Document:

EX-10.1

VOCUS, INC.

EMPLOYMENT AGREEMENT

To: Steven Pogorzelski:

This Employment Agreement (this “Agreement”), dated as of February 3, 2014 (the
“Effective Date”), establishes the terms of your continued employment with Vocus, Inc., a
Delaware corporation (the “Company”).

	1)	 	Employment and Duties. You and the Company agree to your employment as Chief Revenue
Officer on the terms contained herein. In such position, you will report directly to the
Company’s Chief Executive Officer. You agree to perform whatever duties the Chief Executive
Officer or the Company’s Board of Directors (the “Board”) may assign you from time to
time that are reasonably consistent with your position. During your employment, you agree to
devote your full business time, attention, and energies to performing those duties (except as
the Company may otherwise agree).

	2)	 	Term. The initial term of this Agreement shall be for a period of one year,
commencing as of the Effective Date, unless terminated earlier pursuant to Section 7. This
Agreement shall automatically renew for successive one-year periods thereafter (the initial
term and each such renewal period are collectively referred to as the “Term”) unless,
at least 60 days prior to the expiration of the initial term or any such renewal period,
either party gives written notice to the other party electing to terminate this Agreement at
the end of the initial term or then-current renewal period, as applicable (a “Notice of
Non-Renewal”).

	3)	 	Compensation.

	 	a)	 	Salary. For all services rendered by you under this Agreement, the Company will
pay you an annual salary (your “Salary”), which may be increased, but not
decreased, from time to time in such amounts as may be determined by the Board or the
compensation committee of the Board (the “Compensation Committee”), in accordance
with the Company’s generally applicable payroll practices. As of the Effective Date, your
Salary is $300,000.

	 	b)	 	Bonus. In addition to your Salary, for each fiscal year of the Company during the

Term, you will be eligible to receive an annual bonus (the “Bonus”). The minimum
and maximum potential Bonus amount for each fiscal year shall be set by the Board or the
Compensation Committee. The actual Bonus amount payable for a fiscal year shall be
determined by the Board or the Compensation Committee based on the extent to which
performance criteria established for such fiscal year by the Board or the Compensation
Committee have been satisfied. The Bonus, if any, earned by you for a fiscal year will be
paid within 90 days after the end of such fiscal year; provided, that the Board or
the Compensation Committee, in its sole discretion, may authorize the calculation and
payment of your Bonus for a fiscal year in periodic installments, which may begin during
such fiscal year and which shall end no later than the last day of such 90-day period.
Notwithstanding the foregoing, in order to receive a Bonus payment for a fiscal year, you
must be employed by the Company in good standing on the date such Bonus payment is scheduled
to be made.

	 	c)	 	Equity. You shall be eligible to receive equity awards under any incentive
compensation, stock option or other equity plans of the Company now in effect or which may
be in effect at any time during the Term, subject to the discretion of the Board or any
committee thereof designated to administer any such plan.

	 	d)	 	Employee Benefits. During the Term, the Company will provide you with the same
benefits as it makes generally available from time to time to the Company’s senior
executives, as those benefits are amended or terminated from time to time. Your
participation in the Company’s benefit plans will be subject to the terms of the applicable
plan documents and the Company’s generally applied policies, and the Company, in its sole
discretion, may adopt, modify, interpret, or discontinue such plans or policies.

	4)	 	Vacation. You shall accrue at least four weeks of paid vacation per year. All terms
and conditions of your vacation benefit will be governed by the Company’s policies governing
vacation pay in effect from time to time.

	5)	 	Expenses. The Company will reimburse you for reasonable travel and other
business-related expenses you incur for the Company in performing your duties under this
Agreement. You must itemize and substantiate all requests for reimbursement and submit such
reimbursement requests in accordance with the Company’s policies in effect from time to time.

	6)	 	No Other Employment. While the Company employs you, you agree that you will not,
directly or indirectly, provide services to any person or organization for which you receive
compensation or otherwise engage in any activity that would conflict or interfere with your
faithful performance of your duties as an employee without the Board’s prior written consent.
Notwithstanding the foregoing, you may (a) make and manage personal passive business
investments of your choice and serve in any director or similar type capacity with up to three
civic, educational or charitable organizations, or any trade association, without seeking or
obtaining the approval of the Board, provided such activities do not interfere or conflict
with the performance of your duties hereunder, and (b) with the approval of the Board, serve
on the boards of directors of other organizations.

	7)	 	Termination. Your employment with the Company is at will, and the Company may
terminate your employment at any time without Cause (as defined below), or you may resign
other than for Good Reason (as defined below), in each case upon 30 days’ notice to the other
by the terminating party.

	 	a)	 	For Cause. The Company may terminate your employment for “Cause” if you:

	 	i)	 	commit a material breach or violation of (A) your obligations or agreements
under this Agreement or under any material written policy of the Company or (B) any of
the covenants regarding non-disclosure of confidential information, assignment of
intellectual property rights, non-competition and/or non-solicitation (collectively,
“Restrictive Covenants”) applicable to you under any agreement entered into
(whether before, on or after the date hereof) between you and the Company;

	 	ii)	 	willfully neglect or fail to perform your material duties or responsibilities
to the Company (other than as a result of illness or injury);

	 	iii)	 	commit an act of embezzlement, theft, fraud or any other act of dishonesty
involving the Company or any of its customers; or

	 	iv)	 	are convicted of or plead guilty or no contest to a felony or other crime that
involves moral turpitude.

Your termination for Cause will be effective immediately upon the Company’s mailing or written
transmission of notice of such termination. Before terminating your employment for Cause under
clauses (i) or (ii) above, the Company will specify in writing to you the condition that it
deems to constitute Cause and give you 15 days after you receive such notice to cure such
condition (and thus avoid termination for Cause), if such condition is capable of being cured
(as determined by the Company, in its sole discretion), unless the Company agrees to extend the
time for cure.

	 	b)	 	Disability. If you become disabled (as defined below), the Company may terminate
your employment. You are “disabled” if you are disabled within the meaning of the
Company’s long-term disability insurance coverage as then in effect; provided, that if
there is no such long-term disability insurance coverage in effect, you will be “disabled”
if you are unable, despite whatever reasonable accommodations the law requires, to perform
your principal duties to the Company for more than 90 consecutive, or substantially
consecutive, days because of physical or mental disability, incapacity, or illness.

	 	c)	 	Good Reason. You may resign for “Good Reason” if the Company, without your
consent, (i) reduces your Salary, (ii) materially reduces your authority or
responsibilities, (iii) requires you to work in an office which is outside of a 30-mile
radius from the location of the Company’s principal executive office as of the Effective
Date, (iv) fails to obtain the assumption of and agreement to perform this Agreement by a
successor as contemplated in Section 13 hereof, or (v) breaches a material term of this
Agreement or a material term of any other material agreement in effect between you and the
Company.

In order to resign for Good Reason, you must give notice to the Company of your intention to
resign for Good Reason within 30 days after the occurrence of the event that you assert
entitles you to resign for Good Reason. In that notice, you must state the condition that
you consider provides you with Good Reason and must give the Company an opportunity to cure
the condition within 30 days after your notice (with the 30 day period shortened to ten days
if the failure relates to non-payment of Salary and such nonpayment is not cured within five
days after you provide written notice of such non-payment to the Company). If the Company
fails to cure the condition, your resignation will be effective upon the expiration of the
applicable cure period (unless the Board has previously waived such notice period in writing
or agreed to a shorter notice period or unless mediation is proceeding in good faith, in
which case such resignation will be come effective 15 days after the end of such mediation,
if not previously cured).

You will not be treated as resigning for Good Reason if the Company already had given notice
of termination for Cause or Notice of Non-Renewal as of the date of your notice of
resignation.

	 	d)	 	Death. If you die during the Term, the Term will end as of the date of your death.

	8)	 	Consequences of Termination Prior to the Expiration of the Term.

	 	a)	 	Payments on Termination. If you resign or the Company terminates your employment
with or without Cause or if your employment terminates because of disability or death, the
Company will pay you any unpaid portion of your Salary pro-rated through the date of actual
termination, reimburse any substantiated but unreimbursed business expenses, pay any
accrued and unused vacation time (to the extent consistent with the Company’s policies),
and provide such other benefits as applicable laws or the terms of the benefits require.
Except to the extent the law requires otherwise or as otherwise provided in this Agreement
or in your option, restricted stock or other equity award agreements, neither you nor your
beneficiary or estate will have any rights or claims under this Agreement or otherwise to
receive severance or any other compensation, or to participate in any other plan,
arrangement, or benefit, after such termination or resignation.

	 	b)	 	Termination by the Company without Cause or by You with Good Reason. If before the
end of the Term the Company terminates your employment without Cause (other than as a
result of your death or disability) or you resign for Good Reason, subject to Section 8(d),
you shall be entitled to the following, in addition to the payments set forth in Section
8(a):

	 	i)	 	the Company shall pay you severance pay equal to 50% of the amount of your
Salary, as then in effect. Such severance pay shall be payable in equal installments
in accordance with the Company’s general payroll practices over the 6-month period that
begins with the first payroll period after the date that the Release (as defined below)
becomes effective;

	 	ii)	 	any options, restricted stock or other equity award you have received or do
receive from the Company, which have not already become fully vested, shall continue to
vest in accordance with the vesting schedule set forth in the agreement granting such
award and, in the case of any unexpired stock options, shall remain exercisable for 6
months following the date that you terminate employment, but not beyond the 10th
anniversary of the date of grant, as though you were to continue to be employed by the
Company during such period; and

	 	iii)	 	if you elect to receive continued medical, dental or vision coverage under
one or more of the Company’s group healthcare plans pursuant to the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company
shall directly pay, or reimburse you for, an amount equal to the COBRA premiums, less
the amount you would have had to pay to receive group health coverage for you and your
covered dependents based on the cost sharing levels in effect on the date your
employment terminates, for you and your covered dependents under such plans during the
period commencing on your termination of employment and ending upon the earliest of
(A) the last day of the 6-month period following the date of your termination of
employment, (B) the date that you and/or your covered dependents become no longer
eligible for COBRA or (C) the date you becomes eligible to receive healthcare coverage
from a subsequent employer. Notwithstanding the foregoing, if the Company determines
in its sole discretion that it cannot provide the foregoing benefit without potentially
violating applicable law (including, without limitation, Section 2716 of the Public
Health Service Act), the Company shall in lieu thereof provide to you a taxable monthly
payment in an amount equal to the monthly COBRA premium that you would be required to
pay to continue you and your covered dependents’ group health coverage in effect on the
date your employment terminated (which amount shall be based on the premium for the
first month of COBRA coverage), less the amount you would have had to pay to receive
group health coverage for you and your covered dependents based on the cost sharing
levels in effect on the date your employment terminates, which payments shall be made
regardless of whether you elect COBRA continuation coverage and shall commence in the
month following the month in which your employment terminates and shall end on the
earlier of (A) the last day of the 6-month period following the date of your
termination of employment, (B) the date that you and/or your covered dependents become
no longer eligible for COBRA or (C) the date you becomes eligible to receive healthcare
coverage from a subsequent employer.

	 	c)	 	Termination by the Company without Cause or by You with Good Reason in Connection
with a Change in Control. In the event that the Company terminates your employment without
Cause (other than as a result of your death or disability) or you resign for Good Reason
during the period that begins 90 days prior to the effective date of the Change in Control
(as defined below) and ends on the six month anniversary of the effective date of the
Change in Control, subject to Section 8(d), you shall be entitled to the following, in
addition to the payments set forth in Section 8(a):

	 	i)	 	the Company shall pay you severance pay equal to 100% of the amount of your
Salary, as then in effect. Such severance pay shall be payable in equal installments
in accordance with the Company’s general payroll practices over the 12-month period
that begins with the first payroll period after the date that the Release (as defined
below) becomes effective;

	 	ii)	 	any options, restricted stock or other equity award you have received or do
receive from the Company, which have not already become fully vested, shall become
fully vested upon the later of the effective date of the Change in Control or your
termination of employment and, in the case of any unexpired stock options, exercisable
upon such full vesting; and

	 	iii)	 	if you elect to receive continued medical, dental or vision coverage under
one or more of the Company’s group healthcare plans pursuant to the COBRA, the Company
shall directly pay, or reimburse you for, an amount equal to the COBRA premiums, less
the amount you would have had to pay to receive group health coverage for you and your
covered dependents based on the cost sharing levels in effect on the date your
employment terminates, for you and your covered dependents under such plans during the
period commencing on your termination of employment and ending upon the earliest of
(A) the last day of the 12-month period following the date of your termination of
employment, (B) the date that you and/or your covered dependents become no longer
eligible for COBRA or (C) the date you becomes eligible to receive healthcare coverage
from a subsequent employer. Notwithstanding the foregoing, if the Company determines
in its sole discretion that it cannot provide the foregoing benefit without potentially
violating applicable law (including, without limitation, Section 2716 of the Public
Health Service Act), the Company shall in lieu thereof provide to you a taxable monthly
payment in an amount equal to the monthly COBRA premium that you would be required to
pay to continue you and your covered dependents’ group health coverage in effect on the
date your employment terminated (which amount shall be based on the premium for the
first month of COBRA coverage), less the amount you would have had to pay to receive
group health coverage for you and your covered dependents based on the cost sharing
levels in effect on the date your employment terminates, which payments shall be made
regardless of whether you elect COBRA continuation coverage and shall commence in the
month following the month in which your employment terminates and shall end on the
earlier of (A) the last day of the 12-month period following the date of your
termination of employment, (B) the date that you and/or your covered dependents become
no longer eligible for COBRA or (C) the date you becomes eligible to receive healthcare
coverage from a subsequent employer. Any amounts paid pursuant to Section 8(b)(iii)
shall reduce the amount payable to you pursuant to this Section 8(c)(ii)

In the event that you are entitled to payments under both Section 8(b) and Section 8(c), you
shall receive the payments under Section 8(c) in lieu of (and not in addition to) the
payments under Section 8(b); provided, that, if you become eligible for payments pursuant to
Section 8(c) as a result of the occurrence of a Change in Control, and prior to the
effective date of such Change in Control payments have begun pursuant to Section 8(b), the
payments pursuant to Section 8(b) shall reduce the amount payable to you pursuant to Section
8(c).

For all purposes of this Agreement, a “Change in Control” means and shall be deemed to have
occurred on the earliest of the occurrence of the following events:

i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than an
Excluded Owner, obtains “beneficial ownership” (as defined in Rule 13d 3 of the Exchange
Act) of 50% or more of the combined voting power of the Company’s then outstanding
securities;

ii) the consummation by the Company of a merger, consolidation, reorganization or
similar transaction, other than a transaction in which the holders of the Company’s
common stock immediately prior to the consummation of the transaction hold 50% or more
of the common equity interests of the surviving entity in such transaction or a parent
company of such surviving entity;

iii) the consummation of a sale, lease, exclusive license or other disposition of all or
substantially all of the consolidated assets of the Company and its subsidiaries, other
than a sale, lease, license or other disposition of all or substantially all of the
consolidated assets of the Company and its subsidiaries to an Excluded Owner; or

iv) the replacement of a majority of the members of the Board over a two-year period
from the directors who constituted the Board at the beginning of such period (the
“Incumbent Board”); provided, however, that if the appointment or election (or
nomination for election) of any new member of the Board was approved or recommended by a
majority vote of the members of the Incumbent Board then still in office, such new
member shall, for purposes hereof, be considered as a member of the Incumbent Board.

“Excluded Owner” means the Company, any entity owned, directly or indirectly, at least
50% by the Company, any Company benefit plan, and any underwriter temporarily holding
securities for an offering of such securities.

	 	d)	 	Conditions to Separation of Employment Benefits.

	 	i)	 	Notwithstanding anything to the contrary contained herein, it shall be a
condition to your receiving any payments, benefits or other rights under Sections 8(b)
and 8(c) that (i) within 45 days after you terminate employment you execute the
Separation Agreement and Release (the “Release”) substantially in the form
attached hereto as Exhibit A, and such Release becomes effective, and (ii) you have
complied with and continue to comply with any Restrictive Covenants applicable to you.

	 	ii)	 	In addition, without limiting the rights or remedies of the Company or any
other protected party for any breach of any Restrictive Covenant or for any breach of
your obligations under Section 11, except as required by law, you shall not be entitled
to any payments, benefits or extended vesting rights set forth under Sections 8(b) and
8(c) if you materially breach any of the Restrictive Covenants or any of
your obligations under Section 11, and upon such breach you will immediately
return to the Company any such payments, benefits or amounts attributable to such
extended vesting rights previously received, and, in the event of such breach, the
Company will have no obligation to pay any of the amounts or provide any of the
benefits or vesting rights that remain payable by the Company or are otherwise
available under Sections 8(b) and (c).

	 	e)	 	No Mitigation. You are not required to mitigate amounts payable under Sections
8(b) or 8(c) by seeking other employment or otherwise, nor (except as provided in Section
8(d)(ii)) must you return to the Company amounts earned under subsequent employment.

	 	f)	 	Section 280G. In the event that any payments or benefits provided to you (whether
made or provided pursuant to this Agreement or otherwise) constitute “parachute payments”
within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
“Code”) and would be subject to the tax (the “Excise Tax”) imposed by
Section 4999 of the Code (such payments or benefits which are subject to the Excise Tax
being referred to as the “Parachute Payments”), then, except to the extent you have
previously waived your rights with respect to such Parachute Payments, you will be entitled
to receive either (A) the full amount of the Parachute Payments, or (B) the maximum amount
that may be provided to you without resulting in any portion of such Parachute Payments
being subject to the Excise Tax, whichever of clauses (A) and (B), after taking into
account applicable federal, state, and local taxes and the Excise Tax, results in the
receipt by you, on an after-tax basis, of the greatest portion of the Parachute Payments.
The Parachute Payments shall be reduced in a manner that maximizes your economic position.
Any reduction of Parachute Payments pursuant to the preceding sentence shall be made in a
manner consistent with the requirements of Section 409A of the Code, and where two
economically equivalent amounts are subject to reduction but payable at different times,
such amounts shall be reduced on a pro rata basis but not below zero.

	9)	 	Section 409A.

	 	a)	 	General. The intent of the parties is that the payments and benefits under this
Agreement comply with or be exempt from Section 409A of the Code, and the regulations and
guidance promulgated thereunder (collectively, “Section 409A”) and, accordingly, to
the maximum extent permitted, this Agreement shall be interpreted to be in compliance
therewith.

	 	b)	 	Separation from Service. Notwithstanding anything in this Agreement to the
contrary, any compensation or benefits payable under this Agreement that is non-qualified
deferred compensation and is designated under this Agreement as payable upon your
termination of employment shall be payable only upon your “separation from service” with
the Company within the meaning of Section 409A (a “Separation from Service”). If
the period that the payment or commencement of payment of any such compensation or benefits
which are subject to your execution of the Release could be made or could begin spans more
than one calendar year, such payment shall be not made or such payments shall not commence
until the second calendar year. Any installment payments that would have been made to you
during the forty-five (45) day period immediately following your Separation from Service
but for the preceding sentence shall be paid to you on the forty-fifth (45th) day following
your Separation from Service and the remaining payments shall be made as provided in this
Agreement.

	 	c)	 	Specified Employee. Notwithstanding anything in this Agreement to the contrary, if
you are reasonably determined by the Company at the time of your Separation from Service to
be a “specified employee” for purposes of Section 409A, to the extent delayed commencement
of any portion of the benefits to which you are entitled under this Agreement is required
in order to avoid the imposition of “additional tax” under Section 409A such portion of
your benefits shall not be provided to you prior to the earlier of (i) the expiration of
the six-month period measured from the date of your Separation from Service with the
Company or (ii) the date of your death. Upon the first business day following the
expiration of the applicable Section 409A period, all payments deferred pursuant to the
preceding sentence shall be paid in a lump sum to you (or your estate), and any remaining
payments due to you under this Agreement shall be paid as otherwise provided herein.

	 	d)	 	Expense Reimbursements. To the extent that any reimbursements under this Agreement
are subject to Section 409A, any such reimbursements payable to you shall be paid to you no
later than December 31 of the year following the year in which the expense was incurred;
provided, that you submit your reimbursement request promptly following the date the
expense is incurred, the amount of expenses reimbursed in one year shall not affect the
amount eligible for reimbursement in any subsequent year, other than medical expenses
referred to in Section 105(b) of the Code, and your right to reimbursement under this
Agreement will not be subject to liquidation or exchange for another benefit.

	 	e)	 	Installments. Your right to receive any installment payments under this Agreement,
including without limitation any continuation salary payments that are payable on Company
payroll dates, shall be treated as a right to receive a series of separate payments and,
accordingly, each such installment payment shall at all times be considered a separate and
distinct payment as permitted under Section 409A. Except as otherwise permitted under
Section 409A, no payment hereunder shall be accelerated or deferred unless such
acceleration or deferral would not result in additional tax or interest pursuant to Section
409A.

	 	f)	 	In-Kind Benefits. Notwithstanding any other provision of this Agreement to the
contrary, in the event, and to the extent that, the provision or reimbursement of costs
incurred in connection with any post-termination welfare benefits provided under this
Agreement results in the deferral of compensation within the meaning of Section 409A
because the benefits are outside the scope of Section 1.409A-1(b)(9)(v) of the Treasury
Regulations and result in the deferral of compensation within the meaning of Section 409A,
then the reimbursement or provision of such benefits shall be subject to the requirements
of Section 1.409A-3(i)(1)(iv) of the Treasury Regulations, and (1) reimbursements or
benefits shall be provided only during the applicable period specified in the Agreement,
(2) the amount of expenses eligible for reimbursement or the benefits provided in kind
during a particular calendar year shall not affect the expenses eligible for reimbursement
or the in kind benefits to be provided in any other calendar year, (3) the reimbursement of
any eligible expense shall be made on or before December 31 of the year following the year
in which the expense was incurred provided reasonable documentation of such expense is
submitted to the Company within ninety (90) days after the date any such expense was
incurred, and (4) Executive’s right to reimbursement or the provision of in-kind benefits
shall not be subject to liquidation or exchange for another benefit.

	10)	 	Expiration. The expiration of this Agreement upon the end of the Term following the
delivery of a Notice of Non-Renewal does not constitute termination without Cause and does not
entitle you to any benefits under Section 8(b).

	11)	 	Cooperation After Termination of Employment. Following the termination of your
employment with the Company for any reason (except your death or, if lacking
sufficient physical or mental ability, as a result of having become disabled), you shall fully
cooperate with the Company in all matters relating to the winding up of your pending work on
behalf of the and the orderly transfer of any such pending work to other employees of the
Company as may be designated by the Company. You also agree that following the
termination of your employment with the Company for any reason (except your death or, if
lacking sufficient physical or mental ability, as a result of your having become disabled),
you will execute any and all documents and take any and all actions that the Company may
reasonably request to effect the transition of your duties and responsibilities to a
successor. You will make yourself reasonably available with respect to, and to cooperate in
conjunction with, any litigation or investigation involving the Company, and any
administrative matters (including the execution of documents, as reasonably requested);
provided, that such litigation, investigation or administrative matter is related to your
employment with the Company and that any such availability or cooperation does not materially
interfere with your then current professional activities, does not include a conflict between
you and the Company and would not result in a violation of any court order or governmental
requirement. The Company agrees to reimburse you for all reasonable expenses actually
incurred in connection with cooperation pursuant to this Section 11.

	12)	 	Restrictive Covenants. The Company and you acknowledge that the Restrictive
Covenants applicable to you pursuant to any agreement entered into between you and the Company
(a) shall remain in full force and effect, notwithstanding the execution and delivery of this
Agreement by the parties, and (b) are intended by the parties to survive, and do survive, the
expiration or termination of this Agreement and your employment with the Company.

	13)	 	Assignment. The Company shall assign this Agreement and its rights and obligations
hereunder in whole, but not in part, to any corporation or other entity with or into which the
Company may hereafter merge or consolidate or to which the Company may transfer all or
substantially all of its assets, if in any such case such corporation or other entity shall by
operation of law or expressly in writing assume all obligations of the Company hereunder as
fully as if it had originally been made a party hereto, but may not otherwise may not assign
or otherwise transfer this Agreement or any or all of its rights, duties, obligations, or
interests hereunder. You may not assign or otherwise transfer this Agreement or any or all of
your rights, duties, obligations, or interests hereunder.

	14)	 	Recoupment. You agree that you shall be subject to the Company’s financial
restatement and clawback policy.

	15)	 	Severability. If the final determination of an arbitrator or a court of competent
jurisdiction declares, after the expiration of the time within which judicial review (if
permitted) of such determination may be perfected, that any term or provision of this
Agreement is invalid or unenforceable, the remaining terms and provisions will be unimpaired,
and the invalid or unenforceable term or provision will be deemed replaced by a term or
provision that is valid and enforceable and that comes closest to expressing the intention of
the invalid or unenforceable term or provision.

	16)	 	Amendment; Waiver. Neither you nor the Company may modify, amend or waive the terms
of this Agreement other than by a written instrument signed by you and by another executive
officer of the Company duly authorized by the Board. Either party’s waiver of the other
party’s compliance with any provision of this Agreement is not a waiver of any other provision
of this Agreement or of any subsequent breach by such party of a provision of this Agreement.

	17)	 	Withholding. All payments required to be made by the Company to you under this
Agreement shall be subject to the withholding of such amounts, if any, relating to tax and
other payroll deductions as the Company may reasonably determine should be withheld for
payment to the applicable taxing authorities pursuant to any applicable law or regulation.

	18)	 	Governing Law; Arbitration.

	 	a)	 	This Agreement shall be governed by the laws of the State of Maryland exclusive of
its choice of law provisions.

	 	b)	 	Any controversy, claim or dispute arising out of or relating to this Agreement,
shall be settled solely and exclusively by a binding arbitration process administered by
JAMS/Endispute in the State of Maryland. Such arbitration shall be conducted in accordance
with the then-existing JAMS/Endispute Rules of Practice and Procedure, with the following
exceptions if in conflict: (a) one arbitrator who is a retired judge shall be chosen by
JAMS/Endispute; (b) the Company shall pay the first $10,000 of the expenses and fees of the
arbitrator, and any such expenses and fees in excess of $10,000 shall be paid one-half by
you and one-half by the Company; and (c) arbitration may proceed in the absence of any
party if written notice (pursuant to the JAMS/Endispute rules and regulations) of the
proceedings has been given to such party. Each party shall bear its own attorneys fees and
expenses; provided that the arbitrator may assess the prevailing party’s fees and costs
against the non-prevailing party as part of the arbitrator’s award. The parties agree to
abide by all decisions and awards rendered in such proceedings. Such decisions and awards
rendered by the arbitrator shall be final and conclusive. All such controversies, claims
or disputes shall be settled in this manner in lieu of any action at law or equity;
provided, however, that nothing in this subsection shall be construed as precluding an
action for injunctive relief or specific performance as provided in any agreement entered
into between you and the Company setting forth Restrictive Covenants. This dispute
resolution process and any arbitration hereunder shall be confidential and neither any
party nor the neutral arbitrator shall disclose the existence, contents or results of such
process without the prior written consent of all Parties, except where necessary or
compelled in a court to enforce this arbitration provision or an Award from such
arbitration or otherwise in a legal proceeding. If JAMS/Endispute no longer exists or is
otherwise unavailable, the parties agree that the American Arbitration Association
(“AAA”) shall administer the arbitration in accordance with its then-existing
rules. In such event, all references herein to JAMS/Endispute shall mean AAA.
Notwithstanding the foregoing, you and the Company each have the right to resolve any issue
or dispute over intellectual property rights by court action instead of arbitration.

	19)	 	Survival. Notwithstanding anything to the contrary contained in this Agreement, the
provisions of Sections 7 through 20 of this Agreement shall survive the termination or
expiration, for any reason, of this Agreement. Other provisions of this Agreement shall
survive the termination of this Agreement for a period of time necessary to effectuate the
intent of the parties.

	20)	 	Indemnification; D & O Insurance. To the extent, and in the manner, provided in the
Company’s Articles of Incorporation, you are entitled to be entitled to be indemnified for all
actions taken in good faith within the scope, and in the course, of your employment under this
Agreement during the Term for the life of any claim. The Company will maintain in force
customary directors and officers liability insurance on your behalf during the Term and for a
customary tail period after your employment terminates.

	21)	 	Notices. Notices and other communications under this Agreement must be given in
writing by personal delivery, by certified mail, return receipt requested, or by overnight
delivery. You should send or deliver your notices to the Company’s corporate headquarters, to
the attention of the Company’s Secretary. The Company will send or deliver any notices given
to you at your address as reflected in the Company’s personnel records. You and the Company
may change the notice address by providing notice of such change. You and the Company agree
that notice is received on the date it is personally delivered, the date it is received by
certified mail, or the date of guaranteed delivery by overnight service, at the applicable
address set forth above.

	22)	 	Entire Agreement. This Agreement supersedes any prior oral or written agreements,
negotiations, commitments, and writings between you and the Company with respect to the
subject matter hereof. All such other agreements, negotiations, commitments, and writings
will have no further force or effect; and the parties to any such other negotiation,
commitment, agreement, or writing will have no further rights or obligations thereunder.

1

If you accept the terms of this Agreement please sign in the space indicated below. You are
encouraged to consult with any advisors you choose regarding this Agreement.

Vocus, Inc.

By:       

Name:

Title:

I accept and agree to the terms of employment set forth in this Agreement:

     

Signature

     

Printed Name

     

Date

EXHIBIT A

SEPARATION AGREEMENT AND RELEASE

This Separation Agreement and Release (“Agreement”) is made by and between
[      ] (“Employee”) and        (the “Company”) (collectively,
referred to as the “Parties” or individually referred to as a “Party”).
Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the
Employment Agreement (as defined below).

WHEREAS, the Parties have previously entered into that certain Employment Agreement, dated as
of       , 201       (the “Employment Agreement”); and

WHEREAS, in connection with the Employee’s termination of employment with the Company or a
subsidiary or affiliate of the Company effective       , 20      , the Parties wish to resolve any
and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the
Employee may have against the Company and any of the Releasees as defined below related to
Employee’s employment with or separation from the Company or its subsidiaries or affiliates but,
for the avoidance of doubt, nothing herein will be deemed to release any rights or remedies in
connection with Employee’s ownership of vested equity securities of the Company or Employee’s right
to indemnification by the Company or any of its affiliates pursuant to the Company’s bylaws or
pursuant to any contract (including without limitation an insurance policy) or applicable law
(collectively, the “Retained Claims”).

NOW, THEREFORE, in consideration of the Severance Payments described in Section 8(b) or
Section 8(c) of the Employment Agreement, as applicable, which, pursuant to the Employment
Agreement, are conditioned on the Employee’s execution and non-revocation of this Agreement, and in
consideration of the mutual promises made herein, the Company and Employee hereby agree as follows:

1. Severance Payments and Benefits. The Company agrees to provide Employee with the
payments and benefits described in Section 8(b) or Section 8(c), as applicable, of the Employment
Agreement, payable at the times set forth in, and subject to the terms and conditions of, the
Employment Agreement. In addition, to the extent not already paid, and subject to the terms and
conditions of the Employment Agreement, the Company shall pay or provide to the Employee all other
payments or benefits described in Section 8(a) of the Employment Agreement, subject to and in
accordance with the terms thereof.

2. Release of Claims. Employee agrees that, other than with respect to the Retained
Claims, the foregoing consideration represents settlement in full of all outstanding obligations
owed to Employee by the Company, any of the Company’s direct or indirect subsidiaries and
affiliates, and any of their current and former officers, directors, equity holders, managers,
employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans,
plan administrators, insurers, trustees, divisions, and subsidiaries and predecessor and successor
corporations and assigns in their capacity as such (collectively, the “Releasees”).
Employee, on his own behalf and on behalf of Employee’s heirs, family members, executors, agents,
and assigns, other than with respect to the Retained Claims, hereby and forever releases the
Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or
pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters
of any kind, whether presently known or unknown, suspected or unsuspected, that Employee may
possess against any of the Releasees arising from any omissions, acts, facts, or damages that have
occurred up until and including the Effective Date of this Agreement (as defined in Section 11
below) that relate to or arise from Employee’s employment or service relationship with the Company
or any of its direct or indirect subsidiaries or affiliates and/or the termination of that
relationship, including, without limitation:

(a) any and all such claims for wrongful discharge of employment; termination in violation of
public policy; discrimination; harassment; retaliation; breach of contract, both express and
implied; breach of covenant of good faith and fair dealing, both express and implied; promissory
estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or
intentional misrepresentation; negligent or intentional interference with contract or prospective
economic advantage; unfair business practices; defamation; libel; slander; negligence; personal
injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability
benefits;

(b) any and all such claims for violation of any federal, state, or municipal statute,
including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of
1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay
Act; the Fair Credit Reporting Act; [the Age Discrimination in Employment Act of 1967; the Older
Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker
Adjustment and Retraining Notification Act;] the Family and Medical Leave Act; the Sarbanes-Oxley
Act of 2002; Title 20 of the Maryland Code, State Government Title, the Maryland Flexible Leave
Act, the Maryland Wage and Hour Law, the Maryland Wage, Payment and Collection Law;

(c) any and all such claims for violation of the federal or any state constitution;

(d) any and all such claims arising out of any other laws and regulations relating to
employment or employment discrimination; and

(e) any and all such claims for attorneys’ fees and costs.

Employee agrees that the release set forth in this section shall be and remain in effect in all
respects as a complete general release as to the matters released. Employee agree that this
release should be interpreted as broadly as possible to achieve Employee’s intention to waive, to
the maximum extent permitted by law, any and all claims against the Releasees arising through the
Effective Date. This release does not release claims that cannot be released as a matter of law,
including, but not limited to, Employee’s right to file a charge with or participate in a charge by
the Equal Employment Opportunity Commission, or any other local, state, or federal administrative
body or government agency that is authorized to enforce or administer laws related to employment,
against the Company (with the understanding that Employee’s release of claims herein bars Employee
from recovering such monetary relief from the Company or any Releasee), claims to continued
participation in certain of the Company’s group benefit plans pursuant to the terms and conditions
of COBRA, claims to any benefit entitlements vested as the date of separation of Employee’s
employment, pursuant to written terms of any employee benefit plan of the Company or its affiliates
and any Retained Claims. This release further does not release claims for breach of Section 8(a),
Section 8(b) or Section 8(c) of the Employment Agreement.

3. [Acknowledgment of Waiver of Claims under ADEA. Employee understands and
acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination
in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and
voluntary. Employee understands and agrees that this waiver and release does not apply to any
rights or claims that may arise under the ADEA after the Effective Date of this Agreement.
Employee understands and acknowledges that the consideration given for this waiver and release is
in addition to anything of value to which Employee was already entitled. Employee further
understands and acknowledges that he has been advised by this writing that: (a) he should consult
with an attorney prior to executing this Agreement; (b) he has [twenty-one (21)/forty-five (45)]
days within which to consider this Agreement; (c) he has 7 days following his execution of this
Agreement to revoke this Agreement pursuant to written notice to the        of the Company;
(d) this Agreement shall not be effective until after the revocation period has expired; and (e)
nothing in this Agreement prevents or precludes Employee from challenging or seeking a
determination in good faith of the validity of this waiver under the ADEA, nor does it impose any
condition precedent, penalties, or costs for doing so, unless specifically authorized by federal
law. In the event Employee signs this Agreement and returns it to the Company in less than the
[twenty-one (21)/forty-five (45)] day period identified above, Employee hereby acknowledges that
he has freely and voluntarily chosen to waive the time period allotted for considering this
Agreement.]

4. Non-Admission; Inadmissibility. The execution of this Agreement and the
performance of its terms (i) does not constitute an admission by the Company of any unlawful
tortious action or any violation of any contract or any federal, state or local decisional law,
statute, regulation or constitution, and the Company specifically denies any such wrongdoing or
violation, and (ii) shall in no way be construed to be an admission of liability by either Employee
or the Company with respect to any claims, disputes or controversies between Employee and the
Company. This Agreement is entered into solely to resolve all matters related to or arising out of
Employee’s employment with and the cessation thereof, and its execution and implementation may not
be used as evidence, and shall not be admissible in a subsequent proceeding of any kind, except one
alleging a breach of this Agreement.

5. Bar. Employee acknowledges and agrees that, except as provided in Paragraph 3 of
this Agreement, if he/she should hereafter make any claim or demand or commence or threaten to
commence any action, claim or proceeding against any of the Releasees with respect to any cause,
matter or thing which is the subject of the release under Paragraph 2 of this Agreement, this
Agreement may be raised as a complete bar to any such action, claim or proceeding, and the
applicable Company Releasee may recover from Employee all costs incurred in connection with such
action, claim or proceeding, including attorneys’ fees.

6. No Pending Claims. Employee represents and warrants that Employee does not
presently have on file, and further covenants and agrees that, except as otherwise provided in
Paragraph 2 or Paragraph 3 of this Agreement, Employee will not hereafter file, any claims,
grievances or complaints against any of the Releasees in or with any court, or before any other
tribunal or panel of arbitrators, public or private, based upon any actions and causes of action,
suits, debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, charges, claims,
and demands whatsoever against any of the Releasees relating to the Employee’s employment by the
Company or its affiliates, Employee’s termination of employment thereof and the Employment
Agreement.

7. Survival of Certain Provisions. Employee acknowledges and agrees that the
Restrictive Covenants and the provisions of the Employment Agreement that by the terms of the
Employment are intended to survive Employee’s termination of employment shall remain in full force
and effect and survive the termination of Employee’s employment.

8. Severability. In the event that any provision or any portion of any provision
hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent
jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in
full force and effect without said provision or portion of provision.

9. No Oral Modification. This Agreement may only be amended in a writing signed by
Employee and a duly authorized officer of the Company.

10. Governing Law; Dispute Resolution. This Agreement shall be subject to the
provisions of Section 18 of the Employment Agreement.

11. Effective Date. If the Employee has attained or is over the age of 40 as of the
date of Employee’s termination of employment, then Employee has seven days after Employee signs
this Agreement to revoke it and this Agreement will become effective on the eighth day after
Employee signed this Agreement, so long as it has been signed by the Parties and has not been
revoked by Employee before that date (the “Effective Date”). If the Employee has not
attained the age of 40 as of the date of Employee’s termination of employment, then the
“Effective Date” shall be the date on which Employee signs this Agreement.

12. Voluntary Execution of Agreement. Employee understands and agrees that he
executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of
the Company or any third party, with the full intent of releasing all of his claims against the
Company and any of the other Releasees except as expressly set forth herein. Employee acknowledges
that: (a) he has read this Agreement; (b) he has not relied upon any representations or statements
made by the Company that are not specifically set forth in this Agreement; (c) he has been
represented in the preparation, negotiation, and execution of this Agreement by legal counsel of
his own choice or has elected not to retain legal counsel; (d) he understands the terms and
consequences of this Agreement and of the releases it contains; and (e) he is fully aware of the
legal and binding effect of this Agreement.

13. Counterparts. This Agreement may be executed by the Parties in counterparts,
which taken together shall be deemed one original.

2

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth
below

	 	 	 
	Dated:       
	 	Print Name:

	 
	 	

	 	 	[COMPANY]

	Dated:
	 	By:

	 	 	 

	 	 	Name:

	 	 	Title:

	 
	 	

3EX-10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”), is entered into and executed on January
29, 2014, effective as of January 1, 2014 (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 Scott L. N. Davidson (“Executive”).

WHEREAS, the Executive has been employed by the Company since April 5, 2010; and

WHEREAS, the Company wishes to expand his duties and responsibilities and his title and
provide him with certain benefits and security, including without limitation certain severance and
other benefits not previously made available to Executive, as set forth in this Agreement, and the
Executive wishes to accept such duties and responsibilities, on the terms set forth below,
effective as of the Effective Date; and

WHEREAS, Executive agrees to be bound by the non-competition, non-solicitation, intellectual
property and confidentiality provisions as set forth in this Agreement; and

WHEREAS, this Agreement supersedes all previous agreements between the Executive and the
Company;

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 for a period of two (2) years, unless Executive’s employment and the Agreement
are terminated sooner in accordance with Section 2 below; and shall be effective for successive
one-year periods thereafter 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 (3) 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 will receive the title of President of
the Company, and in that capacity shall perform all duties and accept all responsibilities and
limitations incident to such position as may be reasonably assigned to him by the Chief
Executive Officer of the Company, including without limitation serving as the person in charge
of the loan origination group of employees and its and their activities as well as the person in
charge of the securitization group of employees and its and their activities

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. The term “devote all of his business time, attention
and energy” in the preceding sentence is not intended to prevent Executive from:

(a) serving as a director or trustee of a non-profit organization, subject to the prior and
ongoing approval of the Board of Directors, which will not be unreasonably withheld; and

(b) spending time during the business day to attend to personal or family trust business
(as more fully described below in Section 4.1), so long as in the aggregate of Section 1.3(a)
above and this Section 1.3(b) such time does not unreasonably interfere with the performance of
his duties for the Company.

1.4 Base Salary. For all of the services rendered by Executive hereunder, the
Company shall pay Executive a base salary (“Base Salary”), which shall be at the annual
rate of Five Hundred Thousand Dollars ($500,000) 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 or under the terms of any annual
incentive plan of the Company maintained for other senior level executives.

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 be entitled 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, at
levels commensurate with the benefits provided to other senior executives and with adjustments
appropriate for his position and performance.

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 3) 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 3). Executive shall give
the Company not less than sixty (60) days’ prior written notice of such resignation. In either
event, the Company may relieve Executive of all responsibilities and authority during any portion
or all of this notice period with the understanding that Executive shall remain an employee and
receive all pay and benefits to which he is entitled during such period. 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, pursuant to which Executive will be eligible for the
benefits set forth in Section 2.1(b) or (c) below, as applicable, unless the termination of
employment is for Cause.

(b) Upon any termination or non-renewal by the Company or resignation for Good Reason by the
Executive as 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 termination or non-renewal by the Company or
resignation for Good Reason by the Executive as described in Section 2.1(a) above, 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 and applicable to the Company’s three (3)
completed fiscal years immediately prior to the Executive’s last day of employment (or, if he was
not employed for the entire period covered by the three (3) completed fiscal years of the Company
immediately prior to his termination, the average annual cash bonus Executive received for and
applicable to those completed fiscal years of the Company for which he was employed for the entire
fiscal year). Unless the payment is required to be delayed pursuant to Section 17.2 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
Executive’s target annual cash bonus for and applicable to the fiscal year of his termination (or,
in the absence of a target bonus opportunity for and applicable to the fiscal year of his
termination, the lump sum cash payment shall be equal to a pro rata portion of the average annual
cash bonus Executive received for the Company’s three (3) completed fiscal years immediately prior
to Executive’s last day of employment) (the “Cash Bonus”). In the absence of a target
annual cash bonus opportunity for and applicable to the fiscal year of his termination and in the
event that the Executive was not employed for the entire period covered by the three (3) completed
fiscal years of the Company immediately prior to his termination, the Cash Bonus shall be
calculated on the basis of the annual cash bonus received for and applicable to those completed
fiscal years of the Company for which he was employed for the entire fiscal year). 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 and the denominator of which is three hundred sixty-five (365). Unless
the payment is required to be delayed pursuant to Section 17.2 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 Sections 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)(ii) 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 during which Executive was employed by the Company in the
fiscal year of his termination of employment and the denominator of which is three hundred
sixty-five (365). Except as otherwise required to comply with the requirements of Section 17
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 17 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 9. 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. Definitions and References.

3.1 “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, any crime
of moral turpitude, dishonesty, or any crime involving the Company; or Executive’s breach of the
Company’s Code of Ethics;

(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 thirty (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 4 of this Agreement.

3.2 “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 forty-five (45) days but
no more than sixty (60) days from the date of such notice) is given no later than thirty (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 thirty (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.

3.3 “Code of Ethics” shall mean the RAIT Code of Business Conduct and Ethics, the Company’s
Equal Employment Opportunity Policy (including without limitation its provisions relating to
Prohibition of Sexual Harassment and Prohibition of Harassment of Legally Protected Groups), the
RAIT Insider Trading Policy, the Company’s Section 16 Compliance Policy, the RAIT Stock
Ownership Guidelines, the Company’s Restricted List of Securities and Limitation of Personal
Trading, the Company’s Travel and Business Expense Policy & Procedure, and the RAIT Procedure to
Communicate with Audit Committee.

3.4 References to “termination” and “terminate” (whether or not these words are
capitalized) shall include separations from the Company for any reason and under any
circumstances, whether initiated by the Company, by Executive or by mutual agreement, unless it
is clear from the context in which such word is used that the reference is intended to relate to
a specific separation or type of separation.

4. 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, 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 as an officer and
the head of its loan origination and securitization groups 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); 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.

4.1 Non-Competition and Non-Solicitation. Executive agrees that during his
employment with the Company and, with respect to Section 4.1(a) below, for a period of twelve
(12)  months after the termination of Executive’s employment under any circumstances and, with
respect to Section 4.1(b) and (c) below, for a period of eighteen (18) months after the
termination of Executive’s employment under any circumstances, Executive (without regard to the
state in which Executive lives or works) 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, or perform work in connection with or on behalf of any Competing
Business (defined below) with respect to the activities of a Competing Business within any state
in which the Company, and/or its affiliates, currently engage in any Substantial Business Activity
(defined below) or with respect to any state in which the Company, and/or its affiliates, engaged
in any Substantial Business Activity during the twenty-four (24) month period preceding
Executive’s last day of employment with the Company; 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, or attempt to solicit or divert, to any Competing Business any
individual or entity which is an active or prospective customer, agent, mortgage broker, loan
originator or borrower of, with or from the Company, and/or its affiliates, or was such an active
or prospective customer, agent, mortgage broker, loan originator or borrower at any time during the
twelve (12) month period immediately preceding Executive’s termination of employment ; or

(c) employ, attempt to employ, solicit or assist any Competing Business in employing (or
engaging as a consultant) any individual who is a current employee of or consultant to the Company,
and/or its affiliates, or who was an employee or consultant to the Company and/or its affiliates
during the six (6) month period immediately preceding Executive’s termination of employment.

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 twelve (12) months) at the time of Executive’s termination of
employment. Without limiting the scope of the preceding sentence, the phrase “Competing Business”
includes the solicitation, origination, aggregation, pricing, negotiation and/or sale of (1) loans
secured by mortgages on real estate, and/or (2) loans to entities engaged in the real estate
business, whether to hold these assets for investment or for sale individually or by combining them
in one or more entities for sale as an investment (the process referred to as “securitization”).
The securitizations, depending upon the make-up of the assets, are often referred to by their
acronyms such as “CMBS” (Commercial Mortgage Backed Securities), “CDO (Collateralized Debt
Obligations), “CLO” (Collateralized Loan Obligations) or other current or future similar acronyms.

The phrase “Substantial Business Activity” shall mean that the Company, and/or its affiliates: (i)
has, has had, or is taking action to establish a business office; (ii) solicits, has solicited,
makes or has made, loans secured by real estate, or is or has reviewed applications by borrowers or
brokers to engage in these activities; (iii) solicits, has solicited, makes or has made, loans to
real estate developers and/or owners, or is or has reviewed applications by borrowers or brokers to
engage in these activities; (iv) owns, services or manages real estate, or has owned, serviced or
managed real estate; and/or (v) has or has had a recorded and unsatisfied mortgage or other lien
upon real estate or personal property.

Executive owns an apartment in New York City that he currently leases and ultimately will sell or
exchange for another property, and is a trustee of a family trust that owns office buildings and
parking lots (collectively the “Family Property”). Notwithstanding the provisions of Section
4.1(a) above, the Company understands that Executive in his personal capacity with respect to the
apartment and in his capacity as a trustee in connection with the Family Property may engage in
purchase, sale, lease, exchange and financing transactions (other than (i) lending to third
parties secured by either real estate or ownership interests in real estate, or (ii)
securitizations of real estate) so long as such permitted transactions do not conflict with or in
any way relate to or benefit from any transactions or activities involving the Company that were
completed in the previous year or are pending or contemplated.

In the event that the provisions of this Section 4.1 should ever be adjudicated to exceed the time,
geographic, business activities 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, business activities or other limitations permitted by applicable law.

4.2 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
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 4.2.

4.3 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 its affiliates, and dealers,
distributors, sales representatives, wholesalers, customers, clients, real estate developers and/or
owners, mortgage brokers, 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
his employment with the Company and following his termination of employment under any circumstances
        , 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 4.3 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 his employment (with the exception of documents relating to
Executive’s compensation or benefits to which Executive is entitled following the termination of
his employment) 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.

4.4 Equitable Relief. Executive acknowledges that the restrictions contained in
Sections 4.1, 4.2 and 4.3 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 the Federal District Court for the Eastern District of Pennsylvania or the
Common Pleas Court of Philadelphia. 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 9 hereof.

5. 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.

6. 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, including, without limitation, Section 4 –
Non-Competition, Non-Solicitation, Intellectual Property and Confidentiality, Section 8 –
Arbitration; Expenses, and Section 18 – Claw-Back.

7. 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.

8. 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 and expenses of the arbitrators and the
American Arbitration Association.

9. 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:

Scott L. N. Davidson 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.

10. Contents of Agreement; Amendment and Assignment.

10.1 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.

10.2 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.

11. 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.

12. 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.

13. 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.

14. 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.

15. 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.

16. 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.

17. Section 409A.

17.1 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.

17.2 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.

17.3 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.

18. Claw-Back. Executive acknowledges that all compensation paid or payable to
Executive shall be subject to the provisions of any claw-back policy that is adopted by the
Company in response to the Dodd-Frank Wall Street Reform and Consumer Protection Act and any
other relevant laws and their rules and regulations (including stock exchange rules), and is
applicable to a group of the Company’s senior level executives determined by the Company that
includes, at a minimum, the CEO, the President and the Chief Financial Officer.

1

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:
	 	President

	 	 	 	 	 

EXECUTIVE:                     }
By:    /s/  Scott L. N. Davidson

Name:                  Scott L. N. Davidson
EXECUTIVE:
    	 
	By:	 	/s/	 	 	Scott L. N. Davidson
	Name:	 	 	Scott L. N. Davidson

2

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