Document:

EX-10.1

 Exhibit 10.1 
  

			
	

	  	Cira Centre
	  	2929 Arch Street, 17th Floor
	  	Philadelphia, PA 19104
	  	215.243.9000 | rait.com

 August 4, 2015 

In connection with the offer of settlement by Taberna Capital Management, LLC (“Taberna”) to the United States Securities and
Exchange Commission (“Commission”) relating to the Commission’s investigation of Taberna, 
  

	I.	RAIT Financial Trust (“RAIT”) commits: 

  

	 	A.	To not, directly or through any company that is an affiliated person (as such term is defined in Section 2(a)(3)(C) of the Investment Company Act of 1940) (“affiliate”) of RAIT, seek or acquire any client
relationship under which RAIT (or its affiliate) would act as an investment adviser, as defined in section 202(a)(11) of the Investment Advisers Act of 1940, for a period of three (3) years following the date of the Taberna Order (hereinafter
the “Order”). 

  

	 	B.	To ensure the payment by Taberna of disgorgement of $13,000,000, prejudgment interest of $2,000,000, and a civil penalty of $6,500,000 to the Securities and Exchange Commission. 

 

	 	C.	Within ten (10) days of the entry of the Order, to post prominently on RAIT’s principal website a summary of the Order and hyperlink to the entire Order. RAIT shall maintain the hyperlink on its website for a
period of twelve (12) months from the entry of the Order. Within thirty (30) days of the entry of the Order, RAIT shall provide a copy of the Order to each of Taberna’s existing advisory clients, if any, as of the entry of the Order
via mail, e-mail, or such other method as may be acceptable to the Staff, together with a cover letter in a form not unacceptable to the Commission Staff. 

  

	 	D.	Within thirty (30) days of the entry of the Order, to provide a copy of the Order to the current managers of the Taberna CDOs (to the extent known to RAIT), along with a cover letter requesting that the current
managers provide notice to each Taberna CDO of the existence of the Order, and further requesting that the current managers post a hyperlink to the Order on any website maintained to communicate with investors in the Taberna CDOs. 

 

	 	E.	 To cooperate fully with the Commission in any and all investigations, litigations or other proceedings relating to or arising from the matters
described in the Order. In connection with such cooperation, RAIT shall: (i) produce, without service of a notice or subpoena, any and all non-privileged documents and other information requested by the Staff subject to any restrictions under the
law of any foreign jurisdiction; (ii) use its best efforts to cause its officers, employees, and directors to be interviewed by the Staff at such time as the Staff reasonably may direct; (iii)

	 	
provide any certification or authentication of business records of the company as may be reasonably requested by the Staff; and (iv) use its best efforts to cause its officers, employees,
and directors to appear and testify without service of a notice or subpoena in such investigations, depositions, hearings or trials as may be requested by the Staff. 

 

	 	F.	To certify, in writing every six (6) months from the date of the Order, and continuing for three years after the date of the Order, compliance with the commitment(s) set forth above. The certification shall
identify the commitment(s) and provide written evidence of compliance in the form of a narrative. The Commission staff may make reasonable requests for further evidence of compliance, and RAIT agrees to provide such evidence. The certification and
supporting material shall be submitted to Reid A. Muoio, Assistant Director in the Division of Enforcement (“Division”) (100 F St., NE, Washington, DC 20549) with a copy to the Office of Chief Counsel of the Enforcement Division (100 F
St., NE, Washington, D 20549). 

  

	II.	Taberna and RAIT hereby agree and acknowledge that the terms of the letter agreement dated November 4, 2014 (“Letter Agreement”), will remain in full force and effect following the entry of any settlement
between Taberna and the Commission. The terms of the Letter Agreement shall remain operative until such time as the staff of the Enforcement Division (“Staff”) provides notice to Taberna and RAIT (directly or through counsel) that the
Staff does not anticipate the institution of any additional enforcement actions arising out this matter. For the avoidance of doubt, Taberna and RAIT hereby further acknowledge that paragraph II serves only to memorialize the understanding of the
parties at the time of the execution of the Letter Agreement. 

  

			
	RAIT FINANCIAL TRUST
		
	By:	 	 /s/ James J. Sebra

	Name:	 	James J. Sebra
	Title:	 	Chief Financial Officer and Treasurer

  
 2SUBLEASE AGREEMENT

EXHIBIT 10.17

SUBLEASE AGREEMENT

This is an agreement to sublet real property according to the terms specified below. The sublessor agrees to sublet and the subtenant agrees to take the premises described below. Both parties agree to keep, perform and fulfill the promises, conditions and agreements below:

1.

The sublessor is: Amarcore, LLC

2.

The subtenant is: Social Reality Inc.

3.

The location of the premises is: 456 Seaton St. Los Angeles, CA 90013 City of Los Angeles, Los Angeles County, California

4. The term of this sublease is January 1, beginning _______, 20_15__. The rent is $3100.00 per month, payable in advance on the 1st day of each month. The rent is payable to Amarcore Inc. at (address) 456 Seaton St. Los Angeles, CA 90013. The rent shall increase on the anniversary of this lease in the amount of the CPI for the year.

5.

The sublease agreement will terminate on (date) December 31st, 2018. There shall be no holding over under the terms of this sublease agreement under any circumstances.

6.

All charges for utilities connected with premises which are to be paid by the sublessor under the master lease shall be paid by the subtenant for the term of this sublease.

7.

Subtenant agrees to surrender and deliver to the sublessor the premises and all furniture and decorations within the premises in as good a condition as they were at the beginning of the term, reasonable wear and tear excepted. The subtenant will be liable to the sublessor for any damages occurring to the premises or the contents thereof or to the building which are done by the subtenant or his guests.

8.

Subtenant agrees to pay to sublessor a deposit of $7,000.00 to cover damages and cleaning. Sublessor agrees that if the premises and contents thereof are returned to him/her in the same condition as when received by the subtenant, reasonable wear and tear thereof excepted, (s)he will refund to the subtenant $4,000  at the end of the term, or within 30 days thereafter. Any reason for retaining a portion of the deposit shall be explained in writing within 30 days to the subtenant.

9.

At the time of taking possession of the premises by the subtenant, the sublessor will provide the subtenant with an inventory form within three (3) days of taking possession.

10.

This sublease agreement incorporates and is subject to the original lease agreement between the sublessor and his lessor, a copy of which is attached hereto, and which is hereby referred to and incorporated as if it were set out here at length. The subtenant agrees to assume all of the obligations and responsibilities of the sublessor under the original lease for the duration of the sublease agreement.

11.

In the event of any legal action concerning this sublease, the losing party shall pay to the prevailing party reasonable attorney’s fees and court costs to be fixed by the court wherein such judgment shall be entered.

12.

Other

__________________________________________________________________________________

__________________________________________________________________________________

13.

This lease constitutes the sole agreement between the parties, and no additions, deletions or modifications may be accomplished without the written consent of both parties (ANY ORAL REPRESENTATIONS MADE AT THE TIME OF EXECUTING THIS LEASE ARE NOT LEGALLY VALID AND, THEREFORE, ARE NOT BINDING UPON EITHER PARTY).

14.

The words “sublessor” and “subtenant” as used herein include the plural as well as the singular; no regard for gender is intended by the language in this sublease.

15.

If the subtenant is under 18 years of age, then his/her legal guardian or parent guarantees and agrees to perform all of the terms, covenants and conditions of this sublease by affixing his signature below.

16.

Each signatory to this sublease acknowledges receipt of an executed copy thereof.

17.

This sublease is not binding upon either party unless approved by the landlord as provided below.

18.

The parties hereby bind themselves to this agreement by their signatures affixed below on this 1st day of October, 2013.

SUBLESSOR SUBTENANT

Social Reality Inc.

 (Parent/guardian if subtenant is under 18 years of age). I hereby give my consent to subletting of the above-described premises as set out in this sublease agreement.

Date:     1/1/2015 

Landlord/Agent_____________________ Vladimir Delsoglio

_________________________________________

ORIGINAL LEASE ATTACHED: _________Yes  ____x____No

INVENTORY CHECKLIST ATTACHED: _________Yes  ____x____Noqlgc-ex101_7.htm

 

EXHIBIT 10.1

GENERAL RELEASE AGREEMENT

This GENERAL RELEASE AGREEMENT (this “Agreement”) is entered into between QLogic Corporation (the “Company”) and Prasad Rampalli (“Executive”) on September 3, 2015.  It will become effective as described in Section 6 below.

WHEREAS, Executive was the President and Chief Executive Officer of the Company and a member of the Company’s Board of Directors, and

WHEREAS, Executive has resigned his positions with the Company and as a member of the Board of Directors of the Company effective as of August 20, 2015, and

WHEREAS, the parties desire to document their respective agreements regarding Executive’s separation from service with the Company,

The parties now agree as follows:

1. Employment Termination Date.  The parties agree and acknowledge that Executive’s employment with the Company terminated on August 20, 2015 (the “Termination Date”). Executive acknowledges that Company has paid him his accrued but unpaid salary through the Termination Date, together with payment for his accrued but unused personal time off (less applicable withholding).

2. Payments and Benefits.  Upon the effectiveness of this Agreement, Executive shall be entitled to the following payments and benefits:

(a) Within 10 days after the date that this Agreement shall have first become effective as described in Section 6 below, the Company shall pay to Executive a lump sum amount equal to $1,260,000.00 (less applicable withholding).

(b) Effective as of the date that this Agreement shall have first become effective as described in Section 6 below, with respect to certain restricted stock units that he was granted pursuant to the terms of the Company’s 2005 Performance Incentive Plan, Executive shall receive accelerated vesting (provided that this Agreement shall have first become effective as described in Section 6 below) for certain restricted stock unit awards, resulting in a number of vested restricted stock units equal in the aggregate to 39,654 shares (to be settled promptly on a “net issuance” basis with shares withheld to cover applicable minimum withholding taxes).

(c) Company will reimburse Executive for amounts due to pay the monthly COBRA payments necessary to continue medical benefits for him and his dependents. The Company’s obligation to make any payment pursuant to this clause (c) shall cease upon the first to occur of (a) the 12-month anniversary of the Termination Date; (b) the Executive’s death; (c) the date the Executive becomes eligible for coverage under the health plan of a future employer; or (d) the date the Company or its affiliates ceases to offer any group medical coverage to its active executive employees or the Company is otherwise under no obligation to offer COBRA continuation coverage to the Executive. The period of Company reimbursed medical benefits shall be part of the 18 months of continued coverage available to Executive under Section 601 et. seq. of the Employee Retirement Income Security Act of 1974, as amended (commonly called "COBRA coverage").  Following the expiration of the Company reimbursed coverage, Executive may continue COBRA coverage for the remainder of the 18-month period at his expense.

(d) Notwithstanding anything to the contrary in that certain Offer Letter, dated December 3, 2013 (the “Offer Letter”), between the parties, Company hereby forgives in its entirety (provided that this Agreement shall have first become effective as described in Section 6 below) the outstanding advance for relocation assistance provided by the Company to Executive.  

3. Release.  Executive, on his own behalf and on behalf of his descendants, dependents, heirs, executors, administrators, assigns and successors, and each of them, hereby acknowledges full and complete satisfaction of and releases and discharges and covenants not to sue the Company, its divisions, subsidiaries, parents, or affiliated corporations, past and present, and each of them, as well as its and their assignees, successors, directors, officers, shareholders, partners, representatives, attorneys, agents or employees, past or present, or any of them (individually and collectively, “Releasees”), from and with respect to any and all claims, agreements, obligations, demands and causes of action, known or unknown, suspected or unsuspected, arising out of or in any way connected with Executive’s employment or any other relationship with or interest in the Company or the termination thereof, including without limiting the generality of the foregoing, any claim for severance pay, profit sharing, bonus or similar benefit, equity-based awards and/or dividend equivalents thereon, pension, retirement, life insurance, health or medical insurance or any other fringe benefit, or disability, or any other claims, agreements, obligations, demands and causes of action, known or unknown, suspected or 

 

 

unsuspected resulting from any act or omission by or on the part of Releasees committed or omitted prior to the date of this Agreement, including, without limiting the generality of the foregoing, any claim under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the California Fair Employment and Housing Act, or the California Family Rights Act, or any other federal, state or local law, regulation or ordinance (collectively, the “Claims”); provided, however, that the foregoing release does not apply to any obligation of the Company to Executive pursuant to any of the following: (1) this Agreement, (2)  the Change in Control Severance Agreement, dated February 3, 2014 (which shall remain in full force and effect pursuant to its terms), and (3) the Indemnification Agreement, dated February 3, 2014 (which shall remain in full force and effect pursuant to its terms).  In addition, this release does not cover any Claim that cannot be so released as a matter of applicable law.  Executive acknowledges and agrees that he has received any and all leave and other benefits that he has been and is entitled to pursuant to the Family and Medical Leave Act of 1993.

Notwithstanding anything contained above to the contrary, Executive shall not be required to release any rights he has to benefits otherwise due terminated employees under group insurance coverage consistent with the terms of the applicable Company welfare benefit plan; rights under COBRA; rights to receipt of benefits otherwise due him under the Company’s 401(k) plan (if any); rights to be indemnified or to have expenses paid and/or advanced to him in connection with any claims against him as to which he has been (or may be) indemnified by the Company under its charter documents, state corporate or other similar or applicable law, any indemnification agreement or other indemnification arrangement with the Company during his tenure as an officer or director of the Company, or under any Company insurance policy providing such coverage.

4. Acknowledgement of Payment of Wages.  Executive acknowledges that he has received all amounts owed for his regular and usual salary (including, but not limited to, any bonus or other wages), and usual benefits through the date of execution of this Agreement.

5. Waiver of Civil Code Section 1542.  This Agreement is intended to be effective as a general release of and bar to each and every Claim hereinabove specified.  Accordingly, Executive hereby expressly waives any rights and benefits conferred by Section 1542 of the California Civil Code as to the Claims.  Section 1542 of the California Civil Code provides:

“A GENERAL RELEASE DOES NOT EXTEND TO A CLAIM WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

Executive acknowledges that he later may discover claims, demands, causes of action or facts in addition to or different from those which Executive now knows or believes to exist with respect to the subject matter of this Agreement and which, if known or suspected at the time of executing this Agreement, may have materially affected its terms.  Nevertheless, Executive hereby waives, as to the Claims, any claims, demands, and causes of action that might arise as a result of such different or additional claims, demands, causes of action or facts.

6. ADEA Waiver.  Executive expressly acknowledges and agrees that by entering into this Agreement, he is waiving any and all rights or claims that he may have arising under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”), which have arisen on or before the date of execution of this Agreement.  Executive further expressly acknowledges and agrees that:

(a) In return for this Agreement, he will receive consideration beyond that which he was already entitled to receive before entering into this Agreement;

(b) He is hereby advised in writing by this Agreement to consult with an attorney before signing this Agreement;

(c) He was given a copy of this Agreement on August 28, 2015 and informed that he had twenty-one (21) days within which to consider this Agreement and that if he wished to execute this Agreement prior to expiration of such 21-day period, he should execute the Acknowledgement and Waiver attached hereto as Exhibit A-1;

(d) Nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law; and

(e) He was informed that he has seven (7) days following the date of execution of this Agreement in which to revoke this Agreement, and this Agreement will become null and void if Executive elects revocation during that time.  Any revocation must be in writing and must be received by the Company (Attention: General Counsel) during the seven-day revocation period.  In the event that Executive exercises his right of revocation, neither the Company nor Executive will have any obligations under this Agreement, including without limitation the obligations of the Company described in Section 2(b) through 2(e) above to make payments or provide benefits to Executive.  The “Effective Date” of this Agreement shall be the day immediately following the last day of the revocation period described above.

 

 

7. No Transferred Claims.  Executive represents and warrants to the Company that he has not heretofore assigned or transferred to any person not a party to this Agreement any released matter or any part or portion thereof.

8. Miscellaneous.  The following provisions shall apply for purposes of this Agreement:

(a) Number and Gender.  Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders.

(b) Section Headings.  The section headings of, and titles of paragraphs and subparagraphs contained in, this Agreement are for the purpose of convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof.

(c) Governing Law.  This Agreement, and all questions relating to its validity, interpretation, performance and enforcement, as well as the legal relations hereby created between the parties hereto, shall be governed by and construed under, and interpreted and enforced in accordance with, the laws of the State of California, notwithstanding any California or other conflict of law provision to the contrary.

(d) Severability.  If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

(e) Modifications.  This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

(f) Waiver.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

(g) Arbitration.  Any controversy arising out of or relating to this Agreement shall be submitted to arbitration in accordance with the arbitration provisions of the Change in Control Agreement.

(h) Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.  This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.  Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

(i) Entire Agreement.  Except as expressly set forth herein, this Agreement embodies the entire agreement of the parties respecting the matters addressed herein, including the parties’ obligations to each other in connection termination of their employment relationship and following the Termination Date.  This Agreement supersedes all prior and contemporaneous agreements of the parties, including the Offer Letter, that directly or indirectly bear on the subject matter hereof.

(j) Assignment.  In the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement shall be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties and obligations of the Company hereunder.  Executive may not transfer his rights and obligations under this Agreement; provided however that in the event of his death, his heirs shall be entitled to receive any payments and benefits otherwise owed to him hereunder.

(k) Advice of Counsel.  Executive acknowledges that he has been advised by independent counsel in connection with this Agreement, and that he is relying on his own counsel (and not the Company or its counsel) for legal and tax advice in connection with his decision to enter into this Agreement.

[Remainder of page intentionally left blank]

 

 

The undersigned have read and understand the consequences of this Agreement and voluntarily sign it.  The undersigned declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct.

EXECUTED this 3rd day of September 2015, at Orange County, California.

 

	
 
	
 
	
“Executive”
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
/s/ Prasad Rampalli
	
 

	
 
	
 
	
 
	
Prasad Rampalli
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
QLOGIC CORPORATION
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Christine King
	
 

	
 
	
 
	
 
	
Christine King
	
 

	
 
	
 
	
 
	
Executive Chairman
	
 

 

 

 

EXHIBIT A-1

ACKNOWLEDGMENT AND WAIVER

I, Prasad Rampalli, hereby acknowledge that I was given 21 days to consider the foregoing Agreement and voluntarily chose to sign the Agreement prior to the expiration of the 21-day period.

I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct.

EXECUTED this 3rd day of September 2015, at Orange County, California.

 

	
 
	
 
	
/s/ Prasad Rampalli
	
 

	
 
	
 
	
Prasad Rampalli

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