Document:

Form of Quadra Realty Trust, Inc. Equity Plan

 Exhibit 10.4 
 FORM OF QUADRA REALTY TRUST, INC. 
 EQUITY PLAN 

 FORM OF QUADRA REALTY TRUST, INC. 
 EQUITY PLAN 
  

					
	 	 	 Section
	  	Page
	1.	 	Purpose; Types of Awards; Construction	  	1
			
	2.	 	Definitions	  	1
			
	3.	 	Administration	  	3
			
	4.	 	Eligibility	  	4
			
	5.	 	Stock Subject to the Plan	  	4
			
	6.	 	Terms of Awards	  	5
			
	7.	 	Certain Terminations of Service	  	8
			
	8.	 	General Provisions	  	9

 FORM OF QUADRA REALTY TRUST, INC. 
 EQUITY PLAN 
 1. Purpose; Types of Awards; Construction. 
 The purposes of the Quadra Realty Trust, Inc. Equity Plan (the “Plan”) are to afford an incentive to the directors and officers, advisors and
consultants of Quadra Realty Trust, Inc. (the “Company”) who are in any case natural persons and providing services to the Company, including without limitation individuals who are employees of the Manager or one of its Affiliates who are
providing services to the Company, to continue as directors, officers, advisors and consultants, to increase their efforts on behalf of the Company and to promote the success of the Company’s business. The Plan provides for the grant of stock
options, restricted stock, restricted stock units, unrestricted shares and other equity-based awards. 
 2. Definitions. 

For purposes of the Plan, the following terms shall be defined as set forth below: 
 (a) “Affiliate” means (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person,
(ii) any executive officer or general partner of such other Person and (iii) any legal entity for which such Person acts as an executive officer or general partner. 
 (b) “Award” means any Option, Restricted Stock, Restricted Stock Unit or Other Stock-Based Award granted under the Plan. 
 (c) “Award Agreement” means any written agreement, contract or other instrument or document evidencing an Award. 
 (d) “Board” means the Board of Directors of the Company. 
 (e) “Cause” for the termination of a Participant’s service to the Company means the occurrence of any one of the following, as determined by the Board in its reasonable discretion: (i) the
intentional or grossly negligent commission of a material or reportable violation of laws, rules or regulations applicable to the Company or any of its Affiliates; (ii) the commission of an act constituting a breach of fiduciary duty, gross
negligence, willful misconduct or willful insubordination which is detrimental to the business, reputation, character or standing of the Company or any of its Affiliates; (iii) the commission of a felony under the laws of the United States or
any state or political subdivision thereof ; (iv) engaging in willful or grossly negligent conduct that violates the Company’s internal policies or procedures and which is detrimental to the business, reputation, character or standing of
the Company or any of its Affiliates; (v) the commission of an act of fraud, dishonesty or misrepresentation that is detrimental to the business, reputation, character or standing of the Company or any of its Affiliates; or (vi) the
continued breach of the Participant’s material obligations to the Company after receiving written notice from the Company of any such breach or default. 

 (f) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the
rules and regulations promulgated thereunder. 
 (g) “Committee” means the committee established by the Board to administer the
Plan, the composition of which shall at all times consist of “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act. 
 (h) “Company” means Quadra Realty Trust, Inc., a Maryland corporation, or any successor corporation. 
 (i) “Effective Date” means [                    , 2007], the date on which the Plan was adopted by the Board,
subject to obtaining the approval of the Company’s stockholders. 
 (j) “Exchange Act” means the Securities Exchange Act of
1934, as amended from time to time, and the rules and regulations promulgated thereunder. 
 (k) “Fair Market Value” means, with
respect to Stock or other property, the fair market value of such Stock or other property determined by such methods or procedures as shall be established from time to time by the Board. Unless otherwise determined by the Board in good faith, the
per share Fair Market Value of Stock as of a particular date shall mean (i) the closing sales price per share of Stock on the national securities exchange on which the Stock is principally traded, for the last preceding date on which there was
a sale of such Stock on such exchange; (ii) if the shares of Stock are then traded in an over-the-counter market, the average of the closing bid and asked prices for the shares of Stock in such over-the-counter market for the last preceding
date on which there was a sale of such Stock in such market; or (iii) if the shares of Stock are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Board, in its sole discretion, shall
determine. 
 (l) “Management Agreement” means the Management Agreement, dated as of
[                    ], 2007, by and between the Company and the Manager, as such may be amended from time to time. 
 (m) “Manager” means Hypo Real Estate Capital Corporation, a Delaware corporation. 
 (n) “Option” means a right, granted to a Participant under Section 6(b)(i), to purchase shares of Stock. 
 (o) “Other Stock-Based Award” means a right or other interest granted to a Participant that may be denominated or payable in, valued in whole
or in part by reference to, or otherwise based on, or related to, Stock, including but not limited to unrestricted shares of Stock or dividend equivalent rights. 
  

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 (p) “Participant” means an eligible person who has been granted an Award under the Plan.

 (q) “Person” means any natural person, corporation, partnership, association, limited liability company, estate, trust, joint
venture, any federal, state or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such capacity on behalf of the foregoing. 
 (r) “Plan” means this Quadra Realty Trust, Inc. Equity Plan, as amended from time to time. 
 (s) “Removal for Cause” shall have the meaning ascribed to such term under the laws of Maryland. 
 (t) “Restricted Stock” means an Award of shares of Stock to a Participant under Section 6(b)(ii) that may be subject to certain
restrictions and to a risk of forfeiture. 
 (u) “Restricted Stock Unit” or “RSU” means a right granted to a Participant
under Section 6(b)(iii) to receive Stock, cash or other property at the end of a specified period, which right may be conditioned on the satisfaction of specified performance or other criteria. 
 (v) “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder.

 (w) “Stock” means shares of the common stock, par value $0.001 per share, of the Company. 
 3. Administration. 
 The Plan shall be
administered by the Board. Except with respect to the amendment, modification, suspension or early termination of the Plan, the Board may appoint a Committee to administer all or a portion of the Plan. To the extent that the Board so delegates its
authority, references herein to the Board shall be deemed references to the Committee. The Board may delegate to one or more agents such administrative duties as it may deem advisable, and the Committee or any other person to whom the Board has
delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Board or such Committee or person may have under the Plan. No member of the Board or Committee shall be liable for any action taken
or determination made in good faith with respect to the Plan or any Award granted hereunder. 
 The Board shall have the authority in its
discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the
administration of the Plan, including, without limitation, the authority to: (i) grant Awards; (ii) determine the persons to whom and the time or times 

  

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at which Awards shall be granted; (iii) determine the type and number of Awards to be granted, the number of shares of Stock to which an Award may
relate and the terms, conditions, restrictions and performance criteria relating to any Award; (iv) determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered;
(v) make adjustments in the terms and conditions of Awards; (vi) construe and interpret the Plan and any Award; (vii) prescribe, amend and rescind rules and regulations relating to the Plan; (viii) determine the terms and
provisions of the Award Agreements (which need not be identical for each Participant); and (x) make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of
the Committee shall be final and binding on all persons, including but not limited to the Company, any parent or subsidiary of the Company, any Participant (or any person claiming any rights under the Plan from or through any Participant) and any
stockholder. Notwithstanding any provision of the Plan or any Award Agreement to the contrary, except as provided in the second paragraph of Section 5, neither the Board nor the Committee may take any action which would have the effect of
reducing the aggregate exercise or purchase price of any Award without obtaining the approval of the Company’s stockholders. 
 4.
Eligibility. 
 Awards may be granted, in the discretion of the Board, to individuals who are, as of the date of grant, directors or
officers, advisors or consultants of the Company, who in any case are natural persons and providing services to the Company, including without limitation individuals who are employees of the Manager or one of its Affiliates. In determining the
persons to whom Awards shall be granted and the type of any Award (including the number of shares to be covered by such Award), the Board shall take into account such factors as the Board shall deem relevant in connection with accomplishing the
purposes of the Plan. 
 5. Stock Subject to the Plan. 
 The maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be 1,800,000, subject to adjustment as provided herein. No more than [450,000] shares of Stock may be made
subject to Options granted under the Plan, and no more than [1,800,000] shares of Stock may be made subject to stock-based awards other than Options (including Restricted Stock and Restricted Stock Units or Other Stock-Based Awards),
in either case, subject to adjustment as provided herein. Such shares may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in private transactions or
otherwise. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award terminates or expires without a distribution of shares to the Participant, or if shares of Stock are surrendered or withheld by the
Company as payment of either the exercise price of an Award and/or withholding taxes in respect of an Award, the shares of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, withholding,
termination or expiration, again be available for Awards under the Plan. Upon the exercise of any 

  

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Award granted in tandem with any other Award, such related Award shall be cancelled to the extent of the number of shares of Stock as to which the Award is
exercised and, notwithstanding the foregoing, such number of shares shall no longer be available for Awards under the Plan. 
 In the event
that the Board shall determine that any dividend or other distribution (whether in the form of cash, Stock, or other property), recapitalization, Stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase,
or share exchange, or other similar corporate transaction or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan, then the Board shall make
equitable changes or adjustments to any or all of: (i) the number and kind of shares of Stock or other property (including cash) that may thereafter be issued in connection with Awards; (ii) the number and kind of shares of Stock or other
property (including cash) issued or issuable in respect of outstanding Awards; (iii) the exercise price, grant price or purchase price relating to any Award and (iv) the performance goals, if any, applicable to outstanding Awards. In
addition, the Board may determine that any such equitable adjustment may be accomplished by making a payment to the Award holder, in the form of cash or other property (including but not limited to shares of Stock). 
 6. Terms of Awards. 
 (a)
General. The term of each Award shall be for such period as may be determined by the Board. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company upon the grant, vesting, maturation or
exercise of an Award may be made in such forms as the Board shall determine at the date of grant or thereafter, including, without limitation, cash, Stock or other property, and may be made in a single payment or transfer, in installments or on a
deferred basis. The Board may make rules relating to installment or deferred payments with respect to Awards, including the rate of interest to be credited with respect to such payments. In addition to the foregoing, the Board may impose on any
Award or the exercise thereof, at the date of grant or thereafter, such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Board shall determine. 
 (b) Terms of Specified Awards. The Board is authorized to grant the Awards described in this Section 6(b), under such terms and conditions
as deemed by the Board to be consistent with the purposes of the Plan. Such Awards may be granted with vesting, value and/or and payment contingent upon attainment of one or more performance goals. Except as otherwise set forth herein or as may be
determined by the Board, each Award granted under the Plan shall be evidenced by an Award Agreement containing such terms and conditions applicable to such Award as the Board shall determine at the date of grant or thereafter. 
 (i) Options. The Board is authorized to grant Options to Participants on the following terms and conditions: 
  

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 (A) Exercise Price. The exercise price per share of Stock purchasable under an
Option shall be determined by the Board, but in no event shall the per share exercise price of any Option be less than 100% of the Fair Market Value of a share of Stock on the date of grant of such Option. The exercise price for Stock subject to an
Option may be paid in cash or by an exchange of Stock previously owned by the Participant, through a “broker cashless exercise” procedure approved by the Board (to the extent permitted by law) or a combination of the above, in any case in
an amount having a combined value equal to such exercise price; provided that the Board may require that any Stock exchanged by the Participant have been owned by the Participant for at least six months as of the date of exercise. An Award Agreement
may provide that a Participant may pay all or a portion of the aggregate exercise price by having shares of Stock with a Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by the Company. 
 (B) Term and Exercisability of Options. Options shall be exercisable over the exercise period (which shall not exceed ten years
from the date of grant), at such times and upon such conditions as the Board may determine, as reflected in the Award Agreement; provided, that the Board shall have the authority to accelerate the exercisability of any outstanding Option at such
time and under such circumstances as it, in its sole discretion, deems appropriate. An Option may be exercised to the extent of any or all full shares of Stock as to which the Option has become exercisable, by giving written notice of such exercise
to the Board or its designated agent. 
 (C) Termination of Service. Subject to Section 7, an Option may not be
exercised unless: (1) the Participant is then providing services the Company; and (2) the Participant has continuously maintained such relationship since the date of grant of the Option; provided, that the Award Agreement may contain
provisions extending the exercisability of Options, in the event of specified terminations of service, to a date not later than the expiration date of such Option. 
 (D) Other Provisions. Options may be subject to such other conditions including, but not limited to, restrictions on
transferability of the shares acquired upon exercise of such Options, as the Board may prescribe in its discretion or as may be required by applicable law. 
  

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 (ii) Restricted Stock. The Board is authorized to grant Restricted Stock to
Participants on the following terms and conditions: 
 (A) Issuance and Restrictions. Restricted Stock shall be
subject to such restrictions on transferability and other restrictions, if any, as the Board may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times, under such circumstances, in such
installments, or otherwise, as the Board may determine. The Board may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. Unless otherwise determined by the Board,
a Participant granted Restricted Stock shall have all of the rights of a stockholder including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 
 (B) Forfeiture. Subject to Section 7, upon termination of service to the Company during the applicable restriction period,
Restricted Stock and any accrued but unpaid dividends that are then subject to restrictions shall be forfeited; provided, that the Board may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that
restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the Board may in other cases waive in whole or in part the forfeiture of
Restricted Stock. 
 (C) Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such
manner as the Board shall determine. If certificates representing Restricted Stock are registered in the name of the Participant, such certificates shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to
such Restricted Stock, and the Company shall retain physical possession of the certificate. 
 (D) Dividends. Unless
otherwise determined by the Board, dividends paid on Restricted Stock shall be paid at the dividend payment date, provided that such payments may be deferred to such date as determined by the Board, and in any event shall be payable in cash or in
shares of Stock having a Fair Market Value equal to the amount of such dividends. Unless otherwise determined by the Board, Stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be
subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 
  

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 (iii) Restricted Stock Units. The Board is authorized to grant Restricted Stock
Units to Participants, subject to the following terms and conditions: 
 (A) Award and Restrictions. Delivery of
Stock, cash or other property, as determined by the Board, will occur upon expiration of the period specified for Restricted Stock Units by the Board during which forfeiture conditions apply, or such later date as the Board shall determine. The
Board may place restrictions on Restricted Stock Units that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. 
 (B) Forfeiture. Subject to Section 7, upon termination of service to the Company prior to the vesting of a Restricted Stock Unit, or upon failure to satisfy any other conditions precedent to the delivery
of Stock or cash to which such Restricted Stock Units relate, all Restricted Stock Units and any accrued but unpaid dividend equivalents that are then subject to deferral or restriction shall be forfeited; provided, that the Board may provide, by
rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock Units will be waived in whole or in part in the event of termination resulting from
specified causes, and the Board may in other cases waive in whole or in part the forfeiture of Restricted Stock Units. 
 (C)
Dividend Equivalents. Unless otherwise determined by the Board, Restricted Stock Units shall be credited with dividend equivalents at such time as dividends, whether in the form of cash, Stock or other property, are paid with respect to the
Stock. Unless otherwise determined by the Board, any such dividend equivalents shall be paid on the dividend payment date to the Participant as though each Restricted Stock Unit held by such Participant were a share of outstanding Stock. 

(iv) Other Stock-Based Awards. The Board is authorized to grant Awards to Participants in the form of Other Stock-Based Awards,
as deemed by the Board to be consistent with the purposes of the Plan. Awards granted pursuant to this paragraph may be granted with vesting, value and/or payment contingent upon the attainment of one or more performance goals. The Board shall
determine the terms and conditions of such Awards at the date of grant or thereafter. Without limiting the generality of this paragraph, Other Stock-Based Awards may include grants of shares of Stock that are not subject to any restrictions or a
substantial risk of forfeiture. 
 7. Acceleration of Awards Upon Certain Terminations of Service. 
 (a) Independent Directors. Unless otherwise determined by the Board and set forth in an individual Award Agreement, in the event that the service to the
Company of a Participant who is an Independent Director is terminated other than 

  

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pursuant to a Removal for Cause, any Award held by such Participant that was not previously vested and/or exercisable shall become fully vested and/or
exercisable, and any performance conditions imposed with respect to such Award shall be deemed to be fully achieved 
 (b) Other
Participants. Unless otherwise determined by the Board and set forth in an individual Award Agreement, upon termination of the Management Agreement other than for Cause (as defined in the Management Agreement), any Award held by a Participant who is
not an Independent Director that was not previously vested and/or exercisable shall become fully vested and/or exercisable, and any performance conditions imposed with respect to such Award shall be deemed to be fully achieved. 
 8. General Provisions. 
 (a)
Nontransferability. Unless otherwise provided in an Award Agreement, Awards shall not be transferable by a Participant except by will or the laws of descent and distribution and shall be exercisable during the lifetime of a Participant only
by such Participant or his guardian or legal representative. 
 (b) No Right to Continued Service, etc. Nothing in the Plan or in any
Award, any Award Agreement or other agreement entered into pursuant hereto shall confer upon any Participant the right to continue as a director of, or continue to provide services to, the Company or any parent, subsidiary or Affiliate of the
Company or to be entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company to terminate such Participant’s service.

 (c) Taxes. The Company or any parent or subsidiary of the Company is authorized to withhold from any Award granted, any payment
relating to an Award under the Plan, including from a distribution of Stock, or any other payment to a Participant, amounts of withholding and other taxes due in connection with any transaction involving an Award, and to take such other action as
the Board may deem advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Stock or
other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations. The Board may provide in the Award Agreement that in the event that a Participant is required to pay any amount to be withheld in
connection with the issuance of shares of Stock in settlement or exercise of an Award, the Participant may satisfy such obligation (in whole or in part) by electing to have the Company withhold a portion of the shares of Stock to be received upon
settlement or exercise of such Award that is equal to the minimum amount required to be withheld. 
  

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 (d) Effective Date; Amendment and Termination. 
 (i) The Plan shall take effect upon the Effective Date, subject to the approval of the Company’s stockholders. 
 (ii) The Board may at any time and from time to time terminate, amend, modify or suspend the Plan in whole or in part; provided, however,
that unless otherwise determined by the Board, an amendment that requires stockholder approval in order for the Plan to comply with any law, regulation or stock exchange requirement shall not be effective unless approved by the requisite vote of
stockholders. The Board may at any time and from time to time amend any outstanding Award in whole or in part. Notwithstanding the foregoing sentence of this clause (ii), no amendment or modification to or suspension or termination of the Plan or
amendment of any Award shall affect adversely any of the rights of any Participant, without such Participant’s consent, under any Award theretofore granted under the Plan. 
 (e) Expiration of Plan. Unless earlier terminated by the Board pursuant to the provisions of the Plan, the Plan shall expire on the tenth
anniversary of the Effective Date. No Awards shall be granted under the Plan after such expiration date. The expiration of the Plan shall not affect adversely any of the rights of any Participant, without such Participant’s consent, under any
Award theretofore granted. 
 (f) Deferrals. The Board shall have the authority to establish such procedures and programs that it
deems appropriate to provide Participants with the ability to defer receipt of cash, Stock or other property payable with respect to Awards granted under the Plan. 
 (g) No Rights to Awards; No Stockholder Rights. No Participant shall have any claim to be granted any Award under the Plan. There is no obligation for uniformity of treatment among Participants. Except as
provided specifically herein, a Participant or a transferee of an Award shall have no rights as a stockholder with respect to any shares covered by the Award until the date of the issuance of a stock certificate to him for such shares. 

(h) Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With
respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company. 
 (i) No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Board shall determine
whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
  

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 (j) Regulations and Other Approvals. 
 (i) The obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be subject to all
applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Board. 
 (ii) Each Award is subject to the requirement that, if at any time the Board determines, in its absolute discretion, that the listing,
registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition
of, or in connection with, the grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or
obtained free of any conditions not acceptable to the Board. 
 (iii) In the event that the disposition of Stock acquired
pursuant to the Plan is not covered by a then-current registration statement under the Securities Act and is not otherwise exempt from such registration, such Stock shall be restricted against transfer to the extent required by the Securities Act or
regulations thereunder, and the Board may require a Participant receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to represent to the Company in writing that the Stock acquired by such Participant is acquired
for investment only and not with a view to distribution. 
 (iv) The Board may require a Participant receiving Stock pursuant
to the Plan, as a condition precedent to receipt of such Stock, to enter into a stockholder agreement or “lock-up” agreement in such form as the Board shall determine is necessary or desirable to further the Company’s interests.

 (k) Registration on Form S-8. The Company shall file with the Securities and Exchange Commission a registration statement on Form
S-8 with respect to the securities to be offered to Participants under the Plan and shall during the term of the Plan keep such registration statement effective. 
 (l) Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of Maryland without giving effect to the conflict of laws principles thereof. 

 

 11Form of Restricted Stock Award Agreement (under Equity Plan)

 Exhibit 10.5 
 FORM OF QUADRA REALTY TRUST, INC. 
 EQUITY PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 THIS RESTRICTED STOCK AWARD AGREEMENT, (the “Agreement”), dated as of                     ,
20     (the “Grant Date”), is made by and between Quadra Realty Trust, Inc., a Maryland corporation (the “Company”), and
[                    ] (the “Grantee”). 
 WHEREAS, the Company has adopted the Quadra Realty Trust, Inc. Equity Plan (the “Plan”), pursuant to which the Company may grant shares of Stock which are restricted as to transfer (shares so restricted
hereinafter referred to as “Restricted Stock”); 
 WHEREAS, the Grantee is providing bona fide services to the Company on the date
of this Agreement; 
 WHEREAS, the Company desires to grant to the Grantee the number of shares of Restricted Stock provided for herein;

 NOW, THEREFORE, in consideration of the recitals and the mutual agreements herein contained, the parties hereto agree as follows:

 Section 1. Grant of Restricted Stock Award 
 (a) Grant of Restricted Stock. The Company hereby grants to the Grantee [            ] shares of Restricted Stock on the terms and conditions
set forth in this Agreement and as otherwise provided in the Plan. 
 (b) Incorporation of Plan. The provisions of the Plan are hereby
incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the
definitions set forth in the Plan. The Board shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Grantee and
his/her legal representative in respect of any questions arising under the Plan or this Agreement. 
  

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 Section 2. Terms and Conditions of Award 
 The grant of Restricted Stock provided in Section 1(a) shall be subject to the following terms, conditions and restrictions: 
 (a) Ownership of Shares. Subject to the restrictions set forth in the Plan and this Agreement, the Grantee shall possess all incidents of ownership
of the Restricted Stock granted hereunder, including the right to receive dividends with respect to such Stock, as set forth in clause (b) below, and the right to vote such Stock. 
 (b) Payment of Dividends. The Grantee shall be entitled to receive dividends which become payable on the Restricted Stock at the time such
dividends are paid to other holders of Stock. 
 (c) Restrictions. Restricted Stock and any interest therein, may not be sold,
assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of descent and distribution, prior to the lapse of restrictions set forth in this Agreement applicable thereto, as set forth in Section 2(e). The
Board may in its discretion, cancel all or any portion of any outstanding restrictions prior to the expiration of the periods provided under Section 2(e). 
 (d) Certificate; Restrictive Legend. The Grantee agrees that any certificate issued for Restricted Stock prior to the lapse of any outstanding restrictions relating thereto shall be inscribed with the following
legend: 
 This certificate and the shares of stock represented hereby are subject to the terms and conditions, including forfeiture
provisions and restrictions against transfer (the “Restrictions”), contained in the Quadra Realty Trust, Inc. Equity Plan and an agreement entered into between the registered owner and Quadra Realty Trust, Inc. Any attempt to dispose of
these shares in contravention of the Restrictions, including by way of sale, assignment, transfer, pledge, hypothecation or otherwise, shall be null and void and without effect. 
 (e) Lapse of Restrictions. Except as may otherwise be provided herein, the restrictions on transfer set forth in Section 2(c) shall lapse
with respect to [             percent (    %)] of the shares of Restricted Stock granted hereunder on [each of the
[                    ] anniversaries of the Grant Date], so long as the Grantee is providing services to the Company [or
an Affiliate] as of the relevant date. [Performance-based vesting provisions, if applicable.] 
  

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 Upon each lapse of restrictions relating to Restricted Stock, the Company shall issue to the Grantee or
the Grantee’s personal representative a stock certificate representing a number of shares of Stock, free of the restrictive legend described in Section 2(d), equal to the number of shares subject to this Restricted Stock Award with respect
to which such restrictions have lapsed. If certificates representing such Restricted Stock shall have theretofore been delivered to the Grantee, such certificates shall be returned to the Company, complete with any necessary signatures or
instruments of transfer prior to the issuance by the Company of such unlegended shares of Stock. 
 (f) Termination of Service.

 [Independent Directors: In the event that the Grantee’s service to the Company is terminated pursuant to a Removal for Cause,
all shares of Restricted Stock subject to this Award Agreement shall be immediately forfeited as of the effective date of such termination of service. Upon termination of the Grantee’s service to the Company for any reason other than pursuant
to a Removal for Cause, any shares of Restricted Stock granted hereunder which have not become free of transfer restrictions shall as of the effective date of such termination of service become fully vested and free of such restrictions.]

 [Other Grantees: In the event that the Grantee’s service with the Company and its Affiliates is terminated prior to the
lapsing of restrictions with respect to any portion of the Restricted Stock granted hereunder, such portion of the Restricted Stock held by the Grantee shall become free of such restrictions or be forfeited as follows: 
 (i) If such termination of service is (1) because of the Grantee’s death or permanent disability or (2) due to a termination of the
Grantee’s services by the Company or one of its Affiliates other than for Cause, any shares of Restricted Stock granted hereunder which have not become free of transfer restrictions shall as of the date of such termination of service become
fully vested and free of such restrictions; and 
 (ii) If such termination of service is for any reason (including without limitation a
voluntary termination of service by the Grantee) other than as provided in clause (i) above, any shares of Restricted Stock granted hereunder which have not become free of transfer restrictions shall as of the date of such termination of
service be immediately forfeited.] 
 Restricted Stock forfeited pursuant to this Section 2(f) shall be transferred to, and
reacquired by, the Company without payment of any consideration by the Company, and neither the Grantee nor any of the Grantee’s successors, heirs, assigns or personal representative shall thereafter have any further rights or interests in such
shares or certificates. If certificates containing 

  

 3 

 
restrictive legends shall have theretofore been delivered to the Grantee (or his/her legatees or personal representative), such certificates shall be
returned to the Company, complete with any necessary signatures or instruments of transfer. 
 (g) Income Taxes. The Grantee shall pay
to the Company promptly upon request, and in any event at the time the Grantee recognizes taxable income in respect of the Restricted Stock (or, if the Grantee makes an election under Section 83(b) of the Code, in connection with such grant),
an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the Restricted Stock. Such payment shall be made in the form of cash, shares of Stock already owned by the Grantee, shares of
Stock otherwise issuable upon the lapse of restrictions, or in a combination of such methods. The Grantee shall promptly notify the Company of any election made pursuant to Section 83(b) of the Code. 
 Section 3. Miscellaneous 
 (a) Notices.
Any and all notices, designations, consents, offers, acceptances and any other communications provided for herein shall be given in writing and shall be delivered either personally or by registered or certified mail, postage prepaid, which shall be
addressed, in the case of the Company to the [Corporate Counsel of the Company] at the principal office of the Company and, in the case of the Grantee, to Grantee’s address appearing on the books of the Company or to the Grantee’s
residence or to such other address as may be designated in writing by the Grantee. 
 (b) No Right to Continued Service. Nothing in
the Plan or in this Agreement shall confer upon the Grantee any right to continue in the service of the Company or any subsidiary or Affiliate of the Company or shall interfere with or restrict in any way the right of the Company, which is hereby
expressly reserved, to remove, terminate or discharge the Grantee at any time for any reason whatsoever, with or without Cause. 
 (c)
Bound by Plan. By signing this Agreement, the Grantee acknowledges that he/she has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan. 
 (d) Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and of the
Grantee and the beneficiaries, executors, administrators, heirs and successors of the Grantee. 
  

 4 

 (e) Invalid Provision. The invalidity or unenforceability of any particular provision thereof
shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had been omitted. 
 (f) Modifications. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto. 
 (g) Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject
matter contained herein and therein and supersede all prior communications, representations and negotiations in respect thereto. 
 (h)
Governing Law. This Agreement and the rights of the Grantee hereunder shall be construed and determined in accordance with the laws of the State of Maryland. 
 (i) Headings. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.

 (j) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 
  

 5 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the
             day of                     ,
20    . 
  

			
	QUADRA REALTY TRUST, INC.
		
	By:	 	  

	Its:	 	  

  

			
	[GRANTEE]
		
	Signature:	 	  

	Printed Name:	 	  

	Address:	 	  

	  

  

 6

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