Document:

EX-4.10

 Exhibit 4.10 
 CAPITAL TRUST, INC. 
 2007 LONG-TERM INCENTIVE PLAN 

Award Agreement granting Performance Unit 
 Award No.              
 You,             (the “Participant”), an employee of Capital Trust, Inc. (the “Company”) and CT Investment
Management Company, LLC (“CTIMCO”) are hereby awarded a Performance Unit (the “Award”), subject to the terms and conditions set forth in this agreement (the “Award Agreement”) and in the Capital
Trust, Inc. 2007 Long-Term Incentive Plan (the “Plan”). A copy of the Plan is attached hereto as Exhibit A. A summary of the Plan appears in its Prospectus, which is attached as Exhibit B. You should carefully review
these documents, and consult with your personal financial advisor, in order to assure that you fully understand the terms, conditions, and financial implications of this Award. This Award is conditioned on your execution of this Award Agreement.

 By executing this Award, you agree to be bound by all of the Plan’s terms and conditions as if they had
been set out verbatim below in this Award Agreement. In addition, you recognize and agree that all determinations, interpretations, or other actions respecting the Plan and this Award Agreement will be made by the Board of Directors of the Company
or any Committee appointed by the Board to administer the Plan, and shall (in the absence of manifest bad faith or fraud) be final, conclusive and binding on all parties, including you and your successors in interest. Capitalized terms are defined
in the Plan or in this Award Agreement. 
 Preliminary Statement 

A. The Company has designed a discretionary incentive compensation program (the “Program”) for certain
key employees that provides an opportunity to receive specified incentive compensation payments payable based on the total amount of distributions paid to all holders of common stock of CT Legacy REIT Mezz Borrower, Inc., a Maryland corporation
(“CT Legacy REIT”), and/or of the equity interests in any successor to CT Legacy REIT (such common stock and/or equity interest, the “CTLR Common Stock” and distributions referred to herein, the “CT Legacy
Asset Recovery Distributions”). 
 B. The Participant and the Company recognize and agree that it is
substantially uncertain on the date hereof whether or not the Participant will collect any incentive compensation pursuant to this Award. 
 NOW, THEREFORE, in consideration of and incorporating the foregoing recitals, the agreements herein contained, and for other good and valuable consideration, the parties hereto agree as follows:

 Terms 

 

	1.	 Date of Award. The date of this Award is as of March 31, 2011 (the “Date of Award”). 

 

	2.	 Payment of Incentive Compensation. 

  

	 	(a)	 The Participant has been granted a Performance Unit that provides for the payment of cash incentive compensation in accordance with the terms and
conditions of this Section 2. 

  

	 	(b)	 The Company agrees that, within 30 days of receipt of any CT Legacy Asset Recovery Distributions by (i) the Company and/or its wholly owned
subsidiaries, (ii) any successors in any consolidation, merger or other acquisition with or of the Company and/or its subsidiaries and/or (iii) any transferees of the Company’s beneficial interest in the CTLR Common Stock
(collectively, the “CT Entities”), the Company shall pay the Cash Compensation (as defined below) due Participant under Section 2(c) hereof. 

 

	 	(c)	 The Participant shall receive as incentive compensation a cash amount equal to         % of the Employee
Pool Amount (“Cash Compensation”). 

  

	 	(d)	 For purposes of Section 2(c) hereof, the term “Employee Pool Amount” shall equal the sum of: (i) 3.375% of total CT
Legacy Asset Recovery Distributions up to $24,148,340; (ii) 7.75% of total CT Legacy Asset Recovery Distributions in excess of $24,148,340 up to $105,700,000 and (iii) 6.75% of total CT Legacy Asset Recovery Distributions in excess of
$105,700,000 up to $291,844,294. The Employee Pool Amount shall be subject to cap limitations determined as follows. The Employee Pool Amount for any calendar year shall not exceed in the aggregate $7,500,000 and the Employee Pool Amount shall not
exceed in the aggregate $19,700,000. The aggregate amount of cash compensation otherwise payable to all participants awarded a participation in the Employee Pool Amount pursuant to the Program that exceeds $7,500,000 in any calendar year shall be
paid to the respective participants in the following calendar years, in each case subject to the forgoing limitations. 

  

	 	(e)	 The Participant’s right to payment of the Cash Compensation to the extent earned in accordance with Sections 2(c) and (d) hereof shall
vest in equal one-quarter increments as follows: 25% on Date of the Award; 25% on March 31, 2013; 25% on March 31, 2014; and the remaining 25% on each date of receipt of CT Legacy Asset Recovery Distributions by the CT Entities, in each
case, only with respect to the amount, in any, received on each such date, provided that the Participant is employed by the Company or its Affiliates on each such vesting date1. 

  

 

	1 	 Alternative Language for Non-NEOs: The Participant’s right to payment of the Cash Compensation to the extent earned in accordance with Sections
2(c) and (d) hereof shall vest on each date of receipt of CT Legacy Asset Recovery Distributions by the CT Entities, in each case, only with respect to the amount, if any, received on each such date, provided that, the Participant is employed
by the Company or its Affiliates on each such vesting date. 

  
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	 	(f)	 All amounts of Cash Compensation due to the Participant under Section 2(c) hereof shall be subject to deduction by the Company for amounts
required to be deducted or withheld under any provision of U.S. federal, state or local law (including but not limited to, social security payments, income tax withholding, and any other deduction required by law) currently in effect or which may
hereafter become effective. 

  

	3.	 Not a Stockholder, Partner or Member. The Participant shall not be deemed for any purposes under this Award to be a stockholder of the
Company or CT Legacy REIT, and accordingly shall have no rights of ownership, voting, or other rights held by a stockholder with respect to the Company, nor any ownership, voting, or other rights held by a stockholders, partner or member with
respect to CT Legacy REIT or any direct or indirect entity holding any equity interest in the common stock of CT Legacy REIT. 

  

	4.	 No Other Rights. The Participant has no rights to payments or other amounts unless and until they become payable pursuant to the terms of
Section 2 hereof and the Participant acknowledges that the receipt of any Cash Compensation payment is contingent and not guaranteed. Any payments made pursuant to this Award are solely as cash incentive compensation and no interest in, or
security of, the Company or CT Legacy REIT or any right to participate in any aspect of the Company or CT Legacy REIT is created by this Award. 

  

	5.	 Complete Agreement. This Award sets forth the entire understanding of the parties hereto with respect to the transactions contemplated hereby
and supersedes all previous oral or written agreements between the parties regarding the subject matter hereof. 

  

	6.	 Binding Effect; No Transfer. Every covenant, term and provision of this Award shall be binding upon and inure to the benefit of the parties
hereto and their respective beneficiaries, heirs, legatees, legal representatives, successors, transferees and assigns. The Participant’s rights to Cash Compensation under this Award may not be assigned, transferred, pledged or hypothecated in
any manner, except as provided in Section 7 hereof, and any attempted assignment or transfer shall be null and void and shall extinguish, in the Committee’s sole discretion, the obligation under the Award to make any Cash Compensation
payments to the Participant. 

  

	7.	 Designation of Beneficiary. Notwithstanding anything to the contrary contained herein or in the Plan, following the execution of this Award,
the Participant may expressly designate a beneficiary or beneficiaries who, in the event of the Participant’s death prior to full payment of any Cash Compensation payable hereunder, shall receive any payment of any Cash Compensation due under
this Award after the date of such death. Such designation shall be made by the Participant by completing and executing a designation of beneficiary form attached hereto as Exhibit C and delivering an executed copy thereof to the Company. The
Participant may, at any time, change or revoke such designation. A beneficiary designation, or revocation of a prior beneficiary designation, shall be effective only if it is made in writing on a form provided by the Company, signed by the
Participant and received by the Company. If the Participant does not designate a beneficiary or the beneficiary dies prior to having received all Cash Compensation payments due under this Award, such payments shall be paid to the Participant’s
estate. 

  
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	8.	 Waiver. Any term or provision of this Award may be waived at any time by the party entitled to the benefit thereof by a written instrument
duly executed by such party. 

  

	9.	 Notices. Any notice, payment or communication required or permitted to be given by any provision of this Award shall be in writing and shall
be delivered personally or sent by certified mail, return receipt requested, addressed as follows: 

  

	 	(a)	 if to the Company, at the address set forth on the signature page, to the attention of: Committee administering the Capital Trust, Inc. 2007
Long-Term Incentive Plan; 

  

	 	(b)	 if to the Participant, at the address set forth below your signature on the signature page. 

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. Any such notice shall be deemed to be given as of the date such notice is personally delivered or properly mailed. 
  

	10.	 Tax Effect including Code Section 162(m). This Award shall be subject to the following conditions: 

 

	 	(a)	 This Award is being made pursuant to Section 10(b) of the Plan and is designated a Performance Compensation Award, and is intended to satisfy
the requirements for “qualified performance-based compensation” within the meaning of Section 162(m) of the Code and associated treasury regulations. 

 

	 	(b)	 The Performance Period for this Award shall begin on the Date of Award and shall end on the dissolution of CT Legacy REIT or disposition of the
Company’s entire direct and indirect interest in the common stock of CT Legacy REIT (or the securities of any successor or acquiror of CT Legacy REIT issued in exchange for or conversion of such common stock) (the
“Dissolution/Disposition”), which shall not occur until after the last day of the fiscal year after the year in which this Award occurs. 

 

	 	(c)	 The Performance Measure for this Award is the performance of CT Legacy REIT, as allowed under Section 10(d)(ii) of the Plan.

  

	 	(d)	 The Performance Formula for this Award is set forth in Section 2 hereof and is based on the aggregate amount of CT Legacy Asset Recovery
Distributions, if any, paid to all holders of common stock of CT Legacy REIT (or the holders of the securities of any successor or acquiror of CT Legacy REIT) prior to or upon the Dissolution/Disposition. 

 

	 	(e)	 The Committee shall accordingly have sole and absolute discretion to interpret this Award in any manner necessary or appropriate to secure and to
accomplish the intended tax treatment described in Section 10 hereof, and may unilaterally amend, interpret, or modify this Award (prospectively or retroactively) in any manner directed toward that purpose. 

  
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	11.	 Deferral Election. The Participant may irrevocably elect to defer the receipt of all or a percentage of the Cash Compensation payable
pursuant to the Performance Unit that would otherwise be paid to the Participant following vesting of the right to such Cash Compensation under this Award if earned pursuant to the Performance Formula. A copy of the form which the Participant may
use to make a deferral election may be obtained from the Company. 

  

	12.	 Accelerated Vesting; Change in Control. 

  

	 	(a)	 [For named executive officers only: The Participant’s Award will become 100% vested if his or her Continuous Service ends due to his or her:

  

	 	(i)	 termination, at anytime, without Cause by the Company or any or successor thereto, as appropriate; or 

 

	 	(ii)	 voluntary resignation through the following actions: 

 

	 	(1)	 the Participant provides the Company with written notice of the existence of one of the events, arising without the Participant’s consent,
listed in clauses (A) through (C) below within thirty (30) days of the initial existence of such event; 

  

	 	(2)	 the Company fails to cure such event within thirty (30) days following the date such notice is given; and 

 

	 	(3)	 the Participant elects to voluntarily terminate your employment with the Company within the ninety (90) day period immediately following such
event. 

 The events referred to in Section 12(a)(ii) include:
(A) a material reduction in the Participant’s authority, duties, and responsibilities, provided that a mere change in the your title shall not cause the Participant’s rights under this Award to vest, (B) the Participant being
required to relocate the Participant’s place of employment, other than a relocation within fifty (50) miles of the Participant’s principal work site on the date of this Award, or (C) a material reduction in Participant’s
base salary and annual bonus other than any such reduction consistent with a general reduction of pay for similarly-situated Participants.]1 
  

	 	(b)	 To the extent the Participant has not previously vested in his or her rights with respect to this Award, the Participant’s Award will become
100% vested if his or her Continuous Service ends due to an Involuntary Termination that occurs within the one year period following a Change in Control. 

 

	 	(c)	 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  

  

 

	2 	 For named executive officers only. 

  
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Successor”) to assume this Award so that the CTIMCO Successor shall become bound by all of the Company’s obligations hereunder. The Participant’s right to payment of the
Cash Compensation shall continue to vest in accordance with Section 2(e), provided that the Participant is employed by the CTIMCO Successor or its Affiliate on each such vesting date. Upon such assumption, the provisions of Section 12(b)
shall be null and void and without further force and legal effect. 

  

	 	(d)	 Following a CTIMCO Change in Control, to the extent the Participant has not previously vested in his or her rights with respect to this Award, the
Participant’s Award will become 100% vested if his or her Continuous Service ends due to an Involuntary Termination that occurs within the one year period following a CTIMCO Change in Control, substituting the term “CTIMCO Successor”
for the term “Company” mutatis mutandis for purposes of interpretation of the foregoing defined terms “Continued Service” and “Involuntary Termination.” The term “CTIMCO Change in Control” shall
have the same meaning as the term Change in Control substituting “CTIMCO” (as defined herein) for “Company” mutatis mutandis for purposes of interpretation. 

 

	 	(e)	 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. The
Participant’s right to payment of the Cash Compensation shall continue to vest in accordance with Section 2(e), provided that the Participant is employed by the Successor’s Successor or its Affiliates on each such vesting date.

  

	 	(f)	 Following a Successor Change in Control, to the extent the Participant has not previously vested in his or her rights with respect to this Award,
the Participant’s Award will become 100% vested if his or her Continuous Service ends due to an Involuntary Termination that occurs within the one year period following a CTIMCO Change in Control, substituting the term “Successor’s
Successor” for the term “Company” mutatis mutandis for purposes of interpretation of the foregoing defined terms “Continued Service” and “Involuntary Termination.” 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.

  

	13.	 Severability. If any of the provisions of this Award shall be found to be illegal or unenforceable for any reason or in any respect, the
validity, legality, and enforceability of the remaining provisions of this Award shall not in any way be affected or impaired thereby. 

  

	14.	 Headings. Headings shall be ignored in interpreting this Award. 

 

	15.	 Governing Law. The laws of the State of New York shall govern the validity of this Award, the construction of its terms, and the
interpretation of the rights and duties of the parties hereto. Any suit with respect to the Award will be brought in the federal or state courts in the districts which include New York, New York, and the Participant agrees and submit to the personal
jurisdiction and venue thereof. 

  
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	16.	 Income Taxes and Deferral. The Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may arise in
connection with this Award (including any taxes arising under Section 409A of the Code), and the Company shall not have any obligation to indemnify or otherwise hold the Participant harmless from any or all of such taxes.

  

	17.	 Successors; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. Except as permitted in the Plan, the Participant shall not assign this Agreement without the prior written consent of the Company. Any purported assignment in violation of this Agreement shall be void. 

 

	18.	 Counterparts. This Award may be executed in separate counterparts, which shall collectively and separately be considered one and the same
Award, and be deemed effective upon signature of the Company. 

  
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 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 Award and the Plan. 
  

									
		 	 CAPITAL TRUST, INC.
	 	
				
		 	 By:
	 	      
	 	
		 		 	 Name:
	 		 	
		 		 	 Title:
	 	 Chief Financial Officer
	 	
			
		 	 Address:
	 	
			
		 	 Capital Trust, Inc.
	 	
		 	 410 Park Avenue, 14 Floor
	 	
		 	 New York, New York 10022
	 	
		 	 Fax.: 212-655-0044
	 	
			
		 	 The undersigned Participant hereby accepts the terms of this Award and the Plan.
	 	
			
		 	 [Name of Participant]
	 	
			
		 	      
	 	
		 	 Signature
	 	
			
		 	 Address:
	 	
			
		 	      
	 	
			
		 	  
	 	

  
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 Exhibit A 
 CAPITAL TRUST, INC. 2007 LONG-TERM INCENTIVE PLAN 

  
 9 

 Exhibit B 
 CAPITAL TRUST, INC. 2007 LONG-TERM INCENTIVE PLAN 
 PROSPECTUS

  
 10 

 Exhibit C 
 Designation of Beneficiary Form 
 In connection with the Award Agreement
granting a Performance Unit with a Date of Award as of March 31, 2011 (the “Award”), by and between Capital Trust, Inc. (the “Company”) and
                    , an individual residing at
                                         
                                       (the
“Participant”), the Participant hereby designates the person specified below as the beneficiary of Participant’s interest in cash incentive compensation due and payable pursuant to the Award. This designation shall remain in
effect until revoked in writing by Participant. 
  

					
			
	 Name of Beneficiary:
	 	      
	 	
			
	 Address:
	 	      
	 	
			
		 	      
	 	
			
	 Social Security No.:
	 	      
	 	

 The Participant understands that this designation operates to entitle the above-named beneficiary
to the rights conferred by the Award from the date this form is delivered to the Company until such date as this designation is revoked in writing by the Participant, including by delivery to the Company of a written designation of beneficiary
executed by the Participant on a later date. 
  

					
		 	 Date:
	 	      

			
		 	By:	 	      

		 		 	 [Participant Signature]

 Sworn to before me this 
          day of                 , 200     

Notary Public 
 County
of             
 State
of             

  
 11EX-4.11

 Exhibit 4.11 
 CAPITAL TRUST, INC. 
 2007 LONG-TERM INCENTIVE PLAN 

Award Agreement granting Performance Unit 
 Award No.             
 You,             (the “Participant”), an employee of Capital Trust, Inc. (the “Company”) and CT Investment
Management Company, LLC (“CTIMCO”) are hereby awarded a Performance Unit (the “Award”), subject to the terms and conditions set forth in this agreement (the “Award Agreement”) and in the Capital
Trust, Inc. 2007 Long-Term Incentive Plan (“Plan”). A copy of the Plan is attached hereto as Exhibit A. A summary of the Plan appears in its Prospectus, which is attached as Exhibit B. You should carefully review these
documents, and consult with your personal financial advisor, in order to assure that you fully understand the terms, conditions, and financial implications of this Award. This Award is conditioned on your execution of this Award Agreement.

 By executing this Award, you agree to be bound by all of the Plan’s terms and conditions as if they had
been set out verbatim below in this Award Agreement. In addition, you recognize and agree that all determinations, interpretations, or other actions respecting the Plan and this Award Agreement will be made by the Board of Directors of the Company
or any Committee appointed by the Board to administer the Plan, and shall (in the absence of manifest bad faith or fraud) be final, conclusive and binding on all parties, including you and your successors in interest. Capitalized terms are defined
in the Plan or in this Award Agreement. 
 Preliminary Statement 

A. The Company has designed discretionary incentive compensation program for certain key employees that provides an
opportunity to receive specified incentive compensation payments payable upon the receipt by CT OPI GP, LLC, a Delaware limited liability company (“CTOPI-GP”), the Company, any Affiliate of the Company, any substitute general
partner of CTOPI Afilliated with the Company (as defined below) and/or any successor to the foregoing entities (collectively, the “CT Distributees”), of Carried Interest Distributions (as defined in the LP Agreement) from CT
Opportunity Partners I, LP (“CTOPI”), a Delaware limited partnership formed pursuant to the certain Second Amended And Restated Limited Partnership Agreement of CTOPI, dated as of April 16, 2008, by and among CTOPI-GP, as the
general partner of CTOPI, and the persons admitted to CTOPI as a limited partners, as amended by Amendment No. 1 thereto, dated as of July 8, 2008, Amendment No.2 effective as of May 3, 2010 (the “LP Agreement”) and
any subsequent amendment. 
 B. The Participant and the Company recognize and agree that it is substantially
uncertain on the date hereof whether or not the Participant will collect any incentive compensation pursuant to this Award. 

 NOW, THEREFORE, in consideration of and incorporating the foregoing
recitals, the agreements herein contained, and for other good and valuable consideration, the parties hereto agree as follows: 

Terms 
  

	1.	 Date of Award. The date of this Award is as of January 18, 2011. 

 

	2.	 Defined Terms. For the purposes of this Award, in addition to the capitalized terms defined in the Plan and elsewhere in this Award, the
following terms, when capitalized, shall have the meanings ascribed to them below, unless otherwise provided: 

  

	 	(a)	 “Carried Interest Distribution” means any distribution of Net Distributable Cash of CTOPI pursuant to Sections 5.1(b)(iv)(B) and
5.1(b)(v)(B) of the LP Agreement received by any CT Distributee. 

  

	 	(b)	 “Clawback Payments” means any payments made, directly or indirectly, by any CT Distributee on the account of any Over-Distribution
pursuant to Section 14.2 of the LP Agreement. 

  

	 	(c)	 “CTOPI Dissolution” means the completion of the dissolution and liquidation of CTOPI pursuant to Section 14.1 of the LP
Agreement. 

  

	 	(d)	 “Net Distributable Cash” shall have the meaning ascribed to such term in the LP Agreement. 

 

	 	(e)	 “Over-Distribution” shall have the meaning ascribed to such term in the LP Agreement. 

 

	3.	 Payment of Incentive Compensation. 

  

	 	(a)	 You have been granted a Performance Unit that provides for the payment of cash incentive compensation in accordance with the terms and conditions of
this Section 3. 

  

	 	(b)	 The Company agrees that, within 30 days of receipt of any Carried Interest Distribution by any CT Distributee, the Company shall pay the Cash
Compensation (as defined below) due Participant under Section 3(c) hereof. 

  

	 	(c)	 The Participant shall receive as incentive compensation a cash amount (“Cash Compensation”) equal to
            % (the “Specified Percentage”) of the aggregate amount of Carried Interest Distributions, if any, received by any CT Distributee prior to or upon the CTOPI
Dissolution after deduction for the aggregate amount of Clawback Payments, if any, paid or payable by any CT Distributee. If following the payment of any Cash Compensation to the Participant, Clawback Payments that have not been deducted prior to
such payment in accordance with the foregoing are paid by or on behalf of any CT Distributee, the Participant agrees and undertakes to refund and pay to the CT Distributee the portion of the Cash Compensation that would have not been earned and paid
to the Participant had the Clawback Payments been deducted from Carried Interest Distributions prior to the payment thereof to Participant. 

  
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	 	(d)	 The Participant’s right to payment of the Cash Compensation to the extent earned in accordance with Section 3(c) hereof shall vest
one-third on the Date of the Award, one third upon the expiration of the Investment Period for CTOPI and one-third on the date of receipt of the Carried Interest Distribution, provided that, the Participant is employed by the Company or its
Affiliates on each such vesting date. 

  

	 	(e)	 All amounts of Cash Compensation due to the Participant under Section 3(c) hereof shall be subject to deduction by the Company for amounts
required to be deducted or withheld under any provision of U.S. federal, state or local law (including but not limited to, social security payments, income tax withholding, and any other deduction required by law) currently in effect or which may
hereafter become effective. 

  

	4.	 Not a Stockholder, Partner or Member. The Participant shall not be deemed for any purposes under this Award to be a stockholder of the
Company or a partner or member of CTOPI or CTOPI-GP, and accordingly shall have no rights of ownership, voting, or other rights held by a stockholder with respect to the Company, nor any ownership, voting, or other rights held by a partner or member
with respect to CTOPI or CTOPI-GP. 

  

	5.	 No Other Rights. The Participant has no rights to payments or other amounts unless and until they become payable pursuant to the terms of
Section 3 hereof and the Participant acknowledges that the receipt of any Cash Compensation payment is contingent and not guaranteed. Any payments made pursuant to this Award are solely as cash incentive compensation and no interest in, or
security of, the Company, CTOPI or CTOPI-GP or any right to participate in any aspect of the Company, CTOPI or CTOPI-GP is created by this Award. 

  

	6.	 Complete Agreement. This Award sets forth the entire understanding of the parties hereto with respect to the transactions contemplated hereby
and supersedes all previous oral or written agreements between the parties regarding the subject matter hereof. 

  

	7.	 Binding Effect; No Transfer. Every covenant, term and provision of this Award shall be binding upon and inure to the benefit of the parties
hereto and their respective beneficiaries, heirs, legatees, legal representatives, successors, transferees and assigns. The Participant’s rights to Cash Compensation under this Award may not be assigned, transferred, pledged or hypothecated in
any manner, except as provided in Section 8 hereof, and any attempted assignment or transfer shall be null and void and shall extinguish, in the Committee’s sole discretion, the obligation under the Award to make any Cash Compensation
payments to the Participant. 

  

	8.	 Designation of Beneficiary. Notwithstanding anything to the contrary contained herein or in the Plan, following the execution of this Award,
the Participant may expressly designate a beneficiary or beneficiaries who, in the event of the Participant’s death prior to full payment of any Cash Compensation payable hereunder, shall receive any payment of any Cash Compensation due under
this Award after the date of such death. Such designation shall be 

  
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made by the Participant by completing and executing a designation of beneficiary form attached hereto as Exhibit C and delivering an executed copy thereof to the Company. The Participant
may, at any time, change or revoke such designation. A beneficiary designation, or revocation of a prior beneficiary designation, shall be effective only if it is made in writing on a form provided by the Company, signed by the Participant and
received by the Company. If the Participant does not designate a beneficiary or the beneficiary dies prior to having received all Cash Compensation payments due under this Award, such payments shall be paid to the Participant’s estate.

  

	9.	 Waiver. Any term or provision of this Award may be waived at any time by the party entitled to the benefit thereof by a written instrument
duly executed by such party. 

  

	10.	 Notices. Any notice, payment or communication required or permitted to be given by any provision of this Award shall be in writing and shall
be delivered personally or sent by certified mail, return receipt requested, addressed as follows: 

  

	 	(a)	 if to the Company, at the address set forth on the signature page, to the attention of: Committee administering the Capital Trust, Inc. 2007
Long-Term Incentive Plan; 

  

	 	(b)	 if to you, at the address set forth below your signature on the signature page. 

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. Any such notice shall be deemed to be given as of the date such notice is personally delivered or properly mailed. 
  

	11.	 Tax Effect including Code Section 162(m). This Award shall be subject to the following conditions: 

 

	 	(a)	 This Award is being made pursuant to Section 10(b) of the Plan and is designated a Performance Compensation Award, and is intended to satisfy
the requirements for “qualified performance-based compensation” within the meaning of Section 162(m) of the Code and associated treasury regulations. 

 

	 	(b)	 The Performance Period for this Award shall begin on the Date of the Award as set forth in Section 1 hereof and shall end on the CTOPI
Dissolution, which shall not occur until after the last day of the fiscal year after the year in which this Award occurs. 

  

	 	(c)	 The Performance Measure for this Award is the performance of CTOPI, as allowed under Section 10(d)(ii) of the Plan.

  

	 	(d)	 The Performance Formula for this Award is set forth in Section 3 hereof and is based on the aggregate amount of Carried Interest Distributions,
if any, received by any CT Distributee prior to or upon the CTOPI Dissolution after deduction for the aggregate amount of Clawback Payments, if any, paid or payable by any CT Distributee. 

  
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	 	(e)	 The Committee shall accordingly have sole and absolute discretion to interpret this Award in any manner necessary or appropriate to secure and to
accomplish the intended tax treatment described in Section 11(a) hereof, and may unilaterally amend, interpret, or modify this Award (prospectively or retroactively) in any manner directed toward that purpose. 

 

	12.	 Accelerated Vesting; Change in Control. 

  

	 	(a)	 [For named executive officers only: The Participant’s Award will become 100% vested if his or her Continuous Service ends due to his or her:

  

	 	(i)	 termination, at anytime, without Cause by the Company or any or successor thereto, as appropriate; or 

 

	 	(ii)	 voluntary resignation through the following actions: 

 

	 	(1)	 the Participant provides the Company with written notice of the existence of one of the events, arising without the Participant’s consent,
listed in clauses (A) through (C) below within thirty (30) days of the initial existence of such event; 

  

	 	(2)	 the Company fails to cure such event within thirty (30) days following the date such notice is given; and 

 

	 	(3)	 the Participant elects to voluntarily terminate your employment with the Company within the ninety (90) day period immediately following such
event. 

 The events referred to in Section 12(a)(ii) include:
(A) a material reduction in the Participant’s authority, duties, and responsibilities, provided that a mere change in the your title shall not cause the Participant’s rights under this Award to vest, (B) the Participant being
required to relocate the Participant’s place of employment, other than a relocation within fifty (50) miles of the Participant’s principal work site on the date of this Award, or (C) a material reduction in Participant’s
base salary and annual bonus other than any such reduction consistent with a general reduction of pay for similarly-situated Participants.]1 
  

	 	(b)	 To the extent the Participant has not previously vested in his or her rights with respect to this Award, the Participant’s Award will become
100% vested if his or her Continuous Service ends due to an Involuntary Termination that occurs within the one year period following a Change in Control. 

 

	 	(c)	 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 

 
  

	1 	 For named executive officers only. 

  
 5 

 
bound by all of the Company’s obligations hereunder. The Participant’s right to payment of the Cash Compensation shall continue to vest in accordance with Section 2(d), provided
that the Participant is employed by the CTIMCO Successor or its Affiliate on each such vesting date. Upon such assumption, the provisions of Section 12(b) shall be null and void and without further force and legal effect. 

 

	 	(d)	 Following a CTIMCO Change in Control, to the extent the Participant has not previously vested in his or her rights with respect to this Award, the
Participant’s Award will become 100% vested if his or her Continuous Service ends due to an Involuntary Termination that occurs within the one year period following a CTIMCO Change in Control, substituting the term “CTIMCO Successor”
for the term “Company” mutatis mutandis for purposes of interpretation of the foregoing defined terms “Continued Service” and “Involuntary Termination.” 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. 

 

	 	(e)	 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. The
Participant’s right to payment of the Cash Compensation shall continue to vest in accordance with Section 2(d), provided that the Participant is employed by the Successor’s Successor or its Affiliates on each such vesting date.

  

	 	(f)	 Following a Successor Change in Control, to the extent the Participant has not previously vested in his or her rights with respect to this Award,
the Participant’s Award will become 100% vested if his or her Continuous Service ends due to an Involuntary Termination that occurs within the one year period following a CTIMCO Change in Control, substituting the term “Successor’s
Successor” for the term “Company” mutatis mutandis for purposes of interpretation of the foregoing defined terms “Continued Service” and “Involuntary Termination.” 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.

  

	13.	 Deferral Election. You may irrevocably elect to defer the receipt of all or a percentage of the Cash Compensation payable pursuant to the
Performance Unit that would otherwise be paid to you following vesting of the right to such Cash Compensation under this Award if earned pursuant to the Performance Formula. A copy of the form which you may use to make a deferral election may be
obtained from the Company. 

  

	14.	 Severability. If any of the provisions of this Award shall be found to be illegal or unenforceable for any reason or in any respect, the
validity, legality, and enforceability of the remaining provisions of this Award shall not in any way be affected or impaired thereby. 

  
 6 

	15.	 Headings. Headings shall be ignored in interpreting this Award. 

 

	16.	 Governing Law. The laws of the State of New York shall govern the validity of this Award, the construction of its terms, and the
interpretation of the rights and duties of the parties hereto. Any suit with respect to the Award will be brought in the federal or state courts in the districts which include New York City, New York, and you agree and submit to the personal
jurisdiction and venue thereof. 

  

	17.	 Income Taxes and Deferral. You are solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection
with this Award (including any taxes arising under Section 409A of the Code), and the Company shall not have any obligation to indemnify or otherwise hold you harmless from any or all of such taxes. 

 

	18.	 Successors; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. Except as permitted in the Plan, the Participant shall not assign this Agreement without the prior written consent of the Company. Any purported assignment in violation of this Agreement shall be void. 

 

	19.	 Counterparts. This Award may be executed in separate counterparts, which shall collectively and separately be considered one and the same
Award, and be deemed effective upon signature of the Company. 

  
 7 

 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 Award and the Plan. 

 

			
	CAPITAL TRUST, INC.
		
	By:	 	 
		 	Name:
		 	Title: Chief Financial Officer
		
	Address:	 	
	
	Capital Trust, Inc.
	 410 Park Avenue, 14 Floor
 New York, New York 10022
 Fax.: 212-655-0044

	
	 The undersigned Participant hereby accepts the terms of this Award and the Plan.

	
	[Name of Participant]
	
	 
	 Signature

	
	 Address:

 

	
	 

  
 8 

 Exhibit A 
 CAPITAL TRUST, INC. 2007 LONG-TERM INCENTIVE PLAN 

  
 9 

 Exhibit B 
 CAPITAL TRUST, INC. 2007 LONG-TERM INCENTIVE PLAN 
 PROSPECTUS

  
 10 

 Exhibit C 
 Designation of Beneficiary Form 
 In connection with the Award Agreement
granting a Performance Unit with a Date of Award as of January         , 2011 (the “Award”), by and between Capital Trust, Inc. (the “Company”) and
            , an individual residing at             (the “Participant”), the Participant hereby designates the
person specified below as the beneficiary of Participant’s interest in cash incentive compensation due and payable pursuant to the Award. This designation shall remain in effect until revoked in writing by Participant. 

 

					
		 	
			
	Name of Beneficiary:	 	 	 	
			
	 Address:
	 	 	 	
			
		 	 	 	
			
		 	 	 	
			
	 Social Security No.:
	 	 	 	

 The Participant understands that this designation operates to entitle the above-named beneficiary
to the rights conferred by the Award from the date this form is delivered to the Company until such date as this designation is revoked in writing by the Participant, including by delivery to the Company of a written designation of beneficiary
executed by the Participant on a later date. 
  

			
	Date:	 	 

  

					
			
		 	 By:
	 	 
		 		 	[Participant Signature]

  

	
	
	Sworn to before me this
	
	            day of             , 200_
	
	  

	Notary Public
	
	County of
                                         
                   
	
	State of
                                         
                       

  
 11

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