Document:

Exhibit 10c(37)

                                                                                            Exhibit
    10c(37)
     

     

     

     

     

     

     

    PROGRESS
      ENERGY, INC.

     

    AMENDED
      AND RESTATED

     

    MANAGEMENT
      DEFERRED COMPENSATION PLAN

     

    

     

    Amendment,
      effective April 1, 2005

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      1.40 was amended to read as follows:

     

    1.40  Retirement
      Date

     

    The
      date
      a Participant retires from the Company on or after attaining (i) age 65 with
      5
      years of service, (ii) age 55 with 15 years of service, (iii) 35 years
      of
      (iv)
      eligibility for retirement under the SSERP if covered under such plan, or (v)
      age 50 with 5 years of service as of March 31, 2005, and where the Participant
      elects during the period beginning March 15, 2005, and ending April 15, 2005,
      to
      retire no later than December 1, 2005, pursuant to the terms of the Voluntary
      Enhanced Retirement Program (a “VERP Participant”). Notwithstanding any other
      provision of the Plan to the contrary, a VERP Participant may elect on or before
      December 31, 2005, to (a) commence payment of the Plan Year Accounts as of
      (i)
      April 1, 2006, (ii) April 1, 2007, or (iii) April 1, 2011 (each a
“Payment Commencement Date”) and (b) provide for the payment of such Plan Year
      Accounts in the form of (i) a lump sum or (ii) annual installments over a period
      extending from two years to ten years following the Payment Commencement Date.
      In the event no other payment election is made by the VERP Participant prior
      to
      January 1, 2006, the VERP Participant shall be deemed to have elected for
      payment of the Plan Year Accounts to be made in accordance with the Enrollment
      Form submitted by the VERP Participant; provided, that if the VERP Participant
      is a “key employee” as defined in Section 416(i) of the Code (but determined
      without regard to the 50 employee limit on the number of officers treated as
      key
      employees), the Payment Commencement Date shall not be earlier than six months
      after the date of Retirement of the VERP Participant (or, if earlier, the date
      of death of the Participant). A VERP Participant may not make any election
      with
      respect to the payment of the Plan Year Accounts after December 31,
      2005.Exhibit 10.19

 

EMPLOYMENT AGREEMENT

 

I, Stephen D. Plavin, agree to the terms and conditions of employment
with Capital Trust, Inc. (the “Company”) set forth in this
Employment Agreement (this “Agreement”) dated as of December 28,
2005 (“Effective Date”).

 

1.             Term of Employment.

 

(a)           Term. 
My employment under this Agreement shall commence effective as of the
Effective Date and shall end on December 31, 2008 (“Expiration Date”)
or such earlier date on which my employment is terminated under Section 5
of this Agreement (the period from the Effective Date through the Expiration
Date, or such earlier termination as provided for herein being referred to
herein as the “Term”).  If the
Company continues to employ me beyond the Expiration Date without entering into
a written agreement extending the term of this Agreement, except as provided in
a new written employment agreement between the Company and me, I shall continue
to receive the base salary in effect as of the Expiration Date for as long as I
remain employed by the Company, but all other obligations and rights under this
Agreement shall prospectively lapse as of the Expiration Date, except my right
to payment of compensation accrued or earned prior to the Expiration Date or
any other rights which by their terms extend beyond the Expiration Date,
including the Company’s ongoing indemnification obligation under Section 4,
any post-termination payment provisions under Section 5(a), my
confidentiality and other obligations under Section 6, and our mutual
arbitration obligations under Section 8, and I thereafter shall be an
at-will employee of the Company.

 

(b)           Company’s
Option to Extend Expiration Date.  The Company shall have the
option, but not the obligation, to extend the Expiration Date by one year (i.e., to December 31, 2009) by so
notifying me in writing no earlier than June 30, 2008 and no later than September 1,
2008.

 

2.             Nature of Duties.  I shall be the
Company’s Chief Operating Officer and shall have all of the customary powers
and duties associated with that position. 
I shall manage the origination, closing, and asset management for all of
the Company’s (including controlled affiliates and subsidiaries acquired or
established during the term of the Agreement) subordinate real estate loan and
securities investment activities.  All of
the employees engaged in such activities shall (directly or indirectly) report
to me.  I shall report directly to the
Company’s Chief Executive Officer (“CEO”), and shall devote my full
business time and effort to the performance of my duties for the Company.  I shall be subject to the Company’s policies,
procedures and approval practices, as generally in effect from time to time and
made known to me, to the extent consistent with this Agreement.  I shall not, while employed by the Company,
engage in, accept employment from or provide services to any other person,
firm, corporation, governmental agency or other entity; provided, however, that
subject to Section 6(c) hereof, I may (a) devote a reasonable
amount of time to civic activities and (b) maintain not more than two
outside board positions with companies which do not compete with the Company,
subject to the prior consent of the Company’s Board of Directors (“Board”),
which consent shall not be unreasonably withheld, provided that such activities
do not conflict with or detract from my diligent performance of my duties
hereunder.

 

 

3.             Place of Performance.  I shall be based
in New York City, except for required travel on the Company’s business.

 

4.             Compensation and Related Matters.

 

(a)           Base Salary. 
The Company shall pay me base salary at an annual rate of $450,000 for
the remainder of calendar year 2005.  As
of January 1, 2006, my base salary shall be increased to $500,000, subject
to future upward adjustments at the discretion of the Board.  My base salary shall be paid in conformity
with the Company’s salary payment practices generally applicable to senior
Company executives.

 

(b)           Annual Bonuses;
Annual Long Term Equity Incentive Grants.  The Company shall
pay me annual bonuses and grant me annual long term equity incentives,
determined as follows:

 

(i)        For calendar year 2005, I shall receive a cash bonus in the
amount of $750,000.

 

(ii)       For each calendar year of the Term commencing with January 1,
2006, I shall receive pursuant to Section 10(b) of the Company’s 2004
Long Term Incentive Plan (the “LTIP”), a Performance Compensation Award
grant that provides for an annual cash bonus opportunity for that calendar year
ranging from 100% of my base salary at threshold performance to 200% of my base
salary at maximum performance (with a target of 150% of my base salary at
target performance) achieved in respect of Annual Performance Measures (as
defined below) established for the calendar year as the Performance Period.  Before March 31 of each such calendar
year, the Performance Measures containing threshold, target and maximum
performance criteria shall be set by the Compensation Committee of the Board
(the “Compensation Committee”), but only after consultation with me in
advance and only when the performance measures are substantially uncertain to
be satisfied (the “Annual Performance Measures”).  Any cash bonus earned pursuant to such
Performance Compensation Award shall be paid in conformity with the Company’s
bonus payment practices generally applicable to senior Company executives.

 

(iii)      I shall be eligible for such other bonuses and other
incentive compensation under bonus and incentive stock plans (including plans
that provide for performance compensation tied to carried interest and
incentive investment management fees from funds under management) generally
available to other senior Company executives as the Compensation Committee
determines in its sole discretion.

 

(c)           Stock Options,
Restricted Stock, and Incentive Plans.

 

(i)        As of the Effective Date, pursuant to the LTIP, the Company
shall grant to me 90,000 Restricted Shares of Class A common stock of the
Company (the “Initial Grant”). 
The Initial Grant shall (unless my employment has terminated or as
otherwise provided for herein) vest as follows: 
(I) 50% of the shares shall vest in eight equal installments at the
end of each calendar quarter in 2007 and 2008, and (II) 50% of the shares
shall be structured as a “Performance Compensation Award” pursuant to Section 10(b) of
the LTIP, and shall vest on the Expiration Date, subject to satisfaction of the
Grant

 

2

 

Performance Hurdle
(as defined below), measured for the three-year period commencing on the
Effective Date and ending on the third anniversary of the Effective Date.  For purposes of this Agreement, “Grant
Performance Hurdle” shall mean a total shareholder return of 13% per
annum (consisting of dividends, plus share price growth, plus any other
property or consideration received by shareholders in connection with their
ownership of Class A common stock of the Company).  All dividends that are earned and accrue with
respect to all vested and unvested Restricted Shares issued pursuant to the
Initial Grant shall be currently paid to me. For the purpose of calculating
whether the Grant Performance Hurdle has been achieved, the starting and ending
share price shall be determined based on the average closing price of the Class A
common stock of the Company for the ten trading day periods which end on the
Effective Date and on the third anniversary of the Effective Date.

 

(ii)       If the Company exercises its option to extend the Expiration
Date to December 31, 2009 under Section 1(b), above, the Company
shall grant to me on or about January 1, 2009, pursuant to the LTIP, an
additional 30,000 Restricted Shares of Class A common stock of the Company
(the “Additional Grant”).  The
Additional Grant shall (unless my employment has terminated or as otherwise
provided for herein) vest as follows: 
(I) 50% of the shares shall vest on December 31, 2009, and
(II) 50% of the shares shall be structured as a “Performance Compensation
Award” pursuant to Section 10(b) of the LTIP, and shall vest on December 31,
2009, subject to satisfaction of the Grant Performance Hurdle, measured for the
one-year period commencing on January 1, 2009 and ending on December 31,
2009.  For the purpose of calculating
whether the Grant Performance Hurdle has been achieved, the starting and ending
share price shall be determined based on the average closing price of the Class A
common stock of the Company for the ten trading day periods which end on 1/1/09
and 12/31/09. All dividends that are earned and accrue with respect to all
vested and unvested Restricted Shares issued pursuant to the Additional Grant
shall be paid to me upon issuance.

 

(d)           Performance
Compensation Award.  As of the Effective Date,
pursuant to the LTIP, the Company shall grant to me a Performance Compensation
Award that provides for cash payments to me equal to 2% of any payments
received by the Company as incentive management fees paid by CT Mezzanine
Partners III, Inc. (“Fund III”) (representing 5% of the fees
allocated to employees of the Company). 
The Performance Compensation Award shall (unless otherwise provided for
herein) vest as follows: 65% shall be vested as of the Effective Date and the
remaining 35% shall be vested upon the Company’s receipt of the incentive
management fees.

 

(e)           Standard
Benefits.  During my employment, I shall be entitled to
participate in all employee benefit plans and programs, including paid
vacations, to the same extent generally available to other senior Company
executives, in accordance with the terms of those plans and programs,
including, without limitation, continued coverage for me under the term life
insurance policy as in effect immediately prior to the Effective Date.

 

(f)            Indemnification. 
The Company shall extend to me the same indemnification arrangements as
are generally provided to other senior Company executives, including after the
termination of my employment. 
Notwithstanding the foregoing, during the Term, the Company shall
continue in effect, at a minimum, the same level of indemnification

 

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and the same level of Directors
and Officers insurance coverage as were in effect immediately prior to the
Effective Date.

 

(g)           Expenses. 
I shall be entitled to receive prompt reimbursement, which the Company
shall make within two and one-half months after I submit adequate
documentation, for all reasonable and customary travel and business expenses I
incur in connection with my employment but I must incur and account for those
expenses in accordance with the policies and procedures established by the Company

 

(h)           Sarbanes-Oxley
Act Loan Prohibition.  To the extent that any Company benefit,
program, practice, arrangement, or this Agreement would or might otherwise
result in my receipt of an illegal loan (“Loan”), the Company shall use
reasonable efforts to provide me with a substitute for the Loan that is lawful
and of at least equal value to me.

 

5.             Termination.

 

(a)           Rights and
Duties.  If my employment is terminated,
I shall be entitled to the amounts or benefits shown on the applicable row of
the following table, subject to the balance of this Section 5 and to the
terms and conditions set forth in Section 13, below.  The Company and I shall have no further
obligations to each other, except the Company’s ongoing indemnification
obligation under Section 4, my confidentiality and other obligations under
Section 6, and our mutual arbitration obligations under Section 8, or
as set forth in any written agreement I subsequently enter into with the
Company.

 

	
  DISCHARGE
  FOR CAUSE

  	
   

  	
  Payment or
  provision when due of (1) any unpaid base salary, expense
  reimbursements, and vacation days accrued prior to termination of employment,
  and (2) other unpaid vested amounts or benefits under Company
  compensation, incentive, and benefit plans (including, without limitation
  vested interests I may have with respect to Fund II and Fund III or any
  previous grant of equity). In addition, I may continue to exercise my vested
  options for up to the earlier of (a) the expiration date of such options
  or (b) the date 90 days following my termination.

  
	
   

  	
   

  	
   

  
	
  DISABILITY

  	
   

  	
  Same as for
  “Discharge for Cause” EXCEPT that (I) my base salary, less any payments
  I receive under any state-mandated or other disability insurance policy,
  shall continue for six months following my termination, (II) I shall be
  entitled to receive a pro-rated bonus determined for the year in which my
  disability became effective hereunder, and calculated at “target,”
  (III) the Company shall pay the COBRA premiums associated with
  continuing medical insurance coverage for my benefit and the benefit of my
  spouse and dependent children for one year following my disability effective
  date, and (IV) I will continue to vest for one year following my
  disability effective date in all awards previously granted to me, and in
  determining the Grant Performance Hurdle for any remaining performance
  vesting period, I will be credited with the shareholder return for the full
  year preceding the year of my disability effective date. In addition, I may

  

 

4

 

	
   

  	
   

  	
  continue to
  exercise my options that vested on or before December 31, 2004 for up to
  one year following my termination, or if later, up until the expiration date
  of such options, and I may continue to exercise my options that are granted
  or first vest after 2004 until the later of December 31 of the year in
  which my employment terminates and the date two and one-half months after my
  employment terminates (but in no event after the expiration date of such
  options).

  
	
   

  	
   

  	
   

  
	
  DISCHARGE
  OTHER THAN FOR CAUSE OR DISABILITY

  	
   

  	
  Same as for
  “Discharge for Cause” EXCEPT that, in exchange for my execution of a release
  in accordance with this section, (1) I shall be entitled to receive a
  lump-sum payment equal to the greater of (x) the sum of my base salary and
  cash bonus payable through December 31, 2008 (with the cash bonus based
  on target and assuming the satisfaction of all Annual Performance Measures or
  (y) 1.5 times the sum of (I) my base salary then payable and (II) the highest
  annual bonus paid to me during the Term, (2) all restricted stock grants
  made prior thereto and the Initial Grant shall immediately vest in full,
  (3) the Performance Compensation Award described in Section 4(d),
  above, shall immediately vest in full, (4) I may continue to exercise my
  options that vested on or before December 31, 2004 for up to one year
  following my discharge or, if later, up until the expiration date of such
  options, (5) I may continue to exercise my options that are granted or
  first vest after 2004 until the later of December 31 of the year in
  which my employment terminates and the date two and one-half months after my
  employment terminates (but in no event after the expiration date of such
  options, and (6) the Company shall pay the COBRA premiums associated
  with continuing medical insurance coverage for my benefit and the benefit of
  my spouse and dependent children for 18 months following my date of discharge
  or such earlier time I shall obtain comparable coverage through another
  employer.

   

  In addition,
  if the Company exercises its option to extend the Expiration Date to
  December 31, 2009 under Section 1(b), above, and I am discharged
  other than for Cause or Disability between January 1, 2009 and
  December 31, 2009, the Additional Grant shall immediately vest in full.

  
	
   

  	
   

  	
   

  
	
  RESIGNATION
  WITHOUT GOOD REASON

  	
   

  	
  Same as for
  “Discharge for Cause.”

  
	
   

  	
   

  	
   

  
	
  RESIGNATION
  WITH GOOD REASON

  	
   

  	
  Same as for
  “Discharge Other Than for Cause or Disability.”

  
	
   

  	
   

  	
   

  
	
  DEATH

  	
   

  	
  Same as for
  “Discharge for Cause” EXCEPT that (1) my legal representative shall be
  entitled to receive any death benefits payable under the life insurance
  maintained on my behalf by the Company as well as any earned but as of yet
  unpaid bonus amounts from the year preceding the date of my death,
  (2) any equity and performance

  

 

5

 

	
   

  	
   

  	
  compensation
  awards I have shall continue to vest for one year following the date of my
  death, and in determining the Grant Performance Hurdle for any remaining
  performance vesting period, my estate will be credited with the shareholder
  return for the full year preceding the year of my death, (3) the Company
  shall pay the COBRA premiums associated with continuing medical insurance
  coverage for the benefit of my spouse and dependent children for one year
  following my date of death, (4) my options that vested on or before
  December 31, 2004 may continue to be exercised for up to one year
  following my death, or if later, up until the expiration date of such
  options, and (5) my options that are granted or first vest after 2004 may
  continue to be exercised until the later of December 31 of the year in
  which my employment terminates and the date two and one-half months after my
  employment terminates (but in no event after the expiration date of such
  options

  

 

(b)           Discharge for
Cause. The
Company may terminate my employment at any time if the Board has Cause to
terminate me. “Cause” shall include, but not be limited to:

 

(i)        Fraud and Dishonesty. 
My commission of a willful act of fraud, embezzlement or
misappropriation of any money or properties of the Company or its affiliates
(other than an insubstantial and unintentional misappropriation that has been
remedied within 10 days after the Company provides me with notice of such
misappropriation).

 

(ii)       Criminal Act. 
My conviction of a felony or any material violation of any federal or
state securities law (whether by plea of nolo contendere
or otherwise) or my being enjoined from violating any federal or state
securities law or being determined to have violated any such law.

 

(iii)      Reckless Conduct. 
My engaging in willful or reckless misconduct in connection with any
property or activity, the purpose or effect of which materially and adversely
affects the Company and/or its subsidiaries and affiliates, and/or their
predecessors and successors (collectively, the “Group”).

 

(iv)      Substance Abuse. 
My repeated and intemperate use of alcohol or illegal drugs after
written notice from the Board that such use, if continued, would result in the
termination of my employment hereunder.

 

(v)       Breach of Agreement. 
My failure to cure my material breach of any of my obligations under
this Agreement (other than by reason of physical or mental illness, injury, or
condition) after having received 10 days’ notice from the Board of the breach.

 

6

 

(vi)      Barred from Office. 
My becoming barred or prohibited by the SEC from holding my position
with the Company.

 

(vii)     Material Breach of Company Policy or Code
of Ethics.  My material breach of any Company policy (provided
that I have been provided with a copy of or access to, or am otherwise aware
of, the policy) or of the Company’s Code of Ethics.

 

(viii)    Failure to Perform Duties.  My continued failure or refusal to perform
any material duty or responsibility under this Agreement (other than by reason
of physical or mental illness, injury, or condition) after having received 10
days’ notice from the Board.

 

(c)           Termination for
Disability.  Except as prohibited by applicable law, the
Company may terminate my employment on account of Disability, or may transfer
me to inactive employment status, which shall have the same effect under this
Agreement as a termination for Disability. 
“Disability” means a physical or mental illness, injury, or
condition that prevents me from performing substantially all of my duties under
this Agreement for at least 120 consecutive calendar days or for at least 180
calendar days, whether or not consecutive, in any 365 calendar day period, or
is likely to do so, as certified by a physician selected by the Board.

 

(d)           Discharge Other
Than for Cause or Disability.  The Company may terminate my employment at
any time for any reason, and without advance notice.  If I am terminated by the Company other than
for Cause under Section 5(b) or Disability under Section 5(c), I
will only receive the special benefits provided for a Discharge other than for
Cause or Disability under Section 5(a) if I sign a separation
agreement and general release in the form attached hereto as Schedule A
and do not thereafter revoke the release.

 

(e)           Resignation. 
If I resign other than for Good Reason, the Company may accept my
resignation effective on the date set forth in my notice or any earlier date.
If I resign other than for Good Reason, I agree that the Restricted Period (as
defined in Section 6(b)) shall begin on the date of my resignation.  If I resign for Good Reason, my employment
will end on my last date of work and I will receive the benefits to which I am
entitled under Section 5(a), but only if I sign the separation agreement
and general release described in Section 5(d), above, and I do not
thereafter revoke the release.  “Good
Reason” means that, without my express written consent and through no fault
of my own, one or more of the following events occurred after my execution of
this Agreement:

 

(i)        Demotion.  I am assigned any
duties, responsibilities or title materially inconsistent with my rights under
this Agreement.

 

(ii)       Compensation Reduction. 
My compensation provided for under this Agreement is materially reduced
(other than any reduction resulting from the good faith application by the
Compensation Committee of performance factors under the LTIP).

 

7

 

(iii)      Relocation. 
The Company requires me, without my consent, to be based at any office
or location outside of a 40-mile radius of midtown Manhattan, New York, New
York.

 

(iv)      Breach of Promise. 
The Company fails to cure its material breach of this Agreement within
thirty business days after I give it written notice thereof.

 

(v)       Discontinuance of Benefits. 
The Company stops providing me with benefits that, in the aggregate, are
substantially as valuable to me as those I enjoyed immediately prior to the
Effective Date other than a result of across-the-board benefit reductions
affecting all executives of similar status employed by the Company and any
entity in control of the Company.

 

(vi)      Change of Control.  The Company is involved in:

 

(1)           a
merger or acquisition in which 50% or more of the Company’s voting stock
outstanding after the merger or acquisition is held by holders different from
those who held the Company’s voting stock immediately prior to such merger or
acquisition;

 

(2)           the
sale, transfer or other disposition of all or substantially all of the assets
of the Company in liquidation or dissolution of the Company;

 

(3)           a
transfer of all or substantially all of the Company’s assets pursuant to a
partnership or joint venture agreement or similar arrangement where the Company’s
resulting interest is or becomes less than 50%;

 

(4)           on
or after the Effective Date, a change in ownership of the Company through an
action or series of transactions, such that any person is or becomes the
beneficial owner, directly or indirectly, of 50% or more of the Company’s
voting stock; or

 

(5)           a
change occurs in the composition of the Board during any two-year period such
that the individuals who, as of the beginning of such two-year period,
constitute the Board (such Board shall be hereinafter referred to as the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board;
provided, however, that for purposes of this definition, any individual who
becomes a member of the Board subsequent to the beginning of the two-year
period, whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of those
individuals who are members of the Board and who were also members of the
Incumbent Board (or deemed to be such pursuant to this proviso) shall be
considered as though such individual were a member of the Incumbent Board; and
provided further, however, that any such individual whose initial assumption of
office occurs as a result of or in connection with a solicitation subject to Rule 14a-12(c) of
Regulation 14A promulgated under the Exchange Act of 1934, as amended, or other
actual or threatened solicitation of proxies or consents by or on behalf of an
entity other than the Board shall not be so considered as a member of the
Incumbent Board.

 

8

 

(vii)     Notice of Prospective Action. 
I am officially notified (or it is officially announced) that the
Company will take any of the actions listed above during the term of this
Agreement.

 

However, an event that
is or would constitute Good Reason shall cease to be Good Reason if: (1) I
do not give the Company written notice of my intent to terminate my employment
within 45 days after the event occurs; (2) the Company reverses the
action or cures the default that constitutes Good Reason within 30 days after I
notify it in writing that Good Reason exists before I terminate employment; or (3) I
was a primary instigator of the Good Reason event and the circumstances make it
inappropriate for me to receive Good Reason resignation benefits under this
Agreement.

 

(f)            Death. 
If I die while employed under this Agreement, the payments required by Section 5(a) in
the event of my death shall be made.

 

6.             Confidentiality and Other Obligations.

 

(a)           Confidential
Information.
During the term of my employment, in exchange for my promises to use such
information solely for the Company’s benefit, the Company has provided and will
continue to provide me with Confidential Information concerning, among other
things, its business, operations, clients, investors, and business partners. “Confidential
Information” refers to information not generally known by others in the
form in which it is used by the Company, and which gives the Company a
competitive advantage over other companies which do not have access to this
information, including secret, confidential, or proprietary information or
trade secrets of the Company and its subsidiaries and affiliates, conveyed
orally or reduced to a tangible form in any medium, including information concerning
the operations, future plans, customers, business models, strategies, and
business methods of the Company and its subsidiaries and affiliates, as well as
information about the Company’s active and prospective investors, clients and
business partners and their respective investment preferences, risk tolerances,
portfolio allocations and amounts, cash flow requirements, contact information,
and other information about how to best serve their needs and preferences. “Confidential
Information” does not include information that (i) I knew prior to my
employment with the Company, (ii) subsequently came into my possession
other than through my work for the Company and not as a result of a breach of
any duty owed to the Company, or (iii) is generally known within the
relevant industry.

 

(b)           Promise Not to
Disclose. I
promise never to use or disclose any Confidential Information before it has
become generally known within the relevant industry through no fault of my own.
I agree that this promise shall never expire.

 

(c)           Promise Not to
Solicit.  Because my position enables me to learn
Confidential Information regarding the investors in the Company and its funds
and how best to serve them, I further agree that, during the “Restricted Period”
(as defined below) (1) as to any investor in the Company (or in any
investment fund or vehicle owned, managed, or established by the Company) with
whom I had dealings or about whom I acquired proprietary information during my
employment, I will not solicit or attempt to solicit (or assist others to
solicit) the investor to invest in or do business with any person, entity, or
investment fund or vehicle other

 

9

 

than the Company (or
its funds or vehicles); and (2) I will not solicit or attempt to solicit
(or assist others to solicit) for employment any person who is, or within the
preceding six months was, an officer, manager, employee, or consultant of the
Company. I agree that the restrictions set forth in this paragraph should not
prohibit me from engaging in my livelihood and do not foreclose my working with
investors not identified in this paragraph.

 

The “Restricted
Period” shall mean the period of my employment with the Company and:

 

(i)            Eighteen
(18) months after my termination for Cause under Section 5(b), resignation
without Good Reason under Section 5(e), or resignation with Good Reason
under Section 5(e)(vi); and

 

(ii)           Six
(6) months after my resignation with Good Reason under Section 5(e)(i) through
(v).

 

(d)           Promise Not to
Engage in Certain Employment.  I agree that, during the Restricted Period, I
will not, without the prior written consent of the Board, accept any
employment, provide any services, advice or information; or assist or engage in
any activity (whether as an employee, consultant, or in any other capacity,
whether paid or unpaid) with (1) any specialty finance firm or investment
management company focused on commercial real estate-related debt instruments
or (2) any business that, as of the date of my termination, directly
competes with the Company.

 

(e)           Return of
Information.  When my employment with the Company ends, I
will promptly deliver to the Company, or, at its written instruction, destroy,
all documents, data, drawings, manuals, letters, notes, reports, electronic
mail, recordings, and copies thereof, of or pertaining to it or any other Group
member in my possession or control. In addition, during my employment with the
Company or the Group and thereafter, I agree to meet with Company personnel
and, based on knowledge or insights I gained during my employment with the
Company and the Group, answer any question they may have related to the Company
or the Group.

 

(f)            Intellectual
Property.  Intellectual property (including such things
as all ideas, concepts, inventions, plans, developments, software, data,
configurations, materials (whether written or machine-readable), designs,
drawings, illustrations, and photographs, that may be protectable, in whole or
in part, under any patent, copyright, trademark, trade secret, or other
intellectual property law), developed, created, conceived, made, or reduced to
practice during my Company employment (except intellectual property that has no
relation to the Group or any Group customer that I developed, etc., purely on
my own time and at my own expense), shall be the sole and exclusive property of
the Company, and I hereby assign all my rights, title, and interest in any such
intellectual property to the Company.

 

(g)           Enforcement of
This Section.  This section shall survive
the termination of this Agreement for any reason.  I acknowledge that (a) my services are
of a special, unique, and extraordinary character and it would be very
difficult or impossible to replace them, (b) this section’s terms are
reasonable and necessary to protect the Company’s

 

10

 

legitimate
interests, (c) this section’s restrictions will not prevent me from
earning or seeking a livelihood, (d) this section’s restrictions shall
apply wherever permitted by law, and (e) my violation of any of this
section’s terms would irreparably harm the Company. Accordingly, I agree that,
if I violate any of the provisions of this section, the Company or any Group
member may be entitled to seek, in addition to other remedies available to it,
an injunction to be issued by any court of competent jurisdiction restraining
me from committing or continuing any such violation.

 

7.             Notice.

 

(a)           To the Company. 
I will send all communications to the Company in writing, by mail, hand
delivery or facsimile, addressed as follows (or in any other manner the Company
notifies me to use):

 

	
   

  	
  Capital
  Trust, Inc.

  
	
   

  	
  Attention: Mr. John R. Klopp

  
	
   

  	
  410 Park Avenue, 14th Floor

  
	
   

  	
  New York, New York 10022

  
	
   

  	
  Fax: (212) 655-0044

  
	
   

  	
  Tel.: (212) 655-0220

  
	
   

  	
   

  
	
  With copy to:

  	
  Martin L. Edelman, Esq.

  
	
   

  	
  Michael L. Zuppone, Esq.

  
	
   

  	
  Paul, Hastings, Janofsky & Walker LLP

  
	
   

  	
  75 East 55th Street

  
	
   

  	
  New York, New York 10022-3205

  

 

(b)           To Me. 
All communications from the Company to me relating to this Agreement must
be sent to me in writing at my Company office or in any other manner I notify
the Company to use.

 

	
  With copy
  to:

  	
  Stephan
  Bachelder, Esq.

  
	
   

  	
  22 Free
  Street, Suite 201

  
	
   

  	
  Portland,
  Maine 04101-3900

  
	
   

  	
  Tel: (207)
  761-8100

  

 

(c)           Time Notice
Deemed Given.  Notice shall be deemed to have been given
when delivered or, if earlier (1) when mailed by United States certified
or registered mail, return receipt requested, postage prepaid, or (2) faxed
with confirmation of delivery, in either case, addressed as required in this
section.

 

8.             Registration Rights and Related Assistance.  During the Term and for so long thereafter as
I or my estate directly or indirectly own class A common stock, stock options
or equity-based awards issued by the Company, and for so long as the Company’s
common stock is publicly traded, (A) the Company shall file with the
Securities and Exchange Commission and thereafter maintain the effectiveness of
one or more registration statements on Form S-8 (or any successor form)
registering under the Securities Act of 1933, as amended (the

 

11

 

“1933
Act”), the offer and sale of shares by the Company to me pursuant to stock
options or other equity-based awards granted to me under this Agreement,
Company compensation plans or otherwise and (B) to the extent that I (or
my estate) determine to engage in an exempt sale of any common stock or other
securities of the Company, the Company shall take all commercially reasonable
steps to cooperate with and assist me (or my estate) in connection with such
sale.

 

9.             Arbitration of Disputes. 
Except for the Company’s right to seek injunctive relief in accordance
with Section 6(g), above, all disputes between the Company and me are to
be resolved by final and binding arbitration in accordance with the separate
Arbitration Agreement attached as Schedule B to this Agreement. This section shall
remain in effect after the termination of this Agreement.

 

10.           Amendment.  No provisions of
this Agreement may be modified, waived, or discharged except by a written
document signed by a duly authorized Company officer and me. Thus, for example,
promotions, commendations, and/or bonuses shall not, by themselves, modify,
amend, or extend this Agreement. A waiver of any conditions or provisions of
this Agreement in a given instance shall not be deemed a waiver of such
conditions or provisions at any other time.

 

11.           Interpretation; Exclusive Forum. 
The validity, interpretation, construction, and performance of this
Agreement shall be governed by the laws of the state of New York (excluding any
that mandate the use of another jurisdiction’s laws). Any litigation,
arbitration, or similar proceeding with respect to such matters only may be
brought within that state, and all parties to this Agreement consent to that
state’s jurisdiction and agree that venue anywhere in that state would be
proper.

 

12.           Successors.  This Agreement
shall be binding upon, and shall inure to the benefit of, me and my estate, but
I may not assign or pledge this Agreement or any rights arising under it,
except to the extent permitted under the terms of the benefit and compensation
plans in which I participate.

 

13.           Taxes.  I am solely
responsible for the payment of any tax liabilities (including any taxes and
penalties arising under Section 409A of the Internal Revenue Code (the “Code”)
that may result from any payments or benefits that I receive pursuant to this
Agreement.  The Company shall not have
any obligation to pay, mitigate, or protect me from any such tax liabilities.  Nevertheless, if the Company reasonably determines that my receipt of
payments or benefits pursuant to Section 5 above would cause me to incur
liability for additional tax under Section 409A of the Code, then the
Company may in its discretion suspend such payments or benefits until the end
of the six-month
period following termination of my employment (the “409A Suspension Period”).  As soon as reasonably practical after the end
of the 409A Suspension Period, the Company will make a lump sum payment to me,
in cash, in an amount equal to any payments and benefits that the Company does
not make during the 409A Suspension Period. 
Thereafter, I will receive any remaining payments and benefits due
pursuant to Section 5 in accordance with the terms of that Section (as
if there had not been any suspension beforehand).  The Company shall withhold taxes from
payments it makes pursuant to this Agreement as it determines to be required by
applicable law.

 

12

 

14.           Validity.  The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

 

15.           Counterparts.  This Agreement may
be executed in one or more counterparts, each of which shall be deemed to be an
original but all of which together shall constitute the same instrument.

 

16.           Entire Agreement.  All oral or
written agreements or representations, express or implied, with respect to the
subject matter of this Agreement are set forth in this Agreement.  Notwithstanding the foregoing, I agree to
comply with the Company’s policies and Code of Ethics.

 

 

[SIGNATURE
PAGE FOLLOWS]

 

13

 

I ACKNOWLEDGE THAT ALL UNDERSTANDINGS AND AGREEMENTS BETWEEN THE
COMPANY AND ME RELATING TO THE SUBJECTS COVERED IN THIS AGREEMENT ARE CONTAINED
IN IT AND THAT I HAVE ENTERED INTO THIS AGREEMENT VOLUNTARILY AND NOT IN
RELIANCE ON ANY PROMISES OR REPRESENTATIONS BY THE COMPANY OTHER THAN THOSE
CONTAINED IN THIS AGREEMENT ITSELF.

 

I FURTHER ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT, THAT I
UNDERSTAND ALL OF IT, AND THAT I HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS
THIS AGREEMENT WITH MY PRIVATE LEGAL COUNSEL AND HAVE AVAILED MYSELF OF THAT
OPPORTUNITY TO THE EXTENT I WISHED TO DO SO. I UNDERSTAND THAT BY SIGNING THIS
AGREEMENT I AM GIVING UP MY RIGHT TO A JURY TRIAL.

 

 

	
  Dated:  December 28,
  2005

  	
  CAPITAL TRUST, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Klopp

  	
   

  
	
   

  	
  Name:

  	
  John R. Klopp

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:  December 28,
  2005

  	
  /s/ Stephen D. Plavin

  	
   

  
	
   

  	
   

  	
  STEPHEN D. PLAVIN

  
							

 

14

 

SCHEDULE A

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

This SEPARATION AGREEMENT AND GENERAL RELEASE (“Release”)
made this      day of             ,       by
and between Capital Trust, Inc. (the “Company”) and Stephen D.
Plavin (“Executive”):

 

In exchange for the mutual promises exchanged herein
and other good and valid consideration, the receipt of which is hereby
acknowledged, the parties agree as follows:

 

1.     Employment Termination

 

Executive agrees that his employment with the
Company has ended or will end on [date]. 
Executive will be entitled to those separation and other benefits as set
forth in his Employment Agreement with the Company dated as of [date].

 

2.     Claims Released

 

In exchange for the benefits provided herein,
Executive irrevocably and unconditionally releases the Company, its current or
former parents, subsidiaries, or affiliates, their past, present, or future
employees or agents, their successors, their benefit plans and the
administrators of such plans (collectively, the “Released Parties”),
from all known or unknown claims that Executive presently may have arising out
of his employment with, or separation from, the Company, other than claims (i) seeking
enforcement of this Release, (ii) for vested awards or benefits under the
Company’s employee benefit plans, including the 2004 Long-Term Incentive
Program, and (iii) to indemnification and coverage under the Company’s
directors and officers’ insurance policies (“Claims”).  The Claims Executive is releasing include,
without limitation, claims under the Age Discrimination in Employment Act of
1967 (“ADEA”), Title VII of the Civil Rights Act of 1964, the Americans
with Disabilities Act, the Employee Retirement Income Security Act of 1974, the
Fair Labor Standards Act, the Family and Medical Leave Act, the New York State
Human Rights Law; the New York City Human Rights Law; or any other federal,
state, or local common law, statute, regulation, or law of any other type.  Executive acknowledges that he is releasing
Claims he knows he has and Claims he may not know he has, and understands the
significance of doing so.

 

3.     Pursuit of Released Claims

 

Executive agrees to withdraw with prejudice all
complaints or charges, if any, he has filed against any Released Party with any
agency or court.  Executive agrees that
he will never file any lawsuit or complaint against them based on the Claims
purportedly released in this Release. 
Executive promises never to seek any damages, remedies, or other relief
for himself personally (any right to which he hereby waives) by filing or
prosecuting a charge with any administrative agency with respect to any Claim
purportedly released by this Release. 
Executive promises to request any administrative agency or other body
assuming jurisdiction of any such lawsuit, complaint, or charge to withdraw from
the matter or dismiss the matter with prejudice.

 

A-1

 

4.     Nonadmission of Liability

 

Executive agrees that this Release is not an
admission of guilt or wrongdoing by the Released Parties and acknowledges that
the Released Parties do not believe or admit that they have done anything
wrong.

 

5.     Confidentiality and
Non-Disparagement

 

Executive
agrees to keep the fact and terms of this Release in strict confidence.  Executive agrees not to disclose this
document, its contents or subject matter to any person other than his immediate
family, attorney, accountant or income tax preparer, or otherwise as required
by law.  Executive agrees that he will
not denigrate, disparage, defame, impugn, or otherwise damage or assail the
reputation or integrity of the Company or any Released Party.

 

6.     Consideration of Release

 

Executive acknowledges that, before signing this
Release, he was given at least 21 calendar days to consider this Release.  Executive waives any right he might have to
additional time beyond this consideration period within which to consider this
Release.  Executive acknowledges that: (a) he
took advantage of that time to consider this Release before signing it; (b) he
carefully read this Release; (c) he fully understands what this Release
means; (d) he is entering into it voluntarily; (e) he is receiving
valuable consideration in exchange for his execution of this Release that he
would not otherwise be entitled to receive; and (f) the Company, in
writing, encouraged him to discuss this Release with his attorney (at his own
expense) before signing it, and that he did so to the extent he deemed
appropriate.  Executive may revoke his
release of claims under the ADEA within seven (7) days after he signs this
Release, in which case he will not be entitled to receive all of the benefits
set forth herein.

 

7.     Miscellaneous

 

This Release sets forth the entire agreement between
Executive and the Company pertaining to the subject matter of this
Release.  This Release may not be
modified or canceled in any manner except by a writing signed by both Executive
and an authorized Company official. 
Executive acknowledge that the Company has made no representations or
promises to him other than those in this Release.  If any provision in this Release is found to
be unenforceable, all other provisions will remain fully enforceable.  It is not necessary that the Company sign
this Release for it to become binding on both Executive and the Company.  This Release binds Executive’s heirs,
administrators, representatives, executors, successors, and assigns, and will
inure to the benefit of the Released Parties and their heirs, administrators,
representatives, executors, successors, and assigns.  This Release shall be construed as a whole
according to its fair meaning; it shall not be construed strictly for or
against Executive or the Released Parties. 
Unless the context indicates otherwise, the term “or” shall be deemed to
include the term “and”

 

A-2

 

and the singular or plural number shall be
deemed to include the other.  Disputes
under this Release are to be resolved in accordance with the existing
arbitration agreement between the parties. 
Except to the extent governed by federal law, this Release shall be
governed by the statutes and common law of the State of New York (excluding any
that mandate the use of another jurisdiction’s laws).  Section headings in this Agreement are
included for convenience of reference only and shall not be a part of this
Agreement for any other purpose.

 

TAKE THIS RELEASE HOME,
READ IT, AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT.  THIS RELEASE INCLUDES A RELEASE OF KNOWN AND
UNKNOWN CLAIMS.

 

 

	
  Date:

  	
   

  	
   

  	
  CAPITAL TRUST, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  STEPHEN D. PLAVIN

  
									

 

A-3

 

SCHEDULE B

 

MUTUAL AGREEMENT TO
ARBITRATE CLAIMS

 

I recognize
that differences may arise between Capital Trust, Inc. (the “Company”)
and me during or following my employment with the Company, and that those
differences may or may not be related to my employment.  I understand and agree that by entering into
this Agreement to Arbitrate Claims (“Agreement”), I anticipate gaining
the benefits of a speedy, impartial dispute-resolution procedure.

 

Except as
provided in this Agreement, the Federal Arbitration Act shall govern the
interpretation, enforcement and all proceedings pursuant to this
Agreement.  To the extent that the
Federal Arbitration Act either is inapplicable, or held not to require
arbitration of a particular claim or claims, New York law pertaining to
agreements to arbitrate shall apply.

 

I understand
that any reference in this Agreement to the Company will be a reference also to
all of its subsidiary and affiliated entities, all benefit plans, the benefit
plans’ sponsors, fiduciaries, administrators, and affiliates, and all
successors and assigns of any of them.

 

Claims Covered by the Agreement

 

The Company
and I mutually consent to the resolution by arbitration of all claims or controversies
(“claims”), past, present or future, which arise, directly or
indirectly, out of my employment (or its termination) or the business of the
Company, that the Company may have against me or that I may have against the
Company or against its officers, directors, employees or agents in their
capacity as such or otherwise.  The
claims covered by this Agreement include, but are not limited to, claims for
wages or other compensation due; claims for breach of any contract or covenant
(express or implied); tort claims; claims for discrimination (including, but
not limited to, race, sex, sexual orientation, religion, national origin, age,
marital status, or medical condition, handicap or disability); and claims for
violation of any federal, state, or other governmental law, statute,
regulation, or ordinance, except claims excluded elsewhere in this Agreement.

 

Except as
otherwise provided in this Agreement, both the Company and I agree that neither
of us shall initiate or prosecute any lawsuit or administrative action (other
than an administrative charge of discrimination to the EEOC or similar fair
employment practices agency, or an administrative charge within the
jurisdiction of the National Labor Relations Board or U.S. Department of
Labor), in any way related to any claim covered by this Agreement.

 

Claims Not Covered by the Agreement

 

This Agreement
does not cover claims for workers’ compensation or unemployment compensation
benefits; or any claim as to which final and binding arbitration cannot be required
as a matter of law.

 

Claims, either
by the Company or by me, seeking injunctive relief for alleged violations of
intellectual property rights and non-disclosure and non-solicitation covenants
also are not covered by this Agreement (although all other aspects of such
claims, including any claims for damages, are covered by this Agreement).

 

B-1

 

Required Notice of All Claims and Statute of
Limitations

 

The Company
and I agree that the aggrieved party must give written notice of any claim to
the other party no later than the applicable Statute of Limitations as may be
prescribed by law.

 

Written notice
to the Company, or its officers, directors, employees or agents, shall be sent
to the addresses set forth in my Employment Agreement.  I will be given written notice at the last
address recorded in my personnel file.

 

The written
notice shall identify and describe the nature of all claims asserted and the
facts upon which such claims are based. 
The notice shall be sent to the other party by certified or registered
mail, return receipt requested.

 

Representation

 

Any party may
be represented by an attorney or other representative selected by the party.

 

Discovery

 

Each party
shall have the right to take the deposition of three (3) individuals and
any expert witness designated by another party. 
Each party also shall have the right to make requests for production of
documents to any party.  The subpoena right
specified below shall be applicable to discovery pursuant to this
paragraph.  Additional discovery may be
had where the arbitrator selected pursuant to this Agreement so orders, upon an
appropriate showing of justification.

 

Designation of Witnesses

 

At least 30
days before the arbitration, the parties must exchange lists of witnesses,
including any expert, and copies of all exhibits intended to be used at the
arbitration.

 

Subpoenas

 

Each party
shall have the right to subpoena witnesses and documents for the arbitration.

 

Arbitration Procedures

 

The arbitration
will be held under the auspices of the American Arbitration Association (“AAA”).

 

The Company
and I agree that, except as provided in this Agreement, the arbitration shall
be in accordance with the AAA’s National Rules for Resolution of
Employment Disputes (or other then-current employment arbitration
procedures).  The arbitrator shall be
either a retired judge, or an attorney licensed to practice law in the state in
which the arbitration is convened and with demonstrated experience and
expertise in executive compensation matters (the “Arbitrator”).  The arbitration shall take place in or near
the city in which I am or was last employed by the Company.

 

The Arbitrator
shall be selected as follows.  The
sponsoring organization shall give each party a list of 11 arbitrators drawn
from its panel of employment dispute arbitrators.  Each party may strike all names on the list
it deems unacceptable.  If only one
common name

 

B-2

 

remains on the lists of all parties, that individual shall be
designated as the Arbitrator.  If more
than one common name remains on the lists of all parties, the parties shall
strike names alternately from the list of common names until only one remains.  The party who did not initiate the claim
shall strike first.  If no common name
exists on the lists of all parties, the sponsoring organization shall furnish
an additional list and the process shall be repeated.  If no arbitrator has been selected after two
lists have been distributed, then the parties shall strike alternately from a
third list, with the party initiating the claim striking first, until only one
name remains.  That person shall be
designated as the Arbitrator.

 

The Arbitrator
shall apply the substantive law (and the law of remedies, if applicable) of the
state in which the claim arose, or federal law, or both, as applicable to the
claim(s) asserted.  If the parties’
dispute concerns a contract in which the parties have included a choice of law
provision, the Arbitrator shall apply the law as designated by the
parties.  The Arbitrator is without
jurisdiction to apply any different substantive law, or law of remedies.  The Arbitrator, and not any federal, state,
or local court or agency, shall have exclusive authority to resolve any dispute
relating to the interpretation, applicability, enforceability or formation of
this Agreement, including but not limited to any claim that all or any part of
this Agreement is void or voidable.  The
arbitration shall be final and binding upon the parties, except as provided in
this Agreement.

 

The Arbitrator
shall have jurisdiction to hear and rule on pre-hearing disputes and is
authorized to hold pre-hearing conferences by telephone or in person, as the
Arbitrator deems necessary.  The Arbitrator
shall have the authority to entertain a motion to dismiss and/or a motion for
summary judgment by any party and shall apply the standards governing such
motions under the Federal Rules of Civil Procedure.

 

Either party
may obtain a court reporter to provide a stenographic record of proceedings.

 

Either party,
upon request at the close of hearing, shall be given leave to file a
post-hearing brief.  The time for filing
such a brief shall be set by the Arbitrator.

 

The Arbitrator
shall render a written award and opinion in the form setting forth his/her
findings and conclusions.

 

Either party
shall have the right, within 20 days of issuance of the Arbitrator’s opinion,
to file with the Arbitrator a motion to reconsider (accompanied by a supporting
brief), and the other party shall have 20 days from the date of the motion to
respond.  The Arbitrator thereupon shall
reconsider the issues raised by the motion and, promptly, either confirm or
change the decision, which (except as provided by this Agreement) shall then be
final and conclusive upon the parties.

 

Arbitration Fees and Costs

 

The Company
will be responsible for paying any filing fee and the fees and costs of the
Arbitrator and the arbitration; provided, however, that if I am the party
initiating the claim, I am responsible for contributing an amount equal to the
filing fee to initiate a claim in the court of general jurisdiction in the
state in which I am (or was last) employed by the Company.  Each

 

B-3

 

party shall pay for its own costs and attorneys’ fees, if any.  However, if any party prevails on a statutory
claim which affords the prevailing party attorneys’ fees, or if there is a
written agreement providing for fees, the Arbitrator may award reasonable fees
to the prevailing party, under the standards for fee shifting provided by law.

 

Judicial Review

 

Either party
may bring an action in any court of competent jurisdiction to compel
arbitration under this Agreement and to enforce an arbitration award.

 

Interstate Commerce

 

I understand
and agree that the Company is engaged in transactions involving interstate
commerce and that the Federal Arbitration Act applies to this Agreement.

 

Requirements for Modification or Revocation

 

This Agreement
to arbitrate shall survive the termination of my employment.  It can only be revoked or modified by a
writing signed by the parties which specifically states an intent to revoke or
modify this Agreement.

 

Sole and Entire Agreement

 

This is the
complete agreement of the parties on the subject of arbitration of
disputes.  This Agreement supersedes any
prior or contemporaneous oral or written understandings on the subject.  No party is relying on any representations,
oral or written, on the subject of the effect, enforceability or meaning of
this Agreement, except as specifically set forth in this Agreement.

 

Severability

 

If any
provisions of this Agreement are adjudged to be void or otherwise
unenforceable, in whole or in part, such adjudication shall not affect the validity
of the remainder of the Agreement, as the parties hereto intend to create a
binding agreement to arbitrate regardless of the unenforceability of any
particular term or terms.

 

Consideration

 

The promises
by the Company and by me to arbitrate differences, rather than litigate them
before courts or other bodies, provide consideration for each other.

 

B-4

 

Voluntary Agreement

 

I ACKNOWLEDGE
THAT I HAVE CAREFULLY READ THIS AGREEMENT, THAT I UNDERSTAND ITS TERMS, THAT
ALL UNDERSTANDINGS AND AGREEMENTS BETWEEN THE COMPANY AND ME RELATING TO THE
SUBJECTS COVERED IN THE AGREEMENT ARE CONTAINED IN IT, AND THAT I HAVE ENTERED
INTO THE AGREEMENT VOLUNTARILY AND NOT IN RELIANCE ON ANY PROMISES OR
REPRESENTATIONS BY THE COMPANY OTHER THAN THOSE CONTAINED IN THIS AGREEMENT
ITSELF.

 

	
  I UNDERSTAND
  THAT BY SIGNING THIS AGREEMENT I AM GIVING UP MY RIGHT

  	
  Employee
  initials:

  
	
  TO A JURY
  TRIAL.

  	
   

  

 

I FURTHER
ACKNOWLEDGE THAT I HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS THIS AGREEMENT
WITH MY PRIVATE LEGAL COUNSEL AND HAVE AVAILED MYSELF OF THAT OPPORTUNITY TO
THE EXTENT I WISH TO DO SO.

 

 

	
  Dated: December     , 2005

  	
   

  	
  CAPITAL TRUST, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  John R. Klopp

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated: December     , 2005

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  STEPHEN D. PLAVIN

  
							

 

B-5

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