Document:

Form of Letter Agreement for Officers, Directors and Existing Holders

 Exhibit 10.11 
 [Form of Letter Agreement for Officers, Directors and Existing Holders 
 of RAI Acquisition Corp.] 

[            ], 2008 
 RAI Acquisition Corp. 
 One Crescent Drive, Suite 203 
 Navy Yard Corporate Center 
 Philadelphia, PA 19112 
 J.P. Morgan Securities Inc. 
 As Representative of the several Underwriters 
 277 Park Avenue, 8th Floor 
 New York, New York 10172 
  

			
	Re:	  	Initial Public Offering of RAI Acquisition Corp.

 Ladies and Gentlemen: 
 This letter is being delivered to you in accordance with the Underwriting Agreement dated as of [            ], 2008 (the “Underwriting
Agreement”), by and between RAI Acquisition Corp., a Delaware corporation (the “Company”), and J.P. Morgan Securities Inc. (“JPMorgan”), as representative of the underwriters named in Schedule I thereto
(the “Underwriters”), relating to an underwritten initial public offering (the “Initial Public Offering”) of the Company’s units (the “Units”), each consisting of one share of the
Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one warrant (a “Warrant”) entitling the holder thereof to purchase one share of Common Stock. 
 In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Initial Public Offering, and in
recognition of the benefit that such Initial Public Offering will confer upon the undersigned as an officer, director and/or stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned hereby agrees with the Company as follows: 
 1. Approval of Business Combination. The undersigned agrees
that in connection with any vote of the stockholders of the Company on a proposed Business Combination (as defined in the Company’s Amended and Restated Certificate of Incorporation in effect on the date hereof (the “Certificate of
Incorporation”)) and the related amendment to the Certificate of Incorporation providing for the Company’s perpetual existence following the consummation of the Business Combination, it will vote (i) all of the shares of Common
Stock of the Company acquired by it prior to the Initial Public Offering (the “Founders’ Shares”) in accordance with the majority of votes cast by the holders of shares of Common Stock included in the Units issued in the
Initial Public Offering (the “IPO Shares”) and (ii) to the extent the undersigned is an officer or director, all other shares of the Company’s Common Stock that may be acquired in or following completion of the Initial
Public Offering in favor of such proposed Business Combination and such amendment to the Certificate of Incorporation. 

 2. Liquidation; Waiver of Claims. (a) In the event that the Company fails to consummate a
Business Combination within 24 months from the completion of the Initial Public Offering, the undersigned will take all reasonable actions within his power to (i) cause the Trust Account (as defined in the Certificate of Incorporation) to be
liquidated and the proceeds distributed to the holders of the IPO Shares as soon as reasonably practicable and (ii) cause the Company to liquidate as soon as reasonably practicable (the earliest date on which the conditions in clauses
(i) and (ii) are both satisfied being the “Liquidation Date”), in each case in accordance with the terms of the Certificate of Incorporation and all applicable laws. 
 (b) The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distributions as a result of such liquidation of
the Company with respect to its Founders’ Shares. In addition, the undersigned hereby waives any right, title, interest or claim of any kind in respect of any monies in the Trust Account (as defined in the Certificate of Incorporation) the
undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse or make any claim against the Trust Account for any reason whatsoever; provided that the foregoing
waiver shall not apply (i) to the extent the undersigned is entitled to be indemnified by the Company pursuant to the Certificate of Incorporation, the bylaws of the Company or applicable law or pursuant to any indemnity agreement entered into
with the Company or (ii) in respect of any rights or claims the undersigned may have as a result of holding IPO Shares. 
 3.
Business Combination Opportunities. To the extent the undersigned is an officer or director of the Company or an employee of Resource America, Inc., in order to minimize potential conflicts of interest that may arise from multiple
affiliations, the undersigned agrees, until the earliest of (i) the consummation of a Business Combination, (ii) 24 months from the completion of the Initial Public Offering or (iii) such time as the undersigned ceases to be an
officer or director of the Company, to present to the Company for consideration, prior to presentation to any other entity, any Business Combination opportunity that involves an initially targeted financial services business (as defined in the
Registration Statement in Form S-1 relating to the Initial Public Offering (the “Registration Statement”)), other than a business the majority of whose assets or (if an asset manager) the majority of whose assets under management,
consist of equipment lease, equipment finance or related investments. 
 4. Execution of a Stock Escrow Agreement. To the extent the
undersigned is an officer or director, the undersigned hereby agrees to execute simultaneously with the execution of the Underwriting Agreement a stock escrow agreement among the Founders (as defined in the Underwriting Agreement), the Company and
American Stock Transfer & Trust Company (the “Stock Escrow Agreement”), pursuant to which the undersigned agrees to deposit its Founders’ Shares until this end of the Escrow Period (as defined below), provided,
however, that at the end of the 30-day period in which the Underwriters may exercise their over-allotment option to purchase an additional 3,750,000 Units of the Company, the Company shall give the escrow agent notice with respect to the amount,
if any, of the over-allotment that was exercised by the Underwriters and, upon such notice, the undersigned agrees that the escrow agent shall return to the Company for cancellation, for a price of $0.0035 per share, such number of Founders’
Shares 

 
as directed by the Company in writing, such that the aggregate number of Founders’ Shares after the Initial Public Offering will be equal to 20% of the
outstanding Common Stock of the Company. 
 “Escrow Period” means the period ending one year after the date of the
completion of a Business Combination or earlier if, after the Business Combination, the closing price of the Common Stock equals or exceeds $14.25 per share for any 20 trading days within any 30-trading day period or the Company consummates a
subsequent liquidation, merger, share exchange or other similar transaction which results in all of its stockholders having the right to exchange their shares of Common Stock for cash, securities or other property. 
 5. Transfer Restrictions. To the extent the undersigned is an officer or director, the undersigned will not assign, alienate, pledge, attach, sell
or otherwise transfer or encumber, or enter into an agreement to do any of the foregoing (each, a “transfer”), directly or indirectly, any Founders’ Shares, other than to a Permitted Transferee (as defined below) until the end
of the Escrow Period. However, if (i) during the last 17 days of the Escrow Period, the Company issues material news or a material event relating to the Company occurs or (ii) before the expiration of the Escrow Period, the Company announces that
material news or a material event will occur during the 16-day period beginning on the last day of the Escrow Period, such transfer restrictions will be extended for up to 18 days beginning on the issuance of the material news or the occurrence of
the material event. Any transfers of such securities to a Permitted Transferee will be made in accordance with applicable securities laws. Any transfer of securities pursuant to this Paragraph 5 after the date hereof shall be subject to the
condition that the Permitted Transferee shall have agreed in writing to be bound by the terms of Paragraphs 1, 2, 4, 5 and 8 hereof and to become a party to the Stock Escrow Agreement. 
 “Permitted Transferee” means (i) the Company’s officers or directors or any affiliates or family members of any of its
officers or directors; (ii) a member of an existing holder’s immediate family or a trust (the beneficiary of which is a member of the existing holder’s immediate family, an affiliate of the existing holder or a charitable
organization) or a charitable organization, who in each case receives such Founders’ Shares as a gift; (iii) any person who receives such Founders’ Shares by virtue of the laws of descent and distribution upon death of the existing
holder; or (iv) any person who receives such Founders’ Shares pursuant to a qualified domestic relations order. 
 6. Limitation
on Compensation. (a) Neither the undersigned nor any affiliate of the undersigned has been or will be entitled to receive, and no such person has accepted or will accept, a finder’s fee, consulting fee or any other compensation from
the Company for all services rendered in any capacity to the Company prior to or in connection with the consummation of a Business Combination, other than reimbursement for out-of-pocket expenses incurred in connection with activities on behalf of
the Company and subject to approval of the Company’s board of directors. 
 (b) Neither the undersigned nor any affiliate of the
undersigned will accept a finder’s fee, consulting fee or any other compensation or fees from any other entity in connection with a Business Combination, other than compensation or fees that may be received for any services provided following
such Business Combination. 
 7. Representations and Warranties. The undersigned represents and warrants that: 
 (a) Except as described in the Registration Statement, there are no claims, payments, arrangements, contracts, agreements or understandings relating to
the payment of a brokerage commission or finder’s, consulting, origination or similar fee by the undersigned with respect to 

 
the sale of the securities pursuant to the Underwriting Agreement or any other arrangements, agreements or understandings by the undersigned that may affect
the Underwriters’ compensation pursuant to the Underwriting Agreement; 
 (b) He is not subject to, or a respondent in any legal action
for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; 
 (c) He has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction or
handling of funds of another person or (iii) pertaining to any dealings in any securities and is not currently a defendant in any such criminal proceeding; 
 (d) He has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registrations denied, suspended or revoked;

 (e) He has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement and to serve as
a of the Company; 
 (f) He is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated under the
Securities Act; 
 (g) To the extent he is an officer or director, his biographical information furnished to the Company and attached hereto
as Exhibit A is true and accurate in all material respects, does not omit any material information with respect to the undersigned’s background and contains all of the material information required to be disclosed pursuant to
Section 401 of Regulation S-K, promulgated under the Securities Act; and 
 (h) To the extent he is an officer or director, his FINRA
questionnaire furnished to the Company and the Underwriters and attached hereto as Exhibit B is true and accurate in all material respects. 
 8. The undersigned agrees to be the                      of the Company until the earlier of the consummation by the Company of a Business
Combination or the liquidation of the Company; provided, however, that nothing herein shall be construed as providing a right of the undersigned to maintain any position if removed by proper corporate action. 
 9. To the extent the undersigned is an officer or director, the undersigned agrees that he will not propose any amendment to Articles III, V or VI of the
Certificate of Incorporation or support, endorse or recommend any proposal that stockholders amend such provisions, other than in connection with a proposed Business Combination or an amendment the approval of which requires the affirmative vote of
at least 95% of the outstanding shares of Common Stock. 
 The undersigned acknowledges and understands that the Company and the Underwriters
will rely upon the agreements, representations and warranties set forth herein in proceeding with the Initial Public Offering. Nothing contained herein shall be deemed to render the Underwriters representatives of, or fiduciaries with respect to,
the Company, its stockholders, or any creditor or vendor of the Company with respect to the subject matter hereof. 

 This letter agreement shall be binding on the undersigned and such person’s successors and assigns.
This letter agreement shall terminate on the earlier of (i) the consummation of a Business Combination and (ii) the Liquidation Date; provided that such termination shall not relieve the undersigned from liability for any breach of
this letter agreement prior to its termination, and provided further that paragraph 2 of this letter agreement shall survive a termination pursuant to clause (ii), paragraph 5 of this letter agreement shall survive until the end of the Escrow
Period, and paragraph 6 of this letter agreement shall survive any termination of this letter agreement. 
 This letter agreement constitutes
the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings (whether written or oral) between the parties relating to such subject matter. None of the
parties shall be liable or bound to any other party in any manner by any representations and warranties or covenants relating to such subject matter except as specifically set forth herein. 
 This letter agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to the
principles of conflicts of laws thereof. 
 No term or provision of this letter agreement may be amended, changed, waived, altered or
modified except by written instrument executed and delivered by the party against whom such amendment, change, waiver, alteration or modification is to be enforced. 
 [Remainder of Page Intentionally Left Blank] 

			
	  

	Name:	 	
	Title:	 	
	
	Accepted and agreed: 
	
	RAI ACQUISITION CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	J.P. Morgan Securities Inc. 
		
	By:	 	  

	Title:	 	

 [Signature Page to RAI Acquisition Corp. Insider Letter] 

 Exhibit A 
 [Biographical Information Furnished to the Company] 

 Exhibit B 
 [Questionnaires Furnished to the Company and the Underwriters]Form of Stock Purchase Agreement

 Exhibit 10.12 
 STOCK PURCHASE AGREEMENT 
 This Stock Purchase Agreement (this “Agreement”), dated
as of March     , 2008, is made and entered into by and between Resource America, Inc., a Delaware corporation (“Resource”) and the individuals listed on Exhibits A 1-3 (each, a “Buyer” and,
together, the “Buyers”). Certain capitalized terms are defined in Article I of this Agreement. 
 RECITALS:

 WHEREAS, on December 28, 2007, Resource purchased 4,312,500 shares of Common Stock, par value $0.0001 per share, of the
Company (the “Shares”) from RAI Acquisition Corp., a Delaware corporation (the “Company”) pursuant to the Stock Purchase Agreement, dated December 28, 2007, by and among the Company, Resource and the Buyers set
forth on the exhibits thereto (the “Stock Purchase Agreement”), the terms of which are hereby incorporated herein. All capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Stock Purchase
Agreement; and 
 WHEREAS, the Buyers wish to purchase from Resource an aggregate of 150,000 Shares in the respective amounts set
forth opposite such Buyer’s name on Schedule A hereto; and 
 WHEREAS, each of the Buyers wishes to purchase the Shares from
Resource and Resource wishes to sell to the Shares to the Buyers on the terms and subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the
parties hereto agree as follows: 
 ARTICLE I 
 PURCHASE OF SHARES 
 Section 1.1. Purchase and Sale of Shares. Subject to the
terms and conditions hereof and in reliance upon the representations and warranties of the parties contained or incorporated by reference herein, simultaneous with the execution hereof, Resource shall sell and deliver to the Buyers, and the Buyers
shall purchase from Resource, the number of Shares set forth opposite their respective names, in consideration of the payment of the Purchase Price set forth in Section 1.2 hereof. 
 Section 1.2. Purchase Price. As payment in full for the Shares and against delivery of the certificates therefor, simultaneous with
the execution hereof, the Buyers shall pay to Resource, the respective amounts set forth opposite each Buyer’s name on Schedule A hereto, by wire transfer or by such other method as may be reasonably acceptable to Resource (the
“Purchase Price”). 

 Section 1.3. Closing. The closing of the purchase and sale of the Shares (the
“Closing”) shall be held on the date of this Agreement (“Closing Date”) at the offices of Ledgewood, 1900 Market Street, Suite 750, Philadelphia, PA 19103, or such other place as may be agreed upon by the parties
hereto. 
 Section 1.4. Closing Deliveries. At the Closing, each party shall execute and deliver this Agreement and such
other appropriate and customary documents as the other parties reasonably may request for the purpose of consummating the transactions contemplated by this Agreement. All actions taken at the Closing shall be deemed to have been taken
simultaneously. 
 (a) Buyer Deliveries. Without limiting the generality of the foregoing, at the Closing each
Buyer shall deliver to the Company such Buyer’s respective portion of the Purchase Price. 
 (b) Company
Deliveries. Without limiting the generality of the foregoing, at the Closing, or within a reasonable time after the Closing but in no event later than thirty (30) days after Closing, the Company shall deliver to each Buyer the certificate
or certificates representing the Shares purchased by such Buyer. 
 Section 1.5. Agreement to Sell Back Securities. Each
Buyer hereby agrees to permit the Company to repurchase from such Buyer, in such proportion as such Buyer and the purchasers under the Stock Purchase Agreement (collectively, the “Initial Holders”) purchased such Shares under this
Agreement and the Stock Purchase Agreement, at a purchase price equal to $0.0035 per share, a number of Shares necessary to ensure that the aggregate amount of Shares held by the Initial Holders and any transferees pursuant to
Section 2.3(h) does not exceed 20% of the issued and outstanding common stock of the Company upon the consummation of the Company’s initial public offering of its securities. The repurchase right of the Company shall terminate at 5:00
P.M., Philadelphia time, on the business day next succeeding the date upon which the over-allotment option of the underwriters in the Company’s initial public offering shall terminate. 
 Section 1.6. Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional
actions as any party reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement. 
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF THE BUYERS 
 Section 2.1 Power and Authority; Enforceability. Each Buyer hereby represents and warrants as to itself, that (i) this Agreement
constitutes the legal, valid, and binding obligation of such Buyer, enforceable against it in accordance with its terms, (ii) it has full power and capacity to execute and deliver this Agreement and to perform its obligations hereunder,
(iii) it has taken all actions necessary to authorize the execution and delivery of this Agreement and (iv) this Agreement has been duly executed and delivered by, and is enforceable against, it, subject to bankruptcy, insolvency,
fraudulent 

 
conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable
principles (whether considered in equity or law). 
 Section 2.2. No Violation; Necessary Approvals. Each Buyer
hereby represents and warrants as to itself that neither the execution and delivery of this Agreement by it, nor the consummation or performance by it of any of transactions contemplated hereby, will: (a) with or without notice or lapse of
time, constitute, create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any (i) law (statutory, common or otherwise), constitution, ordinance,
rule, regulation, executive order or other similar authority (“Law”) enacted, adopted, promulgated or applied by any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar recognized
organization or body of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising similar powers or authority (a “Governmental Body”), (ii) order, ruling,
decision, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Body or arbitrator (an “Order”), (iii) contract, agreement, arrangement, commitment,
instrument, document or similar understanding (whether written or oral), including a lease, sublease and rights thereunder (“Contract”) or permit, license, certificate, waiver, notice and similar authorization
(“Permit”) to which, in the case of (i), (ii) or (iii), it is a party or by which it is bound or any of its assets are subject, or (iv) any provision of its organizational documents as in effect on the Closing Date;
(b) require any Consent under any Contract or organizational document to which it is a party or by which it is bound or any of its assets are subject; or (c) require any Permit under any Law or Order other than (i) required filings,
if any, with the Securities and Exchange Commission (“SEC”) and (ii) notifications or other filings with state or federal regulatory agencies after the Closing that are necessary or convenient and do not require approval of the
agency as a condition to the validity of the transactions contemplated hereunder. 
 Section 2.3. Investment Representations,
Covenants and Agreements. Each Buyer hereby represents and warrants the following with respect to itself: 
 (a) It
has received, has thoroughly read, is familiar with and understands the contents of this Agreement. 
 (b) It hereby
acknowledges that an investment in the Shares involves significant risks. It acknowledges that there is a substantial risk that it will lose all or a portion of its investment and should be financially capable of bearing the risk of such investment
for an indefinite period of time. It has no need for liquidity in its investment in the Shares for the foreseeable future and is able to bear the risk of that investment for an indefinite period. It understands that there presently is no public
market for the Shares and none may develop in the future. Its present financial condition is such that it is under no present or contemplated future need to dispose of any portion of the Shares subscribed for hereby to satisfy any existing or
contemplated undertaking, need or indebtedness. Its overall commitment to 

 
investments which are not readily marketable is not disproportionate to its net worth and the investment in the Company will not cause such overall
commitment to become excessive. 
 (c) It acknowledges that the Shares have not been registered under the Securities Act,
or any state securities law, and are being sold on the basis of exemptions from registration under the Securities Act and applicable state securities acts, except those state securities acts that require registration of the Shares thereunder.
Reliance on such exemptions, where applicable, is predicated in part on the accuracy of its representations and warranties set forth herein. It acknowledges and hereby agrees that the Shares will not be transferable under any circumstances unless it
either registers the Shares in accordance with federal and state securities laws or finds and complies with an exemption under such laws. Accordingly, it hereby acknowledges that there can be no assurance that it will be able to liquidate its
investment in the Company. It understands that the Company is under no obligation to register the Shares under the Securities Act or to comply with any applicable exemption under the Securities Act on its behalf with respect to any resale of the
Shares and that it will not be able to avail itself of the provisions of Rule 144 promulgated under the Securities Act with respect to the resale of the Shares until the Shares have been beneficially owned by it for a period of at least one
(1) year from date of purchase. It further understands that any certificates evidencing the Shares will bear a legend referring to the foregoing transfer restrictions. 
 (d) In evaluating the merits and risks of an investment in the Company, it has had the opportunity to seek the advice of its legal
and financial advisors, has availed itself of that right to the extent it deemed appropriate, and has not relied on the advice of the Company or the Company’s legal and financial counsel. 
 (e) Subject to the provisions of Section 2.3(h) below, the Shares are being acquired solely for its own account, for investment
purposes only, and are not being purchased with a view to or for the resale, distribution, subdivision or fractionalization thereof; and it has no present plans to enter into any contract, undertaking, agreement or arrangement for such resale,
distribution, subdivision or fractionalization. It is not taking and will not take or cause to be taken any action that would cause it to be deemed an “underwriter” within the meaning of Section 2(11) of the Securities Act.

 (f) It has been given the opportunity to (i) ask questions of and receive answers from the Company and its
designated representatives concerning the terms and conditions of the offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to assist it in evaluating the advisability of the purchase of the Shares and an investment in the Company. It further represents and warrants that, prior to signing this Agreement, it has asked such
questions, received such answers and obtained such information as it has deemed necessary or advisable to evaluate the merits and risks of the purchase of the Shares and an investment in the Company. It is not relying on any oral 

 
representation made by any person as to the Company or its operations, financial condition or prospects. 
 (g) It understands that no federal, state or other governmental authority has made any recommendation, findings or determination
relating to the merits of an investment in the Company. 
 (h) It is purchasing the Shares on its own behalf.
Accordingly, it may sell all or a portion of the Shares to such future directors, officers and investors in the Company pursuant to one or more private placement transactions in reliance upon an exemption from registration afforded by the Securities
Act; provided that such transferee agrees to be bound by Sections 1.5 and 2.3(h) of this Agreement. Additionally, it will not sell or otherwise transfer any of the Shares, other than to permitted transferees, until one year after the date of
the completion of the Company’s initial business combination or earlier if, subsequent to the Company’s initial business combination, the closing price of the Company’s shares of common stock equals or exceeds $14.25 per share for any
20 trading days within any 30-trading day period or the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of its stockholders having the right to exchange their common stock for
cash, securities or other property. Permitted transferees means (i) the Company’s officers or directors or any affiliates (as such term is defined in Rule 405 of the Securities Act) or family members of any of its officers or directors;
(ii) a member of Buyer’s immediate family or a trust, the beneficiary of which is a member of Buyer’s immediate family, an affiliate of Buyer or to a charitable organization, who in each case receives such Shares as a gift;
(iii) any person who receives such Shares by virtue of the laws or descent and distribution upon death of Buyer; or (iv) any person who receives such Shares pursuant to a qualified domestic relations order, provided, however,
that any permitted transferee must enter into a written agreement agreeing to be bound by these transfer restrictions and to vote in accordance with the majority of the shares of common stock voted by the Company’s public stockholders in
connection with its initial business combination and waive any rights to participate in any liquidation distribution if the Company fails to consummate an initial business combination and in the case of the shares of common stock subject to
redemption, agree to be bound by Section 1.5 of this Agreement. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF RESOURCE 
 Section 3.1. Organization and Good Standing. Resource is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 
 Section 3.2. Power and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation of Resource,
enforceable against the Company in accordance with its terms. Resource has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. Resource has taken all actions necessary to authorize the execution
and delivery of this Agreement, the 

 
performance of its obligations hereunder, and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed,
and delivered by, and is enforceable against, Resource. 
 Section 3.3. No Violation; Necessary Approvals. Neither the
execution and delivery of this Agreement by Resource, nor the consummation or performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or result in a breach or
violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any Law, Order, Contract or Permit to which Resource is a party or by which it is bound or any of its assets are subject, or
any provision of the Company’s organizational documents as in effect on the Closing Date, (b) result in the imposition of any lien, claim or encumbrance upon any assets owned by Resource; (c) require any Consent under any Contract or
organizational document to which the Company is a party or by which it is bound; or (d) require any Permit under any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications or other filings with state
or federal regulatory agencies after the Closing that are necessary or convenient and do not require approval of the agency as a condition to the validity of the transactions contemplated hereunder; or (e) trigger any rights of first refusal,
preferential purchase or similar rights with respect to any of the Shares. 
 ARTICLE IV 
 MISCELLANEOUS 
 Section 4.1.
Entire Agreement. This Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its
subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

 Section 4.2. Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this
Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. 
 Section 4.3. Assignments. Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other
party. Any purported assignment in violation of this Section 4.3 shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. 
 Section 4.4. Notices. All notices, requests, demands, claims and other communications hereunder will be in writing. Any notice,
request, demand, claim or other communication hereunder will be deemed duly given if (and then three business days after) it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient
as set forth below: 

			
	 If to the Buyers:
	  	 c/o Resource America, Inc.
 One Crescent Drive, Suite
203
 Navy Yard Corporate Center
 Philadelphia, PA
 Attn: Jeffrey F. Brotman
 Phone: (215) 546-5005
 Fax: (215) 465-0600

		
	 Copy to (which will not
 constitute notice):
	  	 Ledgewood
 1900 Market Street, Suite 750
 Philadelphia, PA 19103
 Attn: J. Baur Whittlesey, Esq.
 Phone: (215) 731-9450
 Fax: (215) 735-2513

		
	 If to the Company or
 Resource:
	  	 RAI Acquisition Corp.
 One Crescent Drive, Suite 203

 Navy Yard Corporate Center
 Philadelphia, PA
 Attn: Secretary
 Phone: (215) 546-5005
 Fax: (215) 465-0600

		
	 Copy to (which will not
 constitute notice):
	  	 Ledgewood
 1900 Market Street,
 Suite 750
 Philadelphia, PA 19103
 Attn: J. Baur Whittlesey, Esq.
 Phone: (215) 731-9450
 Fax: (215) 735-2513

 Any party hereto may send any notice, request, demand, claim, or other communication
hereunder to the intended recipient at the address set forth above using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand,
claim, or other communication will be deemed to have been duly given unless and until it actually is received by the intended recipient. Any party hereto may change the address to which notices, requests, demands, claims, and other communications
hereunder are to be delivered by giving the other parties hereto notice in the manner herein set forth. 
 Section 4.5.
Specific Performance. Each party hereto acknowledges and agrees that the other party would be damaged irreparably if any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached.
Accordingly, each party agrees that the other party will be entitled to an 

 
injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement and its terms and provisions in
any action instituted in any court of the United States or any state thereof having jurisdiction over the parties hereto and the matter, in addition to any other remedy to which they may be entitled, at Law or in equity. 
 Section 4.6. Waiver of Jury Trial. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE
BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL
INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT
EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE
WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

 Section 4.7. Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an
original but all of which together will constitute one and the same instrument. 
 Section 4.8. Headings. The article and
section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 
 Section 4.9. Governing Law. This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall
be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware, without giving effect to its choice of laws principles. 

 Section 4.10. Amendments. This Agreement may not be amended, modified or waived as to
any particular provision, except by a written instrument executed by all parties hereto. 
 Section 4.11. Severability.
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as
applied to any party hereto or to any circumstance, is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator making
such determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and
will be enforced. 
 Section 4.12. Expenses. Except as otherwise expressly provided in this Agreement, each party hereto
will bear its own costs and expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives,
financial advisors, legal counsel and accountants. 
 Section 4.13. Construction. The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise
favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and
neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation,
warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or
covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation,
warranty, or covenant. 
 Section 4.14. Waiver. No waiver by any party hereto of any default, misrepresentation, or breach
of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or
subsequent occurrence. 

 Section 4.15. Certificate Legend. The stock certificates representing the Shares shall
contain substantially the following legends, in addition to any other legends deemed appropriate or necessary by the Company: 
 “THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS. THESE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, TRANSFERRED
OR PLEDGED WITHOUT (A) REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (B) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED.” 

Section 4.16. Remedies. The parties hereto shall have all remedies for breach of this Agreement available to them as provided by
law or equity. 
 Section 4.17. Publicity. None of the parties, nor their respective representatives, agents, affiliates,
subsidiaries, directors, advisors, controlling persons, employees or members shall issue or cause the publication of any press release, advertisement or other public communication relating to this Agreement or any of the other documents contemplated
hereunder, without the prior written consent of the other party, except where the disclosure of information is required by law, rule, regulation, regulatory inquiry or other judicial process. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement to be effective as
of the date first set forth above. 
  

			
	RESOURCE AMERICA, INC.
		
	 By:
	 	  
 Name: Jeffrey F.
Brotman
 Title: Executive Vice President and Secretary

  
  
 Signature Page to 
 Stock Purchase Agreement 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement to be effective as
of the date first set forth above. 
 BUYER: 
   
  
 Walter T. Beach

  
  
 Signature Page to 
 Stock Purchase Agreement 

 EXHIBIT A1 
 SHARES 
  

					
	Buyer	 	Shares Purchased	 	Purchase Price
	 	 	 
	 Walter T.
Beach
	 	50,000	 	$175

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement to be effective as
of the date first set forth above. 
 BUYER: 
   
  
 R. Randle
Scarborough 
  
  
 Signature Page to 
 Stock Purchase Agreement 

 EXHIBIT A2 
 SHARES 
  

					
	Buyer	 	Shares Purchased	 	Purchase Price
	 	 	 
	 R. Randle
Scarborough
	 	50,000	 	$175

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement to be effective as
of the date first set forth above. 
 BUYER: 
   
  
 Joel R. Mesznik

  
  
 Signature Page to 
 Stock Purchase Agreement 

 EXHIBIT A3 
 SHARES 
  

					
	Buyer	 	Shares Purchased	 	Purchase Price
	 	 	 
	 Joel R.
Mesznik
	 	50,000	 	$175

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