Preview | Employment Agreement |

MMA FINANCIAL, LLC

EMPLOYMENT AGREEMENT
[Melanie M. Lundquist]

THIS EMPLOYMENT AGREEMENT (this Agreement) is effective as of the 31^st day of December, 2004 by and between MMA Financial, LLC, a Delaware limited liability company (Employer) and Melanie M. Lundquist (Employee).

WHEREAS, Employer is engaged in the business of acquiring and providing asset management services for real estate and debt and equity investments therein, with a particular emphasis on investments generating tax-exempt income and investments in, or secured by, multi-family properties, congregate care and assisted living facilities and similar properties;

WHEREAS, Employee has particular skill, experience and background in investments and asset management services of the type in which the Employer primarily engages; and

WHEREAS, Employer and Employee desire to enter into an employment relationship, the terms of which are to be set forth in this Agreement.

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employer and Employee hereby agree as follows:

1. Employment and Duties. Employer agrees to hire Employee, and Employee agrees to be employed by Employer as Senior Vice President and, effective April 1, 2005, Chief Accounting Officer of Employer on the terms and conditions provided in this Agreement. Employee shall perform the duties and responsibilities reasonably determined from time to time by the Chief Executive Officer and/or Chief Financial Officer of the Employer consistent with the types of duties and responsibilities typically performed by a person serving as Chief Accounting Officer of businesses similar to that of Employer. Employees primary duty will be to be responsible for all accounting and financial reporting functions of the Company. Employee agrees to devote her best efforts and full time attention and skill in performing these duties. Provided that such activity shall not violate any provision of this Agreement (including the noncompetition provisions of Section 8 below) or materially interfere with her performance of her duties hereunder, nothing herein shall prohibit Employee (a) from participating in any other business activities approved in advance by the CEO in accordance with any terms and conditions of such approval, such approval not to be unreasonably withheld or delayed, (b) from engaging in charitable, civic, fraternal or trade group activities, or (c) from investing in other entities or business ventures.

2. Compensation. As compensation for performing the services required by this Agreement, and during the term of this Agreement, Employee shall be compensated as follows:

(a) Base Compensation. Employer shall pay to Employee a salary (Base Compensation) at the annual rate of Two Hundred Fifty Thousand Dollars ($250,000), through December 31, 2005, payable in accordance with the general policies and procedures of the Employer for payment of salaries to executive personnel, but in any event no less frequently than every two weeks, in substantially equal installments, subject to withholding for applicable federal, state and local taxes. Employees Base Compensation shall increase by Twenty-Five Thousand Dollars ($25,000) on January 1, 2006. Additional increases in Base Compensation, if any, shall be determined by the Compensation Committee of the Board of Directors (the Board) based on the recommendation of the CEO and on periodic reviews of Employees performance conducted on at least an annual basis. During the term of this Agreement, Employees annual Base Compensation shall not be reduced below the initial Base Compensation set forth above. Employer and Employee understand and agree that Employee will not be employed full-time until March 1, 2005 and the initial Base Compensation shall be pro-rated accordingly. Between the effective date of this Agreement and March 1, 2005, Employee will be asked to attend meetings and devote time to preparing for her position. The parties agree that Employer will pay Employee a mutually agreed upon hourly fee for these activities to be determined immediately after execution of the Agreement. Notwithstanding the provisions of Section 3 of this Agreement, Employee will not be entitled to receive Employer benefits until March 1, 2005.

(b) Incentive Compensation.

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