Document:

Exhibit 10.21

 

INDEPENDENT
DIRECTOR STOCKHOLDER’S AGREEMENT

 

This Independent Director
Stockholder’s Agreement (this “Agreement”) is entered into as of                      ,
2006 (the “Effective Date”) between Capmark Financial Group Inc., a
Nevada corporation (the “Company”), and the undersigned person (the “Independent
Director Stockholder”) (the Company and the Independent Director
Stockholder being hereinafter collectively referred to as the “Parties”).
All capitalized terms not immediately defined are hereinafter defined in
Section 7(b) of this Agreement.

 

WHEREAS, the Company has
entered into that certain Stock Purchase Agreement, dated as of August 2, 2005,
by and among General Motors Acceptance Corporation, a Delaware corporation (“GMAC”),
GMAC Mortgage Group, Inc., a Michigan corporation, the Company and GMACCH
Investor LLC, a Delaware limited liability company (the “Investor LLC”)
(which is owned by affiliates of each of Kohlberg Kravis Roberts & Co. L.P. (“KKR”), Five Mile Capital Partners LLC (“FMCP”),
Dune Capital Management L.P. (“Dune”), and The Goldman Sachs Group, Inc.
(“GSCP” and, collectively with KKR, FMCP, and Dune, the “Investors”)),
pursuant to which the Investor LLC acquired approximately 78% of the
outstanding common stock, par value $0.001 per share of the Company (the “Common
Stock”);

 

WHEREAS,
the Independent Director Stockholder has been selected by the Company to
purchase shares of Common Stock and may be granted, from time to time,
option(s) to purchase shares of Common Stock (each, an “Option”)
pursuant to the terms set forth below and the terms of the 2006 Equity Plan for
Key Employees of Capmark Financial Group Inc. and Its Affiliates (the “Option
Plan”) and, if an option is granted to the Independent Stockholder, a Stock
Option Agreement between the Company and the Independent Director Stockholder
(the “Stock Option Agreement”);

 

WHEREAS,
in connection with the Independent Director Stockholder’s subscription for
Common Stock, the Independent Director Stockholder will be required to execute
and deliver an Independent Director Sale Participation Agreement, dated as of
the date hereof, between the Independent Director Stockholder and Investor LLC
(the “Sale Participation Agreement”) and, if an Option is granted to the
Independent Stockholder, the Stock Option Agreement, a Form W-9, and other
documents and instruments deemed necessary or desirable by the Company to
effect the transactions contemplated hereby (the Sale Participation Agreement,
the Stock Option Agreement (if any), the Form W-9 and such other documents and
instruments being referred to herein, collectively, as the “Independent
Director Stockholder Documents”);

 

WHEREAS,
this Agreement is one of several other agreements (“Other Stockholders’
Agreements”) which have been, or which in the future will be, entered into
between the Company and other individuals who are or will be key employees of
the Company or one of its Subsidiaries or independent directors of the Board
(collectively, the “Other Stockholders”);

 

WHEREAS,
the Independent Director Stockholder has received a Confidential Information
Memorandum and a Supplement to Confidential Information relating to the
offering of the Common Stock by the Company to the Independent Director
Stockholder;

 

NOW
THEREFORE, to implement the foregoing and in consideration of the mutual
agreements contained herein, the Parties agree as follows:

 

 

1.        Subscription for Common Stock; Issuance of
Option (if applicable); Certain Acknowledgments and Agreements of the
Independent Director Stockholder.

 

(a) Subject to the terms and
conditions hereinafter set forth, the Independent Director Stockholder agrees
to purchase from the Company (i) the number of newly issued shares of Common
Stock set forth under the caption “Base Share Amount” on the signature
page of this Agreement (the “Master Signature Page”), at a price per
share equal to $5.00. The shares of Common Stock subscribed for hereunder are
referred to herein as the “Shares” or “Purchased Stock” and the
aggregate purchase price for the Shares subscribed for hereunder is referred to
herein as the “Investment Amount”.

 

(b)
The Independent Director Stockholder acknowledges and agrees that the
subscription of the Independent Director Stockholder hereunder constitutes an
irrevocable agreement by the Independent Director Stockholder to purchase the
Shares for the Investment Amount and the Independent Director Stockholder is
not entitled to cancel, terminate or revoke this subscription or any agreements
of the Independent Director Stockholder hereunder, including the power of
attorney granted hereby, except as otherwise set forth in this Section 1, and
such subscription and agreements, including the power of attorney, shall
survive (i) changes in the Independent Director Stockholder Documents (including
changes made by the Company which in the aggregate are not material) and (ii)
the death or disability of the Independent Director Stockholder.

 

(c)
The Independent Director Stockholder hereby irrevocably makes, constitutes and
appoints the Company (and any designee of, substitute for, or successor to, the
Company) as the Independent Director Stockholder’s true and lawful attorney and
authorized signatory in the Independent Director Stockholder’s name, place and
stead, (i) to receive and pay over to the Company on behalf of the Independent
Director Stockholder, to the extent set forth in this Agreement, all funds
received hereunder, (ii) to execute and deliver on behalf of the Independent
Director Stockholder, amendments, restatements, cancellations, or modifications
of the Independent Director Stockholder Documents, including, without
limitation, filling in or amending amounts, dates and other pertinent
information, provided that such changes in the aggregate are not material, and
(iii) to make, execute, acknowledge, deliver, swear to, file or record any
instrument or filing which the Company considers necessary or desirable to
carry out the purposes of the Independent Director Stockholder Documents or
that may be required under the laws of any state or local government or of any
other jurisdiction; and any and all amendments, restatements, cancellations, or
modifications of such instruments. This power of attorney shall be deemed
coupled with an interest, shall be irrevocable and shall survive any transfer
of some or all of the Independent Director Stockholder’s shares of Common
Stock.

 

(d)
The closing of the issuance and sale of the Shares to the Independent Director
Stockholder pursuant to the subscription of the Independent Director
Stockholder hereunder shall be held on a date mutually agreed by the Company
and the Independent Director Stockholder (the “Closing Date”), which
shall in any event occur on or prior to June 15, 2006. The Independent Director
Stockholder agrees to pay on the Closing Date the full Investment Amount by
wire transfer of immediately available funds to the account of the Company as
follows:

 

Bank:
Wachovia N.A. 

ABA: 03
1-201-467

Beneficiary: Capmark
Financial Inc.

 

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Account number: 2000009591424

Ref: Management Share
Purchase

 

(e)
The Master Signature Page constitutes the Independent Director Stockholder’s
signature page for this Agreement and the Sale Participation Agreement.

 

2.        Independent Director
Stockholder’s Representations, Warranties and Agreements.

 

(a) In addition to agreeing
to the restrictions on transfer of Stock (as defined in Section 3) set forth in
Sections 3 and 4 hereof, if the Independent Director Stockholder is a Rule 405
Affiliate, the Independent Director Stockholder also agrees and acknowledges
that he will not transfer any shares of Stock unless:

 

(i)
the transfer is pursuant to an effective registration statement under the
Securities Act of 1933, as amended, and the rules and regulations in effect
thereunder (the “Act”),
and in compliance with
applicable provisions of state securities laws; or

 

(ii)
(A) counsel for the Independent Director Stockholder (which counsel shall be
reasonably satisfactory to the Company) shall have furnished the Company with
an opinion, reasonably satisfactory in form and substance to the Company, that
no such registration is required because of the availability of an exemption
from registration under the Act, and (B) if the Independent Director
Stockholder is a citizen or resident of any country other than the United
States, or the Independent Director Stockholder desires to effect any transfer
in any such country, counsel for the Independent Director Stockholder (which
counsel shall be reasonably satisfactory to the Company) shall have furnished
the Company with an opinion or other advice reasonably satisfactory in form and
substance to the Company to the effect that such transfer will comply with the
securities laws of each relevant jurisdiction.

 

Notwithstanding the
foregoing, the Company acknowledges and agrees that any of the following
transfers are deemed to be in compliance with the Act and this Agreement
(including without limitation any restrictions or prohibitions herein) and no
opinion of counsel is required in connection therewith: (x) a transfer made
pursuant to Section 3,4, 5, 6 or 9 hereof, (y) a transfer upon the death or Disability of the Independent
Director Stockholder to the Independent Director Stockholder’s Estate or a
transfer to the executors, administrators, testamentary trustees, legatees or
beneficiaries of a person who has become a holder of Stock in accordance with
the terms of this Agreement; provided that it is expressly understood
that any such transferee shall be bound by the provisions of this Agreement,
and (z) a transfer made after the Effective Date in
compliance with the federal securities laws to an Independent Director
Stockholder’s Trust or any of the Independent Director Stockholder’s Family
Members, provided that such transfer is made expressly subject to this
Agreement and that the transferee agrees in writing to be bound by the terms
and conditions hereof.

 

(b)
The certificate (or certificates) representing the Stock shall bear the
following legend:

 

“THE SHARES REPRESENTED BY
THIS CERTIFICATE MAY NOT BE
TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF
UNLESS SUCH TRANSFER, SALE,

 

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ASSIGNMENT,
PLEDGE, HYPOTHECATION OR OTHER DISPOSITION COMPLIES WITH THE PROVISIONS OF THE
INDEPENDENT DIRECTOR STOCKHOLDER’S AGREEMENT DATED AS OF MAY 16, 2006 BETWEEN
CAPMARK FINANCIAL GROUP INC. (THE “COMPANY”) AND THE INDEPENDENT DIRECTOR
STOCKHOLDER NAMED ON THE FACE HEREOF (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY).”

 

(c) The Independent Director
Stockholder acknowledges that he has been advised that (i) a restrictive legend
in the form heretofore set forth shall be placed on the certificates
representing the Stock and (ii) a notation shall be made in the appropriate
records of the Company indicating that the Stock is subject to restrictions on
transfer and appropriate stop transfer restrictions will be issued to the
Company’s transfer agent with respect to the Stock. If the Independent Director
Stockholder is a Rule 405 Affiliate, the Independent Director Stockholder also
acknowledges that (1) the Stock must be held indefinitely and the Independent
Director Stockholder must continue to bear the economic risk of the investment
in the Stock unless it is subsequently registered under the Act or an exemption
from such registration is available, (2) when and if shares of the Stock may be
disposed of without registration in reliance on Rule 144 of the rules and
regulations promulgated under the Act, such disposition can be made only in
limited amounts in accordance with the terms and conditions of Rule 144 and (3)
if the Rule 144 exemption is not available, public sale without registration
will require compliance with some other exemption under the Act.

 

(d)
If any shares of the Stock are to be disposed of in accordance with Rule 144
under the Act or otherwise, the Independent Director Stockholder shall promptly
notify the Company of such intended disposition and shall deliver to the
Company at or prior to the time of such disposition such documentation as the
Company may reasonably request in connection with such sale and, in the case of
a disposition pursuant to Rule 144, shall deliver to the Company an executed
copy of any notice on Form 144 required to be filed with the SEC.

 

(e)
The Independent Director Stockholder agrees that, if any shares of the Stock
are offered to the public pursuant to an effective registration statement under
the Act (other than registration of securities issued on Form S-8, S-4 or any
successor or similar form), the Independent Director Stockholder will not
effect any public sale or distribution of any shares of the Stock not covered
by such registration statement from the time of the receipt of a notice from
the Company that the Company has filed or imminently intends to file such
registration statement to, or within 180 days (or such shorter period as may be
consented to by the managing underwriter or underwriters) in the case of the
initial Public Offering and ninety (90) days (or in an underwritten offering
such shorter period as may be consented to by the managing underwriter or
underwriters, if any) in the case of any other Public Offering after, the
effective date of such registration statement, unless otherwise agreed to in
writing by the Company.

 

(f)  The Independent Director Stockholder represents and warrants that (i)
with respect to the Stock, he has received and reviewed the available
information relating to the Stock, including having received and reviewed the
documents related thereto, certain of which documents set forth the rights,
preferences and restrictions relating to the Options and the Stock underlying
the Options; if applicable, and (ii) he has been given the opportunity to
obtain any additional information or documents and to ask questions and receive
answers about such information, the Company and the business and prospects of
the Company which

 

4

 

he deems necessary to
evaluate the merits and risks related to his investment in the Stock and to
verify the information contained in the information received as indicated in
this Section 2(f), and he has relied solely on such information.

 

(g) The Independent Director
Stockholder further represents and warrants that (i) his financial condition is
such that he can afford to bear the economic risk of holding the Stock for an
indefinite period of time and has adequate means for providing for his current
needs and personal contingencies, (ii) he can afford to suffer a complete loss
of his or her investment in the Stock, (iii) he understands and has taken
cognizance of all risk factors related to the purchase of the Stock, and (iv)
his knowledge and experience in financial and business matters are such that he
is capable of evaluating the merits and risks of his purchase of the Stock as
contemplated by this Agreement.

 

3.        Transferabilitv of
Stock. The Independent Director Stockholder agrees that he will not
directly or indirectly, offer, transfer, sell, assign, pledge, hypothecate or
otherwise dispose of (any of the foregoing acts being referred to herein as a “transfer”),
any Purchased Stock or Common Stock otherwise acquired and/or held by the
Independent Director Stockholder Entities, or at the time of exercise, any
shares of the Common Stock issuable or issued upon exercise of any Options (“Option
Stock”; together with any other Purchased Stock, Net Settled Stock and
Common Stock otherwise acquired and/or held by the Independent Director
Stockholder Entities, collectively referred to as “Stock”) at any time
during the period commencing on the Effective Date and ending on the first to
occur of (i) the fifth anniversary of the Effective Date or (ii) the occurrence
of a Change in Control (the first such event to occur being the “Lapse Date”);
provided, however, that the Independent Director Stockholder may
transfer shares of Stock during such time pursuant to one of the following
exceptions: (a) transfers permitted by Section 5 or 6; (b) transfers permitted by clauses (y)
and (z) of Section 2(a); (c) a sale of shares of Common Stock pursuant to an
effective registration statement under the Act filed by the Company, including
without limitation a sale pursuant to Section 9 (excluding any registration on
Form S-8, S-4 or any successor or similar form); (d) transfers permitted
pursuant to the Sale Participation Agreement; or (e) transfers permitted by the
Board. No transfer of any such shares in violation hereof shall be made or
recorded on the books of the Company and any such transfer shall be void ab initio and of no
effect; provided, that in the event the Independent Director Stockholder
elects not to participate in any Sale Agreement (as such term is defined in the
Sale Participation Agreement) entered into by the Investor or any of its
affiliates that is consummated after a Qualified Public Offering, the Company
shall immediately waive the restrictions on transfer that would otherwise be
imposed on the Independent Director Stockholder pursuant to this Section 3
solely with respect to those shares of Common Stock which could have been sold
by the Independent Director Stockholder in such Sale Agreement.

 

4.        Right of First
Refusal. (a) If, at any time prior to the first occurrence of a Lapse Date,
the Independent Director Stockholder receives a bona fide offer to purchase any
or all of his Stock (the “Third Party Offer”) from a third party (which,
for the avoidance of doubt, shall not include any transfers pursuant to clause
(y) or (z) of Section 2(a), or pursuant to clause (c) or (d) of Section 3) (the
“Offeror”), which the Independent Director Stockholder wishes to accept,
the Independent Director Stockholder shall cause the Third Party Offer to be
reduced to writing and shall notify the Company in writing of his wish to
accept the Third Party Offer. The Independent Director Stockholder’s notice to
the Company shall contain an irrevocable offer to sell such Stock to the
Company (in the manner set forth

 

5

 

below) at a purchase price
equal to the price contained in, and on the same terms and conditions of, the
Third Party Offer, and shall be accompanied by a copy of the Third Party Offer
(which shall identify the Offeror). At any time within fifteen (15) days after the date of the receipt by the Company of the Independent
Director Stockholder’s notice, the Company shall have the right and option to
purchase, or to arrange for a third party to purchase, all (but not less than
all) of the shares of Stock covered by the Third Party Offer, pursuant to
Section 4(b).

 

(b)
The Company shall have the right and option to purchase, or to arrange for a
third party to purchase, all of the shares of Stock covered by the Third Party
Offer at the same price and on substantially the same terms and conditions as
the Third Party Offer (or, if the Third Party Offer includes any consideration
other than cash, then at the sole option of the Company, at the equivalent all
cash price, determined in good faith by the Board), by delivering a certified
bank check or checks in the appropriate amount (or by wire transfer of
immediately available funds, if the Independent Director Stockholder Entities
provide to the Company wire transfer instructions) (and any such non-cash
consideration to be paid) to the Independent Director Stockholder at the
principal office of the Company against delivery of certificates or other
instruments representing the shares of Stock so purchased, appropriately
endorsed by the Independent Director Stockholder; provided that if the
Independent Director Stockholder does not agree with the Board’s determination
of “equivalent all cash price”, the Independent Director Stockholder shall have
the right to so notify the Company, the Company shall not have the right to
purchase such shares and the Independent Director Stockholder shall not have
any right to sell such shares to a third party without initiating the process
set forth in the first sentence of Section 4(a). If at the end of the 15-day
period, the Company has not tendered the purchase price for such shares in the manner
set forth above, the Independent Director Stockholder may, during the
succeeding 60-day period, sell not less than all of the shares of Stock covered
by the Third Party Offer, to the Offeror on terms no less favorable to the
Independent Director Stockholder than those contained in the Third Party Offer.
Promptly after such sale, the Independent Director Stockholder shall notify the
Company of the consummation thereof and shall furnish such evidence of the
completion and time of completion of such sale and of the terms thereof as may
reasonably be requested by the Company. If, at the end of sixty (60) days
following the expiration of the 15-day period during which the Company is
entitled hereunder to purchase the Stock, the Independent Director Stockholder
has not completed the sale of such shares of the Stock as aforesaid, all of the
restrictions on sale, transfer or assignment contained in this Agreement shall,
to the extent applicable, again be in effect with respect to such shares of the
Stock.

 

(c)
Notwithstanding anything in this Agreement to the contrary, this Section 4 shall terminate and be of no further force or effect upon the earlier
to occur of a Change in Control or a Qualified Public Offering.

 

5.                        The Independent Director Stockholder’s Right
to Resell Stock and Options to the Company.

 

(a)
Except as otherwise provided herein, if, prior to the fifth anniversary of the
Effective Date, the Independent Director Stockholder’s service as a member of
the Board ceases as a result of his death or Disability, then the applicable
Independent Director Stockholder Entity, shall, for one year (the “Put
Period”) following the date of such termination for death or Disability,
have the right to:

 

6

 

(i)
With respect to all shares of Stock held consecutively by the applicable
Independent Director Entities for at least six (6) months and one day, sell to
the Company, and the Company shall be required to purchase, on one occasion,
all such shares of Stock then held by the applicable Independent Director
Stockholder Entities at a per share price equal to the Fair Market Value Per
Share as of the date of such purchase (the “Section 5 Repurchase Price”);
and

 

(ii)
To the extent applicable, with respect to any outstanding Options: (A) sell to
the Company, and the Company shall be required to purchase, on one occasion,
all of the exercisable Options then held by the applicable Independent Director
Stockholder Entities for an amount equal to the product of (x) the excess, if
any, of the Section 5 Repurchase Price over the Option Exercise Price and (y)
the number of Exercisable Option Shares, which Options shall be terminated in
exchange for such payment; or (B) receive from the Company, on one occasion, in
exchange for all of the exercisable Options then held by the applicable
Independent Director Stockholder Entities, if any, a number of shares of Stock
equal to the quotient of (x) the product of (1) the excess, if any, of the Fair
Market Value Per Share as of the date of such exchange, over the Option
Exercise Price, and (2) the number of Exercisable Option Shares, divided
by (y) the Fair Market Value Per Share as of the date on which such
exchange occurs, which Options shall be terminated in exchange for such shares
(the “Net Settled Stock”). In the event the foregoing Option Excess
Price is zero or a negative number, all outstanding exercisable stock options
granted to the Independent Director Stockholder under the Option Plan shall be
automatically terminated without any payment in respect thereof at the time of
such proposed settlement of Options. In the event that the Independent Director
Stockholder Entities do not exercise the foregoing rights, all exercisable but
unexercised Options shall terminate pursuant to the terms of the Stock Option
Agreement. All unexercisable Options held by the applicable Independent
Director Stockholder Entities shall terminate without payment immediately upon
the cessation of the Independent Director Stockholder’s service as a member of
the Board.

 

(b) For 30 days following
the date that is six months after the receipt by the applicable Independent
Director Stockholder Entities of the Net Settled Stock (the “Settled Stock
Put Period”) (which period may, for the avoidance of doubt, extend after
the expiration of the Put Period), the applicable Independent Director
Stockholder Entities shall have the right to sell to the Company, and the
Company shall be required to purchase, on one occasion, all such Net Settled
Stock held by the applicable Independent Director Stockholder Entities, at a
per share price equal to the Fair Market Value Per Share as of the date of such
purchase.

 

(c)
In the event the applicable Independent Director Stockholder Entities intend to
exercise their rights pursuant to Section 5(a) or 5(b), such Independent
Director Stockholder Entities shall send written notice to the Company, (i) at
any time during the Put Period, of their intention to sell shares of Stock in
exchange for the payment referred to in Section 5(a)(i) and/or to sell such
Options or exchange such Options for Net Settled Stock pursuant to Section
5(a)(ii), in each case to the extent applicable, or (ii) at any time during the
Settled Stock Put Period, of their intention to sell the Net Settled Stock in
exchange for the payment referred to in Section 5(b) and shall indicate the
number of shares of Stock to be sold and the number of Options, to the extent
applicable, to be sold with payment in respect thereof (the “Redemption
Notice”). The completion of the purchases or exchanges shall take

 

7

 

place at the principal
office of the Company on the tenth business day after the giving of the
Redemption Notice. The applicable Section 5 Repurchase Price (including any
payment with respect to the outstanding Options, if any, as described above)
shall be paid by delivery to the applicable Independent Director Stockholder
Entities of a certified bank check or checks in the appropriate amount payable
to the order of each of the applicable Independent Director Stockholder
Entities (or by wire transfer of immediately available funds, if the
Independent Director Stockholder Entities provide to the Company wire transfer
instructions) and the Net Settled Stock shall be delivered to the applicable
Independent Director Stockholder Entities, against delivery of both
certificates or other instruments representing the Stock so purchased and
appropriate documents canceling the Options, to the extent applicable, so
terminated appropriately endorsed or executed by the applicable Independent
Director Stockholder Entities or any duly authorized representative.

 

(d) Notwithstanding anything
in Section 5(a) or 5(b) to the contrary and subject to Section 11 (a), if there
exists and is continuing a default or an event of default on the part of the
Company or any subsidiary of the Company under any loan, guarantee or other
agreement under which the Company or any Subsidiary has borrowed money or if
the repurchase referred to in Section 5(a) or 5(b) would result in a default or
an event of default on the part of the Company or any Subsidiary under any such
agreement or if a repurchase would not be permitted under the Nevada Revised
Statutes Chapter 78m Section 288 (the “NRS”) or would
otherwise violate the NRS (or if the Company reincorporates in another state,
the business corporation law of such state) (each such occurrence being an “Event”),
the Company shall not be obligated to repurchase any of the Stock or the
Options from the applicable Independent Director Stockholder Entities until the
first business day which is ten (10) calendar days after all of the foregoing
Events have ceased to exist (the “Repurchase Eligibilitv Date”); provided,
however, that (i) the number of shares of Stock subject to repurchase
under this Section 5(d) shall be that number of shares of Stock, and (ii) in
the case of a repurchase pursuant to Section 5(a)(ii), the number of
Exercisable Option Shares for purposes of calculating the Option Excess Price
payable under this Section 5(d) shall be the number of Exercisable Option
Shares, in each case as specified in the Redemption Notice and held by the
applicable Independent Director Stockholder Entities at the time of delivery of
the Redemption Notice in accordance with Section 5(c) hereof.  To the extent applicable, all Options
exercisable as of the date of a Redemption Notice, in the case of a repurchase
pursuant to Section 5(a), shall continue to be exercisable until the actual
repurchase of such Options pursuant to such Redemption Notice, provided
that to the extent any Options are exercised after the date of such Redemption
Notice, the number of Exercisable Option Shares for purposes of calculating the
Option Excess Price shall be reduced accordingly. Notwithstanding the foregoing
and subject to Section 6(c), if an Event exists and is continuing for ninety
(90) days, the Independent Director Stockholder Entities shall be permitted by
written notice to rescind any Redemption Notice.

 

(e)
Effect of Change in Control. Notwithstanding
anything in this Agreement to the contrary, except for any payment obligation
of the Company which has arisen prior to termination pursuant to this Section
5(e), this Section 5 shall terminate and be of no further force or effect upon
the occurrence of a Change in Control.

 

6.                        The Company’s Option to Purchase Stock and
Options of Independent Director Stockholder.

 

(a)
Removal for Cause and Certain other Call
Events. Except as otherwise provided herein, if, prior to the fifth
anniversary of the Effective Date, (i) the Independent

 

8

 

Director Stockholder is
removed as a member of the Board for Cause, (ii) the beneficiaries of an
Independent Director Stockholder’s Trust shall include any person or entity
other than the Independent Director Stockholder, his spouse (or ex-spouse) or
his lineal descendants (including adopted children) or (iii) the Independent
Director Stockholder shall otherwise effect a transfer of any of the Stock
other than as permitted in this Agreement (other than as may be required by
applicable law or an order of a court having competent jurisdiction) after
notice from the Company of such impermissible transfer and a reasonable
opportunity to cure such transfer (each, a “Section 6(a) Call Event”),
then, during the one-year period following any such Section 6(a) Call Event (or
through the occurrence of a Change in Control, if such event occurs earlier):

 

(A)      With
respect to the Stock, the Company may purchase all or any portion of the shares
of the Stock then held by the applicable Independent Director Stockholder
Entities at a per share purchase price equal to the lesser of (x) the Fair
Market Value Per Share and (y) the Book Value Per Share, each as of the date of
such purchase (any such applicable repurchase price, the “Section 6(a)
Repurchase Price”); and

 

(B)       To the extent
applicable, with respect to any outstanding Options, if a Section 6(a) Call
Event has occurred, all such Options (whether or not then exercisable) held by
the applicable Independent Director Stockholder Entities will terminate
immediately without payment in respect thereof.

 

(b)
Removal without Cause, Resignation by the
Independent Director Stockholder, Death or Disability. Except as
otherwise provided herein, if, prior to the fifth anniversary of the Effective
Date, (i) the Independent Director Stockholder is removed as a member of the
Board without Cause, (ii) the Independent Director Stockholder resigns as a
member of the Board, or (iii) the Independent Director Stockholder ceases to
serve as the member of the Board as a result of his death, Disability or any
other reason (other than removal for Cause) (each, a “Section 6(b) Call
Event”), then, during the one-year period following any such Section 6(b)
Call Event (or through the occurrence of a Change in Control, if such event
occurs earlier):

 

(A)      With
respect to the Stock, the Company may purchase all or any portion of the shares
of Stock then held by the applicable Independent Director Stockholder Entities
at a per share price equal to the Fair Market Value Per Share as of the date of
such purchase; and

 

(B)       To the extent applicable, with respect to any
outstanding Options, the Company may purchase all or any portion of the
exercisable Options held by the applicable Independent Director Stockholder
Entities for an amount equal to the product of (x) the excess, if any, of the
price equal to the Fair Market Value Per Share as of the date of such purchase
over the Option Exercise Price and (y) the number of Exercisable Option Shares,
which Options shall be terminated in exchange for such payment. In the event
the foregoing Option Excess Price is zero or a negative number, all outstanding
exercisable stock options granted to the Independent Director Stockholder under
the Option Plan shall be automatically terminated without any payment in
respect thereof. If an event described in Section 6(b)(i) or Section 6(b)(ii)
has occurred, the Company shall provide the Independent Director Stockholder
with written notice, not less than ten (10) business days prior to the
expiration date of the Independent Director Stockholder’s exercisable Options
then held, whether it intends to exercise its right to repurchase the
Independent Director Stockholder’s exercisable Options hereunder, if any, and
shall include, if available, the repurchase price that

 

9

 

the Company proposes to pay
for such Options. In the event that the Company does not exercise such
foregoing rights, all exercisable but unexercised Options, if any, shall
terminate pursuant to the terms of the Stock Option Agreement. All
unexercisable Options, if any, held by the applicable Independent Director
Stockholder Entities shall terminate without payment immediately upon the
termination of the Independent Director Stockholder’s service as a member of
the Board or on such later date as may otherwise be provided in the Stock
Option Agreement.

 

(c)
Call Notice. The Company shall
have a period of (i) sixty (60) days from the date of any Call Event (or, if
later, with respect to a Section 6(a) Call Event, the date after discovery of,
and the applicable cure period for, an impermissible transfer constituting a
Section 6(a) Call Event) and (ii) thirty (30) days from the date the
Independent Director Stockholder rescinds a Redemption Notice pursuant to the
last sentence of Section 5(d), in which to give notice in writing to the
applicable Independent Director Entities of its election to exercise its rights
and obligations pursuant to this Section 6 (“Call Notice”); provided, that in the
case of an event described in Section 6(b)(i) or Section 6(b)(ii), such Call
Notice shall be delivered to the Independent Director Stockholder not less than
10 business days prior to the expiration of the Independent Director
Stockholder’s exercisable Options, to the extent applicable; provided  further,
that, to the extent applicable, in the case of an event described in Section
6(b)(iii), the Company shall have a period of up to sixty (60) days from the
last day of the fiscal year in which the termination of the Independent
Director Stockholder’s service as a member of the Board occurred, but solely
with respect to Options, if any, that become exercisable following the
termination of the Independent Director Stockholder’s service as a member of
the Board. The completion of the purchases pursuant to the foregoing shall take
place at the principal office of the Company on the tenth business day after
the giving of the Call Notice. The applicable Repurchase Price (including, to
the extent applicable, any payment with respect to the outstanding Options as
described in this Section 6) shall be paid by delivery to the applicable
Independent Director Stockholder Entities of a certified bank check or checks
in the appropriate amount payable to the order of each of the applicable
Independent Director Stockholder Entities (or by wire transfer of immediately
available funds, if the Independent Director Stockholder Entities provide to
the Company wire transfer instructions) against delivery of certificates or
other instruments representing the Stock so purchased and, to the extent
applicable, appropriate documents canceling the Options so terminated,
appropriately endorsed or executed by the applicable Independent Director
Stockholder Entities or any duly authorized representative.

 

(d)
Delay of Call. Notwithstanding
any other provision of this Section 6 to the contrary and subject to Section 1l(a),
if there exists and is continuing any Event, the Company shall delay the
repurchase of any of the Stock or, to the extent applicable, the Options
(pursuant to a Call Notice timely given in accordance with Section 6(c) hereof)
from the applicable Independent Director Stockholder Entities until the
Repurchase Eligibility Date; provided, however, that (i) the
number of shares of Stock subject to repurchase under this Section 6 shall be
that number of shares of Stock, and, (ii) to the extent applicable, in the case
of a repurchase pursuant to Section 6(a) or 6(b), the number of Exercisable
Option Shares for purposes of calculating the Option Excess Price payable under
this Section 6 shall be the number of Exercisable Option Shares, in each case
held by the applicable Independent Director Stockholder Entities at the time of
delivery of (and as set forth in) a Call Notice in accordance with Section 6(c)
hereof. To the extent applicable, all Options exercisable as of the date of a
Call Notice, in the case of a repurchase pursuant to Section 6(a) or 6(b),
shall continue to be exercisable until the actual repurchase of such Options
pursuant to such Call

 

10

 

Notice, provided that
to the extent that any Options are exercised after the date of such Call
Notice, the number of Exercisable Option Shares for purposes of calculating the
Option Excess Price shall be reduced accordingly. Notwithstanding the
foregoing, if an Event exists and is continuing for ninety (90) days, the
Independent Director Stockholder Entities shall be permitted by written notice
to cause the Company to rescind any Call Notice but the Company shall have
another thirty (30) days from the date the Event ceases to exist to give
another Call Notice on the terms applicable to the first Call Notice.

 

(e)
Effect of Change in Control. Notwithstanding
anything in this Agreement to the contrary, except for any payment obligation
of the Company which has arisen prior to termination pursuant to this Section
6(e), this Section 6 shall terminate and be of no further force or effect upon
the occurrence of a Change in Control.

 

7.                        Adiustment of Repurchase Price; Definitions.

 

(a)
Adjustment of Repurchase Price. In determining
the applicable repurchase price of the Stock and, to the extent applicable,
Options, as provided for in Sections 5
and 6, above, appropriate
adjustments shall be made for any stock dividends, splits, combinations,
recapitalizations or any other adjustment in the number of outstanding shares
of Stock in order to maintain, as nearly as practicable, the intended operation
of the provisions of Sections 5 and 6.

 

(b)
Definitions. All capitalized
terms used in this Agreement and not defined herein shall have such meaning as
such terms are defined in the Option Plan. Terms used herein and as listed
below shall be defined as follows:

 

“Act” shall have the
meaning set forth in Section 2(a)(i) hereof. 

 

“Agreement” shall
have the meaning set forth in the introductory paragraph. 

 

“Base Price” shall
have the meaning set forth in Section l(a) hereof. 

 

“Board” shall mean
the board of directors of the Company.

 

“Book
Value Per Share” shall mean the quotient of (a)(i) consolidated
shareholders’ equity, as reflected as of the end of the most recent fiscal
quarter end consolidated balance sheet of the Company prepared in accordance
with United States generally accepted accounting principles, plus (ii)
consideration that would be received upon the exercise of all outstanding stock
options and other rights to acquire Common Stock and the conversion of all
securities convertible into Common Stock and other stock equivalents (but only
to the extent that the per share conversion prices of such options and other
securities are less than the Book Value Per Share resulting from this
definition), divided by (b) the sum of the number of shares of Common Stock
then outstanding and the number of shares of Common Stock issuable upon the
exercise of all outstanding stock options and other rights to acquire Common
Stock (but only to the extent that the per share conversion prices of such
options and other securities are less than the Book Value Per Share resulting
from this definition).

 

“Call
Events” shall mean, collectively, Section 6(a) Call Events and Section 6(b)
Call Events.

 

“Call Notice” shall
have the meaning set forth in Section 6(c) hereof.

 

11

 

“Cause” shall mean
(i) willful malfeasance or willful misconduct by the Independent Director
Stockholder in connection with the performance of his duties as such, (ii) the
commission by the Independent Director Stockholder of a felony or (iii) a
determination by a court of competent jurisdiction in the United States that
the Independent Director Stockholder, as such or in any other capacity (whether
or not relating to the Company), breached a fiduciary duty owed by him or her to
another individual or to a corporation, partnership, trust, joint stock
company, business trust, unincorporated association, joint venture or other
entity of any nature whatsoever.

 

“Change in Control”
shall mean (i) the sale of all or substantially all of the assets of Investor
LLC, the Company, or Capmark Finance Inc. to an Unaffiliated Person; or (ii) a
sale by the Company or Investor LLC, in a single transaction or in a related
series of transactions, of the voting stock of the Company resulting in more
than 50% of the voting stock of the Company being held (either directly or
indirectly through Investor LLC, and which for the avoidance of doubt includes
the distribution of any interests in the Investor LLC being distributed to any
limited partners of any Investor, which are not Affiliates of that Investor) by
an Unaffiliated Person; or (iii) a sale by the Company or Investor LLC, in an
unrelated series of transactions, of the voting stock of the Company, as a
result of which an Unaffiliated Person is (either directly or indirectly
through Investor LLC, and which for the avoidance of doubt includes the
distribution of any interests in the Investor LLC being distributed to any
limited partners of any Investor, which are not Affiliates of that Investor) the
single largest holder of voting stock of the Company; or (iv) a merger or
consolidation of the Company or Investor LLC into an Unaffiliated Person; if and only if any such event (or as a
result of any such event) listed in (i) – (iv) above results in the inability
of the Investors and any of their respective Affiliates, either as a Group or
individually (through Investor LLC or otherwise), to elect a majority of the
Board or board of directors of the resulting entity; provided, however,
to the extent any such event listed in (i) – (iv) above occurs but at such time
either the Investors and their Affiliates as a Group, or any of the Investors
or their respective Affiliates individually (through Investor LLC or otherwise)
retain the ability to elect a majority of the Board or the board of directors
of the resulting entity, a Change in Control shall be deemed to have occurred
upon any later date on which neither the Investors and their respective
Affiliates as a Group nor any of the Investors or their Affiliates individually
retain such ability. For purposes of this definition, the term “Unaffiliated
Person” means any Person or Group who is not (x) an Investor or any member
of an Investor, (y) an Affiliate of an Investor or any member of an Investor or
(z) an entity in which an
Investor or any member of an Investor holds, directly or indirectly, a majority
of the economic interests in such entity.

 

Notwithstanding
the foregoing, if any of the transactions described in (i), (ii) or (iv) of the
preceding sentence shall occur and the other Person or Group involved in such
transaction (or its parent entity) is an Affiliate of any Investor because it
is under common control by an ultimate parent entity, but the day-to-day operations of, and key
business decisions regarding, such Affiliate are controlled by an entity that
is, or individuals who are, principally engaged in a business other than the
management or operations of private equity funds (any such Affiliate, a “Strategic
Business Affiliate”), then the determination of whether a Change of Control
has occurred shall be made by applying the relevant test in clause (i), (ii) or
(iv) above (along with the test of whether the Investors and their Affiliates
as a Group or any of the Investors or their Affiliates individually (through
Investor LLC or otherwise) lose the ability to elect a majority of the Board)
as if the Strategic Business Affiliate was not an Affiliate of any of the
Investors and by treating the voting power of the Strategic Business

 

12

 

Affiliate in the Company (or
the resulting entity) as if it were held by a Person or Group unaffiliated with
any of the Investors.

 

“Common Stock” shall
have the meaning set forth in the first “whereas” paragraph.

 

“Company” shall have
the meaning set forth in the introductory paragraph.

 

“Confidential Information”
shall mean all non-public information concerning trade secrets, know-how,
software, developments, inventions, processes, technology, designs, financial
data, strategic business plans or any proprietary or confidential information,
documents or materials in any form or media, including any of the foregoing
relating to research, operations, finances, current and proposed products and
services, vendors, customers, advertising and marketing, and other non-public,
proprietary, and confidential information of the Restricted Group. For purposes
of this Agreement, on and after any cessation of the Independent Director
Stockholder’s service as a member of the Board, the term “Confidential
Information” shall not include the names, addresses or phone numbers of the
Independent Director Stockholder’s principal contacts at any client (whether
current, prospective or former) of the Company, with respect to which the
Independent Director Stockholder has personally contacted to solicit business
for the Company within the three (3) month period immediately preceding any
such cessation of service as a member of the Board.

 

“Custody
Agreement and Power of Attorney” shall have the meaning set forth in
Section 9(e) hereof.

 

“Disability”
shall mean the Independent Director Stockholder’s physical or mental disability
or infirmity that prevents the performance of such Independent Director
Stockholder’s duties as a member of the Board for a period of (i) one hundred
twenty (120) consecutive days or (ii) one hundred eighty (180) non-consecutive days during any twelve (12) month period, in either
case, as evidenced by a written statement of a physician licensed to practice
medicine in any state in the United States mutually agreed upon by the Company.

 

“Dune” shall have the
meaning set forth in the introductory paragraph. 

 

“Effective Date”
shall have the meaning set forth in the introductory paragraph. 

 

“Event” shall have
the meaning set forth in Section 5(d) hereof.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended (or any
successor statute thereto).

 

“Exercisable
Option Shares” shall mean the shares of Common Stock that, at the
Repurchase Calculation Date, could be purchased by the Independent Director
Stockholder upon exercise of his or her outstanding and exercisable Options.

 

“Fair
Market Value Per Share” shall mean (i) if there has been a Qualified Public
Offering, the price per share equal to the average of the high and low closing
bid prices of the shares of Common Stock on such stock exchange on which the
shares are principally trading on the date in question, or, if there were no
sales on such date, on the closest preceding date on which there were sales of
shares, or (ii) if there has been no Qualified Public Offering, the fair market
value per share of the shares of Common Stock on an entity basis (i.e., without minority discount) as determined in good faith by the Board.

 

13

 

“FMCP” shall have the
meaning set forth in the first “whereas” paragraph.

 

“GMAC” shall have the
meaning set forth in the first “whereas” paragraph.

 

“Group”
shall mean “group,” as such term is used for purposes of Section 13(d) or 14(d)
of the Exchange Act.

 

“GSCP” shall have the
meaning set forth in the first “whereas” paragraph.

 

“Independent
Director Stockholder” shall have the meaning set forth in the introductory
paragraph.

 

“Independent Director
Stockholder Documents” shall have the meaning set forth in third “whereas”
paragraph.

 

“Independent
Director Stockholder Entities” shall mean the Independent Director
Stockholder’s Trust, the Independent Director Stockholder, the Independent
Director Stockholder’s Family Members and the Independent Director Stockholder’s
Estate, collectively.

 

“Independent
Director Stockholder’s Estate” shall mean the conservators, guardians,
executors, administrators, testamentary trustees, legatees or beneficiaries of
the Independent Director Stockholder.

 

“Independent
Director Stockholder’s Family Members” shall mean the Independent Director
Stockholder’s spouse (or ex-spouse, as applicable) or his lineal descendants
(including adopted descendants).

 

“Independent
Director Stockholder’s Trust” shall mean a partnership, limited liability
company, corporation, trust or custodianship, the beneficiaries of which may
include only the Independent Director Stockholder, his spouse (or ex-spouse) or
his lineal descendants (including adopted) or, if at any time after any such transfer
there shall be no then living spouse or lineal descendants, then to the
ultimate beneficiaries of any such trust or to the estate of a deceased
beneficiary.

 

“Investment Amount”
shall have the meaning set forth in Section 1(a) hereof.

 

“Investor
Group” shall mean, collectively, Investor LLC, its members, the Investors,
and any of their respective Affiliates.

 

“Investor LLC” shall
have the meaning set forth in the first “whereas” paragraph.

 

“Investors” shall
have the meaning set forth in the first “whereas” paragraph. 

 

“KKR” shall have the meaning set forth in the first
“whereas” paragraph. 

 

“Lapse Date” shall
have the meaning set forth in Section 3.

 

“Master Signature Page”
shall have the meaning set forth in Section 1(a) hereof.

 

“Maximum
Repurchase Amount” shall have the meaning set forth in Section 11(a)
hereof.

 

14

 

“Net Settled Stock”
shall have the meaning set forth in Section 5(a)(ii) hereof.

 

“Notice” shall have
the meaning set forth in Section 9(b) hereof.

 

“NRS” shall have the meaning set forth in Section
5(d) hereof.

 

“Offeror” shall have
the meaning set forth in Section 4(a) hereof.

 

“Option” shall have
the meaning set forth in the second “whereas” paragraph.

 

“Option Excess Price”
shall mean the aggregate amount paid or payable by the Company in respect of
Exercisable Option Shares pursuant to Section 5 or 6, as applicable.

 

“Option Exercise Price”
shall mean the then-current exercise price of the shares of Common Stock
covered by the applicable Option.

 

“Option Plan” shall
have the meaning set forth in the second “whereas” paragraph.

 

“Option Stock” shall
have the meaning set forth in Section 3 hereof.

 

“Other Stockholders”
shall have the meaning set forth in the third “whereas” paragraph.

 

“Other Stockholders’
Agreements” shall have the meaning set forth in the third “whereas”
paragraph.

 

“Parties” shall have
the meaning set forth in the introductory paragraph.

 

“Person” shall mean “person,”
as such term is used for purposes of Section 13(d) or 14(d) of the Exchange
Act.

 

“Piggyback Registration
Rights” shall have the meaning set forth in Section 9(a) hereof.

 

“Proposed Registration”
shall have the meaning set forth in Section 9(b) hereof.

 

“Public Offering”
shall mean the sale of shares of Common Stock to the public subsequent to the
date hereof pursuant to a registration statement under the Act which has been
declared effective by the SEC (other than a registration statement on Form S-4,
S-8 or any other similar form).

 

“Purchased Stock”
shall have the meaning set forth in Section l(a) hereof.

 

“Put Period” shall
have the meaning set forth in Section 5(a) hereof.

 

“Qualified Public
Offering” shall mean any Public Offering (whether an initial or subsequent
offering) after which at least 35% of the Company’s or any affiliated holding
company’s, outstanding common stock is listed on the New York Stock Exchange or
the Nasdaq National Market or other nationally recognized stock exchange or
listing system.

 

“Redemption Notice”
shall have the meaning set forth in Section 5(c) hereof.

 

15

 

“Repurchase Calculation
Date” shall mean the last day of the month preceding the later of (i) the
month in which the event giving rise to the right to repurchase occurs and (ii)
the month in which the Repurchase Eligibility Date occurs.

 

“Repurchase Eligibility
Date” shall have the meaning set forth in Section 5(d) hereof.

 

“Repurchase Price”
shall mean the amount to be paid in respect of the Stock and, to the extent
applicable, Options to be purchased by the Company pursuant to Section 5(a),
Section 5(b), Section 6(a) or 6(b), as applicable.

 

“Request” shall have
the meaning set forth in Section 9(b) hereof.

 

“Restricted Group”
shall mean, collectively, the Company, its subsidiaries, the Investors and
their respective Rule 405 Affiliates.

 

“Rule 405 Affiliate”
shall mean an affiliate of the Company as defined under Rule 405 of the rules
and regulations promulgated under the Act and as interpreted in good faith by
the Board.

 

“Sale Agreement”
shall have the meaning set forth in the Sale Participation Agreement.

 

“Sale Participation Agreement”
shall have the meaning set forth in the third “whereas” paragraph.

 

“SEC” shall mean the Securities and Exchange
Commission.

 

“Section 5 Repurchase
Price” shall have the meaning set forth in Section 5(a)(i) hereof.

 

“Section 6(a) Call Event”
shall have the meaning set forth in Section 6(a) hereof.

 

“Section 6(a) Repurchase
Price” shall have the meaning set forth in Section 6(a) hereof.

 

“Section 6(b) Call Event”
shall have the meaning set forth in Section 6(b) hereof.

 

“Settled Stock Put Period”
shall have the meaning set forth in Section 5(b) hereof.

 

“Stock” shall have
the meaning set forth in Section 3 hereof.

 

“Stockholders’ Agreement”
shall have the meaning set forth in Section 9(a) hereof.

 

“Stock Option Agreement”
shall have the meaning set forth in the second “whereas” paragraph.

 

“Third Party Offer”
shall have the meaning set forth in Section 4(a) hereof.

 

“Transfer” shall have
the meaning set forth in Section 3.

 

16

 

8.                                       The company’s Representations and Warranties.

 

(a) The Company represents
and warrants to the Independent Director Stockholder that (i) this Agreement
has been duly authorized, executed and delivered by the Company and is
enforceable against the Company in accordance with its terms and (ii) the
Stock, when issued and delivered in accordance with the terms hereof and the
other agreements contemplated hereby, will be duly and validly issued, fully
paid and nonassessable.

 

(b) If the Company becomes
subject to the reporting requirements of Section 12 of the Exchange Act, the
Company will file the reports required to be filed by it under the Act and the
Exchange Act and the rules and regulations adopted by the SEC thereunder, to
the extent required from time to time to enable the Independent Director
Stockholder to sell shares of Stock without registration under the Exchange Act
within the limitations of the exemptions provided by (A) Rule 144 under the
Act, as such rule may be amended from time to time, or (B) any similar rule or
regulation hereafter adopted by the SEC. Notwithstanding anything contained in
this Section 8(b), the Company may de-register under Section 12 of the Exchange
Act if it is then permitted to do so pursuant to the Exchange Act and the rules
and regulations thereunder and, in such circumstances, shall not be required
hereby to file any reports which may be necessary in order for Rule 144 or any
similar rule or regulation under the Act to be available. Nothing in this
Section 8(b) shall be deemed to limit in any manner the restrictions on sales
of Stock contained in this Agreement.

 

9.                                       “Piggyback” Registration Rights. Effective upon the date of this Agreement:

 

(a) The Independent Director
Stockholder hereby agrees to be bound by all of the terms, conditions and
obligations of the piggyback registration rights contained in Section 4.2 of
the Stockholders’ Agreement (the “Stockholders’ Agreement”) entered into
by and among the Investor LLC, the Company and GMAC Mortgage Group, Inc. (the “Piggyback
Registration Rights”), as in effect on the date hereof (as amended from
time to time), and, if the Investor LLC is selling stock following the
expiration of the Investor LLC’s underwriter’s lock-up in connection with any
Public Offering, shall have all of the rights and privileges of the Piggyback
Registration Rights (including, without limitation, the right to participate in
a public offering and any rights to indemnification and/or contribution from
the Company and/or the Investor LLC) and all of the obligations of a Stockholder
thereunder with respect such Piggyback Registration Rights, in each case as if
the Independent Director Stockholder were a Stockholder thereunder, subject to
applicable and customary underwriter restrictions; provided, however,
that at no time shall the Independent Director Stockholder have any rights to
request registration under Section 4.1 of the Stockholders’ Agreement. All
Stock purchased or held by the applicable Independent Director Stockholder
Entities pursuant to this Agreement shall be deemed to be “Registrable
Securities” as defined in the Stockholders’ Agreement.

 

(b) In the event of a sale
of Common Stock by the Investor LLC in accordance with the terms of Article IV
of the Stockholders’ Agreement, the Company will promptly notify the Independent
Director Stockholder in writing (a “Notice”) of any proposed
registration (a “Proposed Registration”). If within fifteen (15) days of
the receipt by the Independent Director Stockholder of such Notice, the Company
receives from the applicable Independent Director Stockholder Entities a
written request (a “Request”) to register shares of Stock held by the
applicable Independent Director Stockholder Entities (which Request

 

17

 

will be irrevocable unless
otherwise mutually agreed to in writing by the Independent Director Stockholder
and the Company), shares of Stock will be so registered as provided in this
Section 9; provided, however, that for each such registration
statement only one Request, which shall be executed by the applicable
Independent Director Stockholder Entities, may be submitted for all Registrable
Securities held by the applicable Independent Director Stockholder Entities.

 

(c) The maximum number of
shares of Stock which will be registered pursuant to a Request will be the
lower of (i) the number of shares of Stock then held by the Independent
Director Stockholder Entities, including all shares of Stock which the
Independent Director Stockholder Entities are then entitled to acquire under an
unexercised Option then held by the Independent Director Stockholder Entities,
to the extent then exercisable, multiplied by a fraction, the numerator of
which is the number of shares of Stock being sold, directly or indirectly, by
the Investors and any affiliated or unaffiliated investment partnerships and
investment limited liability companies investing with the selling Investors and
the denominator of which is the aggregate number of shares of Stock owned by
the selling Investors and any investment partnerships and investment limited
liability companies investing with the selling Investors or (ii) the maximum
number of shares of Stock which the Company can register in the Proposed
Registration without adverse effect on the offering in the view of the managing
underwriters (reduced pro rata as more fully described in subsection (d) of
this Section 9).

 

(d) If a Proposed
Registration involves an underwritten offering and the managing underwriter
advises the Company in writing that, in its opinion, the number of shares of
Stock requested to be included in the Proposed Registration exceeds the number
which can be sold in such offering, so as to be likely to have an adverse
effect on the price, timing or distribution of the shares of Stock offered in
such Public Offering as contemplated by the Company, then the Company will
include in the Proposed Registration (i) first, 100% of the shares of Stock the
Company proposes to sell and (ii) second, to the extent of the number of shares
of Stock requested to be included in such registration which, in the opinion of
such managing underwriter, can be sold without having the adverse effect
referred to above, the number of shares of Stock which the selling Investors
(whether selling directly or through the Investor LLC) and any affiliated or
unaffiliated investment partnerships and investment limited liability companies
investing with the selling Investors, the Independent Director Stockholder and
all Other Stockholders (together, the “Holders”) have requested to be
included in the Proposed Registration, such amount to be allocated pro rata
among all requesting Holders on the basis of the relative number of shares of
Stock then held by each such Holder (including, to the extent applicable, upon
exercise of all exercisable Options) (provided that any shares thereby
allocated to any such Holder that exceed such Holder’s request will be
reallocated among the remaining requesting Holders in like manner).

 

(e) Upon delivering a
Request the Independent Director Stockholder will, if requested by the Company,
execute and deliver a custody agreement and power of attorney having customary
terms and in form and substance reasonably satisfactory to the Company with
respect to the shares of Stock to be registered pursuant to this Section 9 (a “Custody
Agreement and Power of Attorney”). The Custody Agreement and Power of
Attorney will provide, among other things, that the Independent Director
Stockholder will deliver to and deposit in custody with the custodian and
attorney-in-fact named therein a certificate or certificates (to the extent
applicable) representing such shares of Stock (duly endorsed in blank by the
registered owner or owners thereof or accompanied by duly executed stock

 

18

 

powers in blank) and
irrevocably appoint said custodian and attorney-in-fact as the Independent
Director Stockholder’s agent and attorney-in-fact with full power and authority
to act under the Custody Agreement and Power of Attorney on the Independent
Director Stockholder’s behalf with respect to the matters specified therein.

 

(f)  The Independent Director Stockholder agrees that he will execute such
other agreements as the Company may reasonably request to further evidence the
provisions of this Section 9.

 

10.                                 Co-Investment Right. The Independent Director Stockholder shall
have the right to invest in the future in any new securities of the Company on
the same terms as any member of the Investor Group, as applicable, Investor LLC
or the Investors, as applicable, on a pro rata basis based on his Purchased
Stock, except that any such investment by the Independent Director Stockholder
shall be subject to the transfer restrictions applicable generally to Option
Stock, to the extent applicable, and Purchased Stock, and not entitled to any
more favorable terms than those granted to the Investors. The Company shall
provide the Independent Director Stockholder with advance written notice of any
such investment opportunity in accordance with applicable securities laws, but
in no event later than fifteen (15) days prior to the closing of any such
investment by the Investor LLC or the Investors, as applicable.

 

11.                                 Pro Rata Repurchases; Dividends. (a) Notwithstanding anything to the
contrary contained in Section 5 or 6, if at any time consummation of any
purchase or payment to be made by the Company pursuant to this Agreement and
the Other Stockholders Agreements would result in an Event, then the Company
shall make purchases from, and payments to, the Independent Director Stockholder
Entities and Other Stockholders pro rata (on the basis of the proportion of the
number of shares of Stock each such Independent Director Stockholder and all
Other Stockholders have elected or are required to sell to the Company) for the
maximum number of shares of Stock permitted without resulting in an Event (the “Maximum
Repurchase Amount”). The provisions of Section 5(d) and 6(c) shall apply in
their entirety to payments and repurchases with respect to shares of Stock
which may not be made due to the limits imposed by the Maximum Repurchase
Amount under this Section 11(a). Until all of such Stock is purchased
and paid for by the Company, the Independent Director Stockholder and the Other
Stockholders whose Stock is not purchased in accordance with this Section 1l(a)
shall have priority, on a pro rata basis, over other purchases of Stock by the
Company pursuant to this Agreement and Other Stockholders’ Agreements.

 

(b) In the event any
dividends are paid with respect to the Stock, the Independent Director
Stockholder will be treated in the same manner as all other holders of Common
Stock with respect to shares of Stock then owned by the Independent Director
Stockholder, and, to the extent applicable, with respect to any Options held by
the Independent Director Stockholder, in accordance, as applicable, with the
Stock Option Agreement or as otherwise provided under the Capmark Financial
Group Inc. Dividend Equivalent Rights Plan.

 

12.                                 Rights to Negotiate Repurchase Price. Nothing in this Agreement shall be deemed
to restrict or prohibit the Company from purchasing, redeeming or otherwise
acquiring for value shares of Stock or, to the extent applicable, Options from
the Independent Director Stockholder, at any time, upon such terms and
conditions, and for such price, as may be mutually agreed upon in writing
between the Parties, whether or not at the time of such

 

19

 

purchase, redemption or
acquisition circumstances exist which specifically grant the Company the right
to purchase, or the Independent Director Stockholder the right to sell, shares
of Stock or, to the extent applicable, any Options under the terms of this
Agreement; provided that no such purchase, redemption or acquisition
shall be consummated, and no agreement with respect to any such purchase,
redemption or acquisition shall be entered into, without the prior approval of
the Board.

 

13.                                 Covenant Regarding 83(b) Election. Except as the Company may otherwise agree
in writing, the Independent Director Stockholder hereby covenants and agrees
that he will make an election provided pursuant to Treasury Regulation Section
1.83-2 with respect to the Stock, including without limitation, to the extent
applicable, the Stock to be acquired upon each exercise of the Independent
Director Stockholder’s Options, and the Independent Director Stockholder
further covenants and agrees that he will finish the Company with copies of the
forms of election the Independent Director Stockholder files within thirty (30)
days after each transfer of Stock by the Company to the Independent Director
Stockholder pursuant to this Independent Director Stockholder’s Agreement, and,
to the extent applicable, within thirty (30) days after each exercise of the
Independent Director Stockholder’s Options and with evidence that each such
election has been filed with the Internal Revenue Service in a timely manner.

 

14.                                 Notice of Change of Beneficiary. Immediately prior to any transfer of Stock
to an Independent Director Stockholder’s Trust, the Independent Director
Stockholder shall provide the Company with a copy of the instruments creating
the Independent Director Stockholder’s Trust and with the identity of the
beneficiaries of the Independent Director Stockholder’s Trust. The Independent
Director Stockholder shall notify the Company as soon as practicable prior to
any change in the identity of any beneficiary of the Independent Director
Stockholder’s Trust.

 

15.                                 Recapitalizations, etc. The provisions of this Agreement shall
apply, to the full extent set forth herein with respect to the Stock or, to the
extent applicable, the Options, to any and all shares of capital stock of the
Company or any capital stock, partnership units or any other security
evidencing ownership interests in any successor or assign of the Company
(whether by merger, consolidation, sale of assets or otherwise) which may be
issued in respect of, in exchange for, or substitution of the Stock or, to the
extent applicable, the Options by reason of any stock dividend, split, reverse
split, combination, recapitalization, liquidation, reclassification, merger,
consolidation or otherwise.

 

16.                                 Independent Director Stockholder’s Service to
the Company. Nothing
contained in this Agreement or in any other agreement entered into by the
Company and the Independent Director Stockholder contemporaneously with the
execution of this Agreement (i) obligates the Company or any Subsidiary to
continue the services of the Independent Director Stockholder as a member of
the Board or (ii) prohibits or restricts the stockholders of the Company from
removing the Independent Director Stockholder at any time or for any reason
whatsoever, with or without Cause, and the Independent Director Stockholder
hereby acknowledges and agrees that neither the Company nor any other person
has made any representations or promises whatsoever to the Independent Director
Stockholder concerning the Independent Director Stockholder’s service as a
member or continued service as a member of the Board.

 

17.                                 Binding Effect. The provisions of this Agreement shall be
binding upon and accrue to the benefit of the Parties hereto and their
respective heirs, legal

 

20

 

representatives, successors
and assigns. In the case of a transferee permitted under Section 2(a) or
Section 3 (other than clauses (c) or (d) thereof) hereof, such transferee shall
be deemed the Independent Director Stockholder hereunder; provided, however,
that no transferee (including without limitation, transferees referred to in
Section 2(a) or Section 3 hereof) shall derive any rights under this Agreement
unless and until such transferee has delivered to the Company a valid
undertaking and becomes bound by the terms of this Agreement.

 

18.                                 Amendment. Except as otherwise provided herein, no modification, amendment or
waiver of any provision of this Agreement shall be effective unless such
modification, amendment or waiver is approved in writing (i) by the Company,
(ii) the Independent Director Stockholders representing a majority of the
Company Stock held by all Independent Director Stockholders and (iii) the
Investor LLC. The Company shall provide notice of any such modification
amendment or waiver promptly after any approval thereof as provided in this
Section 18. Notwithstanding anything in this Agreement to the contrary, in the
event it is determined by the Company (in consultation with its auditors) that
any provision in this Agreement results in any share of Common Stock or, to the
extent applicable, other share-based award (or any portion hereof) being
classified as a liability as contemplated by FASB Statement No. 123R,
Share-Based Payment, including any amendments and interpretations thereto, then
the Board (or designated members thereof) and the Independent Director
Stockholder shall work together in good faith to modify such provision to avoid
the share or award being classified as a liability and to maintain economic
advantages of the applicable share of Common Stock or other share-based award
to the Independent Director Stockholder that are similar to those provided
under this Agreement as currently written.

 

19.                                 Closing.
Except as otherwise provided herein,
the closing of each purchase and sale of shares of Stock pursuant to this
Agreement shall take place at the principal office of the Company on the tenth
business day following delivery of the notice by either Party to the other of
its exercise of the right to purchase or sell such Stock hereunder.

 

20.                                 Applicable Law; Jurisdiction; Arbitration;
Legal Fees.

 

(a) The laws of the State of
Delaware applicable to contracts executed and to be performed entirely in such
state shall govern the interpretation, validity and performance of the terms of
this Agreement.

 

(b) In the event of any
controversy among the Parties hereto arising out of, or relating to, this
Agreement which cannot be settled amicably by the Parties, such controversy
shall be finally, exclusively and conclusively settled by mandatory arbitration
conducted expeditiously in accordance with the American Arbitration Association
rules by a single independent arbitrator. Such arbitration process shall take
place within 100 miles of the New York City metropolitan area. The decision of
the arbitrator shall be final and binding upon all Parties hereto and shall be
rendered pursuant to a written decision, which contains a detailed recital of
the arbitrator’s reasoning. Judgment upon the award rendered may be entered in
any court having jurisdiction thereof.

 

(c) Notwithstanding the
foregoing, the Independent Director Stockholder acknowledges and agrees that
the Company, its Subsidiaries, the Investors and any of their respective Rule
405 Affiliates shall be entitled to injunctive or other relief in order to
enforce the confidentiality covenants as set forth in Section 24(a) of this
Agreement.

 

21

 

(d) In the event of any
arbitration or other disputes with regard to this Agreement or any other
document or agreement referred to herein, each Party shall pay its own legal
fees and expenses, unless otherwise determined by the arbitrator.

 

21.                                 Assignability of Certain Rights by the Company. The Company shall have the right to assign
any or all of its rights or obligations to purchase shares of Stock pursuant to
Sections 4,5 and 6 hereof.

 

22.                                 Miscellaneous.

 

(a) In this Agreement all
references to “dollars” or “$”
are to United States dollars and
the masculine pronoun shall include the feminine and neuter, and the singular
the plural, where the context so indicates

 

(b) If any provision of this
Agreement shall be declared illegal, void or unenforceable by any court of
competent jurisdiction, the other provisions shall not be affected, but shall
remain in full force and effect.

 

23.                                 Notices. All notices and other communications provided for herein shall be in
writing. Any notice or other communication hereunder shall be deemed duly given
(i) upon electronic confirmation of facsimile, (ii) one business day following
the date sent when sent by overnight delivery and (iii) five (5) business days
following the date mailed when mailed by registered or certified mail return
receipt requested and postage prepaid, in each case as follows:

 

(a) If to the Company, to it
at the following address:

 

Capmark Financial Group Inc.

200 Witmer Road

Horsham, PA 19044

Attention: General Counsel

 

with copies to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attention: Sean D. Rodgers,
Esq.

Telecopy: (212) 455-2502

 

(b) If to the Independent
Director Stockholder, to him at the address set forth below under his
signature;

 

or at such other address as
either party shall have specified by notice in writing to the other.

 

24.                                 Confidential Information.

 

(a)                                  In consideration of the Company entering into
this Agreement with the Independent Director Stockholder, the Independent
Director Stockholder hereby agrees effective as of the date of the Independent
Director Stockholder’s commencement of service as a member of the Board,
without the Company’s prior written consent, the Independent Director
Stockholder shall not, directly or indirectly, at any time during or after the

 

22

 

Independent Director
Stockholder’s service as a member of the Board, disclose any Confidential Information
pertaining to the business of the Company or any of its subsidiaries, except
when required to perform his or her duties to the Company or any of its
subsidiaries, by law or judicial process.

 

(b) Notwithstanding clause
(a) above, if at any time a court holds that the restrictions stated in such
clause (a) are unreasonable or otherwise unenforceable under circumstances then
existing, the parties hereto agree that the maximum period, scope or geographic
area determined to be reasonable under such circumstances by such court will be
substituted for the stated period, scope or area. Because the Independent
Director Stockholder’s services are unique and because the Independent Director
Stockholder has had access to Confidential Information, the parties hereto
agree that money damages will be an inadequate remedy for any breach of this
Agreement. In the event of a breach or threatened breach of this Agreement, the
Company or its successors or assigns may, in addition to other rights and
remedies existing in their favor, apply to any court of competent jurisdiction
for specific performance and/or injunctive relief in order to enforce, or
prevent any violations of, the provisions hereof (without the posting of a bond
or other security).

 

(c)                                  In the event that the Independent Director
Stockholder breaches any of the provisions of Section 24(a), in addition to all
other remedies that may be available to the Company, to the extent applicable,
such Independent Director Stockholder shall be required to pay to the Company
any amounts actually paid to him or her by the Company in respect of any
repurchase by the Company of Options or shares of Common Stock underlying the
Options held by such Independent Director Stockholder in excess of any amounts
paid by the Independent Director Stockholder for such shares of Common Stock
(whether upon exercise of vested Options or otherwise).

 

25.                                 Counterparts; Master Signature Page. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original and all
of which together shall constitute one and the same instrument. The Master
Signature Page, when duly executed and delivered by the Independent Director
Stockholder in accordance with the terms hereof and thereof, shall supplement
and form a part of this Agreement, and references to this Agreement shall be
construed accordingly. The due execution of the Master Signature Page by the
Independent Director Stockholder shall be deemed to constitute the execution by
the Independent Director Stockholder of this Agreement.

 

23

 

IN WITNESS WHEREOF, upon due execution and
delivery by the Independent Director Stockholder and the Company of the Master
Signature Page, the Independent Director Stockholder and the Company shall have
executed this Agreement as of the date set forth above.Exhibit 10.22

 

FORM OF INDEPENDENT DIRECTOR SALE PARTICIPATION
AGREEMENT

 

To: The Person
whose name is 
       
set forth on the signature page hereof

 

Dear Sir or Madam:

 

You have entered into an Independent Director Stockholder’s Agreement,
dated as of the date hereof, between Capmark Financial Group Inc., a Nevada
corporation (the “Company”), and you (the “Independent Director
Stockholder’s Agreement”) relating to the purchase by you of the Purchased
Stock (as defined in the Independent Director Stockholder’s Agreement). The
undersigned, GMACCH Investor LLC (“Investor”), hereby agrees with you as
follows, effective upon such purchase of Common Stock:

 

1.         In the event that at
any time Investor (together with any of its affiliates, to the extent provided
for in Paragraph 8 hereof, the “Selling Investor”) proposes to sell for
cash or any other consideration any shares of Common Stock owned by it, in any
transaction other than a Public Offering (as defined in the Independent
Director Stockholder’s Agreement) or a sale to an affiliate of the Selling
Investor (other than a Strategic Business Affiliate (as defined in the
Independent Director Stockholder’s Agreement)), the Selling Investor will
notify you or your Independent Director Stockholder’s Estate, Independent
Director Stockholder’s Family Members or Independent Director Stockholder’s
Trust (as such terms are defined in the Independent Director Stockholder’s
Agreement, and collectively with you, the “Independent Director Stockholder
Entities”), as the case may be, in writing (a “Notice”) of such
proposed sale (a “Proposed Sale”) and the material terms of the Proposed
Sale as of the date of the Notice (the “Material Terms”) promptly, and
in any event not less than 15 days prior to the consummation of the Proposed
Sale and not more than five days after the execution of the definitive
agreement relating to the Proposed Sale, if any (the “Sale Agreement”).
If, within 10 days after the Independent Director Stockholder Entities’ receipt
of such Notice, the Selling Investor receives from the Independent Director
Stockholder Entities a written request (a “Request”) to include Common
Stock held by the Independent Director Stockholder Entities in the Proposed
Sale (which Request shall be irrevocable unless (a) there shall be a
material adverse change in the Material Terms or (b) otherwise mutually
agreed to in writing by the Independent Director Stockholder Entities and the
Selling Investor), the Common Stock held by you will be so included as provided
herein; provided that only one Request, which shall be executed by the
Independent Director Stockholder Entities, may be delivered with respect to any
Proposed Sale for Common Stock held by the Independent Director Stockholder
Entities. Promptly after the execution of the Sale Agreement, the Selling
Investor will furnish the Independent Director Stockholder Entities with a copy
of the Sale Agreement, if any.

 

2.         The number of shares of
Common Stock which the Independent Director Stockholder Entities will be
permitted to include in a Proposed Sale pursuant to a Request will be the
product of (i) the sum of the number of shares of Common Stock then owned
by the Independent Director Stockholder Entities (and held pursuant to the
Independent Director Stockholder’s Agreement) plus, to the extent
applicable, all shares of Common Stock which you

 

 

are then entitled
to acquire under any unexercised portion of the outstanding Option, to the
extent such Option is then exercisable or would become exercisable as a result
of the consummation of the Proposed Sale, multiplied by (ii) a
fraction (A) the numerator of which shall be the aggregate number of
shares of Common Stock proposed to be purchased by the buyer in the Proposed
Sale and (B) the denominator of which shall be the total number of shares
of Common Stock owned, or, to the extent applicable, which would be owned upon
exercise of any exercisable Options (to the extent any such Options are then
exercisable or would become exercisable as a result of the consummation of the
Proposed Sale), by the Selling Investor, the Independent Director Stockholder
Entities and other holders of shares of Common Stock who have been granted
similar rights to participate in the Proposed Sale (an “Eligible Holder”),
as the case may be.

 

3.         Except as may otherwise
be provided herein, shares of Common Stock subject to a Request will be
included in a Proposed Sale pursuant hereto and in any agreements with
purchasers relating thereto on the same terms and subject to the same
conditions applicable to the shares of Common Stock which the Selling Investor
proposes to sell in the Proposed Sale. Such terms and conditions shall include,
without limitation: the pro rata reduction of the number of shares of Common
Stock to be sold by the Selling Investor, the Independent Director Stockholder
Entities and any Eligible Holders to be included in the Proposed Sale if
required by the party proposing such Sale; the sale price; the form of
consideration; the payment of fees, commissions and expenses; the provision of,
and representation and warranty as to, information reasonably requested by the
Selling Investor covering matters regarding the Independent Director
Stockholder Entities’ ownership of shares; and the provision of requisite
indemnification; provided, however, that no Independent Director Stockholder
Entity shall be liable under such indemnification for any amount in excess of
the net after-tax proceeds received by such Independent Director Stockholder
Entity in such sale.

 

4.         Upon delivering a
Request, the Independent Director Stockholder Entities will, if requested by
the Selling Investor, execute and deliver a custody agreement and power of
attorney in form and substance reasonably satisfactory to the Selling Investor
with respect to the shares of Common Stock which are to be sold by the
Independent Director Stockholder Entities pursuant hereto (a “Custody
Agreement and Power of Attorney”). The Custody Agreement and Power of
Attorney will contain customary provisions and will provide, among other
things, that the Independent Director Stockholder Entities will deliver to and
deposit in custody with the custodian and attorney-in-fact named therein a
certificate or certificates (if such shares are certificated) representing such
shares of Common Stock (duly endorsed in blank by the registered owner or
owners thereof) and irrevocably appoint said custodian and attorney-in-fact as
the Independent Director Stockholder Entities’ agent and attorney-in-fact with
full power and authority to act under the Custody Agreement and Power of
Attorney on the Independent Director Stockholder Entities’ behalf with respect
to the matters specified therein.

 

5.         The Independent
Director Stockholder Entities’ right pursuant hereto to participate in a
Proposed Sale shall be contingent on the Independent Director Stockholder
Entities’ compliance with each of the provisions hereof and the Independent
Director Stockholder Entities’ respective willingness to execute such documents
in connection therewith as may be reasonably requested by the Selling Investor.

 

6.         (a) In the event
of a Proposed Sale pursuant to Section 1 hereof in which the Selling
Investor proposes to sell for cash or any other consideration fifty percent
(50%) or more of the shares of Common Stock held by the Selling Investor and its
affiliates pursuant to

 

 

Section 1
hereof, the Selling Investor may elect, by so specifying in the Notice, to
require the Independent Director Stockholder Entities to, and the Independent
Director Stockholder Entities shall, participate in such Proposed Sale to the
same extent calculated pursuant to Paragraph 2(a) above, in accordance
with the terms and provisions of Paragraph 3 hereof; provided, however,
that in such event, the order in which the shares of Common Stock held by the
Independent Director Stockholder Entities shall be required to be sold shall
be: first, any shares of Common Stock then held by the Independent Director
Stockholder Entities that constitute Purchased Stock (as defined in the
Stockholder’s Agreement); and second, to the extent applicable, any shares of
Common Stock acquired pursuant to the exercise of any exercisable Options.

 

(b)       In the event of a
transaction which results in a Change in Control (as defined in the Independent
Director Stockholder’s Agreement) that is also a Proposed Sale, but is not one
in which either the Selling Investor has exercised its rights pursuant to
Paragraph 6(a) or the Independent Director Stockholder Entities have
exercised their rights pursuant to Paragraph 1 (a “Proposed Transaction”),
you agree on behalf of the Independent Director Stockholder Entities, to bear,
on a several and not joint basis, your pro rata share of any fees, commissions,
adjustments to purchase price, expenses or indemnities borne by the Selling
Investor.

 

(c)       Your pro rata share of
any amount to be paid pursuant to Paragraph 3 or Paragraph 6(b) shall be
based upon the number of shares of Common Stock intended to be transferred by
the Independent Director Stockholder Entities plus, to the extent applicable,
the number of shares of Common Stock you would have the right to acquire under
any unexercised portion of the outstanding Option which is then vested or would
become vested as a result of the Proposed Sale or Proposed Transaction,
assuming that you receive a payment in respect of such unexercised portion of
such Option.

 

7.         The obligations of the
Selling Investor hereunder shall extend only to the Independent Director
Stockholder Entities, and none of the Independent Director Stockholder Entities’
successors or assigns shall have any rights pursuant hereto.

 

8.         If the Investor
transfers any of its interests in the Company to an equityholder of the
Investor, as a condition precedent to such transfer, such equityholder shall
agree in writing to assume the obligations hereunder of the Investor and shall
be deemed a “Selling Investor” with respect to any subsequent Proposed Sale or
Proposed Transaction. No transfer pursuant to this Section 8 shall
diminish the obligations of the Investor hereunder, to the extent applicable
following the consummation of the transfer.

 

9.         This Agreement shall
terminate and be of no further force and effect on the fifth anniversary of the
first occurrence of a Public Offering (as defined in the Independent Director
Stockholder’s Agreement).

 

10.       All notices and other
communications provided for herein shall be in writing. Any notice or other
communication hereunder shall be deemed duly given (i) upon electronic
confirmation of facsimile, (ii) one business day following the date sent
when sent by overnight delivery and (iii) five business days following the
date mailed when mailed by registered or certified mail return receipt
requested and postage prepaid, in each case as follows:

 

If to the Selling Investor, to it at the following addresses:

 

GMACCH Investor
LLC

 

 

c/o
Kohlberg Kravis Roberts & Co. L.P. 

9 West 57th Street

New York, New York 10019

Attention: Scott Nuttall

 

GMACCH
Investor LLC

c/o The Goldman Sachs Company, Inc.

85 Broad Street

New York, New York 10004

Attention: Stuart Katz

 

GMACCH
Investor LLC 

c/o Five Mile Capital Partners LLC 

Four Stamford Plaza, Suite 400 

Stamford, CT 06902 

Attention: Konrad Kruger

 

with a
copy to:

 

Simpson
Thacher & Bartlett LLP 

425 Lexington Avenue 

New York, New York 10017 

Attn: Sean D. Rodgers, Esq.

 

If to the Company, to the Company at the following address:

 

Capmark
Financial Group Inc. 

200 Witmer Road 

Horsham, PA 19044 

Attention: General Counsel

 

with a
copy to:

 

Simpson
Thacher & Bartlett LLP 

425 Lexington Avenue 

New York, New York 10017 

Attn: Sean D. Rodgers, Esq.

 

If to you, to you at the address first set forth above;

 

If to your Independent Director Stockholder’s Estate, Independent
Director Stockholder’s Family Members or Independent Director Stockholder’s
Trust, to the address provided to the Company by such entity;

 

or at such other
address as any of the above shall have specified by notice in writing delivered
to the others by certified mail.

 

11.       The laws of the State of
Delaware shall govern the interpretation, validity and performance of the terms
of this Agreement. In the event of any controversy among the

 

 

parties hereto
arising out of, or relating to, this Agreement which cannot be settled amicably
by the parties, such controversy shall be finally, exclusively and conclusively
settled by mandatory arbitration conducted expeditiously in accordance with the
American Arbitration Association rules, by a single independent arbitrator.
Such arbitration process shall take place within 100 miles of the New York City
metropolitan area. The decision of the arbitrator shall be final and binding
upon all parties hereto and shall be rendered pursuant to a written decision,
which contains a detailed recital of the arbitrator’s reasoning. Judgment upon
the award rendered may be entered in any court having jurisdiction thereof.
Each party shall bear its own legal fees and expenses. Each party hereto hereby
irrevocably waives any right that it may have had to bring an action in any
court, domestic or foreign, or before any similar domestic or foreign authority
with respect to this Agreement.

 

12.       This Agreement may be
amended only by written instrument executed by you and the Investor.

 

13.       It is the understanding
of the undersigned that you are aware that no Proposed Sale is contemplated and
that such a sale may never occur.

 

14.       This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an
original and all of which together shall constitute one and the same
instrument. The Master Signature Page, when duly executed and delivered by you
in accordance with the terms hereof and thereof, shall supplement and form a
part of this Agreement, and references to this Agreement shall be construed
accordingly.

 

	
   

  	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  GMACCH
  INVESTOR LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Its
  Authorized Representative

  
						

 

 

IN WITNESS WHEREOF, upon due execution and delivery by you of the
Master Signature Page, you have executed this Agreement as of the date set
forth above.

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