Document:

EX-4.8

 Exhibit 4.8 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Deferral Election Agreement for Deferred Share Units 

DEFERRAL AGREEMENT (the “Deferral Agreement”), made this
            day of             ,             ,
            by and between             (the “Participant”), and Capital Trust, Inc. (the
“Company”). 
 WHEREAS, the Company has established the Capital Trust, Inc. 2011
Long-Term Incentive Plan (the “Plan”), which is attached as Exhibit A, a summary of which appears in its Prospectus attached as Exhibit B, and the Participant is eligible to participate in said Plan;

 WHEREAS, Section 8(a) of the Plan permits the Committee to authorize deferral compensation
elections with any deferred compensation being credited to Deferred Share Units (“DSUs”) in accordance with Section 8 of the Plan; 
 NOW, THEREFORE, it is mutually agreed as follows: 
 1. Term of
Election. This Deferral Agreement and the provisions of the Plan constitute the entire agreement between the parties, and will continue in full force and effect until, either you execute a superseding Deferral Agreement, you revoke
the Deferral Agreement in a writing sent to and approved by the Committee, you cease service with the Company, or the Plan is terminated by appropriate corporate action, whichever shall first occur. This Deferral Agreement will become effective:

  

	 	a.	 on the January 1st following the execution of this Deferral Agreement; or 

 

	 	b.	 on the first day of the next calendar month following the execution of this Deferral Agreement, but only if this Deferral Agreement is executed
within the 30-day period after you first become eligible for Plan participation. 

 2. Compensation
being Deferred. You make the following election (which shall supersede any prior election only to the extent of an election made affirmatively herein) to defer the following amount of fees/compensation for as long as this Deferral
Agreement is in effect: 
  

	 	a.	             percent (
            %) of the amount otherwise payable in cash. 

  

	 	b.	             percent (
            %) of the amount otherwise payable in shares of the Company’s common stock. 

 Notwithstanding this deferral election, whenever the Company pays cash dividends to its shareholders, you elect with respect to any DSUs credited pursuant to this Agreement – 

	 	 ̈	 to receive an immediate cash payment equal to the product of (i) the sum of the DSUs then credited to your account and (ii) the per Share
dividend, or 

  

	 	 ̈	 to receive additional DSU credits having a Fair Market Value (determined as of the date of any such dividend) equal to the cash that you would have
received if you had so elected above. 

 For purposes of this Agreement, “Fair Market Value” means,
as of any date (the “Determination Date”): (i) the closing sales price of a Share on the New York Stock Exchange, the NASDAQ or the American Stock Exchange (each, an “Exchange”), on the Determination Date, or,
if shares were not traded on the Determination Date, then on the nearest preceding trading day during which a sale occurred; or (ii) if such stock is not traded on an Exchange but is otherwise traded in the over-the-counter market, the mean
between the representative bid and asked prices on the Determination Date; or (iii) if subsections (i) and (ii) do not apply, the fair market value established in good faith by the Committee. 

3. Crediting, Vesting, and Distribution of Deferred Compensation. The Company agrees to make DSU credits in
accordance with Section 8 of the Plan and the elections that you make in the Distribution Election Agreement that is attached hereto as Exhibit C. 
 4. Taxes. Except to the extent otherwise specifically provided in an employment or consulting agreement between you and the Company or its Affiliates, by signing this Deferral Agreement, you
acknowledge that you shall be solely responsible for the satisfaction of any taxes that may arise pursuant to this Deferral Agreement (including taxes arising under Code Sections 409A (regarding deferred compensation) or 4999 (regarding golden
parachute excise taxes)), and that neither the Company nor the Committee shall have any obligation whatsoever to pay such taxes or to otherwise indemnify or hold you harmless from any or all of such taxes. The Committee shall have the sole
discretion to interpret the requirements of the Code, including Section 409A, for purposes of the Plan and this Deferral Agreement. 
 5. Designation of Beneficiary. Notwithstanding anything to the contrary contained herein or in the Plan, following the execution of this Deferral Agreement, you may expressly
designate a death beneficiary (the “Beneficiary”) to your rights and interest under this Deferral Agreement. You shall designate the Beneficiary by completing and executing a designation of beneficiary agreement substantially in the
form attached hereto to Exhibit D (“Designation of Death Beneficiary”) and delivering an executed copy of the Designation of Death Beneficiary to the Company. To the extent you do not duly designate a beneficiary who
survives you, your estate will automatically be your beneficiary. 
 6. Restrictions on Transfer of Award.
Your rights under this Deferral Agreement may not be sold, pledged, or otherwise transferred without the prior written consent of the Committee, except as provided in Section 12(a) of the Plan. Notwithstanding the foregoing, you may transfer
this Deferral Agreement – 
  

	 	(i)	 by instrument to your Immediate Family; 

  
 2 

	 	(ii)	 by instrument to an inter vivos or testamentary trust (or other entity) in which the Award is to be passed to the Participant’s designated
Beneficiaries; and 

  

	 	(iii)	 by gift to charitable institutions. 

 Any transferee of your rights shall succeed to and be subject to all of the terms of this Deferral Agreement and the Plan. 
 7. Conditions on Issuance of Shares; Transfer Restrictions. Notwithstanding any other provision of the Plan or of this Deferral Agreement: (i) the Committee may condition your
receipt of Shares on your execution of a shareholder agreement imposing terms generally applicable to other similarly-situated employee-shareholders; and (ii) any Shares issued pursuant to this Deferral Agreement shall be non-transferable until
the first day of the seventh month following the termination of your Continuous Service. 
 8. Notices. Any notice
or communication required or permitted by any provision of this Deferral Agreement to be given to you shall be in writing and shall be delivered: (i) electronically, (ii) personally, (iii) by certified mail, return receipt requested,
or (iv) by an internationally recognized overnight courier (e.g., FedEx). In the case of delivery pursuant to clauses (i), (iii) and (iv) of the immediately preceding sentence, addressed to as follows: 

 

	 	a.	 if to you, at the last address that the Company had for you on its records; 

 

	 	b.	 if to the Company, to Capital Trust, Inc., 410 Park Avenue, 14th Floor, New York, NY 10022, attention: Chief Financial Officer.

 Any such notice shall be deemed to be given as of the date such notice (i) is delivered personally,
(ii) is delivered electronically (if a business day and, if not a business day, on the next business day), (iii) on the second business day following the date sent by internationally recognized overnight courier and (iv) on the fourth
business day after deposited in the mail if sent by certified mail. Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Deferral Agreement. 

9. Binding Effect. Except as otherwise provided in this Deferral Agreement or in the Plan, every covenant, term, and
provision of this Deferral Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, permitted transferees, and permitted assigns. 

10. Modifications. This Deferral Agreement may be modified or amended at any time, in accordance with
Section 18 of the Plan and provided that you must consent in writing to any modification that adversely and materially affects your rights or obligations under this Deferral Agreement. 

11. Headings. Section and other headings contained in this Deferral Agreement are for reference purposes only and
are not intended to describe, interpret, define or limit the scope or intent of this Deferral Agreement or any provision hereof. 

  
 3 

 12. Not a Contract of Employment. By executing this Deferral Agreement
you acknowledge and agree that (i) nothing in this Deferral Agreement or the Plan confers on you any right to continue an employment, service or consulting relationship with the Company, nor shall it affect in any way your right or the
Company’s right to terminate your employment, service, or consulting relationship at any time, with or without Cause; and (ii) the Company would not have granted Deferred Share Units to you but for these acknowledgements and agreements.

 13. Severability. Subject to one exception, every provision of this Award and the Plan is intended to be
severable, and if any provision of the Plan or this Award is held by a court of competent jurisdiction to be invalid and unenforceable, the remaining provisions shall continue to be fully effective. The only exception is that this Award shall be
unenforceable if any provision of the preceding section (Not a Contract of Employment) is illegal, invalid, or unenforceable. 

14. Counterparts. This Deferral Agreement may be executed by the parties hereto in separate counterparts, each of
which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 
 15. Plan Governs. By signing this Deferral Agreement, you acknowledge that you have received a copy of the Plan and that your Deferral Agreement is subject to all the provisions
contained in the Plan, the provisions of which are made a part of this Deferral Agreement, and your Deferral Agreement is subject to all interpretations, amendments, rules and regulations which from time to time may be promulgated and adopted
pursuant to the Plan. In the event of a conflict between the provisions of this Deferral Agreement and those of the Plan, the provisions of the Plan shall control. 
 16. Investment Purposes. By executing this Deferral Agreement, you represent and warrant that any Shares issued to you pursuant to your Award will be held for investment for your own
account, and not with a view to, for resale in connection with, or with an intent of participating directly or indirectly in, any distribution of such Shares within the meaning of the Securities Act of 1933, as amended (the “Securities
Act”). 
 17. Prospectus and Securities Law Restrictions. By executing this Deferral Agreement you
acknowledge that you have received a copy of the Prospectus describing the Plan. A copy of the Plan’s Prospectus is attached as Exhibit B. Regardless of whether the offering and sale of Shares under the Plan have been registered
under the Securities Act, or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of
appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act or the securities laws
of any state or any other law or to enforce the intent of this Deferral Agreement. 
 18. Long-term Consideration for
Award. [OPTIONAL] The terms and conditions set forth in Exhibit E are hereby incorporated by reference and made an integral part of this Deferral Agreement. An invalidation of all or part of Exhibit E, or
your commencement of litigation to invalidate, modify, or alter the terms and conditions set forth in Exhibit E, shall cause this Award to become null, void, and unenforceable. 

  
 4 

 19. Definitions. Terms beginning with initial capital letters within
this Deferral Agreement have the meanings set forth in the Plan (or in this Deferral Agreement, if defined herein). 
 20.
Governing Law. The laws of the State of New York shall govern the validity of this Deferral Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto. 

  
 5 

 BY YOUR SIGNATURE BELOW, along with the signature of the Company’s
representative, you and the Company agree that this Award is being made under and governed by the terms and conditions of this Deferral Agreement and the Plan. 

 

			
	CAPITAL TRUST, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	PARTICIPANT
	
	Signature:___________________________________
		
	Printed Name of Participant:	 	  

  
 6 

 EXHIBIT A 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Plan Document 

 EXHIBIT B 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Plan Prospectus 

  
 B-1

 EXHIBIT C 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Distribution Election Agreement regarding Deferred Share Units 

DISTRIBUTION ELECTION AGREEMENT, made this
            day of             ,             , by and between
            (the “Participant”), and Capital Trust, Inc. (the “Company”), with respect to compensation that you defer pursuant to the terms and conditions of the
Deferral Agreement (the “Deferral Agreement”) dated             ,             between the Participant and the Company
(this “Election Agreement”). 
 WHEREAS, the Company has established the Capital Trust, Inc.
2011 Long-Term Incentive Plan (the “Plan”), and you have elected to defer compensation and thereby to participate in said Plan and to accrue Deferred Share Units (“DSUs”) in accordance with Section 8 of the Plan; 

NOW THEREFORE, it is mutually agreed as follows: 

1. Form and Time of Payment. By the execution hereof, I agree to participate in the Plan, upon the terms and
conditions set forth therein, and, in accordance therewith, elect to have my Account distributed to me in whole Shares (with cash being paid in lieu of fractional Shares), upon the earliest of the events checked below: 

 

					
	 Event
	  	 Form of Distribution
	  	 Time of Distribution

			
	             My Death
	  	  ̈  One lump sum
distribution.
  
  ̈  Substantially equal annual payments over a period of         years (up to 10).
	  	  ̈ As soon as practicable.

 
  ̈ The next January 1st.

 
  ̈
Other:                        .

			
	             My Disability
	  	  ̈  One lump sum
distribution.
  
  ̈  Substantially equal annual payments over a period of         years (up to 10).
	  	  ̈ As soon as practicable.

 
  ̈ The next January 1st.

 
  ̈
Other:                        .

			
	             My Other Separation from Service
	  	  ̈  One lump sum
distribution.
  
  ̈  Substantially equal annual payments over a period of         years (up to 10).
	  	  ̈ As soon as practicable.

 
  ̈ The next January 1st.

 
  ̈
Other:                        .

  
 C-1

  

					
	 Event
	  	 Form of Distribution
	  	 Time of Distribution

			
	              Change in Control
	  	  ̈  One lump sum
distribution.
  
  ̈  Substantially equal annual payments over a period of         years (up to 10).
	  	  ̈ As soon as practicable.

 
  ̈ The next January 1st.

 
  ̈
Other:                        .

	             Specified

Date
	  	  
  ̈  One lump sum distribution.
  

 ̈  Substantially equal annual payments
over a period of         years (up to 10).
	  	  
 Date:
                    ,                    
..

 2. Designation of Beneficiary. In the event of my death before I have collected
all of the benefits payable under the Plan, I hereby direct that any remaining benefits payable under the Plan be distributed to the beneficiary or beneficiaries I have designated pursuant to Exhibit D to the Deferral Agreement.

 3. Effect of Election. I recognize and agree that the elections made in Section 1 hereof apply to
the entire value of my account, and these elections may only be changed at least one year in advance of the earliest date on which payments would otherwise commence pursuant to Section 1 hereof, and may only be changed pursuant to an election
that conforms with the requirements set forth in Section 9 of the Plan. 
 With respect to the elections
made in Section 1 hereof, I may, by submitting an effective superseding Deferral Agreement at any time and from time to time, prospectively change the beneficiary designation and the manner of payment to a beneficiary. Such elections shall,
however, become irrevocable upon my death. 
 4. Taxes. By signing this Election, you acknowledge that
you shall be solely responsible for the satisfaction of any taxes that may arise in connection with my participation in the Plan (including taxes arising under Sections 409A or 4999 of the Code), and that neither the Company nor any of its officers,
directors, employees, or other service providers shall have any obligation whatsoever to pay such taxes or to otherwise indemnify or hold you harmless from any or all of such taxes. 

The Committee shall nevertheless have the discretion (i) to condition any issuance of Shares on my satisfaction of
applicable employment and withholding taxes; (ii) to unilaterally interpret the election made in Section 1 hereof in any manner that conforms with the requirements of Section 409A of the Code; (iii) to modify or void any election
of mine to the extent it would violate Section 409A of the Code, and (iv) for any distribution election that would violate Section 409A of the Code, to defer distributions pursuant hereto until the earliest to occur of a distribution
event that is allowable under Section 409A of the Code or any distribution event that is both allowable under Section 409A of the Code and is duly elected by me. 

5. Mutual Commitments. The Company agrees to make payment of all amounts due to me in accordance with the terms of
the Plan and the elections I make herein. I agree to be bound by the terms of the Plan, as in effect on the date hereof or properly amended hereafter. 

  
 C-2

 6. The terms of Sections 6 through 18 of the Deferral Agreement are incorporated herein by
reference, and shall apply to this Election Agreement based on the understanding that references in such Sections to the Deferral Agreement shall refer to the Election Agreement for purposes hereof. 

[Signature Page to Follow] 

  
 C-3

 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands the day and year first
above-written. 
  

			
	CAPITAL TRUST, INC.
		
	By:	 	 
		
	Printed Name:	 	 
	A duly authorized executive officer

  

			
	PARTICIPANT
		
	My Signature:	 	 
		
	My Printed Name:	 	 

  
 C-4

 EXHIBIT D 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Designation of Death Beneficiary 
 In connection with the Awards designated below that I have received pursuant to the Capital Trust, Inc. 2011 Long-Term Incentive Plan (the “Plan”), I hereby designate the person specified below
as the beneficiary upon my death of my interest in such Awards. This designation shall remain in effect until revoked in writing by me: 
  

							
		  	Name of Beneficiary:	  	  
	  	
		  	Address:	  	  
	  	
		  		  	  
	  	
		  		  	  
	  	
		  	Social Security No.:	  	  
	  	

 This beneficiary designation relates to any and all of my rights under the following
Award or Awards: 
  

	 	 ̈	 any Award that I have received or ever receive under the Plan. 

 

	 	 ̈	 the             Award that I received pursuant to an award agreement dated
            ,             between me and Capital Trust, Inc. (the “Company”). 

I understand that this designation operates to entitle the above named beneficiary, in the event of my death, to any and
all of my rights under the Award(s) designated above from the date this form is delivered to the Company until such date as this designation is revoked in writing by me, including by delivery to the Company of a written designation of beneficiary
executed by me on a later date. 
  

			
		
	Date:	 	 
		
	By:	 	 
		 	Name of Participant

 Sworn to before me this 
             day of                     ,
20             

	
	  

 Notary Public 

County of
                             
 State of                                 

 EXHIBIT E 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Long-Term Consideration and 
 Company Recovery for Breach 
 By signing and accepting your Award
Agreement, you recognize and agree that the Company’s key consideration in granting you an Award is securing your long-term commitment to serve as its             [include job title
or description] who will advance and promote the Company’s business interests and objectives. Accordingly, you agree that your Award shall be subject to the terms and conditions set forth in Section 14 of the Plan (relating to the
termination, rescission, and recapture if you violate certain commitments made therein to the Company), as well as to the following terms and conditions as material and indivisible consideration for this Award: 

(a) Fiduciary Duty. During your employment with the Company you shall devote your full energies, abilities,
attention and business time to the performance of your job responsibilities and shall not engage in any activity which conflicts or interferes with, or in any way compromises, your performance of such responsibilities. 

(b) Confidential Information. You recognize that by virtue of your employment with the Company, you will be
granted otherwise prohibited access to confidential information and proprietary data which are not known, and not readily accessible to the Company’s competitors. This information (the “Confidential Information”) includes, but is not
limited to, current and prospective customers; the identity of key contacts at such customers; customers’ particularized preferences and needs; marketing strategies and plans; financial data; personnel data; compensation data; proprietary
procedures and processes; and other unique and specialized practices, programs and plans of the Company and its customers and prospective customers. You recognize that this Confidential Information constitutes a valuable property of the Company,
developed over a significant period of time and at substantial expense. Accordingly, you agree that you shall not, at any time during or after your employment with the Company, divulge such Confidential Information or make use of it for your own
purposes or the purposes of any person or entity other than the Company. 
 (c) Non-Solicitation of
Customers. You recognize that by virtue of your employment with the Company you will be introduced to and involved in the solicitation and servicing of existing customers of the Company and new customers obtained by the Company during your
employment. You understand and agree that all efforts expended in soliciting and servicing such customers shall be for the permanent benefit of the Company. You further agree that during your employment with the Company you will not engage in any
conduct which could in any way jeopardize or disturb any of the Company’s customer relationships. You also recognize the Company’s legitimate interest in protecting, for a reasonable period of time after your employment with the Company,
the Company’s customers. Accordingly, you agree that, for a period beginning on the date hereof and ending one (1) year after termination of your employment with the Company, regardless of the reason for such termination, you shall not,
directly or indirectly, without the prior written consent of the Chairman of the Company, market, offer, sell or otherwise furnish any products or services similar to, or otherwise competitive with, those offered by the Company to any customer of
the Company. 

  
 E-1

 (d) Non-Solicitation of Employees. You recognize the substantial
expenditure of time and effort which the Company devotes to the recruitment, hiring, orientation, training and retention of its employees. Accordingly, you agree that, for a period beginning on the date hereof and ending one (1) year after
termination of your employment with the Company, regardless of the reason for such termination, you shall not, directly or indirectly, for yourself or on behalf of any other person or entity, solicit, offer employment to, hire or otherwise retain
the services of any employee of the Company. 
 (e) Survival of Commitments; Potential Recapture of Award and
Proceeds. You acknowledge and agree that the terms and conditions of this Section regarding confidentiality and non-solicitation shall survive both (i) the termination of your employment with the Company for any reason, and (ii) the
termination of the Plan, for any reason. You acknowledge and agree that the grant of an Award is just and adequate consideration for the survival of the restrictions set forth herein, and that the Company may pursue any or all of the following
remedies if you either violate the terms of this Section or succeed for any reason in invalidating any part of it (it being understood that the invalidity of any term hereof would result in a failure of consideration for the Award): 

 

	 	(i)	 declaration that the Award is null and void and of no further force or effect; 

 

	 	(ii)	 recapture of any Shares issued to you, or any designee or beneficiary of you, pursuant to an Award; 

 

	 	(iii)	 recapture of the proceeds, plus reasonable interest, with respect to any Shares that are both issued pursuant to this your Award and sold or
otherwise disposed of by you, or any designee or beneficiary of you. 

 The remedies provided above are not
intended to be exclusive, and the Company may seek such other remedies as are provided by law, including equitable relief. 
 (g) Acknowledgement. You acknowledge and agree that your adherence to the foregoing requirements will not prevent you from engaging in your chosen occupation and earning a satisfactory livelihood
following the termination of your employment with the Company. 

  
 E-2EX-4.9

 Exhibit 4.9 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Performance Restricted Share Unit Award Agreement 

You are hereby awarded Performance Restricted Share Units (the “RSUs”) subject to the terms and
conditions set forth in this Restricted Share Unit Award Agreement (the “Award Agreement” or “Award”) and in the Capital Trust, Inc. 2011 Long-Term Incentive Plan (“Plan”), which is attached hereto
as Exhibit A. A summary of the Plan appears in its Prospectus, which is attached as Exhibit B. Terms beginning with initial capital letters within this Agreement have the meanings set forth in the Plan (or in this Award
Agreement, if defined herein). 
 This Award is conditioned on your execution of this Award Agreement within ten
(10) days after the Grant Date specified in Section 1 below. By executing this Award Agreement, you will be irrevocably agreeing that all of your rights under this Award will be determined solely and exclusively by reference to the terms
and conditions of the Plan, subject to the provisions set forth below. As a result, you should not execute this Award Agreement until you have (i) carefully considered the terms and conditions of the Plan and this Award (including
all of the attached Exhibits), and (ii) consulted with your personal legal and tax advisors about all of these documents. 
  

	1.	 Specific Terms. The RSUs are being granted pursuant to Section 9(b) of the Plan as a “Performance Compensation Award”,
and shall have the terms set forth in the table below; subject, absolutely, to the terms of the Plan and to the Committee’s discretion to interpret the Plan and this Award in any manner that the Committee may deem reasonably necessary or
appropriate in order for this Award to satisfy the requirements for “performance-based compensation” within the meaning of Section 162(m)(4) of the Code, and associated tax regulations and rulings. Your RSUs have the following terms:

  

			
	 Name of Participant
	  	
		
	 Number of Shares Subject to Award
	  	
		
	 Purchase Price per Share (if applicable)
	  	Not applicable.
		
	 Grant Date
	  	                    ,
20        .
		
	 Performance Period
	  	
		
	 Performance Measure(s)
	  	See Exhibit C attached hereto.
		
	 Performance Formula(e)
	  	See Exhibit C attached hereto.

			
	 Accelerated Vesting
	  	 Not permitted (mainly to qualify for exemption under Code Section 162(m) regulations).

		
	 Deferral Elections
	  	  ̈       Not
Permitted.

		
		  	  ̈       Permitted through
an election using the form attached as Exhibit D.

		
	 Recapture and Recoupment
	  	 x       Section 14 of the
Plan shall apply re Termination, Rescission, and   Recapture of this Award.

		
		  	 x       Section 15 of the
Plan shall apply re Recoupment of this Award.

  

	2.	 Termination of Continuous Service. Subject to the terms of any employment agreement between you and the Company (and/or any
Affiliate of the Company) that is in effect when your Continuous Service terminates, this Award shall be canceled and become automatically null and void immediately after termination of your Continuous Service for any reason, but only to the extent
you have not become vested, pursuant to terms of Section 1 above, on or before the time your Continuous Service ends. 

  

	3.	 Satisfaction of Performance Measures. No Shares will be issued before the Performance Measure(s) for such award is achieved and
the Performance Formula(e) as applied against the Performance Measure(s) determines that all or some of the RSUs have been earned. As soon as practicable after the later of (i) the date on which the Committee certifies in writing that your RSUs
have been earned in whole or in part, or (ii) the distribution date or dates set forth in your deferral and distribution election forms (if allowed under Section 1 and made by you), the Company will issue to you or your duly-authorized
transferee, free from vesting restrictions (but subject to such legends as the Company determines to be appropriate), one Share for each vested RSU with such number of Shares issued to you being reduced by a number of Shares having a Fair Market
Value equal to the sum of the par value per Share issued (as payment thereof) plus the minimum statutory tax withholding required in connection with the vesting of your RSUs, and with cash being withheld from your pay for any additional withholding
and employment taxes that applicable tax laws may require. Stock certificates evidencing Shares will not be delivered to you until all applicable conditions of this Award have been satisfied, including all employment and tax-withholding obligations.

  

	4.	 Dividends. You shall have Dividend Equivalent Rights with respect to this Award, and Section 10 of the Plan shall
accordingly determine your right to collect any cash dividends or stock dividends that are declared and paid to the holders of Shares between the Grant Date and each vesting date or, as applicable, any deferred settlement date upon which you are
entitled to receive Shares to settle this Award provided, however, that any dividends payable in cash shall be paid out in cash on the date set for payment of dividends to stockholders, unless such payment has been deferred through your
election made pursuant to Exhibit D. 

  

	5.	 CTIMCO Change in Control. 

  

	 	(a)	 As a condition to the consummation of any CTIMCO Change in Control (as defined below), the Company shall cause the successor or acquiror in the
merger, consolidation or other acquisition with or of CTIMCO (the “CTIMCO Successor”) to assume this Award so that the CTIMCO Successor shall become bound by all of the Company’s obligations hereunder. Your right to RSUs shall
continue to vest in accordance with Section 1 hereof, provided that you are employed by the CTIMCO 

  
 2 

 Successor or its Affiliates at the time of such vesting. The term
“CTIMCO Change in Control” shall have the same meaning as the term Change in Control substituting “CTIMCO” (as defined below) for “Company” mutatis mutandis for purposes of interpretation.
“CTIMCO” means CT Investment Management Co., LLC. 
  

	 	(b)	 As a condition to the consummation of any Successor Change in Control (as defined below), the CTIMCO Successor shall cause the successor or acquiror
in the merger, consolidation or other acquisition transaction (the “Successor’s Successor”) to assume this Award so that the Successor’s Successor shall become bound by all of the Company’s obligations hereunder. Your
right to RSUs shall continue to vest in accordance with Section 1 hereof, provided that you are employed by the Successor’s Successor or its Affiliates at the time of such vesting. The term “Successor Change in Control”
shall have the same meaning as the term Change in Control substituting “Successor’s Successor” (as defined herein) for “Company” mutatis mutandis for purposes of interpretation. 

 

	6.	 Designation of Beneficiary. Notwithstanding anything to the contrary contained herein or in the Plan, following the execution
of this Award Agreement, you may expressly designate a death beneficiary (the “Beneficiary”) to your interest, if any, in this Award and any underlying Shares. You shall designate the Beneficiary by completing and executing a
designation of beneficiary agreement substantially in the form attached hereto as Exhibit E (the “Designation of Death Beneficiary”) and delivering an executed copy of the Designation of Death Beneficiary to the
Company. To the extent you do not duly designate a beneficiary who survives you, your estate will automatically be your beneficiary. 

  

	7.	 Restrictions on Transfer of Award. Your rights under this Award Agreement may not be sold, pledged, or otherwise transferred
without the prior written consent of the Committee, except as provided in Section 12(a) of the Plan. Notwithstanding the foregoing, subject to such terms and conditions as the Committee deems appropriate, you may transfer this Award—

  

	 	(i)	 by instrument to your Immediate Family; 

  

	 	(ii)	 by instrument to an inter vivos or testamentary trust (or other entity) in which the Award is to be passed to the Participant’s designated
Beneficiaries; and 

  

	 	(iii)	 by gift to charitable institutions. 

 Any transferee of your rights shall succeed to and be subject to all of the terms of this Award Agreement and the Plan. 
  

	8.	 Taxes. Except to the extent otherwise specifically provided in an employment or consulting agreement between you and the
Company or its Affiliates, by signing this Award Agreement, you acknowledge that you shall be solely responsible for the satisfaction of any taxes that may arise pursuant to this Award (including taxes arising under Code Sections 409A (regarding
deferred compensation) or 4999 (regarding golden parachute excise taxes)), and that neither the Company nor the Committee shall have any obligation whatsoever to pay such taxes or to otherwise indemnify or hold you harmless from any or all of such
taxes. 

  
 3 

 The Committee shall have the sole discretion to interpret the requirements
of the Code, including Section 409A, for purposes of the Plan and this Award Agreement. 
  

	9.	 Investment Purposes. By executing this Award Agreement, you represent and warrant that any Shares issued to you pursuant to
your RSUs will be for investment for your own account and not with a view to, for resale in connection with, or with an intent of participating directly or indirectly in, any distribution of such Shares within the meaning of the Securities Act of
1933, as amended (the “Securities Act”). 

  

	10.	 Prospectus and Securities Law Restrictions. By executing this Award Agreement you acknowledge that you have received a copy of
the Prospectus describing the Plan. A copy of the Plan’s Prospectus is attached as Exhibit B. Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act, or have been
registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates or the
imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act or the securities laws of any state or any other law or to enforce the
intent of this Award. 

  

	11.	 Headings. Section and other headings contained in this Award Agreement are for reference purposes only and are not intended to
describe, interpret, define or limit the scope or intent of this Award Agreement or any provision hereof. 

  

	12.	 Not a Contract of Employment. By executing this Award Agreement, you acknowledge and agree that (i) any person who is
terminated before full vesting of an award, such as the one granted to you by this Award Agreement, could claim that he or she was terminated to preclude vesting; (ii) you promise never to make such a claim; (iii) nothing in this Award
Agreement or the Plan confers on you any right to continue an employment, service or consulting relationship with the Company, nor shall it affect in any way your right or the Company’s right to terminate your employment, service, or consulting
relationship at any time, with or without Cause; and (iv) the Company would not have granted this Award to you but for these acknowledgements and agreements. 

 

	13.	 Severability. Subject to one exception, every provision of this Award and the Plan is intended to be severable, and if any
provision of the Plan or this Award is held by a court of competent jurisdiction to be invalid and unenforceable, the remaining provisions shall continue to be fully effective. The only exception is that this Award shall be unenforceable if any
provision of the preceding section (Not a Contract of Employment) is illegal, invalid, or unenforceable. 

  

	14.	 Counterparts. This Award Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 

  

	15.	 Notices. Any notice or communication required or permitted by any provision of this Award Agreement to be given to you shall be
in writing and shall be delivered: (i) electronically, (ii) personally, (iii) by certified mail, return receipt requested, or (iv) by an internationally recognized overnight courier (e.g., FedEx). In the case of delivery pursuant
to clauses (i), (iii) and (iv) of the immediately preceding sentence, addressed to as follows: 

  
 4 

	 	(a)	 if to you, at the last address that the Company had for you on its records; 

 

	 	(b)	 if to the Company, to Capital Trust, Inc., 410 Park Avenue, 14th Floor, New York, NY 10022, attention: Chief Financial Officer.

 Any such notice shall be deemed to be given as of the date such notice (i) is
delivered personally, (ii) is delivered electronically (if a business day and, if not a business day, on the next business day), (iii) on the second business day following the date sent by internationally recognized overnight courier and
(iv) on the fourth business day after deposited in the mail if sent by certified mail. Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Award Agreement.

  

	16.	 Binding Effect. Except as otherwise provided in this Award Agreement or in the Plan, every covenant, term, and provision of
this Award Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, permitted transferees, and permitted assigns. 

 

	17.	 Modifications. This Award Agreement may be modified or amended at any time, in accordance with Section 18 of the Plan and
provided that you must consent in writing to any modification that adversely and materially affects any rights or obligations under this Award Agreement. 

 

	18.	 Plan Governs. By signing this Award Agreement, you acknowledge that you have received a copy of the Plan, and that your Award
Agreement is subject to all the provisions contained in the Plan, the provisions of which are made a part of this Award Agreement and your Award is subject to all interpretations, amendments, rules and regulations which from time to time may be
promulgated and adopted pursuant to the Plan. In the event of a conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control. 

 

	19.	 Employment Agreement Provision [OPTION IF EMPLOYEE HAS AN EMPLOYMENT AGREEMENT] By executing this Award Agreement, you acknowledge and
agree that your rights upon a termination of employment before full vesting of this Award will be determined under Section            of your employment agreement with the Company and
                    , dated as of
            ,            20            .

  

	20.	 Long-term Consideration for Award. [OPTIONAL] The terms and conditions set forth in Exhibit F are hereby incorporated by
reference and made an integral part of this Award Agreement. An invalidation of all or part of Exhibit F, or your commencement of litigation to invalidate, modify, or alter the terms and conditions set forth in Exhibit F,
shall cause this Award to become null, void, and unenforceable. 

  

	21.	 Governing Law. The laws of the State of New York shall govern the validity of this Award Agreement, the construction of its
terms, and the interpretation of the rights and duties of the parties hereto. 

  
 5 

 BY YOUR SIGNATURE BELOW, along with the signature of the Company’s
representative, you and the Company agree that this Award is made under and governed by the terms and conditions of this Award Agreement and the Plan. 

 

					
	CAPITAL TRUST, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

			
	
	PARTICIPANT
		
	Signature:	 	  

 

			
		
	Printed Name of Participant:	 	  

  
 6 

 EXHIBIT A 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Plan Document 
 (attached under this page) 

  
 A-1

 EXHIBIT B 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Plan Prospectus 

  
 B-1

 EXHIBIT C 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Performance Measures and Performance Formula for Performance Shares 

 

			September 30,		September 30,		September 30,		September 30,
	 Performance Measure
	    	Threshold	    	Target	    	Maximum	    	Weight
		    		    		    		    	

 Range of Award Amounts for Use in Calculation 

 

			September 30,		September 30,
	 Threshold Award Amount
	    	Target Award Amount	    	Maximum Award Amount
		    		    	

 Performance Formula: 
 [•] 

  
 C-1

 EXHIBIT D 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Deferral and Distribution Election 
 (if allowed under Section 1 of the RSU Award Agreement) 

DEFERRAL AND DISTRIBUTION ELECTION (the “Election”), made this
         day of             ,         , by me, as the undersigned participant in the above-referenced plan
(the “Plan”) that is sponsored by Capital Trust, Inc. (the “Company”). 

WHEREAS, I have received an Award of RSUs pursuant to an Award Agreement dated
                     , 201         (my “RSU Award”) that permits me to make a deferral
election pursuant to Section 7(e) of the Plan, and I desire to make such an election subject to the terms and conditions hereof. 
 NOW, THEREFORE, I hereby elect as follows, and the Company agrees to be bound by the terms of my elections herein effective immediately, provided that, within 30 days after the Grant
Date set forth in my RSU Award, I provide an executive officer of the Company (other than myself) with an original copy of my completed and fully-executed Election herein: 
 1. Defined Terms. Terms beginning with initial capital letters within this Election have the special meaning defined in the Plan or my RSU Award (or in this Election for definitions
set forth herein). 
 2. Provisions Incorporated by Reference. The terms of my RSU Award are incorporated herein by
reference. 
 3. Term of Election. This Election and the provisions of my RSU Award and the Plan constitute
the entire agreement between me and the Company regarding this matter, and will continue in full force and effect until and unless I execute a superseding distribution election pursuant to Section 8(c)(ii) of the Plan. 

4. RSUs being Deferred. I hereby elect to defer the receipt of
             percent (    %) of the Shares that would otherwise be transferred to me more than 12 months after the date of this deferral election (or upon my earlier
death). I understand and recognize that pursuant to this Election, the Company agrees to credit me on its books and records with DSUs pursuant to the terms and conditions of Section 8 of the Plan. Notwithstanding this deferral election,
whenever the Company pays cash dividends to its shareholders, I elect with respect to any DSUs credited pursuant to this Agreement and any RSUs issued to me that have not vested – 

 

			
	  ̈
	  	to receive an immediate cash payment equal to the product of (i) the sum of the DSUs and RSUs then credited to my account and (ii) the per Share dividend, or

  

			
	  ̈
	  	to receive additional DSU credits having a Fair Market Value (determined as of the date of any such dividend) equal to the cash that I would have received if I had so elected
above.

  
 D-1

 For purposes of this Agreement, “Fair Market Value” means, as of any date (the
“Determination Date”): (i) the closing sales price of a Share on the New York Stock Exchange, the NASDAQ or the American Stock Exchange (each, an “Exchange”), on the Determination Date, or, if shares were not
traded on the Determination Date, then on the nearest preceding trading day during which a sale occurred; or (ii) if such stock is not traded on an Exchange but is otherwise traded in the over-the-counter market, the mean between the
representative bid and asked prices on the Determination Date; or (iii) if subsections (i) and (ii) do not apply, the fair market value established in good faith by the Committee. 

5. Settlement of DSUs. The Company agrees to settle my DSUs through issuing unrestricted Shares (with cash being paid in
lieu of fractional Shares) in accordance with the earliest to occur of the events determined pursuant to my elections in the following schedule: 
  

					
	 Event
	  	 Form of Distribution
	  	 Time of Distribution

			
	          My Death
	  	
 ̈       One
lump sum distribution.
  
  ̈       Substantially equal annual payments over a period of          years (up
to 10).
	  	
 ̈       As
soon as practicable.
  
  ̈       The next January 1st.
  

 ̈       
Other:                    .

			
	          My Disability
	  	
 ̈       One
lump sum distribution.
  
  ̈       Substantially equal annual payments over a period of          years (up
to 10).
	  	
 ̈       As
soon as practicable.
  
  ̈       The next January 1st.
  

 ̈       
Other:                    .

			
	          My Other Separation from Service
	  	
 ̈       One
lump sum distribution.
  
  ̈       Substantially equal annual payments over a period of          years (up
to 10).
	  	
 ̈       As
soon as practicable.
  
  ̈       The next January 1st.
  

 ̈       
Other:                    .

			
	          Change in Control
	  	
 ̈       One
lump sum distribution.
  
  ̈       Substantially equal annual payments over a period of          years (up
to 10).
	  	
 ̈       As
soon as practicable.
  
  ̈       The next January 1st.
  

 ̈       
Other:                    .

			
	          Specified Date
	  	
 ̈       One
lump sum distribution.
  
  ̈       Substantially equal annual payments over a period of          years (up
to 10).
	  	  ̈       Date:
                    ,         .

 Note: the term “Separation from Service” means the first to occur of a
termination of your Continuous Service, or your “separation from service” within the meaning of Code Section 409A and associated rulings and regulations (with such separation being presumed to occur if based on a 50% or more reduction
in your service, as determined thereunder). 

  
 D-2

 6. Taxes. By signing this Election, you acknowledge that you shall be solely
responsible for the satisfaction of any taxes that may arise pursuant to this Award (including taxes arising under Sections 409A or 4999 of the Code), and that neither the Company nor any of its officers, directors, employees, or other service
providers shall have any obligation whatsoever to pay such taxes or to otherwise indemnify or hold you harmless from any or all of such taxes. 
 The Committee shall nevertheless have the discretion (i) to condition any issuance of Shares on my satisfaction of applicable employment and withholding taxes; (ii) to unilaterally interpret
this Election in any manner that conforms with the requirements of Section 409A of the Code; (iii) to modify or void any election of mine to the extent it would violate Section 409A of the Code, and (iv) for any distribution
election that would violate Section 409A of the Code, to defer distributions pursuant hereto until the earliest to occur of a distribution event that is allowable under Section 409A of the Code or any distribution event that is both
allowable under Section 409A of the Code and is duly elected by me. 
 7. Effect of This Election. I
recognize and agree that the Company will honor the terms and conditions of this Election, subject to any provisions of the Plan or my RSU Award that are not patently inconsistent herewith. 

IN WITNESS WHEREOF, I have made this election on the day and year first above-written. 

 

			
	PARTICIPANT	 	
		
	 My Signature:
	 	  

		
	 My Printed Name:
	 	  

  
 D-3

 EXHIBIT E 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Designation of Death Beneficiary 
 In connection with the Awards designated below that I have received pursuant to the Capital Trust, Inc. 2011 Long-Term Incentive Plan (the “Plan”), I hereby designate the person specified
below as the beneficiary upon my death of my interest in such Awards. This designation shall remain in effect until revoked in writing by me. 
  

			
	 Name of Beneficiary:
	  	  

		
	Address:	  	  

		
		  	  

		
		  	  

		
	Social Security No.:	  	  

  
  
 This beneficiary designation relates to any and all of my rights under the following Award or Awards: 
  

	 	 ̈	 any Award that I have received or ever receive under the Plan. 

 

	 	 ̈	 the              Award that I received pursuant to an award agreement dated
            ,          between myself and the Company. 

I understand that this designation operates to entitle the above named beneficiary, in the event of my death, to any and
all of my rights under the Award(s) designated above from the date this form is delivered to the Company until such date as this designation is revoked in writing by me, including by delivery to the Company of a written designation of beneficiary
executed by me on a later date. 
  

			
	Date:	 	  

		
	By:	 	  

		 	Name of Participant

 Sworn to before me this 
         day of             ,
20                     
 Notary Public

 County of                     

State of                        

  
 E-1

 EXHIBIT F 
 CAPITAL TRUST, INC. 
 2011 LONG-TERM INCENTIVE PLAN 

Long-Term Consideration and 
 Company Recovery for Breach 
 By signing and accepting your Award
Agreement, you recognize and agree that the Company’s key consideration in granting this Award is securing your long-term commitment to serve as its             [include job title
or description] who will advance and promote the Company’s business interests and objectives. Accordingly, you agree that this Award shall be subject to the terms and conditions set forth in Section 14 of the Plan (relating to the
termination, rescission, and recapture if you violate certain commitments made therein to the Company), as well as to the following terms and conditions as material and indivisible consideration for this Award: 

(a) Fiduciary Duty. During your employment with the Company you shall devote your full energies, abilities,
attention and business time to the performance of your job responsibilities and shall not engage in any activity which conflicts or interferes with, or in any way compromises, your performance of such responsibilities. 

(b) Confidential Information. You recognize that by virtue of your employment with the Company, you will be
granted otherwise prohibited access to confidential information and proprietary data which are not known, and not readily accessible to the Company’s competitors. This information (the “Confidential Information”) includes, but is not
limited to, current and prospective clients; the identity of key contacts at such clients; clients’ particularized preferences and needs; marketing strategies and plans; financial data; personnel data; compensation data; proprietary procedures
and processes; and other unique and specialized practices, programs and plans of the Company and its clients and prospective clients. You recognize that this Confidential Information constitutes a valuable property of the Company, developed over a
significant period of time and at substantial expense. Accordingly, you agree that you shall not, at any time during or after your employment with the Company, divulge such Confidential Information or make use of it for your own purposes or the
purposes of any person or entity other than the Company. 
 (c) Non-Solicitation of Clients. You
recognize that by virtue of your employment with the Company you will be introduced to and involved in the solicitation and servicing of existing clients of the Company and new clients obtained by the Company during your employment. You understand
and agree that all efforts expended in soliciting and servicing such clients shall be for the permanent benefit of the Company. You further agree that during your employment with the Company you will not engage in any conduct which could in any way
jeopardize or disturb any of the Company’s customer relationships. You also recognize the Company’s legitimate interest in protecting, for a reasonable period of time after your employment with the Company, the Company’s clients.
Accordingly, you agree that, for a period beginning on the date hereof and ending one (1) year after termination of your employment with the Company, regardless of the reason for such termination, you shall not, directly or indirectly, without
the prior written consent of the Chairman of the Company, market, offer, sell or otherwise furnish any products or services similar to, or otherwise competitive with, those offered by the Company to any customer of the Company. 

  
 F-1

 (d) Non-Solicitation of Employees. You recognize the substantial
expenditure of time and effort which the Company devotes to the recruitment, hiring, orientation, training and retention of its employees. Accordingly, you agree that, for a period beginning on the date hereof and ending one (1) year after
termination of your employment with the Company, regardless of the reason for such termination, you shall not, directly or indirectly, for yourself or on behalf of any other person or entity, solicit, offer employment to, hire or otherwise retain
the services of any employee of the Company. 
 (e) Survival of Commitments; Potential Recapture of Award and
Proceeds. You acknowledge and agree that the terms and conditions of this Section regarding confidentiality and non-solicitation shall survive both (i) the termination of your employment with the Company for any reason, and (ii) the
termination of the Plan, for any reason. You acknowledge and agree that the grant of RSUs in this Award Agreement is just and adequate consideration for the survival of the restrictions set forth herein, and that the Company may pursue any or all of
the following remedies if you either violate the terms of this Section or succeed for any reason in invalidating any part of it (it being understood that the invalidity of any term hereof would result in a failure of consideration for the Award):

  

	 	(i)	 declaration that the Award is null and void and of no further force or effect; 

 

	 	(ii)	 recapture of any Shares issued to you, or any designee or beneficiary of you, pursuant to the Award; 

 

	 	(iii)	 recapture of the proceeds, plus reasonable interest, with respect to any Shares that are both issued pursuant to this Award and sold or otherwise
disposed of by you, or any designee or beneficiary of you. 

 The remedies provided above are not intended to
be exclusive, and the Company may seek such other remedies as are provided by law, including equitable relief. 

(f) Acknowledgement. You acknowledge and agree that your adherence to the foregoing requirements will not prevent
you from engaging in your chosen occupation and earning a satisfactory livelihood following the termination of your employment with the Company. 

  
 F-2

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