Document:

Form of Secondment Agreement

 Exhibit 10.9 
 SECONDMENT AGREEMENT 
 THIS SECONDMENT AGREEMENT (this “Agreement”) is made the
[—] day of September, 2009, 
 BETWEEN: 
  

	(1)	Colony Financial, Inc. (the “Colony Financial”), a corporation organized and existing under the laws of Maryland with a place of business at 1999 Avenue of the
Stars, Suite 1200, Los Angeles, CA 90067; and 

  

	(2)	Colony Capital, LLC (the “Colony Capital”), a limited liability company organized and existing under the laws Delaware with a place of business at 1999 Avenue of
the Stars, Suite 1200, Los Angeles, CA 90067. 

 Colony Financial and Colony Capital are referred to individually herein as a
“Party” and collectively as the “Parties”. 
 WHEREAS: 
  

	(A)	Darren J. Tangen (the “Executive”) is currently employed by Colony Capital as a Principal; 

  

	(B)	With the consent of Colony Capital, the Executive has agreed to serve as Chief Financial Officer of Colony Financial; 

  

	(C)	In connection with the Executive’s engagement by Colony Financial, Colony Capital has agreed to second the Executive exclusively to Colony Financial; and

  

	(D)	The Parties desire to enter into this Agreement to set forth the terms and conditions under which the Executive will provide the Services (as defined below) to Colony Financial
during the Secondment Period (as defined below); 

 NOW, THEREFORE, for the mutual promises made herein and in the other agreements
executed by the parties concurrently herewith or contemplated hereby, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 Section 1. Definitions. The following initially capitalized terms, as used in this Agreement, have the following meanings: 
 (a) “Effective Date” means September, [—], 2009. 

 (b) “Management Agreement” means the management agreement among Colony Financial, Colony
Financial Manager, LLC (the “Manager”) and Colony Financial TRS, LLC (the “TRS”), pursuant to which the Manager will provide for the day-to-day management of the operations of Colony Financial and its subsidiaries,
including the TRS, and will be responsible for the selection, purchase and sale of Colony Financial’s portfolio investments, Colony Financial’s financing activities, and providing Colony Financial with investment advisory services.

 (c) “Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust,
unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 
 (d) “Secondment Period” means that period commencing on the Effective Date and ending upon the termination of this Agreement in
accordance with Section 9 hereof. 
 (e) “Services” means all services commensurate with the duties of a chief
financial officer of a company similarly situated to Colony Financial during the Secondment Period. 
 Section 2. Executive’s
Continued Employment with Colony Capital. During the Secondment Period, Colony Capital shall make the Executive available exclusively to Colony Financial on a full-time basis for the purpose of performing the Services for or on behalf of Colony
Financial. Notwithstanding the foregoing, the Executive will at all times during the Secondment Period continue to be an employee of, and an employee only of, Colony Capital. The Executive shall be subject to the personnel policies and other terms
and conditions of employment administered by Colony Capital with respect to its employees, generally, and shall be entitled to receive from Colony Capital all benefits, perquisites and privileges available generally to Colony Capital employees,
whether or not seconded, and shall not be entitled to receive any such benefits, perquisites or privileges from Colony Financial; provided, however, that the Executive shall be entitled to receive grants of equity awards from Colony
Financial under its 2009 Equity Incentive Plan. The Executive also shall comply with Colony Financial’s personnel policies to the extent that they do not conflict with Colony Capital’s policies. During the Secondment Period, Colony
Capital, in its capacity as the Executive’s employer, shall instruct the Executive to report to, and receive substantive direction regarding his duties from, the Chief Executive Officer and the Board of Directors of Colony Financial (the
“Board”). 
 Section 3. Salary and Benefits. During the Secondment Period, Colony Capital, and not Colony Financial,
shall pay the Executive’s salary and provide or make available any insurance, pension and other benefits to which he is entitled as an employee of Colony Capital and under any written or oral agreements or understandings with respect to his
employment with Colony Capital (collectively, the “Executive Employment Arrangements”). In its capacity as the Executive’s employer, Colony Capital shall pay all necessary employment taxes as required by law with respect to the
Executive and report the Executive’s income to the appropriate tax authorities and withhold all taxes from such income, as required by law. 
  

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 Section 4. Reimbursement of Colony Capital. 
 (a) In consideration for Colony Capital making the Executive available to provide the Services during the Secondment Period, Colony Financial shall pay to
Colony Capital, on a monthly basis promptly following the end of each month, an amount equal to the sum of (a) the Executive’s base salary for such month (or portion of such month if the Secondment Period is not in effect for the entire
month) and (b) Colony Capital’s cost of providing employee benefits to the Executive pursuant to the Executive Employment Arrangements for such month (or portion of such month if the Secondment Period is not in effect for the entire
month); provided, however, that Colony Financial shall not be responsible for reimbursing Colony Capital with respect to the amount, if any, by which the Executive’s base salary for any such month exceeds $29,167. 
 (b) To the extent that Colony Capital provides any cash bonus (including, but not limited to, pursuant to any qualified incentive compensation plan) to
the Executive for any period that includes the Secondment Period, Colony Financial shall reimburse Colony Capital for a pro rata share of such bonus, as determined by multiplying the total cash bonus by a fraction, the numerator of which is the
number of days in the Secondment Period during the applicable bonus period and the denominator of which is the total number of days during the applicable bonus period; provided, however, that Colony Financial shall only be responsible
for reimbursing Colony Capital with respect to a cash bonus in an amount, if any, approved by the compensation committee of the Board. Such reimbursement shall be paid by Colony Financial to Colony Capital within ten (10) days after such
approval. 
 (c) Colony Financial shall also be responsible for reimbursing Colony Capital for the following direct benefit costs incurred by
Colony Capital with respect to the Executive: 
  

	 	(i)	Colony Capital’s share, at cost, of social security taxes, unemployment taxes and any other similar government required tax, fee or levy paid or accrued specifically related to
the services performed by the Executive while seconded to Colony Financial; 

  

	 	(ii)	Travel expenses incurred by the Executive, at cost, paid or accrued by Colony Financial specifically related to the services performed by the Executive while seconded to Colony
Financial; 

  

	 	(iii)	Rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses as provided in the Management Agreement; and

  

	 	(iv)	Any expenses incurred by Colony Capital at the request of Colony Financial or otherwise required of Colony Capital in connection with this Agreement. 

 Section 5. Replacement Executive. 
 (a) During the Secondment Period, Colony Capital may, in its discretion, replace the Executive with a suitably qualified and experienced replacement to serve as chief financial officer of Colony Financial; provided, that such
replacement shall be approved by the Audit Committee of the Board. 
  

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 (b) If at any time during the Secondment Period the Executive shall cease to be employed by Colony
Capital for whatever reason, Colony Capital shall be required to second a suitably qualified and experienced replacement to serve as chief financial officer of Colony Financial; provided, however, that such replacement shall be
approved by the Audit Committee of the Board. 
 (c) Notwithstanding any other provisions of this Agreement, Colony Financial agrees that
Colony Capital shall not be obliged to second the Executive or provide a replacement during any such time as the Executive may be absent due to sickness or to vacation properly taken. 
 Section 6. Ownership of Work Product. To the extent that the Executive produces work relating to Colony Financial pursuant to this Agreement, such
work (the “Work Product”) shall be the sole and exclusive property of Colony Financial and its assigns, free from any encumbrance, claim, lien for balance due or rights of retention on the part of Colony Capital. Colony Financial
and its assigns shall have all rights, title and interest, including ownership of all intellectual property rights, in and to the Work Product and all associated documentation, and Colony Capital shall have no right to disclose or use any of the
Work Product for any purpose whatsoever other than in connection with the performance of the Services. To the extent that ownership of the Work Product does not otherwise vest in Colony Financial and its assigns by operation of law, Colony Capital
hereby irrevocably assigns, transfers and conveys to Colony Financial and its assigns without further consideration all of its right, title and interest in such Work Product, including all rights of patent, copyright, inventions, discoveries, trade
marks, service marks, trade dress, know-how, names, ideas, trade secret, moral rights or other proprietary rights. Colony Capital acknowledges that Colony Financial and its assigns shall have the right to obtain and hold in their own names any
intellectual property rights in such Work Product. Colony Capital agrees to execute any documents or take any other actions as might be reasonably necessary or as Colony Financial might reasonably request, to perfect ownership by Colony Financial
and its assigns of any Work Product. 
 Section 7. Confidentiality. Colony Capital shall not and shall use its reasonable efforts to
ensure that the Executive shall not use, divulge or communicate to any person (other than those whose province it is to know the same or with authority from Colony Financial) any trade secrets or information which are for the time being confidential
to Colony Financial or any of its subsidiaries and are not in the public domain (“Confidential Information”), which the Executive may have received or obtained during the Secondment Period. This restriction shall continue to apply
after the termination of this Agreement for whatever cause without limit in point in time, but shall cease to apply to information or knowledge that may come into the public domain otherwise than through the unauthorized disclosure by or the fault
of Colony Capital or the Executive. Colony Capital undertakes and shall use reasonable efforts to ensure that the Executive shall undertake to return to Colony Financial or any of its subsidiaries upon request from any or all of them and upon
termination of this Agreement all materials, whether documentary or otherwise, together with copies thereof containing Confidential Information and not to take further copies of any of the above mentioned documents or materials after termination of
this Agreement. 
  

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 Section 8. Colony Financial Indemnification of Colony Capital. 
 (a) Colony Financial to the full extent permitted by law shall indemnify and hold harmless Colony Capital and each principal, officer, member, manager and
employee of Colony Capital (each a “Covered Person”) from and against any and all claims or liabilities of any nature whatsoever, including reasonable legal fees and other expenses reasonably incurred, arising out of or in
connection with the provision of the Services by the Executive in accordance with this Agreement or any action taken or omitted by any such Covered Person by or on behalf of Colony Financial or any subsidiary pursuant to authority granted by this
Agreement, except where found by a court of competent jurisdiction to be attributable to the gross negligence, willful misconduct or bad faith of any such Covered Person or the reckless disregard by such Covered Person of their duties under this
Agreement. In the event that any Covered Person becomes involved in any capacity in any suit, action, proceeding or investigation in connection with any matter arising out of or in connection with Colony Capital’s obligations hereunder, Colony
Financial will periodically reimburse such Covered Person for its reasonable legal and other expenses (including the cost of any investigation and preparation) incurred in connection therewith; provided, however, that prior to any such advancement
of expenses (i) such Covered Person shall provide Colony Financial with an undertaking to promptly repay to Colony Financial the amount of any such expenses paid to it if it shall ultimately be determined that such Covered Person is not
entitled to be indemnified by Colony Financial as herein provided in connection with such suit, action, proceeding or investigation, and (ii) the Covered Person shall provide Colony Financial with a written affirmation that such Covered Person
in good faith believes that it has met the standard of conduct necessary for indemnification hereunder; provided, further, however, that the failure for any reason of Colony Financial to advance funds to any Covered Person shall in no way affect
such Covered Person’s right to reimbursement of such costs if it is ultimately determined that such Covered Person was entitled to indemnification pursuant to the terms hereof. 
 (b) Any Covered Person entitled to indemnification from Colony Financial hereunder shall seek recovery under any insurance policies by which such Covered
Person is covered and any Covered Person shall obtain the written consent of Colony Financial prior to entering into any compromise or settlement which would result in an obligation of Colony Financial to indemnify such Covered Person;
provided, however, that the possibility of recovery under any such insurance policies shall not preclude a Covered Person from seeking indemnification pursuant to this Section 8. If such Covered Person actually recoverS any
amounts under any applicable insurance policies, it shall offset the net proceeds so received against any amounts owed by Colony Financial by reason of the indemnity provided hereunder or, if all such amounts shall have been paid by Colony Financial
in full prior to the actual receipt of such net insurance proceeds, it shall pay over such proceeds (up to the amount of indemnification paid by the Company to such Covered Person) to Colony Financial. If the amounts in respect of which
indemnification is sought arise out of the conduct of the business and affairs of Colony Financial or any subsidiary and also of any other Person for which the Covered Person hereunder was then acting in a similar capacity, the amount of the
indemnification to be provided by Colony Financial may be limited to Colony Financial’s or any subsidiary’s proportionate share thereof if so determined by Colony Financial in good faith. 
  

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 Section 9. Termination of Secondment Agreement. This Agreement shall terminate upon the earlier to
occur of (a) the termination of the Management Agreement by any party thereto, for any reason, (b) the Manager ceasing to be the manager of Colony Financial and its subsidiaries for any reason or (c) the termination of this Agreement
by Colony Financial upon at least 90 days’ prior written notice to Colony Capital; provided, however, that such termination pursuant to clause (c) shall not be effective unless and until it has been consented to by a majority
of the independent directors of the Board. 
 Section 10. Miscellaneous. 
 (a) Entire Agreement. This Agreement sets forth the entire agreement and understanding of the parties concerning the subject matter hereof and
supersedes all prior agreements, arrangements and understandings between Colony Capital and Colony Financial concerning such subject matter. No representation, promise, inducement or statement of intention has been made by or on behalf of either
party hereto that is not set forth in this Agreement or the documents referred to herein. This Agreement may not be amended or modified except by a written instrument specifically referring to this Agreement executed by the parties hereto.

 (b) Waiver. The failure of either Party hereto at any time or from time to time to require performance of any of the other
party’s obligations under this Agreement shall in no manner affect the right to enforce any provision of this Agreement at a subsequent time, and the waiver of any rights arising out of any breach shall not be construed as a waiver of any
rights arising out of any subsequent breach. 
 (c) No Third Party Beneficiary. The terms and provisions of this Agreement are
intended solely for the benefit of each Party hereto, and it is not the intention of the Parties to confer third-party beneficiary rights upon any other person. 
 (d) No Assignment. Neither this Agreement nor any right, interest or obligation hereunder may be assigned by any Party hereto without the prior written consent of the other Party. 
 (e) Headings. The headings used in this Agreement have been inserted for convenience of reference only and do not define or limit the provisions
hereof. 
 (f) Severability. In the event that any provision of this Agreement shall be determined by a court of competent
jurisdiction to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 (g) Governing Law. This Agreement shall be governed by and construed and enforced in accordance with federal law and, to the extent federal law
incorporates state law, that law shall be the laws of the State of California applicable to a contract executed and performed in such state, without regard to its principles of conflicts of laws. 
 **** 
  

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 IN WITNESS WHEREOF, the undersigned have executed this Secondment Agreement as of the Effective Date. 

 

			
	COLONY CAPITAL, LLC,
	a Delaware limited liability company
		
	By:	 	  

	Title:	 	  

	
	 COLONY FINANCIAL, INC.,
 a Maryland
corporation

		
	By:	 	  

	Title:	 	  

  

 7Form of Indemnification Agreement

 Exhibit 10.10 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
is entered into as of September [    ], 2009, by and among Colony Financial, Inc., a Maryland corporation (the “Company” or the “Indemnitor”) and
[                            ] (the “Indemnitee”). 
 WHEREAS, the Indemnitee is an officer [or][and] a member of the Board of Directors of the Company and in such
[capacity][capacities] is performing a valuable service for the Company; 
 WHEREAS, Maryland law permits the
Company to enter into contracts with its officers or members of its Board of Directors with respect to indemnification of, and advancement of expenses to, such persons; 
 WHEREAS, the Articles of Amendment and Restatement of the Company (the “Charter”) provide that the Company shall indemnify and advance expenses to its directors and officers to the maximum
extent permitted by Maryland law in effect from time to time; 
 WHEREAS, the Amended and Restated Bylaws of the Company (the
“Bylaws”) provide that each director and officer of the Company shall be indemnified by the Company to the maximum extent permitted by Maryland law in effect from time to time and shall be entitled to advancement of expenses
consistent with Maryland law; and 
 WHEREAS, to induce the Indemnitee to provide services to the Company as an officer
[or][and] a member of the Board of Directors, and to provide the Indemnitee with specific contractual assurance that indemnification will be available to the Indemnitee regardless of, among other things, any amendment to or
revocation of the Charter or the Bylaws, or any acquisition transaction relating to the Company, the Indemnitor desires to provide the Indemnitee with protection against personal liability as set forth herein. 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Indemnitor and the Indemnitee hereby agree as follows:

 1. DEFINITIONS. 
 For purposes of this
Agreement: 
  

	 	(A)	“Change in Control” shall mean 

  

	 	i.	the dissolution or liquidation of the Company; 

  

	 	ii.	the merger, consolidation, or reorganization of the Company with one or more other entities in which the Company is not the surviving entity or immediately following which the
persons or entities who were beneficial owners (as determined pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of voting securities of the Company immediately prior thereto cease to
beneficially own more than fifty percent (50%) of the voting securities of the surviving entity immediately thereafter; 

	 	iii.	a sale of all or substantially all of the assets of the Company to another person or entity other than an affiliate of the Company; 

  

	 	iv.	any transaction (including without limitation a merger or reorganization in which the Company is the surviving entity) that results in any person or entity or “group”
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (other than persons who are stockholders or affiliates immediately prior to the transaction) owning twenty percent (20%) or more of the combined voting power of all
classes of shares of the Company; or 

  

	 	v.	individuals who, as of the date hereof, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the
Board of Directors; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be considered
as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or
removal of directors or other actual or threatened solicitation of proxies or contests by or on behalf of a person other than the Board of Directors. 

  

	 	(B)	“Corporate Status” describes the status of a person who is or was a director or officer of the Company or is or was serving at the request of the Company as a director,
officer, partner (limited or general), member, director, employee or agent of any other foreign or domestic corporation, partnership, joint venture, limited liability company, trust, other enterprise (whether conducted for profit or not for profit)
or employee benefit plan. The Company shall be deemed to have requested the Indemnitee to serve an employee benefit plan where the performance of the Indemnitee’s duties to the Company also imposes or imposed duties on, or otherwise involves or
involved services by, the Indemnitee to the plan or participants or beneficiaries of the plan. 

  

	 	(C)	“Expenses” shall include all attorneys’ and paralegals’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, or being or preparing to be a witness in a Proceeding. 

  

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	 	(D)	“Proceeding” includes any action, suit, arbitration, alternate dispute resolution mechanism, investigation (including any internal investigation), administrative hearing,
or any other proceeding, including appeals therefrom, whether civil, criminal, administrative, or investigative, except one initiated by the Indemnitee pursuant to paragraph 8 of this Agreement to enforce such Indemnitee’s rights under this
Agreement. 

  

	 	(E)	“Special Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, or in the past two years
has been, retained to represent (i) the Indemnitor or the Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. 

 2. INDEMNIFICATION  
 The Indemnitee shall be entitled
to the rights of indemnification provided in this paragraph 2 and under applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders or resolution of the Board of Directors or otherwise if, by reason of such Indemnitee’s
Corporate Status, such Indemnitee is, or is threatened to be made, a party to any threatened, pending, or completed Proceeding, including a Proceeding by or in the right of the Company. Unless prohibited by paragraph 13 hereof and subject to the
other provisions of this Agreement, the Indemnitee shall be indemnified hereunder, to the maximum extent permitted by Maryland law in effect from time to time, against judgments, penalties, fines, liabilities, and settlements and reasonable Expenses
actually incurred by or on behalf of such Indemnitee in connection with such Proceeding or any claim, issue or matter therein; provided, however, that if such Proceeding was initiated by or in the right of the Company, indemnification may not be
made in respect of such Proceeding if the Indemnitee shall have been finally adjudged to be liable to the Company. For purposes of this paragraph 2, excise taxes assessed on the Indemnitee with respect to an employee benefit plan pursuant to
applicable law shall be deemed fines. 
 3. EXPENSES OF A SUCCESSFUL PARTY 
 Without limiting the effect of any other provision of this Agreement and without regard to the provisions of paragraph 6 hereof, to the extent that the
Indemnitee is, by reason of such Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding pursuant to a final non-appealable order, such Indemnitee shall be indemnified against all reasonable
Expenses actually incurred by or on behalf of such Indemnitee in connection therewith. If the Indemnitee is not wholly successful in such Proceeding pursuant to a final non-appealable order but is successful, on the merits or otherwise, as to one or
more but less than all claims, issues, or matters in such Proceeding pursuant to a final non-appealable order, the Indemnitor shall indemnify the Indemnitee against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in
connection with each successfully resolved claim, issue or matter. For purposes of this paragraph and without limitation, the termination of any claim, issue or matter in such Proceeding by dismissal, with or without prejudice, shall be deemed to be
a successful result as to such claim, issue or matter. 
  

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 4. ADVANCEMENT OF EXPENSES 
 Notwithstanding anything in this Agreement to the contrary, but subject to paragraph 13 hereof, if the Indemnitee is or was or becomes a party to or is otherwise involved in any Proceeding (including as a witness), or
is or was threatened to be made a party to or a participant (including as a witness) in any such Proceeding, by reason of the Indemnitee’s Corporate Status, or by reason of (or arising in part out of) any actual or alleged event or occurrence
related to the Indemnitee’s Corporate Status, or by reason of any actual or alleged act or omission on the part of the Indemnitee taken or omitted in or relating to the Indemnitee’s Corporate Status, then the Indemnitor shall advance all
reasonable Expenses incurred by the Indemnitee in connection with any such Proceeding within twenty (20) days after the receipt by the Indemnitor of a statement from the Indemnitee requesting such advance from time to time, whether prior to or
after final disposition of such Proceeding; provided that, such statement shall reasonably evidence the Expenses incurred or to be incurred by the Indemnitee and shall include or be preceded or accompanied by (i) a written affirmation by the
Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Indemnitor as authorized by this Agreement has been met and (ii) a written undertaking by or on behalf of the Indemnitee to
repay the amounts advanced if it should ultimately be determined that the standard of conduct has not been met. The undertaking required by clause (ii) of the immediately preceding sentence shall be an unlimited general obligation of the
Indemnitee but need not be secured and may be accepted without reference to financial ability to make the repayment. 
 5. WITNESS EXPENSES

 Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of such Indemnitee’s Corporate
Status, a witness for any reason in any Proceeding to which such Indemnitee is not a named defendant or respondent, such Indemnitee shall be indemnified by the Indemnitor against all Expenses actually incurred by or on behalf of such Indemnitee in
connection therewith. 
 6. DETERMINATION OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION 
  

	 	(A)	To obtain indemnification under this Agreement, the Indemnitee shall submit to the Indemnitor a written request, including therewith such documentation and information reasonably
necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. 

  

	 	(B)	 Indemnification under this Agreement may not be made unless authorized for a specific Proceeding after a determination has been made in accordance with this
paragraph 6(B) that indemnification of the Indemnitee is permissible in the circumstances because the Indemnitee has met the following standard of conduct: the Indemnitor shall indemnify the Indemnitee in accordance with the provisions of paragraph
2 hereof, unless it is established that: (a) the act or omission of the 

  

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Indemnitee was material to the matter giving rise to the Proceeding and (x) was committed in bad faith or (y) was the result of active and
deliberate dishonesty; (b) the Indemnitee actually received an improper personal benefit in money, property or services; or (c) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission
was unlawful. Upon receipt by the Indemnitor of the Indemnitee’s written request for indemnification pursuant to subparagraph 6(A), a determination as to whether the applicable standard of conduct has been met shall be made within the period
specified in paragraph 6(E): (i) if a Change in Control shall have occurred, by Special Legal Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee, with Special Legal Counsel selected by
the Indemnitee (the Indemnitee shall give prompt written notice to the Indemnitor advising the Indemnitor of the identity of the Special Legal Counsel so selected); or (ii) if a Change in Control shall not have occurred, (A) by the Board
of Directors by a majority vote of a quorum consisting of directors not, at the time, parties to the Proceeding, or, if such quorum cannot be obtained, then by a majority vote of a committee of the Board of Directors consisting solely of two or more
directors not, at the time, parties to such Proceeding and who were duly designated to act in the matter by a majority vote of the full Board of Directors in which the designated directors who are parties may participate, (B) if the requisite
quorum of the full Board of Directors cannot be obtained therefor and the committee cannot be established (or, even if such quorum is obtainable or such committee can be established, if such quorum or committee so directs), by Special Legal Counsel
in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, with Special Legal Counsel selected by the Board of Directors or a committee of the Board of Directors by vote as set forth in clause (ii)(A) of this
paragraph 6(B) (or, if the requisite quorum of the full Board of Directors cannot be obtained therefor and the committee cannot be established, by a majority of the full Board of Directors in which directors who are parties to the Proceeding may
participate) (if the Indemnitor selects Special Legal Counsel to make the determination under this clause (ii), the Indemnitor shall give prompt written notice to the Indemnitee advising him or her of the identity of the Special Legal Counsel so
selected) or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company. If it is so determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made
within ten (10) days after such determination. Authorization of indemnification and determination as to reasonableness of Expenses shall be made in the same manner as the determination that indemnification is permissible. However, if the
determination that indemnification is permissible is made by Special Legal Counsel under clause (ii)(B) above, authorization of indemnification and determination as to reasonableness of Expenses shall be made in the manner specified under clause
(ii)(B) above for the selection of such Special Legal Counsel. 

  

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	 	(C)	The Indemnitee shall cooperate with the person or entity making such determination with respect to the Indemnitee’s entitlement to indemnification, including providing upon
reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any reasonable costs or
expenses (including reasonable attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating shall be borne by the Indemnitor (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and
the Indemnitor hereby indemnifies and agrees to hold the Indemnitee harmless therefrom. 

  

	 	(D)	In the event the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to paragraph 6(B) hereof, the Indemnitee, or the Indemnitor, as the
case may be, may, within seven days after such written notice of selection shall have been given, deliver to the Indemnitor or to the Indemnitee, as the case may be, a written objection to such selection. Such objection may be asserted only on the
grounds that the Special Legal Counsel so selected does not meet the requirements of “Special Legal Counsel” as defined in paragraph 1 of this Agreement. If such written objection is made, the Special Legal Counsel so selected may not
serve as Special Legal Counsel until a court has determined that such objection is without merit. If, within twenty (20) days after submission by the Indemnitee of a written request for indemnification pursuant to paragraph 6(A) hereof, no
Special Legal Counsel shall have been selected or, if selected, shall have been objected to, either the Indemnitor or the Indemnitee may petition a court for resolution of any objection which shall have been made by the Indemnitor or the Indemnitee
to the other’s selection of Special Legal Counsel and/or for the appointment as Special Legal Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom an objection is so
resolved or the person so appointed shall act as Special Legal Counsel under paragraph 6(B) hereof. The Indemnitor shall pay all reasonable fees and expenses of Special Legal Counsel incurred in connection with acting pursuant to paragraph 6(B)
hereof, and all reasonable fees and expenses incident to the selection of such Special Legal Counsel pursuant to this paragraph 6(D). In the event that a determination of entitlement to indemnification is to be made by Special Legal Counsel and such
determination shall not have been made and delivered in a written opinion within ninety (90) days after the receipt by the Indemnitor of the Indemnitee’s request in accordance with paragraph 6(A), upon the due commencement of any judicial
proceeding in accordance with paragraph 8(A) of this Agreement, Special Legal Counsel shall be discharged and relieved of any further responsibility in such capacity. 

  

	 	(E)	 If the person or entity making the determination whether the Indemnitee is entitled to indemnification shall not have made a determination within forty-five
(45) days after receipt by the Indemnitor of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be entitled to such indemnification, absent: (i) a
misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such

  

 6 

	 	 
indemnification under applicable law. Such 45-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the
person or entity making said determination in good faith requires additional time for the obtaining or evaluating of documentation and/or information relating thereto. The foregoing provisions of this paragraph 6(E) shall not apply: (i) if the
determination of entitlement to indemnification is to be made by the stockholders and if within fifteen (15) days after receipt by the Indemnitor of the request for such determination the Board of Directors resolves to submit such determination
to the stockholders for consideration at an annual or special meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made at such meeting, or (ii) if the determination of entitlement to
indemnification is to be made by Special Legal Counsel pursuant to paragraph 6(B) of this Agreement. 

 7. PRESUMPTIONS 

 

	 	(A)	In making a determination with respect to entitlement or authorization of indemnification hereunder, the person or entity making such determination shall presume that the Indemnitee
is entitled to indemnification under this Agreement and the Indemnitor shall have the burden of proof to overcome such presumption. 

  

	 	(B)	The termination of any Proceeding by conviction, or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable
presumption that the Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 

 8. REMEDIES

  

	 	(A)	In the event that: (i) a determination is made in accordance with the provisions of paragraph 6 that the Indemnitee is not entitled to indemnification under this Agreement, or
(ii) advancement of reasonable Expenses is not timely made pursuant to this Agreement, or (iii) payment of indemnification due the Indemnitee under this Agreement is not timely made, the Indemnitee shall be entitled to an adjudication in
an appropriate court of competent jurisdiction of such Indemnitee’s entitlement to such indemnification or advancement of Expenses. 

  

	 	(B)	In the event that a determination shall have been made pursuant to paragraph 6 of this Agreement that the Indemnitee is not entitled to indemnification, any judicial proceeding
commenced pursuant to this paragraph 8 shall be conducted in all respects as a de novo trial on the merits. The fact that a determination had been made earlier pursuant to paragraph 6 of this Agreement that the Indemnitee was not entitled to
indemnification shall not be taken into account in any judicial proceeding commenced pursuant to this paragraph 8 and the Indemnitee shall not be prejudiced in any way by reason of that adverse determination. In any judicial proceeding commenced
pursuant to this paragraph 8, the Indemnitor shall have the burden of proving that the Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

  

 7 

	 	(C)	If a determination shall have been made or deemed to have been made pursuant to this Agreement that the Indemnitee is entitled to indemnification, the Indemnitor shall be bound by
such determination in any judicial proceeding commenced pursuant to this paragraph 8, absent: (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not
materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

  

	 	(D)	The Indemnitor shall be precluded from asserting in any judicial proceeding commenced pursuant to this paragraph 8 that the procedures and presumptions of this Agreement are not
valid, binding and enforceable and shall stipulate in any such court that the Indemnitor is bound by all the provisions of this Agreement. 

  

	 	(E)	In the event that the Indemnitee, pursuant to this paragraph 8, seeks a judicial adjudication of such Indemnitee’s rights under, or to recover damages for breach of, this
Agreement, if successful on the merits or otherwise as to all or less than all claims, issues or matters in such judicial adjudication, the Indemnitee shall be entitled to recover from the Indemnitor, and shall be indemnified by the Indemnitor
against, any and all reasonable Expenses actually incurred by such Indemnitee in connection with each successfully resolved claim, issue or matter. 

 9. NOTIFICATION AND DEFENSE OF CLAIMS 
 The Indemnitee agrees promptly to notify the Indemnitor in writing upon being served
with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder, but the failure so to notify the
Indemnitor will not relieve the Indemnitor from any liability that the Indemnitor may have to Indemnitee under this Agreement unless the Indemnitor is materially prejudiced thereby. With respect to any such Proceeding as to which Indemnitee notifies
the Indemnitor of the commencement thereof: 
  

	 	(A)	The Indemnitor will be entitled to participate therein at its own expense. 

  

	 	(B)	 Except as otherwise provided below, the Indemnitor will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee. After notice
from the Indemnitor to Indemnitee of the Indemnitor’s election so to assume the defense thereof, the Indemnitor will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in
connection with the defense thereof other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but the fees and disbursements of such
counsel incurred after notice from the Indemnitor of the Indemnitor’s assumption of the defense thereof shall be at the expense of Indemnitee unless 

  

 8 

	 	 
(a) the employment by counsel by Indemnitee has been authorized by the Indemnitor, (b) the Indemnitee shall have reasonably concluded that there
may be a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) such Proceeding seeks penalties or other relief against the Indemnitee with respect to which the Indemnitor could not
provide monetary indemnification to the Indemnitee (such as injunctive relief or incarceration) or (d) the Indemnitor shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and
disbursements of counsel shall be at the expense of the Indemnitor. The Indemnitor shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Indemnitor, or as to which Indemnitee shall have reached the conclusion
specified in clause (b) above, or which involves penalties or other relief against Indemnitee of the type referred to in clause (c) above. 

  

	 	(C)	The Indemnitor shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected without the Indemnitor’s
written consent. The Indemnitor shall not settle any action or claim in any manner that would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither the Indemnitor nor Indemnitee will unreasonably withhold
or delay consent to any proposed settlement. 

 10. NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE SUBROGATION 
  

	 	(A)	The rights of indemnification and to receive advancement of reasonable Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which the
Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders, a resolution of the Board of Directors or otherwise, except that any payments otherwise required to be made by the
Indemnitor hereunder shall be offset by any and all amounts received by the Indemnitee from any other indemnitor or under one or more liability insurance policies maintained by an indemnitor or otherwise and shall not be duplicative of any other
payments received by an Indemnitee from the Indemnitor in respect of the matter giving rise to the indemnity hereunder. No amendment, alteration or repeal of this Agreement or any provision hereof shall be effective as to the Indemnitee with respect
to any action taken or omitted by the Indemnitee prior to such amendment, alteration or repeal. 

  

	 	(B)	To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors and officers of the Company, the Indemnitee shall be covered by
such policy or policies in accordance with its or their terms to the maximum extent of the coverage available and upon any “Change in Control” the Company shall use commercially reasonable efforts to obtain or arrange for continuation
and/or “tail” coverage for the Indemnitee to the maximum extent obtainable at such time. 

  

 9 

	 	(C)	In the event of any payment under this Agreement, the Indemnitor shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall
execute all papers required and take all actions necessary to secure such rights, including execution of such documents as are necessary to enable the Indemnitor to bring suit to enforce such rights. 

  

	 	(D)	The Indemnitor shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Indemnitee has otherwise
actually received such payment under any insurance policy, contract, agreement, or otherwise. 

 11. CONTINUATION OF INDEMNITY

  

	 	(A)	All agreements and obligations of the Indemnitor contained herein shall continue during the period the Indemnitee is an officer or a member of the Board of Directors of the Company
and shall continue thereafter so long as the Indemnitee shall be subject to any threatened, pending or completed Proceeding by reason of such Indemnitee’s Corporate Status and during the period of statute of limitations for any act or omission
occurring during the Indemnitee’s term of Corporate Status. This Agreement shall be binding upon the Indemnitor and its respective successors and assigns and shall inure to the benefit of the Indemnitee and such Indemnitee’s heirs,
executors and administrators. 

  

	 	(B)	The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of
the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform if no such succession had taken place. 

 12. SEVERABILITY 
 If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i) the validity,
legality, and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any paragraph of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provisions held invalid, illegal or
unenforceable. 
  

 10 

 13. EXCEPTIONS TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES 
 Notwithstanding any other provisions of this Agreement, the Indemnitee shall not be entitled to indemnification or advancement of reasonable Expenses
under this Agreement with respect to (i) any Proceeding initiated by such Indemnitee against the Indemnitor other than a proceeding commenced pursuant to paragraph 8 hereof, or (ii) any Proceeding for an accounting of profits arising from
the purchase and sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, rules and regulations promulgated thereunder, or any similar provisions of any federal, state or local statute. 
 14. NOTICE TO THE COMPANY STOCKHOLDERS 
 Any
indemnification of, or advancement of reasonable Expenses, to an Indemnitee in accordance with this Agreement, if arising out of a Proceeding by or in the right of the Company, shall be reported in writing to the stockholders of the Company with the
notice of the next Company stockholders’ meeting or prior to the meeting. 
 15. HEADINGS 
 The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to
affect the construction thereof. 
 16. MODIFICATION AND WAIVER 
 No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
 17. NOTICES

 All notices, requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given if
(i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on
which it is so mailed, if so delivered or mailed, as the case may be, to the following addresses: 
 If to the Indemnitee, to the address set
forth in the records of the Company. 
 If to the Indemnitor, to: 
 Colony Financial, Inc. 
 1999 Avenue of the
Stars, Suite 1200 
 Los Angeles, California 90067 
 Attention: Chief Financial Officer 
 Fax No.: 310-407-7430 
  

 11 

 with a copy (which shall not constitute notice) to: 
 Colony Financial, Inc. 
 1999 Avenue of the
Stars, Suite 1200 
 Los Angeles, California 90067 
 Attention: Joy Mallory 
 Fax No.: 310-407-7416 
 or to such other address as may have been furnished to the Indemnitee by the Indemnitor or to the Indemnitor by the Indemnitee, as the case may be. 
 18. GOVERNING LAW 
 The parties agree that this
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without application of the conflict of laws principles thereof. 
 19. NO ASSIGNMENTS 
 The Indemnitee may not assign its rights or delegate obligations under this
Agreement without the prior written consent of the Indemnitor. Any assignment or delegation in violation of this paragraph 19 shall be null and void. 
 20.
NO THIRD PARTY RIGHTS 
 Nothing expressed or referred to in this Agreement will be construed to give any person other than the parties
to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions are for the sole and exclusive benefit of the parties to this
Agreement and their successors and permitted assigns. 
 21. COUNTERPARTS 
 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together constitute an agreement
binding on all of the parties hereto. 
 [Signature page follows.] 
  

 12 

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

			
	COLONY FINANCIAL, INC.
		
	By:	 	  

	Name:	 	Richard B. Saltzman
	Title:	 	President and Chief Executive Officer
	
	INDEMNITEE:
		
	By:	 	  

	Name:

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