RAIT Financial Trust (NYSE:RAS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers, Compensatory
Arrangements of Certain Officers.
(e) On April 21, 2017, RAIT Financial Trust (RAIT) and John J.
Reyle, the General Counsel and a named executive officer (as
defined in instruction 4 to Item 5.02 of Form 8-K) of RAIT,
entered into an employment agreement (the JR Employment
Agreement) which provides for his compensation, grounds for
termination and severance, non-competition, non-solicitation,
intellectual property and confidentiality covenants and other
customary provisions.
The JR Employment Agreement was effective April 21, 2017 and
provides for an employment term that continues for an initial
period of three years and for two successive one year periods
thereafter for a maximum term of five years, unless either party
provides the other party with notice of non-renewal prior to
three months before the expiration of the term. It provides that
Mr. Reyle will serve as RAITs General Counsel. The JR Employment
Agreement provides for an initial base salary of $300,000 for Mr.
Reyle and provides that his base compensation must be reviewed
annually for appropriate increases but may not be decreased. The
JR Employment Agreement provides that Mr. Reyle may be eligible
for an annual bonus which will be awarded by the Compensation
Committee in its discretion or under the terms of any annual
incentive plan of RAIT maintained for other senior level
executives. The JR Employment agreement further provides that Mr.
Reyle is eligible to participate in any of RAITs incentive
programs, including any equity compensation plan, and eligible to
receive the same benefits to the same extent as other senior
level executives of RAIT, and such other benefits as are
commensurate with his position. Participation in employee benefit
plans will be subject to the terms of those benefit plans as in
effect from time to time. Mr. Reyle is subject to
non-competition, non-solicitation, intellectual property and
confidentiality restrictions under the agreement. The
non-competition provisions do not apply at the expiration of the
maximum employment term of five years or in the event RAIT elects
not to renew the agreement.
The foregoing description of the JR Employment Agreement does not
purport to be complete and is qualified in its entirety by
reference to the full text of the JR Employment Agreement filed
as Exhibit 10.1 hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The exhibits filed as part of this Current Report on Form 8-K is
identified in the Exhibit Index immediately following the page of
this report. Such Exhibit Index is incorporated herein by
reference.
About RAIT Financial Trust (NYSE:RAS)
RAIT Financial Trust (RAIT) is a self-managed and self-advised real estate investment trust (REIT). RAIT uses its vertically integrated platform and relationships to originate commercial real estate loans, acquire commercial real estate properties and invest in, manage and service commercial real estate assets. The Company’s segments are real estate lending, owning and managing segment, Independence Realty Trust, Inc. (IRT) segment and Taberna Securitization segment. The Company’s real estate lending, owning and managing segment concentrates on lending, owning and managing commercial real estate assets throughout the United States. The Company’s IRT segment concentrates on the ownership of apartment properties in opportunistic markets throughout the United States. The Company’s Taberna Securitization segment includes the ownership and management of approximately three real estate trust preferred securitizations. RAIT Financial Trust (NYSE:RAS) Recent Trading Information
RAIT Financial Trust (NYSE:RAS) closed its last trading session 00.00 at 3.07 with 252,388 shares trading hands.
