Document:

EX-10.32

 

Exhibit 10.32

OpenTV Corp.

275 Sacramento Street

San Francisco, California 94111-3810

March 30, 2005

Mr. Richard Hornstein

P.O. Box 620957

Woodside, CA 94062

Dear Rich:

     Reference is made to that certain Employment Letter, entered into as of October 20, 2003, by
and between you and OpenTV Corp. (the “Employment Letter”). Capitalized terms used but not
otherwise defined herein have the meanings ascribed to such terms in the Employment Agreement.

     You have advised us of your intention to resign as Chief Financial Officer of OpenTV. As we
have discussed, you have agreed to continue your employment with OpenTV during the period (the
“Transition Period”) from the date hereof until May 15, 2005 (the “Target Date”) or
such earlier date as OpenTV shall determine in its sole discretion, (the earlier of the Target Date
and such earlier date, the “Separation Date”). So long as (i) you do not unilaterally
terminate your employment with OpenTV until the Separation Date, (ii) you continue to reasonably
perform your duties and discharge your responsibilities as Chief Financial Officer of OpenTV
throughout the Transition Period and (iii) your employment is not terminated for “Cause”
(excluding, for this purpose, item (iii) of the “Cause” definition in the Employment Letter) during
the Transition Period, your employment shall be deemed to have been terminated without “Cause” as
of the Separation Date, and in addition to the severance benefits you are entitled to receive under
those circumstances pursuant to the terms of the Employment Letter, you shall be entitled to an
additional payment in the amount of $75,000 (the “Bonus Payment”). The Bonus Payment, less
any required withholding taxes, will be paid to you within two days of the Separation Date. In
addition, should you become entitled to receive the Bonus Payment, the salary continuation and
other benefits you would be entitled to receive pursuant to the Employment Letter would continue
for the entire six-month period referred to therein, regardless of any efforts you make to seek
alternative employment, or whether you obtain alternative employment, during that period, except
for the continuation of health benefits which shall cease if and when you obtain employment
elsewhere during that period. Further, your 2004 incentive bonus in the amount of $38,500, payable
entirely in OpenTV Class A Ordinary Shares, will be paid to you at the same time that 2004 bonus
payments are made to the other members of senior management of OpenTV.

     Other than as expressly provided herein, the Employment Letter shall remain in full force and
effect in accordance with its terms.

     This letter agreement shall be governed by the laws of the State of California.

 

 

     If the foregoing accurately reflects our agreement, please execute and return a counterpart of
this letter agreement.

	 	 	 	 	 
	 	 	OPENTV CORP.
	 
	 	 	 	 
	

	 	By:
	 	/s/ James A. Chiddix
	

	 	 	 	 
	

	 	 	 	Name: James A. Chiddix
	

	 	 	 	Title: Chairman and Chief Executive Officer
	 
	 	 	 	 
	Accepted and Agreed
	 	 	 	 
	as of March 30, 2005
	 	 	 	 
	 
	 	 	 	 
	/s/ Richard Hornstein
	 	 	 	 
	 
	 	 	 	 
	Richard HornsteinEXHIBIT 10.1

 

MMA FINANCIAL, LLC

EMPLOYMENT AGREEMENT

[Melanie M. Lundquist]

     THIS EMPLOYMENT AGREEMENT (this “Agreement”) is effective as of the 31st day of
December, 2004 by and between MMA Financial, LLC, a Delaware limited liability company
(“Employer”) and Melanie M. Lundquist (“Employee”).

     WHEREAS, Employer is engaged in the business of acquiring and providing asset management
services for real estate and debt and equity investments therein, with a particular emphasis on
investments generating tax-exempt income and investments in, or secured by, multi-family
properties, congregate care and assisted living facilities and similar properties;

     WHEREAS, Employee has particular skill, experience and background in investments and asset
management services of the type in which the Employer primarily engages; and

     WHEREAS, Employer and Employee desire to enter into an employment relationship, the terms of
which are to be set forth in this Agreement.

     NOW, THEREFORE, in consideration of the foregoing, the mutual covenants hereinafter set forth,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Employer and Employee hereby agree as follows:

     1. Employment and Duties. Employer agrees to hire Employee, and Employee agrees to be
employed by Employer as Senior Vice President and, effective April 1,
2005, Chief Accounting Officer of Employer on the terms
and conditions provided in this Agreement. Employee shall perform the duties and responsibilities
reasonably determined from time to time by the Chief Executive Officer and/or Chief Financial
Officer of the Employer consistent with the types of duties and responsibilities typically
performed by a person serving as Chief Accounting Officer of businesses similar to that of
Employer. Employee’s primary duty will be to be responsible for all accounting and financial
reporting functions of the Company. Employee agrees to devote her best efforts and full time
attention and skill in performing these duties. Provided that such activity shall not violate any
provision of this Agreement (including the noncompetition provisions of Section 8 below) or
materially interfere with her performance of her duties hereunder, nothing herein shall prohibit
Employee (a) from participating in any other business activities approved in advance by the CEO in
accordance with any terms and conditions of such approval, such approval not to be unreasonably
withheld or delayed, (b) from engaging in charitable, civic, fraternal or trade group activities,
or (c) from investing in other entities or business ventures.

 

 

     2. Compensation. As compensation for performing the services required by this
Agreement, and during the term of this Agreement, Employee shall be compensated as follows:

          (a) Base Compensation. Employer shall pay to Employee a salary (“Base Compensation”)
at the annual rate of Two Hundred Fifty Thousand Dollars ($250,000), through December 31, 2005,
payable in accordance with the general policies and procedures of the Employer for payment of
salaries to executive personnel, but in any event no less frequently than every two weeks, in
substantially equal installments, subject to withholding for applicable federal, state and local
taxes. Employee’s Base Compensation shall increase by Twenty-Five Thousand Dollars ($25,000) on
January 1, 2006. Additional increases in Base Compensation, if any, shall be determined by the
Compensation Committee of the Board of Directors (the “Board”) based on the recommendation of the
CEO and on periodic reviews of Employee’s performance conducted on at least an annual basis.
During the term of this Agreement, Employee’s annual Base Compensation shall not be reduced below
the initial Base Compensation set forth above. Employer and Employee understand and agree that
Employee will not be employed full-time until March 1, 2005 and the initial Base Compensation shall
be pro-rated accordingly. Between the effective date of this Agreement and March 1, 2005, Employee
will be asked to attend meetings and devote time to preparing for her position. The parties agree
that Employer will pay Employee a mutually agreed upon hourly fee for these activities to be
determined immediately after execution of the Agreement. Notwithstanding the provisions of Section
3 of this Agreement, Employee will not be entitled to receive Employer benefits until March 1,
2005.

          (b) Incentive Compensation.

               (i) In addition to Base Compensation, Employee shall be eligible to receive additional
compensation (“Incentive Compensation”), pursuant to such Incentive Compensation Plan as may from
time to time be adopted by the Employer. The Plan will provide that Employee is eligible to
receive an annual bonus payable in cash, unrestricted shares or restricted shares of up to between
Seventy-Five Thousand Dollars ($75,000) and One Hundred Twenty-Five Thousand Dollars ($125,000)
during the first year of this Agreement based on meeting goals for fiscal year 2005, and up to
between Seventy-Five Thousand Dollars ($75,000) and One Hundred Fifty Thousand Dollars ($150,000)
during the second year of this Agreement based on meeting goals for fiscal year 2006. The amount
of the bonus will be based on a formula tied to the Employee’s performance and Employer’s
company-wide performance. Such performance will be measured by Company and individual goals and
objectives agreed to as part of the Company’s annual planning process. The formula will be
initially determined (and may be modified from time to time) by the Compensation Committee on the
recommendation of the CEO; provided, however, that the formula will have criteria and metrics that
are substantially similar to that used to calculate incentive compensation for the Employer’s other
senior executives.

               (ii) Incentive Compensation may at the election of the Compensation Committee take the form of
cash or the stock of Municipal Mortgage & Equity, LLC (the “Company”) and, to the extent it
consists of stock, may be awarded under the Employer’s Share Incentive Plan as in effect from time
to time. Employee acknowledges that the formula set forth in the Incentive Compensation Plan may
vary for each employee who participates therein. Incentive Compensation for any given fiscal year
shall be determined no later than 60 days after the end of

 

 

Employer’s fiscal year and paid no later than 75 days after the close of the fiscal year. Except
as otherwise specifically provided herein, if Employee shall be employed for only a portion of a
fiscal year for which Employee is eligible for Incentive Compensation, no Incentive Compensation
shall be payable.

          (c) Signing Incentive. In addition to the foregoing, Employer shall issue to
Employee, as a signing incentive, the number of common shares of the Company having a total value
of Five Hundred Thousand Dollars ($500,000) based on the closing price of the Company’s shares
valued as of December 31, 2004.
The shares will be issued in two equal installments i) within five (5) business days after the
Effective Date (as defined in Section 6) and ii) on January 9, 2006. Notwithstanding the
foregoing, and except as provided in Section 7, no undisbursed installment shall be issued if
Employee resigns voluntarily without good reason or Employer terminates the Employee with cause on
or before the scheduled issuance date of such installment.

     3. Employee Benefits.

          During the term of this Agreement, Employee and her eligible dependents shall have the right
to participate in any retirement, pension, insurance, health or other benefit plan or program
adopted by Employer (or in which Employer participates) to the same extent as any other officer of
the Employer, subject, in the case of a plan or program, to all of the terms and conditions
thereof, and to any limitations imposed by law. To the extent that Employee has similar benefits
under a plan or program established by any other entity, Employee shall nonetheless have the right
to the benefits provided by Employer’s plan or program; provided, however, that where by the terms
of any plan or program, or under applicable law, Employee may only participate in one such plan or
program, Employee shall have the option to limit her participation to the plan or program sponsored
by Employer, or to such other plan or program. Employee shall have the right, to the extent
permitted under any applicable law, to participate concurrently in plans or programs sponsored by
others (including self-employment plans or programs) and in plans or programs sponsored by
Employer.

     4. Vacation, Sickness and Leaves of Absence. Employee shall be entitled to the normal
and customary amount of paid vacation provided to officers of Employer, but in no event less than
five (5) weeks during each fiscal year. Employee shall provide Employer with reasonable notice of
anticipated vacation dates. Any vacation days that are not taken in a given fiscal year shall
accrue and carryover from year to year, and, upon any termination of this Agreement for any reason
whatsoever, all accrued and unused vacation time will be paid to Employee within 10 days of such
termination based on her annual rate of Base Compensation in effect on the date of such
termination; provided, however, that no more than ten (10) days of accrued vacation may be carried
over at any time. In addition, Employee shall be entitled to such sick leave and holidays, with
pay, as Employer provides to other officers. Up to ten (10) days of unused sick leave shall be
carried forward or compensated upon termination of employment. Employee may also be granted leaves
of absence with or without pay for such valid and legitimate reasons as the Board on recommendation
from the CEO, in its sole and absolute discretion, may determine. Notwithstanding anything in this
Agreement that may be to the contrary, nothing in this Agreement shall be interpreted or applied in
derogation, or as a waiver, of any rights Employee may have under applicable laws, including
without limitation, the Americans with Disabilities Act and the Family and Medical Leave Act.

 

 

     5. Expenses. Employee shall be entitled to receive, within a reasonable period of
time after she has delivered to the Employer an itemized statement thereof, and after presentation
of such invoices or similar records as the Employer may reasonably require, reimbursement for all
necessary and reasonable expenses incurred by her in connection with the performance of his duties.

     6. Term. The initial term of this Agreement shall be for two years (2) years (the
“Initial Term”), commencing on December 31, 2004 (the “Effective Date”) and ending on December 30,
2006. This Agreement shall automatically renew for successive one-year periods after the end of
the Initial Term, unless at least thirty days prior to the commencement of any such extension
period either party shall give the other party written notice of its intention to terminate this
Agreement. This Agreement may also be terminated at the times and under the circumstances set
forth in section 7 below. The term of this Agreement in effect at any given time is herein
referred to as the “Term”. Any termination of this Agreement shall be subject to Section 8 below.

     7. Termination and Termination Benefits.

          (a) Termination by Employer.

               (i) Without Cause. Employer may terminate this Agreement and Employee’s employment at
any time by giving at least ninety (90) days prior written notice to Employee, during which period
Employer shall have the option to require Employee to continue to perform her duties under this
Agreement. Employee shall be paid her Base Compensation and all other benefits to which she is
entitled under this Agreement up through the effective date of termination, plus a proportionate
share of Incentive Compensation for the year in which the termination occurs, based on the ratio
which the number of calendar months (including any partial months) worked bears to twelve (12) (the
“Proportionate Share”). In addition, Employee shall become fully vested in any and all outstanding
deferred share awards, share options or other type of award made to Employee but not yet vested at
the time of such termination under the Employer’s Share Incentive Plans. This includes undisbursed
installments of restricted shares issued as the Signing Incentive.

               (ii) With Cause. Employer, in its discretion, may terminate this Agreement with cause
upon ten (10) days prior written notice to Employee. In such event, Employee shall be paid her
Base Compensation and all other benefits to which she is entitled under this Agreement up through
the effective date of termination. For purposes of this Section, termination for cause shall mean
(A) acts or omissions by the Employee with respect to the Employer which constitute intentional
misconduct or a knowing violation of law; (B) receipt by the Employee of money, property or
services from the Employer or from another person dealing with Employer in violation of law or this
Agreement, (C) breach by Employee of the noncompetition provisions of this Agreement, (D) breach by
the Employee of his duty of loyalty to the Employer, (E) gross negligence by the Employee in the
performance of her duties, (F) repeated failure by the Employee to perform services that have been
reasonably requested of her by the CEO or Board, following thirty (30) days notice and opportunity
to cure and if such requests are consistent with this Agreement, (G) violation of Employer’s
policies with respect to alcohol or drug use or abuse

 

 

which could under those policies result in an employee’s termination, or (H) conviction of a crime
(other than minor traffic violations).

               (iii) Disability. If due to illness, physical or mental disability, or other
incapacity, Employee shall fail to perform the duties required by this Agreement, Employer may
terminate this Agreement upon 30 days written notice to Employee. In such event, Employee shall be
paid her Base Compensation and receive all benefits owing to her under this Agreement through the
effective date of termination and shall receive her Proportionate Share of Incentive Compensation
for the year in which the termination occurs. In addition, Employee shall become fully vested in
any and all outstanding deferred share awards, share options or other type of award made to
Employee but not yet vested at the time of such termination under the Employer’s Share Incentive
Plans. This includes undisbursed installments of restricted shares issued as the Signing Incentive.
Employee shall be considered disabled under this paragraph if she is unable to work due to
disability for a total of 120 or more business days during any 12-month period. Nothing in this
paragraph shall be construed to limit Employee’s rights to the benefits of any disability insurance
policy provided by Employer and this Section shall not be construed as varying the terms of any
such policy in any manner adverse to Employee.

          (b) Termination by Employee. Employee may terminate this Agreement for good reason by
giving at least 30 days prior written notice to Employer. In such event, Employee shall be paid her
Base Compensation and shall receive all benefits through the date of termination. In addition,
Employee shall become fully vested in any and all outstanding deferred share awards, share options
or other type of award made to Employee but not yet vested at the time of such termination under
the Employer’s Share Incentive Plans. This includes undisbursed installments of restricted shares
issued as the Signing Incentive. Employee shall have “good reason” to terminate her employment if
(i) her Base Compensation, as in effect at any given time, shall be reduced without her consent,
(ii) Employer shall fail to provide any of the material payments or benefits provided for under
this Agreement, (iii) Employer shall, without Employee’s consent, materially reduce or alter
Employee’s duties as Senior Vice President and Chief Accounting Officer having the general
responsibility of overseeing and being responsible for the Company’s accounting and financial
reporting function, (iv) Employee is requested or required to take any action which would be a
violation of federal, state or local criminal law, or (v) in the case of the transfer of all or
substantially all of the business or assets of Employer, whether directly or indirectly, by
purchase, merger, consolidation or otherwise, to a successor, Employer is unable to obtain an
agreement by the successor expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Employer would be required to perform if no succession had
taken place. With respect to clause (iii), a material reduction or alteration of Employee’s duties
shall include changing Employee’s position (including but not limited to status, offices, titles,
authority, duties and responsibilities) so that it is not at least commensurate in all material
respects with the most significant of those held, exercised, and assigned immediately prior to the
Change in Control; a change in Employee’s primary work location from the location immediately prior
to the Change in Control; or requiring Employee to travel on Employer business to a substantially
greater extent than was required on the date that is six months prior to the occurrence of a Change
in Control (except for travel and temporary assignments that are reasonably required for the full
discharge of Employee’s responsibilities and that are consistent with the Employee’s being based at
her primary work location). Employee shall be deemed to have consented to any change described in
clause (iii)

 

 

if such consent is either expressly given or if no objection to any change in duties is given in
writing within sixty (60) days of such change being implemented.

          (c) Termination Compensation.

               (i) Termination Without Cause or for Good Reason. In the event of a termination of
this Agreement prior to the end of the Term, pursuant to Section 7(a)(i), 7(a)(iii) or 7(b),
Employer, in addition to the Base Compensation, benefits and Incentive Compensation (if any)
payable as provided in such sections, shall pay to Employee additional compensation (“Termination
Compensation”) as follows. If the termination does not follow a Change in Control (as defined in
subparagraph (ii) below), Termination Compensation shall be equal to the greater of (a) twelve (12)
months Base Compensation or (b) the Base Compensation that Employee would have received during the
remaining Term of this Agreement. Termination Compensation shall be paid in four equal quarterly
payments beginning on the first day of the first calendar month following the termination date,
unless Employer elects to make such payments sooner. Such Termination Compensation shall be in
addition to all other compensation and benefits to which Employee is entitled for termination
relating to a Change of Control under Section 7(c)(ii) below.

               (ii) The acquisition of voting control of the Employer by any one or more persons or entities
who are directly, or indirectly through one or more intermediaries, under common control, or who
are related to each other within the meaning of Sections 267 and 707(b) of the Internal Revenue
Code, shall be deemed a “Change in Control.” In the event of termination of this Agreement by
Employer without cause or by Employee for good reason, within eighteen months of a Change in
Control, Termination Compensation shall be equal to two (2) years Base Compensation, payable in a
lump sum on the effective date of termination. In addition, Employee shall become fully vested in
any and all outstanding deferred share awards, share options, or other type of award made to
Employee but not yet vested at the time of such termination under the Employer’s Share Incentive
Plans. Such Termination Compensation shall be in addition to all other compensation and benefits to
which Employee is entitled for termination under this Section 7 and shall be payable even in the
event of termination as of the end of the Term.

          (d) Death Benefit. Notwithstanding any other provision of this Agreement, this
Agreement shall terminate on the date of Employee’s death. In such event, Employee’s estate shall
be paid two (2) years’ Base Compensation as follows: to the extent of any insurance carried by
Employer on Employee’s life, the death benefit shall be payable in a lump sum within five (5)
business days’ of Employer’s receipt of the insurance proceeds; any portion of the death benefit
not covered by insurance shall be paid in eight equal installments payable on the first day of each
calendar quarter following Employee’s death. Employer shall carry as much life insurance on
Employee’s life as the Board on recommendation of the CEO may from time to time determine. In
addition, upon Employee’s death, all outstanding deferred share awards, share options or other type
of award made to Employee but not yet vested at the time of death under the options or other type
of award made to Employee but not yet vested at the time of death under the Employer’s Share
Incentive Plans (including undisbursed installments of restricted shares issued as the Signing
Incentive) shall be considered vested and paid out to the Employee’s estate.

 

 

     8. Covenant Not to Compete.

          (a) Non-competition. From and after the Effective Date and continuing for the longer
of (i) 12 months following the expiration or termination of this Agreement or (ii) the remainder of
the Term of this Agreement, Employee shall not without the prior written consent of the Board (w)
become employed by, or undertake to work for, directly or indirectly, whether as an advisor,
principal, agent, partner, officer, director, employee, shareholder, associate or consultant of or
to, any person, partnership, corporation or other business entity which is a Major Competitor of
Employer in the business of offering, promoting or syndicating to any person, including
developers, investors, or project sponsors, low income housing tax credits under Section 42 of the
Internal Revenue Code or the business of offering, promoting or providing financing for multifamily
properties to any person, including the developers, sponsors and owners of such properties, (x)
solicit any employee of Employer to change employment or (y) solicit for the purpose of offering,
providing or syndicating low-income housing tax credits or offering or providing multifamily debt
financing, any client, customer or investor of Employer or any of its subsidiaries which closed (in
any capacity) a tax credit or debt financing transaction with Employer or any of its subsidiaries
during the thirty-six (36) months preceding Employee’s termination, or (z) disclose proprietary or
confidential information of the Employer or its subsidiaries, including without limitation, tax,
deal structuring, pricing, customer, client, revenue, expense, or other similar information;
provided, however, if Employer terminates Employee without cause under Section 7(a)(i) of this
Agreement, or the Employee resigns for good reason under Section 7(b), clause (w) of this paragraph
(a) shall not apply. As used herein “Major Competitor” shall mean Charter Mac and its Affiliates,
GMAC and its Affiliates, and any other person or entity whose primary business lines include
providing multifamily debt financing or low-income housing tax credit equity to the developers,
sponsors and owners of such properties, unless the net worth of such person or entity (if privately
held) or the market capitalization of such company (if publicly held) is less than $200 Million.

          (b) Reasonable Restrictions. Employee acknowledges that the restrictions of
subparagraph (a) above are reasonable, fair and equitable in scope, term and duration, are
necessary to protect the legitimate business interests of the Employer, and are a material
inducement to the Employer to enter into this Agreement. Employer and Employee both agree that in
the event a court shall determine any portion of the restrictions in subparagraph (a) are not
reasonable, the court may change such restrictions, including without limitation the geographical
restrictions and the duration restrictions, to reflect a restriction that the court will enforce as
reasonable.

          (c) Specific Performance. Employee acknowledges that the obligations undertaken by
her pursuant to this Agreement are unique and that if Employee shall fail to abide by any of the
restrictions set forth in subparagraph (a), Employer will suffer harm for which there is no
adequate remedy at law. Employee therefore confirms that Employer shall have the right, in the
event of a violation of subparagraph (a), to injunctive relief to enforce the terms of this Section
8 in addition to any other remedies available at law or in equity.

     9. Indemnification and Liability Insurance. Employer hereby agrees to defend,
indemnify and hold Employee harmless, to the maximum extent allowed by law, from any and all
liability for acts or omissions of Employee performed in the course of Employee’s employment (or

 

 

reasonably believed by Employee to be within the scope of his employment) provided that such acts
or omissions do not constitute (a) criminal conduct, (b) willful misconduct, or (c) a fraud upon,
or breach of Employee’s duty of loyalty to, the Employer. Employer shall at all times carry
Directors’ and Officers’ liability insurance in commercially reasonable amounts, but in any event
not less than Five Million Dollars ($5,000,000).

     10. Miscellaneous.

          (a) Complete Agreement. This Agreement constitutes the entire agreement among the
parties with respect to the matters set forth herein and supersedes all prior understandings and
agreements between the parties as to such matters. No amendments or modifications shall be binding
unless set forth in writing and signed by both parties.

          (b) Successors and Assigns. Neither party may assign its rights or interest under
this Agreement without the prior written consent of the other party, except that Employer’s
interest in this Agreement may be assigned to a successor by operation of law or to a purchaser
purchasing substantially all of Employer’s business, and Employee’s benefits under this Agreement
may be assigned by operation of law to Employee’s heirs, devisees and personal representatives.
This Agreement shall be binding upon and shall inure to the benefit of each of the parties and
their respective permitted successors and assigns.

          (c) Severability. Each provision of this Agreement is severable, such that if any
part of this Agreement shall be deemed invalid or unenforceable, the balance of this Agreement
shall be enforced so as to give effect as to the intent of the parties.

          (d) Representations of Employer. Employer represents and warrants to Employee that it
has the requisite limited liability company power to enter into this Agreement and perform the
terms hereof and that the execution, delivery and performance of this Agreement have been duly
authorized by all appropriate company action.

          (e) Construction. This Agreement shall be governed in all respects by the internal
laws of the State of Maryland (excluding reference to principles of conflicts of law). As used
herein, the singular shall include the plural, the plural shall include the singular, and the use
of any pronoun shall be construed to refer to the masculine, feminine or neuter, all as the context
may require. Notwithstanding anything in this Agreement that may be to the contrary, nothing in
this Agreement shall be interpreted or applied in derogation, or as a waiver, of any rights
Employee may have under applicable laws, including without limitation, the Americans with
Disabilities Act and the Family and Medical Leave Act.

          (f) Notices. All notices required or permitted under this Agreement shall be in
writing and shall be deemed given on the date sent if delivered by hand or by facsimile, and on the
next business day if sent by overnight courier or by United States mail, postage prepaid, to each
party at the following address (or at such other address as a party may specify by notice under
this section):

 

 

          If to Employer:

	 	 	 
	

	 	MMA Financial, LLC
	

	 	621 East Pratt Street
	

	 	Suite 300
	

	 	Baltimore, Maryland 21202
	

	 	Attention: Chief Executive Officer

          If to Employee:

	 	 	 
	

	 	Melanie M. Lundquist

5909 Davis Road

Woodbine, Maryland 21797

          (g) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original and all of which together shall constitute one instrument.

[Signature Page Follows]

 

 

     IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this
Agreement as of the date and year first above written.

WITNESS:                                                                        
       EMPLOYER:

          
           
           
              
           
          
            
            
 MMA Financial, LLC

			
	/s/ Janet McHugh	By: /s/ Michael L. Falcone	 

			
	
	 	

Name:    Michael L.
Falcone

Title:      CEO
and President

 

          
           
           
              
           
          
            
            
  EMPLOYER:

			
	/s/ Allyson K. Gallup	/s/ Melanie M. Lundquist	 

			
	
	 	

Melanie M.
Lundquist

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