EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT ("AGREEMENT") is entered into effective as of
JANUARY 15, 2007 (the "EFFECTIVE DATE") by and between CharterMac Capital LLC (the
"COMPANY"), and NICHOLAS A. C. MUMFORD ("Executive"). Certain capitalized terms used in this
Agreement are used with the definitions ascribed to them on the attached EXHIBIT A, which is incorporated into
this Agreement by this reference.
WHEREAS, the parties desire to enter into an employment relationship on the terms and conditions set forth
below:
THEREFORE, the parties, intending to be legally bound, agree as follows:
1. EMPLOYMENT. The Company will employ Executive, and Executive will be employed by the Company,
during the Employment Period (as defined below) on and subject to the terms and conditions contained in this
Agreement. Unless terminated earlier pursuant to SECTION 4 hereof, the Employment Period shall begin upon
the date hereof ("Effective Date") and shall continue for a period of three (3) years from such date, until
December 31, 2009, ("INITIAL PERIOD"); provided that such period shall automatically be extended for
additional periods of one year commencing on the third anniversary of the Effective Date, and each anniversary
thereof (such additional period the "ADDITIONAL PERIOD") unless either party has given written notice to the
other that such party does not want to extend the term of this Agreement, such notice to be given at least sixty
(60) days prior to the end of the Initial Period or the Additional Period(s), as applicable (the Initial Period and the
Additional Period(s), if applicable, collectively, the "EMPLOYMENT PERIOD").
2. DUTIES. During the Employment Period, Executive will serve as Executive Managing Director, Head of the
Credit Risk Products Division of CharterMac and will report to Marc Schnitzer, or his successor as the Chief
Executive Officer of CharterMac (the "CEO"). In addition to this position, as part of his duties he will be the
Chief Executive Office