RAIT Financial
Trust
Cira Centre
2929 Arch Street, 17 th Floor
Philadelphia, PA 19104
VIA HAND DELIVERY
February 22, 2009
Daniel G. Cohen
c/o RAIT Financial Trust
Cira Centre
2929 Arch Street, 17 th Floor
Philadelphia, PA 19104
Re: Termination of
Employment
Dear Daniel,
The purpose of this letter is to
memorialize our mutual understanding relating to the termination of
your employment with RAIT Financial Trust (“RAIT”).
Specifically, effective as of February 22, 2009 (the
“Termination Date”), you will resign from your position
as RAIT’s Chief Executive Officer and terminate your
employment with RAIT. You will, however, continue as a member of
RAIT’s Board of Trustees.
Since your employment is terminating
on account of your voluntary resignation, following your
Termination Date you will receive:
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a single sum cash
payment, less applicable tax withholdings, of your accrued, but
unpaid, annual base salary through your Termination Date, which
will be paid to you by RAIT’s next regularly scheduled pay
date that occurs after your Termination Date.
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payment of any bonus,
less applicable tax withholdings, that you earned under
RAIT’s 2008 Cash Award Program, which will be paid to you at
the same time that any bonuses are paid to other participants in
the program, which will be no later than March 15, 2009. The
amount of any bonus will be determined by RAIT’s Compensation
Committee in accordance with the terms and conditions of the
program, and based on the attainment of the relevant performance
goals.
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any accrued and vested
benefits under RAIT’s benefit plans in which you participated
prior to your Termination Date, othe
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