Document:

Form for Non-Employee Trustees Holding Phantom Shares

 Exhibit 10.19 
 FORM FOR NON-EMPLOYEE TRUSTEES HOLDING 
 HOLDING PHANTOM SHARES 
  
 [RAIT FINANCIAL TRUST LETTERHEAD] 
 December __, 2008 
 [Name of Non-Employee Trustee] 
 [Address] 
 Dear_________: 
 The purpose of this letter is to notify you of an amendment to your outstanding grant agreements covering your outstanding phantom shares (collectively, the
“Agreements”) that were granted to you under the RAIT Investment Trust Phantom Share Plan (the “Phantom Plan”) which was recently approved by the Compensation Committee of the RAIT Financial Trust Board of Trustees (the
“Committee”), as well as to amend such Agreements to reflect this change in the terms of your phantom shares. 
 Specifically, the Committee has
approved an amendment to all outstanding grants covering phantom shares under the Phantom Plan to provide that such phantom shares will be redeemed in January 2009 to an equivalent number of shares of beneficial interest, par value $0.01 per share,
of RAIT Financial Trust (the “Shares”). Prior to this amendment, phantom shares did not become redeemed until the recipient separated from service from the Board of Trustees of RAIT Financial Trust. As result of this amendment to the
outstanding phantom shares, all outstanding phantom shares under the Phantom Plan will be subject to the requirements of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), irrespective of whether such phantom
shares were subject to such requirements prior to such amendment. This redemption of the phantom shares in January 2009 is being made in accordance with the transition relief set forth in the Proposed Regulations under Section 409A of the Code
and IRS Notice 2007-86. 
 This letter serves as the amendment to all of your Agreements covering your outstanding phantom shares, and, as of the date of
this letter, all of your outstanding Agreements are hereby amended to provide that the phantom shares subject to such Agreements shall be redeemed in January 2009, as opposed to the original redemption date set forth in your Agreements, to a single
sum payment of an equivalent number of Shares. In addition, your Agreements are also amended to provide that they are intended to comply with the requirements of section 409A of the Code and shall in all respects be administered in accordance with
section 409A of the Code. 
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                * 
 As this letter amends the terms of your Agreements, you
should retain this letter with your Agreements. Should you have any questions regarding this letter, please contact __________ at ________. Should you have any questions about how section 409A of the Code applies to you and your Agreements you
should contact your personal tax advisor. 
 Sincerely,Form for Non-Employee Trustees Holding RSUS Subject to 409A

 Exhibit 10.29 
 FORM FOR NON-EMPLOYEE TRUSTEES HOLDING 
 RSUS SUBJECT TO 409A 
 (NO SUBSEQUENT DEFERRAL ELECTION) 
 [RAIT
FINANCIAL TRUST LETTERHEAD] 
 As of December 15, 2008 
 To Non-Employee Trustees Holding Phantom Units: 
 As you are aware, the phantom units that have been awarded to you as Restricted Units
under the RAIT Financial Trust 2008 Incentive Award Plan (previously known as the RAIT Investment Trust 2005 Equity Compensation Plan) (the “Plan”) are subject to the requirements of section 409A of the Internal Revenue Code of
1986, as amended (the “Code”) because they constitute deferred compensation. As a consequence, in order to comply with the requirements of section 409A of the Code and its corresponding regulations, the terms of the Unit Award
Agreements (collectively, the “Agreements”) covering your currently outstanding Restricted Units (collectively, the “Grants”) must be amended by December 31, 2008 to be in documentary compliance with such
requirements. As a result, the purpose of this letter is to amend the Agreements covering these outstanding Grants so that they will be in compliance with such requirements. 
 Specifically, as of the date of this letter, each Agreement is hereby amended as follows, except to the extent already provided in your Agreement for such Grant (all capitalized terms not defined in this letter, shall
have the meaning set forth in the Agreements): 
  

	 	•	 	 The redemption of Restricted Units to an equivalent number of Common Shares shall occur within thirty (30) days following the designated Redemption Date.

  

	 	•	 	 Since your Agreements provide that dividend equivalents will be paid to you when dividends are declared with respect to the Common Shares, the cash payment for such
dividend equivalents will be paid to you at the same time that the dividends are paid to the shareholders holding Common Shares. 

  

	 	•	 	 If a Change of Control occurs, upon such occurrence, unless the Committee determines otherwise in accordance with the requirements of section 409A of the Code, your
outstanding Restricted Units shall be distributed to you in accordance with the terms of your Agreement. 

  

	 	•	 	 You Agreements are intended to comply with the requirements of section 409A of the Code and shall in all respects be administered in accordance with section 409A of
the Code. Notwithstanding any provision in your Agreements to the contrary, conversion of Restricted Units and payment of dividend equivalents may only be made under the Agreements upon an event and in a manner permitted by section 409A of the Code
or an applicable exemption. Each conversion and payment made under the Agreements shall be treated as a separate conversion and payment for purposes of section 409A of the Code. In no event may you, directly or indirectly, designate the calendar
year of a conversion or payment. 

  

	 	•	 	 In all respects not modified herein, your Agreements are hereby ratified and confirmed. 

 *                        *               
         *                        * 
  

 FORM FOR NON-EMPLOYEE TRUSTEES HOLDING 
 RSUS SUBJECT TO 409A 
 (NO SUBSEQUENT DEFERRAL ELECTION) 
  
 As this letter amends the terms of your Agreements, you should retain this letter with your
Agreements. Should you have any questions regarding this letter, please contact Jack E. Salmon, RAIT’s Chief Financial Officer and Treasurer, at (215) 243-9032. Should you have any questions about how section 409A of the Code applies to
you and your Grants you should contact your personal tax advisor. 
 Sincerely, 
  
  
  
 Jack E. SalmonAmended and Restated Non-Employee Director Stock Incentive Plan

 EXHIBIT 10.9 
 AMENDED AND RESTATED NON-EMPLOYEE DIRECTOR STOCK INCENTIVE PLAN 
 Section 1. PURPOSE OF PLAN

 The purpose of this Non-Employee Director Stock Incentive Plan (this “Plan”) of Tejon Ranch Co., a Delaware corporation (the
“Company”), is to enable the Company to attract, retain and motivate its non-employee directors by providing for or increasing the proprietary interests of such persons in the Company. 
 Section 2. PERSONS ELIGIBLE UNDER PLAN 
 Any person who is a director of the Company and is not a full-time employee of the Company or any of its wholly-owned or majority owned subsidiaries (a “Grantee”) shall be eligible to be considered for the grant of Awards (as
hereinafter defined) under this Plan. For purposes of this Plan directors who work as employees part time or full time on a temporary basis (as determined by the Board of Directors) shall be eligible to be considered for the grant of Awards under
this Plan. 
 Section 3. AWARDS 
 (a) The Board of Directors of the Company (the “Board”) or the Committee (as hereinafter defined) may authorize and direct one or more officers of the Company to enter into, on behalf of the Company, any type of arrangement with a
Grantee that is not inconsistent with the provisions of this Plan and that, by its terms, involves or might involve the issuance of (i) shares of Common Stock, par value $0.50 per share, of the Company (the “Common Shares”) or
(ii) a Derivative Security (as such term is defined in Rule 16a-1 promulgated under the Securities Exchange Act of 1934, as such Rule may be amended from time to time) with an exercise or conversion privilege at a price related to the Common
Shares or with a value derived from the value of the Common Shares. The entering into of any such arrangement is referred to herein as the “grant” of an “Award.” 
 (b) Awards are not restricted to any specified form or structure and may include, without limitation, sales or bonuses of stock, restricted stock, stock options, reload stock options, stock purchase warrants, other
rights to acquire stock, securities convertible into or redeemable for stock, stock appreciation rights, limited stock appreciation rights, phantom stock, dividend equivalents, performance units or performance shares, and an Award may consist of one
such security or benefit, or two or more of them in tandem or in the alternative. 
 (c) Common Shares may be issued pursuant to an Award for any lawful
consideration as determined by the Board or the Committee, including, without limitation, services rendered by the recipient of such Award. 
 (d) The
exercise period for awards granted in the form of options shall be not more than 120 months from the date the option is granted. 
 (e) Awards granted in the
form of options shall provide that neither the option nor any interest therein may be sold, assigned, conveyed, gifted, pledged, hypothecated or otherwise transferred in any manner other than by will or the laws of descent and distribution or any
transfer to a guardian or other personal representative in connection with the disability of the Grantee. 
 (f) Awards granted in the form of options shall
be exercisable at such times and in such amounts as are determined by the Board of Directors or the Committee. 
 (g) Subject to the other specific
provisions of this Plan, the Board or the Committee, in its sole and absolute discretion, shall determine all of the terms and conditions of each Award granted under this Plan, which terms and conditions may include, among other things, a provision
permitting the recipient of such Award, including any recipient who is a director or officer of the Company, to pay the purchase price of the Common Shares or other property issuable pursuant to such Award, or such recipient’s tax withholding
obligation with respect to such issuance, in whole or in part, by any one or more of the following: 
 (i) the delivery of previously owned
shares of capital stock of the Company or other property, 
  

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 (ii) a reduction in the amount of Common Shares or other property otherwise issuable pursuant to such
Award, 
 (iii) the delivery of a promissory note, the terms and conditions of which shall be determined by the Board, and/or 
 (iv) cash in the form of a personal or cashier’s or bank certified check. 
 Section 4. STOCK SUBJECT TO PLAN 
 (a) At any time, the aggregate number of Common
Shares issued and issuable pursuant to all Awards granted under this Plan shall not exceed 200,000 ( the “Share Limitation”), subject to adjustment as provided in Section 7 hereof. 
 (b) For purposes of Section 4(a) hereof, the aggregate number of Common Shares issued and issuable pursuant to Awards granted under this Plan shall at any time be
deemed to be equal to the sum of the following: 
 (i) the number of Common Shares which were issued prior to such time pursuant to Awards
granted under this Plan excluding shares which were reacquired by the Company pursuant to provisions in the Awards with respect to which those shares were issued giving the Company the right to reacquire such shares upon the occurrence of certain
events; plus 
 (ii) the number of Common Shares which are or may be issuable at or after such time pursuant to outstanding Awards granted
under this Plan prior to such time. 
 Section 5. DURATION OF PLAN 
 No Awards shall be granted under this Plan after December 31, 2017. Although Common Shares may be issued after December 31, 2017 pursuant to Awards granted on
or prior to such date, no Common Shares shall be issued under this Plan after December 31, 2027. 
 Section 6. ADMINISTRATION
OF PLAN 
 (a) This Plan shall be administered by the Board or a committee thereof (the “Committee”) consisting of two or more directors.

 (b) Subject to the provisions of this Plan, the Board or the Committee shall be authorized and empowered to do all things necessary or desirable in
connection with the administration of this Plan, including, without limitation, the following: 
 (i) adopt, amend and rescind rules and
regulations relating to this Plan; 
 (ii) determine which persons meet the requirements of Section 2 hereof for eligibility under this
Plan and to which of such eligible persons, if any, Awards shall be granted hereunder; 
 (iii) grant Awards to eligible persons and determine
the terms and conditions thereof, including the number of Common Shares issuable pursuant thereto; 
 (iv) determine whether, and the extent
to which adjustments are required pursuant to Section 7 hereof; and 
 (v) interpret and construe this Plan and the terms and conditions
of any Award granted hereunder. 
 Section 7. ADJUSTMENTS 
 If the outstanding securities of the class then subject to this Plan are increased, decreased or exchanged for or converted into cash, property and/or a different number or kind of shares or securities or cash,
property and/or securities are distributed in respect of such outstanding securities, in either case as a result of a reorganization, merger, consolidation, recapitalization, reclassification, dividend (other than a dividend paid out of earned
surplus), or other distribution, stock dividend, stock split, reverse stock split or the like, or in the event that substantially all of the assets of the Company are sold, then, unless the terms of such transaction or document 

  

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evidencing an Award shall provide otherwise, the Committee may make appropriate and proportionate adjustments in (a) the number and type of shares or
other securities of the Company that may be acquired pursuant to Awards theretofore granted under this Plan and (b) the maximum number and type of shares or other securities of the Company that may be issued pursuant to Awards thereafter
granted under this Plan. 
 Section 8. AMENDMENT AND TERMINATION OF PLAN 
 The Board may amend or terminate this Plan at any time and in any manner. 
 Section 9. EFFECTIVE DATE OF PLAN 
 This amendment and restatement of the Plan shall be effective as of
March 27, 2008, the date upon which it was approved by the Board; provided, however, that no Common Shares may be issued under this Plan until it has been approved by a majority vote of the holders of the outstanding shares of Common Stock of
the Company at a meeting duly held or by written consent in accordance with the laws of the State of Delaware. If an Award granted under this Plan takes the form of an option, it shall be rescinded if such stockholder approval is not obtained within
12 months after the date set forth above upon which this Plan was approved by the Board. 
 Section 10. STOCK EXCHANGE
REQUIREMENTS; APPLICABLE LAWS 
 Notwithstanding anything to the contrary in this Plan, no Common Shares purchased upon exercise of an Award, and no
certificate representing all or any part of such shares, shall be issued or delivered if (a) such shares have not been admitted to listing upon official notice of issuance on each stock exchange upon which shares of that class are then listed
or (b) in the opinion of counsel to the Company, such issuance or delivery would cause the Company to be in violation of or to incur liability under any Federal, state or other securities law, or any requirement of any listing agreement to
which the Company is a party, or any other requirement of law or of any administrative or regulatory body having jurisdiction over the Company. 
  

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