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IMMERSION CORPORATION 
CHANGE OF CONTROL AND SEVERANCE AGREEMENT 
This Change of Control and Severance Agreement (this “Agreement”) is made and entered into effective as of ____________ (the “Effective Date”), by and between [______] (“Executive”) and Immersion Corporation, a Delaware corporation (the “Company”). Certain capitalized terms used in this Agreement are defined in Section 1 below. 
RECITALS
A.    It is expected that the Company from time to time will consider the possibility of a Change of Control. The Board of Directors of the Company (the “Board”) recognizes that such consideration can be a distraction to Executive and can cause Executive to consider alternative employment opportunities. 
B.    The Board believes that it is in the best interests of the Company and its shareholders to provide Executive with an incentive to continue Executive’s employment and to maximize the value of the Company upon a Change of Control for the benefit of its shareholders. 
C.    In order to provide Executive with enhanced financial security and sufficient encouragement to remain with the Company notwithstanding the possibility of a Change of Control, the Board believes that it is imperative to provide Executive with certain severance and other benefits upon Executive’s termination of employment in connection with a Change of Control.
D.    The Board also believes it is in the best interests of the Company and its shareholders to provide Executive with severance upon an involuntary termination other than in connection with a Change of Control.
AGREEMENT 
In consideration of the mutual covenants herein contained and the continued employment of Executive by the Company, the parties agree as follows: 
1.Definition of Terms.  The following terms referred to in this Agreement shall have the following meanings: 
(a)Cause.  “Cause” shall mean Executive’s (i) commission of a felony, an act involving moral turpitude, or an act constituting common law fraud, and which has an adverse effect on the business or affairs of the Company or its affiliates or stockholders; (ii) intentional or willful misconduct or refusal to follow the lawful instructions of the Board that is not cured within thirty (30) days following written notice from the Board; (iii) commission of any violation of a company policy that has a material adverse effect on the business or reputation of the Company or (iv) intentional breach of Company confidential information obligations which has an adverse effect on the Company or its affiliates. For these purposes, no act or failure to act shall be considered “intentional or willful” unless it is done, or omitted to be done, in bad faith without a reasonable belief that the action or omission is in the best interests of the Company. 
(b)Change of Control.  “Change of Control” shall mean the occurrence of any of the following events: 
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(i)a change in the composition of the Board occurs, as a result of which fewer than one-half of the incumbent directors are directors who either: 
(A)had been directors of the Company on the “look-back date” (as defined below) (the “original directors”); or
(B)were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the aggregate of the original directors who were still in office at the time of the election or nomination and the directors whose election or nomination was previously so approved (the “continuing directors”);
provided, however, that for this purpose, the “original directors” and “continuing directors” shall not include any individual whose initial assumption of office occurred 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 consents, by or on behalf of a person other than the Board; or

(ii)any “person” (as defined below) who by the acquisition or aggregation of securities, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934 (the “Exchange Act”)), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities ordinarily (and apart from rights accruing under special circumstances) having the right to vote at elections of directors (the “Base Capital Stock”); except that any change in the relative beneficial ownership of the Company’s securities by any person resulting solely from a reduction in the aggregate number of outstanding shares of Base Capital Stock, and any decrease thereafter in such person’s ownership of securities, shall be disregarded until such person increases in any manner, directly or indirectly, such person’s beneficial ownership of any securities of the Company; or
(iii)the consummation of a merger or consolidation of the Company or a Subsidiary of the Company with or into another entity or any other corporate reorganization, if persons who were not stockholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding securities of each of:
(A)the Company (or its successor) and 
(B)any direct or indirect parent corporation of the Company (or its successor); or
(iv)The sale, transfer or other disposition of all or substantially all of the Company’s assets.
For purposes of subsection 1(b)(i) above, the term “look-back date” shall mean the date 24 months prior to the date of the event that may constitute a Change of Control.

For purposes of subsection 1(b)(ii)) above, the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the Exchange Act but shall exclude (1) a trustee or other fiduciary holding securities under an employee benefit plan maintained by the Company or a parent or subsidiary and (2) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the stock.

Any other provision of this Section 1(b) notwithstanding, a transaction shall not constitute a Change of Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons 
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who held the Company’s securities immediately before such transaction, and a Change of Control shall not be deemed to occur if the Company files a registration statement with the United States Securities and Exchange Commission for the initial or secondary public offering of securities or debt of the Company to the public.

(c)Equity Award. “Equity Award” shall mean Executive’s awards of options, stock appreciation rights, restricted shares or stock units with respect to the Company or its successor, or the direct or indirect parent of either, or of any deferred compensation into which such stock options, stock appreciation rights, restricted shares or stock units were converted upon or prior to a Change of Control.
(d)Involuntary Termination.  “Involuntary Termination” shall mean: 
(i)a material reduction in Executive’s title, duties, authorities or responsibilities as the [___________] of the Company without the Executive’s consent; 
(ii)without Executive’s express written consent, a reduction by the Company of Executive’s base compensation of more than ten percent (10%), unless such reduction in base compensation is part of a general reduction in compensation applicable to senior executives of the Company; 
(iii)without Executive’s express written consent, the relocation of Executive’s principal place of employment, including Executive’s home office if Executive primarily works from Executive’s home, to a facility or a location more than forty (40) miles from its location as of the Effective Date or, on or following a Change of Control, from its location immediately prior to such Change of Control;
(iv)any termination of Executive by the Company which is not effected for Cause; or 
(v)the failure of the Company to obtain the assumption of this Agreement or any other agreement between the Company and Executive by any successors contemplated in Section 10 below. 
A termination shall not be considered an “Involuntary Termination” unless Executive provides notice to the Company of the existence of the condition described in subsections (i), (ii), (iii) or (iv) above within ninety (90) days of the initial existence of such condition, the Company fails to remedy the condition within thirty (30) days following the receipt of such notice, and Executive terminates employment within one-hundred eighty (180) days following the initial existence of such condition. A termination due to death or disability shall not be considered an Involuntary Termination. 
(e)Termination Date.  “Termination Date” shall mean Executive’s “separation from service” within the meaning of that term under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
2.Term of Agreement.  This Agreement will automatically terminate upon the date that all of the obligations of the parties hereto with respect to this Agreement have been satisfied.  
3.At-Will Employment.  The Company and Executive acknowledge that Executive’s employment is and shall continue to be at-will, as defined under applicable law. 
4.Change of Control Related Benefits
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(a)Effect of Change of Control on Performance-Based Equity Awards.  If Executive is either employed at the time of a Change of Control or Executive’s employment with the Company terminates as a result of an Involuntary Termination on or within three (3) months prior to a Change of Control, and provided that in the case of such Involuntary Termination the Executive signs and does not revoke a release in a form approved by the Company (a “Release”) that has become irrevocable within sixty (60) days following the later of the Change of Control or the Termination Date, then unless provided otherwise in Executive’s Equity Award agreement, all of Executive’s Equity Awards subject to vesting based on performance shall have their performance criteria deemed satisfied at 100% of target for any unfinished performance period and such Equity Awards will convert to time-based vesting on such vesting schedule as specified in the applicable Equity Award agreement, subject to the provisions of Section 4(b). The portion of any performance-based Equity Award for which the performance condition is not deemed satisfied pursuant to this Section 4(a) (if any) will be forfeited. The foregoing vesting credit and forfeiture will be effective immediately prior to the Change of Control.
(b)Involuntary Termination in Connection with a Change of Control.  If Executive’s employment with the Company terminates as a result of an Involuntary Termination either on or at any time within twelve months (12) months after a Change of Control, or within three (3) months prior to a Change of Control, and Executive signs and does not revoke a Release that has become irrevocable within sixty (60) days following the later of the Change of Control or the Termination Date, then Executive shall be entitled to the following severance benefits, subject to Section 9 below: 
(i)____% of Executive’s annual base salary (as in effect prior to any reduction that constitutes a basis for Involuntary Termination pursuant to this Agreement), payable in a lump sum on the sixtieth (60th) day following the later of the Termination Date or the Change of Control; 
(ii)____% of the greater of (A) Executive’s target bonus as in effect for the Company’s fiscal year in which the Change of Control occurs (as applicable), or (B) Executive’s target bonus as in effect for the Company’s (or surviving company’s, as applicable) fiscal year in which the Termination Date occurs, payable in a lump sum on the sixtieth (60th) day following the later of the Termination Date or the Change of Control;
(iii)any earned but unpaid annual bonus for any annual bonus period which had ended prior to the Termination Date, which amount shall be paid at such time as annual bonuses are paid to other senior executives of the Company; 
(iv)a lump sum payment equal to ______ months of premiums under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or corresponding provision of state law (“COBRA”) for health insurance coverage for Executive and Executive’s eligible dependents, at the same level and for the same eligible dependents covered as of Executive’s Termination Date; provided that if Executive is eligible and chooses to continue health coverage through COBRA, Executive is solely responsible for timely electing COBRA continuing coverage and for making all COBRA premium payments; and 
(v)all of Executive’s outstanding Equity Awards subject to time-based vesting only (including any Equity Awards converted to time-based vesting pursuant to Section 4(a)) will become fully vested and exercisable; provided, however, that notwithstanding any contrary provision in the Equity Award agreement, if Executive is entitled to accelerated vesting under this Section 4(b) or vesting credit under Section 4(a) as a result of an Involuntary Termination within three (3) months prior to a Change of Control: (1) the portion of the Equity Award subject to such accelerated or credited vesting shall not be forfeited or terminated upon the Termination Date but shall remain outstanding until immediately prior to the Change of 
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Control, (2) the accelerated vesting and vesting credit shall be deemed to take place immediately prior to the Change of Control, and (3) any options and stock appreciation rights will remain outstanding and exercisable in accordance with, and for the post-termination exercisability period set forth in, the applicable Equity Award agreement as if Executive’s status as a service provider of the Company had ceased as of the Change of Control (provided that in no event will an Equity Award remain outstanding after the expiration of the Equity Award’s maximum term to expiration and, for the avoidance of doubt, subject to any earlier termination in accordance with the terms and conditions of the Company’s plan, including if applicable, its termination in connection with the Change of Control).
5.Involuntary Termination Apart from a Change of Control.  If Executive’s employment with the Company terminates as a result of an Involuntary Termination that occurs more than three (3) months prior to or twelve (12) months after a Change of Control, and Executive signs and does not revoke a Release that has become irrevocable within sixty (60) days following the Termination Date, then Executive shall be entitled to the following severance benefits, subject to Section 9 below: 
(a)____% of Executive’s annual base salary (as in effect prior to any reduction that constitutes a basis for Involuntary Termination pursuant to this Agreement), payable in a lump sum on the sixtieth (60th) day following the Termination Date;
(b)____% of Executive’s target bonus as in effect for the Company’s fiscal year in which the Termination Date occurs, payable in a lump sum on the sixtieth (60th) day following the Termination Date;
(c)any earned but unpaid annual bonus for any annual bonus period which had ended prior to the Termination Date, which amount shall be paid at such time as annual bonuses are paid to other senior executives of the Company; and
(d)a lump sum payment equal to _________ months of premiums under COBRA for health insurance coverage for Executive and Executive’s eligible dependents, at the same level and for the same eligible dependents covered as of Executive’s Termination Date; provided that if Executive is eligible and chooses to continue health coverage through COBRA, Executive is solely responsible for timely electing COBRA continuing coverage and for making all COBRA premium payments.
6.Mutually Exclusive Benefits. For the avoidance of doubt, the benefits afforded under Sections 4(b) and 5 are mutually exclusive.  If Executive has an Involuntary Termination within three (3) months prior to a Change of Control and becomes entitled to cash severance pursuant to Section 4(b), but already received cash severance pursuant to Section 5, the amount of the cash severance payable pursuant to Section 4(b) shall be offset by the amount already paid, subject to compliance with Section 409A of the Code.
7.Accrued Wages and Vacation; Expenses.  If Executive’s employment with the Company terminates, without regard to the reason for, or the timing of, Executive’s termination of employment, then (i) the Company shall pay Executive any unpaid wages due for periods prior to the Termination Date; (ii) the Company shall pay Executive all of Executive’s accrued and unused vacation through the Termination Date; and (iii) following submission of proper expense reports by Executive, the Company shall reimburse Executive for all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the Termination Date. These payments shall be made promptly upon termination and within the period of time mandated by law. 
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8.Limitation on Payments.  In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s benefits under this Agreement shall be either: 
(a)delivered in full or 
(b)delivered as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax,
whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. 
Unless the Company and Executive otherwise agree in writing, any determination required under this Section 8 shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose determination shall be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 8, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 8. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 8. In the event that a reduction is required, the reduction shall be applied first to any benefits that are not subject to Section 409A of the Code, and then shall be applied to benefits (if any) that are subject to Section 409A of the Code, with the benefits payable latest in time subject to reduction first. 
9.Section 409A; Delayed Commencement of Benefits.  The parties intend that any amounts payable hereunder comply with or are exempt from Section 409A of the Code (“Section 409A”), and this Agreement shall be administered accordingly. In the event that any changes to this Agreement or any additional terms are required to ensure that a payment is either exempt from or complies with Section 409A so that the additional taxes under Section 409A are not applied, Executive hereby agrees that the Company may make such change or incorporate such terms (by reference or otherwise) without Executive’s consent.  Each payment contemplated by this Agreement will be treated as a separate payment for purposes of Section 409A.  If any of the payments upon separation from service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation,” then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Code Section 409A, such payments shall not be provided to Executive prior to the earliest of (a) the expiration of the six-month period measured from the date of Executive’s separation from service with the Company, (b) the date of Executive’s death or (c) such earlier date as permitted under Code Section 409A without the imposition of adverse taxation.  Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph shall be paid in a lump sum to Executive, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement.  No interest shall be due on any amounts so deferred.  Notwithstanding anything herein to the contrary, the Company shall have no liability to Executive or to any other person if the payments and benefits provided in this Agreement that are intended to be exempt from or compliant with Section 409A are not so exempt or compliant, as applicable.  
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10.Successors.
(a)Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the Company’s obligations under this Agreement and agree expressly to perform the Company’s obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this subsection (a) or which becomes bound by the terms of this Agreement by operation of law. 
(b)Executive’s Successors.  Without the written consent of the Company, Executive shall not assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity. Notwithstanding the foregoing, the terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
11.Notices. 
(a)General.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of Executive, mailed notices shall be addressed to Executive at the home address which he most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary. 
(b)Notice of Termination.  Any termination by the Company for Cause or by Executive as a result of an Involuntary Termination shall be communicated by a notice of termination to the other party hereto given in accordance with this Section 11. Such notice shall indicate the specific termination provision in this Agreement relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and shall specify the Termination Date (which shall be not more than thirty (30) days after the giving of such notice). The failure by Executive to include in the notice any fact or circumstance which contributes to a showing of Involuntary Termination shall not waive any right of Executive hereunder or preclude Executive from asserting such fact or circumstance in enforcing Executive’s rights hereunder, subject to the requirements of Section 1(d). 
12.Arbitration.  Any controversy involving the construction or application of any terms, covenants or conditions of this Agreement, or any claims arising out of any alleged breach of this Agreement, will be governed by the rules of the American Arbitration Association and submitted to and settled by final and binding arbitration in Santa Clara, California, except that any alleged breach of Executive’s confidential information obligations shall not be submitted to arbitration and instead the Company may seek all legal and equitable remedies, including without limitation, injunctive relief. 
13.Miscellaneous Provisions. 
(a)No Duty to Mitigate.  Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that Executive may receive from any other source. 
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(b)Waiver.  No provision of this Agreement may be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
(c)Integration.  This Agreement supersedes and replaces any prior agreements, representation or understandings, whether written, oral, express or implied, between Executive and the Company, including but not limited to the Retention and Ownership Change Event Agreement entered into between Executive and the Company effective ___________ and any accelerated vesting provisions set forth therein or in any other agreement applicable to Executive’s Equity Awards (to the extent modified by this Agreement), and constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof. 
(d)Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the internal substantive laws, but not the conflicts of law rules, of the State of California. 
(e)Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
(f)Employment Taxes.  All payments made pursuant to this Agreement shall be subject to withholding of applicable income and employment taxes. 
(g)Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written. 
						
	COMPANY:	IMMERSION CORPORATION
		By:   _______________________________________
		Name: ______________________________________
		Title:  _______________________________________
	EXECUTIVE:	
		
		Signature
		
		Printed Name:
		Title:

9EX-10.2

 Exhibit 10.2 

CLAROS MORTGAGE TRUST, INC. 

DEFERRED COMPENSATION PLAN 

Effective as of May 24, 2022 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page(s)	 
	 ARTICLE I. DEFINITIONS
	  	 	1	 
		
	 ARTICLE II. PURPOSE; DEFERRAL ELECTIONS
	  	 	4	 
		
	 ARTICLE III. DEFERRED COMPENSATION ACCOUNTS
	  	 	5	 
		
	 ARTICLE IV. PAYMENT OF DEFERRED COMPENSATION
	  	 	5	 
		
	 ARTICLE V. ADMINISTRATION; EFFECTIVENESS, AMENDMENT AND TERMINATION OF PLAN
	  	 	7	 
		
	 ARTICLE VI. MISCELLANEOUS
	  	 	7	 

  

  
 i 

 CLAROS MORTGAGE TRUST, INC. 

DEFERRED COMPENSATION PLAN 

ARTICLE I. 
 DEFINITIONS

 1.1 “Administrator” shall mean the Board or a Committee to the extent that the Board’s powers or authority
under the Plan have been delegated to such Committee. 
 1.2 “Affiliate” shall mean, with respect to any Person, any other
Person directly or indirectly controlling, controlled by, or under common control with, such Person where “control” shall have the meaning given such term under Rule 405 of the Securities Act. 

1.3 “Board” shall mean the Board of Directors of the Company. 

1.4 “Cash Fee” shall mean the quarterly cash retainer payable to a Director pursuant to the Compensation Program for services
as a member of the Board, including any retainers payable under the Compensation Program solely for serving as Lead Independent Director and/or for serving on one or more committees of the Board. 

1.5 “Change in Control” shall mean the occurrence of any of the following events: 

(a) A transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement
filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any Parent or
any Subsidiary, an employee benefit plan maintained by any of the foregoing entities or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly
or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than fifty percent (50%) of the total combined voting power of
the Company’s securities outstanding immediately after such acquisition; 
 (b) During any period of two (2) consecutive years,
individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in
Section 1.5(a) or Section 1.5(c) hereof) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors at the beginning of the two (2)-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; 

(c) The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions
or (z) the acquisition of assets or stock of another entity, in each case, other than a transaction: 
 (i) Which results in the
Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor
Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

 (ii) After which no person or group beneficially owns voting securities representing fifty
percent (50%) or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 1.5(c)(ii) as beneficially owning fifty percent (50%) or more of the combined
voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 

(d) Approval by the Company’s stockholders of a liquidation or dissolution of the Company. 

Notwithstanding the foregoing, for purposes of the Plan, in no event will a Change in Control be deemed to have occurred if such transaction
or event does not constitute a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). 

1.6 “Code” shall mean the Internal Revenue Code of 1986, as amended and any successor statute thereto. 

1.7 “Committee” shall mean one or more committees or subcommittees of the Board, which may include one or more members of the
Board or executive officers of the Company, to the extent permitted by applicable laws and Rule 16b-3 promulgated under the Exchange Act. 

1.8 “Common Stock” shall mean the common stock of the Company, par value $0.01 per share. 

1.9 “Company” shall mean Claros Mortgage Trust, Inc. and any corporate successors. 

1.10 “Compensation Program” shall mean the Claros Mortgage Trust, Inc. Non-Employee
Director Compensation Program, as the same may be amended and/or amended and restated from time to time. 
 1.11
“Consultant” shall mean any consultant or advisor of the Company or any Parent, Subsidiary or Affiliate of the Company. 

1.12 “Deferred Compensation Account” shall mean an account maintained for each Participant who makes a Deferral
Election as described in Articles II and III. 
 1.13 “Deferred Stock Unit” shall mean a notional unit representing the
right to receive one share of Common Stock, that is received by a Participant pursuant to this Plan and provides for the deferred receipt of Eligible Compensation. 

1.14 “Director” shall mean a member of the board of directors (or similar governing body) of the Company, the Manager or any
Parent, Subsidiary or Affiliate of the Company or the Manager, in each case, who is also not an Employee of the Company, the Manager, or any Parent, Subsidiary or Affiliate of the Company or the Manager, as applicable. 

1.15 “Effective Date” shall mean May 24, 2022. 

1.16 “Eligible Compensation” shall mean, with respect to any Year, with respect to a Director, any Cash Fee earned or any
Equity Award granted during such Year, and with respect to any Employee or Consultant, any Equity Award granted during such Year. 
 1.17
“Eligible Person” shall mean any Employee, Consultant or Director, as determined by the Administrator. 

  
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 1.18 “Employee” shall mean any officer or other employee (within the
meaning of Section 3401(c) of the Code) of the Company, the Manager or any Parent, Subsidiary or Affiliate of the Company or the Manager. 

1.19 “Equity Awards” shall mean any equity-based compensation award granted to an Eligible Person pursuant to the Incentive
Plan. 
 1.20 “Equity Restructuring” shall mean, as determined by the Administrator, a
non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring
cash dividend, or other large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities of the Company) and causes a change in the per share
value of the Common Stock underlying outstanding Deferred Stock Units. 
 1.21 “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended. 
 1.22 “Fair Market Value” shall mean, as of any date, the value of a share of Common
Stock determined as follows: (a) if the Common Stock is listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock as quoted on such exchange for such date, or if no sale occurred on
such date, the last day preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (b) if the Common Stock is not traded on a stock exchange but is quoted
on a national market or other quotation system, the closing sales price on such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or
another source the Administrator deems reliable; or (c) without an established market for the Common Stock, the Administrator will determine the Fair Market Value in its discretion. 

1.23 “Incentive Plan” shall mean the Claros Mortgage Trust, Inc. 2016 Incentive Award Plan, or any other applicable Company
equity incentive plan then-maintained by the Company, in each case, as may be amended and/or amended and restated from time to time. 
 1.24
“Manager” shall mean Claros REIT Management LP. 
 1.25 “Parent,” with respect to an entity (the
“Subject Entity”), shall mean any other entity, whether domestic or foreign, in an unbroken chain of entities ending with the Subject Entity if each of the entities other than the Subject Entity beneficially owns, at the time of the
determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain. 

1.26 “Participant” shall mean a person who has made a Deferral Election pursuant to the Plan. 

1.27 “Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock
company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 
 1.28
“Plan” shall mean this Deferred Compensation Plan, as it may be amended and/or amended and restated from time to time. 

1.29 “Section 409A” shall mean Section 409A of the Code and Department of Treasury regulations and
other interpretive guidance issued thereunder. 

  
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 1.30 “Separation from Service” shall mean a “separation from
service” (within the meaning of Section 409A). 
 1.31 “Subsidiary,” with respect to an entity (the
“Subject Entity”), shall mean (a) a corporation, association or other business entity of which fifty percent (50%) or more of the total combined voting power of all classes of capital stock is owned, directly or indirectly, by
the Subject Entity and/or by one or more Subsidiaries, (b) any partnership or limited liability company of which fifty percent (50%) or more of the equity interests are owned, directly or indirectly, by the Subject Entity and/or by one or more
Subsidiaries, and (c) any other entity not described in clauses (a) or (b) above of which fifty percent (50%) or more of the ownership and the power (whether voting interests or otherwise), pursuant to a written contract or agreement, to
direct the policies and management or the financial and the other affairs thereof, are owned or controlled by the Subject Entity and/or by one or more Subsidiaries. 

1.32 “Year” shall mean any calendar year. 

ARTICLE II. 
 PURPOSE;
DEFERRAL ELECTIONS 
 2.1 Purpose. The purpose of this Plan is to provide Eligible Persons with an opportunity to defer payment
of all or a portion of their Eligible Compensation, as set forth herein. 
 2.2 Deferral Elections. An Eligible Person may elect to
defer payment of all or a specified portion of any Eligible Compensation by filing a written election with the Company on a form prescribed by the Company as follows (such an election, a “Deferral Election”): 

(a) On or before December 31 of any Year, an Eligible Person may elect to defer all or any portion of any Eligible Compensation earned by
or granted to (as applicable) such Eligible Person during any Year following the Year in which the Deferral Election was made, subject to Sections 2.2(b) and (c) below. 

(b) Notwithstanding Section 2.2(a), with respect to any Year in which a Director is initially elected or appointed to serve on the Board,
or in which an Employee or Consultant is determined to be an Eligible Person, such Eligible Person may elect no later than 30 days after the commencement of such services or such determination, as applicable, to defer all or any portion of any
Eligible Compensation earned by or granted to (as applicable) such Eligible Person following the later of (i) the date of the commencement of services or such determination, as applicable and (ii) the date such Eligible Person’s
irrevocable Deferral Election is filed with the Company. 
 (c) Notwithstanding Section 2.2(a), any Eligible Person who is first
eligible to participate in this Plan on the Effective Date may make an initial Deferral Election no later than 30 days after the Effective Date to defer all or any portion of any Eligible Compensation earned by or granted to (as applicable) such
Eligible Person following the later of (i) the Effective Date and (ii) the date such Eligible Person’s irrevocable Deferral Election is filed with the Company. 

(d) In each applicable Deferral Election form, the Eligible Person shall specify, as applicable, (i) with respect to each participating
Director’s Cash Fees, the portion of any such Cash Fees which will be subject to deferral hereunder, (ii) with respect to each participating Eligible Person’s Equity Award(s), whether all or none of any such Equity Award(s) will be
subject to deferral hereunder and (iii) with respect to any dividend equivalents in respect of any Deferred Stock Units granted under the Plan, whether such dividend equivalents will be subject to deferral hereunder (any such deferred
compensation, together, the “Deferred Compensation”). 

  
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 2.3 Duration of Deferral Elections. Each Deferral Election shall continue in effect
from Year to Year unless otherwise terminated in accordance with Article V or by the Participant by delivery of a written notice to the Administrator prior to January 1 of the Year in which such termination is first to become effective. 

ARTICLE III. 
 DEFERRED
COMPENSATION ACCOUNTS 
 3.1 Deferred Compensation Accounts. The Company shall maintain a bookkeeping Deferred Compensation
Account for the Deferred Compensation of each Participant. With respect to any Deferred Compensation deferred by a Participant hereunder, such Deferred Compensation shall be denominated in Deferred Stock Units. 

3.2 Crediting of Director Cash Fees. A participating Director’s Cash Fees that are deferred hereunder shall be credited to his or
her Deferred Compensation Account in the form of Deferred Stock Units on the date the deferred Cash Fees would otherwise have been paid. On such date, the Company shall credit to the Deferred Compensation Account a number of Deferred Stock
Units determined by dividing (i) the portion of the Cash Fees that the participating Director elected to defer, by (ii) the Fair Market Value of a share of Common Stock on such date, rounded down to the nearest whole Deferred Stock Unit. A
participating Director will be fully vested in each Deferred Stock Unit that relates to deferred Cash Fees. 
 3.3 Crediting of Equity
Awards. A Participant’s Equity Awards that are deferred hereunder shall be credited to his or her Deferred Compensation Account in an equal number of Deferred Stock Units. The Deferred Stock Units related to such deferred Equity Award shall
be subject to the same vesting or other forfeiture restrictions that would have otherwise applied to such Equity Award. In the event the Participant forfeits Deferred Stock Units in accordance with the foregoing, his or her Deferred Compensation
Account shall be debited for the number of Deferred Stock Units forfeited. 
 3.4 Dividend Equivalents. Each Deferred Stock Unit
credited to a Participant’s Deferred Compensation Account shall carry with it a right to receive dividend equivalent payments upon payment by the Company of dividends on shares of Common Stock in the same form and in an amount equal to the
amount of such dividends and may be subject to deferral under the Plan as determined by the Administrator in its sole discretion. A Participant’s dividend equivalent payments that are deferred hereunder shall be credited to his or her Deferred
Compensation Account in the form of Deferred Stock Units on the date the deferred dividend equivalent payments would otherwise have been paid, in an amount equal to, with respect to each related Deferred Stock Unit, a number of Deferred Stock Units
equal to (i) the per share value of the dividend so paid divided by (ii) the Fair Market Value per share of Common Stock on the date such dividend was paid. To the extent required by the applicable Award Agreement (as defined in the
Incentive Plan) evidencing an Equity Award deferred hereunder, the Deferred Stock Units credited with respect to such dividend equivalent shall be subject to the same vesting or other forfeiture restrictions that would have otherwise applied to such
dividend equivalent payments. 
 3.5 Adjustments. If adjustments are made to the outstanding shares of Common Stock as a result of an
Equity Restructuring, an appropriate adjustment also will be made in the number of Deferred Stock Units credited to each Participant’s Deferred Compensation Account and/or to the number and kind of shares for which such Deferred Stock Units are
outstanding. 
 ARTICLE IV. 

PAYMENT OF DEFERRED COMPENSATION 

4.1 Payment Events. Subject to Section 4.5, payment of any Deferred Stock Units to a Participant shall become payable on the
earliest to occur of the following events (the “Payment Event”): (i) the date of an In-Service Distribution (if applicable pursuant to the Deferral Election); (ii) the Participant’s
Separation 

  
 5 

 
from Service; or (iii) a Change in Control. To the extent included in a Deferral Election, a Deferral Election may permit a Participant to elect to receive payment of the Deferred Stock
Units while the Participant is still a Director, Consultant or Employee, as applicable, (an “In-Service Distribution”) in a lump sum within 45 days following the date that is three, five or
ten years following the last day of the applicable Plan Year. 
 4.2 Timing and Form of Payment. 

(a) Amounts contained in a Participant’s Deferred Compensation Account will, subject to Section 4.5 below, be distributed in a lump
sum within 45 days following the applicable Payment Event (in any case, such payment date, the “Payment Date”), in accordance with the terms and conditions set forth herein. Notwithstanding anything to the contrary contained herein,
the exact Payment Date shall be determined by the Company in its sole discretion (and the Participant shall not have the right to designate the time of payment). 

(b) Amounts credited to a Deferred Compensation Account shall be paid in the form of one whole share of Common Stock for each Deferred Stock
Unit that has vested in accordance with its terms as of the applicable Payment Date; provided, that, (i) the Company may choose in its discretion to pay the Participant cash in lieu of all or a portion of the shares of Common Stock and
(ii) no fractional shares of Common Stock shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in lieu of fractional shares of Common Stock or whether such fractional shares of Common Stock
shall be rounded up or down. Deferred Stock Units issued to and shares of Common Stock paid to Participants under the Plan shall be issued and paid from the Incentive Plan. 

4.3 Designation of Beneficiary. Each Participant shall have the right to designate a beneficiary who is to succeed to his or her right
to receive payments hereunder in the event of the Participant’s death (each, a “Designated Beneficiary”). Any Designated Beneficiary will receive payments in the same manner as the applicable Participant if he or she had lived.
In the event of a Participant failing to designate a beneficiary under this Section 4.3 or upon the death of a Designated Beneficiary without a designated successor, the balance of the amounts contained in the Participant’s Deferred
Compensation Account, if any, shall be payable in accordance with Section 4.2 to the Participant’s estate in full. No designation of a beneficiary or change in beneficiary shall be valid unless in writing signed by the Participant and
filed with the Administrator. A Designated Beneficiary may be changed without the consent of any prior beneficiary. 
 4.4 Permissible
Acceleration. Notwithstanding Sections 4.1 and 4.2, all or a portion of a Participant’s Deferred Compensation Account may be distributed prior to the applicable Payment Date upon the occurrence of one or more of the events specified in
Treasury Regulation Section 1.409A-3(j)(4), as determined by the Administrator. 
 4.5
Section 409A Delay. Notwithstanding any contrary provision in the Plan, any payment required to be made hereunder to a Participant who is a “specified employee” (as defined under Section 409A and as the Administrator
determines) upon his or her Separation from Service will, to the extent necessary to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such
Separation from Service (or, if earlier, until the specified employee’s death) and will instead be paid (as set forth herein) on the day immediately following such six-month period or death or as soon as
administratively practicable thereafter (without interest). Notwithstanding any contrary provision of the Plan, any payment of “nonqualified deferred compensation” under the Plan that may be made in installments shall be treated as a right
to receive a series of separate and distinct payments. 
 4.6 Election to Further Defer Payment. To the extent all or a portion of a
Participant’s Deferred Compensation is or may become payable on or in connection with an In-Service Distribution, as set forth in the applicable Deferral Election, such Participant may change such In-Service Distribution to a later date by completing and delivering a new, written Deferral Election to the Administrator, subject to the following limitations (a “Subsequent Deferral Election”):

 (a) The Subsequent Deferral Election shall not take effect until at least 12 months after the date on which the Subsequent Deferral
Election is made in accordance with Section 409A(a)(4)(C)(i) of the Code and the Treasury Regulations thereunder; 

  
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 (b) The Participant’s new In-Service
Distribution set forth in the Subsequent Deferral Election may not be less than five years from the Payment Date otherwise applicable to the prior In-Service Distribution, as determined in accordance with
Section 409A(a)(4)(C)(ii) of the Code and the Treasury Regulations thereunder; 
 (c) The Subsequent Deferral Election shall not be
made less than 12 months prior to the Payment Date otherwise applicable to the prior In-Service Distribution in accordance with Section 409A(a)(4)(C)(iii) of the Code and the Treasury Regulations
thereunder; and 
 (d) The Subsequent Deferral Election shall be made in accordance with Section 409A(a)(4)(C) of the Code and the
Treasury Regulations thereunder. 
 ARTICLE V. 

ADMINISTRATION; EFFECTIVENESS, AMENDMENT AND TERMINATION OF PLAN 

5.1 Plan Administrator. The Plan will be administered by the Administrator. The books and records to be maintained for the purpose of
the Plan shall be maintained by the Company at its expense. All expenses of administering the Plan shall be paid by the Company. 
 5.2
Effective Date. The Plan was adopted by the Board effective as of the Effective Date. 
 5.3 Plan Amendment; Termination. The
Board may amend, suspend, or terminate the Plan at any time and for any reason. No amendment, suspension, or termination will, without the consent of the Participant, materially impair rights or obligations under any Deferred Stock Units previously
awarded to the Participant under the Plan, except as provided below. The Board may terminate the Plan and distribute the Deferred Compensation Accounts to participants in accordance with and subject to the rules of Treasury Regulation Section 1.409A-3(j)(4)(ix), or successor provisions, and any generally applicable guidance issued by the Internal Revenue Service permitting such termination and distribution. 

ARTICLE VI. 

MISCELLANEOUS 
 6.1
Limitations on Transferability. Except to the extent required by law, the right of any Participant or any beneficiary thereof to any benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process
for the debts of such Participant or beneficiary; and any such benefit or payment shall not be subject to alienation, sale, transfer, assignment or encumbrance. 

6.2 Limitations on Liability. No member of the Board and no Employee or Consultant shall be liable to any person for any action taken
or omitted in connection with the administration of the Plan unless attributable to his own fraud or willful misconduct, and the Company, the Manager or any Parent, Subsidiary or Affiliate of the Company or the Manager shall not be liable to any
person for any such action unless attributable to fraud or willful misconduct on the part of a member of the Board or Employee or Consultant. 

  
 7 

 6.3 Rights as a Stockholder. Deferred Stock Units shall not entitle any Participant
or other person to rights of a stockholder of the Company or any of its Affiliates with respect to such Deferred Stock Units unless and until any shares of Common Stock have been issued to the holder thereof in respect of such Deferred Stock Units
pursuant to Article IV hereof. 
 6.4 Limitation on Participant’s Rights. 

(a) The Company shall not be required to acquire, reserve, segregate or otherwise set aside any shares of its Common Stock for the payment of
its obligations under the Plan, but shall make available as and when required a sufficient number of shares of its Common Stock to meet the needs of the Plan, subject to the terms and conditions of the Incentive Plan. 

(b) Nothing contained herein shall be deemed to create a trust of any kind or any fiduciary relationship. To the extent that any person
acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Company. 

6.5 Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality or
invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions had been excluded, and the illegal or invalid action will be null and void. 

6.6 Governing Documents. If any contradiction occurs between the Plan and any applicable Deferral Election form or other written
agreement between a Participant and the Company that the Administrator has approved, the Plan will govern, unless it is expressly specified in such agreement or other written document that a specific provision of the Plan will not apply. 

6.7 Governing Law. The Plan will be governed by and interpreted in accordance with the laws of the State of Maryland, disregarding any
state’s choice-of-law principles requiring the application of a jurisdiction’s laws other than the State of Maryland. The Plan is intended to be construed so
that participation in the Plan will be exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended, pursuant to regulations and interpretations issued from time to time by the Securities and Exchange Commission. 

6.8 Titles and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the
Plan’s text, rather than such titles or headings, will control. 
 6.9 Conformity to Securities Laws. Each Participant
acknowledges that the Plan is intended to conform to the extent necessary with applicable laws. Notwithstanding anything herein to the contrary, the Plan will be administered only in conformance with applicable laws. To the extent applicable laws
permit, the Plan will be deemed amended as necessary to conform to applicable laws (subject to Section 409A). 
 6.10 Relationship
to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company except as expressly
provided in writing in such other plan or an agreement thereunder. 

  
 8

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