Document:

Exhibit 10.19

 

FORM OF

STOCK OPTION
AGREEMENT

 

THIS AGREEMENT, dated                        ,
200   (the “Grant Date”) is made by and between Capmark
Financial Group Inc., a Nevada corporation (hereinafter referred to as the “Company”),
and the individual whose name is set forth on the Master
Signature Page to which the Agreement is attached, who is  an employee of the Company or another
Service Recipient, hereinafter referred to as the “Optionee”. Any
capitalized terms herein not otherwise defined in Article I shall have the
meaning set forth in the Plan (as hereinafter defined).

 

WHEREAS, the Company wishes to carry out the Plan, the terms of which
are hereby incorporated by reference and made a part of this Agreement; and

 

WHEREAS, the Committee, appointed to administer the Plan, has
determined that it would be to the advantage and best interest of the Company
and its shareholders to grant the Option provided for herein to the Optionee as
an incentive for increased efforts during his term of office with the Company
or its Subsidiaries, and has advised the Company thereof and instructed the
undersigned officers to issue said Option;

 

NOW, THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto do hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Whenever the following terms are used in this Agreement, they shall
have the meaning specified below unless the context clearly indicates to the
contrary.

 

Section 1.1.    - Cause

 

“Cause” shall mean “Cause” as such term may be defined in any
employment agreement between the Optionee and the Company or any other Service
Recipient (the “Employment Agreement”), or, if there is no such
Employment Agreement (or if such term is not defined therein), “Cause” shall
exist if the Board reasonably determines that any one or more of the following
events has occurred while employed by the Company or any other Service
Recipient: (i) the Optionee’s willful and continued failure (except where due
to a physical or mental incapacity) to substantially perform his material
duties with respect to the Company which continues beyond ten (10) days after a
written demand for substantial performance is delivered to the Optionee by the
applicable Service Recipient (such ten-day period, the “Cure Period”);
(ii) any gross misconduct of the Optionee that causes material and demonstrable
injury, monetarily or otherwise, to any Service Recipient; (iii) conviction of,
or plea of guilty or nolo contendere to, the commission of (x) a felony
by the Optionee or (y) any misdemeanor involving theft, fraud, misappropriation
or moral turpitude (other than in connection with any traffic violations); (iv)
the Optionee’s disqualification or bar by any governmental or self-regulatory
authority from serving in his position with the applicable Service Recipient or
the Optionee’s 

 

 

loss of any governmental or
self-regulatory license that is reasonably necessary for the Optionee to
perform his material duties with respect to the applicable Service Recipient,
in any such case, as a result of misconduct by the Optionee; (v) the Optionee’s
willful obstruction of, or willful failure to cooperate with (except where due
to a physical or mental incapacity), any investigation authorized by the Board;
provided that exercise by the Optionee of his constitutional rights under the
Fifth Amendment of the United States Constitution in the event of any criminal
investigation of the Optionee shall not be treated as obstruction of or failure
to cooperate with any such investigation; (vi) the Optionee’s material breach
of the applicable Service Recipient’s written code of conduct and business
ethics, which breach is customarily punishable by termination of employment by
the applicable Service Recipient; or (vii) a material breach by the Optionee of
the restrictive covenants applicable to the Optionee pursuant to the Optionee’s
Management Stockholders’ Agreement or other agreements, if any, which continues
beyond the Cure Period (to the extent that, in the Board’s reasonable judgment,
such breach can be cured).

 

Section 1.2.   – Closing

 

“Closing” shall mean March 23, 2006, the date
on which the Investor first acquired shares of Common Stock pursuant to that
certain Amended and Restated Stock Purchase Agreement by and among General
Motors Acceptance Corporation, GMAC Mortgage Group, Inc., GMAC Commercial
Holding Corp., and the Investor, dated as of August 2, 2005, executed January
16, 2006 (such agreement, the “Stock Purchase Agreement”).

 

Section 1.3.   –Disability

 

“Disability” shall mean “Disability” as such
term is defined in the Employment Agreement, or if there is no such Employment
Agreement (or if such term is not defined therein), “Disability” shall mean the
Optionee’s physical or mental disability or infirmity that prevents the
performance of such Optionee’s duties for a period of (i) one hundred twenty
(120) consecutive days or (ii) one hundred eighty (180) non-consecutive days
during any twelve (12) month period, in either case, as evidenced by a written
statement of a physician licensed to practice medicine in any state in the
United States mutually agreed upon by the applicable Service Recipient and the
Optionee. The determination of Disability made in writing to the Company and
the Optionee shall be final and conclusive for all purposes of this Agreement.

 

Section 1.4.   – Fiscal
Year

 

“Fiscal Year” shall mean each fiscal year of the Company (which, for
the avoidance of doubt, ends on or about December 31 of any given calendar
year).

 

Section 1.5.   – Good
Reason

 

“Good
Reason” shall mean “Good Reason” as such term is defined in the Employment
Agreement, or if there is no such Employment Agreement (or if such term is not
defined therein), “Good Reason” shall mean, without the Optionee’s consent (i)
the material reduction of the Optionee’s annual rate of base salary (excluding
any general salary reduction affecting substantially all of the full-time,
salaried employee population of the applicable Service Recipient) or annual
bonus opportunity (excluding reductions in the value of any performance bonus
pool as a result of the Company or business unit’s performance or changes in
the goal 

 

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amount or type of performance
targets of the applicable bonus arrangement) or the material reduction of the
Optionee’s commission opportunity, on an annual basis (excluding any reductions
due to the Optionee’s individual performance (or lack thereof) or due to
any change in the structure of the commission plan or program in which the
Optionee participates to reflect the market conditions as they exist from time
to time), (ii) a material diminution in the Optionee’s employment duties or
responsibilities, in each case, following a reasonable period by the applicable
Service Recipient to cure such event following receipt of written notice by the
Optionee indicating the event giving rise to Good Reason; or (iii) relocation
of the Optionee’s primary workplace to a location more than 50 miles away from
his prior office location. The Optionee may terminate his employment with Good
Reason by providing the Company ten (10) days’ written notice setting forth in
reasonable specificity the event that constitutes Good Reason, within one
hundred eighty (180) days after the occurrence of such event.

 

Section 1.6.    
Management Stockholder’s Agreement

 

“Management Stockholder’s Agreement” shall
mean that certain Management Stockholder’s Agreement of even date herewith
between the Optionee and the Company.

 

Section 1.7.    - Option

 

“Option” shall mean the aggregate of the Time Option and the
Performance Option granted under Section 2.1 of this Agreement.

 

Section 1.8.   - Performance
Option

 

“Performance Option” shall mean the right and option to purchase, on
the terms and conditions set forth herein, all or any part of an aggregate of
the number of shares of Common Stock as set forth in Section 2.1 of this
Agreement.

 

Section 1.9.    - Plan

 

“Plan” shall mean the 2006 Equity Plan for Key Employees of Capmark
Financial Group Inc. and its Affiliates.

 

Section 1.10. – Retirement 

 

“Retirement” shall mean the Optionee’s termination of
employment other than for Cause, at or after (i) attaining age 62 or such other
age as the Board in consultation with the Chief Executive Officer of the
Company determines and (ii) completing at least three years of continuous
service with any Service Recipient(s) following the Closing or earlier with the
consent of the Committee.

 

Section 1.11. - Secretary

 

“Secretary” shall mean the Secretary of the Company.

 

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Section 1.12. - Time Option

 

“Time Option” shall mean the right and option to purchase, on the terms
and conditions set forth herein, all or any part of an aggregate of the number
of shares of Common Stock as set forth in Section 2.1 of this Agreement.

 

ARTICLE II

 

GRANT OF OPTIONS

 

Section 2.1.    - Grant of Options

 

For good and valuable consideration, on and as of the date hereof, the
Company irrevocably grants to the Optionee (a) a Time Option to purchase any
part or all of up to two-thirds (2/3) of the aggregate number of shares of its
Common Stock set forth on the Master Signature Page, upon the terms and
conditions set forth in this Agreement and (b) a Performance Option to purchase
any part or all of up to one-third (1/3) of the aggregate number of shares of
its Common Stock set forth on the Master Signature Page, upon the terms and
conditions set forth in this Agreement. The Option shall consist of a Time
Option and a Performance Option.

 

Section 2.2.    - Exercise Price

 

Subject to Section 2.4, the exercise price of the shares of Common
Stock covered by the Option shall be $5.00 per share (the “Base Price”)
without commission or other charge.

 

Section 2.3.    - No Guarantee of Employment

 

Nothing in this Agreement or in the Plan shall confer upon the Optionee
any right to continue in the employ of any Service Recipient or shall interfere
with or restrict in any way the rights of the applicable Service Recipient,
which are hereby expressly reserved, to terminate the employment of the
Optionee at any time for any reason whatsoever, with or without cause, subject
to the applicable provisions, if any, of the Optionee’s Employment Agreement or
offer letter provided by any Service Recipient to the Optionee.

 

Section 2.4.    - Adjustments to Option

 

(a)             Subject
to Sections 8 and 9 of the Plan, in the event that the outstanding shares of
the stock subject to the Option, are, from time to time, changed into or
exchanged for a different number or kind of shares of the Company or other
securities by reason of a merger, consolidation, recapitalization,
reclassification, stock split, spin-off, stock dividend, combination of shares,
or other corporate event, the Committee shall, as appropriate and equitable,
replace the Option with a new Option or change the terms of the Option, in each
case, to reflect an adjustment in the number and kind of shares and/or the
amount of consideration as to which or for which, as the case may be, such Option,
or portions thereof then unexercised, shall be exercisable, and the Committee
may, as it deems appropriate and equitable, pay to the Optionee an amount in
respect of the shares of Common Stock subject to the Option, with such
conditions or limitations as the Committee may deem reasonable and necessary to
preserve the economic value of the Option (determined as of such date);
provided, that no such condition or limitation 

 

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shall lengthen the period of time
in which the Option, or payment to be received in respect of such Option, vest.
Any such adjustment made by the Committee shall be final and binding upon the
Optionee, the Company and all other interested persons.

 

(b)            Notwithstanding
anything herein to the contrary, in the case of the payment of any
extraordinary dividend (in cash or in Common Stock), the Committee shall adjust
the exercise price of any outstanding portion of the Option in a manner
permitted under Section 409A of the Code and which does not give rise to
adverse accounting consequences to the Company.

 

ARTICLE III

 

PERIOD OF
EXERCISABILITY

 

Section 3.1.    - Commencement of Exercisability

 

(a)             So
long as the Optionee continues to be employed by a Service Recipient, the
Option shall become exercisable pursuant to the following schedules:

 

(i)            Time
Option. The Time Option shall become vested and exercisable ratably
with respect to 20% of the shares of Common Stock underlying such Time Option
on each of the first five anniversaries of the Grant Date.

 

(ii)           Performance
Option. The Performance Option shall become vested and exercisable
with respect to 20% of the shares of Common Stock underlying such Performance
Option at the end of each of the first five Fiscal Years occurring after the Grant
Date, if and only if the Company
achieves the annual performance target set forth on Schedule A attached
hereto (each, an “Annual Performance Target”) with respect to the
applicable Fiscal Year. Notwithstanding the foregoing, in the event that an
Annual Performance Target is not achieved in a particular Fiscal Year (any such
year, a “Missed Year”), if and only to the extent the
Company in any subsequent Fiscal Year first achieves the cumulative performance
target set forth on Schedule A attached hereto (each, a “Cumulative
Performance Target”) applicable to any such subsequent Fiscal Year, then
the Performance Option shall become vested and exercisable with respect to all
of the shares of Common Stock underlying such Performance Option in respect of
any such Missed Year(s), as of the end of the Fiscal Year in respect of which
the Cumulative Performance Target is achieved.

 

(b)            (i)
Notwithstanding any of the foregoing, upon a termination of the Optionee’s
employment (A) during the fourth quarter of any Fiscal Year by the applicable
Service Recipient without Cause or by the Optionee for Good Reason or (B) at
any time by reason of death, Disability or Retirement, that portion of the
Performance Option, if any, that would have become exercisable in respect of
the Fiscal Year in which the Optionee’s employment terminates if the Optionee
had remained employed with the applicable Service Recipient through such date,
shall remain outstanding through the date the Company receives audited
financial statements for the Fiscal Year in which such employment terminates
(the “Determination Date”), and shall become exercisable on such date if and only if, and only to the extent
that, the Annual Performance Target is met for such Fiscal Year in accordance
with 

 

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Section 3.1(a)(ii) above; provided, however, that if such Annual Performance Target is
not met for such Fiscal Year, that portion of the Performance Option shall
remain unvested and shall be forfeited upon such date.

 

(ii) Notwithstanding the foregoing, in the event it is
determined by the Company (in consultation with its auditors) that the
provisions of Section 3.1(b)(i) results in the Option (or any portion hereof)
being classified as a liability as contemplated by FASB Statement No. 123R,
Share-Based Payment, including any amendments and interpretations thereto, then
Section 3.1(b)(i) shall be of no further force and effect, and instead the
following provision shall apply:  Upon a
termination of the Optionee’s employment: (A) during the fourth quarter of any
Fiscal Year by the applicable Service Recipient without Cause or by the
Optionee for Good Reason, that portion of the Performance Option, if any, that
would have become exercisable in respect of the Fiscal Year in which the
Optionee’s employment terminates if the Optionee had remained employed with the
applicable Service Recipient through such date, shall remain outstanding
through the Determination Date, and shall become exercisable on such date if and only if, and only to the extent
that, the Annual Performance Target for such Fiscal Year is met, based on the
Return on Equity (as such term is defined in Schedule A) achieved for the
twelve-month trailing period ending at the end of the third quarter of the
Fiscal Year in which any such termination occurs; provided,
however, that if such Annual Performance Target is not met for such
Fiscal Year, that portion of the Performance Option shall remain unvested and
shall be forfeited upon such date; and 
(B) at any time by reason of death, Disability or Retirement, that
portion of the Performance Option, if any, that would have become exercisable
in respect of the Fiscal Year in which the Optionee’s employment terminates if
the Optionee had remained employed with the applicable Service Recipient
through such date, shall remain outstanding through the Determination Date, and
shall become exercisable on such date if and only if,
and only to the extent that, the Annual
Performance Target for such Fiscal Year is met, based on the Return on Equity
(as such term is defined in Schedule A) achieved for the twelve-month trailing
period ending on the last day of the most recently completed fiscal quarter
prior to the fiscal quarter in which any such termination occurs; provided, however, that if such Annual Performance Target is
not met for such Fiscal Year, that portion of the Performance Option shall
remain unvested and shall be forfeited upon such date.

 

(c)                Notwithstanding
any of the foregoing:

 

(i) the Time Option shall become immediately
exercisable as to 100% of the shares of Common Stock subject to such option
immediately prior to a Change in Control (but only to the extent such Option
has not otherwise been previously vested, terminated or become unexercisable);

 

(ii) the Performance Option shall become
immediately exercisable as to 100% of the shares of Common Stock subject to
such Option immediately prior to a Change in Control (but only to the extent
such Option has not otherwise been previously vested, terminated or become
unexercisable) if (x) as a result of such Change in Control the Investor LLC
(A) achieves a internal rate of return on Common Stock purchased by the
Investor LLC at the Closing (“Investor Stock”), based on the Fair Market
Value on the date of the Change in Control (determined immediately prior to
such date, on a fully diluted basis, assuming inclusion of all shares of Common
Stock underlying all of the granted and outstanding Performance Options, 

 

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and taking into account all
dividends, distributions and other proceeds paid on Investor Stock through the
date of, or otherwise paid as a result of, the Change in Control) of at least
20% and (B) earns at least 2.5 times the Base Price of each share of Investor
Stock held (directly or indirectly) by it, taking into account all dividends,
distributions and other proceeds paid on Investor Stock through the date of, or
otherwise paid as a result of, the Change in Control or (y) (1) in all
completed Fiscal Years occurring after the Closing and prior to the Change in
Control, the Annual Performance Targets have been achieved and (2) either event
described in Section 3.1(c)(ii)(x)(A) or 3.1(c)(ii)(x)(B) above has occurred. At
the request of the Optionee, the Company shall provide, within a reasonable
period of time after receipt of such request, such reasonable information as
may be reasonably necessary to verify the determination of whether and to what
extent the foregoing performance targets have been achieved, provided, however,
that in no event shall the Company be required to provide information that is
considered confidential or proprietary to the Company, the Investor or any of
its members, or any of their respective Affiliates.

 

(d)                Notwithstanding the foregoing,
no portion of the Option shall become exercisable as to any additional shares
of Common Stock (which does not otherwise become exercisable in accordance with
Section 3.1(a), (b) or (c) above) following the termination of employment of
the Optionee for any reason and any Option, which is unexercisable as of the
Optionee’s termination of employment, shall be immediately cancelled without
payment therefor.

 

(e)                Notwithstanding anything in this Agreement to the
contrary, in the event it is determined by the Company (in consultation with
its auditors) that any provision in this Agreement (including, without
limitation, Section 3.1(c)(ii) above) results in the Option (or any portion
hereof) being classified as a liability as contemplated by FASB Statement No.
123R, Share-Based Payment, including any amendments and interpretations
thereto, then the Board (or designated members thereof) and the senior
management of the Company shall work together in good faith to modify such
provision to avoid the award being classified as a liability and to maintain
economic advantages of the Option to the Optionee that are similar to those
provided under this Agreement as currently written. In connection with the
foregoing, this Agreement shall be deemed amended to provide for the foregoing
in the event that either (i) the Optionee agrees in writing to any such
amendment or (ii) all Management Stockholders (as such term is defined in the
Management Stockholder’s Agreement) representing a majority of the Common Stock
held by all of the Management Stockholders agree in writing to any such
amendment to the terms and conditions of the options to purchase Common Stock
held by such Management Stockholders, that are the same as the terms and
conditions set forth in this Agreement. The Company shall provide notice
of any such modification amendment or waiver promptly after any approval
thereof as provided in this Section 3.1(e).

 

Section 3.2.    – Expiration of Option; Effect of Change in
Control on Expiration 

 

(a)                                The Optionee may not exercise
any vested portion of the Option to any extent after the first to occur of the
following events:

 

(i)            The tenth anniversary of the Grant
Date;

 

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(ii)           The first anniversary of the date of
the Optionee’s termination of employment, if the Optionee’s employment is
terminated by reason of death or Disability (unless earlier terminated as
provided in Section 3.2(a)(vii) below), to the extent any portion of the Option
was vested on or prior to the date of such termination and, for any portion of
the Option that becomes vested after the date of such termination pursuant to
Section 3.1(b) above, the first anniversary of the Determination Date;

 

(iii)          One hundred and eighty (180) days
after the date of the Optionee’s termination of employment with the applicable
Service Recipient in the case of Retirement (unless earlier terminated as
provided in Section 3.2(a)(vii) below) to the extent any portion of the Option
was vested on or prior to the date of such termination and, for any portion of
the Option that becomes vested after the date of such termination pursuant to
Section 3.1(b) above, twelve (12) months after the Determination Date;

 

(iv)          Immediately upon the date of the
Optionee’s termination of employment by the applicable Service Recipient for
Cause;

 

(v)           Ninety (90) days after the date of an
Optionee’s termination of employment (A) by the applicable Service Recipient
without Cause or (B) by the Optionee with Good Reason (in either case, unless
earlier terminated as provided in Section 3.2(a)(vii) below) to the extent any
portion of the Option was vested on or prior to the date of such termination
and, for any portion of the Option that becomes vested after the date of such
termination pursuant to Section 3.1(b) above, ninety (90) days after the
Determination Date;

 

(vi)          Thirty (30) days after the date of the
Optionee’s termination of employment with the applicable Service Recipient by
the Optionee without Good Reason (unless earlier terminated as provided in
Section 3.2(a)(vii) below);

 

(vii)         The date the Option is terminated
pursuant to Section 5 or 6 of the Management Stockholder’s Agreement; or

 

(viii)        At the discretion of the Company, if the
Committee so determines pursuant to Section 9 of the Plan, the effective date
of either the merger or consolidation of the Company into another Person, or
the exchange or acquisition by another Person of all or substantially all of
the Company’s assets or 80% or more of its then outstanding voting stock, or
the recapitalization, reclassification, liquidation, dissolution or other
corporate event of the Company. Prior to such effective date, the Company shall
choose, subject to subsection (c) below, to take any one of, or any combination
of, the following actions: (x) provide no less than ten (10) days’ prior
written notice to the Optionee that the Company intends to exercise such
discretion and an opportunity for the Optionee to exercise the Optionee’s
Options (whether or not then vested), (y) make payment to the Optionee in
respect of the termination of the Optionee’s Options, or (z) provide an
opportunity for the Optionee to roll over the Optionee’s Options into new stock
options, in connection with such transaction.

 

(b)                Notwithstanding
any of the foregoing, upon the termination of the Optionee’s employment for any
reason by the Optionee, or by the applicable Service Recipient, other than for
Cause, if the last day to exercise vested Options occurs after the date on
which 

 

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Common Stock is
publicly traded on a national stock exchange and during a lock-up period or
blackout period, as required by applicable federal or state securities laws or
regulations, the otherwise applicable exercise period as set forth in Section
3.1(a) above shall be extended, but not beyond the tenth anniversary of the
Grant Date, until fifteen (15) days after the first day on which the Optionee
is no longer precluded from selling Common Stock acquired upon exercise of the
Option for either of such reasons.

 

(c)                Notwithstanding
anything herein to the contrary, all Options that become vested in connection
with a Change in Control will: (x) be timely exercisable so that the underlying
shares of Common Stock can be effectively tendered so that the Optionee may
participate in the Change in Control as a shareholder, (y) be cashed out and
terminated at a price equal to the Change in Control price minus the option
exercise price, or (z) solely in the case of a Change in Control where the
Investor receives stock, be converted into a corresponding number of fully
vested stock options to acquire common stock of the new entity; the occurrence
of the event described in clause (x), (y) or (z) being determined by the Board
in its discretion. Any such converted Options granted pursuant to clause (z)
above shall cover an adjusted number of shares and have an adjusted exercise
price, both to be conventionally determined so as to preserve the intrinsic
gain at the time of the Change in Control, and shall otherwise have (i) exercise
rights, a maturity date and other rights which are not less favorable, and be
subject to obligations which are not more onerous, than those applicable to the
Options from which they were converted, and (ii) such other terms as are
necessary for the holders of such options to avoid penalty taxes under Section
409A of the Code.

 

ARTICLE IV

 

EXERCISE OF OPTION

 

Section 4.1.    – Person Eligible to Exercise

 

Except as otherwise provided in the Management Stockholder’s Agreement,
during the lifetime of the Optionee, only he may exercise an Option or any
portion thereof. After the death of the Optionee, any exercisable portion of an
Option may, prior to the time when an Option becomes unexercisable under
Section 3.2, be exercised by his personal representative or by any person
empowered to do so under the Optionee’s will or under the then applicable laws
of descent and distribution.

 

Section 4.2.    – Partial Exercise

 

Any exercisable portion of an Option or the entire Option, if then
wholly exercisable, may be exercised in whole or in part at any time prior to
the time when the Option or portion thereof becomes unexercisable under Section
3.2; provided, however, that any partial exercise shall be for
whole shares of Common Stock only.

 

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Section 4.3.    – Manner of Exercise

 

An Option, or
any exercisable portion thereof, may be exercised solely by delivering to the
Secretary or his office all of the following prior to the time when the Option
or such portion becomes unexercisable under Section 3.2:

 

(a)                                Notice in writing signed by the
Optionee or the other person then entitled to exercise the Option or portion
thereof, stating that the Option or portion thereof is thereby exercised, such
notice complying with all applicable rules established by the Committee;

 

(b)                Full
payment (in cash, by check, if permitted by the Committee, in Shares or by a
combination thereof) for the shares with respect to which such Option or
portion thereof is exercised; which, following a Qualified Public Offering, may
be satisfied using a “cashless exercise” method of exercise that is compliant
with The Sarbanes-Oxley Act of 2002 (or any successor legislation), as in
effect at such time(s):

 

(c)                                A bona fide written
representation and agreement, in a form satisfactory to the Committee, signed
by the Optionee or other person then entitled to exercise such Option or
portion thereof, stating that the shares of Common Stock are being acquired for
his own account, for investment and without any present intention of
distributing or reselling said shares or any of them except as may be permitted
under the Securities Act of 1933, as amended (the “Act”), and then
applicable rules and regulations thereunder, and that the Optionee or other
person then entitled to exercise such Option or portion thereof will indemnify
the Company against and hold it free and harmless from any loss, damage,
expense or liability resulting to the Company if any sale or distribution of
the Shares by such person is contrary to the representation and agreement
referred to above; provided, however, that the Committee may, in
its reasonable discretion, take whatever additional actions it deems reasonably
necessary to ensure the observance and performance of such representation and
agreement and to effect compliance with the Act and any other federal or state
securities laws or regulations;

 

(d)                Full
payment to the Company of all amounts which, under federal, state or local law,
it is required to withhold upon exercise of the Option, either in cash, by
check or, if permitted by the Board, through the withholding of Shares
otherwise issuable upon the exercise of the Option, but solely in respect of
the minimum withholding obligation; and

 

(e)                                In the event the Option or
portion thereof shall be exercised pursuant to Section 4.1 by any person or
persons other than the Optionee, appropriate proof of the right of such person
or persons to exercise the Option.

 

Without
limiting the generality of the foregoing, the Committee may require an opinion
of counsel acceptable to it to the effect that any subsequent transfer of
Shares acquired on exercise of an Option does not violate the Act, and may
issue stop-transfer orders covering such Shares. Share certificates evidencing
stock issued on exercise of this Option shall bear an appropriate legend
referring to the provisions of subsection (c) above and the agreements herein.
The written representation and agreement referred to in subsection (c) above
shall, however, not be required if the Shares to be issued pursuant to such
exercise have been registered under the Act, and such registration is then
effective in respect of such Shares.

 

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Section 4.4.    – Conditions to Issuance of Stock
Certificates

 

The Shares
deliverable upon the exercise of an Option, or any portion thereof, may be
either previously authorized but unissued shares or issued Shares, which have
then been reacquired by the Company. Such Shares shall be fully paid and
nonassessable. The Company shall not be required to issue or deliver any
certificate or certificates for Shares purchased upon the exercise of an Option
or portion thereof prior to fulfillment of all of the following conditions:

 

(a)                The
obtaining of approval or other clearance from any state or federal governmental
agency which the Committee shall, in its reasonable and good faith discretion,
determine to be necessary or advisable; and

 

(b)                The
lapse of such reasonable period of time following the exercise of the Option as
the Committee may from time to time establish for reasons of administrative
convenience or as may otherwise be required by applicable law.

 

Section 4.5.    – Rights as Stockholder

 

The holder of
an Option shall not be, nor have any of the rights or privileges of, a
stockholder of the Company in respect of any Shares purchasable upon the
exercise of the Option or any portion thereof unless and until certificates
representing such Shares shall have been issued by the Company to such holder
upon satisfaction of the conditions set forth in Section 4.4 or unless book
entry representing such Shares has been made and such Shares have been
deposited with the appropriate registered book-entry custodian. Upon
fulfillment of such conditions, the Company shall be required to issue and
deliver such certificate or certificates, unless book entry representing such
Shares has been made and such Shares have been deposited with the appropriate
registered book-entry custodian.

 

ARTICLE V

 

MISCELLANEOUS

 

Section 5.1.    – Administration

 

The Committee
shall have the power to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation and application of the Plan as are
consistent therewith and to interpret or revoke any such rules. All actions
taken and all interpretations and determinations made by the Committee shall be
final and binding upon the Optionee, the Company and all other interested
persons. No member of the Committee shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan or
the Option. In its absolute discretion, the Board may at any time and from time
to time exercise any and all rights and duties of the Committee under the Plan
and this Agreement.

 

Section 5.2.    – Option Not Transferable

 

Neither the
Option nor any interest or right therein or part thereof shall be liable for
the debts, contracts or engagements of the Optionee or his successors in
interest or shall be 

 

11

 

subject to
disposition by transfer, alienation, anticipation, pledge, encumbrance,
assignment or any other means whether such disposition be voluntary or
involuntary or by operation of law by judgment, levy, attachment, garnishment
or any other legal or equitable proceedings (including bankruptcy), and any
attempted disposition thereof shall be null and void and of no effect;
provided, however, that this Section 5.2 shall not prevent transfers by will or
by the applicable laws of descent and distribution or as otherwise provided for
in accordance with the Management Stockholder’s Agreement.

 

Section 5.3.    – Notices

 

Any notice to
be given under the terms of this Agreement to the Company shall be addressed to
the Company in care of its Secretary, and any notice to be given to the
Optionee shall be addressed to him at the address given beneath his signature
hereto. By a notice given pursuant to this Section 5.3, either party may
hereafter designate a different address for notices to be given to it or him. Any
notice, which is required to be given to the Optionee, shall, if the Optionee
is then deceased, be given to the Optionee’s personal representative if such
representative has previously informed the Company of his status and address by
written notice under this Section 5.3. Any notice shall have been deemed duly
given when enclosed in a properly sealed envelope or wrapper addressed as
aforesaid, deposited (with postage prepaid) in a post office or branch post
office regularly maintained by the United States Postal Service.

 

Section 5.4.    – Titles; Pronouns

 

Titles are
provided herein for convenience only and are not to serve as a basis for
interpretation or construction of this Agreement. The masculine pronoun shall
include the feminine and neuter, and the singular the plural, where the context
so indicates.

 

Section 5.5.    – Applicability of Plan and Management
Stockholder’s Agreement

 

The Option and
the Shares issued to the Optionee upon exercise of the Option shall be subject
to all of the terms and provisions of the Plan and the Management Stockholder’s
Agreement, to the extent applicable to the Option and such Shares. In the event
of any conflict between this Agreement and the Plan, the terms of the Plan
shall control. In the event of any conflict between this Agreement or the Plan
and the Management Stockholder’s Agreement, the terms of the Management
Stockholder’s Agreement shall control.

 

Section 5.6.    – Amendment

 

Subject to the
provisions of Section 3.1(e) above, this Agreement may be amended only by a
writing executed by the parties hereto, which specifically states that it is
amending this Agreement.

 

Section 5.7.    – Governing Law

 

The laws of
the State of Delaware shall govern the interpretation, validity and performance
of the terms of this Agreement regardless of the law that might be applied
under principles of conflicts of laws.

 

12

 

Section 5.8.    – Arbitration

 

In the event of any controversy among the
parties hereto arising out of, or relating to, this Agreement which cannot be
settled amicably by the parties, such controversy shall be finally, exclusively
and conclusively settled by mandatory arbitration conducted expeditiously in
accordance with the American Arbitration Association rules, by a single
independent arbitrator. Such arbitration process shall take place within 100
miles of the New York City metropolitan area. The decision of the arbitrator
shall be final and binding upon all parties hereto and shall be rendered
pursuant to a written decision, which contains a detailed recital of the
arbitrator’s reasoning. Judgment upon the award rendered may be entered in any
court having jurisdiction thereof. Each party shall bear its own legal fees and
expenses, unless otherwise determined by the arbitrator. Notwithstanding
anything herein to the contrary, if the Employment Agreement contains a similar
provision relating to arbitration and/or dispute resolution, such provision in
the Employment Agreement shall govern any controversy hereunder.

 

Section 5.9    – Section 409A of the Code

 

Notwithstanding anything herein to the
contrary, (i) if at the time of the Optionee’s termination of employment with
any Service Recipient the Optionee is a “specified employee” as defined in
Section 409A of the Code, and the deferral of the commencement of any payments
or benefits otherwise payable hereunder as a result of such termination of
employment is necessary in order to prevent the imposition of any accelerated
or additional tax under Section 409A of the Code, then the Company will defer
the commencement of the payment of any such payments or benefits hereunder
(without any reduction in such payments or benefits ultimately paid or provided
to the Optionee) until the date that is six months following the Optionee’s
termination of employment with all Service Recipients (or the earliest date as
is permitted under Section 409A of the Code) and (ii) if any other payments of
money or other benefits due to the Optionee hereunder would cause the
application of an accelerated or additional tax under Section 409A of the Code,
such payments or other benefits shall be deferred if deferral will make such
payment or other benefits compliant under Section 409A of the Code, or
otherwise such payment or other benefits shall be restructured, to the extent
possible, in a manner, determined by the Board, that does not cause such an
accelerated or additional tax or result in an additional cost to the Company. The
Company shall consult with its legal counsel and tax accountants in good faith
regarding the implementation of the provisions of this Section 5.9, which shall
be done only in a manner that is reasonably acceptable to the senior executives
of the Company; provided that none of the Service Recipients nor any of its employees
or representatives shall have any liability to the Optionee with respect
thereto.

 

Section 5.10    –
Counterparts; Master Signature Page

 

This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original and all of which together shall constitute
one and the same instrument. The Master Signature Page, when duly executed and
delivered by the Optionee in accordance with the terms hereof and thereof,
shall supplement and form a part of this Agreement, and references to this
Agreement shall be construed accordingly. The due execution of the Master
Signature Page by the Optionee shall be deemed to constitute the execution by
such Optionee of this Agreement.

 

13

 

IN WITNESS WHEREOF, upon due execution and
delivery by the Optionee of the Master Signature Page to the Company, the
Optionee has executed this Agreement, and the Company has executed this
Agreement upon completion and delivery by the Company of such Master Signature
Page to the Optionee, and as of the date set forth above.

 

 

14

 

Schedule A

 

	
  

  FISCAL YEAR

  	
   

  	
  ANNUAL

  PERFORMANCE TARGET

  
	
  2006

  	
   

  	
   

  
	
  2007

  	
   

  	
   

  
	
  2008

  	
   

  	
   

  
	
  2009

  	
   

  	
   

  
	
  2010

  	
   

  	
   

  

 

Cumulative Performance Targets

 

The
Cumulative Performance Target for any given Fiscal Year shall have been met if,
at a given date, the cumulative Adjusted Income between Closing and such date
exceeds the Cumulative Adjusted Income Target as of such date.

 

Definitions

 

“Return
on Equity” means, with respect to any period, the quotient of (X) a percentage
equal to the quotient of (i) Adjusted Income for such period divided by (ii)
Average Common Equity for such period, divided by (Y) a percentage equal to the
quotient of (a) the number of calendar days in such period divided by (b) 365.

 

“Adjusted
Income” means, for any period, the consolidated income available to common
stockholders of the Company (consolidated net income of the Company minus the
amount of any preferred stock dividends declared, accrued or accumulated
(whether or not paid, but without duplication) in such period) plus (i) the
after-tax amount of any management or other fees to the Investor Group expensed
in such period less (ii) the amounts of any extraordinary after-tax gains (or plus
the amount of any after-tax losses) on any sale of a business unit of the
Company or its subsidiaries recognized in such period plus (iii) the after-tax
amount of any restructuring charges recognized in such period.  For the
avoidance of doubt, the amount of adjustments (i)-(iii) for any period is
limited to the amount recognized in consolidated net income of the Company for
such period.  Adjusted Income shall be calculated consistent with U.S.
generally accepted accounting principles (“GAAP”), as applied by the Company in
the preparation of the annual audited consolidated financial statements of the
Company for such period, and shall be calculated before giving effect to any
purchase accounting adjustments that result from the transactions contemplated
by the Stock Purchase Agreement (the “Transaction”).

 

 ”Average
Common Equity” means, for any period, the average amount of Common Equity as of
each month-end during such period.

 

“Common
Equity” means, at any time of measurement, an amount equal to (i) the total
assets of GMACCH minus (ii) the total liabilities of the Company and its
subsidiaries, minus (iii) minority interests and minus (iv) preferred stock
(without duplication of any amounts in (ii) or (iii)), in each case on a
consolidated basis, as determined in accordance with GAAP, as applied by the
Company in the preparation of the annual audited consolidated financial
statements of the Company for the Fiscal Year immediately preceding such time
of measurement, and shall be calculated before giving effect to any purchase
accounting adjustments that result from the Transaction.

 

15

 

“Adjusted
Income Target” means, for any Fiscal Year, or portion of a Fiscal Year, (i) the
Average Common Equity for a Fiscal Year, or portion thereof, multiplied by (ii)
the Annual Performance Target for the Fiscal Year during which such period
falls, multiplied by (iii) a percentage equal to the quotient of (x) the number
of calendar days in such period divided by (y) 365.

 

“Cumulative
Adjusted Income Target” means, at any date, the sum of the Adjusted Income
Targets calculated for each Fiscal Year, or portion of a Fiscal Year, between
Closing and such measurement date.

 

16Exhibit 10.20

 

FORM OF

SALE PARTICIPATION AGREEMENT

 

                       ,
200  

 

To:
The Person whose name is 
  set forth on the signature page hereof

 

Dear Sir or
Madam:

 

You have entered into a Management Stockholder’s Agreement, dated as of
the date hereof, between Capmark Financial Group Inc., a Nevada corporation
(the “Company”), and you (the “Management Stockholder’s Agreement”)
relating to: (i) the granting to you by the Company of an Option (as
defined in the Stockholder’s Agreement) to purchase shares of common stock, par
value $0.001 per share, of the Company (the “Common Stock”) and (ii) the
purchase by you of the Purchased Stock (as defined in the Management
Stockholder’s Agreement).  The
undersigned, GMACCH Investor LLC (“Investor”), hereby agrees with you as
follows, effective upon such grant of an Option and purchase of Common Stock:

 

1.      In the event that at any time Investor
(together with any of its affiliates, to the extent provided for in Paragraph 8
hereof, the “Selling Investor”) proposes to sell for cash or any other
consideration any shares of Common Stock owned by it, in any transaction other
than a Public Offering (as defined in the Management Stockholder’s Agreement)
or a sale to an affiliate of the Selling Investor (other than a Strategic
Business Affiliate (as defined in the Management Stockholder’s Agreement)), the
Selling Investor will notify you or your Management Stockholder’s Estate,
Management Stockholder’s Family Members or Management Stockholder’s Trust (as
such terms are defined in the Management Stockholder’s Agreement, and
collectively with you, the “Management Stockholder Entities”), as the
case may be, in writing (a “Notice”) of such proposed sale (a “Proposed
Sale”) and the material terms of the Proposed Sale as of the date of the
Notice (the “Material Terms”) promptly, and in any event not less than
15 days prior to the consummation of the Proposed Sale and not more than
five days after the execution of the definitive agreement relating to the
Proposed Sale, if any (the “Sale Agreement”).  If, within 10 days after the Management
Stockholder Entities’ receipt of such Notice, the Selling Investor receives
from the Management Stockholder Entities a written request (a “Request”)
to include Common Stock held by the Management Stockholder Entities in the
Proposed Sale (which Request shall be irrevocable unless (a) there shall
be a material adverse change in the Material Terms or (b) otherwise
mutually agreed to in writing by the Management Stockholder Entities and the
Selling Investor), the Common Stock held by you will be so included as provided
herein; provided that only one Request, which shall be executed by the
Management Stockholder Entities, may be delivered with respect to any Proposed
Sale for Common Stock held by the Management Stockholder Entities.  Promptly after the execution of the Sale
Agreement, the Selling Investor will furnish the Management Stockholder
Entities with a copy of the Sale Agreement, if any.

 

2.      The number of shares of Common Stock which
the Management Stockholder Entities will be permitted to include in a Proposed
Sale pursuant to a Request will be the product of (i) the sum of the
number of shares of Common Stock then owned by the 

 

Management Stockholder Entities (and held pursuant to
the Management Stockholder’s Agreement) plus all shares of Common Stock
which you are then entitled to acquire under any unexercised portion of the
Option, to the extent such Option is then exercisable or would become
exercisable as a result of the consummation of the Proposed Sale, multiplied
by (ii) a fraction (A) the numerator of which shall be the aggregate
number of shares of Common Stock proposed to be purchased by the buyer in the
Proposed Sale and (B) the denominator of which shall be the total number
of shares of Common Stock owned, or which would be owned upon exercise of any
exercisable Options (to the extent any such Options are then exercisable or
would become exercisable as a result of the consummation of the Proposed Sale),
by the Selling Investor, the Management Stockholder Entities and other holders
of shares of Common Stock who have been granted similar rights to participate
in the Proposed Sale (an “Eligible Holder”), as the case may be.

 

3.      Except as may otherwise be provided
herein, shares of Common Stock subject to a Request will be included in a
Proposed Sale pursuant hereto and in any agreements with purchasers relating
thereto on the same terms and subject to the same conditions applicable to the
shares of Common Stock which the Selling Investor proposes to sell in the
Proposed Sale.  Such terms and conditions
shall include, without limitation:  the
pro rata reduction of the number of shares of Common Stock to be sold by the
Selling Investor, the Management Stockholder Entities and any Eligible Holders
to be included in the Proposed Sale if required by the party proposing such
Sale; the sale price; the form of consideration; the payment of fees,
commissions and expenses; the provision of, and representation and warranty as
to, information reasonably requested by the Selling Investor covering matters
regarding the Management Stockholder Entities’ ownership of shares; and the
provision of requisite indemnification; provided, however, that no Management
Stockholder Entity shall be liable under such indemnification for any amount in
excess of the net after-tax proceeds received by such Management Stockholder
Entity in such sale.

 

4.      Upon delivering a Request, the Management
Stockholder Entities will, if requested by the Selling Investor, execute and deliver
a custody agreement and power of attorney in form and substance reasonably
satisfactory to the Selling Investor with respect to the shares of Common Stock
which are to be sold by the Management Stockholder Entities pursuant hereto (a “Custody
Agreement and Power of Attorney”). 
The Custody Agreement and Power of Attorney will contain customary
provisions and will provide, among other things, that the Management
Stockholder Entities will deliver to and deposit in custody with the custodian
and attorney-in-fact named therein a certificate or certificates (if such
shares are certificated) representing such shares of Common Stock (duly
endorsed in blank by the registered owner or owners thereof) and irrevocably
appoint said custodian and attorney-in-fact as the Management Stockholder
Entities’ agent and attorney-in-fact with full power and authority to act under
the Custody Agreement and Power of Attorney on the Management Stockholder
Entities’ behalf with respect to the matters specified therein.

 

5.      The Management Stockholder Entities’ right
pursuant hereto to participate in a Proposed Sale shall be contingent on the
Management Stockholder Entities’ compliance with each of the provisions hereof
and the Management Stockholder Entities’ respective willingness to execute such
documents in connection therewith as may be reasonably requested by the Selling
Investor.

 

6.      (a) In the event of a Proposed Sale
pursuant to Section 1 hereof in which the Selling Investor proposes to
sell for cash or any other consideration fifty percent (50%) or more of the
shares of Common Stock held by the Selling Investor and its affiliates pursuant
to Section 1 hereof, the Selling Investor may elect, by so specifying in
the Notice, to require the Management Stockholder Entities to, and the
Management Stockholder Entities shall, participate in such Proposed Sale to the
same extent calculated pursuant to Paragraph 2(a) above, in
accordance with the terms and provisions of Paragraph 3 hereof; provided,
however, that in such event, the order in which the shares of Common
Stock held by the Management Stockholder Entities shall be required to be sold
shall be: first, any shares of Common Stock then held by the Management
Stockholder Entities that constitute Purchased Stock (as defined in the
Stockholder’s Agreement); and second, any shares of Common Stock acquired
pursuant to the exercise of any exercisable Options.

 

(b)    In the event of a transaction which results
in a Change in Control (as defined in the Management Stockholder’s Agreement)
that is also a Proposed Sale, but is not one in which either the Selling
Investor has exercised its rights pursuant to Paragraph 6(a) or the
Management Stockholder Entities have exercised their rights pursuant to
Paragraph 1 (a “Proposed Transaction”), you agree on behalf of the
Management Stockholder Entities, to bear, on a several and not joint basis,
your pro rata share of any fees, commissions, adjustments to purchase price,
expenses or indemnities borne by the Selling Investor.

 

(c)    Your pro rata share of any amount to be paid
pursuant to Paragraph 3 or Paragraph 6(b) shall be based upon the
number of shares of Common Stock intended to be transferred by the Management
Stockholder Entities plus the number of shares of Common Stock you would have
the right to acquire under any unexercised portion of the Option which is then
vested or would become vested as a result of the Proposed Sale or Proposed
Transaction, assuming that you receive a payment in respect of such unexercised
portion of the Option.

 

7.      The obligations of the Selling Investor
hereunder shall extend only to the Management Stockholder Entities, and none of
the Management Stockholder Entities’ successors or assigns shall have any
rights pursuant hereto.

 

8.      If the Investor transfers any of its
interests in the Company to an equityholder of the Investor, as a condition
precedent to such transfer, such equityholder shall agree in writing to assume
the obligations hereunder of the Investor and shall be deemed a “Selling
Investor” with respect to any subsequent Proposed Sale or Proposed
Transaction.  No transfer pursuant to
this Section 8 shall diminish the obligations of the Investor hereunder,
to the extent applicable following the consummation of the transfer.

 

9.      This Agreement shall terminate and be of
no further force and effect on the fifth anniversary of the first occurrence of
a Public Offering (as defined in the Management Stockholder’s Agreement).

 

10.    All notices and other communications
provided for herein shall be in writing. 
Any notice or other communication hereunder shall be deemed duly given (i) upon
electronic confirmation of facsimile, (ii) one business day following the
date sent when sent by overnight delivery and (iii) five business days
following the date mailed when mailed by registered or certified mail return
receipt requested and postage prepaid, in each case as follows:

 

If to the Selling Investor, to it at the following
addresses:

 

GMACCH
Investor LLC

c/o Kohlberg
Kravis Roberts & Co. L.P.

9 West 57th
Street

New York, New
York 10019

Attention:  Scott Nuttall

 

GMACCH
Investor LLC

c/o The
Goldman Sachs Company, Inc.

85 Broad
Street

New York, New
York 10004

Attention:  Stuart Katz

 

GMACCH
Investor LLC

c/o Five Mile
Capital Partners LLC

Four Stamford Plaza, Suite 400

Stamford, CT 06902

Attention:  Konrad Kruger

 

with a copy to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attn: 
Sean D. Rodgers, Esq.

 

If to the Company, to the Company at the following
address:

 

Capmark Financial Group Inc.

200 Witmer Road

Horsham, PA 19044

Attention: 
General Counsel

 

with a copy to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attn: 
Sean D. Rodgers, Esq.

 

If to you, to
you at the address first set forth above;

 

If to your Management
Stockholder’s Estate, Management Stockholder’s Family Members or Management
Stockholder’s Trust, to the address provided to the Company by such entity;

 

or at such
other address as any of the above shall have specified by notice in writing
delivered to the others by certified mail.

 

11.        The laws of the State of Delaware shall
govern the interpretation, validity and performance of the terms of this
Agreement.  In the event of any
controversy among the parties hereto arising out of, or relating to, this
Agreement which cannot be settled amicably by the parties, such controversy
shall be finally, exclusively and conclusively settled by mandatory arbitration
conducted expeditiously in accordance with the American Arbitration Association
rules, by a single independent arbitrator. 
Such arbitration process shall take place within 100 miles of the New
York City metropolitan area.  The
decision of the arbitrator shall be final and binding upon all parties hereto
and shall be rendered pursuant to a written decision, which contains a detailed
recital of the arbitrator’s reasoning. 
Judgment upon the award rendered may be entered in any court having
jurisdiction thereof.  Each party shall
bear its own legal fees and expenses. 
Each party hereto hereby irrevocably waives any right that it may have
had to bring an action in any court, domestic or foreign, or before any similar
domestic or foreign authority with respect to this Agreement.  Notwithstanding anything herein to the
contrary, if the Employment Agreement contains a similar provision relating to
arbitration and/or dispute resolution, such provision in the Employment
Agreement shall govern any controversy hereunder.

 

12.        This Agreement may be executed in
counterparts, and by different parties on separate counterparts, each of which
shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.

 

13.       This Agreement may be amended only by the
Investor.

 

14.        It is the understanding of the
undersigned that you are aware that no Proposed Sale is contemplated and that
such a sale may never occur.

 

15.       This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original and all
of which together shall constitute one and the same instrument.  The Master Signature Page, when duly executed
and delivered by you in accordance with the terms hereof and thereof, shall
supplement and form a part of this Agreement, and references to this Agreement
shall be construed accordingly.

 

Very truly yours,

 

	
   

  	
  GMACCH INVESTOR LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Its Authorized Representative

  

 

 

IN WITNESS WHEREOF, upon
due execution and delivery by you of the Master Signature Page, you have
executed this Agreement as of the date set forth above.

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