions to DB (the “DB
Instructions”) in form and substance satisfactory to RAIT on the trading day
immediately following the end of RAIT’s current Blackout Period that direct DB to use
the Common Share Purchase Portion to purchase as many common shares of beneficial
interest, par value $0.01 of RAIT (the “Shares”) as the Common Share Purchase
Portion will purchase to the fullest extent practicable in one or more transactions
complying with the timing, price and volume restrictions of Rule 10b-18 (“Rule 10b-18”)
promulgated under the Securities Exchange Act of 1934, as amended. Each of the
Non-Management Trustees has an account with DB and, accordingly, you agree that the DB
Instructions shall direct DB to coordinate all the respective purchases using the
respective Common Share Purchase Portions paid to each of the Non-Management Trustees
so that, individually and in the aggregate, all such purchases will comply with the
timing, price and volume restrictions of Rule 10b-18. You agree to instruct DB to
make such purchases, subject to the requirements of Rule 10b-18, as promptly as is
practicable beginning on the trading day when DB receives the DB Instructions and
continuing each trading day thereafter until the Common Share Purchase Portion has been
used to purchase the Shares to the fullest extent practicable. To the extent there is
any cash remaining after whole shares are purchased, the cash will be returned to you.
DB will inform RAIT of all purchases at the end of each day on which purchases are
made.  All purchases made with the Common Share Purchase Portion are intended to come
within Rule 10b5-1(c) promulgated under the Securities Exchange Act of 1934, as
amended. You agree not to give any instructions to DB regarding the Common Share
Purchase Portion that are inconsistent with the DB Instructions.

	 	(d)	 	Any Shares that are purchased for you by DB will be subject to a trading
restriction in which you agree not to sell such Shares for the one year period that
follows the date of such purchase and to hold such Shares in the Account during such
one year period. The purchases contemplated by, and made in accordance with, this
letter have been determined to comply with the Policy. You acknowledge that you will
comply with the Policy with respect to any other transactions involving RAIT’s
securities, including pre-clearing any such transactions in accordance with the Policy.

	 	(e)	 	You are solely responsible for all taxes that result from this Cash Payment.

Please sign below and return to me to acknowledge your acceptance of the terms and conditions
of the Cash Payment described in this letter.

Sincerely,

RAIT Financial Trust

By:       

Name: Jack E. Salmon

Title: Chief Financial Officer & Treasurer

I hereby agree to the terms and conditions for the Cash Payment described in this letter.

	 	 	 
	     

	 	as of January 25, 2011
	Name:     

Trusteeex10-1.htm

 

Exhibit 10.1

NGAS Resources, Inc.

 

SECOND AMENDMENT TO CHANGE OF CONTROL AGREEMENT

 

This SECOND AMENDMENT TO CHANGE OF CONTROL AGREEMENT (the “Amendment”) is entered into as of January 24, 2011 between NGAS Resources, Inc., a British Columbia corporation formerly named Daugherty Resources, Inc. (the “Company”), and _____, the _____ of the Company (the “Executive”).

 

The parties entered into a Change of Control Agreement dated as of February 25, 2004, as amended by the Amendment to Change of Control Agreement on December 23, 2010 (the “Change of Control Agreement”), pursuant to which Executive is entitled to a termination settlement payment in the event that, within five years following any Change of Control, the Executive’s employment with the Company is terminated by the Company other than for Cause or by the Executive for Good Reason or by the death or Disability of Executive (as those terms are defined in the Change of Control Agreement).  The parties desire to amend the Change of Control Agreement as set forth below in connection with that certain Arrangement Agreement between the Company and Magnum Hunter Resources Corporation (“Acquiror”) dated December 23, 2010 (the “Arrangement Agreement”).

 

NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows:

 

1.       Upon the Closing (as that term is defined in the Arrangement Agreement), Section 1 of the Change of Control Agreement is hereby amended by adding the definitions “Acquiror”  and  “Arrangement Agreement” in the appropriate alphabetical order:

 

“Acquiror” means Magnum Hunter Resources Corporation, a Delaware corporation.

 

“Arrangement Agreement” means that certain Arrangement Agreement by and between the Company and Acquiror, dated December 23, 2010. ”

 

2.       Upon the Closing (as that term is defined in the Arrangement Agreement), Section 2 of the Change of Control Agreement is hereby amended and restated as follows:

 

“2.         Termination Settlement.  In the event that, within five years following the date of the Arrangement Agreement, the execution of which constituted a Change of Control hereunder, the Executive's employment with the Company is terminated by the Executive for Good Reason or by the Company other than for Cause or the death or Disability of the Executive, the Company shall provide the Executive with a termination settlement in an amount equal to $_____, less the amount paid to the Executive under the Long Term Incentive Agreement dated as of December 9, 2008 between the Company and the Executive by reason of such termination of employment.”

 

3.       Upon the Closing (as that term is defined in the Arrangement Agreement), Section 3 of the Change of Control Agreement is hereby amended and restated as follows to provide that Executive’s termination settlement, to the extent it is required to be paid, shall be made in a single lump sum, either in cash or shares of Acquiror at the election of Acquiror:

 

“3.         Settlement Payment.  The termination settlement provided under Section 2 shall be payable by the Company, at Acquiror's election, either in cash in a single lump sum or in shares of common stock of Acquiror on the effective date of employment termination, subject to any applicable withholding taxes.  If the termination settlement is paid in the form of common stock of Acquiror, the Acquiror common stock shall be priced based on the five-day volume weighted average trading price of Acquiror's common stock for the period ending on the trading day

 

  

1

  

immediately preceding the date of payment and taxes for such stock payment shall be withheld by the Company and shall be paid in cash to the Internal Revenue Service at the same rate used for calculating the exchange ratio of cash to stock. The payment provided herein is intended as a termination settlement and not as salary continuation.  The parties acknowledge that Executive may enter into a Rule 10b5-1 trading plan with respect to the sale of shares of Acquiror common stock prior to the receipt of such shares.”

 

4.      This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of laws provisions thereof.

 

5.      The Change of Control Agreement, as expressly modified hereby, shall remain in full force and effect.

 

[Signature Page Follows]

 

  

2

  

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.

 

	  	
NGAS RESOURCES, INC.

	  	  
	  	  
	  	  
	  	
By

	  
	  	  	
William S. Daugherty,

	  	  	
President and Chief Executive Officer

	  	  
	  	  
	  	
EXECUTIVE:

	  	  
	  	  
	  	  

 

 

3Filed by Avantafile.com - Darlington Mines Ltd. - Exhibit 10.1

 

 

Exhibit 10.1

LETTER OF INTENT

THIS LETTER OF INTENT (the “LOI”), is entered
  into by and, 

BETWEEN:  DARLINGTON MINES LTD., a Nevada corporation having an office at 20A, Time Centre 53-55 

                     Hollywood Road, Central Hong Kong.

                    (“COMPANY”) 

AND:

THE PULSE
  BEVERAGE CORPORATION, a Colorado corporation having an address of record
  located at 1624 

                     Washington Street, Denver, Colorado 80203.

                      (“PULSE”)

BACKGROUND AND
  PURPOSE

WHEREAS, the Company is a publicly traded company on the
  United States OTC Markets (“OTC”) under the symbol DAML.

WHEREAS, Pulse The Pulse Beverage Corporation, or “the Company”, is a
  nutraceutical (or functional) beverage company that will manufacture,
  distribute and market the PULSE® brand of water-based beverage formulations. PULSE®
  is a beverage that contains functional ingredients that have been shown to
  promote health.  PULSE® is unique in that it was developed by Baxter Health
  Care Corporation (“Baxter”) to be scientifically effective in the recommended
  serving sizes and contains ingredients that are widely considered to be critial
  to adult health. The PULSE® beverage formulations were scientifically
  researched and formulated by Baxter and the Company has acquired all the
  formulations, rights and patents relating to the brand PULSE®.  Baxter
  Healthcare Corporation spent time developing and marketing the PULSE® product
  line.  PULSE® is the only nutraceutical (or functional) beverage that has been
  developed by a major healthcare company.  The Pulse Beverage Corporation,
  through their acquisition of the PULSE® brand is entitled to label its PULSE®
  product as follows: “Formulation developed under license from BAXTER
    HEALTHCARE CORPORATION”. 

WHEREAS, the parties wish to
  enter into this Letter of Intent which states that, upon completion of the
  conditions as set forth herein and in a formal, definitive agreement, the
  Company and Pulse will enter into a share exchange transaction whereby the
  Company will acquire all of the shares of outstanding capital stock of Pulse in
  exchange for the issuance of a certain ownership interest in the Company to the
  shareholders of Pulse. 

AGREEMENT

NOW, THEREFORE,  in
  consideration of the mutual agreements and representations contained herein,
  and other good and valuable consideration, the receipt and sufficiency of which
  is hereby acknowledged, the parties agree as follows:  

	1.  	This LOI constitutes a binding agreement with
    regard to the various matters set forth herein.  

	 	 
	2. 	The Company and Pulse agree that they will use their commercially
      reasonable efforts to enter into a definitive agreement containing
      substantially the same terms and provisions as set forth in this LOI within
      forty (40) days from the date of execution of this LOI (the “Definitive
    Agreement”).

	 	 
	3.	Upon the satisfaction of the conditions set forth herein and in the
      Definitive Agreement, the Company will acquire all of the issued and
      outstanding capital stock of Pulse in exchange for the issuance to Pulse
      shareholders of 13,280,000 post-split shares of common stock of the Company 
      (the “Exchange”).  Upon Closing, Pulse shall become a wholly-owned
      subsidiary of the Company and Pulse shareholders shall own approximately 24% of
    the outstanding shares of the Company on a post-Closing basis.

	4. 	The closing of the Exchange (the “Closing”) shall occur on or
      before four (4) days from the date on which Pulse completes the audit of its
      financial statements as required to be filed by the Company upon the Closing in
      accordance with the Securities Exchange Act of 1934, as amended, and the
      Company closing a financing of at least $1,000,000.  Immediately after the
    Closing, the Company will have 55,460,000 shares issued and outstanding.  

	 	 
	5.	The Definitive Agreement shall contain customary representation and
      warranties, covenants and indemnification provisions for transactions of this
    nature.

	 	 
	6.	The execution of the
      Definitive Agreement and the Closing shall be subject to the approval of the
    Board of Directors of Pulse and the stockholders of Pulse.    

	 	 
	7. 	No party hereto will make any disclosure or public announcements of the
      proposed transactions, the LOI or the terms thereof without the prior consent
      of the other parties, which shall not be unreasonably withheld, or except as
      required by relevant securities laws; provided, however, each party may issue
    press releases in the ordinary course of business.

	 	 
	8.	Each party agrees and acknowledges that such party and its directors,
      officers, employees, agents and representatives will disclose business
      information and information about the proposed transaction in the course of
      securing financings for the Company and Pulse and that the parties and their
      representatives may be required to disclose that information under the
    continuous disclosure requirements of the Securities Exchange Act of 1934.

	 	 
	9.	This LOI shall be construed in accordance with, and governed by, the
      laws of the State of Nevada, and each party separately and unconditionally
      subjects itself to the jurisdiction of any court of competent authority in the
      State of Nevada, and the rules and regulations thereof, for all purposes
    related to this agreement and/or their respective performance hereunder.

	 	 
	10.	The parties shall prepare, execute and file any and all documents
      necessary to comply with all applicable federal and state securities laws,
    rules and regulations in any jurisdiction where they are required to do so.

	 	 
	11. 	All references to currency in this LOI are references to the lawful
    currency of the United States of America.

	 	 
	12. 	This LOI may be executed in counterparts, by
      original or facsimile signature, with the same effect as if the signatures to
      each such counterpart were upon a single instrument; and each counterpart shall
      be enforceable against the party actually executing such counterpart.  All
    counterparts shall be deemed an original copy.

	 	 
	13.	The delay or failure of a party to enforce at
      any time any provision of this LOI shall in no way be considered a waiver of
      any such provision, or any other provision of this LOI.  No waiver of, delay or
      failure to enforce any provision of this LOI shall in any way be considered a
      continuing waiver or be construed as a subsequent waiver of any such provision,
    or any other provision of this LOI.

DATED EFFECTIVE: January 21,
  2011

DARLINGTON MINES LTD.

/s/ Francis Chiew                                                

    Francis Chiew, President and
      CEO 

THE PULSE BEVERAGE CORPORATION

/s/ Bruce Horton                                 

    Bruce Horton, President and
      CEO

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