Document:

Exhibit 10.57

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into and becomes effective as of August 1, 2015, by and between Primoris Services Corporation, a Delaware corporation (the “Employer”), and David L. King (the “Employee”).

 

WHEREAS, the Employer desires to employ the Employee, and the Employee desires to accept such employment, on the terms and subject to the conditions hereinafter set forth;

 

NOW, THEREFORE, in consideration of the covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows.

 

1.                                      Definitions.

 

Generally, defined terms used in this Agreement are defined in the first instance in which they appear herein.  In addition, the following terms and phrases shall have the following meanings:

 

“Affiliates” shall have the meaning as defined in Rule 12b-2 promulgated under the Securities and Exchange Act of 1934, as amended.

 

“Board” shall mean the board of directors of Employer.

 

“Business”  shall mean the business engaged in by Employer, which includes, among other services, site development, heavy civil construction, water and wastewater construction, fabrication, infrastructure construction, including highways and bridges, oil and gas pipeline construction and replacement, directional drilling, construction of industrial facilities, equipment installation, storage facilities, process piping, engineering, project management, inspection services, structural steel and maintenance services.

 

“Cause” shall mean the Employee’s:

 

(i)                                     failure to devote substantially all his working time to the business of Employer and its Affiliates;

 

(ii)                                  willful disregard of his duties, or his intentional failure to act where the taking of such action would be in the ordinary course of the Employee’s duties hereunder;

 

(iii)                               gross negligence or willful misconduct in the performance of his duties hereunder;

 

(iv)                              commission of any act of fraud, theft or financial dishonesty, or any felony or criminal act involving moral turpitude; or

 

(v)                                 unlawful use (including being under the influence) of alcohol or drugs or possession of illegal drugs while on the premises of the Employer or any of its Affiliates or while performing duties and responsibilities to the Employer and its Affiliates.

 

“Change in Control” shall mean a change in the ownership of a substantial portion of the assets of Employer such that any one Person, or more than one Person acting as a group (as determined under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Department of Treasury regulations thereunder) (Code Section 409A, together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the date hereof, “Section 409A”), acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition by such Person or Persons) assets from Employer that have a total gross fair market value equal to or more than 80% of the total gross fair market value of all of the assets of Employer immediately before such acquisition or acquisitions; or (ii) a change in the effective control of Employer such that any one Person, or more than one Person acting as a group (as determined under Section 409A), acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition by such Person or Persons) ownership of stock of Employer possessing more than fifty percent (50%) of the total fair market value or total voting power of the stock of Employer.  For purposes of the preceding clauses (i) and (ii), terms used therein 

 

 

shall have the meanings ascribed to them by Section 409A.  A Change in Control shall not occur if any Affiliate of Employer is the acquirer.

 

“Confidential Information” shall mean all proprietary and other information relating to the Business and operations of Employer, which has not been specifically designated for release to the public by an authorized representative of Employer, including, but not limited to the following: (i) information, observations, procedures and data concerning the Business or affairs of Employer; (ii) products or services; (iii) costs and pricing structures; (iv) analyses; (v) drawings, photographs and reports; (vi) computer software, including operating systems, applications and program listings; (vii) flow charts, manuals and documentation; (viii) data bases; (ix) accounting and business methods; (x) inventions, devices, new developments, methods and processes, whether patentable or unpatentable and whether or not reduced to practice; (xi) customers, vendors, suppliers and customer, vendor and supplier lists; (xii) other copyrightable works; (xiii) all production methods, processes, technology and trade secrets and (xiv) all similar and related information in whatever form.  Confidential Information will not include any information that has been published in a form generally available to the public prior to the date the Employee proposes to disclose or use such information.  Confidential Information will not be deemed to have been published merely because individual portions of the information have been separately published, but only if all material features comprising such information have been published in combination.

 

“Disability” shall mean the Employee’s inability, due to physical or mental illness or disability, to perform the essential functions of his employment with the Employer, even with reasonable accommodation that does not impose an undue hardship on the Employer, for more than sixty (60) consecutive days, or for any ninety (90) days within any one year period, unless a longer period is required by federal or state law, in which case such longer period will be applicable.  The Employer reserves the right, in good faith, to make the determination of Disability under this Agreement based on information supplied by the Employee and/or his medical personnel, as well as information from medical personnel selected by the Employer or its insurers.

 

“Employer” shall mean Primoris Services Corporation.

 

“Person” shall be construed broadly and shall include, without limitation, an individual, a partnership, an investment fund, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Termination Date” shall mean the effective date of the termination of the Employee’s employment hereunder, which (i) in the case of termination by resignation, shall mean the date that is ninety (90) days following the date of the Employee’s written notice to the Employer of his resignation; provided, however, that the Employer may accelerate the Termination Date; (ii) in the case of termination by reason of death shall mean the date of death; (iii) in the case of termination by reason of Disability, shall mean the date specified in the notice of such termination delivered to the Employee by the Employer; (iv) in the case of a Termination for Cause or a Termination without Cause, shall mean the date specified in the written notice of such termination delivered to the Employee by the Employer; (iv) in the case of termination by mutual agreement shall mean the date mutually agreed to by the parties hereto and (v) in the case of nonrenewal, shall mean the expiration of the Employment Period.

 

2.                                      Employment.

 

(a)  Initial Term.  The Employer shall employ the Employee, and the Employee accepts employment with the Employer, upon the terms and conditions set forth in this Agreement.  The initial term of this Agreement (the “Initial Term”) shall be for a period of five (5) years commencing on the date hereof, unless terminated earlier pursuant to Article 5 hereof; provided, however, that Employee’s obligations in Article 11 and Article 12 hereof shall continue in effect after such termination.

 

(b)  Additional Terms.  This Agreement may be extended beyond the Initial Term upon the mutual consent and agreement of Employee and Employer.  The Initial Term and additional terms, if any, shall collectively be referred to herein as the “Employment Period”.

 

3.                                      Position and Duties.

 

During the Employment Period, the Employee shall serve as President and Chief Executive Officer, reporting to the Board, and shall have the usual and customary duties, responsibilities and authority of such position.  During the Employment Period the Employee shall also serve as a member of the Board of Directors of Employer, subject to and in accordance with the bylaws and corporate charters of Employer.  In addition, during the Employment Period, if elected or appointed thereto, shall serve as an officer and/or member of the board of any Affiliate of Employer as reasonably requested by the Employer and its Affiliates, in each case, without additional compensation hereunder.  The Employee hereby accepts such employment and positions and agrees to diligently and conscientiously devote his full and exclusive business time, attention, and best efforts in discharging and fulfilling his duties and 

 

 

responsibilities hereunder.  The Employee shall comply with the Employer’s policies and procedures and the direction and instruction of the Board and the Employee shall not engage in any business activity which, in the reasonable judgment of the Board, conflicts with the duties of the Employee hereunder, whether or not such activity is pursued for gain, profit or other pecuniary advantage. Notwithstanding the above, nothing in this Article shall prohibit or restrict Employee from i) engaging in or holding any passive investment, including any equity interest, in any business activity as specified in Section 12(d), and ii) subject to the restrictions set forth in Section 12, and subject to the consent of the board of directors of PRIM, serving as a member of a board of directors of any other publicly held, or private company.

 

4.                                      Compensation

 

(a)         Salary.  During the Employment Period, the Employer shall pay the Employee base salary (the “Base Salary”) at the rate of Six Hundred Eighty Five Thousand Dollars ($685,000) per annum, payable in equal installments on Employer’s regular payroll dates, less applicable deductions and withholdings.  The Board, or the compensation committee of the Board (the “Compensation Committee”) shall undertake a review of the Base Salary not less frequently than annually during the Employment Period and may increase, but not decrease, the rate of Base Salary from the rate then in effect.

 

(b)         Performance Bonus (Discretionary).  In addition to the Base Salary, during the Employment Period the Employee shall be eligible to receive a cash bonus (the “Discretionary Bonus”) with respect to each calendar year as of the last day of which the Employee is employed by the Employer.  The amount of the Discretionary Bonus, if any, payable in respect of any calendar year will be determined at the sole discretion of Employer by the Board and (the Compensation Committee and can be up to, but not exceeding seventy five percent (75%) of the Base Salary.  The Discretionary Bonus, if any, payable with respect to a calendar year shall be paid in the same manner and time as is applicable to all other employees of Employer following the rendering of Employer’s audited financial statements for the relevant calendar year, if any portion of such Discretionary Bonus is elected by Employee to be paid in cash.

 

(c)          Performance Bonus (Measurable).  In addition to the Base Salary and the Discretionary Bonus, during the Employment Period the Employee shall be eligible to receive a cash bonus (the “Measurable Bonus”) with respect to each calendar year as of the last day of which the Employee is employed by the Employer.  The amount and measurement criteria of the Measurable Bonus, if any, payable in respect of any calendar year shall be determined at the sole discretion of Employer by the Board and the Compensation Committee and can be up to, but not exceeding seventy five percent (75%) of the Base Salary. The measurement criteria for issuance of the Measurable Bonus shall be subject to review and amendment for each calendar year of Employee’s Initial Term and the measurement criteria for the first calendar year of the Initial Term shall be provided to Employee in writing on or before September 10, 2015.  The Measurable Bonus, if any, payable with respect to a calendar year shall be paid within the time specified by Employer in the Primoris 2013 Equity Incentive Plan as approved by the stockholders of Employer on May 3, 2013 (“Equity Plan”), if any portion of such Measurable Bonus is elected by the Employee to be paid in cash.

 

(d)         Option for Bonus Payments in Common Stock.  At Employee’s election, Employee may be paid up to one hundred percent (100%) of both the Discretionary Bonus and the Measurable Bonus in shares of common stock of Employer (“Elected Shares”) at a twenty five percent (25%) discount from the average of the closing prices of Employer’s common stock on NASDAQ for the one-month period prior to the beginning of the quarter in which the election is made (“Average Price”) as follows: i)  Employee will be issued all of the Elected Shares at the Average Price with no discount at the time the election is made, and ii) Employee will not be issued the additional shares resulting from the twenty five percent discount to the Average Price until the expiration of two (2) years from the date of each election, if any (“the Deferred Shares”).  Any and all Elected Shares shall be issued pursuant to the terms of the Equity Plan. The Elected Shares issued to Employee under this paragraph, if any, unless prior written consent is provided by Employer’s Board of Directors, shall be restricted from trade by Employee until such time as Employee’s employment with Employer has terminated, or until such time as a Change in Control is effective, and such restrictions on the sale of such Elected Shares issued hereunder shall take precedence and control to the extent there exists any conflicting or other restrictions set forth in the Equity Plan, or as such Equity Plan may be amended from time to time.

 

(e)          Benefits and Perquisites.  In addition to the Base Salary, Employee shall be entitled to all other benefits and perquisites that are provided to other employees of Employer subject to Employer’s policies and practices in effect and the terms of applicable benefit plans and arrangements as in effect, and amended from time to time; provided, however, that during the term of this Agreement, and subject to Employee’s acknowledgement that some, or all of the benefits and perquisites provided to Employee may be taxable to Employee in addition to those taxes withheld under Section 4(g), Employee shall also be entitled to the following:

 

i)     Three (3) weeks of vacation per annum;

 

 

ii)   A vehicle allowance in the sum of Twelve Thousand Dollars ($12,000) per year, subject to adjustment, and in accordance with the vehicle policy then in effect by Employer;

 

iii)  In addition to all business related uses of any aircraft owned or leased by Employer during the term of this Agreement, Employee shall be entitled to personal use of said aircraft up to fifty (50) hours during each calendar year hereunder;

 

iv)  Reimbursement, in accordance with the paragraph 4(f) herein, the monthly membership dues and reasonable personal use of one club membership in Dallas County, Texas, and one club membership in Smith County, Texas; and,

 

(f)           Reimbursements.  The Employer shall reimburse the Employee for all reasonable and necessary business-related expenses incurred by him in the course of performing his duties under this Agreement which are consistent with Employer’s policies and practices in effect and then in place at the time of reimbursement submission, including travel, entertainment and other business expenses, subject to the Employer’s requirements with respect to reporting and documentation of such expenses.

 

(g)          Deductions and Withholding.  The Employer shall deduct from any payments to be made by it to or on behalf of the Employee under this Agreement any amounts required to be withheld in respect of any federal, state or local income or other taxes.

 

5.                                      Termination of Employment.

 

The Employee’s employment under this Agreement shall be terminated upon the earliest to occur of the following events:

 

(a)         Termination for Cause.  The Employer may in its sole discretion terminate this Agreement and the Employee’s employment hereunder for Cause at any time and with or without advance notice to the Employee.

 

(b)         Termination without Cause.  The Employer may terminate this Agreement and the Employee’s employment hereunder without Cause at any time, with or without notice, for any reason or no reason (and no reason need be given).

 

(c)          Mutual Agreement.  This Agreement and the Employee’s employment hereunder may be terminated by the mutual written agreement of the Employer and the Employee.

 

(d)         Termination by Death or Disability.  This Agreement and the Employee’s employment hereunder shall automatically terminate upon the Employee’s death or Disability.

 

(e)          Resignation.  The Employee may terminate this Agreement and his employment hereunder upon ninety (90) days advance written notice to the Employer.

 

(f)           Nonrenewal.  In the event either party does not elect to renew the term of this Agreement, this Agreement and the Employee’s employment hereunder shall automatically terminate as of the expiration of the current term in effect.

 

6.                                      Compensation upon Termination

 

(a)         General.  In the event of the Employee’s termination of employment for any reason, the Employee or his estate or beneficiaries shall have the right to receive the following:

 

(i)                                     the unpaid portion of the Base Salary and paid time off accrued and payable through the Termination Date;

 

(ii)                                  reimbursement for any expenses for which the Employee shall not have been previously reimbursed, as provided in Section 4(f); and

 

(iii)                               continuation of health insurance coverage rights, if any, as required under applicable law.

 

(b)         Termination for Cause, Resignation, Mutual Agreement or Nonrenewal.  In the event of the Employee’s termination of employment by reason of (i) Termination for Cause, (ii) Resignation, (iii) Mutual Agreement or (iv) Nonrenewal, the Employer shall have no current or further obligations (including Base Salary) to the Employee under this Agreement other than as set forth in Section 6(a).

 

 

(c)          Termination without Cause, by Death, Disability, or Change in Control.  Subject to Section 6(d), in the event of the Employee’s termination of employment hereunder by reason of (i) Termination without Cause or (ii) death or Disability, the Employee shall be entitled to the following (the “Severance Benefits”):

 

(i)                                     a lump sum equal to one hundred percent (100%) of the annual Base Salary in effect upon the Termination Date, payable within fifteen (15) days following the Termination Date;

 

(ii)                                  a pro rata amount of a Bonus, if any, which would have been payable to the Employee for the calendar year in which the Termination Date occurs, determined after the end of the calendar year in which such Termination Date occurs and equal to the amount which would have been payable to the Employee if his employment had it not been terminated during such calendar year multiplied by the fraction, the numerator of which is the number of whole months the Employee was employed by the Employer during such calendar year and the denominator of which is 12.  Any pro rata bonus payable under this Section 6(c)(ii) shall be paid in a lump sum at the time bonuses for such calendar year are otherwise payable to senior executives of the Employer; and

 

(iii)                               in the event that the Employee elects COBRA benefits, the Employer shall pay the Employee’s share of the premium for such COBRA benefits until the earlier of (i) one year after the Termination Date; or (ii) the date that Employee obtains comparable health benefits through new employment.

 

(iv)                              All of the Deferred Shares subject to the provisions of Section 4(d).

 

(d)         General Release.  Notwithstanding any provision to the contrary in this Agreement, the foregoing Severance Benefits under Section 6(c) shall not apply and the Employer shall have no obligations to pay or provide any Severance Benefits (other than upon the Employee’s termination of employment by reason of death), unless the Employee signs, delivers and does not rescind or revoke a general release of all known and unknown claims of the Employee (and his affiliates, successors, heirs and assigns and the like) against Employer and the Board.

 

(e)          The rights of the Employee set forth in this Section 6 are intended to be the Employee’s exclusive remedy for termination and, to the greatest extent permitted by applicable law, the Employee waives all other remedies.

 

7.                                      Insurance.

 

Employer may, for its own benefit, maintain “key man” life and disability insurance policies covering the Employee.  The Employee will cooperate with Employer and provide such information or other assistance as they may reasonably request in connection with obtaining and maintaining such policies.

 

8.                                      Exclusive Services.

 

During the term of this Agreement, the Employee will not accept or perform any work, consulting, or other services for any other business entity or for remuneration of any kind, without written approval by the Board.

 

9.                                      The Employee’s Termination Obligations.

 

The Employee hereby acknowledges and agrees that all personal property and equipment furnished to or prepared by the Employee in the course of or incident to his employment hereunder belongs to Employer and shall be promptly returned to Employer upon termination of the Employee’s employment.  The term “personal property” includes, without limitation, all office equipment, laptop computers, cell phones, books, manuals, records, reports, notes, contracts, requests for proposals, bids, lists, blueprints, and other documents, or materials, or copies thereof (including computer files), and all other proprietary and non-proprietary information relating to the business of Employer.  Following termination of his employment hereunder, the Employee will not retain any written or other tangible material of Employer.

 

10.                               Acknowledgment of Protectable Interests.

 

The Employee acknowledges and agrees that his employment with Employer involves building and maintaining business relationships and good will on behalf of the Employer with customers, and other professional contractors, subcontractors, employees and staff, and various providers and users of services related to Employer’s business; that he is entrusted with proprietary, strategic 

 

 

and other confidential information which is of special value to Employer; and that the foregoing matters are significant interests which the Employer is entitled to protect.

 

11.                               Confidential Information.

 

The Employee agrees that all Confidential Information that comes or has come into his possession by reason of his employment hereunder is the property of the Employer and shall not be used except in the course of employment by Employer and for Employer’s exclusive benefit.  Further, the Employee shall not, during his employment or thereafter, disclose or acknowledge the content of any Confidential Information to any Person who is not an employee of Employer authorized to possess such Confidential Information.  Upon termination of employment, the Employee shall deliver to Employer all documents, writings, electronic storage devices, and other tangible things containing any Confidential Information and the Employee shall not make or retain copies, excerpts, or notes of such information.

 

12.                               Non-Competition; Non-Solicitation.

 

In order to protect the Business of PRIM and any of its Affiliates, during the Term and until the date that is the two (2) year anniversary of the Termination Date:

 

(a)  Employee will not, directly or indirectly, within the States of California, Texas, Louisiana, Minnesota and Florida, engage in, provide consulting services to, be employed by, lend money to or have any interest in (whether as a proprietor, partner, director, officer, employee, stockholder, lender or financer) any corporation, general or limited partnership, association, limited liability company, sole proprietorship, trust or other entity or organization, other than Employer, or any of its Affiliates, which is engaged in a business that directly or indirectly competes with the Business of Employer; and

 

(b)  Employee will not, directly or indirectly (i) employ, or permit any company or business directly or indirectly controlled by Employee to employ, any Person who is employed by Employer or any of its Affiliates; (ii) interfere with or attempt to disrupt the relationship, contractual or otherwise, between Employer, or any of its Affiliates and any of their employees; (iii) solicit or in any manner seek to induce any employee of Employer, or any of its Affiliates to terminate his, her or its employment or engagement with Employer, or any of its Affiliates; or (iv) solicit any customers or customer prospects of Employer or any of its Affiliates unless such solicitation is not related to the Business.

 

(c)  Employee will not use Employer’s Confidential Information to induce, attempt to induce or knowingly encourage any Customer (as defined below) of Employer to divert any business or income from Employer, or to stop or alter the manner in which they are then doing business with Employer.  The term “Customer” with respect to Employer shall mean any individual or business firm that is, or within the prior twenty-four (24) months was, a customer or client of Employer, or whose business was actively solicited by Employer at any time, regardless of whether such customer was generated, in whole or in part, by the Employee’s efforts.

 

(d)   Notwithstanding Section 12(a), Employee shall not be precluded from purchasing or owning stock in a publicly-held corporation if Employee’s holdings are less than one percent (1%) of the outstanding capital stock of such corporation.

 

13.                               Damages For Improper Termination With Cause.

 

In the event that the Employer terminates this Agreement and the Employee’s employment hereunder for “Cause,” but it subsequently is determined by an arbitrator or a court of competent jurisdiction, as the case may be, that the Employer did not have Cause for the termination, then for purposes of this Agreement, the Employer’s decision to terminate shall be deemed to have been a termination without Cause, and the Employer shall be obligated to pay the Severance Benefits specified under Section 6(c), and only that amount.

 

14.                               Arbitration.

 

Any controversy or dispute arising out of, based upon, or relating to this Agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or arising out of, based upon, or relating in any way to the Employee’s employment or association with Employer, or termination of the same, including, without limiting the generality of the foregoing, any questions regarding whether a particular dispute is arbitrable, and any alleged violation of statute, common law or public policy, including, but not limited to, any state or federal statutory claims, shall be submitted to final and binding arbitration in Dallas County, Texas, in accordance with the JAMS Employment Arbitration Rules and Procedures, before a 

 

 

single neutral arbitrator selected from the JAMS panel, or if JAMS is no longer able to supply the arbitrator, such arbitrator shall be selected from the American Arbitration Association, in accordance with its National Rules for the Resolution of Employment Disputes (the arbitrator selected hereunder, the “Arbitrator”).  Final resolution of any dispute through arbitration may include any remedy or relief which the Arbitrator deems just and equitable, including any and all remedies provided by applicable state or federal statutes.  At the conclusion of the arbitration, the Arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the Arbitrator’s award or decision is based.  Any award or relief granted by the Arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by any court of competent jurisdiction.  The parties acknowledge and agree that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim brought by either of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with this Agreement or the provision of services under this Agreement.  The Employer will pay the arbitrator’s fees and arbitration expenses and any other costs associated with the arbitration or arbitration hearing that are unique to arbitration.  Subject to the provisions of Section 25, the parties shall each pay their own deposition, witness, expert and attorneys’ fees and other expenses as and to the same extent as if the matter were being heard in court.

 

15.                               Representations/Warranties.

 

The Employee represents and warrants that he is under no contractual or other obligation that would prevent him from accepting the Employer’s offer of employment as set forth herein.

 

16.                               Entire Agreement.

 

This Agreement is intended by the parties to be the final expression of their agreement with respect to the employment of the Employee by Employer and may not be contradicted by evidence of any prior or contemporaneous agreement (including, without limitation any term sheet or similar agreement entered into between Employer and the Employee).  The parties further intend that this Agreement shall constitute the complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement.

 

17.                               No Representations.

 

No Person or entity has made or has the authority to make any representations or promises on behalf of any of the parties which are inconsistent with the representations or promises contained in this Agreement, and this Agreement has not been executed in reliance on any representations or promises not set forth herein.  Specifically, no promises, warranties or representations have been made by anyone on any topic or subject matter related to the Employee’s relationship with the Employer or any of their executives or employees, including but not limited to any promises, warranties or representations regarding future employment, compensation, benefits, any entitlement to equity interests in Employer or regarding the termination of the Employee’s employment.  In this regard, the Employee agrees that no promises, warranties or representations shall be deemed to be made in the future unless they are set forth in writing and signed by an authorized representative of the Employer.

 

18.                               Amendments.

 

This Agreement may be modified only by agreement of the parties by a written instrument executed by the parties that is designated as an amendment to this Agreement.

 

19.                               Severability and Non-Waiver/Survival.

 

Any provision of this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this Section 19, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions thereof in such jurisdiction or rendering such provision or any other provision of this Agreement invalid, illegal, or unenforceable in any other jurisdiction.  If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable.  No waiver of any provision or violation of this Agreement by the Employer shall be implied by the Employer’s forbearance or failure to take action.  The expiration or termination of the Employment Period and this Agreement shall not impair the rights or obligations of any party hereto which shall have accrued hereunder prior to such expiration or termination.

 

 

20.                               Successor/Assigns.

 

This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, representatives, executors, administrators, successors, and assigns, provided, however, that the Employee may not assign any or all of his rights or duties hereunder except following the prior written consent of the Employer.  The Employee shall be entitled, to the extent permitted under applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit hereunder following the Employee’s death by giving written notice thereof.  In the event of the Employee’s death or a judicial determination of his incompetence, references in this Agreement to the Employee shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative.

 

21.                               Voluntary and Knowledgeable Act.

 

The Employee represents and warrants that the Employee has read and understands each and every provision of this Agreement and has freely and voluntarily entered into this Agreement.

 

22.                               Choice of Law.

 

This Agreement shall be governed as to its validity and effect by the laws of the state of Texas without regard to principles of conflict of laws.

 

23.                               Counterparts.

 

This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but both of which together shall constitute one and the same instrument.

 

24.                               Notices.

 

All notices and other communications necessary or contemplated under this Agreement shall be in writing and shall be delivered in the manner specified herein or, in the absence of such specification, shall be deemed delivered when delivered in person or sent by first-class mail (certified or registered mail, return receipt requested, postage prepaid), facsimile or overnight air courier guaranteeing next day delivery, addressed as follows:

 

(a)         if to the Employee, to him at his most recent address in Employer’s records,

 

(b)         if to the Employer, to:                                                 John M. Perisich

Primoris Services Corporation

26000 Commercentre Dr.

Lake Forest, CA  92630

Facsimile: (949) 595-5544

 

with a copy to:                                                                                                               Rutan & Tucker
 611 Anton Boulevard, Fourteenth Floor
 Costa Mesa, California 92626-1931
 Facsimile: (714) 546-9035
 Attention:  George J. Wall, Esq.

 

or to such other address as the recipient party to whom notice is to be given may have furnished to the other party in writing in accordance herewith.

 

25.                               Attorneys’ Fees.

 

In the event that any dispute between the parties should result in litigation or arbitration, the prevailing party in such dispute shall be entitled to recover from the other party all reasonable fees, costs and expenses of enforcing any right of the prevailing party, including without limitation, reasonable attorneys’ fees and expenses, all of which shall be deemed to have accrued upon the commencement of such action and shall be paid whether or not such action is prosecuted to judgment.  Any judgment or order entered in such action shall contain a specific provision providing for the recovery of attorneys’ fees and costs incurred in enforcing such judgment and an award of prejudgment interest from the date of the breach at the maximum rate of interest allowed by law.  For the 

 

 

purposes of this Section 25: (a) attorneys’ fees shall include, without limitation, fees incurred in the following:  (i) postjudgment motions; (ii) contempt proceedings; (iii) garnishment, levy, and debtor and third party examinations; (iv) discovery and (v) bankruptcy litigation and (b) “prevailing party” shall mean the party who is determined in the proceeding to have prevailed or who prevails by dismissal, default or otherwise.

 

26.                               Descriptive Headings; Nouns and Pronouns.

 

Descriptive headings are for convenience only and shall not control or affect the meaning or construction of any provision of this Agreement.  Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice-versa.

 

27.                               Non-Qualified Deferred Compensation.

 

The parties acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof.  Notwithstanding any provision of this Agreement to the contrary, in the event that the Employer determines that any amounts payable hereunder will be immediately taxable to the Employee under Section 409A of the Code and related Department of Treasury guidance, the Employer may (a) adopt such amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Employer determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by this Agreement and/or (b) take such other actions as the Employer determines necessary or appropriate to comply with the requirements of Section 409A of the Code and related Department of Treasury guidance, including such Department of Treasury guidance and other interpretive materials as may be issued after the date hereof.

 

28.                               Waiver of Jury Trial.

 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

[signature page follows]

 

 

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

 

	
 
    	
Primoris Services   Corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ JOHN M. PERISICH
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
John M. Perisich
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Executive Vice   President, General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
David L. King
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ DAVID L. KING,   individuallyExhibit

EXHIBIT 10.40
EXECUTION VERSION

LIMITED CONSENT AND FIRST AMENDMENT TO 
AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

This LIMITED CONSENT AND FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT (this “Amendment”) is dated as of September 28, 2015 and is entered into by and among NorthStar Realty Finance Limited Partnership, a Delaware limited partnership (the “Borrower”), NorthStar Realty Finance Corp., a Maryland corporation (the “Parent Guarantor”), certain Subsidiaries of the Parent Guarantor, as Guarantors, and Deutsche Bank AG New York Branch, as administrative agent (together with its permitted successors in such capacity, “Administrative Agent”), with the consent of the Requisite Lenders, and is made with reference to that certain AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT dated as of May 5, 2015 (as amended or otherwise modified through the date hereof, the “Credit Agreement”) by and among the Borrower, the Parent Guarantor, the other Guarantors, the Lenders, the Administrative Agent and the other Agents named therein.  Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement after giving effect to this Amendment.

WHEREAS, the Credit Parties have requested that Requisite Lenders agree to amend certain provisions of the Credit Agreement as provided for herein; and
WHEREAS, subject to certain conditions, Requisite Lenders are willing to agree to such amendment relating to the Credit Agreement.
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

		
	SECTION I.
	LIMITED CONSENT

The undersigned Lenders, constituting the Requisite Lenders, hereby (i) consent to the contribution by the Parent Guarantor of the real estate assets comprising its European real estate business (consisting of 52 properties located in Europe set forth on Schedule I hereto and certain cash, currency derivatives and other assets and liabilities, in each case, associated therewith (and excluding its European healthcare properties), collectively, the “Divested Properties”) into a subsidiary, NorthStar Realty Europe Corp. (“NRE”), and the subsequent spin-off by the Parent Guarantor to its shareholders of NRE as a newly-formed publicly-traded real estate investment trust (the “Divestiture”) and (ii) agree that the consummation of the Divestiture shall not constitute a default or breach of any provision of the Credit Agreement or any other Credit Document, in each case, solely to the extent the Divestiture is consummated on or prior to December 31, 2015.

		
	SECTION II.
	AMENDMENTS TO CREDIT AGREEMENT

		
	2.1
	Amendments to Section 1.

A.    Section 1.1 of the Credit Agreement is hereby amended by inserting the following new defined terms in proper alphabetical order thereto:

“Divested Properties” has the meaning assigned to such term in the First Amendment.
“Divestiture” has the meaning assigned to such term in the First Amendment. 
“First Amendment” means that certain Limited Consent and First Amendment to Amended and Restated Credit and Guaranty Agreement dated as of September [  ̃ ], 2015 among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto.
“First Amendment Effective Date” has the meaning assigned to such term in the First Amendment.
“NRE” has the meaning assigned to such term in the First Amendment. 
		
	2.2
	Amendments to Section 6.7.

A.    Clause (a) of Section 6.7 of the Credit Agreement is hereby amended by amending and restating the chart set forth therein to read as follows:
	
		
	Fiscal Quarter
	Total Indebtedness to Total Assets Ratio

	March 31, 2015
	70%

	June 30, 2015
	70%

	September 30, 2015
	70%

	December 31, 2015
	70%

	March 31, 2016 and each Fiscal Quarter ending thereafter prior to the Revolving Commitment Termination Date
	65%

B.    Clause (b) of Section 6.7 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(b)    Maximum Recourse Indebtedness.  The Credit Parties shall not permit the Total Recourse Indebtedness to Total Assets Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2014, to exceed the correlative percentage set forth below:

	
		
	Fiscal Quarter
	Total Recourse Indebtedness to 
Total Assets Ratio

	September 30, 2014
	25%

	December 31, 2014
	25%

	March 31, 2015
	25%

	June 30, 2015
	25%

	September 30, 2015
	15%

	December 31, 2015
	15%

	March 31, 2016 and each Fiscal Quarter ending thereafter prior to the Revolving Commitment Termination Date
	25%

C.    Clause (c) of Section 6.7 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(c)    Fixed Charge Coverage Ratio.  The Credit Parties shall not permit the Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2014, to be less than the correlative percentage set forth below:
	
		
	Fiscal Quarter
	Fixed Charge Coverage Ratio

	September 30, 2014
	1.50:1.00

	December 31, 2014
	1.50:1.00

	March 31, 2015
	1.50:1.00

	June 30, 2015
	1.50:1.00

	September 30, 2015
	1.75:1.00

	December 31, 2015
	1.75:1.00

	March 31, 2016 and each Fiscal Quarter ending thereafter prior to the Revolving Commitment Termination Date
	1.50:1.00

D.    Clause (d) of Section 6.7 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(d)    Minimum Liquidity.  The Credit Parties shall not permit Liquidity to be less than (i) $25,000,000 at any time from and after the Amendment and Restatement Date and prior to the First Amendment Effective Date, (ii) $100,000,000 at any time from and after the First Amendment Effective Date and prior to March 31, 2016 and (iii) $25,000,000 at any time from and after March 31, 2016.
E.    Clause (e) of Section 6.7 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(e)    Minimum Net Worth.  The Credit Parties shall not permit Consolidated Tangible Net Worth at any time to be less than an amount equal to (i) prior to the occurrence of the Divestiture, the sum of (A) 75% of Original Closing Date Consolidated Tangible Net Worth and (B) 75% of the net cash proceeds received by the Parent Guarantor from issuances and sales of common stock of the Parent Guarantor from and after the Original Closing Date through such date of determination and (ii) from and after the occurrence of the Divestiture, the sum of (A) 75% of Original Closing Date Consolidated Tangible Net Worth and (B) 75% of the net cash proceeds received by the Parent Guarantor from issuances and sales of common stock of the Parent Guarantor from and after the Original Closing Date through such date of determination (excluding net cash proceeds of issuances and sales of common stock of the Parent Guarantor conducted solely in connection with the initial acquisition by the Borrower and its Subsidiaries of the Divested Properties (the “Divested Property Equity”) solely to the extent such Divested Property Equity (in the form of equity value in the Divested Properties or otherwise) is disposed of or otherwise transferred to NRE in connection with the Divestiture; provided that the maximum aggregate amount of Divested Property Equity that is so excluded shall not exceed $900,000,000).
		
	SECTION III.
	CONDITIONS TO EFFECTIVENESS

This Amendment shall become effective as of the date hereof only upon the satisfaction of all of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the “First Amendment Effective Date”):
A.    Execution. Administrative Agent shall have received (i) a counterpart signature page of this Amendment duly executed by each of the Credit Parties and (ii) consent to the terms of this Amendment from the Requisite Lenders.
B.    Consent Fee.  The Borrower shall have paid to the Administrative Agent, for the account of each Lender that has delivered an executed counterpart consenting to this Amendment prior to 5:00 p.m. New York time on September 25, 2015, a consent fee equal to 0.10% of the aggregate amount of such Lender’s Revolving Commitment as of the First Amendment Effective Date.

C.    Fees.  The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the First Amendment Effective Date, including, to the extent invoiced, reimbursement or other payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder or any other Credit Document.
D.    Necessary Consents. Each Credit Party shall have obtained all consents and approvals necessary to implement the transactions contemplated by this Amendment.
E.    Representations and Warranties.  Each of the representations and warranties in Section IV of this Amendment shall be true and correct in all respects as of the First Amendment Effective Date.
F.    No Default.  Both immediately before and after giving effect to this Amendment, no event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment that would constitute an Event of Default or a Default.
		
	SECTION IV.
	REPRESENTATIONS AND WARRANTIES

In order to induce Administrative Agent and Lenders to enter into this Amendment and to amend the Credit Agreement in the manner provided herein, each Credit Party hereby represents, warrants and agrees as follows:
A.    Each Credit Party represents and warrants that it has all requisite power and authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as modified by this Amendment and the other Credit Documents and has been duly authorized to do so.
B.    Each Credit Party represents and warrants that this Amendment has been duly executed and delivered by each of the Credit Parties and constitutes a legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.
C.    Each Credit Party represents and warrants that no event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment that would constitute an Event of Default or a Default.
D.    Each Credit Party represents and warrants that each of the representations and warranties contained in Section 4 of the Credit Agreement and the other Credit Documents are true and correct in all material respects (or in the case of any representation,  warranty or certification that is qualified as to “materiality,” “Material Adverse Effect” or similar language, are true and correct in all respects), immediately before and after giving effect to this Amendment, on and as of the date hereof to the same extent as though made on and as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true and correct in all material respects (or in the case of any 

representation,  warranty or certification that is qualified as to “materiality,” “Material Adverse Effect” or similar language, were true and correct in all respects) on and as of such earlier date.
		
	SECTION V.
	ACKNOWLEDGMENT AND CONSENT

In order to induce Administrative Agent and Lenders to enter into this Amendment, each Guarantor hereby:
A.    acknowledges that it has reviewed the terms and provisions of the Credit Agreement and this Amendment and consents to all the terms and conditions set forth in this Amendment and to the modification and waiver of the Credit Agreement as provided herein. Each Guarantor hereby confirms that each Credit Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Credit Documents the payment and performance of all “Obligations” under each of the Credit Documents to which it is a party; and
B.    acknowledges and agrees that any of the Credit Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment.
		
	SECTION VI.
	MISCELLANEOUS

A.    Reference to and Effect on the Credit Agreement and the Other Credit Documents. 
(i)    On and after the First Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Credit Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Amendment.
(ii)    Except as specifically amended by this Amendment, the Credit Agreement and the other Credit Documents shall remain in full force and effect and are hereby ratified and confirmed.
(iii)    The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under, the Credit Agreement or any of the other Credit Documents.
(iv)    This Amendment constitutes a Credit Document.
B.    Headings.  Section and Subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

C.    Applicable Law.  The applicable law and jurisdiction provisions stated in the Credit Agreement are incorporated herein, mutatis mutandis, by this reference, and this Amendment shall be construed and enforced in accordance therewith.
D.    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.
E.    Beneficiaries.  This Amendment is made and entered into solely for the benefit of the Lenders and the other parties hereto, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Amendment.
[Remainder of this page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

                        	
		
	BORROWER:

	 

	NORTHSTAR REALTY FINANCE LIMITED PARTNERSHIP

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title:  Associate General Counsel and Assistant Secretary

	
		
	PARENT GUARANTOR:

	 

	NORTHSTAR REALTY FINANCE CORP.

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	OTHER CREDIT PARTIES:

	 

	BSL HOLDINGS-T, LLC

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General 

	
		
	CDO HOLDINGS-T, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	USIP TERRA PREFERRED-T, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	NRFC SBK HOLDINGS, LLC

	 

	By:
	CDO Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	WCG OP-T, LLC

	 

	By:
	WCG OP Holdings-T CAM2, LLC, as its sole member

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	NRFC SBK SUBSIDIARY, LLC

	 

	By:
	NRFC SBK Holdings, LLC, as its managing member

	By:
	CDO Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	CASTERLY ROCK HOLDINGS, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	SHADOW TOWER HOLDINGS-T, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	QUEENS PLAZA LIC-T, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	EASTWATCH HOLDINGS-T, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	CLUB ONE-T, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	SUNSET-T, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	VALYRIA MEZZ LENDER-T, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	NRFC SENIOR LOAN HOLDINGS, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	NRFC MEZZANINE HOLDINGS, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate 

	
		
	NRFC 2013-1 PARTICIPATION HOLDINGS, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	EASTWATCH ECHO LENDER-T, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	WCG PROP-T, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	WCG OP HOLDINGS-T CAM2, LLC

	 

	By:
	BSL Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	3CPI-T, LLC

	EAST CAMELBACK APARTMENTS, LLC

	NORTHSTAR LOANCO. LLC

	AIA HOLDINGS-T, LLC

	NRFC ADAMS RUN MEMBER, LLC

	NRFC CARROLL HOLDINGS, LLC

	NRFC COUNTRY SQUIRE HOLDINGS, LLC

	NRFC DB LOAN MEMBER, LLC

	NRFC PRU MEZZ, LLC

	NRFC UL HOLDINGS, LLC

	PE INVESTMENTS-T, LLC

	PROJECT SHORE INVESTOR I, LLC

	PROJECT SHORE INVESTOR II, LLC

	TRISTATE LOAN-T, LLC

	TRISTATE PREFERRED INVESTOR-T, LLC

	TRISTATE REALTY INVESTOR-T, LLC

	 
	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	MH III HOLDINGS-T, LLC

	NRFC MH HOLDINGS, LLC

	NRFC MH II HOLDINGS, LLC

	NRFC PE FUND INVESTOR, LLC

	NRFC PE FUND INVESTOR II, LLC

	NRFC PE FUND INVESTOR IV, LLC

	PLATFORM MEMBER-T, LLC

	TORCH-T, LLC

	 
	 

	By:
	HA Portfolio Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	NORTHSTAR LANDCO., LLC

	 

	By:
	NorthStar LoanCo. LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	CMP I HOLDINGS-T, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title:

	
		
	CMP I OWNER-T, LLC

	 

	By:
	CMP I Owner MB2-T, LLC, as its sole member

	By:
	CMP I Owner MB1-T, LLC, as its sole member

	By:
	CMP I Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	CMP I CAM2-T, LLC

	 

	By:
	CMP I Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	PE INVESTMENTS V12-T, LLC

	 

	By:
	PE Investments-T CAM2, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	PE INVESTMENTS V1-T, LLC

	 

	By:
	PE Investments-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	PE INVESTMENTS-T CAM2, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	CASTLEBLACK HOLDINGS-T, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	CASTLEBLACK-T CAM2, LLC

	 

	By:
	Castleblack Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	LC CAM2-T, LLC

	 

	By:
	LC Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin 

	 
	Name: Jenny B. Neslin 

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	LC HOLDINGS-T, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	LC INVESTOR-T, LLC

	 

	By:
	LLC Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	LC LENDER-T, LLC

	 

	By:
	LC Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	PLATFORM MEMBER HOLDINGS-T CAM2, LLC

	 

	By:
	HA Portfolio Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	FIRST RANGE HOLDINGS MEMBER-T, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	HEALTHCARE GA HOLDINGS-T, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	NRF RED REIT CORP.

	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	PE INVESTMENTS IX2-T, LLC

	 

	By:
	PE Investments-T CAM2, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	PE INVESTMENTS IX-T, LLC

	 

	By:
	PE Investments-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	PE INVESTMENTS X-T, LLC

	 

	By:
	PE Investments-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	NRFC PRU HOLDINGS, LLC.

	 

	By:
	NRF RED REIT CORP., its sole member

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	RED REIT SUB-T, LLC.

	 

	By:
	NRF RED REIT CORP., its sole member

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	NRFC NNN HOLDINGS 3, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	NRFC EASTON HOLDINGS, LLC

	 

	By:
	NRFC NNN Holdings 3, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	NRFC EASTON HOLDINGS 2, LLC

	 

	By:
	NRFC NNN Holdings 3, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	NRFC FORT WAYNE HOLDINGS LLC

	 

	By:
	NRFC NNN Holdings 3, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	WINTERFELL HEALTHCARE HOLDINGS-T, LLC

	 

	By:
	NorthStar Realty Healthcare, LLC, as its sole member

	By:
	NRFC Healthcare Holdings Company, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	WINTERFELL HEALTHCARE-T, CAM2, LLC

	 

	By:
	Winterfell Healthcare Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Healthcare, LLC, as its sole member

	By:
	NRFC Healthcare Holdings Company, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	NEP HOLDINGS-T, LLC

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	NEP OWNER-T, LLC

	By:
	NEP Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	NEP CAM2-T, LLC

	By:
	NEP Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	NEP OWNER MB2-T, LLC

	By:
	NEP Owner-T, LLC, as its sole member

	By:
	NEP Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	NEP OWNER MB1-T, LLC

	By:
	NEP Owner MB2-T, LLC, as its sole member

	By:
	NEP Owner-T, LLC, as its sole member

	By:
	NEP Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	NEP OPS MB2-T, LLC

	By:
	NEP CAM2-T, LLC, as its sole member

	By:
	NEP Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	NEP OPS MB1-T, LLC

	 

	By:
	NEP OPS MB2-T, LLC, as its sole member

	By:
	NEP CAM2-T, LLC, as its sole member

	By:
	NEP Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	HA PORTFOLIO HOLDINGS-T, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	MC HOLDINGS-T, LLC

	 

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	MC OWNER MB1-T, LLC

	 

	By:
	MC Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	MC CAM2-T, LLC

	 

	By:
	MC Holdings-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	MC OPS MB1-T, LLC

	 

	By:
	MC CAM2-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	PE INVESTMENTS XII-T, LLC

	 

	By:
	PE Investments-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	PE INVESTMENTS XII2-T, LLC

	 

	By:
	PE Investments-T, CAM2, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

	
		
	PE INVESTMENTS XIIA-T, LLC

	 

	By:
	PE Investments-T, LLC, as its sole member

	By:
	NorthStar Realty Finance Limited Partnership, as its sole member

	By:
	NorthStar Realty Finance Corp., as its general partner

	 
	 

	 
	 

	By:
	/s/ Jenny B. Neslin

	 
	Name: Jenny B. Neslin

	 
	Title: Associate General Counsel and Assistant Secretary

[Signature Page to First Amendment (NRF)]

	
		
	DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent and as a Lender

	 

	 
	 

	By:
	/s/ James Rolison

	 
	Name: James Rolison

	 
	Title: Managing Director

	 
	 

	By:
	/s/ Perry Forman

	 
	Name: Perry Forman

	 
	Title: Director

[Signature Page to First Amendment (NRF)]

	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

	as a Lender

	 

	By:
	/s/ Bill O’Daly

	 
	Name: Bill O’Daly

	 
	Title: Authorized Signatory

	 
	 

	By:
	/s/ Sean MacGregor

	 
	Name: Sean MacGregor

	 
	Title: Authorized Signatory

[Signature Page to First Amendment (NRF)]

	
		
	UBS AG, STAMFORD BRANCH, as a Lender

	 

	 
	 

	By:
	/s/ Darlene Arias

	 
	Name: Darlene Arias

	 
	Title: Director

	 
	 

	By:
	/s/ Craig Pearson

	 
	Name: Craig Pearson

	 
	Title: Associate Director

[Signature Page to First Amendment (NRF)]

	
		
	BANK OF AMERICA, N.A., as a Lender

	 

	 
	 

	By:
	/s/ Michael W. Edwards

	 
	Name: Michael W. Edwards

	 
	Title: Senior Vice President

[Signature Page to First Amendment (NRF)]

	
		
	BARCLAYS BANK PLC, as a Lender

	 

	 
	 

	By:
	/s/ Daniel Hunter

	 
	Name: Daniel Hunter

	 
	Title: Authorized Signatory

[Signature Page to First Amendment (NRF)]

	
		
	JP MORGAN CHASE BANK, N.A., as a Lender

	 

	By:
	/s/ Lauren Gubkin

	 
	Name: Lauren Gubkin

	 
	Title: Vice President

[Signature Page to First Amendment (NRF)]

	
		
	MORGAN STANLEY BANK, N.A., as a Lender

	 

	 
	 

	By:
	/s/ Jason Lipschitz

	 
	Name: Jason Lipschitz

	 
	Title: Authorized Signatory

[Signature Page to First Amendment (NRF)]

SCHEDULE I

Schedule I

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