Document:

EX-10.2

REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT, dated as of October 1, 2012 (this “Agreement”), is
entered into by and among RAIT FINANCIAL TRUST, a Maryland real estate investment trust (the
“Trust”), and ARS VI Investor I, LLC, a Delaware limited liability company (the
“Investor”).

RECITALS

WHEREAS, on the date hereof, the Investor has entered into a Securities Purchase Agreement
(the “Purchase Agreement”) with the Trust and certain affiliates of the Trust
(collectively, the “Issuer Parties”) that sets forth the terms and conditions on which the
Issuer Parties may issue and sell to the Investor and the Investor shall thereupon purchase from
the Issuer Parties $100,000,000 face value of newly issued Series D Cumulative Redeemable Preferred
Shares, par value $0.01 per share, of the Trust (the “Series D Preferred Shares”), together
with certain other securities as described therein, including Warrants (the “Warrants”) to
purchase 9,931,000 (as such number may be adjusted from time to time pursuant to the terms of the
Warrants) common shares of beneficial interest, par value $0.03 per share, of the Trust (the
“Common Shares”) on a private placement basis.

WHEREAS, pursuant to the Purchase Agreement, immediately prior to any offer or sale of Series
D Preferred Shares in a transaction under Rule 144 (as defined below) or pursuant to an offering
registered under the Securities Act (as defined below), the holder of such Series D Preferred
Shares being offered or sold is required to exchange such Series D Preferred Shares for an
equivalent amount of face value of newly issued Series E Cumulative Redeemable Preferred Shares,
par value $0.01 per share, of the Trust (the “Series E Preferred Shares”).

WHEREAS, the Purchase Agreement provides for the execution and delivery of this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained,
and for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

1. Definitions. In addition to the definitions set forth above, the following terms,
as used herein, have the following meanings:

“Agreement” means this Registration Rights Agreement, as it may be amended,
supplemented or restated from time to time.

“Business Day” means a day which is not a Saturday, Sunday or a day on which national
banks in New York, New York are closed.

“Commission” means the United States Securities and Exchange Commission or any
successor entity.

“Common Shares” has the meaning assigned to it in the Recitals.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission thereunder.

“Permitted Transferee” has the meaning assigned to it in the Purchase Agreement.

“Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, governmental authority or other entity.

“Registrable Securities” means (i) the Common Shares issued or issuable upon exercise
of the Warrants, subject to the terms and conditions of such Warrants (including the Exchange Cap
as defined in the Warrants) and (ii) the Series E Preferred Shares issued or issuable in the Series
E Exchange (as defined in the Purchase Agreement), in each case, until such time as such Common
Shares or Series E Preferred Shares have been disposed of in accordance with the Registration
Statement, or have been sold pursuant to Rule 144 under the Securities Act.

“Registration Expenses” means all expenses incident to the Trust’s performance of or
compliance with Article 2, including, without limitation, all registration and filing fees, all
listing fees, all fees and expenses of complying with securities or blue sky laws, FINRA fees, and
printing expenses, and the fees and disbursements of counsel for the Trust and of the Trust’s
independent public accountants, but excluding any brokerage commissions or discounts, underwriting
commissions, counsel for the holders of Registrable Securities and underwriter counsel fees (except
blue sky), roadshow costs and similar fees and costs payable in connection with an offer, sale or
resale of Registrable Securities.

“Restricted Period” has the meaning assigned to it in the Purchase Agreement.

“Rule 144” means Rule 144 under the Securities Act, as amended from time to time (or
any successor statute).

“Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the Commission thereunder.

“Selling Holders” has the meaning assigned to it in Section 2.1.2.

“Series D Preferred Shares” has the meaning assigned to it in the Recitals.

“Series E Preferred Shares” has the meaning assigned to it in the Recitals.

“Transfer” means a sale, assignment, transfer, conveyance, pledge or other
disposition.

“Warrants” has the meaning assigned to it in the Recitals.

2. Registration Rights.

2.1. Registration Undertaking.

2.1.1. Registration of Registrable Securities. Subject to Section 2.1.3, the
Trust shall (i) prepare and file with the Commission no later than (A) August 13, 2014, (B) the
thirtieth (30th) day following the occurrence of a Draw Down Termination Event (as
defined under the Purchase Agreement), which has not been waived and (C) the thirtieth
(30th) day following the date that the Total Commitment (as defined under the Purchase
Agreement) has been fully funded, and (ii) use best efforts to have declared effective by the
Commission as soon as practicable, and in any event within 60 days thereof, a registration
statement under the Securities Act covering resales of the Registrable Securities by the Investor
or any Permitted Transferee under the Purchase Agreement and the terms of the Registrable
Securities in an offering to be made on a continuous basis pursuant to Rule 415 under the
Securities Act (the “Registration Statement”).

2.1.2. Underwritten Offering. Following the effectiveness of the Registration
Statement and subject to Section 2.1.3, holders of at least 10% in the aggregate of the
Series E Preferred Shares that are Registrable Securities then issued and outstanding or of at
least 10% in the aggregate of the Common Shares issued or issuable under the Warrants (the
“Selling Holders”) may deliver a written notice (an “Underwriting Notice”) to the
Trust indicating that such Selling Holders desire to distribute their Registrable Securities by
means of an underwritten offering, in which case the following terms and conditions (as well as
Section 2.1.3) shall apply:

2.1.2.1. The Selling Holders shall have the right to select the managing underwriter(s) for
the underwritten offering, which selection must be reasonably acceptable to the Trust.

2.1.2.2. The Trust shall not be required to participate in more than three (3) underwritten
distributions of Registrable Securities in the aggregate under this Agreement.

2.1.2.3. If at the time of delivery of an Underwriting Notice or during the ensuing period
prior to the completion of the underwriting, the Trust is engaged or plans to engage in a
registered public offering of securities or a material proposed acquisition, disposition,
financing, reorganization, recapitalization or similar transaction that, in the good faith
determination of the Trust’s Board of Trustees, would be materially and adversely affected by the
request, then the Trust may at its option delay the underwritten offering for up to 60 days.

2.1.2.4. In connection with an underwritten offering, the Trust and Selling Holders shall
enter into an underwriting agreement upon customary terms (including as to representations,
warranties, indemnification and contribution) with the underwriter or underwriters managing the
offering and the Trust and Selling Holders will use commercially reasonable efforts to cause their
legal counsel to render customary opinions to the underwriters with respect to the offering and the
Trust will use commercially reasonable efforts to cause its independent public accounting firm to
issue customary “cold comfort letters” to the underwriters with respect to the Registration
Statement. For the avoidance of doubt, the Selling Holders shall not be required, without their
approval, to enter into any underwriting agreement that does not contain terms acceptable to them
in their discretion. In connection with an underwritten offering, the Trust shall provide
reasonable cooperation such as arranging for appropriate officers of the Trust to participate in
“road shows” or investor presentations (taking into account the needs of the Trust’s business and
the responsibilities of such officers with respect thereto).

2.1.2.5. In connection with an underwritten offering, the Trust shall (and shall use
commercially reasonable efforts to cause its executive officers and trustees to) agree to a lock-up
provision in an underwriting agreement or lock-up agreement, as applicable, not to exceed 60 days,
and limited to common shares of beneficial interest, in customary form and substance and with
exceptions that are customary for an underwritten offering.

2.1.3. Registration Statement. Notwithstanding anything else to the contrary
hereunder, the Trust shall not be required to perform any of its obligations under Section
2.1.1 or 2.1.3 above unless the holders of Registrable Securities shall provide such
information regarding themselves, their affiliates, their transactions and agreements with the
Trust, their ownership of securities of the Trust and its affiliates, including derivative
securities, their distribution intentions, and such other information as may reasonably be
requested by the Trust to prepare, file and keep effective the Registration Statement.

2.1.4. Expenses. The Trust shall pay all Registration Expenses in connection with
this Agreement. The selling holders of Registrable Securities shall be solely responsible to pay
any brokerage commissions or discounts, underwriting commissions, counsel to the holders of
Registrable Securities and underwriter counsel fees and expenses (except blue sky) roadshow costs
or similar fees and costs payable in connection with any offer, sale or resale of Registrable
Securities.

2.1.5. Piggyback Registration. If the Trust proposes to file a registration statement
under the Securities Act for any underwritten sale for its account of securities of the same class
as the Registrable Securities (except for a registration under Form S-4, Form S-8 or any successor
Form thereof), it shall give prior written notice to the holders of Registrable Securities no later
than fifteen (15) days before its filing of the registration statement with the Commission and, if
a holder of Registrable Securities so requests it in writing within five (5) days of the receipt of
such written notice, shall include with such registration all Registrable Securities of the same
class as the securities being registered by the Trust requested to be included in such registration
by such holder; provided, however, that the holder shall have complied with its
information obligations set forth under Section 2.1.3: and provided,
further, that the Trust shall not be obligated to so include such Registrable Securities to
the extent that the underwriters of the offering being registered shall determine that the
inclusion of such Registrable Securities would jeopardize the successful sale at the desired price
of the securities of the Trust proposed to be sold by the Trust or would otherwise not be in the
best interest of the Trust, in which case the holders of Registrable Securities shall be entitled
to participate in such registration along with any other person exercising registration rights with
respect to such registration on a pro rata basis in proportion to their relative holdings of the
securities of the Trust of the class being registered, in the aggregate.

2.2. Registration Procedures.

2.2.1. In connection with the registration effected pursuant to this Agreement, the Trust
shall:

(i) use commercially reasonable efforts to cause the Registration Statement to be declared
effective by the Commission for all Registrable Securities covered thereby as soon as practicable
following the filing thereof;

(ii) use commercially reasonable efforts to file with the Commission such amendments and
supplements to the Registration Statement and the prospectus used in connection therewith as may be
necessary to keep such Registration Statement continuously effective and to comply with the
provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by such Registration Statement until the Registrable Securities registered thereunder have
ceased to constitute Registrable Securities as provided in the proviso to the definition of the
term “Registrable Securities”;

(iii) furnish to the holders of Registrable Securities without charge such number of conformed
copies of such Registration Statement and of each such amendment and supplement thereto (in each
case including all exhibits), such number of copies of the prospectus contained in such
Registration Statement (including each preliminary prospectus and any summary prospectus) and any
other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements
of the Securities Act, and such number of copies of such other documents as the holders of
Registrable Securities may reasonably request;

(iv) use commercially reasonable efforts (x) to register or qualify all Registrable Securities
under such other securities or Blue Sky laws of such States of the United States of America where
an exemption is not available and as the holders of Registrable Securities shall reasonably
request, (y) to keep such registration or qualification in effect for so long as such Registration
Statement remains in effect, and (z) to take any other action which may reasonably be necessary or
advisable to enable the holders of Registrable Securities to consummate the disposition in such
jurisdictions of the Registrable Securities to be sold by the holders of Registrable Securities,
except that the Trust shall not for any such purpose be required to qualify generally to do
business as a foreign trust in any jurisdiction wherein it would not, but for the requirements of
this paragraph (iv), be obligated to be so qualified or to consent to general service of process in
any such jurisdiction;

(v) notify the holders of Registrable Securities upon discovery that, or upon the happening of
any event as a result of which, the prospectus included in the Registration Statement filed
pursuant to this agreement, as then in effect, includes an untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, in the light of the circumstances under which they were made, and promptly
prepare and furnish to the holders of Registrable Securities such number of copies of a supplement
to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such securities, such prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances under which they were made;

(vi) use commercially reasonable efforts to list and thereafter to maintain the listing of all
Common Shares covered by such Registration Statement on any national securities exchange on which
the Trust’s common shares of beneficial interest, par value $0.03 per share, are then listed and,
when the applicable listing requirements of such national securities exchange are met for the
Series E Preferred Shares, use commercially reasonable efforts to list and thereafter maintain the
listing of all Series E Preferred Shares covered by such Registration Statement on such national
securities exchange;

(vii) use commercially reasonable efforts to obtain the withdrawal of any order suspending the
effectiveness of the Registration Statement or any part thereof as promptly as possible; and

(viii) deliver promptly to Investor’s counsel copies of all correspondence between the
Commission and the Trust, its counsel or auditors and all memoranda relating to discussions with
the Commission or its staff with respect to the Registration Statement.

The holders of Registrable Securities agree that upon receipt of any notice from the Trust of
the happening of an event of the kind described in Section 2.2.1(v), the holders of
Registrable Securities shall as promptly as practicable discontinue their disposition of
Registrable Securities pursuant to the Registration Statement relating to such Registrable
Securities until receipt of the copies of the supplemented or amended prospectus contemplated by
Section 2.2.1(v).

2.3. Holdback Agreements; Information Blackout.

2.3.1. Holdback Agreements. In connection with an underwritten public offering of any
securities of the Trust, each holder of Registrable Securities agrees that, if required by the
underwriter or underwriters, it will not effect any public sale or distribution, including any sale
pursuant to Rule 144, of any Registrable Securities, during the period commencing 10 days prior to
the expected commencement of the offering and ending 30 days after the closing of such offering.

2.3.2. Information Blackout. At any time when a Registration Statement effected
pursuant to Section 2 hereof relating to Registrable Securities is effective:

2.3.2.1. upon written notice from the Trust to the holders of Registrable Securities that the
Trust has determined in good faith that offers, sales or resales of Registrable Securities pursuant
to the Registration Statement would require disclosure by the Trust of non-public material
information not otherwise required, in the judgment of the Trust, to be disclosed under applicable
law, the holders of Registrable Securities shall suspend sales of Registrable Securities pursuant
to such Registration Statement until the earlier of (a) 45 days after the Trust makes such good
faith determination and (b) such time as the Trust notifies the holders of Registrable Securities
that such material information has been disclosed to the public or has ceased to be material or
that sales pursuant to such Registration Statement may otherwise be resumed; provided,
however, that the Trust shall not be entitled to suspend sales of Registrable Securities
under this Section 2.3.2.1 (i) more than three (3) times in any period of 360 days or (ii)
more than 100 days in the aggregate in any period of 360 consecutive days; and

2.3.2.2. so long as the Investor has the right to designate a member for the Board of Trustee
of the Trust, the Investor shall suspend sales of Registrable Securities pursuant to such
Registration Statement during the pendency of any blackout applicable to the trading in securities
of the Trust under the Trust’s policies or otherwise until the termination of any such blackout
period.

2.4. Preparation; Cooperation. In connection with the registration of Registrable
Securities under the Securities Act as provided in this Agreement, the Trust shall give the holders
of Registrable Securities not less than 15 days prior written notice of the filing of the
Registration Statement or any amendment or supplement thereto and give such holders of Registrable
Securities and their counsel and accountants the opportunity to review and comment on, the
registration statement and any amendment or supplement thereto. The holders of Registrable
Securities will furnish to the Trust such information as the Trust may reasonably request in
connection with the registration and related proceedings under this Agreement. In addition, the
holders of Registrable Securities will inform the Trust within two (2) Business Days of any sale of
Registrable Securities by such holders under the Registration Statement or otherwise so as to
enable the Trust to prepare and file any additional prospectus supplements to update the
disclosures under the Registration Statement as may be required under applicable law and Commission
guidance.

2.5. Indemnification.

2.5.1. Indemnification by the Trust. The Trust shall, and hereby does, indemnify and
hold harmless each holder of Registrable Securities, each affiliate of such holders, each member,
manager, partner, shareholder or equity owner of such holders or such affiliate, and each officer,
director, trustee, employee, representative, agent and advisor of and to any of the foregoing, and
each person, if any, who controls a holder of Registrable Securities within the meaning of Section
15 of the Securities Act or Section 20(a) of the Exchange Act (each, an “Investor Indemnified
Party”) from and against all losses, claims, damages, settlements, liabilities and expenses
(including reasonable costs of defense and investigation and all attorneys’ fees)
(“Damages”) to which such holder of Registrable Securities and each such other Person may
become subject which arise out of or are based upon (a) any untrue statement or alleged untrue
statement of any material fact contained or incorporated by reference in the Registration Statement
under which such securities were registered under the Securities Act, any preliminary prospectus,
final prospectus, or summary prospectus contained therein, or any amendment or supplement thereto,
or any omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, or (b) any violation by the Trust, its
trustees, officers, employees or agents of this Agreement or any law, rule or regulation of any
applicable trading market applicable to and in connection with such registration, and the Trust
shall reimburse the Investor Indemnified Parties on demand for any legal or any other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim,
liability, action or proceeding described in clauses (a) or (b); provided, however, that the Trust
shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or
action or proceeding in respect thereof) or expense arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in such Registration
Statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or
supplement in reliance upon and in conformity with information furnished in writing to the Trust by
the Investor Indemnified Parties for incorporation therein. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of the Investor Indemnified
Parties and shall survive the Transfer of such securities by the Investor Indemnified Parties.

2.5.2. Indemnification by the Holders. With regard to the registration of Registrable
Securities under the Securities Act, each holder of Registrable Securities shall indemnify and hold
harmless (in the same manner and to the same extent as set forth in Section 2.5.1 above)
the Trust, each affiliate of the Trust and each trustee, officer, director, manager employee,
representative, agent and advisor of and to any of the foregoing, and each Person who controls the
Trust within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act,
with respect to any statement or alleged statement in or omission or alleged omission from such
Registration Statement, any preliminary prospectus, final prospectus or summary prospectus
contained therein, or any amendment or supplement thereto, if such statement or alleged statement
or omission or alleged omission was made in reliance upon and in conformity with information
furnished in writing to the Trust by such holder for incorporation therein, but only to the extent
that (i) such untrue statements or omissions are based solely upon information regarding such
holder of Registrable Securities furnished to the Trust by such holder of Registrable Securities in
writing expressly for use therein, or to the extent that such information relates to such holder of
Registrable Securities or such holder of Registrable Securities proposed method of distribution of
Registrable Securities and was reviewed and expressly approved in writing by such holder of
Registrable Securities expressly for use in the Registration Statement under which any Registrable
Securities held by such holder of Registrable Securities were registered under the Securities Act,
any preliminary prospectus, final prospectus or summary prospectus contained therein, or any
amendment or supplement thereto. In no event shall the liability of any selling holder of
Registrable Securities hereunder be greater in amount than the dollar amount of the net proceeds
received by such Holder of Registrable Securities upon the sale of the Registrable Securities
giving rise to such indemnification obligation.

2.5.3. Notice of Claims, Etc. Promptly after receipt by an indemnified party of
notice of the commencement of any action or proceeding involving a claim referred to in the
preceding paragraphs of this Section 2.5, such indemnified party shall, if a claim in
respect thereof is to be made against an indemnifying party, immediately give written notice to the
latter of the commencement of such action; provided, however, that the failure of any indemnified
party to give notice as provided herein shall not relieve the indemnifying party of its obligations
under the preceding paragraphs of this Section 2.5, except to the extent that the
indemnifying party is materially prejudiced by such failure. In case any such action is brought
against an indemnified party, unless in such indemnified party’s reasonable judgment a conflict of
interest between such indemnified and indemnifying parties may exist in respect of such claim, the
indemnifying party shall be entitled to participate in and to assume the defense thereof, jointly
with any other indemnifying party similarly notified to the extent that the indemnifying parties
may agree, with counsel reasonably satisfactory to such indemnified party, and after notice from
the indemnifying party to such indemnified party of its election so to assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party for any legal or other
expenses subsequently incurred by the latter in connection with the defense thereof other than
reasonable out of pocket costs related to the indemnified party’s cooperation with the indemnifying
party, unless in such indemnified party’s reasonable judgment a conflict of interest between such
indemnified and indemnifying parties arises in respect of such claim after the assumption of the
defense thereof. No indemnifying party shall be liable for any settlement of any action or
proceeding effected without its written consent, which consent shall not be unreasonably withheld,
delayed or conditioned. Consent of the indemnified party shall be required for the entry of any
judgment or to enter into a settlement only when such judgment or settlement does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a
release from all liability in respect such claim or litigation.

2.5.4. Contribution. If the indemnification provided for in this Section 2.5
shall for any reason be held by a court to be unavailable to an indemnified party under Section
2.5.1 or 2.5.2 hereof in respect of any loss, claim, damage or liability, or any action
in respect thereof, then, in lieu of the amount paid or payable under Sections 2.5.1 or
2.5.2 hereof, the indemnified party and the indemnifying party under Sections 2.5.1
or 2.5.2 hereof shall contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection with investigating the same),
(i) in such proportion as shall be appropriate to reflect the relative benefits received by the
Trust and the holders of Registrable Securities or (ii) if the allocation provided by clause (i)
above is not permitted by applicable law, in such proportion as is appropriate to reflect the
relative fault of the Trust and the holders of Registrable Securities that resulted in such loss,
claim, damage or liability, or action in respect thereof, as well as any other relevant equitable
considerations. No Person guilty of fraudulent misrepresentation (within the meaning of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. In addition, no Person shall be obligated to contribute hereunder
any amounts in payment for any settlement of any action or claim, effected without such Person’s
written consent, which consent shall not be unreasonably withheld.

3. Decisions; Modification; Waivers. This Agreement may be modified or amended only
with the written consent of (a) the Trust, (b) holders of a majority of the issued and outstanding
Series D Preferred Shares and issued and outstanding Series E Preferred Shares that constitute
Registrable Securities, voting together as a single class and (c) holders of a majority of the
Common Shares issued or issuable upon exercise of the Warrants (which Common Shares are, or would,
upon exercise of such Warrants, be Registrable Securities). No party shall be released from its
obligations hereunder without the written consent of the other party. The observance of any term
of this Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively) by the party entitled to enforce such term, but any such waiver
shall be effective only if in a writing signed by the party against which such waiver is to be
asserted. Except as otherwise specifically provided herein, no delay on the part of any party
hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate
as a waiver of any other right, power or privilege hereunder nor shall any single or partial
exercise of any right, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any right, power or privilege hereunder.

4. Entire Agreement. This Agreement, the Purchase Agreement and agreements named
therein represent the entire understanding and agreement between the parties hereto with respect to
the subject matter hereof and supersede all other prior and contemporaneous agreements and
understandings, both written and oral, between the parties with respect to the subject matter
hereof. The rights of the holders of Registrable Securities under this Agreement shall inure to
the benefit of any successor to all or substantially all of the holders of Registrable Securities’
business.

5. Severability. If any provision of this Agreement, or the application of such
provision to any party or circumstance, shall be held invalid, the remainder of this Agreement or
the application of such provision to other parties or circumstances, to the extent permitted by
law, shall not be affected thereby; provided, that the parties shall negotiate in good faith with
respect to an equitable modification of the provision or application thereof held to be invalid.

6. Notices. All notices, requests and other communications required or permitted to
be given under this Agreement shall be in writing and shall be delivered (i) in person, (ii) by
certified mail, return receipt requested, (iii) by recognized overnight delivery service providing
positive tracking of items (for example, Federal Express), or (iv) by electronic mail (with
acknowledgment of a receipt of delivery), in each case addressed as follows:

If to the Trust, addressed to:

RAIT Financial Trust

2929 Arch Street

17th Floor

Philadelphia, PA 19104

Telephone Number: (215) 243-9000

Fax: (215) 405-2945

Attention: Chief Financial Officer

With a copy to:

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Telephone Number: (215) 981-4563

Fax: (215) 981-4750

Philadelphia, PA 19103

Attention: Michael Friedman, Esq.

If to the Investor, addressed to:

ARS VI Investor I, LLC

c/o Almanac Realty Investors, LLC

1251 Avenue of the Americas

New York, NY 10020

Attention: Andrew M. Silberstein

Telephone Number: (212) 403-3511

Fax: (212) 403-3520

with a copy in each instance to:

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036-8299

Telephone Number: (212) 969-3210

Fax: (212) 969-2900

Attention: Arnold S. Jacobs, Esq.

If to any other holder of Registrable Securities, at the address given by such holder to the
Trust for purposes of notice hereunder.

or to such other address or addresses and to the attention of such other person or persons as any
of the parties may notify the other in accordance with the provisions of this Agreement. All such
notices, requests and other communications shall be deemed to have been sufficiently given for all
purposes hereof only if given pursuant to the foregoing requirements as to both manner and address,
and only upon receipt (or refusal to accept delivery) by the party to whom such notice is sent.
Notices by the parties may be given on their behalf by their respective attorneys.

7. Counterparts. This Agreement may be executed in counterparts, each of which for
all purposes shall be deemed to be an original and all of which together shall constitute the same
agreement.

8. Headings. The Section headings in this Agreement are for convenience of reference
only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions
hereof.

9. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.

9.1.1. This Agreement shall be governed, construed and enforced in accordance with the laws of
the State of New York without regard to its principles of conflict of laws.

9.1.2. Each party acknowledges and agrees that irreparable damage would occur to the other
parties hereunder in the event that any of the provisions of this Agreement or the were not
performed by such party in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that each party shall be entitled to an injunction or injunctions to prevent or
cure breaches of the provisions of this Agreement by any other party and to enforce specifically
the terms and provisions hereof and thereof this being in addition to any other remedy to which the
parties may be entitled by law or equity.

9.1.3. Each party (i) hereby irrevocably submits to the exclusive jurisdiction of the United
States District Court and other courts of the United States sitting in New York City in the State
of New York for the purposes of any suit, action or proceeding arising out of or relating to this
Agreement and (ii) hereby waives, and agrees not to assert in any such suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of such court, that the suit,
action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or
proceeding is improper. Each party consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing in this Section 9.1.3 shall affect or limit any right to serve
process in any other manner permitted by law.

9.1.4. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE
RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF
THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH PARTY HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 9.1.4.

10. Recapitalizations, etc. In the event that any shares of beneficial interest or
other securities are issued in respect of, in exchange for, or in substitution of, any Registrable
Securities by reason of any reorganization, recapitalization, reclassification, merger,
consolidation, spin-off, partial or complete liquidation, share dividend, split-up, sale of assets,
distribution to shareholders or combination of the Registrable Securities or any other similar
change in the Trust’s capital structure, appropriate adjustments shall be made in this Agreement so
as to fairly and equitably preserve, as far as practicable, the original rights and obligations of
the parties hereto under this Agreement.

11. Term. This Agreement shall continue in full force and effect until the date on
which the Common Shares and Series E Preferred Shares have ceased to constitute Registrable
Securities as provided in the definition of the term “Registrable Securities,” except that the
provisions of Sections 2.5, 6, 9 and 11 hereunder shall survive
such termination.

1

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first
above written and delivered by their respective duly authorized officers.

RAIT FINANCIAL TRUST

	 	 	 
	By: /s/ James Sebra

	 

	Name: James Sebra

	Title:

	 	Chief Financial Officer

	 	 	INVESTOR:

ARS VI INVESTOR I, LLC

	 	 	 
	By: /s/ Andrew M. Silberman

	 

	Name: Andrew M. Silberman

	Title:

	 	President

2Exhibit 10.1

AMENDMENT AND EXCHANGE AGREEMENT

THIS AMENDMENT
AND EXCHANGE AGREEMENT (this “Agreement”), dated as of September 28, 2012, is by and between GrowLife, Inc.
(formerly Phototron Holdings, Inc.), a Delaware corporation (the “Company”), and _______________ (the “Investor”).

WHEREAS:

A.           
The Company, the Investor and certain other investors (the “Other Investors”, and collectively with the
Investor, the “Investors”) are parties to that certain Securities Purchase and Exchange Agreement, dated as
of March 16, 2012 (the “Existing Securities Purchase Agreement”), pursuant to which, among other things, the
Investors purchased from the Company 6% Senior Secured Convertible Notes (the “Existing Secured Notes”), which
are convertible into shares of the Company’s common stock in accordance with the terms thereof.

B.           
Certain of the Investors have, since March 16, 2012, made additional advances to the Company pursuant to other promissory
notes (the “Existing Other Notes,” and together with the Existing Secured Notes, the “Existing Notes”).

C.           
The Company and the Investor desire to enter into this Agreement pursuant to which, among other things, the Company shall
amend and restate such Investor’s applicable Existing Notes for a single note in the form attached hereto as Exhibit A
(the “Note”) with the principal amounts set forth opposite the Investor’s name in column (3) on the Securities
Schedule attached hereto.

D.           
The amendment and restatement of the Existing Notes for the Note is being made in reliance upon the exemption from registration
provided by Section 3(a)(9) of the Securities Act.

E.           
Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed to them in the
Existing Securities Purchase Agreement.

NOW, THEREFORE,
in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Company and the Investor hereby agree
as follows:

		1.	AMENDMENT AND RESTATEMENT OF EXISTING sECURITIES.

(a)        
Amendment and Restatement of Existing Notes. Subject to satisfaction (or waiver) of the conditions set forth in Sections
5 and 6 below, at the closing of this Agreement (the “Closing”), (i) the Investor shall surrender to the Company
its Existing Notes and (ii) the Company shall issue and deliver to the Investor a Note in the principal amount set forth opposite
the Investor’s name in column (3) of the Securities Schedule attached hereto.

(b)       
Closing Date. The date and time of the Closing (the “Closing Date”) shall be 10:00 a.m., Pacific
Time on the date hereof, subject to notification of satisfaction (or waiver) of the conditions to the Closing set forth in Sections
5 and 6 below (or such other time and date as is mutually agreed to by the Company and the Investor). The Closing shall occur on
the Closing Date at the offices of Stubbs Alderton & Markiles, LLP, 15260 Ventura Boulevard, 20th Floor, Sherman
Oaks, CA 91403.

		2.	AMENDMENTS TO TRANSACTION DOCUMENTS.

(a)        
Reaffirmation. The Company hereby confirms and agrees that, except as otherwise expressly provided herein:

(i)             
the Existing Securities Purchase Agreement and each other Transaction Document is, and shall continue to be, in full force
and effect and is hereby ratified and confirmed in all respects, except that on and after the Closing Date (i) all references in
the Existing Securities Purchase Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder”
or words of like import referring to the Securities Purchase and Exchange Agreement shall mean the Existing Securities Purchase
Agreement as amended by this Agreement, and (ii) all references in the other Transaction Documents to the “Securities
Purchase and Exchange Agreement”, “thereto”, “thereof”, “thereunder” or words of like
import referring to the Securities Purchase and Exchange Agreement shall mean the Existing Securities Purchase Agreement as amended
by this Agreement. REFERENCES TO NOTES IN ALL TRANSACTION DOCUMENTS MEANS NOTES UNDER THIS AGREEMENT;

(ii)           
to the extent that the Securities Purchase and Exchange Agreement or any other Transaction Document purports to assign or
pledge to the Investors and the holders of the Securities (or to the Purchaser Representative or agent thereof), or to grant to
the Investors and the holders of the Securities (or to the Purchaser Representative or agent thereof) a security interest in or
lien on, any collateral as security for the obligations of the Company from time to time existing in respect of the Existing Notes
and any other existing Transaction Document, such pledge, assignment and/or grant of the security interest or lien is hereby ratified
and confirmed in all respects, and shall apply with respect to the obligations under the Notes and no additional filing is required
to be made in order to maintain the perfection of the security interest in, or lien, on such collateral; and

(iii)         
the execution, delivery and effectiveness of this Agreement shall not operate as an amendment of any right, power or remedy
of the Purchaser Representative or the Investors under any Transaction Document, nor constitute an amendment of any provision of
any Transaction Document.

(b)       
Amendment to Transaction Documents. Each of the Transaction Documents is hereby amended as follows:

(i)             
All references to “Notes” shall be amended to mean the Notes as defined in this Agreement.

(ii)           
The defined term “Transaction Documents” is hereby amended to include this Agreement.

		3.	REPRESENTATIONS AND WARRANTIES

(a)        
Investor Bring Down. The Investor hereby represents and warrants to the Company with respect to itself only as set
forth in Section 3.2 of the Existing Securities Purchase Agreement as if such representations and warranties were made as of the
date hereof and set forth in their entirety in this Agreement. Such representations and warranties to the transactions thereunder
and the securities issued thereby are hereby deemed for purposes of this Agreement to be references to the transactions hereunder
and the issuance of the securities hereby.

(b)       
Company Bring Down. The Company represents and warrants to the Investor as set forth in Section 3.1 of the Existing
Securities Purchase Agreement, as if such representations and warranties were made as of the date hereof and set forth in their
entirety in this Agreement. Such representations and warranties to the transactions thereunder and the securities issued thereby
are hereby deemed for purposes of this Agreement to be references to the transactions hereunder and the issuance of the securities
hereby, references therein to “Closing Date” being deemed references to the Closing Date as defined in Section 1(b)
above, and references to “the date hereof” being deemed references to the date of this Agreement.

(c)        
No Event of Default. The Company represents and warrants to the Investor that after giving effect to the terms of
this Agreement and the Other Agreements (as defined below), no Event of Default (as defined in the Notes) shall have occurred and
be continuing as of the date hereof.

(d)       
Holding Period. For the purposes of Rule 144, the Company acknowledges that the holding period of the Notes (including
the corresponding Conversion Shares (as defined in the Notes)) may be tacked onto the holding period of the Existing Notes, as
applicable, and the Company agrees not to take a position contrary to this Section 3(d).

		4.	CERTAIN COVENANTS AND AGREEMENTS; WAIVER

(a)
        Best Efforts.
Each party shall use its best efforts timely to satisfy each of the conditions to be satisfied by it as provided in Sections 5
and 6 of this Agreement.

(b)
       Fees and Expenses.
Except as otherwise set forth in this Agreement, each party shall pay the fees and expenses of its advisers, counsel, accountants
and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery
and performance of this Agreement.

		5.	CONDITIONS TO ComPANY’S OBLIGATIONs hereunder.

The obligations of the
Company to the Investor hereunder are subject to the satisfaction of each of the following conditions, provided that these conditions
are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion by providing the Investor
with prior written notice thereof:

 

(a)        
The Investor shall have executed this Agreement and delivered the same to the Company.

(b)       
The Investor shall have delivered to the Company the Investor’s Existing Notes for cancellation.

(c)        
The representations and warranties of the Investor shall be true and correct in all material respects (except for those
representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be true and correct in
all respects) as of the date when made and as of the Closing Date as though made at that time (except for representations and warranties
that speak as of a specific date, which shall be true and correct as of such specified date) and the Investor shall have performed,
satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be
performed, satisfied or complied with by the Investor at or prior to the Closing Date.

		6.	CONDITIONS TO INVESTOR’S OBLIGATIONs hereunder.

The obligations of the
Investor hereunder are subject to the satisfaction of each of the following conditions, provided that these conditions are for
the Investor’s sole benefit and may be waived by the Investor at any time in its sole discretion by providing the Company
with prior written notice thereof:

 

(a)        
The Company shall have executed this Agreement and delivered the same to the Investor.

(b)       
The Company shall have executed and delivered to the Investor the Note being issued to such Investor at the Closing.

(c)
        Each of the Other Investors
shall have (i) executed agreements identical to this Agreement (the “Other Agreements”) (other than changes
in the numbers reflecting the different dollar amounts of such Other Investors’ Notes), (ii) satisfied or waived all conditions
to the closings contemplated by such agreements and (iii) surrendered their Existing Notes for the new Notes being issued
to such Other Investors at the Closing.

(d)       
The representations and warranties of the Company hereunder shall be true and correct in all material respects (except for
those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be true and correct
in all respects) as of the date when made and as of the Closing Date as though made at that time (except for representations and
warranties that speak as of a specific date, which shall be true and correct as of such specified date) and the Company shall have
performed, satisfied and complied in all respects with the covenants, agreements and conditions required by this Agreement and
the other Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Closing Date and
after giving effect to the terms of this Agreement and the Other Agreements, no default or Event of Default shall have occurred
and be continuing as of the Closing Date. The Investor shall have received a certificate, executed by the Chief Financial Officer
of the Company, dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested
by the Investor in the form attached hereto as Exhibit B.

(e)        
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for
the sale of the Securities.

(f)        
The Company shall have delivered to the Investor such other documents relating to the transactions contemplated by this
Agreement as the Investor or its counsel may reasonably request.

		7.	MISCELLANEOUS.

(a)        
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party; provided that a facsimile or PDF signature shall be considered due execution and shall be binding upon the signatory thereto
with the same force and effect as if the signature were an original, and not a facsimile or PDF signature.

(b)       
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

(c)        
Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

(d)       
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of California, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of California or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of California. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the County of Los Angeles, California, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. If either party shall commence an action
or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed
by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding.

(e)        
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

(f)        
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

(g)       
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rules of strict construction will be applied against any party.

(h)       
Entire Agreement; Effect on Prior Agreements; Amendments. Except for the Transaction Documents in effect prior to
this Agreement (to the extent any such Transaction Document is not amended by this Agreement), this Agreement supersedes all other
prior oral or written agreements between the Investor, the Company, their affiliates and Persons acting on their behalf with respect
to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
the Company nor the Investor makes any representation, warranty, covenant or undertaking with respect to such matters. No provision
of this Agreement may be amended other than by an instrument in writing signed by the Company and the Investor. No provision hereof
may be waived other than by an instrument in writing signed by the party against whom enforcement is sought. No consideration shall
be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents
unless the same consideration also is offered to all of the parties to the Transaction Documents. The Company has not, directly
or indirectly, made any agreements with any of the Investors relating to the terms or conditions of the transactions contemplated
by the Transaction Documents, including through any agreement that is not identical to this Agreement, except as set forth in the
Transaction Documents. In the event that the Company enters into any such agreement with more favorable terms than those set forth
in this Agreement and the documents contemplated hereby, the Investor shall be granted the benefit of such more beneficial terms.

(i)         
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission or delivery, if such
notice or communication is delivered via facsimile at the facsimile number, or delivered by a U.S. nationally recognized overnight
courier service to the address, set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on a Trading
Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number, or delivered by such courier service to the address, set forth on the signature pages attached hereto on a day
that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, or (c) upon actual receipt by the party
to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature
pages and/or Securities Schedule attached hereto.

(j)         
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Investor. The Investor may assign some or all of its rights hereunder without the consent of the Company, in which
event such assignee shall be deemed to be an Investor hereunder with respect to such assigned rights.

(k)       
Survival. The representations and warranties of the Company and the Investor contained herein and the agreements
and covenants set forth herein shall survive the Closing.

(l)         
Remedies. The Investor and each holder of the Securities shall have all rights and remedies set forth in the Transaction
Documents and all rights and remedies which such holders have been granted at any time under any other agreement or contract and
all of the rights which such holders have under any law. Any Person having any rights under any provision of this Agreement shall
be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any
breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Company recognizes
that in the event that it fails to perform, observe, or discharge any or all of its obligations under this Agreement, any remedy
at law may prove to be inadequate relief to the Investor. The Company therefore agrees that the Investor shall be entitled to seek
temporary and permanent injunctive relief in any such case without the necessity of proving actual damages and without posting
a bond or other security.

(m)     
Indemnification. In consideration of the Investor’s execution and delivery of the Transaction Documents, acquiring
the Securities thereunder and entering into this Agreement and in addition to all of the Company’s other obligations under
the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless the Investor and each other holder of
the Securities and all of their stockholders, partners, members, officers, directors, employees and direct or indirect investors
and any of the foregoing Persons’ agents or other representatives (including, without limitation, those retained in connection
with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”) from and against any
and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection
therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought),
and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by
any Indemnitee as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty
made by the Company in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby,
(b) any breach of any covenant, agreement or obligation of the Company contained in the Transaction Documents or any other certificate,
instrument or document contemplated hereby or thereby or (c) any cause of action, suit or claim brought or made against such Indemnitee
by a third party (including for these purposes a derivative action brought on behalf of the Company) and arising out of or resulting
from (i) the execution, delivery, performance or enforcement of the Transaction Documents or any other certificate, instrument
or document contemplated hereby or thereby, (ii) any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of the issuance of the Securities, or (iii) the status of the Investor or holder of the Securities as an investor
in the Company pursuant to the transactions contemplated by the Transaction Documents. To the extent that the foregoing undertaking
by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction
of each of the Indemnified Liabilities which is permissible under applicable law.

(n)       
Independent Nature of Investor’s Obligations and Rights. The obligations of the Investor under any Transaction
Document (including this Agreement) are several and not joint with the obligations of any Other Investor, and the Investor shall
not be responsible in any way for the performance of the obligations of any Other Investor under any Transaction Document. Nothing
contained herein or in any other Transaction Document, and no action taken by the Investor pursuant hereto, shall be deemed to
constitute the Investor and Other Investors as a partnership, an association, a joint venture or any other kind of entity, or create
a presumption that the Investor and Other Investors are in any way acting in concert or as a group, and the Company will not assert
any such claim with respect to the obligations or the transactions contemplated by the Transaction Documents and the Company acknowledges
that the Investor and Other Investors are not acting in concert or as a group with respect to such obligations or the transactions
contemplated by the Transaction Documents. The Company acknowledges and the Investor confirms that the Investor has independently
participated in the negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The Investor
shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this
Agreement or out of any other Transaction Documents, and it shall not be necessary for any Other Investor to be joined as an additional
party in any proceeding for such purpose.

 

[Signature Page Follows]

     

     

    

 

IN WITNESS WHEREOF,
the Investor and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first
written above.

 

	
        COMPANY:

         

	
        GROWLIFE, INC.

        (FORMERLY PHOTOTRON HOLDINGS, INC.)

        By:

        Name: Justin Manns

        Title: Chief Financial Officer

        Address: 717 E. Gardena
        Blvd.

        Gardena, California 90248

	 

 

     

     

    

IN WITNESS WHEREOF,
the Investor and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first
written above.

 

	
        INVESTOR:

         

	
         

        By:

        Name:

        Title:

         

	 

 

 

     

     

    

 

	(1)	(2)	(3)	 	 
	
        Investor
	
        Address
        and

        Facsimile Number
	
        Aggregate
        Principal Amount of Amended and Restated

        Note
	
 

	 
	 	 	 	 	 
	W-Net Fund I, L.P.	
        12400 Ventura Boulevard

        Suite 327

        Studio City, CA 91604

         
	$866,103.22	 	 
	Europa International Inc.	
        1114 Avenue of the Americas

        45th Floor

        New York, NY 10036

         
	$305,293.15	 	 
	Sterling Scott	
        2315 Georgia Village Way

        Silver Spring, Maryland 20902

         
	$413.680.00	 	 
	Robert Shapero	
        19011 Noble Oak Drive

        Germantown, Maryland 20874

         
	$50,000.00	 	 
	Lauri S. Bilawa	
        165 Goshawk Ridge Road

        Park City, Utah 84098

         
	$193,000.00	 	 
	Carla Badaracco	
        3610 Spruell Drive

        Silver Spring, Maryland 20902

         
	$40,000.00	 	 
	Forglen, LLC	 	$50,000.00	 	 

 

     

     

    

EXHIBIT A

FORM OF

AMENDED AND RESTATED

6% SENIOR SECURED CONVERTIBLE NOTE

(See attached)

 

     

     

    

EXHIBIT B

OFFICER’S
CERTIFICATE

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