Document:

EXHIBIT 10.1

ANAREN, INC.

NON-STATUTORY STOCK OPTION AGREEMENT
 [For Non-Employee Directors]

          This sets forth the terms of the NON-STATUTORY STOCK OPTION AGREEMENT (“Agreement”), entered into as of ____________ (“Effective Date”), by and between ANAREN, INC. (“Company”) and ______________, a non-employee director of the Company or a Subsidiary (“Optionee”), to document the grant of certain stock options pursuant to the Company’s 2004 Comprehensive Long-Term Incentive Plan.

TERMS

                    1.          Definition of Terms.  For purposes of this Agreement, all defined terms, as indicated by the capitalization of the first letter of such term, shall have the meanings specified in the Anaren, Inc. 2004 Comprehensive Long-Term Incentive Plan (“Plan”) to the extent not specified in this Agreement.

                    2.          Grant of Option.  Pursuant to the Plan and subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants to the Optionee the option to purchase from the Company all or any part of an aggregate of _______ Common Shares, at a purchase price of $_____ per share (which is equal to the Market Value per Share as of the Effective Date).  The Option Rights granted pursuant to this Agreement shall be treated for all purposes as Non-Statutory Stock Options.

                    3.          Expiration Date.  The Option Rights granted pursuant to this Agreement shall expire on the last normal business day of the Company that precedes the tenth anniversary (not later than the tenth anniversary) of the Effective Date, unless sooner terminated or canceled under the provisions of Paragraph 6 below (“Expiration Date”).

                    4.          Vesting of Option Rights.  The Optionee, provided the Optionee has remained in the continuous service of the Company or a Subsidiary from the Effective Date, may exercise the Option Rights granted under this Agreement during the periods described below (subject to Paragraph 6 below), for the acquisition of the number of Common Shares stated.

                    (a)         All or any part of one-third of the number of Common Shares set forth in Paragraph 2 may be purchased at any time from the first anniversary of the Effective Date through the Expiration Date.

                    (b)         All or any part of an additional one-third of the number of Common Shares set forth in Paragraph 2 may be purchased at any time from the second anniversary of the Effective Date through the Expiration Date.

                    (c)         All or any part of an additional one-third of the number of Common Shares set forth in Paragraph 2 may be purchased at any time from the third anniversary of the Effective Date through the Expiration Date.

                    5.          Manner of Exercise.

                    (a)         Option Rights may be exercised on or after the applicable exercise date and prior to the Expiration Date (or earlier termination or cancellation date) at any time, and may be exercised in whole or in part as to the Common Shares then available for purchase.

                    (b)         Option Rights may be exercised only to acquire whole Common Shares.  No fractional shares shall be issued, and an exercise that would otherwise result in the issuance of fractional shares shall be disregarded to the extent of the fraction.

                    (c)         Option Rights shall be exercised by delivery to the Board (or its designee), in person, by  mail, or by other means acceptable to the Board, the following:

                                  (i)          A written notice containing a reference to this Agreement, a statement of the number of Common Shares with respect to which Option Rights are being exercised.

                                  (ii)         Subject to the approval of the Board, cash in an amount equal to the purchase price for such shares, or Common Shares having an aggregate fair market value, as of the date of exercise, equal to such purchase price, or a combination of cash and Common Shares.

                                  (iii)       Such additional documents as the Board may require.

                    6.          Termination of Service.  Following the Optionee’s termination of service as a director of the Company or a Subsidiary, the Optionee may exercise Option Rights granted under this Agreement to the extent provided in the Plan.  For example, in the event of the Optionee’s voluntary resignation, (a) the Optionee’s unvested Option Rights shall be cancelled, and (b) vested Option Rights as of the date of termination shall be exercisable until the earlier of the Expiration Date or the date that is three months following the date of termination.

                    7.          Assignment or Transfer.  Except as otherwise provided under the Plan, Option Rights granted pursuant to this Agreement shall be exercisable only by the Optionee (or the Optionee’s duly appointed guardian or legal representative) during the Optionee’s lifetime and may not be sold, transferred, assigned, pledged, hypothecated or otherwise disposed of in any other way, except by will or the laws of descent and distribution, and shall not be subject to execution, attachment, garnishment or similar process.  All unexercised Option Rights granted under this Agreement shall be canceled automatically upon any such assignment, transfer, attachment, etc.  The foregoing shall not preclude the exercise of Option Rights (for up to 12 months, as provided in the
Plan) after the Optionee’s death.

                    8.          No Right To Continued Service.  This Agreement shall not confer upon the Optionee any right to continued service as a director of the Company or any Subsidiary.

                    9.          No Rights as a Shareholder.  The granting of Option Rights shall not confer upon the Optionee any rights as an owner of Common Shares until the Optionee exercises Option Rights and the Company issues stock certificate(s) to the Optionee.

                    10.         Withholding.  The Company shall have the right to deduct any sums that federal, state or local tax laws require to be withheld from Optionee’s remuneration from the Company upon the grant or exercise of Option Rights.  In the alternative, the Board may require as a condition to either granting Option Rights or issuing Common Shares that the Optionee (or other person exercising Option Rights) pay to the Company for deposit with the appropriate taxing authority, any amounts that federal, state or local tax laws require to be withheld.

                    11.         Notices.  All notices and communications under this Agreement shall be in writing and shall be addressed to the residence of the Optionee and to the principal office of the Company, or such other address as may be designated by the Company or the Optionee.  Notice shall be deemed given upon personal delivery or upon receipt.

                    12.         Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the Company, and the heirs, successors and permitted assigns of the Optionee.

                    13.         Governing Law.  This Agreement shall be construed in accordance with the laws of the State of New York.  The Optionee agrees to accept as binding, conclusive and final all decisions and interpretations of the Board with respect to any questions that may arise under the Plan and this Agreement.

                    14.         Acknowledgments by Optionee.  Optionee acknowledges that he has been advised, and that Optionee understands, that:  

                    (a)         this document constitutes part of a prospectus covering securities that have been or will be registered under the Securities Act of 1933;

                    (b)          the grant of Option Rights and the issuance of any Common Shares pursuant to the exercise of Option Rights may be subject to, or may become subject to, applicable reporting, disclosure and holding period restrictions imposed by Rule 144 under the Securities Act of 1933 (“Rule 144”) and Section 16 of the Securities Exchange Act of 1934 (“Section 16”); and

                    (c)          Common Shares acquired could be subject to Section 16(a) reporting requirements as well as the short swing trading prohibition contained in Section 16(b) which precludes any profit taking with respect to any stock transactions which occur within any six-month period.

The Optionee further acknowledges receipt of a copy of the Plan.

                    The Company has caused this Agreement to be executed by its duly authorized officer, and the Optionee has executed this Agreement, both as of the day and year first written above. 

	
  
ANAREN, INC.
  	
  
 
  	
  
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  Effective   for Grants after July 1, 2005.EX-10.1

June 8, 2006

Betsy Z. Cohen

Dear Ms. Cohen:

As you know, RAIT Investment Trust (the “Company”) and a subsidiary of the Company are
entering into an agreement and plan of merger (the “Merger Agreement”) with Taberna Realty Finance
Trust (“Taberna”) (“the Merger Agreement”), pursuant to which Taberna will become a wholly-owned
subsidiary of the Company as of the closing of the transaction contemplated by the Merger Agreement
(the “Merger”). This letter is being entered into contemporaneously, and in connection, with the
execution of the Merger Agreement, and in acknowledgement that you will benefit from the Merger and
for other good and valuable consideration the receipt of which is hereby acknowledged. You, the
Company and Taberna hereby agree as follows:

You hereby confirm your agreement to, and hereby do, waive the “Good Reason” (as defined in
Section 4(b) of the Employment Agreement) termination provisions under the Employment Agreement
entered into between you and the Company on January 23, 2002 (as the same may have been amended or
modified from time to time, the “Employment Agreement”) as a result of any change in your positions
or duties directly attributable to or directly in connection with the Merger.

Your agreement set forth in the second paragraph of this letter is subject to, and expressly
conditioned upon, the following (i) the consummation of the Merger, and (ii) between the date
hereof and the Effective Time (as defined in the Merger Agreement), you and the Company entering
into an amendment to the Employment Agreement, effective as of the Effective Time, containing terms
and conditions substantially as set forth in Section 6.1(xi) of the Parent Disclosure Letter to the
Merger Agreement (the “Amendment”). You and the Company agree to negotiate the terms and
conditions of the Amendment in reasonable good faith, and the Amendment shall consist of the terms
generally set forth in such Section 6.1(xi) of the Parent Disclosure Letter to the Merger
Agreement. In the event the conditions set forth in clauses (i) and (ii) of the first sentence of
this paragraph do not occur before the date the Merger Agreement terminates for any reason, this
letter shall terminate, and shall be of no force and effect.

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This letter may be executed in counterparts, all of which shall be considered one and the same
document.

To indicate your agreement with the foregoing, please sign your name where indicated below and
return one copy of this letter to the Company to the attention of the undersigned. Keep the other
copy for your records.

RAIT INVESTMENT TRUST

By: /s/ Scott F. Schaeffer 

Name: Scott F. Schaeffer

Title: President and Chief Operating Officer

TABERNA REALTY FINANCE TRUST

By: /s/ Raphael Licht 

Name: Raphael Licht

Title: Chief Administrative Officer

AGREED AND ACCEPTED:

/s/ Betsy Z. Cohen

Betsy Z. Cohen

Dated: June 8, 2006

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