Document:

ex10-3.htm

    Exhibit
      10.3

     

     

                                                                    July
      25, 2007

    

    

    Robert
      L.
      Levy

    418
      Wastena Terrace

    Ridgewood,
      NJ 07450

    

    RE:           Amendment
      to Executive Employment Agreement

    

    Dear
      Mr.
      Levy:

    

    On
      November 28, 2006, Robert L.
      Levy (“Executive”), and CharterMac Capital LLC (the
“Company”) entered into an Executive Employment Agreement
      (the
“Agreement”).  Whereas, pursuant to Section 10(b) of the Agreement,
      the Agreement may be amended by a written instrument signed by the Executive
      and
      the Company.  Effective as of the date hereof, the parties hereto wish
      to amend the Employment Agreement as provided herein.

    

    THEREFORE,
      the parties, intending to be
      legally bound, agree as follows:

    

    1.           Amendment
      of Agreement.  Section 3, entitled
Compensation and Benefits, shall be amended to include the following
      paragraph and incorporated as section 3(j), entitled, Long Term Disability
      Insurance, and read as follows:

    

    (j)
      Long Term Disability Amendment.  The Company
      shall also provide Executive with supplemental long term disability insurance
      which will provide Executive with a full disability benefit of Fifteen Thousand
      Dollars ($15,000.00) per month after an exclusion period of ninety (90) days
      and
      otherwise on substantially the same terms as are set forth on the attached
      Exhibit A (the “Disability Coverage”).  During
      the ninety (90) day exclusion period, the Company will pay Executive his full
      Salary.  Disability Coverage shall be provided in a manner which is
      most tax advantageous to the Executive, provided Executive cooperates fully
      in
      the implementation of any reasonable plan proposed by the Company to achieve
      such results.

    

    Exhibit
      A attached hereto shall be incorporated as Exhibit
      A to the Agreement.

    

    2.           Effect
      of Amendment.  The parties herby agree
      and acknowledge that except as provided in this Amendment, the Agreement remains
      in full force and effect and has not been modified in any other
      respect.

    

    [intentionally
      left blank – signature page follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement, Centerline
      Capital Group, Inc. and Centerline Holding Company acting by their respective
      duly authorized officers, effective as of the Effective Date.

     

    
      
        
          	 CENTERLINE
                  CAPITAL GROUP, INC. 	 	  EXECUTIVE:
	 	 	 
	 	 	 
	By  
/s/
Marc
                  D.
                  Schnitzer                                       	 	 
/s/ Robert
                  L.
                  Levy                                       
	      Name:  Marc
                  D.
                  Schnitzer	 	 
                  Name: Robert L. Levy
	     
                  Title:    Chief Executive Officer
                  and President	 	 

        

         

        
 

        CENTERLINE
          HOLDING COMPANY

        

        

        By  
          /s/ Marc D.
          Schnitzer                                       
    
Name:  Marc D. Schnitzer

             Title:    Chief
          Executive Officer and President

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    

    EXHIBIT
      A

    

    SUMMARY
      - DISABILITY INSURANCE TERMS

    

    
      

      
        	
                Total
                  Monthly Benefit (with COLA):    

              	
                $15,000.00

              

      

      

      
        	
                Beginning
                  Date:  

              	
                91st
                  Day

              

      

      

      
        	
                Benefit
                  Paid:    

              	
                to
                  age 65ex10-4.htm

    Exhibit
      10.4

    
      

       

      

       

      CENTERLINE

      2007
        SHARE INCENTIVE PLAN

      ___________________________________

      

      2007
        Outperformance Program

      

      ___________________________________

       

       August
        10, 2007

       

      CONFIDENTIAL

      

      Mr.
        Marc
        Schnitzer

      21
        Hampton Road

      Scarsdale,
        NY  10583

       

      
        	
                Re:

              	
                 Your
                  Participation Interest for the 2007 to 2009 Performance
                  Period

              

      

       

      Dear
        Marc:

       

      You
        have
        been selected by Centerline Holding Company to be a participant in the
        Centerline 2007 Outperformance Program (the “OPP”).  Generally,
        under the OPP, in the event that the Company’s total return per share(as defined
        in the OPP)  to its equity holders during a three-year performance
        period beginning on January 1, 2007 exceeds 37.5%, then an aggregate
        outperformance pool comprising eleven percent (11%) of such excess will be
        formed under the OPP (subject to a maximum pool of U.S.
        $25,000,000).  If and to the extent that any provision contained in
        this Participation OPP Letter is inconsistent with the OPP, the OPP shall
        govern.

       

      The
        aggregate outperformance pool will be paid in the form of restricted common
        shares, which will vest 50% on each of the first two anniversaries of the
        end of
        the performance period, subject to continued employment, except as otherwise
        provided in the OPP.  Special provisions will apply, and you may
        forfeit some or all of your award, in the event that your employment is
        terminated.  Other special rules apply, such as in the event of a
        change in control of the Company.

       

      Subject
        to your acceptance of the terms and conditions of the OPP (which is attached
        for
        your review and reference), your Participation Percentage in the
        OPP  is 7.00%.

       

      Please
        acknowledge receipt of this letter and acceptance of the foregoing terms
        and
        conditions for your participation in the OPP by signing in the space provided
        below and return the signed letter to the attention of Kelly
        Schnur.

      

      
        	
                 Yours
                  truly,

              	
                 

              	 	
                 

              	
                ACKNOWLEDGED
                  BY:

              
	 	 	 
	 /s/  Nathan
                Gantcher	
                 

              	 	
                 

              	
                 /s/
                  Marc
                  D. Schnitzer

              
	
                Nathan
                  Gantcher

              	
                 

              	 	
                 

              	
                Marc
                  D. Schnitzer

              
	
                Chairman,
                  Compensation Committee

              	 	 
	 	 	 	
                 

              	
                Date:ex10-5.htm

    Exhibit
      10.5

     

     

    
      

       

      CENTERLINE

      2007
        SHARE INCENTIVE PLAN

      ___________________________________

      

      2007
        Outperformance Program

      

      ___________________________________

       

       August
        10, 2007

       

      CONFIDENTIAL

      

      Mr.
        Lee
        Cotton

      186
        Indian Rock Road

      New
        Canaan, CT  06840

       

      
        	
                Re:

              	
                 Your
                  Participation Interest for the 2007 to 2009 Performance
                  Period

              

      

       

      Dear
        Lee:

       

      You
        have
        been selected by Centerline Holding Company to be a participant in the
        Centerline 2007 Outperformance Program (the “OPP”).  Generally,
        under the OPP, in the event that the Company’s total return per share(as defined
        in the OPP)  to its equity holders during a three-year performance
        period beginning on January 1, 2007 exceeds 37.5%, then an aggregate
        outperformance pool comprising eleven percent (11%) of such excess will be
        formed under the OPP (subject to a maximum pool of U.S.
        $25,000,000).  If and to the extent that any provision contained in
        this Participation OPP Letter is inconsistent with the OPP, the OPP shall
        govern.

       

      The
        aggregate outperformance pool will be paid in the form of restricted common
        shares, which will vest 50% on each of the first two anniversaries of the
        end of
        the performance period, subject to continued employment, except as otherwise
        provided in the OPP.  Special provisions will apply, and you may
        forfeit some or all of your award, in the event that your employment is
        terminated.  Other special rules apply, such as in the event of a
        change in control of the Company.

       

      Subject
        to your acceptance of the terms and conditions of the OPP (which is attached
        for
        your review and reference), your Participation Percentage in the
        OPP  is 7.00%.

       

      Please
        acknowledge receipt of this letter and acceptance of the foregoing terms
        and
        conditions for your participation in the OPP by signing in the space provided
        below and return the signed letter to the attention of Kelly
        Schnur.

      

      
        	
                 Yours
                  truly,

              	
                 

              	 	
                 

              	
                ACKNOWLEDGED
                  BY:

              
	 	 	 
	 /s/
                Nathan
                Gantcher	
                 

              	 	
                 

              	
                  /s/
                  Leonard
                  Cotton 

              
	
                Nathan
                  Gantcher

              	
                 

              	 	
                 

              	
                Leonard
                  Cotton

              
	
                Chairman,
                  Compensation Committee

              	 	 
	 	 	 	
                 

              	
                Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]