Exhibit
10.50  Confidential  April 23, 2009  Mr. Gregory J.
McManus [redacted]  Re:          Bonus Award under the Capmark Financial Group Inc.
Discretionary Bonus Plan  Dear Greg:  I am pleased to inform
you that, pursuant to the terms of the Capmark Financial Group Inc.
Discretionary Bonus Plan (the Bonus Plan), you have been selected to be
eligible to participate in the Bonus Plan for the 2009 calendar year, subject
to the terms and conditions stated herein.  Please be advised that,
in accordance with Section 4 of the Bonus Plan, the Executive Development
and Compensation Committee of the Board of Directors of Capmark Financial Group
Inc. (CFGI, and collectively with its subsidiaries, the Company) is
exercising its authority and discretion to provide that the bonus provided for
hereunder will be considered when determining any other bonus you may otherwise
be entitled to under the terms of the Bonus Plan for the 2009 calendar year.  Subject to the terms and
conditions stated herein, you have been awarded $500,000 (the Bonus Award),
which Bonus Award will be paid to you in three substantially equal installments
in accordance with the schedule set forth below:  Payment Date
  
  AmountNo later than 5
  business days following the date you execute this letter agreement
  
  $
  166,666.66June 30,
  2009
  
  $
  166,666.67September 30,
  2009
  
  $
  166,666.67  1.             Subject to the terms and conditions stated herein, you
will be entitled to receive payment of the Bonus Award (as set forth above)
only so long as you execute this letter agreement prior to May 1, 2009.  2.             The Bonus Award will be subject to tax and other
standard deductions in the normal manner.  3.             The Bonus Award will be paid (subject to the last
sentence of this paragraph) as soon as practicable following each applicable
payment date outlined above, and in no event later than ten business days
following said date.  If your employment
is terminated by the Company for any reason other than Cause (as defined below)
(such a termination, a Qualifying Termination), then, subject to your
execution (without revocation) of a general release of claims against the
Company, in a form consistent with release forms signed by other Company
employees, to be provided to you at such time, the Company shall pay any scheduled
amounts under the Bonus Award that have not previously been paid to you by the
date of such termination, and such payment shall be made to you as soon as
practicable following the Qualifying Termination, but in no event later than
ten business days following the date of the Qualifying Termination.  If your employment with the Company
terminates for any reason other than a Qualifying Termination, you will not be
entitled to receive any unpaid portion of the Bonus Award on the date of your
termination and all such remaining amounts will be forfeited by you without
consideration.


4.             You shall at all times remain an at will employee of
the Company, and either the Company or you may terminate your employment at any
time for any legal reason or no reason.  5.             As used herein, Cause shall mean (i) your willful
and continued failure (except where due to a physical or mental incapacity) to
substantially perform your material duties with respect to the Company which
continues beyond ten (10) days after a written demand for substantial
performance is delivered to you by the Company (such ten-day period, the Cure
Period), (ii) any gross misconduct of yours that causes material and
demonstrable injury, monetarily or otherwise, to the Company or any affiliate, (iii) your
conviction of, or plea of guilty or nolo contendere to, the commission
of (x) a felony or (y) any misdemeanor involving theft, fraud,
misappropriation or moral turpitude (other than in connection with any traffic
violations), (iv) your disqualification or bar by any governmental or
self-regulatory authority from serving in your position with the Company or
your loss of any governmental or self-regulatory license that is reasonably
necessary for you to perform your material duties with respect to the Company
in any such case, as a result of your misconduct, (v) your willful
obstruction of, or willful failure to cooperate with (except where due to a
physical or mental incapacity), any investigation authorized by the Board of
Directors of CFGI; provided that exercise by the you of your constitutional
rights under the Fifth Amendment of the United States Constitution in the event
of any criminal investigation of you shall not be treated as obstruction of or
failure to cooperate with any such investigation, or (vi) your material
breach of the Companys written code of conduct and business ethics, which
breach is customarily punishable by termination of employment by the Company.  6.             The Companys rights hereunder shall inure to the
benefit of and shall be binding upon the successors and assigns of the
Company.  You shall not be entitled to
assign any of your rights or obligations hereunder.  7.             Subject to applicable law, no portion of the Bonus Award
will be taken into account for purposes of determining any benefits under any
benefit plan of the Company, including, without limitation, pension,
retirement, severance, deferred compensation or annual compensation
calculations.  8.             This letter agreement contains the entire agreement of
the parties with respect to the subject matter hereof and merges all prior
negotiations, agreements and understandings, if any.  No modification, release, discharge or waiver
of any provision of this letter agreement shall be of any force or effect
unless made in writing and signed by the parties hereto.  If any term, clause or provision of this
letter agreement shall for any reason be adjudged invalid, unenforceable or
void, the same shall not impair or invalidate any of the other provisions of
this letter agreement, all of which shall be performed in accordance with their
respective terms.  9.             This letter agreement shall be
governed by the laws of the State of Pennsylvania without regard to the
conflict of laws and principles thereof.  10.           This letter agreement may be executed in one or more
counterparts, each of which shall be considered an original instrument, but all
of which shall be considered one and the same agreement.  [Signature Page Follows]  2


Please sign below to
signify your understanding and acceptance of the terms and conditions contained
herein and return a copy to me by no later than May 1, 2009.  Thank
you again for all of your past contributions and foryour continued commitment and loyalty to
the Company.  Yours sincerely,/s/ Jay N. LevineJay N. LevineChief Executive Officercc: file   I have received and
reviewed the particulars of this letter agreement and I understand, accept and
agree to be bound to the conditions as stated.   Signed
  /s/ Gregory J.
  McManus
  
  Date April 23,
  2009Gregory J.
  McManus  3