Document:

Form of 2009 Non-Executive Director Stock Plan

 Exhibit 10.11 
  
  
 COLONY FINANCIAL, INC. 
 2009 NON-EXECUTIVE DIRECTOR STOCK PLAN 
  
  

 TABLE OF CONTENTS 
  

							
	  	  	 	  	 	  	Page
	1.	  	PURPOSE; TYPES OF AWARDS	  	1
	2.	  	DEFINITIONS	  	1
	3.	  	ADMINISTRATION	  	4
	4.	  	ELIGIBILITY	  	4
	5.	  	STOCK SUBJECT TO THE PLAN	  	5
	6.	  	TERMS OF AWARDS	  	5
		  		  	General.	  	5
		  		  	Terms of Specified Awards.	  	5
	7.	  	CHANGE IN CONTROL	  	7
	8.	  	GENERAL PROVISIONS	  	8
		  	  8.1	  	Nontransferability.	  	8
		  	  8.2	  	No Right to Continued Service, etc.	  	8
		  	  8.3	  	Taxes.	  	8
		  	  8.4	  	Effective Date; Amendment and Termination	  	9
		  	  8.5	  	Expiration of Plan.	  	9
		  	  8.6	  	Deferrals.	  	9
		  	  8.7	  	No Rights to Awards; No Stockholder Rights.	  	9
		  	  8.8	  	Unfunded Status of Awards.	  	9
		  	  8.9	  	No Fractional Shares.	  	9
		  	8.10	  	Regulations and Other Approvals	  	9
		  	8.11	  	Registration on Form S-8.	  	10
		  	8.12	  	Governing Law.	  	10
		  	8.13	  	Section 409A.	  	10

  

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 COLONY FINANCIAL, INC. 
 2009 NON-EXECUTIVE DIRECTOR STOCK PLAN 
 Colony Financial, Inc., a Maryland
corporation (the “Company”), sets forth herein the terms of its 2009 Non-Executive Director Stock Plan (the “Plan”), as follows: 
 1. PURPOSE; TYPES OF AWARDS 
 The purposes of the Plan are to afford an incentive to the non-executive
directors of the Company to continue as directors, to increase their efforts on behalf of the Company and to promote the success of the Company’s business. The Plan provides for the grant of Restricted Stock, Restricted Stock Units and Other
Stock-Based Awards. 
 2. DEFINITIONS 
 For purposes of the Plan, the following terms shall be defined as set forth below: 
 2.1. “Award” means any
award of Restricted Stock or Restricted Stock Unit or any Other Stock-Based Award granted under the Plan. 
 2.2. “Award
Agreement” means any written agreement, contract or other instrument or document evidencing an Award. 
 2.3.
“Board” means the Board of Directors of the Company. 
 2.4. “Change of Control” means:

 (1) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of either (i) the then outstanding shares of common stock, par value $0.01 per share,
of the Company (the “Outstanding Company Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that for purposes of this subsection (1), the following acquisitions shall not constitute a Change in Control: (i) any acquisition by the Company; (ii) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Company or any corporation or trust controlled by the Company; and (iii) any acquisition by any entity pursuant to a transaction which complies with clauses (i), (ii) and
(iii) of subsection (3) of this Section 2.4; or 
 (2) Individuals who, as of the date hereof, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by
the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose,
any 

 
such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 (3)
Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case unless, following such Business Combination,
(i) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than fifty percent (50%) of, respectively, the then outstanding common shares and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be,
of the entity resulting from such Business Combination (including, without limitation, a corporation that as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be, and (ii) no Person
(excluding any corporation or trust resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation or trust resulting from such Business Combination) beneficially owns, directly or
indirectly, thirty-five percent (35%) or more of the then outstanding shares of the corporation or trust resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation or
trust except to the extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation or trust resulting from such Business Combination were members of
the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 (4) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company and consummation of such transaction. 
 2.5. “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder. 
 2.6. “Committee” means the committee established by the Board to administer the Plan, the composition
of which shall at all times consist of “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act. 
 2.7.
“Company” means Colony Financial, Inc., a Maryland corporation, or any successor corporation. 
 2.8.
“Effective Date” means September [    ], 2009, the date on which the Plan was adopted by the Board. 
 2.9. “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder. 
  

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 2.10. “Fair Market Value” means the value of a share of Stock, determined as
follows: if on the date of grant the shares of Stock are listed on an established national or regional stock exchange, or are publicly traded on an established securities market, the Fair Market Value of a share of Stock shall be the closing price
of the Stock on such exchange or in such market (if there is more than one such exchange or market the Board shall determine the appropriate exchange or market) on (i) the date of grant (if the grant is made before trading commences on the
exchange or securities market or while such exchange or securities market is open for trading) or (ii) the next trading day after the date of grant (if the grant is made after the exchange or securities market closes on a trading day or if the
grant is made on a day that is not a trading day on such exchange or securities market). If there is no such reported closing price on the applicable date as specified in the immediately preceding sentence, the Fair Market Value shall be the mean
between the highest bid and lowest asked prices or between the high and low sale prices on the applicable date as specified in the immediately preceding sentence. If on the date of grant the Stock is not listed on such an exchange or traded on such
a market, Fair Market Value shall be the value of the Stock as determined by the Board by the reasonable application of a reasonable valuation method, in a manner consistent with Code Section 409A. 
 2.11. “Manager” means the entity, if any, providing management services to the Company, currently Colony Financial Manager, LLC,
or any entity providing management services to the Company. 
 2.12. “Other Stock-Based Award” means a right or other
interest granted to a Participant that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, including but not limited to Stock options, unrestricted shares of Stock or dividend
equivalent rights. 
 2.13. “Participant” means an eligible person who has been granted an Award under the Plan.

 2.14. “Plan” means this Colony Financial, Inc. 2009 Non-Executive Director Stock Plan, as amended from time to
time. 
 2.15. “Restricted Stock” means an Award of shares of Stock to a Participant under Section 6.2(i) that
may be subject to certain restrictions and to a risk of forfeiture. 
 2.16. “Restricted Stock Unit” or
“RSU” means a right granted to a Participant under Section 6.2(ii) to receive Stock, cash or other property at the end of a specified period, which right may be conditioned on the satisfaction of specified performance or other
criteria. 
 2.17. “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and
regulations promulgated thereunder. 
 2.18. “Stock” means shares of the common stock, par value $0.01 per share, of
the Company. 
  

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 3. ADMINISTRATION 
 The Plan shall be administered by the Board. Except with respect to the amendment, modification, suspension or early termination of the Plan, the Board may appoint a Committee to administer all or a portion of the
Plan. To the extent that the Board so delegates its authority, references herein to the Board shall be deemed references to such Committee. The Board may delegate to one or more agents such administrative duties as it may deem advisable, and the
Committee or any other person to whom the Board has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Board or such Committee or person may have under the Plan. No member of the
Board or the Committee shall be liable for any action taken or determination made in good faith with respect to the Plan or any Award granted hereunder. 
 The Board shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically
granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the authority to: (i) grant Awards; (ii) determine the persons to whom, and the time or times at which, Awards shall
be granted; (iii) determine the type and number of Awards to be granted, the number of shares of Stock to which an Award may relate and the terms, conditions, restrictions and performance criteria relating to any Award; (iv) determine
whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered; (v) make adjustments in the terms and conditions of Awards; (vi) construe and interpret the Plan and any Award;
(vii) prescribe, amend and rescind rules and regulations relating to the Plan; (viii) determine the terms and provisions of the Award Agreements (which need not be identical for each Participant); and (ix) make all other
determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Board shall be final and binding on all persons, including but not limited to the Company, any parent or
subsidiary of the Company, any Participant (or any person claiming any rights under the Plan from or through any Participant) and any stockholder. Notwithstanding any provision of the Plan or any Award Agreement to the contrary, except as provided
in the second paragraph of Section 5, neither the Board nor the Committee may take any action which would have the effect of reducing the aggregate exercise, base or purchase price of any Award without obtaining the approval of the
Company’s stockholders. 
 4. ELIGIBILITY 
 Awards may be granted, in the discretion of the Board, to directors of the Company who are not officers of the Company. In determining the persons to whom Awards shall be granted and the type of any Award (including
the number of shares to be covered by such Award), the Board shall take into account such factors as the Board shall deem relevant in connection with accomplishing the purposes of the Plan. 
  

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 5. STOCK SUBJECT TO THE PLAN 
 The maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be equal to 100,000, subject to adjustment as provided herein.
Stock issued under the Plan may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. If any shares subject to an Award
are forfeited, cancelled, exchanged or surrendered or if an Award terminates or expires without a distribution of shares to the Participant, or if shares of Stock are surrendered or withheld by the Company as payment of either the purchase price of
an Award and/or withholding taxes in respect of an Award, the shares of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, withholding, termination or expiration, again be available for
Awards under the Plan. 
 In the event that the Board shall determine that any dividend or other distribution (whether in the form of cash,
Stock, or other property), recapitalization, Stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event, affects the Stock such that an
adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan, then the Board shall make equitable changes or adjustments to any or all of: (i) the number and kind of shares of Stock or other
property (including cash) that may thereafter be issued in connection with Awards; (ii) the number and kind of shares of Stock or other property (including cash) issued or issuable in respect of outstanding Awards; (iii) the purchase price
relating to any Award and (iv) the performance goals, if any, applicable to outstanding Awards. In addition, the Board may determine that any such equitable adjustment may be accomplished by making a payment to the Award holder, in the form of
cash or other property (including but not limited to shares of Stock). 
 6. TERMS OF AWARDS 
 6.1 General. The term of each Award shall be for such period as may be determined by the Board. Subject to the terms of the Plan and any applicable
Award Agreement, payments to be made by the Company upon the grant, vesting or delivery of an Award may be made in such forms as the Board shall determine at the date of grant or thereafter, including, without limitation, cash, Stock or other
property, and may be made in a single payment or transfer, in installments or on a deferred basis (in accordance with Section 8.13). The Board may make rules relating to installment or deferred payments with respect to Awards, including the
rate of interest to be credited with respect to such payments. In addition to the foregoing, the Board may impose on any Award or the exercise thereof, at the date of grant or thereafter, such additional terms and conditions, not inconsistent with
the provisions of the Plan, as the Board shall determine. 
 6.2 Terms of Specified Awards. The Board is authorized to grant the
Awards described in this Section 6.2, under such terms and conditions as deemed by the Board to be consistent with the purposes of the Plan. Such Awards may be granted with vesting, value and/or and payment contingent upon attainment of one or
more performance goals. Except as otherwise set forth herein or as may be determined by the Board, each Award granted under the Plan shall be evidenced by an Award Agreement containing such terms and conditions applicable to such Award as the Board
shall determine at the date of grant or thereafter. 
  

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 (i) Restricted Stock. The Board is authorized to grant Restricted Stock to Participants on the
following terms and conditions: 
 (A) Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on
transferability and other restrictions, if any, as the Board may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, or otherwise, as the
Board may determine. The Board may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. Unless otherwise determined by the Board, a Participant granted Restricted
Stock shall have all of the rights of a stockholder including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 
 (B) Forfeiture. Upon termination of service to the Company during the applicable restriction period, any unvested Restricted Stock and any accrued but unpaid dividends shall be forfeited; provided, that the
Board may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations
resulting from specified causes, and the Board may in other cases waive in whole or in part the forfeiture of Restricted Stock. 
 (C)
Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Board shall determine. If certificates representing Restricted Stock are registered in the name of the Participant, such certificates shall
bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, and the Company shall retain physical possession of the certificate. 
 (D) Dividends/Distributions. Unless otherwise determined by the Board, except as provided in the immediately following sentence, dividends and
distributions paid on Restricted Stock shall be paid at the dividend or distribution payment date in the same form as dividends and distributions are paid to other Company stockholders. Unless otherwise determined by the Board, Stock distributed in
connection with a stock split or stock dividend, and other property distributed as a dividend or distribution, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or
other property has been distributed. 
 (ii) Restricted Stock Units. The Board is authorized to grant RSUs to Participants, subject to
the following terms and conditions: 
 (A) Award and Restrictions. Delivery of Stock, cash or other property, as determined by the
Board, will occur upon expiration of the period specified for RSUs by the Board during which forfeiture conditions apply, or such later date as the Board shall determine. The Board may place restrictions on RSUs that shall lapse, in whole or in
part, only upon the attainment of one or more performance goals. 
  

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 (B) Forfeiture. Upon termination of service to the Company prior to the vesting of RSUs, or upon
failure to satisfy any other conditions precedent to the delivery of Stock or cash to which such RSUs relate, all RSUs and any accrued but unpaid dividend equivalents that are then subject to deferral or restriction shall be forfeited; provided,
that the Board may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to RSUs will be waived in whole or in part in the event of termination
resulting from specified causes, and the Board may in other cases waive in whole or in part the forfeiture of RSUs. 
 (C)
Dividend/Distribution Equivalents. The Board is authorized to grant to Participants the right to receive dividend equivalent payments and/or distribution equivalent payments for the period prior to settlement of the RSU. Dividend equivalents
or distribution equivalents may be paid currently or credited to an account for the Participant, and may be settled in cash or Stock, as determined by the Board. Any such settlements, and any such crediting of dividend equivalents or distribution
equivalents or reinvestment in Stock, may be subject to such conditions, restrictions and contingencies as the Board shall establish, including the reinvestment of such credited amounts in Stock equivalents. Unless otherwise determined by the Board,
any such dividend equivalents or distribution equivalents shall be paid or credited, as applicable, on the dividend payment date to the Participant as though each RSU held by such Participant were a share of outstanding Stock. 
 (iii) Other Stock-Based Awards. The Board is authorized to grant Awards to Participants in the form of Other Stock-Based Awards, as deemed by the
Board to be consistent with the purposes of the Plan. Awards granted pursuant to this paragraph may be granted with vesting, value and/or payment contingent upon the attainment of one or more performance goals. The Board shall determine the terms
and conditions of such Awards at the date of grant or thereafter. Without limiting the generality of this paragraph, Other Stock-Based Awards may include grants of shares of Stock that are not subject to any restrictions or a substantial risk of
forfeiture. Upon termination of service to the Company prior to the vesting of an Other Stock-Based Award, or upon failure to satisfy any other conditions precedent to the delivery of Stock or cash to which such Other Stock-Based Award relates, all
Other Stock-Based Awards that are then subject to deferral or restriction shall be forfeited; provided, that the Board may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or
forfeiture conditions relating to such Other Stock-Based Award will be waived in whole or in part in the event of termination resulting from specified causes, and the Board may in other cases waive in whole or in part the forfeiture of such Other
Stock-Based Award. 
 7. CHANGE IN CONTROL 
 Upon the occurrence of a Change in Control in which outstanding Restricted Stock, RSUs and Other Stock-Based Awards are not being assumed or continued, all outstanding Restricted Stock shall be deemed to have vested,
all RSUs shall be deemed to have vested and the shares of Stock subject thereto shall be delivered, and all Other Stock-Based Awards shall be deemed to have vested and such other provisions shall apply as might be set forth in the Award Agreement,
immediately prior to the occurrence of such Change in Control, and the Board may elect, in its sole discretion, to cancel any outstanding Awards of Restricted Stock, RSUs, or Other Stock-Based Awards and pay or deliver, or cause to be paid or
delivered, to the holder thereof an amount in cash or securities having a value (as determined by the Board acting in good faith), equal to the formula or fixed price per share paid to holders of shares of Stock. 
  

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 The Plan, RSUs, Restricted Stock and Other Stock-Based Awards theretofore granted shall continue in the
manner and under the terms so provided in the event of any Change in Control to the extent that provision is made in writing in connection with such Change in Control for the assumption or continuation of the RSUs, Restricted Stock and Other
Stock-Based Awards theretofore granted, or for the substitution for such RSUs, Restricted Stock and Other Stock-Based Awards for new common RSUs, Restricted Stock and Other Stock-Based Awards relating to the stock of a successor entity, or a parent
or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any consideration that is not common stock). 
 The Board may provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the Participant, for different provisions to apply to an Award in place of those described in this Section 7. This
Section 7 does not limit the Company’s ability to provide for alternative treatment of Awards outstanding under the Plan in the event of change in control events that are not Change in Controls. 
 8. GENERAL PROVISIONS 
 8.1
Nontransferability. Unless otherwise provided in an Award Agreement, Awards shall not be transferable by a Participant except by will or the laws of descent and distribution and shall be exercisable during the lifetime of a Participant only
by such Participant or his guardian or legal representative. 
 8.2 No Right to Continued Service, etc. Nothing in the Plan or in any
Award, any Award Agreement or other agreement entered into pursuant hereto shall confer upon any Participant the right to continue as a director of, or continue to provide services to, the Company or any parent, subsidiary or Affiliate of the
Company or the Manager or to be entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company to terminate such Participant’s
service. 
 8.3 Taxes. The Company or any parent or subsidiary of the Company is authorized to withhold from any Award granted, any
payment relating to an Award under the Plan, including from a distribution of Stock, or any other payment to a Participant, amounts of withholding and other taxes due in connection with any transaction involving an Award, and to take such other
action as the Board may deem advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive
Stock or other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations. The Board may provide in the Award Agreement that in the event that a Participant is required to pay any amount to be
withheld in connection with the issuance of shares of Stock in settlement or exercise of an Award, the Participant may satisfy such obligation (in whole or in part) by electing to have the Company withhold a portion of the shares of Stock to be
received upon settlement or exercise of such Award that is equal to the minimum amount required to be withheld. 
  

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 8.4 Effective Date; Amendment and Termination 
 (i) The Plan shall take effect upon the Effective Date. 
 (ii) The Board may at any time and from time to time terminate, amend, modify or suspend the Plan in whole or in part; provided, however, that unless otherwise determined by the Board, an amendment that requires
stockholder approval in order for the Plan to comply with any law, regulation or stock exchange requirement shall not be effective unless approved by the requisite vote of stockholders. The Board may at any time and from time to time amend any
outstanding Award in whole or in part. Notwithstanding the foregoing sentence of this clause (ii), no amendment or modification to or suspension or termination of the Plan or amendment of any Award shall affect adversely any of the rights of any
Participant, without such Participant’s consent, under any Award theretofore granted under the Plan. 
 8.5 Expiration of Plan.
Unless earlier terminated by the Board pursuant to the provisions of the Plan, the Plan shall expire on the tenth anniversary of the Effective Date. No Awards shall be granted under the Plan after such expiration date. The expiration of the Plan
shall not affect adversely any of the rights of any Participant, without such Participant’s consent, under any Award theretofore granted. 
 8.6 Deferrals. The Board shall have the authority to establish such procedures and programs that it deems appropriate (in accordance with Section 8.13) to provide Participants with the ability to defer receipt of cash, Stock or
other property payable with respect to Awards granted under the Plan. 
 8.7 No Rights to Awards; No Stockholder Rights. No
Participant shall have any claim to be granted any Award under the Plan. There is no obligation for uniformity of treatment among Participants. Except as provided specifically herein, a Participant or a transferee of an Award shall have no rights as
a stockholder with respect to any shares covered by the Award until the date of the issuance of a stock certificate to him for such shares. 
 8.8 Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing
contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company. 
 8.9 No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Board shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such
fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
 8.10 Regulations
and Other Approvals 
 (i) The obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall
be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Board.

  

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 (ii) Each Award is subject to the requirement that, if at any time the Board determines, in its absolute
discretion, that the listing, registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary
or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration, qualification, consent or
approval has been effected or obtained free of any conditions not acceptable to the Board. 
 (iii) In the event that the disposition of
Stock acquired pursuant to the Plan is not covered by a then-current registration statement under the Securities Act and is not otherwise exempt from such registration, such Stock shall be restricted against transfer to the extent required by the
Securities Act or regulations thereunder, and the Board may require a Participant receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to represent to the Company in writing that the Stock acquired by such
Participant is acquired for investment only and not with a view to distribution. 
 (iv) The Board may require a Participant receiving Stock
pursuant to the Plan, as a condition precedent to receipt of such Stock, to enter into a stockholder agreement or “lock-up” agreement in such form as the Board shall determine is necessary or desirable to further the Company’s
interests. 
 8.11 Registration on Form S-8. The Company shall file with the Securities and Exchange Commission a registration
statement on Form S-8 with respect to the securities to be offered to Participants under the Plan and shall during the term of the Plan keep such registration statement effective. 
 8.12 Governing Law. The validity and construction of this Plan and the instruments evidencing the Awards hereunder shall be governed by the laws
of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any
other jurisdiction. 
 8.13 Section 409A. The Company intends to comply with Code Section 409A, or an exemption to
Section 409A, with regard to Awards hereunder that constitute nonqualified deferred compensation within the meaning of Section 409A. To the extent that the Company determines that a Participant would be subject to the additional twenty
percent (20%) tax imposed on certain nonqualified deferred compensation plans pursuant to Section 409A as a result of any provision of any Award granted under this Plan, such provision shall be deemed amended to the minimum extent
necessary to avoid application of such additional tax. The nature of any such amendment shall be determined by the Board. 
  

 - 10 -Form of Restricted Stock Award Agreement for Non-Executive Directors

 Exhibit 10.12 
 COLONY FINANCIAL, INC. 
 2009 NON-EXECUTIVE DIRECTOR STOCK PLAN 
 RESTRICTED STOCK AGREEMENT 
 Colony Financial, Inc., a
Maryland corporation (the “Company”), hereby grants its shares of common stock, par value $0.01 (“Restricted Stock”) to the Grantee named below, subject to the vesting and other conditions set forth below. Additional terms and
conditions of the grant are set forth in this cover sheet and in the attachment (collectively, the “Agreement”) and in the Company’s 2009 Non-Executive Director Stock Plan (as amended from time to time, the “Plan”).

 Name of Grantee:
                             
 Grantee’s Social Security Number:
        -        -             
 Number of Restricted Shares:      
 Grant Date:
                     
 Vesting Schedule: The
Restricted Shares shall vest on each vesting date set forth below: 
  

	 	•	 	 [insert#] on [Vest Date] 

  

	 	•	 	 [insert#] on [Vest Date] 

  

	 	•	 	 [insert#] on [Vest Date] 

 Purchase Price per Share
of Stock: $        .     
 By your signature below, you
agree to all of the terms and conditions described herein, in the attached Agreement and in the Plan, a copy of which is also attached. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any
provision of this cover sheet or Agreement should appear to be inconsistent. 
  

									
	Grantee:	  	  
	  	Date:	  	                    	  	
		  	(Signature)	  		  		  	
					
	Company:	  	  
	  	Date:	  	                    	  	
		  	(Signature)	  		  		  	
	Title:	  		  		  		  	

 Attachment 
 This is not a stock certificate or a negotiable instrument. 

 COLONY FINANCIAL, INC. 
 2009 NON-EXECUTIVE DIRECTOR STOCK PLAN 
 RESTRICTED STOCK AGREEMENT 
  

			
	Restricted Stock	  	This Agreement evidences an award of shares of Stock in the number set forth on the cover sheet and subject to the vesting and other conditions set forth herein, in the Plan and on the cover
sheet (the “Restricted Stock”). The purchase price is deemed paid by your prior services to the Company.
		
	Transfer of Unvested Restricted Stock	  	Unvested Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered, whether by operation of law or otherwise, nor may the Restricted Stock be made
subject to execution, attachment or similar process. If you attempt to do any of these things, the Restricted Stock will immediately become forfeited.
		
	Issuance and Vesting	  	 The Company will issue your Restricted Stock in the name set forth on the cover sheet.
  
 Your rights under this Restricted Stock grant and this Agreement shall vest in accordance with the
vesting schedule set forth on the cover sheet so long as you continue in service on the vesting dates set forth on the cover sheet.
  
 Notwithstanding your vesting schedule, the Restricted Stock will become 100% vested upon your termination of service due to your death or disability.

		
	Change in Control	  	Notwithstanding the vesting schedule set forth above, upon the consummation of a Change in Control, the Restricted Stock will become 100% vested.
		
	Evidence of Issuance	  	The issuance of the Shares under the grant of Restricted Stock evidenced by this Agreement shall be evidenced in such a manner as the Company, in its discretion, deems appropriate, including,
without limitation, book-entry, registration or issuance of one or more share certificates, with any unvested Restricted Stock bearing the appropriate restrictions imposed by this Agreement. As your interest in the Restricted Stock vests, the
recordation of the number of shares of Restricted Stock attributable to you will be appropriately modified if necessary.
		
	Forfeiture of Unvested Restricted Stock	  	Unless the termination of your service triggers accelerated vesting of your Restricted Stock or other treatment pursuant to the terms of this Agreement, the Plan, or any other written agreement
between the Company or any parent, subsidiary or affiliate and you, you will automatically forfeit to the Company all of the unvested Restricted Stock in the event you are no longer providing service.

  

 2 

			
	Forfeiture of Rights	  	 If you should take actions in violation or breach of or in conflict with any non-competition agreement, any agreement prohibiting solicitation of
employees or clients of any the Company or any parent, subsidiary or affiliate or any confidentiality obligation with respect to the Company or any parent, subsidiary or affiliate or otherwise in competition with the Company or any parent,
subsidiary or affiliate the Company has the right to cause an immediate forfeiture of your rights to the Restricted Stock awarded under this Agreement and the Restricted Stock shall immediately expire.
  
 In addition, if you have vested in Restricted Stock during the two year period prior to your actions,
you will owe the Company a cash payment (or forfeiture of shares of Stock) in an amount determined as follows: (1) for any shares of Stock that you have sold prior to receiving notice from the Company, the amount will be the proceeds received from
the sale(s), and (2) for any shares of Stock that you still own, the amount will be the number of shares of Stock owned times the Fair Market Value of the shares of Stock on the date you receive notice from the Company (provided, that the Company
may require you to satisfy your payment obligations hereunder either by forfeiting and returning to the Company the Restricted Stock or any other shares of Stock or making a cash payment or a combination of these methods as determined by the Company
in its sole discretion).

		
	Section 83(b) Election	  	 Under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), the difference between the purchase price paid for
the shares of Stock and their fair market value on the date any forfeiture restrictions applicable to such shares lapse will be reportable as ordinary income at that time. For this purpose, “forfeiture restrictions” include the forfeiture
as to unvested Stock described above. You may elect to be taxed at the time the shares are acquired, rather than when such shares cease to be subject to such forfeiture restrictions, by filing an election under Section 83(b) of the Code with the
Internal Revenue Service within thirty (30) days after the grant date. You will have to make a tax payment to the extent the purchase price is less than the fair market value of the shares on the grant date. No tax payment will have to be made to
the extent the purchase price is at least equal to the fair market value of the shares on the grant date. The form for making this election is attached as Exhibit A hereto. Failure to make this filing within the thirty (30) day period will
result in the recognition of ordinary income by you (in the event the fair market value of the shares as of the vesting date exceeds the purchase price) as the forfeiture restrictions lapse.
  
 YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY
ELECTION UNDER SECTION 83(B), EVEN IF YOU

  

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		  	REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY 83(B)
ELECTION.
		
	Withholding Taxes	  	You agree as a condition of this grant that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the vesting or receipt of the Restricted
Stock. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the vesting or receipt of shares of Stock arising from this grant, the Company or any parent or subsidiary
shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any parent or subsidiary (including withholding the delivery of vested shares of Stock otherwise deliverable under
this Agreement).
		
	Retention Rights	  	This Agreement and the grant evidenced hereby do not give you the right to be retained by the Company or any parent, subsidiary or affiliate of the Company or the Manager, in any capacity.
Unless otherwise specified in a written agreement between the applicable entity and you, the applicable entity reserves the right to terminate your service at any time and for any reason.
		
	Stockholder Rights	  	 You will be entitled to receive, upon the Company’s payment of a cash dividend on outstanding shares, an amount of Restricted Stock equal to the
per-share dividend paid on the Restricted Stock that you hold as of the record date for such dividend, which shall be subject to the same vesting, forfeiture and other conditions as the associated Restricted Stock. No adjustments are made for
dividends or other rights if the applicable record date occurs before an appropriate book entry is made (or your certificate is issued), except as described in the Plan.
  

Your grant shall be subject to the terms of any applicable agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate
activity.

		
	Legends	  	 If and to the extent that the Stock is represented by certificates rather than book entry, all certificates representing the Stock issued under this
grant shall, where applicable, have endorsed thereon the following legends:
  
 “THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VESTING, FORFEITURE AND OTHER RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER
PREDECESSOR IN INTEREST. A COPY OF SUCH

  

 4 

			
		  	 AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER
OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”
  
 To the extent the Stock
is represented by a book entry, such book entry will contain an appropriate legend or restriction similar to the foregoing.

		
	Clawback	  	This Award is subject to mandatory repayment by you to the Company to the extent you are or in the future become subject to any Company “clawback” or recoupment policy that requires
the repayment by you to the Company of compensation paid by the Company to you in the event that you fail to comply with, or violate, the terms or requirements of such policy.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or
interpretation of this Agreement to the substantive law of another jurisdiction.
		
	The Plan	  	 The text of the Plan is incorporated in this Agreement by reference.
  

Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan.
  
 This Agreement and the Plan constitute the entire understanding between you and the Company regarding
this grant. Any prior agreements, commitments or negotiations concerning this grant are superseded; except that any written employment, consulting, confidentiality, non-competition, non-solicitation and/or severance agreement between you and the
Company shall supersede this Agreement with respect to its subject matter.

		
	Data Privacy	  	 In order to administer the Plan, the Company may process personal data about you. Such data includes, but is not limited to, information provided in
this Agreement and any changes thereto, other appropriate personal and financial data about you such as your contact information, payroll information and any other information that might be deemed appropriate by the Company to facilitate the
administration of the Plan.
 By accepting this grant, you give explicit consent to the Company to process any such personal data.

		
	Code Section 409A	  	It is intended that this Award comply with Section 409A of the Code (“Section 409A”) or an exemption to Section 409A.

 By signing this Agreement, you agree to all of the terms and conditions described above and
in the Plan. 
  

 5

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