Document:

Exhibit
10.19

STOCK PURCHASE
AGREEMENT

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”) is made and entered into this 1st
day of APRIL, 2007, by and between SHEEN MAN CO. LTD, a  Japanese corporation (“Seller”), and MERIT
MEDICAL SYSTEMS, INC., a Utah corporation (“Buyer”), based on the following:

Premises

A.            Seller is the owner of  Three Hundred Forty Four Thousand and Eighty
Four (344,084) shares of the common stock, no par value per share, of Merit
Medical Systems, Inc. (the “Common Stock”);

B.            Seller wishes to sell, and Buyer
wishes to purchase, the Shares on the terms and subject to the conditions set
forth in this Agreement

Agreement

NOW,
THEREFORE, based on the foregoing premises, which are incorporated herein by
this reference, and for and in consideration of the mutual promises and
covenants hereinafter set forth and the benefit to the parties to be derived
therefrom, the receipt, adequacy and legal sufficiency of which are  hereby acknowledged, Buyer and Seller agree
as follows:

1.             Purchase and Sale of Common
Stock.  On the terms and subject to
the conditions set forth in this Agreement, Seller agrees to sell, convey, and
transfer to Buyer an aggregate of Three Hundred Forty Four Thousand and Eighty
Four (344,084) shares of Common Stock held of record by Seller (the “Shares”),
and Buyer agrees to purchase such Shares from Seller, at a purchase price of
$11.797 per Share for a total Purchase Price of Four Million Fifty Nine
Thousand One Hundred Fifty Eight Dollars and Ninety Five Cents ($4,059,158.95 US
Dollars).   Payment of the aggregate
purchase price for the Shares shall be made by Buyer at the Closing in US
Dollars (as defined below) by wire transfer.

2.             The Closing.  The closing of the transactions contemplated
by this Agreement (the “Closing”) shall take place on or before April 4, 2007
(the “Closing Date”).  The Closing is
subject to the satisfaction of the terms and conditions of this Agreement, and
shall be held on the Closing Date at the offices of Buyer, or such other time
and place as may be agreed to by the parties.

3.             Deliveries at Closing.  Contemporaneously with, and as a condition
precedent to, the delivery of the purchase price to Seller, Seller shall
deliver to Buyer certificates representing the Shares, duly endorsed by the
record owner thereof, or accompanied by duly executed assignment documents,
with all required signatures medallion guaranteed by a securities broker-dealer
or bank.

4.             Representations and Warranties
of Seller.  Seller makes and delivers
the following representations and warranties to Buyer with the express
intention that Buyer rely upon such representations and warranties and with the
knowledge that Buyer will rely upon same:

(a)           Seller has all requisite power and
authority to enter into this Agreement and to perform all of [his/its]
obligations under this Agreement.  Seller
is not a party to, subject to, or bound by any mortgage, deed of trust, loan
agreement, security agreement, lien, or other agreement or instrument of any kind,
or any judgment, order, writ, or injunction or decree of any 

court or governmental body that conflicts with Seller’s
obligations under this Agreement or that will prohibit, prevent, or affect the
carrying out of the transactions contemplated by this Agreement or the
performance by Seller of any obligations hereunder.

(b)           Seller is the sole legal and
beneficial owner of all of the Shares, free and clear of any lien, claim,
demand, encumbrance, security interest, or restriction on transfer of any
nature whatsoever and Seller has full right, power, and authority to sell and
transfer the Shares to Buyer pursuant to the terms of this Agreement and, upon
delivery of the Shares to Buyer, Buyer will acquire good and marketable title
to all of the Shares, free and clear of any liens, claims, demands,
encumbrances, security interests, or restrictions on transfer, other than
restrictions imposed by federal and state securities laws.

(c)           Seller has not entered into any
agreement or incurred any liability or obligation to pay any fees or
commissions to any broker, finder, or agent with respect to the sale of the
Shares by Seller.

(d)           Seller has reviewed the public
reports of Buyer, including:

·                  Buyer’s
Annual Report on Form 10-K for the year ended December 31, 2006.

(e)           Seller
has been given an opportunity to ask questions of and receive answers from, the
directors, officers and employees of Buyer concerning the business, assets,
operations, and plans of Buyer and to obtain any additional information
concerning Buyer, the Common Stock and the Shares requested by Seller.  Seller has been informed that Buyer is
considering a number of business alternatives that potentially could affect the
value of an investment in Buyer, including the possibility of Buyer’s
acquisition of other enterprises or assets, Buyer’s pursuit and/or completion
of strategic transactions and other potential alternatives which could affect,
and might materially affect, the value of the Common Stock in general and the
Shares in particular.

(f)            Seller
is entering into this Agreement based on [his/its] desire for liquidity and
[his/its] own independent business purposes. 
Seller is not selling the Shares based on any representation or warranty
or other inducement (other than the express terms and conditions set forth in
this Agreement) of Buyer or of any of Buyer’s directors, officers, or employees
with respect to the assets, business, operations, or plans of Buyer or with
respect to the Common Stock or the trading market for the Common Stock.  In reaching [his/its] decision to sell the
Shares to Buyer, Seller has relied solely on [his/its] review of the available
public information concerning Buyer and independent investigations made by
Buyer and [his/its] representatives.  In
determining to sell the Shares, Seller acknowledges that Buyer may well enjoy
substantial business and financial success, the price which Seller is receiving
for the Shares may be substantially less than the potential value of the Common
Stock, and the utilization of the sales proceeds by Seller may not be as
profitable as a retained ownership in Buyer. 
Notwithstanding the foregoing, Seller wishes to sell the Shares to
Buyer.

(g)           All representations and warranties of
Seller set forth in this Agreement or in any other written statement or
document delivered by Seller in connection with the transactions contemplated
hereby will be true and correct in all respects on and as of the Closing Date
and will survive the consummation of the transactions contemplated by this
Agreement.

(h)           Seller
understands the meaning and legal consequences of the representations and
warranties contained in this Agreement and agrees to indemnify and hold
harmless Buyer and its directors and officers from and against any and all
loss, damage, or liability due to or arising out 

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of a breach of or the inaccuracy of any representation or warranty of
Seller set forth in this Agreement. 
Notwithstanding any of the representations, warranties, acknowledgments,
or agreements made herein by Seller, Seller does not hereby or in any other
manner waive any right granted to Seller under federal or state securities
laws.

5.             Representation of Buyer.  Buyer has taken all corporate action
necessary to duly authorize the transactions contemplated by this Agreement and
has all requisite power and authority to enter into this Agreement and to
perform all of its obligations under this Agreement.  Buyer is not a party to, subject to, or bound
by any mortgage, deed of trust, loan agreement, security agreement, lien, or
other agreement or instrument of any kind, or any judgment, order, writ, or
injunction or decree of any court or governmental body that conflicts with
Buyer’s obligations under this Agreement or that will prohibit, prevent, or
affect the carrying out of the transactions contemplated by this Agreement or
the performance by Buyer of any obligations hereunder.

6.             Conditions to Buyer’s
Obligations.  The obligation of Buyer
to consummate the transactions contemplated by this Agreement is subject to the
satisfaction of the following conditions: 
(i) the representations and warranties of Seller herein contained shall
be true and correct in all material respects on and as of the Closing Date with
the same effect as though made as of such date; and (ii) all necessary filings
and/or actions required by applicable securities laws or the rules of any
exchange on which the Common Stock trades shall have been completed.  Prior to the delivery of the purchase price
to Seller, Seller shall have delivered the certificates representing the Shares
to Buyer as required by Section 3 above.

7.             Conditions to Seller’s
Obligations.  The obligation of
Seller to consummate the transactions contemplated by this Agreement is subject
to the satisfaction of the following conditions:  (i) the representations and warranties of
Buyer herein contained shall be true and correct in all material respects on
and as of the Closing Date with the same effect as though made as of such date;
and (ii) Buyer shall deliver the purchase price as required by paragraph 3.

8.             Termination.  This Agreement may be terminated at the
election of either Buyer or Seller, if any one or more of the conditions to its
obligations herein shall not have been fulfilled by April 4, 2007.  This Agreement may also be terminated at any
time prior to the Closing by mutual consent of the parties.  Any termination hereunder shall not limit or
otherwise affect the rights of a party against the other arising from a breach
of, or failure to perform as required by, this Agreement.

9.             Confidential Information.  Seller (i) acknowledges that the information
concerning Buyer that may be provided to him in connection with his inquiries
may include proprietary and non-public information (the “Confidential
Information”); (ii) warrants to Buyer that he shall not use, disclose, or
disseminate the Confidential Information, except for the sole and isolated
purpose of making decisions related to the sale of the Shares pursuant to this
Agreement (but not with respect to any transaction in the public trading
market); and (iii) represents and warrants that [he/it] has not distributed or
disseminated, nor will [he/it] at any time distribute or disseminate, the
Confidential Information to anyone other than personal advisors of the Seller,
and that the use of the Confidential Information by any personal advisor has
been, and will at all times, be limited to the sole and isolated purpose of
evaluating the proposed sale of the Shares pursuant to this Agreement.  Seller acknowledges that securities laws
prohibit Seller from participating in the public market for the Common Stock
while in the possession of material non-public information.

10.           Survival.  The representations and warranties of the
respective parties set forth herein shall survive the date of closing, the
consummation of the transactions contemplated in this Agreement, and the
delivery of the Shares pursuant hereto.

 

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11.           Governing Law.  This Agreement shall be governed by and
construed under and in accordance with the laws of the State of Utah.

12.           Entire Agreement.  This Agreement represents the entire agreement
between the parties relating to the subject matter hereof, and there are no
other courses of dealings, understandings, agreements, representations or
warranties, written or oral, except as set forth herein.  No amendment or modification hereof shall be
effective until and unless the same shall have been set forth in writing and
signed by the parties hereto.

13.           Severability.  If any provision of this Agreement or the
application of such provisions to any person or circumstance shall be held
invalid or unenforceable, the remainder of this Agreement or the application of
such provisions to persons or circumstances other than those as to which it is
held invalid or unenforceable, shall not be effected thereby.

14.           Attorneys’ Fees.  If any suit, action, or proceeding is brought
to enforce any term or provision of this Agreement, the prevailing party shall
be entitled to recover reasonable attorneys’ fees, costs, and expenses
incurred, in addition to any other relief to which such party may be legally
entitled.

15.           Execution in Counterparts.  This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original and all of which taken
together shall be but a single instrument.

16.           No Waiver.  Every right and remedy provided herein shall
be cumulative with every other right and remedy, whether conferred herein, in
law, or in equity, and may be enforced concurrently herewith, and no waiver by
any party of the performance of any obligation of the other shall be construed
as a waiver of the same or any other default then, theretofore, or thereafter
occurring or existing.

17.           Expenses.  Each of the parties shall bear its own costs
and expenses, including legal fees, incurred in connection with this Agreement
and the transactions contemplated hereby.

18.           No Third-Party Beneficiaries.  This Agreement is for the sole benefit of the
parties hereto and nothing herein expressed or implied shall give, or be
construed to give, any other person any legal or equitable rights hereunder.

[REMAINDER OF PAGE
INTENTIONTALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS
WHEREOF, the parties to this Agreement have executed the same as of the date
first above written.

	
  

  	
   

  	
  SELLER

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  SHEEN MAN CO. LTD.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Atsushi Sugahara

  
	
   

  	
   

  	
   

  	
  Its: President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BUYER:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  MERIT MEDICAL SYSTEMS, INC.,

  
	
   

  	
   

  	
   

  	
  a Utah
  corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Fred P. Lampropoulos

  
	
   

  	
   

  	
   

  	
  Its: President and Chief Executive Officer

  

 

 5Exhibit 4.1

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED
IN THE SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY
FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE
SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT
IN PART PURSUANT TO SECTION 2.06(a) OF THE SUPPLEMENTAL INDENTURE, (III) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.11 OF THE SUPPLEMENTAL INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY.

CUSIP        45031UBC4

5.500% Senior
Notes due 2012

	
  No. 1

  	
   

  	
  $300,000,000   

  	
   

  

 

iSTAR FINANCIAL
INC.

promises to pay to
CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED
MILLION on June 15, 2012.

Interest Payment Dates: June
15 and December 15

Record Dates:  June 1 and December 1

Dated:  March 9, 2007

	
   

  	
  iSTAR FINANCIAL INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

SEAL

This is one of the Notes
referred to

in the within-mentioned Supplemental Indenture:

US BANK TRUST NATIONAL
ASSOCIATION
   as Trustee

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  

 

[Back of Note]

5.500% Senior Notes due 2012

Capitalized terms used
herein shall have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

1.  INTEREST.  iStar Financial Inc., a Maryland corporation
(the “Company”), promises to pay interest on
the principal amount of this note at 5.500% per annum from March 9, 2007 until
maturity.  The Company will pay interest
semi-annually in arrears on June 15 and December 15 of each year, or if any
such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). 
Interest on the notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from March 9, 2007; provided that if there is no existing default in the payment
of interest, and if this note is authenticated between a record date referred
to on the face hereof and the next succeeding interest payment date, interest
shall accrue from such next succeeding interest payment date; provided, further, that the first interest payment date
shall be June 15, 2007. The Company shall pay interest (including post-petition
interest in any proceeding under any bankruptcy law) on overdue principal
and premium, if any, from time to time on demand at the rate then in effect; it
shall pay interest (including post-petition interest in any proceeding under
any bankruptcy law) on overdue installments of interest (without regard to
any applicable grace periods) from time to time on demand at the same rate
to the extent lawful.  Interest will be
computed on the basis of a 360-day year of twelve 30-day months.  If any
interest payment date on the Notes other than the maturity date is not a
Business Day, such interest payment date will be postponed to the next
succeeding Business Day. If the maturity date of the Notes falls on a day that
is not a Business Day, the required payment of principal and interest will be
made on the next succeeding Business Day as if made on the date such payment
was due, and no interest will accrue on such payment for the period from and
after the maturity date to the date of such payment on the next succeeding
Business Day.

2.  METHOD OF PAYMENT.  The Company will pay interest on the Notes
(except defaulted interest) to the Persons who are registered Holders of
Notes at the close of business on the June 1 or December 1 next preceding the
Interest Payment Date, even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest.  The Notes will be payable as to principal,
premium, if any, and interest at the office or agency of the Company maintained
for such purpose within or without the City and State of New York, or, at the
option of the Company, payment of interest may be made by check mailed to the
Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately
available funds will be required with respect to principal of and interest, and
premium, if any, on, all Global Notes and all other Notes the Holders of which
shall have provided wire transfer instructions to the Company or the Paying
Agent.  Such payment shall be in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.  The Company reserves the right to pay
interest to Holders of Notes by check mailed to such Holders at their
registered addresses or by wire transfer to Holders of at least $5 million
aggregate principal amount of Notes.

3.  PAYING AGENT AND REGISTRAR.  Initially, US Bank Trust National
Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar.  The Company may change any
Paying Agent or Registrar without notice to any Holder.  The Company or any of its Subsidiaries may
act in any such capacity.

4.  INDENTURE.  The Company issued the Notes under an
Indenture dated as of February 5, 2001, as amended and supplemented,
including as supplemented by a Supplemental Indenture dated as of March 9, 2007
(collectively, the “Indenture”)
between the Company and the Trustee.  The
terms of the

Notes include those
stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended (15 U.S. Code
§§ 77aaa-77bbbb).  The Notes are
subject to all such terms, and Holders are referred to the Indenture and such
Act for a statement of such terms.  To
the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the Indenture shall govern and be
controlling.  The Notes are obligations
of the Company.  The Company is issuing
$300.0 million in aggregate principal amount on the Issue Date and may issue
Additional Notes in accordance with the terms of the Indenture.

5.  OPTIONAL REDEMPTION.

The Notes may be redeemed or purchased in whole or in
part at the Company’s option at any time prior to the maturity of the Notes at
a price equal to 100% of the principal amount thereof plus the Applicable
Premium as of, and accrued but unpaid interest, if any, to the date of the
redemption or purchase (the “Redemption Date”) (subject to the right of
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date).

“Applicable Premium”
means, with respect to the Notes, at any Redemption Date, the greater of:  (1) 1.0% of the principal amount of such
Note; and (2) the excess of (a) the present value at such Redemption
Date of (i) the principal amount of such Note on the redemption date plus
(ii) all required remaining scheduled interest payments due on such Note
through June 15, 2012 computed using a discount rate equal to the Treasury Rate
plus 20 basis points over (b) the outstanding principal amount of such
Note on such Redemption Date. 
Calculation of the Applicable Premium will be made by the Company or on
behalf of the Company by such Person as the Company shall designate; provided, however, that such calculation shall not be a duty
or obligation of the Trustee.

“Treasury Rate”
means, with respect to a Redemption Date, the yield to maturity at the time of
computation of United States Treasury securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release
H.15(519) that has become publicly available on the third Business Day
prior to our providing notice of redemption (or, if such Statistical Release is
no longer published, any publicly available source of similar market
data)) most nearly equal to the period from such Redemption Date to the
maturity date; provided, however, that if the
period from such Redemption Date to the maturity date is not equal to the
constant maturity of the United States Treasury security for which a weekly
average yield is given, the Treasury Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the
weekly average yields of United States Treasury securities for which such
yields are given, except that if the period from such Redemption Date to the
maturity date is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year
shall be used.

6.  MANDATORY REDEMPTION.

Except as set forth in paragraph 7, the Company shall
not be required to make mandatory redemption payments with respect to the
Notes.

7.  REPURCHASE OF OPTION OF HOLDER.

Upon the occurrence of a Change of Control Triggering
Event, the Company will be required to offer to purchase all of the outstanding
Notes at a principal price equal to 101% of the principal amount thereof, plus
accrued and unpaid interest, if any, thereon to the date of purchase.

8.  NOTICE OF REDEMPTION. 
Notice of redemption will be mailed at least 30 days but not more than
60 days before the redemption date to each Holder whose Notes are to be
redeemed at its

registered address. 
Notes in denominations larger than $1,000 may be redeemed in part but
only in whole multiples of $1,000, unless all of the Notes held by a Holder are
to be redeemed.  On and after the
redemption date interest ceases to accrue on Notes or portions thereof called
for redemption.

9.  DENOMINATIONS, TRANSFER, EXCHANGE.  The Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000.  The transfer of Notes may be registered and
Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Company and the Trustee may require a Holder to pay any taxes
and fees required by law or permitted by the Indenture.  The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part.  Also, the Company need not exchange or register
the transfer of any Notes for a period of 15 days before a selection of Notes
to be redeemed or during the period between a record date and the corresponding
Interest Payment Date.

10.  PERSONS DEEMED OWNERS. 
The registered Holder of a Note may be treated as its owner for all
purposes.

11.  AMENDMENT, SUPPLEMENT AND WAIVER.  Subject to certain exceptions, the Indenture
or the Notes may be amended or supplemented with the written consent of the
Holders of at least a majority in principal amount of the then outstanding
Notes voting as a single class, and any existing default or compliance with any
provision of the Indenture or the Notes may be waived with the written consent
of the Holders of a majority in principal amount of the then outstanding Notes
voting as a single class.  Without the
consent of any Holder of a Note, the Indenture or the Notes may be amended or
supplemented to cure any ambiguity, defect or inconsistency, to provide for
uncertificated Notes in addition to or in place of certificated Notes, to
provide for the assumption of the Company’s obligations to Holders of the Notes
in case of a merger or consolidation, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not
adversely affect in any material respects the rights under the Indenture of any
such Holder, to comply with the requirements of the SEC in order to effect or
maintain the qualification of the Indenture under the Trust Indenture Act or to
evidence and provide for the acceptance of appointment under the Indenture of a
successor Trustee.

12.  DEFAULTS AND REMEDIES. 
Events of Default are set forth in the Indenture.  If any Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of
the then outstanding Notes may declare all the Notes to be due and
payable.  Notwithstanding the foregoing,
in the case of an Event of Default arising from certain events of bankruptcy or
insolvency, all outstanding Notes will become due and payable without further
action or notice.  Holders may not
enforce the Indenture or the Notes except as provided in the Indenture.  Subject to certain limitations, Holders of a
majority in principal amount of the then outstanding Notes may direct the
Trustee in writing in its exercise of any trust or power.  The Trustee may withhold from Holders of the
Notes notice of any continuing Default or Event of Default (except a Default or
Event of Default relating to the payment of principal or interest) if it
determines that withholding notice is in their interest.  The Holders of a majority in aggregate
principal amount of the Notes then outstanding by written notice to the Trustee
may on behalf of the Holders of all of the Notes waive any existing Default or
Event of Default and its consequences under the Indenture except a continuing
Default or Event of Default in the payment of interest on, or the principal of,
the Notes.  The Company is required to
deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Company is required upon becoming aware of any Default or
Event of Default, to deliver to the Trustee a statement specifying such Default
or Event of Default.

13.  TRUSTEE DEALINGS WITH COMPANY.  The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee.

14.  NO RECOURSE AGAINST OTHERS. 
A director, officer, employee, incorporator or stockholder, of the
Company, as such, shall not have any liability for any obligations of the
Company under the Notes or the Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and
releases all such liability.  The waiver
and release are part of the consideration for the issuance of the Notes.

15.  AUTHENTICATION.  This
Note shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.

16.  ABBREVIATIONS.  Customary
abbreviations may be used in the name of a Holder or an assignee, such as:  TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

17.  CUSIP NUMBERS.  Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy
of such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers
placed thereon.

The Company will furnish to any Holder upon written
request and without charge a copy of the Indenture.  Requests may be made to:

iStar Financial Inc.

1114 Avenue of the Americas, 27th Floor

New York, NY 10036

Attention:  Investor Relations

ASSIGNMENT FORM

To assign this Note, fill
in the form below:

	
  (I) or (we) assign and transfer this
  Note to:

  	
   

  
	
   

  	
  (Insert assignee’s legal name)

  
	
   

  
	
  (Insert
  assignee’s soc. sec. or tax I.D. no.)

  
	
   

  
	
   

  
	
   

  
	
  (Print or type
  assignee’s name, address and zip code)

  
			

 

and irrevocably appoint                                                                                                                                   
                   to
transfer this Note on the books of the Company. 
The agent may substitute another to act for him.

	
  Date:

  	
   

  	
   

  	
  

  
	
   

  	
  Your Signature:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name appears on

  the face of this Note)

  

 

	
  Signature Guarantee*: 

  	
   

  	
   

  

 

*              Participant in a recognized Signature Guarantee
Medallion Program (or other signature guarantor acceptable to the Trustee).

OPTION OF HOLDER
TO ELECT PURCHASE

If you want to elect to have this Note purchased by
the Company pursuant to Section 4.10 of the Indenture, check the following
box:   ̈

If you want to elect to have only part of the Note
purchased by the Company pursuant to Section 4.10 of the Indenture, state
the amount you elect to have purchased.

	
  

  	
  $

  	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
  Your Signature:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name appears on

  the face of this Note)

  
	
   

  	
   

  
	
   

  	
  Tax Identification No.:

  	
   

  	
   

  
	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  
											

 

*              Participant in a recognized Signature Guarantee
Medallion Program (or other signature guarantor acceptable to the Trustee).

SCHEDULE OF
EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

The following exchanges of a part of this Global Note
for an interest in another Global Note or for a Definitive Note, or exchanges
of a part of another Global Note or Definitive Note for an interest in this
Global Note, have been made:

	
  Date of Exchange

  	
   

  	
  Amount of

  decrease in

  Principal Amount 

  of this Global Note

  	
   

  	
  Amount of

  increase in

  Principal Amount 

  of this Global Note

  	
   

  	
  Principal Amount

  of this Global Note

  following such

  decrease

  (or increase)

  	
   

  	
  Signature of

  authorized officer

  of Trustee or Note

  Custodian

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]