Document:

EX-10.1

RAIT Financial Trust

Cira Centre

2929 Arch Street, 17th Floor

Philadelphia, PA 19104

As of August 7, 2008

Mr. Plamen M. Mitrikov

Via electronic mail and address specified in personnel file

	 	 	 
	Re:

	 	Reimbursement of Certain Expenses Relating to
	
 
	 	 
	
 
	 	Employment Outside of the United States
	
 
	 	 

Dear Plamen:

The purpose of this letter agreement is to memorialize our mutual understanding relating to
RAIT Financial Trust’s (“RAIT”) obligations with respect to your employment in the United Kingdom.

Specifically, commencing on August 1, 2008 and continuing for as long as RAIT requires you to
work in the United Kingdom, RAIT will provide you with a monthly cash payment equal to $5,500 per
month. This monthly amount is in addition to your other compensation from RAIT and is intended to
compensate you for the costs associated with your renting an apartment in the United Kingdom while
you are working for RAIT. RAIT will pay to you a one-time lump sum cash payment equal to $66,000,
which shall be paid to you within 30 days from the date of this letter agreement, associated with
apartment rent you paid in the United Kingdom up to and through July 31, 2008.

In addition, since your position with RAIT will require you to spend a significant portion of
your time working in the United Kingdom and this is expected to continue for more than one year,
the United States and United Kingdom will seek to tax you on your employment income as well as the
overbase allowances (such as housing) that you receive. This arrangement will likely put you in a
position where your total global tax liability will exceed what you are accustomed to paying in the
United States for Federal, State and local taxes. This excess liability is attributable to the
higher United Kingdom tax rate as compared to the United States top marginal rate as well as the
tax incurred on your overbase allowances. You will also incur double taxation of income because
the State of New York will not offer a credit for taxes paid to the United Kingdom. As a result,
RAIT has agreed to protect you against any additional income taxes you will be liable for due to
your work arrangement between the United States and the United Kingdom (including the 2007 fiscal
year). As a result of this tax protection agreement, you will be reimbursed for any excess income
taxes that are incurred as a direct result of your agreed work arrangement with RAIT in the United
Kingdom. You will be responsible for the same tax liability as if you continued to live and work
only in the United States (Federal, State, and local taxes). In connection with this, RAIT will
retain, at RAIT’s cost, a reputable accounting firm to assist you with the preparation of your
United States and United Kingdom tax filing requirements and also to assist with the appropriate
calculations to determine any reimbursements from RAIT.

This letter agreement is intended to comply with the applicable requirements of section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”) and its corresponding regulations and
related guidance with respect to all amounts subject to such requirements, and shall be
administered in accordance with such requirements with respect to those amounts that are subject to
such requirements. If any payment or benefit cannot be provided or made at the time specified
herein without incurring sanctions under section 409A, then such benefit or payment shall be
provided in full at the earliest time thereafter when such sanctions will not be imposed. To the
extent that any provision of this letter agreement would cause a conflict with the requirements of
section 409A of the Code, or would cause the payment under this letter agreement to fail to satisfy
the requirements of section 409A, such term shall be deemed null and void to the extent permitted
by applicable law. For purposes of section 409A of the Code, each payment made under this letter
agreement shall be treated as a separate payment and the right to a series of installment payments
shall be treated as the right to a series of separate payments. In no event may you, directly or
indirectly, designate the calendar year of payment. All reimbursements provided under this letter
agreement shall be made or provided in accordance with the requirements of section 409A of the Code
and its corresponding regulations.

Your Employment Agreement with RAIT, dated as of June 8, 2006, will continue in accordance
with its terms, as supplemented by this letter agreement for the period while you are employed by
RAIT in the United Kingdom. All amounts payable to you under this letter agreement shall be
subject to applicable tax withholding requirements, and RAIT may withhold from any amounts payable
to you under this letter agreement all amounts that RAIT is required to withhold with respect to
such payments. You are solely responsible for the payment of all individual tax liabilities
relating to the amounts payable to you under this letter agreement. The amounts payable to you
under this letter agreement are not intended to be included in your compensation for purposes of
determining your level of benefits under any RAIT employee benefit program.

If you agree with the terms set forth in this letter agreement as it relates to your
employment with RAIT while you are in the United Kingdom, please execute this letter agreement
where indicated below and return it to me, no later than August 8, 2008.

Please call me with any questions.

Sincerely,

/s/ Raphael Licht

Raphael Licht

Chief Administrative Officer, Chief Legal Officer and Secretary

1

I hereby agree that the terms set forth in this letter agreement reflect my entire
understanding and agreement with RAIT as to the additional benefits that will be provided to me
while I am employed by RAIT in the United Kingdom.

/s/ Plamen M. Mitrikov Plamen M. Mitrikov

	 	 	Date: as of August 8, 2008

2exhibit10-17.htm

    PUBLIC
RELATIONS AND MARKETING CONSULTANT AGREEMENT

    

    This
Consulting Services Agreement (the “Agreement”), dated
August _____, 2008, is made by and between Lenny Dykstra (the “Consultant”) and
River Hawk Aviation, a Nevada corporation (the “Company”).  The
Consultant and the Company shall hereafter be referred to individually as a
“Party” and
collectively as the “Parties.”

    

    WHEREAS,
Consultant has extensive background in financial services and strategic aviation
consulting;

    

    WHEREAS,
Consultant desires to be engaged by Company to provide public and investor
relations management and strategic marketing services to the company subject to
the conditions set forth herein; and

    

    WHEREAS,
Company desires to engage Consultant to provide the services in his area of
knowledge and expertise on the terms and subject to the conditions set forth
herein; and

    

    NOW,
THEREFORE, in consideration for those services Consultant agrees to provide to
the Company, the Parties agree as follows:

    

    

    1.           Services
of Consultant.

    

    Consultant
agrees to perform for Company the Services defined below during the term of this
Agreement, upon such terms and to the extent the parties agree from time to
time.  The nature of the Services to be provided shall include, but
are not limited to (the “Services”):

    

    
      	
              (1)  

            	
              Identify
      catalysts and value propositions as they relate to the Company’s financial
      growth strategy;

            

    

     

    
      	
              (2)  

            	
              Facilitate
      the communication of the Company’s growth strategy to the financial
      community in general and to the high net-worth investor niche in
      particular;

            

    

    

    
      	
              (3)  

            	
              Undertake
      targeted investor relations with specific high-end investors and potential
      investors;

            

    

    

    
      	
              (4)  

            	
              Consultant
      will provide the above stated advisory and consulting services to the
      Company in conjunction with the development of the Company’s marketing
      plan, business plan and goals.

            

    

     

    
      	
              (5)  

            	
              Consultant
      will assist in the development of the Company’s marketing plan, business
      plan and goals;

            

    

     

    
      	
              (6)  

            	
              Consultant
      will advise on and implement strategy for maximizing the Company’s
      exposure to, and penetration of, its target market, clients, and
      vendors.

            

    

     

    
      	
              (7)  

            	
              Within
      ninety (90) days of the date of this Agreement, the Consultant shall
      submit revised and updated list of Services that shall detail his plans in
      reflection of his evaluation of the Company’s public relations and
      investor relations needs in relation to the contemplated Services, which
      shall be acceptable to the Company, but not unreasonably
      rejected.

            

    

     

    

    2.           Consideration.

    

    In
consideration for the Services rendered to the Company hereunder during the Term
(defined below) by Consultant and Consultant’s covenants hereunder, the Company
shall pay to Consultant compensation including:

    

    Two
Million (2,000,000) shares of Series A Preferred Convertible Stock of the
Company (“Series A Preferred”).  The
Series A Preferred shall provide the holder with the following benefits and are
subject to the following conditions:

    

    
      	
              (1)  

            	
              The
      Series A Preferred provides the holder with 10 votes per share on any
      matter properly put forth to the shareholders of the
    Company;

            

    

    

    
      	
              (2)  

            	
              Holders
      of Series A Preferred have liquidation preferences as compared with common
      stock;

            

    

    

    
      	
              (3)  

            	
              Series
      A Preferred is convertible at the holder’s election into common stock of
      the Company, at a ratio of 1:1;

            

    

    

    
      	
              (4)  

            	
              Shares
      issued pursuant to the exercise of this Agreement shall be issued for the
      benefit of Lenny Dykstra, the individual performing the Services for the
      Company.  All shares and certificates representing such shares
      shall be subject to applicable SEC, federal, state (Blue sky) and local
      laws and additional restrictions set forth herein;
  and

            

    

    

    
      	
              (5)  

            	
              Consultant
      shall be entitled to “piggy-back” registration rights for (i) the Series A
      Preferred on all registrations of the Company, except for registrations
      filed on Form S-4 or Form S-8, or on any demand registrations of any other
      investor subject to the right, however, of the Company and its
      underwriters to reduce the number of shares proposed to be registered pro
      rata in view of market conditions.  The Company shall bear
      registration expenses (exclusive of underwriting discounts and
      commissions) of all such demands, piggy-backs, and S-3 or S-1
      registrations; and

            

    

     

    
      	
              (6)  

            	
                    
                The
      following legend (or a legend substantially in the following form) shall
      be placed on certificates representing the Series A Preferred issued
      pursuant to this
Agreement:

              

            

    

     

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE
SECURITIES LAW, AND NO INTEREST THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED,
OFFERED, PLEDGED OR OTHERWISE TRANSFERRED OR DISPOSED OF UNLESS (A) THERE IS AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE UNITED STATES
STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITIES,
OR (B) THIS CORPORATION RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF
THESE SECURITIES (CONCURRED IN BY LEGAL COUNSEL FOR THIS CORPORATION) STATING
THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR (C) THIS CORPORATION
OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION.

     

    
      	
              (7)  

            	
                    
                      
                  The
      Consultant hereby acknowledges that the Company needs to amend its Series
      A Preferred Certificate of Designation in order to issue the full
      consideration of Series A Preferred shares, and the Company agrees to
      undertake the necessary steps to effect the required amendment within
      sixty (60) days of the date of this
      Agreement.

                

              

            

    

     

    3.           Confidentiality.

    

    Each
party agrees that during the course of this Agreement, information that is
confidential or of a proprietary nature may be disclosed to the other party,
including, but not limited to, product and business plans, software, technical
processes and formulas, source codes, product designs, sales, costs and other
unpublished financial information, advertising revenues, usage rates,
advertising relationships, projections, and marketing data (“Confidential
Information”). Confidential Information shall not include information
that the receiving party can demonstrate (a) is, as of the time of its
disclosure, or thereafter becomes part of the public domain through a source
other than the receiving party, (b) was known to the receiving party as of the
time of its disclosure, (c) is independently developed by the receiving party,
or (d) is subsequently learned from a third party not under a confidentiality
obligation to the providing party.  Confidential Information need not
be marked as confidential at the time of disclosure to receive “Confidential
Information” protection as required herein, rather all information disclosed
that, given the nature of the information or the circumstances surrounding its
disclosure reasonably should be considered as confidential, shall receive
“Confidential Information” protection.

     

    4.           Non-Competition,
Non-Solicitation.

     

    
      (a)           Non-Competition.

    

    Consultant
agrees that he shall not, during the Term and for one year subsequent thereto
directly or indirectly, engage or be interested in any business(es) that is
competitive with the business being conducted by the Company through the
consulting Term, without the express written approval of the
Company.

     

    (b)           
Non-Solicitation.

     

    Consultant
agrees that he will not, without the prior written consent of the Company, for a
period of two years after the termination of employment, directly or indirectly
disturb, entice, or in any other manner persuade, any employee or consultant of
the Company to discontinue that person’s or firm’s relationship with the Company
if the employee(s) and/or consultant(s) were employed by the Company at any time
during the twelve (12) month period prior to the termination date.

     

    Consultant
further agrees that he will not, for a period of two (2) years following the
termination of employment, contact or solicit orders, sales or business from any
customer of the Company’s so as to induce or attempt to induce such customer to
cease doing business with the Company.

    

    5.           Indemnification.

    

    (a)           Company.

    

    The
Company agrees to indemnify, defend, and shall hold harmless Consultant and/or
his agents, and to defend any action brought against said parties with respect
to any claim, demand, cause of action, debt or liability, including reasonable
attorneys' fees to the extent that such action is based upon a claim that: (i)
is true, (ii) would constitute a breach of any of Company's representations,
warranties, or agreements hereunder, or (iii) arises out of the negligence or
willful misconduct of Company.

    

    (b)           Consultant.

    

    The
Consultant agrees to indemnify, defend, and shall hold harmless Company, its
directors, employees and agents, and defend any action brought against same with
respect to any claim, demand, cause of action, debt or liability, including
reasonable attorneys' fees, to the extent that such an action arises out of the
gross negligence or willful misconduct of Consultant.

    

    (c)           Notice.

    

    In
claiming any indemnification hereunder, the indemnified party shall promptly
provide the indemnifying party with written notice of any claim, which the
indemnified party believes falls within the scope of the foregoing paragraphs.
The indemnified party may, at its expense, assist in the defense if it so
chooses, provided that the indemnifying party shall control such defense, and
all negotiations relative to the settlement of any such claim. Any settlement
intended to bind the indemnified party shall not be final without the
indemnified party's written consent, which shall not be unreasonably
withheld.

    

    6.           Termination
and Renewal.

    

    (a)           Term.

    

    This
Agreement shall become effective on the date first written above and terminate
twenty-four (24) months thereafter, unless terminated sooner in accordance with
Section 6(b), below (the “Term”). Unless otherwise agreed upon in writing by
Consultant and Company, this Agreement shall not automatically renew beyond its
term.

    

    (b)           Termination.

    

    Either
party may terminate this Agreement on thirty (30) calendar days written notice
without cause, or within fifteen (15) calendar days following written notice
prior to such action, if the other party materially breaches any of its
representations, warranties or obligations under this Agreement, and such party
fails to cure such breach within such fifteen (15) days  following
delivery of notice.  Except as may be otherwise provided in this
Agreement, such breach by either party will result in the other party being
responsible to reimburse the non-defaulting party for all costs incurred
directly as a result of the breach of this Agreement, and shall be subject to
such damages as may be allowed by law including all attorneys' fees and costs of
enforcing this Agreement.

    

    (c)           Termination
and Payment.

    

    Upon any
termination or expiration of this Agreement, Company shall pay all unpaid and
outstanding fees, through the effective date of termination or expiration of
this Agreement, including all Series A Preferred vested through the date of such
termination or expiration, as detailed in Section 2(5), above. And upon such
termination, Consultant shall provide and deliver to Company any and all
outstanding Services due through the effective date of this
Agreement.

    

    7.           Remedies

    

    Should Consultant at anytime materially
breach any of terms outlined in this Agreement, Company shall have the right to
seek remedies, including but not limited to: i) a temporary restraining order
and permanent injunction; ii) liquidated damages; iii) cancellation of the
interests underlying the stock certificates.

    

    8.           Miscellaneous.

    

    
      	
              a)  

            	
              Independent
      Contractor.

            

    

    

    Consultant
shall render all Services hereunder as an independent contractor and shall not
hold himself out as an agent of Company. Nothing herein shall be construed to
create or confer upon Consultant the right to make contracts or commitments for
or on behalf of Company.

    

    

    

    
      	
              b)  

            	
              Right
      to Hire Sub-Consultants

            

    

    

    The
Parties agree that Consultant shall be authorized to hire sub-consultants only
with pre-notification and approval by the Company.

    

    
      	
              c)  

            	
              Right
      to Incur Extraordinary Expenses

            

    

    

    The
Parties agree that Consultant shall be entitled to reimbursement for
extraordinary expenses only with pre-notification and approval by the Company
before the expenses are incurred.

    

    

    

    
      	
              d)  

            	
              Negative
      Covenants

            

    

    

    Consultant hereby covenants that at no
time will he provide any service that directly or indirectly promotes or
maintains a market for the Company’s securities nor act as a conduit for
distributing securities to the general public.  Moreover, Consultant
will not provide certain services including but not limited to: acting as a
broker or dealer or arrange or effect mergers or circulate research to broaden
or sustain a market price.

    

    
      	
              e)  

            	
              Rights
      Cumulative; Waivers.

            

    

    

    The
rights of each of the parties under this Agreement are
cumulative.  The rights of each of the parties hereunder shall not be
capable of being waived or varied other than by an express waiver or variation
in writing.  Any failure to exercise or any delay in exercising any of
such rights shall not operate as a waiver or variation of that or any other such
right.  Any defective or partial exercise of any of such rights shall
not preclude any other or further exercise of that or any other such
right.  No act or course of conduct or negotiation on the part of any
party shall in any way preclude such party from exercising any such right or
constitute a suspension or any variation of any such right.

    

    
      	
              f)  

            	
              Benefit;
      Successors Bound.

            

    

    

    This
Agreement and the terms, covenants, conditions, provisions, obligations,
undertakings, rights, and benefits hereof, shall be binding upon, and shall
inure to the benefit of, the undersigned parties and their heirs, executors,
administrators, representatives, successors, and permitted assigns.

    

    
      	
              g)  

            	
              Entire
      Agreement.

            

    

    

    This
Agreement contains the entire agreement between the parties with respect to the
subject matter hereof.  There are no promises, agreements, conditions,
undertakings, understandings, warranties, covenants or representa­tions,
oral or written, express or implied, between them with respect to this Agreement
or the matters described in this Agreement, except as set forth in this
Agreement.  Any such negotiations, promises, or understandings shall
not be used to interpret or constitute this Agreement.

    

    
      	
              h)  

            	
              Assignment.

            

    

    

    Neither
this Agreement nor any other benefit to accrue hereunder shall be assigned or
transferred by either party, either in whole or in part, without the written
consent of the other party, and any purported assignment in violation hereof
shall be void.

    

    
      	
              i)  

            	
              Amendment.

            

    

    

    This
Agreement may be amended only by an instrument in writing executed by all the
parties hereto.

    

    
      	
              j)  

            	
              Severability.

            

    

    

    Each part
of this Agreement is intended to be severable.  In the event that any
provision of this Agreement is found by any court or other authority of
competent jurisdiction to be illegal or unenforceable, such provision shall be
severed or modified to the extent necessary to render it enforceable and as so
severed or modified, this Agreement shall continue in full force and
effect.

    

    
      	
              k)  

            	
              Section
      Headings.

            

    

    

    The
Section headings in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement.

    

    
      	
              l)  

            	
              Construction.

            

    

    

    Unless
the context otherwise requires, when used herein, the singular shall be deemed
to include the plural, the plural shall be deemed to include each of the
singular, and pronouns of one or no gender shall be deemed to include the
equivalent pronoun of the other or no gender.

    

    
      	
              m)  

            	
              Further
      Assurances.

            

    

    

    In
addition to the instruments and documents to be made, executed and delivered
pursuant to this Agreement, the parties hereto agree to make, execute and
deliver or cause to be made, executed and delivered, to the requesting party
such other instruments and to take such other actions as the requesting party
may reasonably require to carry out the terms of this Agreement and the
transactions contemplated hereby.

    
      	
              n)  

            	
              Notices.

            

    

    

    Any
notice which is required or desired under this Agreement shall be given in
writing and may be sent by personal delivery or by mail (either (i) United
States mail, postage prepaid, or (ii) Federal Express or similar generally
recognized overnight carrier), addressed as follows (subject to the right to
designate a different address by notice similarly given):

    

    
      	
               
      

            	
              If
      to Company:

            

    

    

    River
Hawk Aviation

    Attn:
Calvin Humphreys

    3103
9th
Avenue Drive

    Hickory,
North Carolina 28601

    

    With a
copy (which shall not constitute notice) to:

    

    The Otto
Law Group, PLLC

    Attn:
David M. Otto

    601 Union
Street, Suite 4500

    Seattle,
WA 98101

    

    
      	
               
      

            	
              If
      to Consultant:

            

    

    

    Lenny
Dykstra

    Attn:
Lenny Dykstra

    245 Park
Avenue, 39th
Floor

    New York,
NY 10167

    

    
      	
              o)  

            	
              Governing
      Law.

            

    

    

    This
Agreement shall be governed by the interpreted in accordance with the laws of
the State of Nevada without reference to its conflicts of laws rules or
principles.  Each of the parties consents to the exclusive
jurisdiction of the federal courts of the State of Nevada in connection with any
dispute arising under this Agreement and hereby waives, to the maximum extent
permitted by law, any objection, including any objection based on forum non coveniens, to the
bringing of any such proceeding in such jurisdictions.

    

    
      	
              p)  

            	
              Consents.

            

    

    

    The
person signing this Agreement on behalf of each party hereby represents and
warrants that he has the necessary power, consent and authority to execute and
deliver this Agreement on behalf of such party.

    

    Unless
provided otherwise within this Agreement, it is acknowledged by the Company
that: (i) the Consultant has consulted his own counsel on all aspects of this
Agreement; and (ii) the Company has not made any representations to the
Consultant to induce it to enter into this Agreement.

    

    
      	
              q)  

            	
              Survival
      of Provisions.

            

    

    

    The
provisions contained in paragraphs 3, 4, 5 and 8(b) of this Agreement shall
survive the termination of this Agreement.

    

    
      	
              r)  

            	
              Execution
      in Counterparts.

            

    

    

    This
Agreement may be executed via facsimile and in any number of counterparts, each
of which shall be deemed an original and all of which together shall constitute
one and the same agreement.

    

    [Remainder of page intentionally left
blank.  Signature blocks appear on following
page.]

    

    

    

    

    

    

    

    

    IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed and have
agreed to and accepted the terms herein on the date written above.

    

    

    CLIENT:

    

    RIVER HAWK AVIATION

    

    

    
                                /s/ Calvin Humphreys    

    By: Calvin Humphreys

    Its: President & CEO

    

    

    

    CONSULTANT:

    

    Lenny
Dykstra

    
 

    
                                /s/ Lenny Dykstra        

    By: Lenny Dykstra,
President

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