Document:

Ademas de los salarios y compensacion antes mencionados La Directora sera elegible desde su primer dia de empleo a los siguientes beneficios: Plan medico (cuya aportacion dependera de la cubierta seleccionada), segura de vida, plan de retiro, plan 401 K u otros aplicables a todos los empleados regulares del Banco, sujeto alas politicas de Gada uno.

                           Los pagos mencionados ~f} el inciso de Compensacion, Salarios y Beneficios estaran sujetos alas deducciones legales pertinentes bajo los estatutos federales y locales aplicables.

                 3. Secretos de Negocio

                           Durante el transcurso de su empleo La Directora tendra acceso a documentos confidenciales, informacion de listados de clientes, prospectos clientes, estrategias de mercadeo, y otro tipo de politica y material que constituye para el

   ~ Banco informacion rilacionada y para el negocio, la cual para todos los efectos '::J(!" constituye informaci~n confidencial. La informacion confidencial del Banco es

                 propiedad de la Institucion. La Directora no puede divulgar directa 0 indirectamente .dicha informacion, excepto que la necesidad del negocio asi 10 requiera y para esto .debera ser autorizado par el Supervisor Inmediato.

                 Si renuncia 0 termina la relacion de empleo requerimos de usted una absoluta proteccion de la informacion confidencial y privilegiada del negocio, incluyendo abstenerse a divulgar 0 utilizar la misma para beneficia propio, su nuevo patrono 0 

                terceras personas. Esta informacion incluye, pero sin limitarse, a secretos de negocio, informacion propiedad del Banco, afiliadas y subsidiarias, asuntos confidenciales, metodolog!a operacional, listas de clientes 0 de clientes potenciales, relaciones de negocio, productos bancarios, estrategias, tacticas, planes de negocio, base de datos, desarrollo de programas de computadoras, informacion financiera, estados de situacioflt balances de cuentas, margenes de ganancias, tenencia de acciones, estudios economicos, estudios de mercado, estrategias de mercadeo y otros de similar naturaleza.

IC1 Si la Directora viola alguna de las disposiciones antes mencionada, de no- divulgacion 0 utilizacion de informacion confidencial, el Banco tendra el derecho a

                solicitar un "injunction" 0 entredicho (permanente 0 preliminar) para que la Directora cese y desista de la practica y se abstenga de incurrir en la conducta antes mencionada. Los re~dios de los que dispondra el Banco en esta situacion, podran incluir desde violacion de contrato, as! como resarcimiento en darios u otros.

                4. Acuerdo de no-competencia

                La Directora conviene que durante la vigencia del presente Contrato y/o de su empleo con el Banco, y par un terminG de 12 meses subsiguientes a la terminacion del mismo, no se empleara ni rendira servicio de forma alguna, directa 0 indirectamente, para alguna entidad 0 individuo que compita con el Banco en Puerto Rico.Exhibit 10(a)

 

MANAGEMENT
AGREEMENT

 

BETWEEN

 

CHARTERMAC

 

AND

 

RELATED
CAPITAL COMPANY LLC

 

 

This MANAGEMENT AGREEMENT
(this “Agreement”) dated as of
November 17, 2003, is by and between CHARTERMAC,
a Delaware statutory trust (the “Company”),
and RELATED CAPITAL COMPANY LLC, a
Delaware limited liability company (the “Manager”).

 

W  I  T  N  E  S
S  E  T  H:

 

WHEREAS, the Company is a
Delaware statutory trust created in accordance with applicable provisions of
the Delaware Trust Act, 12 Del. C.§§ 3801 et. seq., as amended
from time to time (the “Trust Act”)
and was formerly known as Charter Municipal Mortgage Acceptance Company;

 

WHEREAS, the purposes of the
Company are, as determined from time to time by the board of trustees (the “Board of Trustees”) of the Company, to
engage in any lawful business or activity for which a statutory trust may be
created under the Trust Act;

 

WHEREAS, all capitalized
terms used herein, and not otherwise defined in Section 5 hereof, shall have
the meanings ascribed to them in the Company’s Trust Agreement (as defined
herein); and

 

WHEREAS, the Manager is
willing to render such services, subject to the supervision of the Board of
Trustees, on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the mutual covenants and promises herein contained, the
parties hereto, each intending to be legally bound hereby, agree as follows:

 

1.             Duties
of the Manager.  The
Company hereby retains the Manager to perform asset management and investment
management services for the Company, and the Manager hereby accepts such
appointment, subject to the terms and conditions hereinafter set forth.  The Manager shall perform such services as
shall, from time to time, be requested by the Company.  In the performance of this undertaking, the
Manager shall be subject to the supervision of the Board of Trustees and shall
perform its services in a manner consistent with

 

 

the provisions and limitations of the Trust
Agreement and duly adopted resolutions of the Board of Trustees.

 

2.             Independent
Contractor Status.  The
Manager, as a result of its relationship with the Company pursuant to this
Agreement, shall be an independent contractor. 
The Company and the Manager are not partners or joint venturers with
each other and nothing herein shall be construed to make them partners or joint
venturers or impose any liability as such on either of them.

 

3.             Records.  At all times, the Manager shall keep books
of account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Company at any
time during the ordinary business hours of the Manager.

 

4.             Bank
Accounts.  The Manager
may establish and maintain one or more bank accounts in the name of the Company
or in its own name as agent for the Company and may collect and deposit in and
disburse from any such account, any money on behalf of the Company, under such
terms and conditions as the Board of Trustees may approve, provided that no
funds in such account shall be commingled with funds of the Manager.  From time to time and upon appropriate
request, the Manager shall render appropriate accounting of such collections
and payments to the Board of Trustees and the auditors of the Company.

 

5.             Definitions.  As used herein, the following terms shall
have the meanings set forth below:

 

a.             “Affiliate” shall mean (i) any officer,
director, partner, employee or controlling shareholder of such Entity; (ii) any
Person controlling, controlled by or under common control with any Entity or
any individual described in (i) above; (iii) any officer, director, trustee,
general partner or employee of any Person described in (ii) above; and (iv) any
Person who is a member, other than as limited partner, with any individual
described in (i) and (ii) above in a relationship of joint venture, general
partnership, or similar form of unincorporated business association; provided
however, that a partner in a partnership or joint venture with (A) the Company
or (B) an Affiliate of the Manager, shall not by virtue of such relationship be
deemed an Affiliate of the Manager.  For
purposes of this definition, the term “control” shall also mean the control of
ownership of 10% or more of the outstanding Voting Securities of the Person
referred to in (i)-(iv) above.

 

b.             “Cause”
shall mean gross negligence or willful misconduct.

 

c.             “Entity”
shall mean any general partnership, limited partnership, corporation, joint
venture, trust, business trust, real estate investment trust, limited liability
company, cooperative or association.

 

d.             “Person” shall mean an individual or
Entity.

 

 

e.             “Trust Agreement” shall mean the Second Amended
and Restated Trust Agreement of the Company, dated as of November 17,
2003, as amended and/or restated from time to time.

 

6.             Fees
and Other Compensation of the Manager.

 

a.             The Manager or its designees shall be entitled to
receive from the Company reimbursement of all costs incurred by the Manager and
its designees in performing services hereunder, plus an amount equal to a
market based percentage, as jointly determined from time to time by the Company
and the Manager. If the Company and the Manager cannot agree on such market
based percentage, either party shall have the right to terminate this
Agreement, in which case the provisions of Section 10 shall apply. 
Such payments shall be estimated and paid monthly and reconciled
annually.  “Costs” shall include direct
and indirect costs incurred by the Manager, including a portion of the salaries
and overhead of the Manager properly attributable to services performed by the
Manager hereunder.  The Company shall
reimburse the Manager and its Affiliates for (i) the actual costs to the
Manager or its Affiliates of goods, materials and services used for and by the
Company obtained from unaffiliated parties; (ii) administrative services
necessary to the operation of the Company; (iii) the costs of personnel
employed by the Manager and directly involved in the organization and business
of the Company (including persons who may be employees or officers of the
Manager and its Affiliates) and for legal, accounting, transfer agent,
reinvestment and redemption plan administration, data processing, duplicating
and investor communications services performed by employees or officers of the
Manager and its Affiliates which could be performed directly for the Company by
independent parties; and (iv) any travel expenses incurred in connection with
the services provided hereunder and for advertising expenses incurred by the
Manager in seeking any investments or seeking the disposition of any
investments held by the Company.

 

b.             The Manager shall be permitted to perform services, and
receive fees for such services from borrowers, owners of Underlying Properties,
and other third parties, for activities undertaken in connection with the
Company’s assets and investments.

 

7.             Statements.  Prior to the payment of any fees payable by
the Company hereunder or reimbursements payable by the Company to the Manager,
the Manager shall furnish to the Company a statement showing the computation of
the fees or reimbursements.

 

8.             Expenses
of the Company.  The
Company shall pay all of its expenses. 
The Manager undertakes no responsibility for any expenses of the
Company.

 

9.             Other
Activities of the Manager.  Nothing in this Agreement shall
prevent the Manager or any of its Affiliates from engaging in other business
activities related to tax-exempt bonds, real estate, mortgage investments or
other investments whether similar or dissimilar to those made by the Company or
from acting as manager to any other person or entity having investment policies
whether similar or dissimilar to those of the Company.

 

 

10.           Term;
Termination of Agreement. 
This Agreement shall continue in force for a period of five years from
the date hereof.

 

Notwithstanding
any other provision to the contrary contained herein, this Agreement shall be
terminable by (i) the Manager at any time or (ii) the Company for Cause at any
time, without penalty, and each upon sixty (60) days’ prior written notice
prior to the non-terminating party.

 

In
the event of the termination of this Agreement, the Manager will cooperate with
the Company and take all reasonable steps requested to assist the Board of
Trustees in making an orderly transition of the management function.

 

11.           Amendments.  This Agreement shall not be changed,
modified, terminated or discharged in whole or in part except by an instrument
in writing signed by both parties hereto, or their respective successors or
permitted assigns, or otherwise as provided herein.

 

12.           Assignment.  This Agreement may not be assigned by the
Manager without the written consent of the Company, except to an Affiliate of
the Manager.  Any assignee of the
Manager shall be bound hereunder to the same extent as the Manager.  This Agreement shall not be assigned by the
Company without the written consent of the Manager, except to an Entity which
is a successor to the Company.  Such
successor shall be bound hereunder to the same extent as the Company.

 

13.           Action
Upon Termination.  From
and after the effective date of termination of this Agreement, pursuant to
Section 10 hereof, the Manager shall not be entitled to compensation for
further service rendered hereunder but shall be paid all compensation and
reimbursed for all expenses accrued through the date of termination.  The Manager shall forthwith upon such
termination:

 

a.             pay over to the Company all moneys collected and held
for the account of the Company pursuant to this Agreement, after deducting any
accrued compensation and reimbursement for its expenses to which it is then
entitled;

 

b.             deliver to the Company a full accounting, including a
statement showing all payments collected by it and a statement of all moneys
held by it, covering the period following the date of the last accounting
furnished to the Company; and

 

c.             deliver to the Company all property and documents of the
Company then in the custody of the Manager.

 

14.           Standard
of Care.

 

a.     The Manager assumes no responsibility under
this Agreement other than to render the services called for hereunder in good
faith, and shall not be responsible for any action of the Company in following
or declining to follow any advice or recommendations of the

 

 

 

Manager. 
Neither the Manager nor its directors, officers, partners, members and
employees shall be liable to the Company, the Company’s Shareholders, the
Company’s Trustees or to any successor or assignee of the Company, except by
reason of acts constituting bad faith, gross negligence or reckless disregard
of their duties.  This shall in no way
affect the standard for indemnification but shall only constitute a standard of
liability.  The duties to be performed
by the Manager pursuant to this Agreement may be performed by it or by
officers, directors or by Affiliates of the foregoing under the direction of
the Manager or delegated to unaffiliated third parties under its direction.

 

b.     The Manager shall look
solely to the assets of the Company for satisfaction of all claims against the
Company, and in no event shall any Shareholder or Trustee of the Company have
any personal liability for the obligations of the Company under this Agreement.

 

15.           Indemnification
of the Manager.  The
Company shall indemnify the Manager and its Affiliates for any loss arising out
of any of their acts or omissions in connection with this Agreement; provided
that (i) the Board of Trustees must have determined, in good faith, that such
course of conduct was in the best interests of the Company and did not
constitute bad faith, gross negligence or reckless disregard by the Manager or
its Affiliates; (ii) such conduct was within the scope of authority of the
Manager; and (iii) any such indemnification shall be recoverable only from the
assets of the Company and not from the assets of the Shareholders or the Trustees
of the Company.  Notwithstanding the
foregoing, the Manager or its Affiliates shall not be indemnified for any
liability, loss or damage incurred by the Manager or its Affiliates in
connection with any claim or settlement involving allegations that federal or
state securities laws were violated by the Manager or its Affiliates
unless:  (A) the Manager or its
Affiliates seeking indemnification are successful in defending such action on
the merits of each count involving securities law violations; or (B) such
claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction; or (C) a court of competent jurisdiction approves a settlement of
the claims against the Manager or its Affiliates seeking indemnification
involving securities law violations and finds that indemnification of the
settlement and related costs should be made; or (D) indemnification is
specifically approved by a court of competent jurisdiction in each such case.

 

16.           Notices.  Any notice, report or other communica­tion
required or permitted to be given hereunder shall be in writing, and shall be
given by delivering such notice by hand or by certified mail, return receipt
requested, postage pre-paid, at the following addresses of the parties hereto:

 

	
  Company:

  
	
   

  
	
  CharterMac

  
	
  625 Madison Avenue

  
	
  New
  York, New York  10022

  
	
   

  
	
  Attention:

  	
  Stuart J. Boesky

  
	
   

  	
  Managing Trustee

  

 

 

	
  with
  a copy to:

  
	
   

  
	
  Mark
  Schonberger, Esq.

  
	
  Paul,
  Hastings, Janofsky & Walker LLP

  
	
  +75
  East 55th Street

  
	
  New
  York, New York  10022

  
	
   

  
	
  Manager:

  
	
   

  
	
  Related
  Capital Company LLC

  
	
  625
  Madison Avenue

  
	
  New
  York, New York  10022

  
	
   

  
	
  Attention:

  	
  Marc D. Schnitzer

  
	
   

  	
  Chief Executive Officer

  
	
   

  
	
  with
  a copy to:

  
	
   

  
	
  Mark
  Schonberger, Esq.

  
	
  Paul,
  Hastings, Janofsky & Walker LLP

  
	
  75
  East 55th Street

  
	
  New
  York, New York  10022

  

 

Either
party may at any time change its address for the purpose of this Section 16 by
like notice.

 

17.           Headings.  The section headings herein have been
inserted for convenience of reference only and shall not be construed to affect
the meaning, construction or effect of this Agreement.

 

18.           Governing
Law.  The provisions of
this Agreement shall be construed and interpreted in accordance with the laws
of the State of New York as at the time in effect.

 

 

[Signature Page Follows]

 

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be signed as of
the day and year first above written.

 

 

	
   

  	
   

  	
  CHARTERMAC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Stuart
  J. Boesky

  
	
   

  	
   

  	
   

  	
  Managing
  Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  RELATED CAPITAL COMPANY
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: CharterMac Corporation,
  its managing member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Alan
  P. Hirmes

  
	
   

  	
   

  	
   

  	
  Chief
  Operating Officer

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