EMPLOYMENT CONTRACT

EXHIBIT 10.1

EMPLOYMENT AGREEMENT

This Employment Agreement (“ Agreement ”) is executed on this 17 ^TH day of November, 2006, by and between RESOURCE AMERICA, INC., a Delaware corporation having its principal place of business at 1845 Walnut Street, Philadelphia, Pennsylvania 19103 (“ RAI ”), and MICHAEL S. YECIES (“ Yecies ”).

BACKGROUND

A.   Since 1998, Yecies has been an officer of RAI and currently he serves as Senior Vice President, Chief Legal Officer and Secretary of RAI.

B.   Yecies and RAI desire to formally set forth the terms, conditions and agreements regarding Yecies’ employment as Senior Vice President, Chief Legal Officer and Secretary of RAI.

AGREEMENT

NOW, THEREFORE, in consideration of the premises and the mutual promises and covenants set forth herein, and intending to be legally bound hereby, RAI and Yecies hereby agree as follows:

1)   Employment . During the term of this Agreement, Yecies shall be employed as a Senior Vice President, Chief Legal Officer and Secretary of RAI.

2)   Duties . Yecies shall report to, and accept direction from, the Chief Executive Officer of RAI and from the Board of Directors of RAI (the “ Board ”). Yecies shall serve RAI diligently, competently and to the best of his abilities. Yecies shall devote substantially all of his time and attention to the business of RAI and its affiliates, and shall not undertake any other duties which conflict with these responsibilities. Yecies shall render such services as may reasonably be required of him to accomplish the business purposes of RAI, and such duties as may be assigned to him from time to time and which are appropriate for his positions at RAI.

3)   Term . Yecies’s employment hereunder shall commence on the date hereof and continue in full force and effect for a period of one (1) year, unless sooner terminated in accordance with the provisions hereof (the “ Term ”). The Term shall automatically extend each day so that on any day that this Agreement is in effect, there shall be one (1) year remaining in the Term. Notwithstanding the foregoing, such automatic extensions shall cease upon RAI’s written notice to Yecies of its election to terminate this Agreement at the end of the one (1) year period then in effect.

a)   Base Compensation . Yecies’s compensation during the Term shall be determined by the Board, subject to the next sentence and Section 4b). During the initial year

(b)   Incentive Compensation . During the Term, Yecies may receive incentive compensation in the form of cash bonus payments, stock option grants, restricted stock grants and other forms of incentive compensation, based upon Yecies’s performance.

5)   Benefits .

Yecies shall be entitled to receive the following benefits from RAI:

a)   Participation in Plans . Yecies shall be entitled to participate in all applicable incentive, savings, and retirement plans, practices, policies, and programs of RAI and in any group life, hospitalization or disability insurance plans, and health programs, in each case to the extent Yecies is eligible under the terms of such plans or programs.

b)   Disability . Yecies shall be eligible for any short and long term disability and any life insurance plans or programs that are available to other Senior Vice Presidents of RAI in each case to the extent Yecies is eligible under the terms of such plans or programs.

c)   Reimbursement of Expenses . RAI shall reimburse Yecies for all reasonable expenses incurred by Yecies in the performance of his duties, including without limitation expenses incurred during business-related travel. Yecies shall present to RAI, from time to time, an itemized account of such expenses in such form as may be required by RAI.

d)   Personal Time Off . Yecies shall be entitled to a number of days of personal time off work during each calendar year which shall be no less than the amount set forth in RAI’s company policies. This includes days used for vacation, illness or other personal matters but is exclusive of such office holidays as may be designated by RAI.

6)   Termination .

b)   Termination by RAI, for Cause. “ Cause ” shall encompass the following: (i) Yecies has committed any act of fraud; (ii) illegal conduct or gross misconduct by Yecies, in either case that is willful and results in material and demonstrable damage to the business or reputation of RAI or any of its affiliates; (iii) Yecies is charged with a felony;

(iv) the continued failure of Yecies substantially to perform Yecies’s duties under this Agreement (other than as a result of physical or mental illness or injury), after RAI delivers to Yecies a written demand for substantial performance that specifically identifies, with reasonable opportunity to cure, the manner in which RAI believes that Yecies has not substantially performed his duties; or (v) Yecies has failed to follow reasonable written directions of RAI which are consistent with his duties hereunder and not in violation of applicable law, provided Yecies shall have ten business days after written notice to cure such failure;

d)   Yecies becomes disabled by reason of physical or mental disability for more than one hundred eighty (180) days in the aggregate or a period of ninety (90) consecutive days during any 365-day period and the Board determines, in good faith and in writing, that Yecies, by reason of such physical or mental disability, is rendered unable to perform his duties and services hereunder (a “ Disability ”). A termination of Yecies’s employment by RAI for Disability shall be communicated to Yecies by written notice, and shall be effective on the thirtieth (30 ^th ) day after receipt of such notice by Yecies (the “ Disability Effective Date ”), unless Yecies returns to full-time performance of his duties before the Disability Effective Date.

e)   A termination by Yecies for Good Reason upon thirty (30) days’ prior written notice to RAI. “ Good Reason ” shall mean: (i) any action by RAI that results in a material diminution in Yecies’s position, authority, duties, or responsibilities, other than an isolated, insubstantial, and inadvertent action that is not taken in bad faith and is remedied by RAI promptly after receipt of notice thereof from Yecies; (ii) any purported termination of Yecies’s employment by RAI for a reason or in a manner not expressly permitted by this Agreement; (iii) any failure by RAI to comply with Section 11(c) of this Agreement; or (iv) any other substantial breach of this Agreement by RAI that either is not taken in good faith or is not remedied by RAI promptly after receipt of notice thereof from Yecies; provided, however, that termination by Yecies for Good Reason shall be effective only if such failure has not been cured within thirty (30) days after notice of such failure has been given to RAI. Except as provided in the following sentence, a termination of employment by Yecies for Good Reason shall be effectuated by giving RAI written notice of the termination within two (2) months of the event constituting Good Reason, setting forth in reasonable detail the specific conduct of RAI that constitutes Good Reason and the specific provision(s) of this Agreement on which Yecies relies. In the event of a Change of Control, Yecies may terminate his employment by providing such written notice to RAI for a period of time commencing on the date such Change of Control occurs and ending on the date six (6) months thereafter.