Document:

Settlement Agreement

 Exhibit 10.1 
 SETTLEMENT AGREEMENT 
 SETTLEMENT AGREEMENT, dated this 23rd day of April, 2008
(“Agreement”), by and among Arbor Realty Trust, Inc., a Maryland corporation (“Arbor”) and Ivan Kaufman (the foregoing entity and individual being collectively referred to herein as the “Arbor
Group”), and CBRE Realty Finance, Inc., a Maryland corporation (the “Company”). 
 WHEREAS, the Arbor Group has
made certain filings on Schedule 13D (all such filings on Schedule 13D made by the Arbor Group with respect to the Company, the “Arbor Schedule 13D”) with the Securities and Exchange Commission (the
“SEC”) disclosing, among other things, that the Arbor Group beneficially owns 2,939,465 shares of common stock, par value $0.01 per share, of the Company; 
 WHEREAS, Arbor has submitted to the Company notice (the “Notice”) of its intention to (i) nominate a slate of nominees for
election to the Company’s Board of Directors (the “Board”) at the Company’s 2008 annual meeting of stockholders (the “2008 Annual Meeting”), and (ii) solicit proxies for the election of its
nominees at the 2008 Annual Meeting (the “Proxy Solicitation”); and 
 WHEREAS, the Company and the Arbor Group have
determined that the interests of the Company and its stockholders would be best served by (i) avoiding the substantial expense, disruption and adverse publicity that would result from the Proxy Solicitation and (ii) the other agreements,
covenants, rights and benefits as provided herein. 
 NOW, THEREFORE, in consideration of the foregoing premises and the respective
representations, warranties, covenants, agreements and conditions hereinafter set forth, and, intending to be legally bound hereby, the parties hereby agree as follows: 
 1. 2008 Annual Meeting; Related Matters. 
 (a) The Arbor Group hereby irrevocably withdraws the Notice
and its nomination of each of Gregg A. Cohen, Alan De Rose, David J. Heyman, Neil H. Koenig, Gerald L. Nudo, Robert M. Pascucci and William F. Regan (and any substitutions for such individuals) for election to the Board at the 2008 Annual
Meeting and confirms that it waives its right to nominate any directors, to make any other proposal or to present any other item of business at the 2008 Annual Meeting. The Arbor Group will promptly file an amendment to the Arbor Schedule 13D,
reporting the contents of this Agreement, amending applicable items to conform to its obligations hereunder and appending this Agreement as an exhibit thereto. 
 (b) The members of the Arbor Group, shall vote, and shall use their commercially reasonable efforts to cause their respective Affiliates and Associates (as herein defined) to vote, all Voting Securities (as
herein defined) which they are entitled to vote at the 2008 Annual Meeting in favor of the election of each of the Company’s nominees to the Board. 
 2. Arbor’s Participation in any Sale Process. The Company will not exclude Arbor from the opportunity to participate in any sale process that may be initiated by the Board during the 12-month period
following the date of this Agreement that seeks proposals for the acquisition of all or substantially all of the common stock or assets of the Company; provided, that (i) the Board may choose not to initiate any sale process and, if it
does commence a sale process, it may discontinue the sale process for any reason at any time, and (ii) Arbor shall be required to comply with the terms and conditions generally applicable to the other participants in any sale process,
including, but not limited to, the requirement that participants of any such process enter into a customary form of confidentiality agreement. 

 3. Standstill. 
 (a) Each member of the Arbor Group severally, and not jointly, agrees that, for a period of 12 months from the date of this Agreement, without the prior written consent of the Board specifically expressed in a written
resolution adopted by a majority vote of the entire Board, he or it will not, and will cause each of his or its officers, agents and other Persons, including any Affiliates or Associates identified in the Arbor Schedule 13D as members of the
“Arbor Group” as therein defined, acting on his or its behalf not to: 
 (i) engage, or in any way participate,
directly or indirectly, in any “solicitation” (as such term is defined in Rule 14a-1(l) promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of proxies or consents
(whether or not relating to the election or removal of directors); advise, encourage or influence any Person (as herein defined) with respect to the voting of any Voting Securities with respect to the 2008 Annual Meeting or any other meeting of the
Company’s stockholders that occurs prior to the termination of this Agreement in a manner that is inconsistent with the terms of this Agreement; nominate or propose any person for election to the Board; or initiate, propose or otherwise
“solicit” (as such term is defined in Rule 14a-1(l) promulgated by the SEC under the Exchange Act) stockholders of the Company for the approval of stockholder proposals whether made pursuant to Rule 14a-8 or
Rule 14a-4 or exempt solicitations pursuant to Rule 14a-2(b)(1) or Rule 14a-2(b)(2) under the Exchange Act or otherwise induce or encourage any other Person to initiate any such stockholder proposal; or otherwise communicate
with the Company’s stockholders or others pursuant to Rule 14a-1(1)(2)(iv) under the Exchange Act; 
 (ii) other
than in connection with Section 2 hereof, seek or propose, or make any statement with respect to, any merger, consolidation, business combination, tender or exchange offer, sale or purchase of assets, sale or purchase of securities (except that
the Arbor Group may seek or propose a sale or purchase of the shares of the Company beneficially owned by the Arbor Group as of the date hereof), dissolution, liquidation, restructuring, recapitalization or similar transactions of or involving the
Company or any of its Affiliates; 
 (iii) form, join or in any way participate in any “group” (within the meaning
of Section 13(d)(3) of the Exchange Act) with respect to any Voting Securities, other than a “group” that includes all or some lesser number of the Persons identified as “Reporting Persons” in the Arbor Schedule
13D, but does not include any other members who are not currently identified as Reporting Persons; 
 (iv) act, alone or in
concert with others, to control or seek to control, or influence or seek to influence, the management, Board or policies of the Company; 
 (v) other than as previously disclosed in the Arbor Schedule 13D, deposit any Voting Securities in any voting trust or subject any Voting Securities to any arrangement or agreement with respect to the voting of any
Voting Securities, except as expressly set forth in this Agreement; 
 (vi) knowingly enter into any arrangements,
understanding or agreements (whether written or oral) with, or advise, finance, assist or encourage, any other Person in connection with any of the foregoing, or make any investment in or enter into any arrangement with, any other Person that
engages, or offers or proposes to engage, in any of the foregoing; 
  

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 (vii) discuss or communicate any confidential information with respect to the Company and
its business, including but not limited to information related to the evaluation of any strategic alternatives under consideration by the Board; and 
 (viii) take or cause or induce others to take any action inconsistent with any of the foregoing. 
 (b) The
Arbor Group hereby waives any right (whether by statute or agreement) to inspect records and lists of Company stockholders (including any list of non-objecting beneficial owners) in connection with the 2008 Annual Meeting, including the
rights Arbor has pursuant to that certain agreement dated March 12, 2008, between Arbor and the Company, that requires the Company to produce or provide access to certain stockholder records. 
 4. Mutual Release. 
 (a) The Arbor
Group, for themselves and their respective members, officers, directors, assigns, agents, and successors, past and present (each individually, an “Arbor Group Releasing Party”) does hereby expressly, absolutely and forever
release and discharge the Company and each officer, director, stockholder, agent, affiliate, employee, attorney, assigns, predecessor, and successor, past and present, of the Company (each individually, a “Company Released Party”)
from, and forever fully releases and discharges each Company Released Party of, any and all rights, claims, warranties, demands, debts, obligations, liabilities, costs, attorneys’ fees, expenses, suits, losses, and causes of action
(“Claims”) of any kind or nature whatsoever (including those arising under contract, statute or common law), whether known or unknown, contingent or absolute, suspected or unsuspected, arising in respect of or in connection with the
Proxy Solicitation, which any Arbor Group Releasing Party ever had or owned arising at any time prior to the date of this Agreement (including the future effects of such occurrences, conditions, acts or omissions); provided, however,
that the foregoing release does not apply to (i) any Claim relating to the performance of obligations under this Agreement or for breach of or to enforce this Agreement and (ii) any Claims that cannot be waived by law (with clauses
(i) and (ii) together, the “Arbor Excluded Claims”). The Claims released pursuant to this Section 4(a) are referred to herein as “Arbor Group Claims.” The Arbor Group, on behalf of itself and the
Arbor Group Releasing Parties, hereby irrevocably covenants to refrain from asserting any claim or demand, or commencing, instituting or causing to be commenced, any proceeding of any kind against any Company Released Party based upon any Arbor
Group Claim. 
 (b) The Company, for itself and for its officers, directors, assigns, agents, and successors, past and present (each
individually, a “Company Releasing Party”) does hereby expressly, absolutely and forever release and discharge the Arbor Group and each of their respective officers, directors, stockholders, agents, affiliates, employees,
attorneys, assigns, predecessors, and successors, past and present, of each member of the Arbor Group (each individually, an “Arbor Group Released Party”) from, and forever fully releases and discharges each Arbor Group Released
Party of, any and all Claims of any kind or nature whatsoever (including those arising under contract, statute or common law), whether known or unknown, contingent or absolute, suspected or unsuspected, arising in respect of or in connection with
the Proxy Solicitation, any Schedule 13D or proxy filings made prior to the date hereof or in respect of or in connection with the nomination and election of directors at the 2008 Annual Meeting or the other proposals contained in the Notice, which
any Company Releasing Party ever had or owned arising at any time prior to the date of this Agreement (including the future effects of such occurrences, conditions, acts or omissions); provided, however, that the foregoing release does
not apply to (i) any Claim relating to the performance of obligations under this Agreement or for breach of or to enforce this Agreement and (ii) any Claims that cannot be waived by law (with clauses (i) and (ii) together, the

  

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“Company Excluded Claims”). The Claims released pursuant to this Section 4(b) are referred to herein as “Company
Claims.” The Company, on behalf of itself and the Company Releasing Parties, hereby irrevocably covenants to refrain from asserting any claim or demand, or commencing, instituting or causing to be commenced, any proceeding of any kind
against any Arbor Group Released Party or any member of the Arbor Group based upon any Company Claim. 
 (c) The parties hereto hereby
acknowledge and agree that the Arbor Group Released Parties and the Company Released Parties are intended third party beneficiaries of the provisions of this Section 4 and may take any and all action to enforce the obligations and agreements of
the releasing parties set forth herein. 
 5. Representations and Warranties of the Arbor Group. Each of the members of the Arbor
Group severally, and not jointly, represents and warrants as follows: 
 (a) Each member of the Arbor Group has the power and authority to
execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby. 
 (b) This
Agreement has been duly and validly authorized, executed, and delivered by each member of the Arbor Group, and constitutes a valid and binding obligation and agreement of each such member, and is enforceable against each such member in accordance
with its terms. 
 (c) The members of the Arbor Group, together with their respective Affiliates and Associates identified in the Arbor
Schedule 13D as members of the “Arbor Group” as therein defined, beneficially own, directly or indirectly, as of the date hereof, an aggregate of 2,939,465 shares of common stock of the Company as set forth in Schedule A
attached hereto which constitutes all of the Voting Securities of the Company beneficially owned by the members of the Arbor Group and their respective Affiliates and Associates identified in the Arbor Schedule 13D as members of the “Arbor
Group” as therein defined. 
 (d) The execution, delivery and performance of this Agreement by each member of the Arbor Group does not
and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to it, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both
could become a default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment,
understanding or arrangement to which such member is a party or by which it is bound. 
 (e) No consent, approval, authorization, license or
clearance of, or filing or registration with, or notification to, any court, legislative, executive or regulatory authority or agency is required in order to permit such member to perform such member’s obligations under this Agreement, except
for such as have been obtained. 
 6. Representations and Warranties of the Company. The Company hereby represents and warrants as
follows: 
 (a) The Company has the corporate power and authority to execute, deliver and carry out the terms and provisions of this Agreement
and to consummate the transactions contemplated hereby. 
 (b) This Agreement has been duly and validly authorized, executed and delivered by
the Company, and constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms. 
  

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 (c) The execution, delivery and performance of this Agreement by the Company does not and will not
violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to it, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could become a
default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or
arrangement to which the Company is a party or by which it is bound. 
 (d) No consent, approval, authorization, license or clearance of, or
filing or registration with, or notification to, any court, legislative, executive or regulatory authority or agency is required in order to permit the Company to perform its obligations under this Agreement, except for such as have been obtained.

 7. Non-Disparagement. 
 (a) The Company (on its own behalf and on behalf of its current directors, current executive officers, and representatives (insofar as they are acting for or on behalf of the Company), while they are serving as such, and on behalf of its
Affiliates which it controls (each individually, a “Company Party”)) agrees that, for a period of 12 months from the date of this Agreement, the Company and the Company Parties shall not directly or indirectly, individually or
in concert with others, engage in any conduct or solicit, make, or cause to be made, any statement, observation or opinion, or communicate any information (whether oral or written) that is calculated to or reasonably could be expected to have
the effect of (i) undermining, impugning, disparaging or otherwise in any way reflecting adversely or detrimentally upon any member of the Arbor Group or its Affiliates or (ii) accusing or implying that any member of the Arbor Group or its
Affiliates engaged in any wrongful, unlawful or improper conduct; except, in each case, with respect to any Company Excluded Claim. The foregoing shall not apply to (x) non–public oral statements made by the Company or its executive
officers or directors directly to any member of the Arbor Group or to any of their respective directors, officers, members, employees or representatives, (y) any compelled testimony, either by legal process, subpoena or otherwise and
(z) any response to any request for information from any governmental authority having jurisdiction over the Company; provided, however, in the event that any Company Party is requested pursuant to, or required by, applicable law,
regulation or legal process to testify or otherwise respond to a request for information from any governmental authority, the Company shall notify each member of the Arbor Group promptly so that they may seek a protective order or other appropriate
remedy or, in their sole discretion, waive compliance with the terms of this Section 7(a). In the event that no such protective order or other remedy is obtained, or each member of the Arbor Group waives compliance with the terms of this
Section 7(a), the Company Party will furnish only such information which he or she has been advised in writing by counsel is legally required and will exercise reasonable efforts to obtain reliable assurance that such information will be
accorded confidential treatment. 
 (b) Each of the members of the Arbor Group (on its own behalf and on behalf of its respective current
directors, executive officers, members, partners, managers and representatives (insofar as they are acting for or on behalf of Arbor), while they are serving as such, and on behalf of their Affiliates which any member of the Arbor Group controls
(each individually, an “Arbor Party”)) agrees that, for a period of 12 months from the date of this Agreement, each Arbor Party and the Arbor Parties shall not directly or indirectly, individually or in concert with others,
engage in any conduct or solicit, make, or cause to be made, any statement, observation or opinion, or communicate any information (whether oral or written) that is calculated to or reasonably could be expected to have the effect of
(i) undermining, impugning, disparaging or otherwise in any way reflecting adversely or detrimentally upon the Company, its Affiliates and their respective directors and officers (the “Company Group”) or 

  

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(ii) accusing or implying that the Company or any member of the Company Group engaged in any wrongful, unlawful or improper conduct; except, in each
case, with respect to any Arbor Excluded Claim. The foregoing shall not apply to (x) non–public oral statements made by any member of the Arbor Group directly to the Company or to its directors, officers, employees or representatives,
(y) any compelled testimony, either by legal process, subpoena or otherwise and (z) any response to any request for information from any governmental authority having jurisdiction over the Arbor Parties; provided, however, in
the event that any Arbor Party is requested pursuant to, or required by, applicable law, regulation or legal process to testify or otherwise respond to a request for information from any governmental authority, the applicable Arbor Party shall
notify the Company promptly so that it may seek a protective order or other appropriate remedy or, in their sole discretion, waive compliance with the terms of this Section 7(b). In the event that no such protective order or other remedy is
obtained, or the Company waives compliance with the terms of this Section 7(b), the applicable Arbor Party will furnish only such information which they have been advised in writing by counsel is legally required and will exercise reasonable
efforts to obtain reliable assurance that such information will be accorded confidential treatment. 
 8. Termination. 
 (a) Unless terminated earlier pursuant to Section 8(b), this Agreement shall remain in full force and effect and shall be fully binding on the
parties hereto in accordance with the provisions hereof until the first anniversary of the date of this Agreement. 
 (b) The provisions of
this Agreement may be terminated by the non–breaching party in the event of a final adjudication of a material breach by any party of any of the terms of this Agreement (except that a member of the Arbor Group may not terminate this Agreement
based on a breach of this Agreement by the other member of the Arbor Group). Any termination of this Agreement as provided herein will be without prejudice to the rights of any party arising out of the breach by any other party of any provision of
this Agreement. 
 9. Specific Performance. Each of the members of the Arbor Group, on the one hand, and the Company, on the other
hand, acknowledges and agrees that irreparable injury to the other party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such
injury would not be adequately compensable in damages. It is accordingly agreed that the members of the Arbor Group, on the one hand, and the Company, on the other hand (the “Moving Party”), shall each be entitled to specific
enforcement of, and injunctive relief to prevent any violation of, the terms hereof and the other party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy
or relief is available at law or in equity. However, the remedy set forth in this Section 9 shall not be deemed to be the excusive remedy for a breach of this Agreement, but shall be in addition to all other remedies available at law or in
equity. The Company and each member of the Arbor Group hereby agree to waive any requirements relating to the securing or posting of any bond in connection with seeking any remedy hereunder. 
 10. Press Release. 
 (a) As soon as
practicable following the execution and delivery of this Agreement, the Company and the Arbor Group shall issue the joint press release attached hereto as Exhibit A (the “Press Release”).  
  

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 (b) None of the parties hereto will, for a period of 12 months from the date of this Agreement, make any
public statements (including in any filing with the SEC or any other regulatory or governmental agency, including any stock exchange) that are inconsistent with, or otherwise contrary to, the statements in the Press Release issued pursuant to
this Section 10, unless otherwise required by law. 
 (c) Nothing shall preclude or prevent any of the parties hereto from making public
statements that (A) are neither contrary to nor inconsistent with the statements in the Press Release and (B) do not violate Sections 3, 7 and 10 hereof, in each case unless otherwise required by law; provided, however, that
none of the members of the Arbor Group, including their respective Affiliates or Associates that they control, shall, for a period of 12 months from the date of this Agreement, issue or cause the publication of any press release or other public
announcement with respect to this Agreement, the Company, its management or the Board or the Company’s business without first providing a copy of such information to the Board at least 48 hours prior to public distribution and using
commercially reasonable efforts to consult with the Board prior to issuing such press release or making such public statement; provided, further, that the Arbor Group, without providing such notice to, or engaging in such consultation
with, the Board, may (i) file a new Schedule 13D or an amendment or amendments to the Arbor Schedule 13D in accordance with Section 1(a) of this Agreement or as otherwise required by law, (ii) make any other filings as
required by law, and (iii) make any announcement or communication that is consistent with its obligations pursuant to Sections 3, 7 and 10 hereof, including, without limitation, any public announcements or positions as it deems appropriate
to the extent the Company or a stockholder of the Company makes a public announcement regarding an extraordinary transaction of any kind or nature involving the Company. 
 11. No Waiver. Any right or obligation under this Agreement may be waived if, and only if, such waiver is in writing and signed by the party against whom the waiver is to be effective. Any waiver by either the
Arbor Representative (as herein defined) or the Company of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this
Agreement. The failure of either the Arbor Representative or the Company to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist
upon strict adherence to that term or any other term of this Agreement. 
 12. Definitions. As used in this Agreement: 
 “2008 Annual Meeting” has the meaning set forth in the recitals. 
 “Affiliates” and “Associates” shall have the meanings set forth in Rule 12b-2 under the Exchange Act and shall
include Persons who become Affiliates or Associates of any Person subsequent to the date hereof. 
 “Agreement” has the
meaning set forth in the preamble. 
 “Arbor” has the meaning set forth in the preamble. 
 “Arbor Excluded Claims” has the meaning set forth in Section 4(a). 
 “Arbor Group” has the meaning set forth in the preamble. 
 “Arbor Group Claims” has the meaning set forth in Section 4(a). 
 “Arbor Group
Released Party” has the meaning set forth in Section 4(b). 
  

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 “Arbor Group Releasing Party” has the meaning set forth in Section 4(a).

 “Arbor Party” has the meaning set forth in Section 7(b). 
 “Arbor Representative” has the meaning set forth in Section 21. 
 “Arbor Schedule 13D” has the meaning set forth in the recitals. 
 “Board” has the meaning set forth in the recitals. 
 “Claims” has the meaning set forth in Section 4(a). 
 “Company” has
the meaning set forth in the preamble. 
 “Company Claims” has the meaning set forth in Section 4(b). 
 “Company Excluded Claims” has the meaning set forth in Section 4(b). 
 “Company Group” has the meaning set forth in Section 7(b). 
 “Company Party” has the meaning set forth in Section 7(a). 
 “Company Released Party” has the meaning set forth in Section 4(a). 
 “Company Releasing Party” has the meaning set forth in Section 4(b). 
 “Exchange Act” has the meaning set forth in Section 3(a)(i). 
 “Moving Party” has the meaning set forth in Section 9. 
 “Notice” has the meaning set forth in the recitals. 
 “Person” shall mean any individual, partnership, corporation, group, syndicate, trust, government or agency, or any other organization, entity or enterprise. 
 “Press Release” has the meaning set forth in Section 10(a). 
 “Proxy Solicitation” has the meaning set forth in the recitals. 
 “SEC” has the meaning set forth in the recitals. 
 “Voting Securities” shall mean any securities of the Company entitled to vote in the election of directors of the Company, or securities convertible into or exercisable or exchangeable for such
securities, whether or not subject to the passage of time or other contingencies. 
 13. Successors and Assigns. Neither this
Agreement nor any right, interest or obligation hereunder may be assigned by any party hereto without the prior written consent of the other parties hereto and any attempt to do so will be void. Subject to the preceding sentence, this Agreement is
binding upon, inures to the benefit of and is enforceable by the parties hereto and their respective successors and assigns. 
  

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 14. Entire Agreement; Amendments. This Agreement contains the entire understanding of the parties
hereto with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings other than those expressly set forth herein. This Agreement may be amended or modified only by a
written instrument duly executed by the parties hereto or their respective successors or assigns. 
 15. Interpretation and Headings.
The definitions in Section 12 will apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun will include the corresponding masculine, feminine and neuter forms. The word
“include” will be deemed to be followed by the phrase “without limitation.” All references herein to Sections, Exhibits and Schedules will be deemed to be references to Sections of, and Exhibits and Schedules to, this Agreement
unless the context will otherwise require. The section headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the context will otherwise
require or provide, any reference to any agreement or other instrument or statute or regulation is to such agreement, instrument, statute or regulation as amended and supplemented from time to time (and, in the case of a statute or regulation, to
any successor provision). 
 16. Notices. All notices, demands and other communications to be given or delivered under or by reason of
the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt), (b) upon sending if sent by facsimile, with electronic confirmation of sending;
provided, however, that a copy is sent on the same day by registered mail, return receipt requested, in each case to the appropriate mailing addresses set forth below (or to such other mailing addresses as a party may designate by
notice to the other parties in accordance with this provision), (c) upon receipt, after being sent by a nationally recognized overnight carrier to the addresses set forth below (or to such other mailing addresses as a party may designate by
notice to the other parties in accordance with this Section 16) or (d) when actually delivered if sent by any other method that results in delivery (with written confirmation of receipt): 
 If to the Company: 
 CBRE Realty Finance,
Inc. 
 185 Asylum Street 
 City
Place 1, 31st floor 
 Attn: Susan M. Orr, Esq., General Counsel 
 with a copy to: 
 Clifford Chance US LLP

 31 West 52nd Street 
 New York,
New York 10019 
 Attn: Larry P. Medvinsky, Esq. 
 Telecopy: (212) 878-8375 
 Email: larry.medvinsky@cliffordchance.com 
 If to the Arbor Group: 
 Arbor Realty Trust,
Inc. 
 333 Earle Ovington Boulevard, Suite 900 
 Uniondale, New York 11553 
 Attn: Walter Horn, Esq., General Counsel 
  

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 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 Attn: Fred B.
White, Esq. 
 Telecopy: (917) 777-2144 
 Email: fred.white@skadden.com 
 or to such other mailing address or facsimile address as the Person to whom notice is given
may have previously furnished to the others in writing in the manner set forth above. 
 17. Governing Law; Jurisdiction. This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. Each party hereto agrees, on behalf of itself and its Affiliates and Associates that it controls, that any actions, suits or proceedings
arising out of or relating to this Agreement or the transactions contemplated hereby will be brought solely and exclusively in the courts of the State of New York and/or the courts of the United States of America located in the State of New York
(and the parties agree not to commence any action, suit or proceeding relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth
in Section 16 will be effective service of process for any such action, suit or proceeding brought against any party in any such court. Each party, on behalf of itself and its Affiliates and Associates that it controls, irrevocably and
unconditionally waives trial by jury and any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby, in the courts of the State of New York or the United States of
America located in the State of New York, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in any
inconvenient forum. Any judgment rendered by a New York court may be enforced in any other jurisdiction in the United States. Nothing in this Section 17 shall prevent any of the parties hereto from enforcing its rights under this Agreement or
shall impose any limitation on any of the parties or their respective past, present or future general partners, directors, officers, or employees in defending any claim, action, cause of action, suit, administrative action or proceeding of any kind,
including, without limitation, any federal, state or other governmental proceeding of any kind, against any of them. The rights and remedies provided in this Agreement are cumulative and do not exclude any rights or remedies provided by law.

 18. Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which together
shall constitute one and the same Agreement. 
 19. No Presumption Against Draftsperson. Each of the undersigned hereby acknowledges
that the undersigned fully negotiated the terms of this Agreement, that each such party had an equal opportunity to influence the drafting of the language contained in this Agreement and that there shall be no presumption against any such party on
the ground that such party was responsible for preparing this Agreement or any part hereof. All prior working drafts of this Agreement, and any notes and communications prepared in connection therewith, shall be disregarded for purposes of
interpreting the meaning of any provision contained herein. 
 20. Survival. Except as otherwise provided herein, all representations,
warranties and agreements made by the parties in this Agreement or pursuant hereto shall survive the date hereof. Except as expressly set forth in this Agreement, no party has made any representation, warranty, covenant or agreement. 
  

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 21. Arbor Representative. Each member of the Arbor Group hereby irrevocably appoints Ivan Kaufman
as such member’s attorney-in-fact and representative (the “Arbor Representative”), in such member’s place and stead, to do any and all things and to execute any and all documents and give and receive any and all notices or
instructions in connection with this Agreement and the transactions contemplated hereby. The Company shall be entitled to rely, as being binding on each member of the Arbor Group, upon any action taken by the Arbor Representative or upon any
document, notice, instruction or other writing given or executed by the Arbor Representative. 
 22. Severability. If any term,
provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force
and effect and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the intention of the parties that the parties would have executed the remaining terms, provisions, covenants and restrictions without
including any of such which may be hereafter declared invalid, void or unenforceable. In addition, the parties agree to use all commercially reasonable efforts to agree upon and substitute a valid and enforceable term, provision, covenant or
restriction for any of such that is held invalid, void or enforceable by a court of competent jurisdiction. 
 23. Litigation
Expenses. In the event of any litigation among any of the parties hereto concerning this Agreement or the transactions contemplated hereby, the prevailing party in such litigation shall be entitled to reimbursement from the party opposing such
prevailing party of all reasonable attorneys’ fees and costs incurred in connection therewith. 
 24. Third Party Beneficiaries.
Except for the provisions of Section 4 which are intended for the benefit of, and to be enforceable by, the Persons described therein, nothing contained in this Agreement shall create any rights in, or be deemed to have been executed for the
benefit of, any Person or entity that is not a party hereto or a successor or permitted assign of such a party. 
 25. Further
Actions. Upon and subject to the terms of this Agreement, each of the parties hereto agrees to use its or his commercially reasonable efforts to cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the
other party in doing, all things necessary, proper or advisable to consummate or make effective, in the most expeditious manner practicable, the matters contemplated by this Agreement. 
 26. Change in Control. Except as contemplated herein, no change in the control, ownership, operations or assets of the Company or Arbor or any of
their respective Affiliates shall have any effect whatsoever on the obligations of the parties to this Agreement. 
 27. Facsimile/PDF
Signatures. This Agreement may be executed and delivered by facsimile or by email in portable document format (pdf or similar format) and upon delivery of the signature by such method will be deemed to have the same effect as if the
original signature had been delivered to the other parties. 
 28. No Admission. Nothing contained herein shall constitute an
admission by any party hereto of liability or wrongdoing. The obligations of the members of the Arbor Group hereunder shall be several and not joint. 
 [Signature Page Follows] 
  

 - 11 - 

 IN WITNESS WHEREOF, and intending to be legally bound hereby, each of the undersigned parties has
executed or caused this Agreement to be executed on the date first above written. 
  

			
	CBRE REALTY FINANCE, INC.
		
	By:	 	 /s/ Kenneth J. Witkin

	Name:	 	Kenneth J. Witkin
	Title:	 	President and Chief Executive Officer
	
	ARBOR REALTY TRUST, INC.
		
	By:	 	 /s/ Ivan Kaufman

	Name:	 	Ivan Kaufman
	Title:	 	President and Chief Executive Officer
	
	IVAN KAUFMAN
		
	By:	 	 /s/ Ivan Kaufman

	Name:	 	Ivan Kaufman

  

 - 12 -Senior Executive Severance Plan

 Exhibit 10.1 
 Bristol-Myers Squibb Company 
 Senior Executive Severance Plan 
 and 
 Summary Plan Description 

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 
  

 E-10-1 

	
	Purpose
	
	Section 1 – Eligibility to Participate
	
	Section 2 – Eligibility for Severance Payments and Benefits
	
	Section 3 – Severance Payments And Benefits
	
	Section 4 – Amendment and Plan Termination
	
	Section 5 – Miscellaneous
	
	Section 6 – Administrative Information About Your Plan
	
	Section 7 – Your Rights and Privileges Under ERISA
	
	Section 8 – Other Administrative Facts

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 
  

 E-10-1 

 Purpose 
  
 The Compensation and Management Development Committee of the Board
of Directors of Bristol-Myers Squibb Company (“BMS” or the “Company”) has adopted the Bristol-Myers Squibb Company Senior Executive Severance Plan (the “Plan”) for eligible senior executives of the Company and its
participating subsidiaries and affiliates (“Participating Employer”). The purpose of the Plan is to provide equitable treatment for terminated senior executives consistent with the values and culture of the Company, provide financial
support for senior executives seeking new employment, recognize senior executives contributions to the Company, and to avoid or mitigate the Company’s potential exposure to litigation. The Company further believes that the Plan will aid the
Company in attracting and retaining highly qualified senior executives who are essential to its success. 
 Section 1 – Eligibility to
Participate 
  
 You are eligible to participate in
the Plan if you are a senior executive at the E9 grade level or above of the Company or a Participating Employer (excluding the chief executive officer and chairperson of the Board of Directors of the Company). 
 Notwithstanding anything contained herein, you are not eligible to participate in the Plan and are excluded from coverage under the Plan if you are a party to an
individual arrangement or a written employment agreement containing a severance provision or you are covered by a local practice outside the U.S. and Puerto Rico that provides for severance payments and/or benefits in connection with a voluntary or
involuntary termination of employment that is greater than the severance payments and/or benefits set forth herein. 
 Section 2 – Eligibility
for Severance Payments and Benefits 
  
 Right
to Severance Payments and Benefits 
 You shall be eligible to receive from the Company severance payments and benefits as set forth in Section 3
if your employment by the Company or a Participating Employer is terminated for any one or more of the following reasons: 
  

	 	(a)	Your employment is terminated involuntarily, other than for Cause. 

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 
  

 E-10-1 

	 	(b)	You voluntarily exercise your right to terminate your employment within fifteen (15) calendar days after the occurrence of any one or more of the following events:

  

	 	(1)	A reduction in your monthly base pay (as defined below). 

  

	 	(2)	A reduction in your executive grade level (e.g., the Company changes your job level from an E10 to an E9). 

  

	 	(3)	The location of your job or office is changed, so that you will be based at a location which is more than 50 miles further (determined in accordance with the Company’s
relocation policy) from your primary residence than your work location immediately prior to the proposed change in your job or office. 

 In
the event you exercise your right to terminate your employment with the Company or a Participating Employer, as applicable, for any of the reasons described in (b)(1), (b)(2) or (b)(3) above, your actual termination date shall be determined in the
sole discretion of the Company but in no event shall the termination date be greater than thirty (30) calendar days from the date you provide notice of termination. Your failure to voluntarily terminate your employment with the Company within
fifteen (15) calendar days for any of the reasons described in (b)(1), (b)(2) or (b)(3) above shall constitute a waiver of your right to voluntarily terminate your employment for such reason. 
 Ineligibility for Severance Payments and Benefits 
 You shall
not be eligible for separation payments and benefits under Section 3 if your termination of employment occurs by reason of any of the following: 
  

	 	•	 	 voluntary termination other than for reasons specified above; 

  

	 	•	 	 mandatory retirement from employment in accordance with Company policy or statutory requirements; 

  

	 	•	 	 disability (as defined in the Company’s long-term disability plan); 

  

	 	•	 	 for Cause; 

  

	 	•	 	 refusal to accept a transfer to a position with the Company or a Participating Employer, as applicable, (for which you are qualified as determined by the Company by
reason of knowledge, training, and experience) at your current work location; 

  

	 	•	 	 refusal to accept a transfer to a position within the Company or to an affiliate or subsidiary of the Company (for which you are qualified as determined by the
Company by reason of knowledge, training, and experience) at a new work location that is less than 50 miles farther (determined in accordance with the Company’s relocation policy) from your primary residence than your work location immediately
prior to the proposed transfer; 

  

	 	•	 	 the sale of all or part of the Company or Participating Employer’s business assets if you are offered employment by the acquirer of such assets regardless of
the terms and conditions of employment offered by the acquirer; 

  

	 	•	 	 upon the formation of a joint venture or other business entity in which the Company or a Participating Employer, as applicable, directly or indirectly will own some
outstanding 

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 
  

 E-10-1 

 
voting or other ownership interest if you are offered employment by the joint venture entity or other business entity regardless of the terms and conditions
of employment offered by the joint venture entity or other business entity; or 
  

	 	•	 	 you are reporting to a different person. 

 Senior
Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 
  

 E-10-1 

 Cause 
 “Cause” shall mean: 
  

	 	(i)	failure or refusal by you to substantially perform your duties with the Company or a Participating Employer (except where the failure results from incapacity due to disability); or

  

	 	(ii)	severe misconduct or activity deemed detrimental to the interests of the Company or a Participating Employer. This may include, but is not limited to, the following: acts involving
dishonesty, violation of Company or a Participating Employer written policies (such as those related to alcohol or drugs, etc.), violation of safety rules, disorderly conduct, discriminatory harassment, unauthorized disclosure of Company or a
Participating Employer confidential information, or the entry of a plea of nolo contendere to, or the conviction of, a crime. 

 “Cause” shall be interpreted by the Company in its sole discretion and such interpretation shall be conclusive and binding on all parties. 
 Section 3 – Severance Payments And Benefits 
  
 Under the Plan, you are eligible to receive Basic Severance and Supplemental Severance, provided you meet the eligibility criteria for severance payments and benefits in Section 2. 
 Basic Severance 
  
 Under Basic Severance, you shall receive severance payments equal to four (4) times your current annual weekly base pay (as defined below). You are not required to
sign a General Release to receive Basic Severance. 
 Supplemental Severance 
  
 In addition to Basic Severance, if you are eligible, you may
receive Supplemental Severance as follows: 
  

			
	 Grade Level
	 	 Supplemental Severance

	 E9
	 	74 times your current annual weekly base pay (as defined below)

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 
  

 E-10-1 

			
	 	 
	E10 and above (excluding the chief executive officer)	 	 100 times your current annual weekly base pay (as defined below)
  

 Nothing in this Section 3, the Plan, a change in control letter agreement, an offer letter from the
Company or a Participating Employer, a prevailing practice of the Company or a Participating Employer, or any oral statement made by or on behalf of the Company or a Participating Employer shall entitle you to receive duplicate benefits in
connection with a voluntary or involuntary termination of employment. For example, you are not eligible for payments and benefits under both this Plan and a change in control letter agreement between you and the Company. The obligation of the
Company, to make payments hereunder shall be expressly conditioned upon you not receiving duplicate payments. 
 Pay in Lieu of Notice Periods for
U.S. and Puerto Rico Executives and U.S. Expatriate Executives 
 The Basic Severance and Supplemental Severance payments under the Plan shall not be
reduced by any cash payments to which you may be entitled under any federal, state or local plant-closing or mass layoff law (or similar or analogous) law, including, without limitation, pursuant to the U.S. Worker Adjustment and Retraining
Notification Act or any state or local “pay in lieu of notice” law or regulation (“WARN Act”); provided, however, the payment for time not worked during a WARN Act notice period up to a maximum of four weeks’
base pay will be offset from the Basic Severance payments under the Plan. 
 Offset for Executives in Puerto Rico and U.S. Expatriates

 The Basic Severance and Supplemental Severance payments under the Plan shall be reduced (but not below zero) for executives in Puerto Rico by any
payments under Puerto Rico Act 80, as amended on October 7, 2005. The Basic Severance and Supplemental Severance payments under the Plan shall be reduced (but not below zero) for U.S. expatriates with respect to any statutory payments of
severance in any country other than the U.S. and the payments and benefits hereunder are conditioned upon statutory payments, if any, being offset. 
 Pay in Lieu of Notice Periods and Offsets for Executives Employed Outside the U.S. and Puerto Rico Who Are Not U.S. Expatriates 
 The
Basic Severance and Supplemental Severance payments under the Plan shall be reduced (but not below zero) by any cash payments to which you may be entitled under or in respect of any of the following: (i) “pay in lieu of notice” or
“notice” laws, (ii) any pay in lieu of notice under your contract of employment, (iii) any damages for breach of your employment contract calculated by reference to any period of notice required to be given to terminate your
contract which was not given in full, (iv) any compensation required to be paid by any law of any jurisdiction in respect of the termination of your employment, (v) any law of any jurisdiction with respect to the payment of severance,
termination indemnities or other similar payments, or (vi) any contract, agreement, plan, program, practice or arrangement which are payable due to your termination of employment with the Company or an affiliate or subsidiary of the Company
(but excluding, for the avoidance of doubt, any payments made on retirement from a retirement savings plan, pension plan or provident fund). 
 Senior
Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 
  

 E-10-1 

 No Mitigation 
 You shall not be required to mitigate the amount of any payment provided for in the Plan by seeking other employment and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to you in any
subsequent employment. 
 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 
  

 E-10-1 

 Debt Owed to the Company or a Participating Employer 
 If you owe the Company or a Participating Employer money for any reason, the Company or Participating Employer may offset the amount of the debt from your severance
payments to the extent permitted by law. 
 General Release and Restrictive Covenants 
 The obligation of the Company to pay you Supplemental Severance and provide you with the opportunity to continue up to 56 weeks of subsidized medical, dental (not
applicable for Puerto Rico executives) and life insurance coverage shall be expressly conditioned upon you timely executing a separation agreement in a form that is satisfactory to the Company and such separation agreement shall include a general
release of claims against the Company, its affiliates and their respective officers, directors, employees and agents, and shall contain certain restrictive covenants and obligations of you including, but not limited to, non-competition and
non-solicitation covenants for a period of one-year following your separation date, an agreement by you not to make use of confidential or proprietary information of the Company or its affiliates, an agreement not to disparage or encourage or induce
others to disparage the Company, its affiliates or their respective products for a period no more than the period you are receiving payments hereunder, an agreement to return Company property, and an agreement to cooperate with legal matters of the
Company in which you might have knowledge. To be eligible to receive Supplemental Severance, Company-subsidized medical, life and dental benefits and to the extent applicable other benefits as set forth below, you must execute and return a
separation agreement during the requisite time period. 
 How Your Benefit Is Paid 
  
 Basic Severance payments will be made at regular payroll intervals
according to your pay schedule prior to the termination. Supplemental Severance payments will not begin until at least eight days after you return a signed General Release to the Company. Thereafter, Supplemental Severance payments will be made at
regular payroll intervals according to your pay schedule prior to your termination. 
 Severance Pay Period is defined as the number of weeks’ base pay
for which you are eligible under the Plan. For example, if you qualify for 78 weeks of severance pay, your Severance Pay Period is 78 weeks. 
 Continuation of Employee Benefits For U.S. and Puerto Rico and U.S. expatriate Executives E9 and Above Only 
  
 During the Severance Pay Period, you are not considered an employee of the Company or a Participating Employer for any purpose — including eligibility under any
employee benefit plan. The following benefits, however, will continue to be available as outlined below: 
  

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 

 E-10-1 

 Health Care Plans 
 If you and your dependents were enrolled in the Company’s health plan on your termination date, this coverage will continue until the end of the month in which you are no longer employed with the Company or a Participating Employer, as
applicable. At termination of employment, you and your enrolled eligible dependents will be offered the opportunity to elect to continue your current plan coverage beyond the end of the month in which you are no longer employed with the Company
under either of two options: 
 Under Option I, if you sign and return the General Release in the requisite time period, your eligibility for Company
subsidized health plan benefits shall continue for you and your family until the earlier of (i) fifty-six weeks measured from the date you separated employment with the Company or (ii) the date you begin new employment. Please remember
that your eligible dependents will be able to continue Option I coverage only if you also elect to continue coverage under this option. 
 Option II provides
for the continuation of health plan coverage as required under Federal law (COBRA). Under COBRA you are required to pay the full cost of coverage for you and your covered dependents plus a 2% administrative fee. The COBRA continuation period begins
as of the first day following the month in which your termination date occurs. Any health care coverage that continues during your Severance Pay Period is also applied toward the maximum continuation period. 
 After your Option 1 coverage ends, you can continue COBRA coverage; provided, however, any health care coverage that continues during your Severance Pay
Period is also applied toward the maximum continuation period under COBRA. 
 Detailed information about the two benefit continuation options described above
will be mailed to your home at the time of termination. 
 Life Insurance 
 Your current level of basic life insurance coverage will continue until the end of the month in which your termination occurs. Thereafter, Company-provided life insurance coverage equal to one times (two times if you
are an executive employed in Puerto Rico and retiree eligible (i.e., age 55 or older with at least ten years of service)) your base pay at termination date will be continued until the earlier of (i) fifty-six weeks measured from the date
you separated employment with the Company or (ii) the date you begin new employment. 
 When you are terminated, if you are participating in the
Survivor Income Plan (not applicable for executives in Puerto Rico), Dependent Life Insurance Plan(s), or the Voluntary Life Insurance Plan(s), coverage will end on the last day of the month in which your termination occurs. When your employment
terminates, you may have the opportunity to elect to convert all or part of any terminating life insurance coverage to an individual policy with the insurer. 
  

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 

 E-10-1 

 Long Term Care Plan (not applicable for executives in Puerto Rico) 
 If you are participating in the Long Term Care Plan, you may be able to continue coverage directly through the Long Term Care Plan’s insurer, Aetna. 
 Employee Assistance Program (EAP) 
 You may continue to
participate in the Employee Assistance Program during the benefits continuation period, as long as you remain eligible for benefits under the Company’s Medical Plan. If you elect COBRA continuation coverage, you may continue to participate in
the EAP. You will receive additional information regarding participation at the time of your termination. 
 Outplacement 
 You will be eligible for outplacement services in accordance with the Company’s outplacement services that are in effect for executives at your level as of the date
your employment ends with the Company, provided you timely sign and return a separation agreement (as set forth above). 
 Company Perquisites 

 Effective December 31, 2007, the Company eliminated the executive perquisite program. As such, no perquisites will be made available to you after your
separation from the Company. 
 Other Benefits 
 Accrued and unused vacation days (including banked vacation), long-term performance awards, vesting and exercising of stock options, vesting of restricted stock and restricted stock units, deferred distributions under the Performance
Incentive Plan (PIP) and bonus payments will be determined in accordance with the applicable Company plans, programs and/or policies. 
 All other benefit
coverages, and eligibility to participate in the Company’s plans, will end as of your termination date. These benefits include, but are not limited to: 
  

	 	•	 	 contributions to the Dependent Care Reimbursement Account (not applicable for executives in Puerto Rico); 

  

	 	•	 	 contributions to the Company’s Savings and Investment Program; 

  

	 	•	 	 earning additional service for vesting and benefit accrual purposes under the Company’s Retirement Income Plan; and 

  

	 	•	 	 participation in the Company’s disability plans. 

 Rule of 70 (for U.S. and Puerto Rico and U.S. expatriate executives E9 and above only) 
  
 If you are eligible for severance benefits but not eligible to retire1, you may qualify for the “Rule of 70” benefits when you are terminated if: 
  

	 	•	 	 you sign and return the General Release during the requisite time period; 

  

	 1
	 To be eligible to retire, you must be at least age 55 with 10 years of service or age 65. 

 

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 

 E-10-1 

	 	•	 	 on termination, your age plus years of service equals at least 70 (rounded to the next higher whole number); and 

  

	 	 •
	 	 you have a minimum of 10 years of service2
. 

 Medical Plan 
 The Rule of 70 benefits give you the opportunity to extend Medical Plan coverage beyond the end of the Severance Pay Period as long as you are Rule of 70 eligible, have no other group medical coverage available to you
and no other group medical coverage becomes available. 
 Between the time that medical coverage under the Plan would normally end and until the date you
reach age 55, you can continue medical coverage by paying the full cost of medical coverage, plus a 2% administrative fee. After the date you reach age 55, you can continue coverage under the Medical Plan as if you were a retired employee by paying
the retiree medical coverage contribution rate in effect at that time. 
 Extension of Benefits Under Rule of 70 
 If you become eligible for an extension of medical benefits as a result of your qualification for “Rule of 70” benefits under the Plan, your cost-sharing for
medical coverage will be based on your service as of your actual date of termination of employment pursuant to the terms of the Company’s medical plans. 
 Under the Retiree Medical Plan, if you are eligible to enroll in Medicare coverage, Medicare will be your primary coverage and the Company plan will be secondary whether or not you actually enroll in Medicare. The Company reserves the right
to amend, suspend or terminate its Retiree Medical Plan (and your rights with regard thereto), in whole or in part, any time in its sole and absolute discretion. 
 For more detailed information about retiree medical coverage and the cost-sharing formula, refer to “Retirement Coverage” in the Medical Plan section of Your Benefits booklet. 
 Retirement Income Plan 
 The Rule of 70 benefits give you the
opportunity to receive benefits under the Company’s Retirement Income Plan. If you are Rule of 70 eligible, retirement benefits payable before age 65 are calculated using the same factors as those used for employees who are eligible for early
retirement. The Rule of 70 benefits make it possible for eligible participants to receive benefit payments before age 55 with additional reduction factors applied to account for payment over a longer period of time; provided, however,
this may not be applicable under the BEP-Retirement Income Plan for your pre 2005 vested and accrued benefit if you have not made a timely election. 
 For
more information about the payment of retirement benefits, refer to the Retirement Income Plan section of Describing Your Benefits booklet. 
  

	2	Years of service for the “Rule of 70” eligibility purposes, means total years of employment from date of hire to date of termination. 

  

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 

 E-10-1 

 Although eligible for retiree medical coverage, a Rule of 70 participant is not a Bristol-Myers Squibb Company retiree,
regardless of when the participant ultimately chooses benefit payments to begin. Your Human Resources representative will determine whether you qualify for Rule of 70 and advise you at the time of termination. 
 Section 4 – Amendment and Plan Termination 
  
 Bristol-Myers Squibb Company reserves the right to terminate or
amend, in whole or in part, the Plan at any time in its sole discretion by resolution adopted by the Compensation and Management Development Committee of the Board of Directors of the Company. The Company reserves the right to implement changes even
if they have not been reprinted or substituted in this document. 
 Section 5 – Miscellaneous 
  
 Employment Status 
 The Plan does not constitute a contract of employment and nothing in the Plan says or implies that participation in the Plan is a guarantee of continued employment with
the Company, a Participating Employer or any of their respective affiliates. 
 Withholding of Taxes 
 The Company shall withhold from any amounts payable under the Plan all federal, state, local or other taxes that are legally required to be withheld. 
 No Effect on Other Benefits 
 Neither the provisions of this
Plan nor the severance payments and benefits provided for hereunder shall reduce any amounts otherwise payable to you under any incentive, retirement, stock option, stock bonus, stock ownership, group insurance or other benefit plan. 
 Validity and Severability 
 The invalidity or unenforceability
of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
  

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 

 E-10-1 

 Unfunded Obligation 
 All severance payments and benefits under the Plan shall constitute an unfunded obligation of the Company. Severance payments shall be made, as due, from the general funds of the Company. The Plan shall constitute solely an unsecured
promise by the Company to provide such benefits to you to the extent provided herein. For avoidance of doubt, any health benefits to which you may be entitled under the Plan shall be provided under other applicable employee benefit plans of the
Company. 
 Governing Law 
 This Plan is intended
to constitute an unfunded “employee welfare benefit plan” maintained for the purpose of providing severance benefits to a select group of management or highly compensated employees, and the Plan shall be administered in a manner consistent
with such intent. The Plan is intended to be excepted from the definitions of “employee pension benefit plan” and “pension plan” set forth under Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”). The Plan and all rights thereunder shall be governed and construed in accordance with ERISA and, to the extent not preempted by Federal law, with the laws of the state of New York. 
  

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 

 E-10-1 

 Section 409A 
 (a) The intent of the parties is that payments and benefits under this Plan comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), if applicable, in the event that the Plan is determined to be
a "deferred compensation plan" within the meaning of Section 409A(d)(1) of the Code and the regulations and guidance promulgated thereunder (collectively, “Code Section 409A”) and, accordingly, to the maximum extent permitted,
this Plan shall be interpreted to be in compliance therewith. If you notify the Company (with specificity as to the reason therefore) that you believe that any provision of this Plan (or of any award of compensation, including equity compensation or
benefits) would cause you to incur any additional tax or interest under Code Section 409A and the Company concurs with such belief or the Company (without any obligation whatsoever to do so) independently makes such determination, the Company
shall, after consulting with you, reform such provision to try to comply with Code Section 409A. The Company in its sole discretion may modify the timing of payments and benefits hereunder for the sole purpose of exempting said payments and
benefits from Code Section 409A. To the extent that any payment or benefit hereunder is modified in order to comply with Code Section 409A or is exempted from Code Section 409A, such modification or exemption shall be made in good
faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to you and the Company of the applicable payment or benefit without violating the provisions of Code Section 409A. 
 (b) Notwithstanding any provision to the contrary in this Plan and subject to subsection (c), if you are deemed on the date of termination to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is required to be delayed in compliance with Section 409A(a)(2)(B) such payment or
benefit shall not be made or provided (subject to the last sentence of this subsection (b)) prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of your “separation from service” (as such term
is defined under Code Section 409A) or (ii) the date of your death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this section (whether they would have otherwise been
payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to you in a lump sum, and any remaining payments and benefits due under this Plan shall be paid or provided in accordance with the normal payment
dates specified for them herein. Notwithstanding the foregoing, to the extent that the foregoing applies to the provision of any ongoing welfare benefits to you that would not be required to be delayed if the premiums therefore were paid by you, you
shall pay the full cost of premiums for such welfare benefits during the Delay Period and the Company shall pay you an amount equal to the amount of such premiums paid by you during the Delay Period promptly after its conclusion. 
 (c) In no event whatsoever (as a result of paragraph (a) or paragraph (b) above or otherwise) shall the Company be liable for any additional tax, interest or
penalties that may be imposed on you by Code Section 409A or any damages for failing to comply with Code Section 409A or (a) or (b) above. 
  

 Senior Executive Severance Plan – Restated Effective January 1, 2008 
 Bristol-Myers Squibb 

 E-10-1 

 Payment Capped 
 If at any time, it shall be determined by the Company’s independent auditors that any payment or benefit to you pursuant to this Plan (“Potential Parachute Payment”) is or will become subject to the excise tax imposed by
Section 4999 of the Code or any similar tax payable under any United States federal, state, local, foreign or other law (“Excise Taxes”), then the Potential Parachute Payment payable to you shall be reduced to the largest amount which
would both (a) not cause any Excise Tax to be payable by you and (b) not cause any Potential Parachute Payments to become nondeductible by the Company by reason of Section 280G of the Code (or any successor provision). 
 Assignment 
 The Plan shall inure to the benefit of and shall
be enforceable by your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If you should die while any amount is still payable to you under the Plan had you continued to live, all
such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of the Plan to your estate. Your rights under the Plan shall not otherwise be transferable or subject to lien or attachment. 
 Other Benefits 
 Nothing in this document is intended to
guarantee that benefit levels or costs will remain unchanged in the future in any other plan, program or arrangement of the Company. The Company and its affiliates and subsidiaries reserve the right to terminate, amend, modify, suspend, or
discontinue any other plan, program or arrangement of the Company or its subsidiaries or affiliates in accordance with such, plan, program and arrangement and applicable law. 
 Oral Statements 
 The payments and benefits hereunder shall supercede any oral statements made by any employee,
officer or Board member of the Company regarding severance payments and benefits. 
 Successors and Assigns 
 This Plan shall be binding upon and inure to the benefit of the Company and its successors and assigns and shall be binding upon and insure to the benefit of you and your
legal representatives, heirs and legatees. 
 Definition 
 Base pay means your weekly base pay rate at your termination date including any salary reductions under Code sections 132(f), 125, 137, or 401(k), and excluding overtime, commissions, bonuses, income from stock options, stock grants,
dividend equivalents, benefits-in-kind, allowances (including, but not limited to, car values, vacation bonuses, food coupons) or other incentives, and any other forms of extra compensation. No foreign service or expatriate allowances shall be
included in determining the amount of severance payments payable under the Plan. 
  

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 Bristol-Myers Squibb 

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 Section 6 – Administrative Information About Your Plan 
  
 Employer Identification Number 
 Bristol-Myers Squibb Company’s employer identification number is #22-0790350. 
 Claim for Benefits 
 If you believe you are entitled to payments and benefits under the Plan, then contact the Plan Administrator in
writing. 
 Claims Review Procedures 
 You will be
notified in writing by the Company if you are denied payments and benefits under the Plan. 
 If a claim for benefits under the Plan is denied in full or in
part, you* may appeal the decision to the Plan Administrator. To appeal a decision, you* must submit a written document through the U.S. Postal Service or other courier service appealing the denial of the claim within 60 days after your termination
of employment or you will no longer be eligible to receive benefits under the Plan. You* may also include information or other documentation in support of your claim. You* will be notified of a decision within 90 days (which may be extended to 180
days, if required) of the date your appeal is received. This notice will include the reasons for the denial and the specific provision(s) on which the denial is based, a description of any additional information needed to resubmit the claim, and an
explanation of the claims review procedure. If an extension of time is required by the plan, you* will receive notice of the reason for the extension within the initial 90-day period and a date by which you can expect a decision. 
 If the original denial is upheld on first appeal, you* may request a review of this decision. You* may submit a written request for reconsideration to the Plan
Administrator (as listed on the last page of this section) within 60 days after receiving the denial. 
 You* can review all plan documents in preparing your
appeal and you* may have a qualified person represent you* during the appeal process. Any documents or records that support your position must be submitted with your appeal letter. 
 The case will be reviewed, and you* will receive written notice of the decision within 60 days (which may be extended to 120 days, if required) including the specific reasons for the decision and specific reference to
the plan provision(s) on which the decision is based. 
 Any decision on final appeal shall be final, conclusive and binding upon all parties. If the final
appeal is denied, however, you will be advised of your right to file a claim in court. It is the intent of the Company that the standard of review applied by a court of law or a professional arbitrator to 
  

	*	Or your duly authorized representative. 

  

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 Bristol-Myers Squibb 

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any challenge to a denial of benefits on final appeal under these procedures shall be an arbitrary and capricious standard and not a de novo review.

  

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 Bristol-Myers Squibb 

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 Legal Action 
 You may not bring a lawsuit to recover benefits under the Plan until you have exhausted the internal administrative process described above. No legal action may be commenced at all unless commenced no later than one (1) year following
the issuance of a final decision on the claim for benefits, or the expiration of the appeal decision period if no decision is issued. This one-year statute of limitations on suits for all benefits shall apply in any forum where you may initiate such
a suit. 
 Participating Employers 
 A complete
list of Bristol-Myers Squibb Company, affiliates, subsidiaries or divisions that participate in the Plan may be obtained from the Plan Administrator by written request. (See the chart at the end of this section for the name and address of the Plan
Administrator.) 
 Plan Administrator 
 The
administration of the Plan is the responsibility of the Plan Administrator. The Plan Administrator has the discretionary authority and responsibility for, among other things, determining eligibility for benefits and construing and interpreting the
terms of the Plan. In addition, the Plan Administrator has the authority, at its discretion, to delegate its responsibility to others. The chart at the end of this section contains the name and address of the Plan Administrator. 
 Section 7 – Your Rights and Privileges Under ERISA 
  
 As a participant in the Plan, you are entitled to certain rights
and protection under ERISA. ERISA provides that you shall be entitled to: 
 Receive Information About Your Plan and Benefits 
 Examine, without charge, at the Plan Administrator’s office and at other specified locations all documents governing the plan filed by the plan with the U.S.
Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 
 Obtain, upon written request to the Plan
Administrator, copies of documents governing the operation of the plan and updated summary plan description. The administrator may make a reasonable charge for the copies. 
 Prudent Actions by Plan Fiduciaries 
 In addition to creating certain rights for you, ERISA imposes duties upon
the people who are responsible for the operation of the employee benefit plan. The people who operate your plan, called 

  

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“fiduciaries” of the plan, have a duty to do so prudently and in the interest of you and other plan participants and beneficiaries. No one,
including your employer, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. 
 Enforce Your Rights 
 If your claim for a welfare benefit is
denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 
 Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the plan
and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials
were not sent because of reasons beyond the control of the administrator. 
 If you have a claim for benefits which is denied or ignored, in whole or in
part, you may file suit in a state or Federal court. In addition, if you disagree with the plan’s decision or lack thereof concerning the qualified status of a medical child support order, you may file suit in a Federal court. 
 If it should happen that plan fiduciaries misuse the plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the
U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you sued to pay these costs and fees. If you lose, the court
may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 
 Assistance With Your Questions 
 If you have any questions about your plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or
if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of
Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under
ERISA by calling the publications hotline of the Employee Benefits Security Administration at 1-866-444-EBSA (3272) or accessing their website at http://www.dol.gov/ebsa. 
  

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 Section 8 – Other Administrative Facts 
  
 Senior Executive Severance Plan 

 

			
	Name of Plan	  	Bristol-Myers Squibb Company Senior Executive Severance Plan
		
	Type of Plan	  	“Welfare” plan
		
	Plan Records	  	Kept on a calendar-year basis
		
	Plan Year	  	January 1 – December 31
		
	Plan Funding	  	Company and participating employers provide severance benefits from general revenues.
		
	Plan Sponsor	  	Bristol-Myers Squibb Company
		
	Plan Number	  	554
		
	 Plan Administrator
 and Named Fiduciary
	  	 Bristol-Myers Squibb Company
 c/o Senior Vice President,
Human Resources
 345 Park Avenue
 New York, NY 10154

Telephone: (212) 546-4000

		
	 Agent for
 Service of Legal
Process on the Plan
	  	 Bristol-Myers Squibb Company
 c/o Senior Vice President
and General Counsel
 345 Park Avenue
 New York, NY
10154
 Telephone: (212) 546-4000
  
 Bristol-Myers Squibb Company
 c/o Senior Vice President, Human
Resources
 345 Park Avenue
 New York, NY 10154
 Telephone: (212) 546-4000

		
	Trustee	  	Not applicable
		
	Insurance Company	  	Not applicable

  

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