SEC Contract Filing

Filing Date: 2018-07-20

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d548286dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B> (this &#147;<U>Agreement</U>&#148;), is entered into and executed on July&nbsp;19, 2018,
and effective as of June&nbsp;27, 2018 (the &#147;<U>Effective Date</U>&#148;), by and between RAIT Financial Trust, a Maryland real estate investment trust (the &#147;<U>Company</U>&#148;), with a principal office in Philadelphia, Pennsylvania, and
John J. Reyle (&#147;<U>Executive</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Executive has been employed by the Company since August 2009; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>,<B> </B>Executive was employed as the Interim Chief Executive Officer and Interim President, and General Counsel of the Company
until the Effective Date, pursuant to that certain Employment Agreement, dated as of April&nbsp;21, 2017, by and between the Company and Executive, as modified by that certain Letter Agreement, dated as of February&nbsp;27, 2018, by and between the
Company and Executive (collectively, the &#147;<U>Prior Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, as of the Effective Date, the Board of
Trustees of the Company (the &#147;<U>Board</U>&#148;) approved changing the Executive&#146;s titles from Interim Chief Executive Officer to Chief Executive Officer and from Interim President to President, and to retain Executive as the General
Counsel of the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company desires to enter into an amended and restated employment agreement with Executive and
employ Executive as Chief Executive Officer, President and General Counsel of the Company, pursuant to the terms and conditions set forth in this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Executive desires to be employed by the Company, pursuant to the terms and conditions set forth in this Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> Executive agrees to be bound by the <FONT STYLE="white-space:nowrap">non-competition,</FONT>
<FONT STYLE="white-space:nowrap">non-solicitation,</FONT> intellectual property and confidentiality provisions as set forth in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW,<B> THEREFORE</B>, the parties hereto, intending to be legally bound, hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <B><U>Employment</U></B>. The Company continues to employ Executive, and Executive hereby accepts such continued employment and agrees to perform
Executive&#146;s duties and responsibilities, in accordance with the terms, conditions and provisions hereinafter set forth. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 <U>Employment Term</U>. This Agreement shall be effective as of the Effective Date and shall continue for an initial period
of three (3)&nbsp;years, unless Executive&#146;s employment and this Agreement are terminated sooner in accordance with <U>Section</U><U></U><U>&nbsp;2</U>; and shall be effective for two (2)&nbsp;successive one (1)&nbsp;year periods thereafter, for
a maximum term of five (5)&nbsp;years, in accordance with the terms of this Agreement (subject to termination as aforesaid) unless either party notifies the other party of <FONT STYLE="white-space:nowrap">non-renewal</FONT> in writing prior to three
(3)&nbsp;months before the expiration of each renewal. The period commencing on the Effective Date and ending on the date on which the term of Executive&#146;s employment under this Agreement shall terminate is hereinafter referred to as the
&#147;<U>Employment Term</U>.&#148; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 <U>Duties and Responsibilities</U>. Executive&#146;s title shall be Chief
Executive Officer, President and General Counsel of the Company, and in that capacity he shall perform all duties and accept all responsibilities and limitations incident to such position as may be reasonably assigned to him by the Board, including
without limitation, those customarily associated with these positions at a publicly traded company and those set forth in the Bylaws of the Company. Executive shall serve as a member of the Board during the Employment Term, subject to the
shareholders&#146; election of the Executive to the Board. During the Employment Term, the Company agrees to nominate the Executive for election to the Board at any meeting of the shareholders of the Company where the election of the members of the
Board is included in the purposes of such meeting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; text-indent:4%; font-siz