Document:

2005 Equity Incentive Plan.

 CBRE REALTY FINANCE, INC. 
 2005 EQUITY INCENTIVE PLAN 
 CBRE Realty Finance, Inc., a Maryland corporation, wishes to attract and
retain qualified key employees, Directors, officers, advisors, consultants and other personnel and encourage them to increase their efforts to make the Company’s business more successful whether directly or through its Subsidiaries or other
affiliates. In furtherance thereof, the CBRE Realty Finance, Inc. 2005 Equity Incentive Plan is designed to provide equity-based incentives to certain Eligible Persons. Awards under the Plan may be made to Eligible Persons in the form of Options,
Restricted Stock, Phantom Shares, Dividend Equivalent Rights or other forms of equity-based compensation. 
 1. DEFINITIONS.

 Whenever used herein, the following terms shall have the meanings set forth below: 
 “Award,” except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock
Options, Restricted Stock, Phantom Shares, Dividend Equivalent Rights and other equity-based Awards as contemplated herein. 
 “Award
Agreement” means a written agreement in a form approved by the Committee to be entered into between the Company and the Participant as provided in Section 3. An Award Agreement may be, without limitation, an employment or other similar
agreement containing provisions governing grants hereunder, if approved by the Committee for use under the Plan. 
 “Board” means
the Board of Directors of the Company. 
 “Cause” means, unless otherwise provided in the Participant’s Award Agreement,
(i) engaging in (A) willful or gross misconduct or (B) willful or gross neglect; (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company or its
Subsidiaries or its affiliates; (iii) the commission of a felony or a crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the Company or its Subsidiaries, or any affiliate thereof;
(iv) fraud, misappropriation or embezzlement; (v) acts or omissions constituting a material failure to perform substantially and adequately the duties assigned to the Participant; (vi) any illegal act detrimental to the Company its
Subsidiaries or any affiliate thereof; (vii) repeated failure to devote substantially all of the Participant’s business time and efforts to the Company or its Subsidiaries, or any affiliate thereof if required by the Participant’s
employment agreement; or (viii) the Participant’s failure to competently perform his duties after receiving notice from the Company or its Subsidiaries, or any affiliate thereof; specifically identifying the manner in which the Participant
has failed to perform; provided, however, that, if at any particular time the Participant is subject to an effective employment agreement with the Company (or, while the Manager, CB Richard Ellis, or L.J. Melody & Company is an
affiliate of the Company, with the Manager, CB Richard Ellis, or L.J. Melody & Company, respectively), then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be specified in such
employment agreement. 
 “Change in Control” shall mean, unless otherwise provided in an Award Agreement, the happening of any of
the following: 
 (i) any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of
the Exchange Act, but excluding the Company or the Manager, any entity controlling, controlled by or under common control with 

 
the Company or the Manager, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or
the Manager or any such entity, and with respect to any particular Participant, the Participant and any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the Participant is a member), is or
becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company or the Manager representing 25% or more of either (A) the combined voting power of the
Company’s or the Manager’s then outstanding securities or (B) the then outstanding Common Stock or common stock (or other similar equity interest, in the case of a company other than a corporation) of the Manager (in either such
case other than as a result of an acquisition of securities directly from the Company or the Manager); provided, however, that, in no event shall a Change in Control be deemed to have occurred upon an initial public offering of the Common Stock or
common stock (or such other equity interest) of the Manager under the Securities Act; or 
 (ii) any consolidation or merger of the
Company or the Manager where the stockholders of the Company or the Manager, as applicable, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule
13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate
parent corporation, if any); or 
 (iii) there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a
series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or the Manager, other than a sale or disposition by the Company or the Manager of all or substantially all
of the Company’s or the Manager’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their
ownership of the Company or the Manager, as applicable, immediately prior to such sale or (B) the approval by stockholders of the Company or the Manager, as applicable, of any plan or proposal for the liquidation or dissolution of the Company
or the Manager, as applicable; or 
 (iv) the members of the Board at the beginning of any consecutive 24-calendar-month period (the
“Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election by the Company’s
stockholders was approved or ratified by a vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month period shall be deemed to be an Incumbent Director.

 Notwithstanding the foregoing clauses (i), (ii), (iii) and (iv), in no event shall a Change in Control be deemed to have occurred upon an initial
public offering of the common stock of the Company under the 

  

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Securities Act of 1933, as amended. Notwithstanding the foregoing provisions of this definition of Change in Control, if at any particular time the
Participant is subject to an effective employment agreement with the Company (or, while the Manager, CB Richard Ellis or L.J. Melody & Company is an affiliate of the Company, with the Manager, CB Richard Ellis or
L.J. Melody & Company, respectively) which expressly provides for the definition of a change in control of the Company or the Manager, then, in lieu of the foregoing definition, “Change in Control” shall at that time
have such meaning as may be specified, in such employment agreement, with respect to the Company and the Manager, as applicable. 
 Notwithstanding the
foregoing, no event or condition shall constitute a Change in Control to the extent that, if it were, a 20% tax would be imposed under Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute
a Change in Control to the maximum extent possible (e.g., if applicable, in respect of vesting without an acceleration of distribution) without causing the imposition of such 20% tax. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Committee” means the compensation committee of the Board or another committee of the Board appointed in accordance with Section 3(a). 
 “Common Stock” means the Company’s Common Stock, par value $0.01 per share, either currently existing or authorized hereafter. 

“Company” means the CBRE Realty Finance, Inc., a Maryland corporation. 
 “Director” means a non-employee director of the Company or its Subsidiaries. 
 “Disability” means, unless otherwise provided by the Committee in the Participant’s Award Agreement, a disability which renders the
Participant incapable of performing all of his or her material duties for a period of at least 180 consecutive or non-consecutive days during any consecutive twelve-month period. Notwithstanding the foregoing, no circumstances or condition shall
constitute a Disability to the extent that, if it were, a 20% tax would be imposed under Section 409A of the Code; provided, that, in such a case, the event or condition shall continue to constitute a Disability to the maximum extent possible
(e.g., if applicable, in respect of vesting without an acceleration of distribution) without causing the imposition of such 20% tax. 
 “Dividend Equivalent Right” means a right awarded under Section 8 of the Plan to receive (or have credited) the equivalent value of dividends paid on Common Stock. 
 “Eligible Person” means (i) a key employee, Director, officer, advisor, consultant or other personnel of the Company and its Subsidiaries
or other person expected to provide significant services (of a type expressly approved by the Committee as covered services for these purposes) to the Company or its Subsidiaries or (ii) the Manager, CB Richard Ellis,
L.J. Melody & Company, joint venture affiliates of the Company the Manager, CB Richard Ellis, L.J. Melody & Company or other entities designated in the discretion of the Committee, or employees of the foregoing. In the
case of grants directly or indirectly to employees of entities described in clause (ii) of the foregoing sentence, the Committee may make arrangements with such entities in its discretion, in light of tax and other considerations. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” per Share as of a particular date means (i) if Shares are then listed on a national stock exchange, the closing sales
price per Share on the exchange for the last preceding date on which there was a sale of Shares on such exchange, as determined by the Committee, (ii) if Shares are 

  

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not then listed on a national stock exchange but are then traded on an over-the-counter market, the average of the closing bid and asked prices for the
Shares in such over-the-counter market for the last preceding date on which there was a sale of such Shares in such market, as determined by the Committee, or (iii) if Shares are not then listed on a national stock exchange or traded on an
over-the-counter market, such value as the Committee in its discretion may in good faith determine; provided that, where the Shares are so listed or traded, the Committee may make such discretionary determinations where the Shares have not been
traded for 10 trading days. 
 “Grantee” means an Eligible Person granted Restricted Stock, Phantom Shares, Dividend Equivalent
Rights or such other equity-based Awards (other than an Option) as may be granted pursuant to Section 9. 
 “Incentive Stock
Option” means an “incentive stock option” within the meaning of Section 422(b) of the Code. 
 “Manager”
means CBRE Realty Finance Management LLC, an indirect subsidiary of CB Richard Ellis and a direct wholly-owned subsidiary L.J. Melody & Company. 
 “Non-Qualified Stock Option” means an Option which is not an Incentive Stock Option. 
 “Option” means the right to purchase, at a price and for the term fixed by the Committee in accordance with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a number
of Shares determined by the Committee. 
 “Optionee” means an Eligible Person to whom an Option is granted, or the Successors of
the Optionee, as the context so requires. 
 “Option Price” means the price per Share, determined by the Board or the Committee, at
which an Option may be exercised. 
 “Participant” means a Grantee or Optionee. 
 “Phantom Share” means a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value. 
 “Phantom Share Value,” per Phantom Share, means the Fair Market Value of a Share, or, if so provided by the Committee, such Fair Market Value
to the extent in excess of a base value established by the Committee at the time of grant. 
 “Plan” means the Company’s 2005
Equity Incentive Plan, as set forth herein and as the same may from time to time be amended. 
 “Restricted Stock” means an award
of Shares that are subject to restrictions hereunder. 
 “Retirement” means, unless otherwise provided by the Committee in the
Participant’s Award Agreement, the Termination of Service (other than for Cause) of a Participant on or after the Participant’s attainment of age 65 or on or after the Participant’s attainment of age 55 with five consecutive
years of service with the Company and or its Subsidiaries or its affiliates. 
 “Securities Act” means the Securities Act of 1933,
as amended. 
 “Settlement Date” means the date determined under Section 7.4(c). 
  

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 “Shares” means shares of Common Stock of the Company. 
 “Subsidiary” means any corporation (other than the Company) that is a “subsidiary corporation” with respect to the Company under
Section 424(f) of the Code. In the event the Company becomes a subsidiary of another company, the provisions hereof applicable to subsidiaries shall, unless otherwise determined by the Committee, also be applicable to any company that is a
“parent corporation” with respect to the Company under Section 424(e) of the Code. 
 “Successor of the
Optionee” means the legal representative of the estate of a deceased Optionee or the person or persons who shall acquire the right to exercise an Option by bequest or inheritance or by reason of the death of the Optionee. 
 “Termination of Service” means a Participant’s termination of employment or other service, as applicable, with the Company and its
Subsidiaries. 
 2. EFFECTIVE DATE AND TERMINATION OF PLAN. 
 The effective date of the Plan is May 11, 2005. The Plan shall not become effective unless and until it is approved by the requisite percentage of
the holders of the Common Stock of the Company. The Plan shall terminate on, and no Award shall be granted hereunder on or after, the 10-year anniversary of the earlier of the approval of the Plan by (i) the Board or (ii) the stockholders
of the Company; provided, however, that the Board may at any time prior to that date terminate the Plan; and provided, further, that all Awards made under the Plan prior to a Plan termination shall remain in effect until such Awards have seen
satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreement. 
 3. ADMINISTRATION
OF PLAN. 
 (a) The Plan shall be administered by the Committee appointed by the Board. Unless otherwise determined by the Board, the
Committee, upon and after such time as it is covered in Section 16 of the Exchange Act, shall consist of at least two individuals each of whom shall be a “nonemployee director” as defined in Rule 16b-3 as promulgated by the Securities
and Exchange Commission (“Rule 16b-3”) under the Exchange Act and shall, at such times as the Company is subject to Section 162(m) of the Code (to the extent relief from the limitation of Section 162(m) of the Code
is sought with respect to Awards), qualify as “outside directors” for purposes of Section 162(m) of the Code; provided that no action taken by the Committee (including without limitation grants) shall be invalidated because
any or all of the members of the Committee fails to satisfy the foregoing requirements of this sentence. The acts of a majority of the members present at any meeting of the Committee at which a quorum is present, or acts approved in writing by a
majority of the entire Committee, shall be the acts of the Committee for purposes of the Plan. If and to the extent applicable, no member of the Committee may act as to matters under the Plan specifically relating to such member. Notwithstanding the
other foregoing provisions of this Section 3(a), any Award under the Plan to a person who is a member of the Committee shall be made and administered by the Board. If no Committee is designated by the Board to act for these purposes, the Board
shall have the rights and responsibilities of the Committee hereunder and under the Award Agreements. 
 (b) Subject to the provisions of the
Plan, the Committee shall in its discretion (i) authorize the granting of Awards to Eligible Persons; and (ii) determine the eligibility of Eligible Persons to receive an Award, as well as determine the number of Shares to be covered under
any Award Agreement, considering the position and responsibilities of the Eligible Persons, the nature and value to the Company of the Eligible Person’s present and potential contribution to the success of the Company 

  

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whether directly or through its Subsidiaries and such other factors as the Committee may deem relevant; provided, however, that, other than with respect to
individuals subject to Section 16 of the Exchange Act and, in those cases in which an exception from the limitation of Section 162(m) (if applicable) is sought, other than with respect to individuals who are, or are expected to
be, “covered employees” within the meaning of Section 162(m) of the Code, the Manager shall have the discretion described in this Section 3(b) in respect of grants made to Eligible Employees of the Manager. 

(c) The Award Agreement shall contain such other terms, provisions and conditions not inconsistent herewith as shall be determined by the Committee.
In the event that any Award Agreement or other agreement hereunder provides (without regard to this sentence) for the obligation of the Company or any affiliate thereof to purchase or repurchase Shares from a Participant or any other person,
then, notwithstanding the provisions of the Award Agreement or such other agreement, such obligation shall not apply to the extent that the purchase or repurchase would not be permitted under governing state law. The Participant shall take whatever
additional actions and execute whatever additional documents the Committee may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Participant pursuant
to the express provisions of the Plan and the Award Agreement. 
 (d) The Committee, in its discretion, may delegate to the Chief Executive
Officer of the Company all or part of the Committee’s authority and duties with respect to awards, including, without limitation, the granting of awards to individuals who are not subject to the reporting and other provisions of Section 16
of the Exchange Act and who are not and are not expected to be “covered employees” within the meaning of Section 162(m) of the Code; provided, however, that the Committee may not delegate its authority and duties with respect to
awards that have been, or will be, granted to the Chief Executive Officer, Chief Financial Officer or any Executive Vice President of the Company. Any such delegation by the Committee may, in the sole discretion of the Committee, include a
limitation as to the amount of Awards that may be awarded during the period of the delegation and may contain guidelines as to the determination of the Option Price, or price of other Awards and the vesting criteria. The Committee may revoke or
amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Committee’s delegate that were consistent with the terms of the Plan; provided, however, as to any matter that the Manager could have
addressed, the Manager may revoke or amend the terms of a delegation at any time. 
 4. SHARES AND UNITS SUBJECT TO THE PLAN.

 4.1 In General. 
 (a)
Subject to adjustments as provided in Section 14, the total number of Shares subject to Awards granted under the Plan (including securities convertible into or exchangeable for Shares), in the aggregate, may not exceed (x) upon completion
of the Company’s offering of Shares in transactions exempt from the registration requirements of the Securities Act in accordance with the terms and conditions of that certain Purchase/ Placement Agreement between the Company and Credit Suisse
First Boston LLC, Deutsche Bank Securities Inc., Bank of America Securities LLC and Citigroup Global Markets Inc. dated June 2, 2005 (the “144A Offering”), 2,000,000, or (y) in the event of any exercise of an over-allotment
option by the initial purchasers in the 144A Offering, 2,300,000; provided that the amount of Shares subject to Awards granted under the Plan shall in no event exceed an amount equal to 10% of the number of fully-diluted Shares outstanding upon
completion of the 144A Offering, including Shares issued pursuant to any exercise of the initial purchasers’ over-allotment option and excluding any Shares issued or issuable under the Plan or covered by Awards. Without limiting the generality
of the foregoing, 1,600,000 of the Shares (subject to adjustment as provided in this Section 4.1(a)) described above shall be reserved for issuance to Eligible Employees of the Manager (the “Manager Shares”). The 

  

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maximum number of Shares that may underlie Awards, other than Options, granted in any one year to any Eligible Person, shall not exceed 400,000. Shares
distributed under the Plan may be treasury Shares or authorized but unissued Shares. Any Shares that have been granted as Restricted Stock or that have been reserved for distribution in payment for Options, Phantom Shares or other equity-based
Awards but are later forfeited or for any other reason are not payable under the Plan may again be made the subject of Awards under the Plan; provided, however, that any of the 1,600,000 Shares referred to in this Section 4.1(a) forfeited shall
be available for regrant as Manager Shares as contemplated in this Section 4.1(a). 
 (b) Shares subject to Dividend Equivalent Rights,
other than Dividend Equivalent Rights based directly on the dividends payable with respect to Shares subject to Options or the dividends payable on a number of Shares corresponding to the number of Phantom Shares awarded, shall be subject to the
limitation of Section 4.1(a). If any Phantom Shares, Dividend Equivalent Rights or other equity-based Awards under Section 9 are paid out in cash, then, notwithstanding the first sentence of Section 4.1(a) above (but subject to
the second sentence thereof) the underlying Shares may again be made the subject of Awards under the Plan. 
 (c) The certificates for
Shares issued hereunder may include any legend which the Committee deems appropriate to reflect any rights of first refusal or other restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate.

 (d) No award may be granted under the 2005 Equity Incentive Plan to any person who, assuming exercise of all options and payment of all
awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of Common Stock. 
 4.2 Options.

 Subject to adjustments pursuant to Section 14, and subject to the last sentence of Section 4.1(a), Options with respect to an
aggregate of no more than 1,500,000 Shares may be granted under the Plan. At such time as the Company is subject to Section 162(m) of the Code (to the extent relief from the limitation of Section 162(m) of the Code is sought),
subject to adjustments pursuant to Section 14, in no event may any Optionee receive Options for more than 400,000 Shares in any one year. 
 5. PROVISIONS APPLICABLE TO STOCK OPTIONS. 
 5.1 Grant of Option. 
 Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement:
(i) determine and designate from time to time those Eligible Persons to whom Options are to be granted and the number of Shares to be optioned to each Eligible Person; (ii) determine whether to grant Incentive Stock Options or to grant
Non-Qualified Stock Options, or both (to the extent that any Option does not qualify as an Incentive Stock Option, it shall constitute a separate Non-Qualified Stock Option); provided that Incentive Stock Options may only be granted to employees of
the Company and its Subsidiaries; (iii) determine the time or times when and the manner and condition in which each Option shall be exercisable and the duration of the exercise period; (iv) designate each Option as one intended to be an
Incentive Stock Option or as a Non-Qualified Stock Option; and (v) determine or impose other conditions to the grant or exercise of Options under the Plan as it may deem appropriate. 
  

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 5.2 Option Price. 
 The Option Price shall be determined by the Committee on the date the Option is granted and reflected in the Award Agreement, as the same may be amended from time to time; provided, however, that, except as may
otherwise be determined by the Committee (taking into account Sections 162(m) and 409A of the Code), the Option Price shall not be less than 100% of the Fair Market Value of a Share on the day the Option is granted. 
 5.3 Period of Option and Vesting. 
 (a) Unless earlier expired, forfeited or otherwise terminated, each Option shall expire in its entirety upon the 5th anniversary of the date of grant or shall have such other term (which, in the case of Incentive Stock Options, may not
exceed 10 years in duration) as is set forth in the applicable Award Agreement (provided that, in the case of an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners) who is granted an Incentive Stock
Option, the term of such Option shall be no more than five years from the date of grant). The Option shall also expire, be forfeited and terminate at such times and in such circumstances as otherwise provided hereunder or under the Award Agreement.

 (b) Each Option, to the extent that the Optionee has not had a Termination of Service and the Option has not otherwise lapsed, expired,
terminated or been forfeited, shall first become exercisable according to the terms and conditions set forth in the Award Agreement, as determined by the Committee at the time of grant. Unless otherwise provided in the Award Agreement, no Option (or
portion thereof) shall ever be exercisable if the Optionee has a Termination of Service before the time at which such Option (or portion thereof) would otherwise have become exercisable, and any Option that would otherwise become
exercisable after such Termination of Service shall not become exercisable and shall be forfeited upon such termination. Notwithstanding the foregoing provisions of this Section 5.3(b), Options exercisable pursuant to the schedule set forth by
the Committee at the time of grant may be fully or more rapidly exercisable or otherwise vested at any time in the discretion of the Committee. Upon and after the death of an Optionee, such Optionee’s Options, if and to the extent otherwise
exercisable hereunder or under the applicable Award Agreement after the Optionee’s death, may be exercised by the Successors of the Optionee. 
 5.4 Exercisability Upon and After Termination of Optionee. 
 (a) Subject to provisions of the Award Agreement, in the event
the Optionee has a Termination of Service other than by the Company, a Subsidiary, the Manager, or, as applicable, an affiliate, for Cause, or other than by reason of death, Retirement or Disability, no exercise of an Option may occur after the
expiration of the three-month period to follow the termination, or if earlier, the expiration of the term of the Option as provided under Section 5.3(a); provided that, if the Optionee should die after the Termination of Service, such
termination being for a reason other than Disability or Retirement, but while the Option is still in effect, the Option (if and to the extent otherwise exercisable by the Optionee at the time of death) may be exercised until the earlier of
(i) one year from the date of the Termination of Service of the Optionee, or (ii) the date on which the term of the Option expires in accordance with Section 5.3(a). 
 (b) Subject to provisions of the Award Agreement, in the event the Optionee has a Termination of Service on account of death, Disability or Retirement,
the Option (whether or not otherwise exercisable) may be exercised until the earlier of (i) one year from the date of the Termination of Service of the Optionee, or (ii) the date on which the term of the Option expires in accordance
with Section 5.3. 
  

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 (c) Notwithstanding any other provision hereof, unless otherwise provided in the Award Agreement, if the
Optionee has a Termination of Service by the Company, a Subsidiary, the Manager, or, as applicable, an affiliate, for Cause, the Optionee’s Options, to the extent then unexercised, shall thereupon cease to be exercisable and shall be forfeited
forthwith (whether or not the Options were exercisable previously). 
 5.5 Exercise of Options. 
 (a) Subject to vesting, restrictions on exercisability and other restrictions provided for hereunder or otherwise imposed in accordance herewith, an
Option may be exercised, and payment in full of the aggregate Option Price made, by an Optionee only by written notice (in the form prescribed by the Committee) to the Company or its applicable designee specifying the number of Shares to be
purchased. 
 (b) Without limiting the scope of the Committee’s discretion hereunder, the Committee may impose such other restrictions
on the exercise of Incentive Stock Options (whether or not in the nature of the foregoing restrictions) as it may deem necessary or appropriate. 
 5.6 Payment. 
 (a) The aggregate Option Price shall be paid in full upon the exercise of the Option.
Payment must be made by one of the following methods: 
 (i) a certified or bank cashier’s check; 
 (ii) subject to Section 12(e), the proceeds of a Company loan program or third-party sale program or a notice acceptable to the Committee given as
consideration under such a program, in each case if permitted by the Committee in its discretion, if such a program has been established and the Optionee is eligible to participate therein; 
 (iii) if approved by the Committee in its discretion, Shares of previously owned Common Stock, which have been previously owned for more than six months,
having an aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price; or 
 (iv) by any combination of such
methods of payment or any other method acceptable to the Committee in its discretion. 
 (b) Except in the case of Options exercised by
certified or bank cashier’s check, the Committee may impose limitations and prohibitions on the exercise of Options as it deems appropriate, including, without limitation, any limitation or prohibition designed to avoid accounting consequences
which may result from the use of Common Stock as payment upon exercise of an Option. 
 (c) The Committee may provide that no Option may be
exercised with respect to any fractional Share. Any fractional Shares resulting from an Optionee’s exercise that is accepted by the Company shall in the discretion of the Committee be paid in cash. 
  

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 5.7 Stock Appreciation Rights. 
 The Committee, in its discretion, may also permit (taking into account, without limitation, the application of Section 409A of the Code, as the
Committee may deem appropriate) the Optionee to elect to exercise an Option by receiving a combination of Shares and cash, or, in the discretion of the Committee, either Shares or solely in cash, with an aggregate Fair Market Value (or, to the
extent of payment in cash, in an amount) equal to the excess of the Fair Market Value of the Shares with respect to which the Option is being exercised over the aggregate Option Price, as determined as of the day the Option is exercised.

 5.8 Exercise by Successors. 
 An Option may be exercised, and payment in full of the aggregate Option Price made, by the Successors of the Optionee only by written notice (in the form prescribed by the Committee) to the Company specifying the number of Shares to be
purchased. Such notice shall state that the aggregate Option Price will be paid in full, or that the Option will be exercised as otherwise provided hereunder, in the discretion of the Company or the Committee, if and as applicable. 
 5.9 Nontransferability of Option. 
 Except as provided in the applicable Award Agreement, each Option granted under the Plan shall be nontransferable by the Optionee except by will or the laws of descent and distribution of the state wherein the Optionee is domiciled at the
time of his death; provided, however, that the Committee may (but need not) permit other transfers, where the Committee concludes that such transferability (i) does not result in accelerated U.S. federal income taxation, (ii) does not
cause any Option intended to be an Incentive Stock Option to fail to be described in Section 422(b) of the Code, and (iii) is otherwise appropriate and desirable. 
 5.10 Deferral. 
 Except as provided in
the Award Agreement, the Committee (taking into account, without limitation, the possible application of Section 409A of the Code, as the Committee may deem appropriate) may establish a program under which Participants will have Phantom
Shares subject to Section 7 credited upon their exercise of Options, rather than receiving Shares at that time. 
 5.11 Certain
Incentive Stock Option Provisions 
 (a) The aggregate Fair Market Value, determined as of the date an Option is granted, of the Common
Stock for which any Optionee may be awarded Incentive Stock Options which are first exercisable by the Optionee during any calendar year under the Plan (or any other stock option plan required to be taken into account under
Section 422(d) of the Code) shall not exceed $100,000. 
 (b) If Shares acquired upon exercise of an Incentive Stock Option
are disposed of in a disqualifying disposition within the meaning of Section 422 of the Code by an Optionee prior to the expiration of either two years from the date of grant of such Option or one year from the transfer of Shares to the
Optionee pursuant to the exercise of such Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code, such Optionee shall notify the Company in writing as soon as practicable thereafter of the date and terms
of such disposition and, if the Company (or any affiliate thereof) thereupon has a tax-withholding obligation, shall pay to the Company (or such affiliate) an amount equal to any withholding tax the Company (or affiliate) is required
to pay as a result of the disqualifying disposition. 
  

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 (c) The Option Price with respect to each Incentive Stock Option shall not be less than 100%, or 110% in
the case of an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners), of the Fair Market Value of a Share on the day the Option is granted. In the case of an individual described in
Section 422(b)(6) of the Code who is granted an Incentive Stock Option, the term of such Option shall be no more than five years from the date of grant. 
 6. PROVISIONS APPLICABLE TO RESTRICTED STOCK. 
 6.1 Grant of Restricted Stock. 
 (a) In connection with the grant of Restricted Stock, whether or not performance goals (as provided for under Section 10) apply thereto, the
Committee shall establish one or more vesting periods with respect to the shares of Restricted Stock granted, the length of which shall be determined in the discretion of the Committee. Subject to the provisions of this Section 6, the
applicable Award Agreement and the other provisions of the Plan, restrictions on Restricted Stock shall lapse if the Grantee satisfies all applicable employment or other service requirements through the end of the applicable vesting period.

 (b) Subject to the other terms of the Plan, the Committee may, in its discretion as reflected by the terms of the applicable Award
Agreement: (i) authorize the granting of Restricted Stock to Eligible Persons; (ii) provide a specified purchase price for the Restricted Stock (whether or not the payment of a purchase price is required by any state law applicable to the
Company); (iii) determine the restrictions applicable to Restricted Stock and (iv) determine or impose other conditions, including any applicable performance goals, to the grant of Restricted Stock under the Plan as it may deem
appropriate. 
 6.2 Certificates. 
 (a) Unless otherwise provided by the Committee, each Grantee of Restricted Stock shall be issued a stock certificate in respect of Shares of Restricted Stock awarded under the Plan. Each such certificate shall be registered in the name of
the Grantee. Without limiting the generality of Section 4.1(c), the certificates for Shares of Restricted Stock issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or
under the Award Agreement, or as the Committee may otherwise deem appropriate, and, without limiting the generality of the foregoing, shall bear a legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in
the following form: 
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND
CONDITIONS (INCLUDING FORFEITURE) OF THE CBRE REALTY FINANCE, INC. 2005 EQUITY INCENTIVE PLAN AND AN AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND CBRE REALTY FINANCE, INC.. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON FILE IN
THE OFFICES OF CBRE REALTY FINANCE, INC. AT CITY PLACE 1, 185 ASYLUM STREET, 37TH FLOOR, HARTFORD, CT 06103.

 (b) The Committee shall require that any stock certificates evidencing such Shares be held in custody by the Company until the
restrictions hereunder shall have lapsed, and that, as a condition of any Award of Restricted Stock, the Grantee shall have delivered to the Company a stock power, endorsed in blank, relating to the stock covered by such Award. If and when such
restrictions so lapse, the stock certificates shall be delivered by the Company to the Grantee or his or her designee as provided in Section 6.3 (and the stock power shall be so delivered or shall be discarded). 
  

 11 

 6.3 Restrictions and Conditions. 
 Unless otherwise provided by the Committee, the Shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions and
conditions: 
 (i) Subject to the provisions of the Plan and the Award Agreements, during a period commencing with the date of such Award and
ending on the date the period of forfeiture with respect to such Shares lapses, the Grantee shall not be permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign Shares of Restricted Stock awarded
under the Plan (or have such Shares attached or garnished). Subject to the provisions of the Award Agreements and clause (iii) below, the period of forfeiture with respect to Shares granted hereunder shall lapse as provided in the applicable
Award Agreement. Notwithstanding the foregoing, unless otherwise expressly provided by the Committee, the period of forfeiture with respect to such Shares shall only lapse as to whole Shares. 
 (ii) Except as provided in the foregoing clause (i), below in this clause (ii) or in Section 14, or as otherwise provided in the applicable
Award Agreement, the Grantee shall have, in respect of the Shares of Restricted Stock, all of the rights of a stockholder of the Company, including the right to vote the Shares and the right to receive any cash dividends; provided, however that cash
dividends on such Shares shall, unless otherwise provided by the Committee, be held by the Company (unsegregated as a part of its general assets) until the period of forfeiture lapses (and forfeited if the underlying Shares are forfeited), and
paid over to the Grantee (without interest) as soon as practicable after such period lapses (if not forfeited). Certificates for Shares (not subject to restrictions hereunder) shall be delivered to the Grantee or his or her designee
promptly after, and only after, the period of forfeiture shall lapse without forfeiture in respect of such Shares of Restricted Stock. 
 (iii) Except as otherwise provided in the applicable Award Agreement, if the Grantee has a Termination of Service by the Company and its Subsidiaries for Cause, or by the Grantee for any reason, during the applicable period of forfeiture,
then (A) all Shares still subject to restriction shall thereupon, and with no further action, be forfeited by the Grantee, and (B) the Company shall pay to the Grantee as soon as practicable (and in no event more than 30 days) after
such termination an amount equal to the lesser of (x) the amount paid by the Grantee for such forfeited Restricted Stock as contemplated by Section 6.1, and (y) the Fair Market Value on the date of termination of the forfeited
Restricted Stock. 
 7. PROVISIONS APPLICABLE TO PHANTOM SHARES. 
 7.1 Grant of Phantom Shares. 
 Subject
to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement: (i) authorize the granting of Phantom Shares to Eligible Persons and (ii) determine or impose other
conditions to the grant of Phantom Shares under the Plan as it may deem appropriate. 
  

 12 

 7.2 Term. 
 The Committee may provide in an Award Agreement that any particular Phantom Share shall expire at the end of a specified term. 
 7.3 Vesting. 
 Phantom Shares shall vest as provided in the applicable Award Agreement. 
 7.4 Settlement of Phantom Shares. 
 (a) Each vested and outstanding Phantom Share shall be settled by the transfer to the Grantee of one Share; provided that, the Committee at the time of grant may provide that a Phantom Share may be settled (i) in cash at the applicable
Phantom Share Value, (ii) in cash or by transfer of Shares as elected by the Grantee in accordance with procedures established by the Committee (taking into account, without limitation, Section 409A of the Code, as the Committee may deem
appropriate) or (iii) in cash or by transfer of Shares as elected by the Company. 
 (b) Phantom Shares shall be settled with a
single-sum payment by the Company; provided that, with respect to Phantom Shares of a Grantee which have a common Settlement Date, the Committee may permit the Grantee to elect in accordance with procedures established by the Committee (taking into
account, without limitation, Section 409A of the Code, as the Committee may deem appropriate) to receive installment payments over a period not to exceed 10 years. 
 (c) (i) Unless otherwise provided in the applicable Award Agreement, the “Settlement Date” with respect to a Phantom Share is the first
day of the month to follow the date on which the Phantom Share vests; provided that a Grantee may elect, in accordance with procedures to be established by the Committee, that such Settlement Date will be deferred as elected by the Grantee to the
first day of the month to follow the Grantee’s Termination of Service, or such other time as may be permitted by the Committee. Unless otherwise determined by the Committee, elections under this Section 7.4(c)(i) must, except as may
otherwise be permitted under the rules applicable under Section 409A of the Code, (A) be effective at least one year after they are made, or, in the case of payments to commence at a specific time, be made at least one year before the
first scheduled payment and (B) defer the commencement of distributions for at least five years from the original Settlement Date. 
 (ii) Notwithstanding Section 7.4(c)(i), the Committee may provide that distributions of Phantom Shares can be elected at any time in those cases in which the Phantom Share Value is determined by reference to Fair Market Value to the
extent in excess of a base value, rather than by reference to unreduced Fair Market Value. 
 (iii) Notwithstanding the foregoing, the
Settlement Date, if not earlier pursuant to this Section 7.4(c), is the date of the Grantee’s death. 
 (d) Notwithstanding the
other provisions of this Section 7, in the event of a Change in Control, the Settlement Date shall be the date of such Change in Control and all amounts due with respect to Phantom Shares to a Grantee hereunder shall be paid as soon as
practicable (but in no event more than 30 days) after such Change in Control, unless such Grantee elects otherwise in accordance with procedures established by the Committee. 
  

 13 

 (e) Notwithstanding any other provision of the Plan, a Grantee may receive any amounts to be paid in
installments as provided in Section 7.4(b) or deferred by the Grantee as provided in Section 7.4(c) in the event of an “Unforeseeable Emergency.” For these purposes, an “Unforeseeable Emergency,” as determined
by the Committee in its sole discretion, is a severe financial hardship to the Grantee resulting from a sudden and unexpected illness or accident of the Grantee or “dependent,” as defined in Section 152(a) of the Code, of the
Grantee, loss of the Grantee’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Grantee. The circumstances that will constitute an Unforeseeable
Emergency will depend upon the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be relieved: 
 (i) through reimbursement or compensation by insurance or otherwise, 
 (ii) by liquidation of the
Grantee’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or 
 (iii) by future
cessation of the making of additional deferrals under Section 7.4 (b) and (c). 
 Without limitation, the need to send a
Grantee’s child to college or the desire to purchase a home shall not constitute an Unforeseeable Emergency. Distributions of amounts because of an Unforeseeable Emergency shall be permitted to the extent reasonably needed to satisfy the
emergency need. 
 7.5 Other Phantom Share Provisions. 
 (a) Rights to payments with respect to Phantom Shares granted under the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment,
levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, attach or garnish, or levy or execute on any right to payments or other
benefits payable hereunder, shall be void. 
 (b) A Grantee may designate in writing, on forms to be prescribed by the Committee, a
beneficiary or beneficiaries to receive any payments payable after his or her death and may amend or revoke such designation at any time. If no beneficiary designation is in effect at the time of a Grantee’s death, payments hereunder shall be
made to the Grantee’s estate. If a Grantee with a vested Phantom Share dies, such Phantom Share shall be settled and the Phantom Share Value in respect of such Phantom Shares paid, and any payments deferred pursuant to an election under
Section 7.4(c) shall be accelerated and paid, as soon as practicable (but no later than 60 days) after the date of death to such Grantee’s beneficiary or estate, as applicable. 
 (c) The Committee may establish a program under which distributions with respect to Phantom Shares may be deferred for periods in addition to those
otherwise contemplated by foregoing provisions of this Section 7. Such program may include, without limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which
Participants may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures established by the Committee. 
 (d) Notwithstanding any other provision of this Section 7, any fractional Phantom Share will be paid out in cash at the Phantom Share Value as of the Settlement Date. 
  

 14 

 (e) No Phantom Share shall be construed to give any Grantee any rights with respect to Shares or any
ownership interest in the Company. Except as may be provided in accordance with Section 8, no provision of the Plan shall be interpreted to confer upon any Grantee any voting, dividend or derivative or other similar rights with respect to any
Phantom Share. 
 7.6 Claims Procedures. 
 (a) To the extent that the Plan is determined by the Committee to be subject to the Employee Retirement Income Security Act of 1974, as amended, the Grantee, or his beneficiary hereunder or authorized representative,
may file a claim for payments with respect to Phantom Shares under the Plan by written communication to the Committee or its designee. A claim is not considered filed until such communication is actually received. Within 90 days (or, if special
circumstances require an extension of time for processing, 180 days, in which case notice of such special circumstances should be provided within the initial 90-day period) after the filing of the claim, the Committee will either: 

(i) approve the claim and take appropriate steps for satisfaction of the claim; or 
 (ii) if the claim is wholly or partially denied, advise the claimant of such denial by furnishing to him a written notice of such denial setting forth
(A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions of the Plan on which the denial is based and, if the denial is based in whole or in part on any rule of construction or interpretation
adopted by the Committee, a reference to such rule, a copy of which shall be provided to the claimant; (C) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of the reasons
why such material or information is necessary; and (D) a reference to this Section 7.6 as the provision setting forth the claims procedure under the Plan. 
 (b) The claimant may request a review of any denial of his claim by written application to the Committee within 60 days after receipt of the notice of denial of such claim. Within 60 days (or, if special circumstances
require an extension of time for processing, 120 days, in which case notice of such special circumstances should be provided within the initial 60-day period) after receipt of written application for review, the Committee will provide the
claimant with its decision in writing, including, if the claimant’s claim is not approved, specific reasons for the decision and specific references to the Plan provisions on which the decision is based. 
 8. PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS. 
 8.1 Grant of Dividend Equivalent Rights. 
 Subject to the other terms of the Plan, the Committee
shall, in its discretion as reflected by the terms of the Award Agreements, authorize the granting of Dividend Equivalent Rights to Eligible Persons based on the regular cash dividends declared on Common Stock, to be credited as of the dividend
payment dates, during the period between the date an Award is granted, and the date such Award is exercised, vests or expires, as determined by the Committee. Such Dividend Equivalent Rights shall be converted to cash or additional Shares by such
formula and at such time and subject to such limitation as may be determined by the Committee. With respect to Dividend Equivalent Rights granted with respect to Options intended to be qualified performance-based compensation for purposes of
Section 162(m) of the Code, such Dividend Equivalent Rights shall be payable regardless of whether such Option is exercised. If a Dividend Equivalent Right is granted in respect of another Award hereunder, then, unless otherwise stated in
the Award Agreement, in no event shall the Dividend Equivalent Right be in effect for a period beyond the time during which the applicable portion of the underlying Award is in effect. 
  

 15 

 8.2 Certain Terms. 
 (a) The term of a Dividend Equivalent Right shall be set by the Committee in its discretion. 
 (b) Unless
otherwise determined by the Committee, except as contemplated by Section 8.4, a Dividend Equivalent Right is exercisable or payable only while the Participant is an Eligible Person. 
 (c) Payment of the amount determined in accordance with Section 8.1 shall be in cash, in Common Stock or a combination of the both, as determined by
the Committee. 
 (d) The Committee may impose such employment-related conditions on the grant of a Dividend Equivalent Right as it deems
appropriate in its discretion. 
 8.3 Other Types of Dividend Equivalent Rights. 
 The Committee may establish a program under which Dividend Equivalent Rights of a type whether or not described in the foregoing provisions of this
Section 8 may be granted to Participants. For example, and without limitation, the Committee may grant a dividend equivalent right in respect of each Share subject to an Option or with respect to a Phantom Share, which right would consist of
the right (subject to Section 8.4) to receive a cash payment in an amount equal to the dividend distributions paid on a Share from time to time. 
 8.4 Deferral. 
 The Committee may establish a program (taking into account, without limitation, the
possible application of Section 409A of the Code, as the Committee may deem appropriate) under which Participants (i) will have Phantom Shares credited, subject to the terms of Sections 7.4 and 7.5 as though directly applicable with
respect thereto, upon the granting of Dividend Equivalent Rights, or (ii) will have payments with respect to Dividend Equivalent Rights deferred. In the case of the foregoing clause (ii), such program may include, without limitation, provisions
for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which Participants may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures
established by the Committee. 
 9. OTHER EQUITY-BASED AWARDS 
 The Committee shall have the right to grant other Awards based upon the Common Stock having such terms and conditions as the Committee may determine,
including, without limitation, the grant of shares based upon certain conditions, the grant of securities convertible into Common Stock and the grant of stock appreciation rights. 
 10. PERFORMANCE GOALS. 
 The
Committee, in its discretion, (i) may establish one or more performance goals as a precondition to the issuance or vesting of Awards, and (ii) provide, in connection with the establishment of the performance goals, for predetermined Awards
to those Participants (who continue to meet all 

  

 16 

 
applicable eligibility requirements) with respect to whom the applicable performance goals are satisfied. In the case of any grant intended to qualify
as performance based compensation under Section 162(m) of the Code (including, for these purposes, grants constituting performance based compensation, as determined without regard to certain stockholder approval and disclosure requirements
by virtue of an applicable transition rule), the Committee shall establish goals intended to be performance goals as contemplated by Section 162(m) of the Code and the regulations thereunder. 
 11. TAX WITHHOLDING. 
 11.1 In
General. 
 The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding determined by the
Committee to be required by law. Without limiting the generality of the foregoing, the Committee may, in its discretion, require the Participant to pay to the Company at such time as the Committee determines the amount that the Committee deems
necessary to satisfy the Company’s obligation to withhold federal, state or local income or other taxes incurred by reason of (i) the exercise of any Option, (ii) the lapsing of any restrictions applicable to any Restricted Stock,
(iii) the receipt of a distribution in respect of Phantom Shares or Dividend Equivalent Rights or (iv) any other applicable income-recognition event (for example, an election under Section 83(b) of the Code). 
 11.2 Share Withholding. 
 (a) Upon
exercise of an Option, the Optionee may, if approved by the Committee in its discretion, make a written election to have Shares then issued withheld by the Company from the Shares otherwise to be received, or to deliver previously owned Shares, in
order to satisfy the liability for such withholding taxes. In the event that the Optionee makes, and the Committee permits, such an election, the number of Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of
exercise sufficient to satisfy the applicable withholding taxes. Where the exercise of an Option does not give rise to an obligation by the Company to withhold federal, state or local income or other taxes on the date of exercise, but may give rise
to such an obligation in the future, the Committee may, in its discretion, make such arrangements and impose such requirements as it deems necessary or appropriate. 
 (b) Upon lapsing of restrictions on Restricted Stock (or other income-recognition event), the Grantee may, if approved by the Committee in its discretion, make a written election to have Shares withheld by the Company
from the Shares otherwise to be released from restriction, or to deliver previously owned Shares (not subject to restrictions hereunder), in order to satisfy the liability for such withholding taxes. In the event that the Grantee makes, and the
Committee permits, such an election, the number of Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. 
 (c) Upon the making of a distribution in respect of Phantom Shares or Dividend Equivalent Rights, the Grantee may, if approved by the Committee in its
discretion, make a written election to have amounts (which may include Shares) withheld by the Company from the distribution otherwise to be made, or to deliver previously owned Shares (not subject to restrictions hereunder), in order to
satisfy the liability for such withholding taxes. In the event that the Grantee makes, and the Committee permits, such an election, any Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to
satisfy the applicable withholding taxes. 
  

 17 

 11.3 Withholding Required. 
 Notwithstanding anything contained in the Plan or the Award Agreement to the contrary, the Participant’s satisfaction of any tax-withholding
requirements imposed by the Committee shall be a condition precedent to the Company’s obligation as may otherwise be provided hereunder to provide Shares to the Participant and to the release of any restrictions as may otherwise be provided
hereunder, as applicable; and the applicable Option, Restricted Stock, Phantom Shares or Dividend Equivalent Rights shall be forfeited upon the failure of the Participant to satisfy such requirements with respect to, as applicable, (i) the
exercise of the Option, (ii) the lapsing of restrictions on the Restricted Stock (or other income-recognition event) or (iii) distributions in respect of any Phantom Share or Dividend Equivalent Right. 
 12. REGULATIONS AND APPROVALS. 
 (a)
The obligation of the Company to sell Shares with respect to an Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such
approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 
 (b) The Committee may make such changes to
the Plan as may be necessary or appropriate to comply with the rules and regulations of any government authority or to obtain tax benefits applicable to an Award. 
 (c) Each grant of Options, Restricted Stock, Phantom Shares (or issuance of Shares in respect thereof) or Dividend Equivalent Rights (or issuance of Shares in respect thereof), or other Award under Section 9
(or issuance of Shares in respect thereof), is subject to the requirement that, if at any time the Committee determines, in its discretion, that the listing, registration or qualification of Shares issuable pursuant to the Plan is required by any
securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of Options, Shares of Restricted Stock, Phantom
Shares, Dividend Equivalent Rights, other Awards or other Shares, no payment shall be made, or Phantom Shares or Shares issued or grant of Restricted Stock or other Award made, in whole or in part, unless listing, registration, qualification,
consent or approval has been effected or obtained free of any conditions in a manner acceptable to the Committee. 
 (d) In the event that
the disposition of stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act, and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the
extent required under the Securities Act, and the Committee may require any individual receiving Shares pursuant to the Plan, as a condition precedent to receipt of such Shares, to represent to the Company in writing that such Shares are acquired
for investment only and not with a view to distribution and that such Shares will be disposed of only if registered for sale under the Securities Act or if there is an available exemption for such disposition. 
 (e) Notwithstanding any other provision of the Plan, the Company shall not be required to take or permit any action under the Plan or any Award Agreement
which, in the good-faith determination of the Company, would result in a material risk of a violation by the Company of Section 13(k) of the Exchange Act. 
  

 18 

 13. INTERPRETATION AND AMENDMENTS; OTHER RULES. 
 The Committee may make such rules and regulations and establish such procedures for the administration of the Plan as it deems appropriate. Without
limiting the generality of the foregoing, the Committee may (i) determine the extent, if any, to which Options, Phantom Shares or Shares (whether or not Shares of Restricted Stock) or Dividend Equivalent Rights shall be forfeited (whether
or not such forfeiture is expressly contemplated hereunder); (ii) interpret the Plan and the Award Agreements hereunder, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference
permitted by law, provided that the Committee’s interpretation shall not be entitled to deference on and after a Change in Control except to the extent that such interpretations are made exclusively by members of the Committee who are
individuals who served as Committee members before the Change in Control; and (iii) take any other actions and make any other determinations or decisions that it deems necessary or appropriate in connection with the Plan or the administration
or interpretation thereof. In the event of any dispute or disagreement as to the interpretation of the Plan or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan, the decision of the
Committee, except as provided in clause (ii) of the foregoing sentence, shall be final and binding upon all persons. The Committee may, in its discretion, delegate the authority and responsibility to act pursuant to the Plan with respect to
ministerial administrative matters, which actions shall at all times be subject to the supervision of the Committee, and the actions of such a delegatee in accordance with the foregoing shall be considered the actions of the Committee hereunder.
Unless otherwise expressly provided hereunder, the Committee, with respect to any grant, may exercise its discretion hereunder at the time of the Award or thereafter. The Board may amend the Plan as it shall deem advisable, except that no amendment
may adversely affect a Participant with respect to an Award previously granted unless such amendments are required in order to comply with applicable laws; provided, however, that the Plan may not be amended without stockholder approval in any case
in which amendment in the absence of stockholder approval would cause the Plan to fail to comply with any applicable legal requirement or applicable exchange or similar rule. 
 14. CHANGES IN CAPITAL STRUCTURE. 
 (a) If (i) the Company or its Subsidiaries shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company
or its Subsidiaries or a transaction similar thereto, (ii) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization or other similar change in the capital structure of the Company or its
Subsidiaries, or any distribution to holders of Common Stock other than cash dividends, shall occur or (iii) any other event shall occur which in the judgment of the Committee necessitates action by way of adjusting the terms of the outstanding
Awards, then: 
 (x) the maximum aggregate number of Shares which may be made subject to Options and Dividend Equivalent Rights under the
Plan, the maximum aggregate number and kind of Shares of Restricted Stock that may be granted under the Plan, the maximum aggregate number of Phantom Shares and other Awards which may be granted under the Plan may be appropriately adjusted by the
Committee in its discretion; and 
 (y) the Committee may take any such action as in its discretion shall be necessary to maintain each
Participants’ rights hereunder (including under their Award Agreements) with respect to Options, Phantom Shares and Dividend Equivalent Rights (and, as appropriate, other Awards under Section 9), so that they are substantially
proportionate to the rights existing in such Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under Section 9) prior to such event, including, without limitation, adjustments in (A) the number of Options,
Phantom Shares and Dividend Equivalent Rights (and other Awards under Section 9) granted, (B) the number 

  

 19 

 
and kind of shares or other property to be distributed in respect of Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under
Section 9 as applicable), (C) the Option Price and Phantom Share Value, and (D) performance-based criteria established in connection with Awards; provided that, in the discretion of the Committee, the foregoing clause (D) may
also be applied in the case of any event relating to a Subsidiary if the event would have been covered under this Section 14(a) had the event related to the Company. 
 To the extent that such action shall include an increase or decrease in the number of Shares (or units of other property then available) subject to all outstanding Awards, the number of Shares (or
units) available under Section 4 shall be increased or decreased, as the case may be, proportionately, as may be determined by the Committee in its discretion. 
 (b) Any Shares or other securities distributed to a Grantee with respect to Restricted Stock or otherwise issued in substitution of Restricted Stock shall be subject to the restrictions and requirements imposed by
Section 6, including depositing the certificates therefor with the Company together with a stock power and bearing a legend as provided in Section 6.2(a). 
 (c) If the Company shall be consolidated or merged with another corporation or other entity, each Grantee who has received Restricted Stock that is then subject to restrictions imposed by Section 6.3(a) may
be required to deposit with the successor corporation the certificates, if any, for the stock or securities or the other property that the Grantee is entitled to receive by reason of ownership of Restricted Stock in a manner consistent with
Section 6.2(b), and such stock, securities or other property shall become subject to the restrictions and requirements imposed by Section 6.3(a), and the certificates therefor or other evidence thereof shall bear a legend similar in form
and substance to the legend set forth in Section 6.2(a). 
 (d) If a Change in Control shall occur, then the Committee, as constituted
immediately before the Change in Control, may make such adjustments as it, in its discretion, determines are necessary or appropriate in light of the Change in Control, provided that the Committee determines that such adjustments do not have an
adverse economic impact on the Participant as determined at the time of the adjustments. 
 (e) The judgment of the Committee with respect to
any matter referred to in this Section 14 shall be conclusive and binding upon each Participant without the need for any amendment to the Plan. 
 15. MISCELLANEOUS. 
 15.1 No Rights to Employment or Other Service. 
 Nothing in the Plan or in any grant made pursuant to the Plan shall confer on any individual any right to continue in the employ or other service of the
Company or its Subsidiaries or interfere in any way with the right of the Company or its Subsidiaries and its stockholders to terminate the individual’s employment or other service at any time. 
 15.2 Right of First Refusal; Right of Repurchase. 
 At the time of grant, the Committee may provide in connection with any grant made under the Plan that Shares received hereunder shall be subject to a right of first refusal pursuant to which the Company shall be
entitled to purchase such Shares in the event of a prospective sale of the Shares, 

  

 20 

 
subject to such terms and conditions as the Committee may specify at the time of grant or (if permitted by the Award Agreement) thereafter, and to a
right of repurchase, pursuant to which the Company shall be entitled to purchase such Shares at a price determined by, or under a formula set by, the Committee at the time of grant or (if permitted by the Award Agreement) thereafter.

 15.3 No Fiduciary Relationship. 
 Nothing contained in the Plan (including without limitation Sections 7.5(c) and 8.4), and no action taken pursuant to the provisions of the Plan, shall create or shall be construed to create a trust of any kind,
or a fiduciary relationship between the Company or its Subsidiaries, or their officers or the Committee, on the one hand, and the Participant, the Company, its Subsidiaries or any other person or entity, on the other. 
 15.4 No Fund Created. 
 Any and all
payments hereunder to any Participant under the Plan shall be made from the general funds of the Company (or, if applicable, a Participating Company), no special or separate fund shall be established or other segregation of assets made to assure
such payments, and the Phantom Shares (including for purposes of this Section 15.4 any accounts established to facilitate the implementation of Section 7.4(c)) and any other similar devices issued hereunder to account for Plan
obligations do not constitute Common Stock and shall not be treated as (or as giving rise to) property or as a trust fund of any kind; provided, however, that the Company may establish a mere bookkeeping reserve to meet its obligations
hereunder or a trust or other funding vehicle that would not cause the Plan to be deemed to be funded for tax purposes or for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. The obligations of the Company
under the Plan are unsecured and constitute a mere promise by the Company to make benefit payments in the future and, to the extent that any person acquires a right to receive payments under the Plan from the Company, such right shall be no greater
than the right of a general unsecured creditor of the Company. (If any affiliate of the Company is or is made responsible with respect to any Awards, the foregoing sentence shall apply with respect to such affiliate.) Without limiting the
foregoing, Phantom Shares and any other similar devices issued hereunder to account for Plan obligations are solely a device for the measurement and determination of the amounts to be paid to a Grantee under the Plan, and each Grantee’s right
in the Phantom Shares and any such other devices is limited to the right to receive payment, if any, as may herein be provided. 
 15.5
Notices. 
 All notices under the Plan shall be in writing, and if to the Company, shall be delivered to the Board or mailed to its
principal office, addressed to the attention of the Board; and if to the Participant, shall be delivered personally, sent by facsimile transmission or mailed to the Participant at the address appearing in the records of the Company. Such addresses
may be changed at any time by written notice to the other party given in accordance with this Section 15.5. 
 15.6
Exculpation and Indemnification. 
 The Company shall indemnify and hold harmless the members of the Board and the members of the
Committee from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in connection with the performance of such person’s duties, responsibilities and obligations under the
Plan, to the maximum extent permitted by law. 
  

 21 

 15.7 Captions. 
 The use of captions in this Plan is for convenience. The captions are not intended to provide substantive rights. 
 15.8 Governing Law. 
 THIS PLAN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND
WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND. 
  

 22 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	DEFINITIONS.	  	1
			
	2.	  	EFFECTIVE DATE AND TERMINATION OF PLAN.	  	5
			
	3.	  	ADMINISTRATION OF PLAN.	  	5
			
	4.	  	SHARES AND UNITS SUBJECT TO THE PLAN.	  	6
			
	5.	  	PROVISIONS APPLICABLE TO STOCK OPTIONS.	  	7
			
	6.	  	PROVISIONS APPLICABLE TO RESTRICTED STOCK.	  	11
			
	7.	  	PROVISIONS APPLICABLE TO PHANTOM SHARES.	  	12
			
	8.	  	PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS.	  	15
			
	9.	  	OTHER EQUITY-BASED AWARDS.	  	16
			
	10.	  	PERFORMANCE GOALS.	  	16
			
	11.	  	TAX WITHHOLDING.	  	17
			
	12.	  	REGULATIONS AND APPROVALS.	  	18
			
	13.	  	INTERPRETATION AND AMENDMENTS; OTHER RULES.	  	18
			
	14.	  	CHANGES IN CAPITAL STRUCTURE.	  	20
			
	15.	  	MISCELLANEOUS.	  	21

  

 -i-Form of Stock Award Agreement.

 CBRE REALTY FINANCE, INC. 
 2005 EQUITY INCENTIVE PLAN 
 FORM OF RESTRICTED STOCK AWARD AGREEMENT 
 AGREEMENT by and between CBRE Realty Finance, Inc., a Maryland corporation (the “Company”) and
                 (the “Grantee”), dated as of the 9th of June, 2005. 
 WHEREAS, the Company maintains the CBRE Realty Finance, Inc. 2005 Equity
Incentive Plan (as amended from time to time, the “Plan”) (capitalized terms used but not defined herein shall have the respective meanings ascribed thereto by the Plan); 
 WHEREAS, the Grantee is an employee of the Manager (as defined below), who provides services as described below to the Manager, and as described below,
the Company; 
 WHEREAS, the Company and the Manager have expressly acknowledged the direct nature of the Grantee’s service for the
Company, and the grant made hereby is expressly acknowledged as being in consideration of such services; and 
 WHEREAS, the Manager,
pursuant to authority given to it under Sections 3.1(b) and 4.1(a) of the Plan, has determined that it is in the best interests of the Company and its stockholders to grant Restricted Stock to the Grantee subject to the terms and conditions set
forth below. 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 
  

	 	1.	Grant of Restricted Stock. 

 The Company hereby
grants the Grantee              Shares of Restricted Stock of the Company, subject to the following terms and conditions and subject to the provisions of the Plan. The Plan is hereby
incorporated herein by reference as though set forth herein in its entirety. 
  

	 	2.	Restrictions and Conditions. 

 The Restricted Stock
awarded pursuant to this Agreement and the Plan shall be subject to the following restrictions and conditions: 
 (i) Subject to clauses
(iii) and (iv) below, the period of restriction with respect to Shares granted hereunder (the “Restriction Period”) shall begin on the date hereof and lapse on the following schedule: 
  

			
	 For Period Ending On
	 	 Percent of Grant Vested

	June 9, 2006	 	33.33%
		
	June 9, 2007	 	66.66%
		
	June 9, 2008	 	100.00%

 Notwithstanding the foregoing, unless otherwise expressly provided by the Committee, the
Restriction Period with respect to such Shares shall only lapse as to whole Shares. 

 
Subject to the provisions of the Plan and this Agreement, during the Restriction Period, the Grantee shall not be permitted voluntarily or involuntarily to
sell, transfer, pledge, anticipate, alienate, encumber or assign the Shares (or have such Shares attached or garnished). 
 (ii) Except as
provided in the foregoing clause (i), below in this clause (ii) or in the Plan, the Grantee shall have, in respect of the Shares of Restricted Stock, all of the rights of a stockholder of the Company, including the right to vote the Shares and
the right to receive dividends. Certificates for Shares (not subject to restrictions) shall be delivered to the Grantee or his or her designee promptly after, and only after, the Restriction Period shall lapse without forfeiture in respect of
such Shares of Restricted Stock. Certificates for Shares (not subject to restrictions under the Plan) shall be delivered to the Grantee or his or her designee promptly after, and only after, the Restriction Period shall lapse without forfeiture
in respect of such Shares. 
 (iii) Subject to clause (iv) below, if the Grantee has a Termination of Service by the Company and its
Subsidiaries on account of Termination for Cause or Voluntary Resignation (as such terms are defined in the limited liability company agreement of LJMCO Management Dedicated Team Pool LLC (the “Dedicated Agreement”), or by the Grantee for
any reason, during the Restriction Period, then all Shares still subject to restriction shall thereupon, and with no further action, be forfeited by the Grantee. 
 (iv) In the event the Grantee has a Termination of Service on account of Termination Without Cause, Death, Permanent Disability or Retirement (as such terms are defined in the Dedicated Agreement), during the
Restriction Period, then the Restriction Period will immediately lapse as to an additional one-third of the Restricted Stock granted to the Grantee and all remaining Shares still subject to restriction shall thereupon, and with no further action, be
forfeited by the Grantee. 
  

	 	3.	Miscellaneous. 

  

	 	(a)	THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE
APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified except by a
written agreement executed by the parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision
of this Agreement. 

  

	 	(b)	 The Committee may make such rules and regulations and establish such procedures for the administration of this Agreement as it deems appropriate. Without limiting
the generality of the foregoing, the Committee may interpret the Plan and this Agreement, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law , provided that the
Committee’s interpretation shall not be entitled to deference on and after a Change in Control except to the extent that such interpretations are made exclusively by members of the Committee who are individuals who served as Committee members
before the Change in Control and take any other actions and make any other determinations or decisions that it deems 

  

 2 

	 	 
necessary or appropriate in connection with the Plan, this Agreement or the administration or interpretation thereof. In the event of any dispute or
disagreement as to interpretation of the Plan or this Agreement or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan or this Agreement, the decision of the Committee, except as
provided above, shall be final and binding upon all persons. 

  

	 	(c)	All notices hereunder shall be in writing, and if to the Company or the Committee, shall be delivered to the Board or mailed to its principal office, addressed to the attention of
the Board; and if to the Grantee, shall be delivered personally, sent by email or facsimile transmission or mailed to the Grantee at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to
the other party given in accordance with this paragraph 3(c). 

  

	 	(d)	The failure of the Grantee or the Company to insist upon strict compliance with any provision of this Agreement, or to assert any right the Grantee or the Company, respectively, may
have under this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

  

	 	(e)	Nothing in this Agreement shall confer on the Grantee any right to continue in the employ or other service of the Company or its Subsidiaries or interfere in any way with the right
of the Company or its Subsidiaries and its stockholders to terminate the Grantee’s employment or other service at any time. 

  

	 	(f)	It is acknowledged, agreed and understood that the grant made hereby is made to CBRE Realty Finance Management, LLC (the “Manager”) in consideration of services
rendered thereby, and in turn made by the Manager in consideration of the services rendered by the Grantee in connection with the Grantee’s employment by the Manager. For purposes of the provisions in paragraphs 2 and 3(e) above relating
to employment with the “Company” (and the termination thereof), and also for purposes of any references in the Plan to employment, “Company” shall mean the Manager or, as the context so requires, the affiliate of the Manager that
is the employer. 

  

	 	(g)	This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect
thereto. 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the day and year first above
written. 
  

			
	CBRE REALTY FINANCE, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	[Name of Grantee]

  

 3

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