Document:

Exhibit 10.1

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

(PERFORMANCE-BASED VESTING)

 

THIS RESTRICTED STOCK UNIT
AWARD AGREEMENT (the “Agreement”) is entered into by and between iStar
Financial Inc. (the “Company”) and the Participant identified on the
Notice of Grant of Award attached hereto (the “Notice”), effective as of
January 18, 2008 (the “Award Date”), and sets forth the general
terms and conditions of an award of restricted stock units (“Units”)
relating to shares of Common Stock of the Company (“Shares”) made to the
Participant, pursuant to the iStar Financial Inc. 2006 Long-Term Incentive Plan
(the “Plan”).  Except as otherwise
defined herein, capitalized terms used in this Agreement have the respective
meanings set forth in the Plan.  The Plan
is hereby incorporated herein by reference as though set forth herein in its
entirety.

 

1.                                       Award.  The number of Units, representing the right
to receive an equivalent number of Shares, is set forth in the attached Notice.

 

2.                                       Vesting.

 

(a)                                  The Units shall
vest on the Vesting Date if (i) the Total Shareholder Return on the Shares
during the Measurement Period equals or exceeds the Threshold Return, and (ii) the
Participant’s employment with an iStar Entity has not terminated before the
Vesting Date.  Any Units that do not vest
on the Vesting Date shall be forfeited.

 

(b)                                 Upon the
vesting of Units, but in no event later than the March 15th following the
year in which the Vesting Date occurs, the Company shall deliver to the
Participant a number of Shares equal to the number of vested Units.  The Company shall withhold Shares in an
amount necessary to satisfy any applicable income taxes and other withholding
obligations due in connection with the vesting of the Units.  Promptly following the Vesting Date, the net
amount of Shares shall be issued and delivered to Participant, free of any
restrictive legend or other restrictions, in certificated form or otherwise as
Participant may direct.

 

(c)                                  In the event
that Participant voluntarily terminates employment with an iStar Entity, or
Participant’s employment is terminated by an iStar Entity either (i) for
Cause at any time or (ii) without Cause prior to January 1, 2010, any
unvested Units shall be forfeited automatically as of the date of termination
of employment.

 

3.                                       Definitions.  As used herein, the following terms shall
have the following meanings:

 

(a)                                  “Cause”
means:

 

(i)                                     Any actions or
omissions representing fraudulent or willful misconduct against the Company,
any of its affiliates or any iStar Entity; provided, however,
that no act or failure to act shall be considered “willful” unless it is done,
or omitted to be done, without reasonable belief that such action or omission
was in the best interest of the Company or the iStar Entity that then employs
Participant;

 

(ii)                                  conviction of a
felony (unless such felony solely involves traffic violations or unless such
felony is reversed, overturned or vacated on appeal);

 

 

(iii)                               any grossly
negligent action or omission or action or omission representing reckless
disregard of any of Participant’s duties and obligations as an employee or
otherwise to the Company, its affiliates or any iStar Entity if such action or
omission results in materially adverse consequences for the Company, its
affiliates or any iStar Entity;

 

(iv)                              a knowing
action or knowing omission to take any action which would place the Company or
any iStar Entity that employs Participant in material default in the
performance of any of its contractual or legal duties or obligations to other
persons or entities; provided, however, that no act or failure to
act shall be considered “knowing” unless it is done, or omitted to be done,
without reasonable belief that such action or omission was in the best interest
of the Company or any iStar Entity that employs Participant;

 

(v)                                 the failure by
Participant to substantially perform his or her duties to the Company, its
affiliates or any iStar Entity that employs Participant (excluding, however,
any failure to meet any performance targets), which failure remains uncured
after not less than thirty (30) days prior written notice from the Company or
any iStar Entity that employs Participant specifying in reasonable detail the
failure complained of, except where such failure results from incapacity due to
physical or mental illness; or

 

(vi)                              any dereliction
of duty or negligent misconduct in respect of Participant’s duties and
obligations as an employee or otherwise to the Company, its affiliates or any
iStar Entity which results in a breach by the Company or any iStar Entity that
employs Participant of any contractual agreement binding upon the Company or
any iStar Entity that employs Participant and which breach causes material
adverse consequences for the Company, its affiliates or any iStar Entity.

 

(b)                                 “Change in
Control” has the meaning ascribed to such term under the Plan.

 

(c)                                  “Total
Shareholder Return” means the per annum compound rate of
increase in the Share Price of an investment in Shares on the first day of the
Measurement Period (assuming purchase of Shares at their Share Price on such
day) through the last day of the Measurement Period, plus all dividends or
distributions paid with respect to Shares during the Measurement Period, and
assuming reinvestment in Shares of all such dividends and distributions, as
adjusted to give effect to Section 5 hereof.

 

(d)                                 “iStar
Entity” means the Company and any entity controlled by, controlling or
under common control with the Company.

 

(e)                                  “Measurement
Period” means the period from and including the Award Date to and including
the Vesting Date.

 

(f)                                    “Share Price”
means the average of the closing prices for the Shares, as reported on the
principal stock exchange or automated quotation system on which the Shares are
traded or listed, for the 20 trading days ended on the trading date immediately
preceding the date as of which the Share Price is being determined; provided,
however, that if the Shares are not publicly 

 

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traded, then the Share Price shall be equal
to the fair market value of the Shares as determined by the Board of Directors
of the Company.

 

(g)                                 “Threshold
Return” means Twenty Percent (20%); provided, however, that,
in the event the Vesting Date occurs prior to December 31, 2010, the
Threshold Return of 20% shall be adjusted downward on a pro rata basis based
upon the actual number of days that have elapsed in the Measurement Period.

 

(h)                                 “Vesting
Date” means the earliest to occur of (i) December 31, 2010, (ii) the
date of the occurrence of a Change in Control, or (iii) in the event
Participant’s employment with an iStar Entity terminates by reason of death or
disability, or Participant’s employment is terminated by an iStar Entity
without Cause on or after January 1, 2010, the date Participant’s
employment terminates.

 

4.                                       Restrictions on
Units.

 

(a)                                  The “Restricted
Period” with respect to each installment of Units is the period commencing
on the Award Date and ending on the Vesting Date.

 

(b)                                 During the
Restricted Period, Units that are not vested (and the Shares represented by
such Units) are not transferable except as designated by Participant by will or
by the laws of descent and distribution or, subject to such procedures as the
Administrator may establish, to or for the benefit of Participant’s
family.  Except as permitted by the
foregoing, Units that are not vested (and the Shares represented by such Units)
may not be sold, assigned, transferred, pledged, hypothecated, encumbered or
otherwise disposed of (whether by operation of law and otherwise) or be subject
to execution, attachment or similar process. 
Any attempt to so sell, transfer, assign, pledge, hypothecate,
voluntarily encumber or otherwise dispose of Units or Shares shall be null and
void.  Upon the vesting of Units, the
Shares that are delivered to Participant shall be fully transferable by
Participant.

 

(c)                                  During the
Restricted Period, Units that are not vested (and the Shares represented by
such Units) shall not be evidenced by a certificate registered in the name of
Participant.

 

(d)                                 During the
Restricted Period, Participant shall not be entitled to vote with respect to
Shares represented by Units that are not vested.  Upon the vesting of Units, Participant shall
have full rights as a shareholder with respect to the Shares to be delivered to
Participant upon vesting, including the right to vote such Shares.

 

(e)                                  During the
Restricted Period, Participant shall not be entitled to receive any dividend
equivalent payments with respect to any Units that are not vested.

 

5.                                       Adjustments to
Number of Units and Shares.  In the event of any change in the Company’s
outstanding Shares by reason of any stock dividend, split, spinoff,
recapitalization or other similar change, the terms and the number of any
outstanding Units (and the Shares represented by such Units) shall be equitably
adjusted by the Administrator in its discretion to the extent the Administrator
determines that such adjustment is necessary to preserve the benefit of this
Agreement for Participant and the Company.

 

6.                                       Agreement Not
Contract of Employment.  This
Agreement does not constitute a contract of employment, and does not give
Participant the right to be retained in the employ of the Company.

 

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7.                                       Successors and
Assigns.  This Agreement shall be binding
upon, and inure to the benefit of, the Company, its successors and assigns, and
any person acquiring, whether by merger, consolidation, purchase of assets or
otherwise, all or substantially all of the Company’s assets and business.

 

8.                                       Administration.  The authority to administer and interpret
this Agreement shall be vested in the Administrator, and the Administrator
shall have all the powers with respect to this Agreement as it has with respect
to the Plan.  Any interpretation of the
Agreement by the Administrator and any decision made by it with respect to the
Agreement are final and binding on all persons.

 

9.                                       Representations.  The Shares represented by the Units are
currently registered under the Securities Act of 1933, as amended (the “Securities
Act”), and any applicable state securities laws, pursuant to an effective
registration statement.  Participant
hereby represents and covenants that any subsequent sale of any such Shares
shall be made either pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws, or pursuant to an
exemption from registration under the Securities Act and such state securities
laws.

 

10.                                 Plan Governs.  The terms of this Agreement shall be subject
to the terms of the Plan, a copy of which may be obtained by Participant from
the office of the Secretary of the Company.

 

11.                                 Amendment and
Termination.  The Board
of Directors of the Company may at any time amend or terminate the Plan,
provided that no such amendment or termination may materially adversely affect
the rights of Participant awarded hereunder.

 

12.                                 Waiver of
Responsibility.  Participant
understands that the Company has assumed no responsibility for advising
Participant as to the tax consequences to Participant of the grant of Units
under this Agreement.  Participant should
consult with his or her individual tax advisor concerning the applicability of
Federal, state and local tax laws to the Units and to his or her personal tax
circumstances.

 

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EXHIBIT 10.3    
    

 
  Employment Contract of Jean-Marie Demeautis, Vice President
  Dated June 1, 1981    
    
    (English Translation of Surviving Provisions)    

This
contract is made between 

Sealed
Air S.A.S., as successor company (the "Company"), whose head office is located at Epernon (Eure et Loir), rue Saint Denis, 

and 

Mr. Jean-Marie
Demeautis 

The
following has been agreed: 

        Mr. Jean-Marie
Demeautis will scrupulously carry out the mission he is assigned to, respecting the Company's regulations which he declares having read, and will honor
them in all circumstances, including when traveling and if a company car is granted to him, he will have to respect
all the notes and instructions given by the Company either verbally or in written form by his management or another person designated by the Company. 

        During
the whole length of this contract, Mr. Jean-Marie Demeautis will devote his time, attention and abilities to the business of the Company and shall not engage or
be concerned in any other business or employment or in investments. 

        The
Company, and/or the Company's affiliates, manufacturing and selling products of which some are patented and some are only known by the Company, Mr. Jean-Marie
Demeautis shall not use in any manner which is or may be to the detriment of the Company any confidential information which may come to his knowledge or possession. 

        The
responsibilities given to Mr. Jean-Marie Demeautis, require him to devote all his time to the Company; he will be paid a gross annual salary. 

        All
proper and reasonable expenses justified with receipts will be reimbursed on a weekly basis by expense report. If Mr. Jean-Marie Demeautis is required to travel an
advance will be made available to him. 

        Mr. Jean-Marie
Demeautis confirmed he is holding a driving license and thus a company car is granted to him. He commits himself to use properly the car according to
Laws and Company regulations. Bad maintenance of the car and bad driving can be considered as a professional mistake. The Company reserves the right to collect the car back, without notice or
compensation. Mr. Jean-Marie Demeautis is authorized to use his company car for private use. 

        This
present contract is signed for an unlimited period. 

        At
the end of his employment, Mr. Jean-Marie Demeautis will return all Company's belonging, including the company car, and shall not disclose to any person (which word
shall in this agreement include any firm or corporation) or use for his own benefit or the benefit of any person other than the Company or use in any manner which is or may be to the detriment of the
Company any confidential information. 

        Any
subject which is not covered in the contract will be treated according to the Company's regulations and the applicable collective bargaining agreements. All documents are consultable
in the Personnel Department. 

        In
case of contesting concerning the execution or interpretation of these items, the parties commit themselves to try to settle the case out of court. 

Done
in two copies

At Epernon, on 1st June 1981 

	Read and approved	 	Read and approved
	

The Company by its representative	
 	

Jean-Marie Demeautis

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EXHIBIT 10.3

Employment Contract of Jean-Marie Demeautis, Vice President Dated June 1, 1981 (English Translation of Surviving Provisions)

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