Document:

RESTRICTED
STOCK UNIT AWARD AGREEMENT

THIS RESTRICTED
STOCK UNIT AWARD AGREEMENT (the “Agreement”) is effective as of              ,
2007 (the “Award Date”) and 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”), 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, as amended and restated (the “Plan”).
Except as otherwise defined herein, capitalized terms used in this Agreement
have the respective meanings set forth in the Plan.

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 in increments in the amounts, and on the dates, set forth in the
attached Notice, if the Participant’s employment with an iStar Entity (as
defined below) has not terminated before each such vesting date; provided,
however, all of the Units shall become immediately vested in the event
the Participant terminates employment with an iStar Entity by reason of death
or Disability or if an iStar Entity terminates Participant’s employment without
Cause (as defined below) and a new employment relationship is not established
between Participant and another iStar Entity within 30 days of such
termination.

(b)   Upon the
vesting of Units, Participant shall be entitled to receive 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
each vesting date, the net amount of Shares shall be issued and delivered to
Participant, free of any restrictive legend, in certificated form or otherwise
as Participant may direct.

(c)   In the
event that Participant voluntarily terminates employment with an iStar Entity
or an iStar Entity terminates Participant’s employment for Cause (as defined
below), any unvested portion of the Units shall be forfeited automatically as
of the date of termination of employment.

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

(e)   “Cause”
shall mean:

(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 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, left 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 breach(es) complained of, to substantially perform his or
her duties to the Company or any iStar Entity that employs Participant
(excluding, however, any failure to meet any performance targets), 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.

3.     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 for such installment.

(b)   During the
Restricted Period, Units that are not vested (and the Shares represented by
such Units) are not transferable except as designated by the 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 the 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
the Participant.

(d)   During the
Restricted Period, the Participant shall not be entitled to vote with respect
to Shares represented by Units that are not vested.  Upon the vesting of Units, the 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.

4.     Dividend
Equivalent Rights.  From and after
the Award Date and ending on the vesting date of each installment of Units, the
Participant shall be entitled to receive payments with respect to each Unit
equal to the dividends paid by the Company on one Share. Such payments shall be
made to the Participant in cash, net of applicable tax withholdings, on the
same date as dividend payments are made to Company shareholders. The right to
receive such payments with respect to a Unit shall terminate upon the vesting
of such Unit, at which time the Participant shall be entitled to receive Shares
equal to the number of vested Units, net of applicable tax withholdings, and
shall thereafter receive dividends on such Shares in the same manner as other
Company shareholders. 

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 the Participant and the Company.

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

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

7.     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.

8.     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.  The 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.

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

10.   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 the Participant
awarded hereunder.

11.   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 Restricted Shares and to his or her personal tax circumstances.Exhibit
10.1

January 18, 2007

Michael S. Durski

2062 Town Hall Terrace #6

Grand Island, New York 14072

Dear Michael,

The aim of this
letter is to communicate to you our terms of employment for the position of
Chief Financial Officer, which is located in Ladson, South Carolina.

Your job title
will be Chief Financial Officer and your position is classified salaried exempt
under the regulations and in compliance with the Fair Labor Standards Act  (FLSA) as amended in August of 2004.  You will report directly to Ray Pollard. You
are expected to begin work no later than February 05, 2007 and your bi-weekly
pay will be $6923.07 (subject to withholding).

Our offer and your
start date are predicated upon the results of a post-offer substance abuse
screening test, background investigation, and the presentation of proper
documents verifying your authorization to work in the United States.  Your position may require you to receive a
U.S. Defense Service security clearance if required by the Company in
connection with your duties.

A fully taxable relocation benefit
allowance of $35,000.00 will be paid to you within 7 working days after your
start date providing we receive your signed accepted offer letter and signed
relocation reimbursement acceptance form. 
It may be used at your discretion to assist in your relocation efforts.
However the benefit must be repaid according to the relocation reimbursement
agreement if you voluntarily leave the company within one (1) year of your
start date.  You will be eligible to
participate in our benefit program, which includes health, dental, vision, and
life insurance, paid-time off, paid holidays, as well as our 401K retirement
income plan.  Eligibility for our benefit
programs will begin on the first day of employment.  Your will be eligible for 112 hours of paid
time off.

We are extremely
pleased to extend this offer to you and look forward to your contribution to
our Company.   If the foregoing is
acceptable to you, I would ask that you kindly sign below and return a copy of
this letter to me.  By signing this
letter, you confirm (i) there is no agreement between you and any third party
(including any current or prior employer) that would restrict your ability to
be employed by Force Protection Industries, Inc., (ii) that you will abide by
the terms of any third party confidentiality agreement to which you may be
subject, (iii) that you will comply with the processes comprising the Company’s
Business Operating System, (iv) that your work for the Company is “work for
hire” and the Company will own all rights in and to any inventions, ideas or
other works of authorship you develop as part of your job, and (v) that you
will execute such additional documents as
the Company may require from time to time as part of its standard practices relating
to all employees (including for example our Non-Disclosure Agreement).

Please note, South
Carolina is an “Employment-at-Will” state, and the agreement between us is
intended to be “at-will,” notwithstanding any statements by any person to the
contrary. This means that both you and the Company have the right to terminate
the relationship between us at any time, for any reason and without payment of
any termination damages or severance pay of any kind. Please contact the
Company if you have any questions about the meaning of “employment at will,”
otherwise we will conclude that you understand and accept that this principle
is binding on you.

This letter when
signed by both parties will constitute the terms between us, and supersedes any
prior communications or other agreement you may have or may have had with the
Company prior to the date hereof.  The terms of this offer letter will expire at the
close of business 48 hours after this letter has been presented to you.

Sincerely,

/s/ Gordon McGilton

Gordon McGilton

Chief Executive Officer

Force Protection Industries, Inc.

I agree to the
foregoing terms:

	
  /s/ 

  	
  Michael S. Durski

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Michael S. Durski

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  January 19, 2007

  	
   

  
	
  Cc:

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