Exhibit 10(au)
CENTERLINE HOLDING COMPANY
EXECUTIVE EMPLOYMENT AGREEMENT
WITH DONALD J. MEYER
___________________________________________
2009 Technical Amendment for Compliance
with Section 409A of the Internal Revenue Code
___________________________________________
WHEREAS , Centerline Capital Group Inc. (“ Company ”) and Donald J. Meyer (“ Executive ”) entered an
Executive Employment Agreement dated January 1, 2007 (as amended by a letter agreement dated as of April
15, 2007 (the “ Letter Agreement ”) between Executive and the Company, the “ Agreemen t”); and
WHEREAS , the undersigned parties have agreed that the Agreement should be amended to provide for a
modification to Executives base salary and the
WHEREAS , Section 409A of the Internal Revenue Code of 1986, as amended (the Code ”) imposes a
20% tax plus interest and other penalties on employees who collect compensation, severance pay, or
reimbursements pursuant to employment agreements that do not conform with the specific time of payment
provisions required under Code Section 409A; and
WHEREAS, the undersigned parties to the Agreement have mutually agreed that the Agreement should be
amended, effective January 1, 2009, to comply with Code Section 409A and the final regulations that become
effective on such date.
NOW, THEREFORE , the Company and Executive, acknowledging due and adequate consideration for
this 2009 Technical Amendment for Compliance with Section 409A of the Internal Revenue Code (the “
Amendment ”), do hereby agree as follows:
1. Everywhere in the Agreement, the Company’s former name, “CharterMac Capital LLC,” shall be
replaced with “Centerline Affordable Housing Advisors LLC.” and “CharterMac,” shall be replaced with
“Centerline Holding Company.”
2. Everywhere in the Agreement, the phrases “termination of Executive’s employment,”
“termination,” “termination of the Executive” or “end of his employment” shall mean Executive’s
“separ