SEC Contract Filing

Filing Date: 2016-05-24

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>d192563dex103.htm
<DESCRIPTION>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.3 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT TO THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Amendment (this &#147;<U>Amendment</U>&#148;) is made and entered into as of May&nbsp;22, 2016, by and between Resource America, Inc., a Delaware corporation (&#147;<U>RAI</U>&#148;), and Alan Feldman (&#147;<U>Feldman</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, RAI and Feldman have entered into that certain Employment Agreement, dated as of January&nbsp;29, 2009, as amended through the date
hereof (the &#147;<U>Employment Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, RAI has entered into that certain Agreement and Plan of Merger, dated as
of May&nbsp;22, 2016 (the &#147;<U>Merger Agreement</U>&#148;), with C-III Capital Partners LLC, a Delaware limited liability company (&#147;<U>Parent</U>&#148;), and Regent Acquisition Inc., a Delaware corporation and wholly owned subsidiary of
Parent (&#147;<U>Merger Sub</U>&#148;), pursuant to which, at the Effective Time (as defined in the Merger Agreement), Merger Sub will merge with and into RAI, with RAI surviving (the &#147;<U>Merger</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the Merger, RAI and Feldman desire to amend the Employment Agreement as set forth herein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, pursuant to Section&nbsp;12(d) of the Employment Agreement, the Employment Agreement is hereby amended as follows, effective
as of immediately prior to the Effective Time: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The first sentence of Section&nbsp;4(a) of the Employment Agreement is amended and restated in its entirety to read as follows: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;During the Term, RAI shall pay to Feldman &#147;<U>Base Compensation</U>&#148; to be established by the Board, which as of the Effective
Time, shall be in an amount equal to $375,000 per annum.&#148; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Section&nbsp;4(b) of the Employment Agreement is amended and restated in its entirety to read as follows: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;(b). <B>I</B><B>ncentive Compensation</B>. During the Term, Feldman may receive incentive compensation in the form of cash bonus payments
and other forms of incentive compensation based upon Feldman&#146;s performance as determined by the Board or the Chief Executive Officer of RAI. If the Effective Time occurs in the 2016 calendar year, then for each of calendar years 2016, 2017 and
2018, (i)&nbsp;Feldman will be entitled to receive a cash bonus payment from RAI in an amount not less than $1,462,500 and (ii)&nbsp;RAI shall recommend to the board of directors of Resource Capital Corp. that Feldman receive a restricted stock
grant having a grant date fair value of not less than $100,000. If the Effective Time occurs in the 2017 calendar year, then for each of calendar years 2017 and 2018 (i)&nbsp;Feldman will be entitled to receive a cash bonus payment in an amount not
less than $1,462,500 and (ii)&nbsp;RAI shall recommend to the board of directors of Resource Capital Corp. that Feldman receive a restricted stock grant having a grant date </P>

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value of not less than $100,000. With respect to all other calendar years following 2018 occurring during the Term, the amount of the annual cash bonus payable to Feldman will be determined at
the discretion of the Board (or a committee thereof) or the Chief Executive Officer of RAI. Except as otherwise set forth herein, the payment of annual incentive compensation amounts under this Section&nbsp;4(b) is subject to Feldman&#146;s
continued employment with RAI from the date hereof through the applicable payment date.&#148; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Section&nbsp;7(d)(1)