Document:

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    PLEDGE
AND SECURITY AGREEMENT

     

    

    This
PLEDGE AND SECURITY AGREEMENT (this “Agreement”)
dated as of March 16, 2009 by CAPITAL TRUST, INC., a Maryland corporation
(the “Pledgor”),
for the benefit of WESTLB AG, NEW YORK BRANCH, as collateral agent on behalf of
the lenders party to the Credit Agreement (as hereinafter defined) (in such
capacity, together with its successors in such capacity, the “Collateral
Agent”).

     

    RECITALS

     

    A.           The
Pledgor, the Collateral Agent and certain other lenders (collectively, “Lenders”)
are parties to that certain Amended and Restated Credit Agreement, dated as of
the date hereof (as may be further amended or modified, collectively, the “Credit
Agreement”).

     

    B.           For
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Pledgor has agreed to pledge and grant, and, pursuant to this
Agreement, does hereby pledge and grant, a first priority security interest in
the Collateral (as defined below) as security for the Obligations.

     

    Accordingly,
the parties hereto agree as follows:

     

    Section
1.              
Definitions.

     

    “Certificated
Securities” shall mean the Pledged Securities identified on Schedule 2 attached
hereto.

     

    “Collateral”
shall have the meaning ascribed thereto in Section 2
hereof.

     

    “Obligations”
shall have the meaning ascribed thereto in the Credit Agreement.

     

    “Pledged
Securities” shall mean the assets as described on Schedule 1 attached
hereto.

     

    “Secured
Parties” shall have the meaning ascribed thereto in the Credit
Agreement.

     

    “Securities
Account
Control
Agreement” shall mean that certain Securities Account Control Agreement
in respect of account number 725839.1 held with the Securities Intermediary,
among the Pledgor, the Collateral Agent and the Securities Intermediary, dated
as of the date hereof.

     

    “Securities
Account” shall have the meaning ascribed thereto in the Credit
Agreement.

     

    “Securities
Intermediary” shall mean Bank of America, National
Association

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Securities
Rights” means all voting and other rights and remedies in respect of any
of the Pledged Securities, and all securities, interest or other distributions
and any other right or property which the Pledgor shall receive or shall become
entitled to receive for any reason whatsoever with respect to, in replacement
for, in substitution for or in exchange for any of the Pledged Securities, in
which the Pledgor now has or hereafter acquires any right.

     

    “UCC-1 Financing
Statements” shall mean the UCC-1 Financing Statements filed to perfect
the security interests granted herein.

     

    “Uniform
Commercial Code” shall mean the Uniform Commercial Code as in effect from
time to time in the State of New York.

     

    Capitalized
terms used but not defined herein have the meanings assigned to such terms in
the Credit Agreement.

     

    Section
2.              
Pledge and Delivery of
Collateral.

     

    2.1           The
Pledge.  As security for the prompt payment in full when due of
the Obligations, the Pledgor hereby pledges, assigns and grants to the
Collateral Agent, for the benefit of the Secured Parties, a security interest in
all of the Pledgor’s right, title and interest in the following property
wherever located (all being collectively referred to herein as “Collateral”):

     

    (i)           all
Pledged Securities;

     

    (ii)          the
Securities Account, all “financial assets” (as defined in the Uniform Commercial
Code) and cash credited to the Securities Account;

     

    (iii)         all
“investment property”, “instruments”, “general intangibles”, “accounts”,
“chattel paper” and “supporting obligations” (each, as defined in the Uniform
Commercial Code) and all Securities Rights, in each case, relating to or
constituting any and all of the foregoing set forth in items (i) and (ii) of
this Section
2.1; and

     

    (iv)         any
and all interest on, and proceeds (including, without limitation, condemnation
proceeds) of, any and all of the foregoing set forth in items (i) through (iii)
of this Section
2.1;

     

    in each
case whether now owned or hereafter acquired, now existing or hereafter created
and wherever located.

     

    2.2           Delivery of the
Collateral.  All Pledged Securities (including without
limitation, all Certificated Securities), shall be credited to and held at all
times in the Securities Account on behalf of the Collateral Agent for the
benefit of the Secured Parties, and evidence of such credit and holding shall be
delivered to the Collateral Agent from the Securities Intermediary.

     

    Section
3.              
Representations and
Warranties.  The Pledgor represents and warrants as of the date
hereof that:

    
       

      (a)           The
execution and delivery of this Agreement and the performance of the obligations
hereunder (i) do not require any consent or approval of, registration or
filing with, or any other action by, any Governmental Authority or any Person,
except such as have been obtained or made and are in full force and effect, (ii)
will not violate any applicable law or regulation or the charter, by-laws or
other organizational documents of the Pledgor or any order of any Governmental
Authority, and (iii) will not violate or result in a default under any
indenture, agreement or other instrument binding upon the Pledgor or any of its
Subsidiaries or its assets, or give rise to a right thereunder to require any
payment to be made by the Pledgor or any of its
Subsidiaries;

    

     

    
      
        
        

      

      
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    (b)           Schedule I sets forth
an accurate description of the Pledged Securities.  The Pledgor has
not assigned, pledged or otherwise conveyed or encumbered the Collateral to any
other Person other than the Collateral Agent under this Agreement, and the
Pledgor is the record and beneficial owner of, and has good and marketable title
to, the Collateral free and clear of any and all Liens or options in favor of,
or claims of, any other Person, except the Lien created by this
Agreement;

     

    (c)           the
provisions of this Agreement are effective to create in favor of the Collateral
Agent a valid security interest in all right, title and interest of the Pledgor
in, to and under the Collateral;

     

    (d)           upon
receipt by the Securities Intermediary of the Pledged Securities pursuant to
Section 2.2 of
this Agreement, by virtue of this Agreement and the Control Agreement, the Lien
granted pursuant to this Agreement will constitute a valid, perfected
first-priority Lien on the Collateral, enforceable as such against all creditors
of the Pledgor and any persons purporting to purchase any of such
Collateral;

     

    (e)           the
principal place of business and chief executive office of the Pledgor is 410
Park Avenue, 14th Floor, New York, New York 10022-9442; and

     

    (f)           the
exact legal name of the Pledgor is Capital Trust, Inc.

     

    Section
4.              
Covenants.  In
furtherance of the grant of the pledge and security interest pursuant to Section 2 hereof, the
Pledgor hereby agrees with the Collateral Agent, for the benefit of the Secured
Parties, as follows:

     

    4.1           Delivery and Other
Perfection.  The Pledgor shall, and hereby authorizes the
Collateral Agent to, give, execute, deliver, file and/or record any financing
statement, notice, instrument, document, agreement or other papers that may be
necessary (in the reasonable judgment of the Collateral Agent) to create,
preserve or perfect the security interest granted pursuant hereto or, upon the
occurrence and during the continuance of an Event of Default, to enable the
Collateral Agent to exercise and enforce its rights hereunder with respect to
such pledge and security interest, including, without limitation, causing any or
all of the Collateral to be transferred of record into the name of the
Collateral Agent or its nominee.  The Pledgor hereby authorizes the
Collateral Agent to file any financing statement or continuation statement
without the signature of the Pledgor to the extent permitted by
law.

     

    4.2           Sale of Collateral;
Liens.  Without the prior written consent of the Collateral
Agent, the Pledgor shall not, directly or indirectly, except as otherwise
permitted by this Agreement (i) sell, assign, transfer, exchange or otherwise
dispose of, or grant any option with respect to, the Collateral, or (ii) create,
incur, authorize or permit to exist any Lien or option in favor of, or any claim
of any Person with respect to, any of the Collateral, or any interest therein,
except for the Lien provided for by this Agreement.  The Pledgor shall
defend the right, title and interest of the Collateral Agent in and to the
Collateral against the claims and demands of all persons
whomsoever.

     

    
      
        
        

      

      
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    4.3           Use of
Collateral.  The Pledgor will not remove any Collateral from
the Securities Account once such Collateral is credited thereto, except
Distributions (as defined in the Control Agreement) in accordance with the terms
of the Control Agreement.

     

    4.4           Pledged
Securities.

     

    (a)           So
long as no Event of Default has occurred and is continuing Pledgor shall have
the right to receive any payments with respect to any Pledged Securities and
apply such payments on its own account and to its benefit.

     

    (b)           So
long as no Event of Default has occurred and is continuing, all payments
received by the Pledgor with respect to the Collateral shall be deposited
directly into the Securities Account or such other account as designated by the
Pledgor and, absent any Event of Default, shall be swept to Debtor’s account at
the Securities Intermediary within two (2) Business Days.

     

    (c)           The
Pledgor will not make or agree to make any discount, credit or other reduction
in the original amount owing on any Pledged Securities or accept in satisfaction
of any Pledged Securities less than the original amount thereof.

     

    (d)           Except
as otherwise provided in this Security Agreement, the Pledgor will collect and
enforce, at the Pledgor’s sole expense, all amounts due or hereafter due to the
Pledgor under the Pledged Securities.

     

    (e)           If
to the knowledge of the Pledgor, any dispute, setoff, claim, counterclaim or
defense exists or has been asserted or threatened with respect to any Pledged
Securities, the Pledgor will promptly disclose such fact to the Collateral Agent
in writing, electronic or otherwise.

     

    4.5           Change in Corporate
Existence, Type or Jurisdiction of Organization, Location,
Name.  The Pledgor will:

     

    (a)           preserve
its existence and corporate structure as in effect on the Restatement Effective
Date;

     

    (b)           not
change its jurisdiction of organization;

     

    (c)           not
maintain its place of business (if it has only one) or its chief executive
office (if it has more than one place of business) at a location other than the
location specified in the Credit Agreement; and

     

    (d)           not
change its name or its mailing address;

     

    unless,
in each such case, the Pledgor shall have given the Collateral Agent not less
than thirty (30) days’ prior written notice of such event or occurrence and the
Collateral Agent shall have either (x) reasonably determined that such event or
occurrence will not adversely affect the validity, perfection or priority of the
Collateral Agent’s security interest in the Collateral, or (y) taken such steps
(with the cooperation of such Pledgor to the extent necessary or advisable) as
are necessary or advisable to properly maintain the validity, perfection and
priority of the Collateral Agent’s security interest in the Collateral owned by
the Pledgor.

     

    
      
        
        

      

      
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    Section
5.               Events of Default, Remedies,
etc.  During the period during which an Event of Default shall
have occurred and be continuing, in addition to the rights and remedies set
forth in the Credit Agreement:

     

    (a)           The
Collateral Agent, for the benefit of the Secured Parties, in addition to the
rights and remedies set forth in the Credit Agreement, shall have all of the
rights and remedies with respect to the Collateral of a secured party under the
Uniform Commercial Code (whether or not said Uniform Commercial Code is in
effect in the jurisdiction where the rights and remedies are asserted) and such
additional rights and remedies to which a secured party is entitled under the
laws in effect in any jurisdiction where any rights and remedies hereunder may
be asserted, including, without limitation, the right, to the maximum extent
permitted by law, to exercise all voting, consensual and other powers of
ownership pertaining to the Collateral as if the Collateral Agent, for the
benefit of the Secured Parties, were the sole and absolute owner thereof (and
the Pledgor agrees to take all such action as may be appropriate to give effect
to such right);

     

    (b)           The
Collateral Agent in its discretion may, in its name or in the name of the
Pledgor or otherwise, demand, sue for, collect or receive any money or property
at any time payable or receivable on account of or in exchange for any of the
Collateral, but shall be under no obligation to do so;

     

    (c)           The
Collateral Agent may, upon ten (10) days’ prior written notice to the Pledgor of
the time and place (which notice the Pledgor acknowledges as reasonable and
sufficient), with respect to the Collateral or any part thereof which shall then
be or shall thereafter come into the possession, custody or control of the
Collateral Agent or any of its agents, sell, assign or otherwise dispose of all
or any part of such Collateral, at such place or places as the Collateral Agent
deems best, and for cash or on credit or for future delivery, at public or
private sale, without demand of performance or notice of intention to effect any
such disposition or of time or place thereof (except such notice as is required
above or by applicable statute and cannot be waived) and the Collateral Agent or
anyone else may be the purchaser, assignee or recipient of any or all of the
Collateral so disposed of at any public sale (or, to the extent permitted by
law, at any private sale), and thereafter hold the same absolutely, free from
any claim or right of whatsoever kind, including any right or equity of
redemption (statutory or otherwise), of the Pledgor, any such demand, notice or
right and equity being hereby expressly waived and released.  Unless
prohibited by applicable law, the Collateral Agent may, without notice or
publication, adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for the
sale, and such sale may be made at any time or place to which the same may be so
adjourned;

     

    (d)           If
the Collateral Agent shall so request in writing, the Pledgor agrees to execute
and deliver to the Collateral Agent appropriate payment direction and other
orders and documents to provide for all Collateral, including without limitation
any amounts in the Securities Account, to be applied as directed by the
Collateral Agent in its sole discretion.  The foregoing authorization
and instructions are irrevocable and may not be modified in any manner other
than by the Collateral Agent sending to the Pledgor a notice terminating such
authorization and direction;

     

    
      
        
        

      

      
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    (e)           The
Collateral Agent may exercise all rights, powers and privileges to the same
extent as the Pledgor is entitled to exercise such rights, powers and privileges
with respect to the Pledged Securities;

     

    (f)           Except
as required applicable law, the Collateral Agent shall not be required to take
steps necessary to preserve any rights against prior parties to any of the
Collateral;

     

    (g)           In
enforcing any rights hereunder, the Collateral Agent shall not be required to
resort to any particular security, right or remedy through foreclosure or
otherwise or to proceed in any particular order of priority, or otherwise act or
refrain from acting, and, to the extent permitted by law, the Pledgor hereby
waives and releases any right to a marshaling of assets or a sale in inverse
order of alienation;

     

    (h)           The
Collateral Agent may register any or all of the Pledged Securities in the name
of the Collateral Agent or its nominee without any further consent of the
Pledgor;

     

    (i)       
    The Collateral Agent or its nominee at any time, without
notice, to exercise or refrain from exercising any and all voting and other
consensual rights pertaining to the Collateral owned by the Pledgor or any part
thereof, and to receive all interest and distributions in respect of such
Collateral;

     

    (j)        
   The Pledgor shall assemble and make available to the
Collateral Agent the Collateral and all records relating thereto at any place or
places specified by the Collateral Agent;

     

    (k)           The
Collateral Agent may at any time, by giving the Pledgor written notice, elect to
require that the Pledged Securities be paid directly to the Collateral Agent for
the benefit of the Secured Parties.  In such event, the Pledgor shall,
and shall permit the Collateral Agent to, promptly notify the obligors under the
Pledged Securities of the Collateral Agent’s interest therein and direct such
obligors to make payment of all amounts then or thereafter due under such
Pledged Securities directly to the Collateral Agent.  Upon receipt of
any such notice from the Collateral Agent, the Pledgor shall thereafter hold in
trust for the Collateral Agent, on behalf of the Secured Parties, all amounts
and proceeds received by it with respect to the Pledged Securities and other
Collateral and immediately and at all times thereafter deliver to the Collateral
Agent all such amounts and proceeds in the same form as so received, whether by
cash, check, draft or otherwise, with any necessary endorsements;

     

    (l)        
   The Collateral Agent may require all cash proceeds of the
Collateral to be deposited in a special non-interest bearing cash collateral
account with the Collateral Agent and held there as security for the
Obligations.  The Pledgor shall not have any control whatsoever over
said cash collateral account.  The Collateral Agent may (and shall, at
the direction of the Required Lenders), from time to time, apply the collected
balances in said cash collateral account to the payment of the Obligations
whether or not the Obligations shall then be due; and

     

    
      
        
        

      

      
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    (m)           The
Collateral Agent, on behalf of the Secured Parties, may comply with any
applicable state or federal law requirements in connection with a disposition of
the Collateral, and such compliance will not be considered to adversely affect
the commercial reasonableness of any sale of the Collateral.

     

    The
proceeds of each collection, sale or other disposition under this Section 5 shall be
applied by the Collateral Agent to the Obligations pursuant to Section 6
hereof.

     

    Section
6.              Application of
Proceeds.  Except as otherwise herein expressly provided, the
proceeds of any collection, sale or other realization of all or any part of the
Collateral pursuant hereto, and any other cash at the time held by the
Collateral Agent under this Section 4, shall be
applied by the Collateral Agent:

     

    (i)           First, to the payment
of the actual and out-of-pocket costs and expenses of such collection, sale or
other realization, including, without limitation, reasonable out of pocket costs
and expenses of the Collateral Agent and the fees and expenses of its agents and
counsel, and all expenses, and advances made or incurred by the Collateral Agent
in connection therewith;

     

    (ii)           Next, to the payment
in full of the Obligations; and

     

    (iii)           Finally, to the
payment to the Pledgor, or its successors or assigns, or as a court of competent
jurisdiction may direct, of any surplus then remaining.

     

    As used
in this Section
6, “proceeds”
of Collateral shall mean cash, securities and other property realized in respect
of, and distributions in kind of, the Collateral.

     

    Section
7.              Attorney in
Fact.  Without limiting any rights or powers granted by this
Agreement to the Collateral Agent, upon the occurrence and during the
continuance of an Event of Default, the Collateral Agent shall be deemed
appointed, which appointment as attorney-in-fact is irrevocable and coupled with
an interest, the attorney-in-fact of the Pledgor for the purpose of carrying out
the provisions of this Agreement and taking any action and executing any
instruments which the Collateral Agent may deem necessary or advisable to
accomplish the purposes hereof.  Without limiting the generality of
the foregoing, so long as the Collateral Agent shall be entitled under this
Section 7 to
make collections in respect of the Collateral, the Collateral Agent shall have
the right and power to receive, endorse and collect all checks made payable to
the order of the Pledgor representing any payment in respect of the Collateral
or any part thereof and to give full discharge for the same.

     

    Section
8.              Termination.  When
the Obligations shall have been indefeasibly paid in full in cash, and the
Credit Agreement has terminated, the Collateral Agent shall forthwith cause to
be assigned, transferred and delivered, against receipt but without any
recourse, warranty or representation whatsoever any remaining Collateral and
money received in respect thereof, to or on the order of the
Pledgor.

     

    
      
        
        

      

      
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    Section
9.              Further
Assurances.  The Pledgor agrees that, from time to time upon
the written request of the Collateral Agent, the Pledgor will execute and
deliver such further documents and do such other acts and things as the
Collateral Agent may reasonably request in order fully to effect the purposes of
this Agreement. Without
limiting the foregoing, on or before March 31, 2009, the Pledgor shall deliver
to the Collateral Agent executed transfer documents under each indenture or
other document governing the securities constituting Collateral, undated and
endorsed “in blank”, as reasonably requested by the Collateral
Agent.

     

    Section
10.            Additional Agreements
Concerning UCC’s.  The Pledgor authorizes the Collateral Agent
to file UCC-1 Financing Statements describing the Collateral and for purposes of
perfecting the security interest in the Collateral granted by the Pledgor to the
Collateral Agent pursuant to this Agreement.

     

    Section
11.             Miscellaneous.

     

    11.1          No
Waiver.  No failure or delay by the Collateral Agent or any
Lender in exercising any right or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or
any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power.  The rights and remedies of the Collateral Agent and
the Lenders hereunder are cumulative and are not exclusive of any rights or
remedies that they would otherwise have.

     

    11.2           Governing Law; Jurisdiction;
Consent to Service of Process.  This Agreement shall be
construed in accordance with and governed by the law of the State of New
York.  The provisions set forth in Section 9.09(b),
(c) and (d) of the Credit
Agreement with respect to consent to jurisdiction and service of process are
hereby incorporated herein and made applicable hereto, mutatis
mutandis.

     

    11.3           Notices.  All
notices, consents, approvals and requests required or permitted hereunder shall
be given in the manner and to the addresses set forth in Section 9.01 of the
Credit Agreement.

     

    11.4           Waivers,
etc.  No waiver of any provision of this Agreement or consent
to any departure by the Pledgor therefrom shall in any event be effective unless
the same shall be permitted in writing by the Pledgor and the Collateral Agent,
and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given.  Without limiting the generality
of the foregoing, no action or inaction by the Collateral Agent shall be
construed as a waiver of any Default or Event of Default, regardless of whether
the Collateral Agent or any Lender may have had notice or knowledge of such
Default or Event of Default at the time.

     

    11.5           Successors and
Assigns.  The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns of the Collateral Agent, except that the Pledgor may not
assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of the Collateral Agent (and any attempted assignment
or transfer by the Pledgor without such consent shall be null and
void).  Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, and, to the extent expressly
contemplated hereby, the Secured Parties and the Related Parties of each of the
Collateral Agent and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement.

     

    
      
        
        

      

      
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    11.6           Indemnification.  Without
limiting the provisions of Section 9.03 of the
Credit Agreement, the Pledgor shall indemnify the Collateral Agent and each
Lender, and each Related Party of any of the foregoing Persons (each such Person
being called an “Indemnitee”) against,
and hold each Indemnitee harmless from, any and all actual losses, claims,
damages, liabilities and related expenses, including the fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against
any Indemnitee arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement or any agreement or instrument
contemplated hereby, the performance by the parties hereto of their respective
obligations hereunder, (ii) relating to or arising out of the acts or omissions
of the Pledgor under this Agreement, (iii) resulting from the ownership of or
lien on any Collateral, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory and regardless of whether any Indemnitee is a
party thereto; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or
related expenses are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnitee.

     

    11.7           Taxes and
Expenses.  Any taxes (including income taxes) payable or ruled
payable by Federal or State authority in respect of this Security Agreement
shall be paid by the Pledgor, together with interest and penalties, if any,
subject to Pledgor’s right to contest such taxes pursuant to Section 5.04 of the
Credit Agreement.  The Pledgor shall reimburse the Collateral Agent
for any and all reasonable out-of-pocket expenses (including reasonable
attorneys’, auditors’ and accountants’ fees) paid or incurred by the Collateral
Agent in connection with the preparation, execution, delivery, administration,
collection and enforcement of this Security Agreement and in the administration,
collection, preservation or sale of the Collateral.  Any and all costs
and expenses incurred by the Pledgor in the performance of actions required
pursuant to the terms hereof shall be borne solely by the Pledgor.

     

    11.8           Severability.  Any
provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity, illegality or unenforceability without affecting the validity,
legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not
invalidate such provision in any other jurisdiction.

     

    11.9           Counterparts;
Effectiveness.  This Agreement may be executed in counterparts
(and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract.  This Agreement shall become effective when it shall
have been executed by the Collateral Agent and when the Collateral Agent shall
have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns.  Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of a
manually executed counterpart of this Agreement.

     

    
      
        
        

      

      
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    11.10         Trial by
Jury.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     

    11.11         Headings.  Article
and Section headings and the Table of Contents used herein are for convenience
of reference only, are not part of this Agreement and shall not affect the
construction of, or be taken into consideration in interpreting, this
Agreement.

     

    11.12         Secured Party Performance of
Pledgor’s Obligations.  Without having any obligation to do so,
the Collateral Agent may perform or pay any obligation which the Pledgor has
agreed to perform or pay in this Agreement and the Pledgor shall reimburse the
Collateral Agent for any reasonable amounts paid by the Collateral Agent
pursuant to this Section
11.12.  The Pledgor’s obligation to reimburse the Collateral
Agent pursuant to the preceding sentence shall be an Obligation payable on
demand.

     

    11.13         Collateral
Agent.  WestLB AG, New York Branch has been appointed
Collateral Agent for the Secured Parties hereunder pursuant to Article VIII of
the Credit Agreement.  It is expressly understood and agreed by the
parties to this Security Agreement that any authority conferred upon the
Collateral Agent hereunder is subject to the terms of the delegation of
authority made by the Secured Parties to the Collateral Agent pursuant to the
Credit Agreement, and that the Collateral Agent has agreed to act (and any
successor Collateral Agent shall act) as such hereunder only on the express
conditions contained in such Article VIII.  Any successor Collateral
Agent appointed pursuant to Article VIII of the Credit Agreement shall be
entitled to all the rights, interests and benefits of the Collateral Agent
hereunder.

     

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REMAINDER OF THE PAGE IS INTENTIONALLY BLANK]

     

    
      
        
        

      

      
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    IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the day and
year first above written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  
                                                  

                                                

                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        	 	 	 	 
	 	 	 	 
	 	PLEDGOR	 
	 	 	 
	 	
                                                                                                CAPITAL TRUST, INC.,
      a
      Maryland corporation

                                                                                              	 
	 	 	 	 
	
                                                                                                 

                                                                                              	
                                                                                                By:
      

                                                                                              	/s/ Geoffrey G.
      Jervis	 
	 	 	Name: 
      Geoffrey G. Jervis	 
	 	 	Title: 
      Chief Financial Officer	 
	 	 	 	 

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                             

                                            
                                              
                                                
                                                

                                              

                                              
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                                                                                    	 	COLLATERAL
      AGENT 	 
	 	 	 
	 	
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        WESTLB
      AG, NEW YORK BRANCH

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          	 
	 	 	 	 
	
                                                                                             

                                                                                          	
                                                                                            By:
      

                                                                                          	/s/ Christian
      Reuhmer	 
	 	 	Name: 
      Christian Reuhmer	 
	 	 	Title: 
      Managing Director	 

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

                                              
                                                
                                                

                                              

                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      	 	 	 	 
	
                                                                               

                                                                            	
                                                                              By:
      

                                                                            	/s/ Petra
      Beckert	 
	 	 	Name: 
      Petra Beckert	 
	 	 	Title: 
      Executive Director	 
	 	 	 	 

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                           

                                          
                                            
                                              
                                              

                                            

                                            
                                              S-2EXHIBIT 10.9 

AMENDMENT AND RESTATEMENT OF
THE
ENTERPRISE FINANCIAL SERVICES CORP. 
DEFERRED COMPENSATION PLAN I 
_______________

Article I 
Establishment of Plan

     1.1. Purpose. The Board of Directors of
Enterprise Financial Services Corp., a Delaware corporation, established the
Plan originally effective December 20, 1999 to provide deferred compensation
benefits to selected executives of the Corporation.

     1.2. Amendment and Restatement. The Plan is
amended and restated as set forth herein to comply with Code Section 409A and to
make other changes. 

     1.3. Effective Date and Term. The
Corporation adopts this amended and restated Plan effective as of January 1,
2005. Deferral Accounts to which Annual Deferrals under Section 4.1 and
Corporation credits under Section 4.4 were credited with respect to Deferral
Periods ending prior to January 1, 2005, including all earnings (including
earnings credited after December 31, 2004) credited to such Deferral Accounts,
shall to the extent such amounts were vested as of December 31, 2004 remain
subject to the terms of the Plan document in effect on December 31, 2004 and
this Amendment and Restatement of the Plan document shall not apply to such
Deferral Accounts. 

     1.4. Applicability of ERISA. This Plan is
intended to be an unfunded, top-hat plan maintained primarily for the purpose of
providing deferred compensation to a select group of management or highly
compensated employees within the meaning of ERISA.

Article II 
Definitions

     As used
within this document, the following words and phrases have the meanings
described in this Article II unless a different meaning is required by the
context. Some of the words and phrases used in the Plan are not defined in this
Article II, but for convenience, are defined as they are introduced into the
text. Words in the masculine gender shall be deemed to include the feminine
gender. Any headings used are included for ease of reference only, and are not
to be construed so as to alter any of the terms of the Plan. 

     2.1. Affiliated Company. Any corporation
which is a member of the same controlled group of corporations determined by
Code Section 1563(a) [without regard to Code Section 1563(a)(4) and (e)(3)(C)]
of which the Company is a member.

     2.2. Annual Deferral. The amount of Basic
Salary and/or Bonuses which the Participant elects to defer in each Deferral
Period pursuant to Article 4.1 of the Plan.

     2.3. Basic Salary. A Participant’s base, annual salary for the applicable Plan
Year.

     2.4. Beneficiary. Individual(s) or
entit(ies) designated by a Participant in accordance with Section
14.6.

     2.5. Board. The Board of Directors of the Corporation.

     2.6. Bonus. Earnings and incentive
compensation awarded to a Participant at the option of the Corporation which may
or may not occur during each Plan Year.

     2.7. Code. The Internal Revenue Code of
1986, as amended. References to a section of the Code shall include that section
and any comparable section or sections of any future legislation that amends,
supplements or supersedes such section.

     2.8. Committee. The Compensation Committee of the Board.

     2.9. Corporation. Enterprise Financial
Services Corp. or, where the context so admits or requires, an Affiliated
Company.

     2.10. Deferral Account or Accounts. The
account or accounts established for a Participant pursuant to Section 5.1 of the
Plan. 

     2.11. Deferral Election. The election made
by the Participant pursuant to Section 4.1 of the Plan. 

     2.12. Deferral Period. The Plan Year. 

     2.13. Disability. The disability of a
Participant within the meaning of Code Section 409A(a)(2)(C). 

     2.14. Effective Date. January 1, 2005. 

     2.15. Eligible Employee. An employee of the
Corporation or an Affiliated Company who is designated by the Board as an
Eligible Employee. 

     2.16. ERISA. The Employee Retirement Income Security Act of 1974, as amended.

     2.17. Participant. Any individual who
becomes eligible to participate in the Plan pursuant to Article III of the Plan.

     2.18. Participant Agreement and Deferral Election Form. The written agreement to defer Basic Salary and/or Bonuses
made by the Participant. Such written agreement shall be in a form designated by
the Corporation. In order to revoke a Participant Agreement and Deferral
Election Form, the Participant must notify the Committee and the Plan
Administrator of such revocation in writing and such revocation shall not be
effective until January 1 of the Plan Year following the Plan Year in which such
notification is provided to the Committee. 

     2.19. Plan. The Enterprise Financial
Services Corp. Deferred Compensation Plan I, as amended and restated.

     2.20. Plan Administrator. The Corporation
unless the Corporation designates another individual, committee or entity to
hold the position of the Plan Administrator. 

     2.21. Plan Year. The 12-month period
beginning each January 1 and ending on the following December 31.

     2.22. Rabbi Trust. A grantor trust that
conforms to the terms of the model trust set forth in Internal Revenue Service
Revenue Procedure 92-64 (or any Revenue Procedure or other Internal Revenue
Service publication that supersedes Revenue Procedure 92-64), the assets of
which shall be subject to the claims of the Corporation’s creditors in the event
of the Corporation’s insolvency, and the creation of which does not trigger
inclusion of any amounts deferred under this plan in the income of
Participants.

     2.23. Retirement Date. The first day of the
first month coincident with or next following the date on which a Participant
reaches age 65 and has a Separation from Service. If a Participant continues
employment with Corporation beyond age 65, the Retirement Date is the first day
of the first month coincident with or next following the date on which
Participant has a Separation from Service. 

     2.24. Separation from Service. Termination
of employment with the Company and all Affiliated Companies determined in
accordance with the provisions of Treasury Regulation 1.409A-1(h). 

     2.25. Valuation Date. Each business day of the Plan Year. 

     2.26. Year of Service. Each consecutive
twelve (12) month period during which a Participant is continually employed by
the Corporation. 

Article III 
Eligibility and
Participation 

     3.1. Participation – Eligibility and Initial Period. Participation in the Plan is open only to Eligible Employees. Any
employee first becoming an Eligible Employee (e.g., a new hire or promoted employee)
shall become a Participant as of January 1 of the Deferral Period following the
Deferral Period in which the Eligible Employee submits a properly completed and
executed Participation Agreement and Deferral Election Form with the Plan
Administrator, provided that the employee is still an Eligible Employee as of
such date. 

     3.2. Participation – Subsequent Entry into Plan. An Eligible Employee who fails or elects not to participate at the time
of initial eligibility as set forth in Section 3.1 remains eligible to become a
Participant in subsequent Plan Years as long as he continues his status as an
Eligible Employee. In such event, the Eligible Employee may become a Participant
effective as of January 1 of the Deferral Period following the Deferral Period
in which the Eligible Employee submits a properly completed and executed
Participation Agreement and Deferral Election Form. 

Article IV 
Contributions

     4.1. Deferral Election. Prior to the first
day of a Deferral Period for which a Deferral Election is applicable, an
Eligible Employee shall file with the Committee a Participation Agreement and
Deferral Election Form indicating the amount of Annual Deferrals for such
Deferral Period. After the Deferral Period commences, such Deferral Election is
irrevocable and shall continue for the entire Deferral Period, except that it
shall terminate upon the Participant’s Separation from Service. 

     4.2. Maximum Deferral Election. A
Participant may elect to defer up to twenty-five percent (25%) of Basic Salary
and/or up to one hundred (100%) of Bonuses earned during a Deferral Period. A
Deferral Election is automatically reduced if the Committee determines that such
action is necessary to meet Federal or State legal requirements. 

     4.3. Minimum Deferral Election. A
Participant must elect to defer at least $2,400 during the Deferral Period from
Basic Salary, Bonuses, or a combination of Basic Salary and Bonuses. If such
amount is not elected, no Annual Deferral may be made with respect to such
Deferral Period. 

     4.4. Corporation Credits. The Corporation
may, in its sole discretion, declare an amount to be credited to a Participant’s
Deferral Account. 

Article V 
Accounts

     5.1. Deferral Accounts. Solely for
recordkeeping purposes, the Plan Administrator shall establish a Deferral
Account for each Participant for each Plan Year for which the Participant has
made a Deferral Election. A Participant’s Deferral Account for a Deferral Period
is (i) credited with the Annual Deferrals selected by him under Section 4.1,
(ii) credited with amounts credited on his behalf by the Corporation under
Section 4.4, (iii) credited (or charged, as the case may be) with the
hypothetical or deemed investment earnings and losses determined pursuant to
Section 5.3, and (iv) charged with distributions made to or with respect to the
Participant and or his Beneficiary or Beneficiaries. 

     5.2. Crediting of Deferral Accounts. Annual
Deferrals attributable to a Participant’s Basic Salary under Section 4.1 are
credited to a Participant’s Deferral Account as of the date on which such
contributions are withheld from his Basic Salary. Annual Deferrals attributable
to Bonuses under Section 4.1 are credited to a Participant’s Deferral Account as
of the date on which the contribution would have otherwise been paid to the
Participant. Amounts under Section 4.4 are credited to the Participant’s
Deferral Account as of the date declared by the Corporation. Any distribution
with respect to a Deferral Account is charged to that Account as of the date
such payment is made by the Corporation or the trustee of any Rabbi Trust
established for the Plan. 

     5.3. Earning Credits or Losses. Amounts
credited to a Deferral Account are credited with deemed net income, gain and
loss, including the deemed net unrealized gain and loss based on hypothetical
investment directions made by the Participant with respect to his Deferral
Account on a form designated by the Corporation, in accordance with investment
options and procedures adopted by the Corporation in its sole discretion, from
time to time. Such earnings continue to accrue during any period in which
installments are paid pursuant to Article VII. 

     5.4.
Hypothetical Nature of Accounts. The Plan constitutes a mere promise by
the Corporation to make the benefit payments in the future. Any Deferral Account
established for a Participant under this Article V is hypothetical in nature and
is only maintained for the Corporation’s recordkeeping purposes so that any
contributions and deemed investment earnings and losses on such amounts can be
credited (or charged, as the case may be). Neither the Plan nor any of the
Deferred Accounts (or subaccounts) or shall hold any actual funds or assets
except as otherwise provided under a Rabbi Trust. The right of any individual or
entity to receive one or more payments under the Plan is an unsecured claim
against the general assets of the Corporation. Any liability of the Corporation
to any Participant, former Participant, or Beneficiary with respect to a right
to payment is based solely upon contractual obligations created by the Plan. The
Corporation, the Board, the Committee and any individual or entity is or are not
to be deemed to be a trustee or trustees of any amounts to be paid under the
Plan. Nothing contained in the Plan, and no action taken pursuant to its
provisions, creates or is to be construed to create a trust of any kind, or a
fiduciary relationship, between the Corporation and a Participant, former
Participant, Beneficiary, or any other individual or entity. The Corporation
may, in its sole discretion, establish a Rabbi Trust as a vehicle in which to
place funds with respect to this Plan. The Corporation does not in any way
guarantee any Participant’s Deferral Account against loss or depreciation,
whether caused by poor investment performance, insolvency of a deemed investment
or by any other event or occurrence. In no event shall an employee, officer,
director, or stockholder of the Corporation be liable to any individual or
entity on account of any claim arising by reason of the Plan provisions or any
instrument or instruments implementing its provisions, or for the failure of any
Participant, Beneficiary or other individual or entity to be entitled to any
particular tax consequences with respect to the Plan or any credit or payment
thereunder. 

     5.5.
Statement of Deferral Accounts. The Plan Administrator shall provide to
each Participant quarterly statements setting forth the value of the Deferral
Accounts maintained for such Participant.

Article VI 
Vesting

     6.1. Vesting. The Corporation’s credits to
a Participant’s Deferral Accounts under Section 4.4 and any deemed investment
earnings attributable to such credits become one hundred percent (100%) vested
and non-forfeitable when the Participant has five Years of Service with the
Corporation. Prior to the time a Participant has five Years of Service with the
Corporation, the Corporation’s credits to his Deferral Accounts under Section
4.4 and any deemed earnings attributable to such contributions are zero percent
(0%) vested. Notwithstanding anything in this Section 6.1 to the contrary, a
Participant becomes one hundred percent (100%) vested in the Corporation’s
credits to his Deferral Accounts under Section 4.4, including any deemed
investment earnings attributable to such amounts, upon his death or Disability
while he is actively employed by the Corporation. All other amounts credited to
a Participant’s Deferral Accounts are one hundred percent (100%) vested at all
times. 

Article VII

Benefits

     7.1. Retirement Date. Unless benefits have
commenced pursuant to another section in this Article VII, the amount of a
Participant’s benefits under this Plan are based on the vested amount credited
to his Deferral Accounts as of the Valuation Date coinciding with his Retirement
Date or, if no Valuation Date coincides with his Retirement Date, as of the
Valuation Date which first occurs after his Retirement Date. Payment of amounts
under this Section shall commence within thirty (30) days of the Participant’s
Retirement Date in accordance with the payment methods elected by the
Participant on his Participation Agreement and Deferral Election Forms.

     7.2. Disability. If a Participant suffers a
Disability while employed with the Corporation and before he is otherwise
entitled to benefits under this Article, he receives the vested amount credited
to his Deferral Accounts as of the Valuation Date coinciding with the date on
which the Participant incurs the Disability or, if no Valuation Date coincides
with the date on which he incurs the Disability, as of the Valuation Date which
first occurs after the date upon which he incurs a Disability. Payment of any
amount under this Section commences within thirty (30) days of when the
Participant incurs the Disability in accordance with the payment method elected
by the Participant on his Participation Agreement and Deferral Election Form.

     7.3. Pre-Retirement Survivor Benefit. If a
Participant dies before becoming entitled to benefits under this Article, the
Beneficiary or Beneficiaries designated under Section 14.6, is or are paid, in a
single, lump sum, a pre-retirement survivor benefit equal to the vested amount
credited to the Participant’s Deferral Accounts as of the Valuation Date
coinciding with the date of the Participant’s death or, if no Valuation Date
coincides with his date of death, as of the Valuation Date which first occurs
after his date of death. Payment of any amount under this Section shall be made
within thirty (30) days of the Participant’s death, or if later, within thirty
(30) days of when the Committee receives notification of or otherwise confirms
the Participant’s death. 

     7.4. Post-Retirement Survivor Benefit. If a
Participant dies after benefits have commenced, but prior to receiving complete
payment of benefits under this Article, the Beneficiary or Beneficiaries
designated under Section 14.6, shall receive, in a single, lump sum, the vested
amount credited to the Participant’s Deferral Accounts as of the Valuation Date
coinciding with the date of the Participant’s death or, if no Valuation Date
coincides with his date of death, as of the Valuation Date which first occurs
after his date of death. Payment of any amount under this Section shall be made
within thirty (30) days of the Participant’s death, or if later, within thirty
(30) days of when the Committee receives notification of or otherwise confirms
the Participant’s death. 

     7.5. Termination. If a Participant has a
Separation from Service before he becomes entitled to receive benefits by reason
of any of the above Sections, he shall receive, in a single, lump sum, the
vested amount credited to his Deferral Accounts as of the Valuation Date
coinciding with the date of the Participant’s Separation from Service or, if no
Valuation Date coincides with his Separation from Service, as of the Valuation
Date which first occurs after such Separation from Service. Payment of any
amount under this Section shall be made within thirty (30) days of the
Participant’s Separation from Service. 

     7.6. Change in Control. If a Change in
Control occurs before a Participant becomes entitled to receive benefits by
reason of any of the above Sections or before the Participant has received
complete payment of his benefits under this Article, he shall receive a single,
lump sum payment of the total amount credited to his Deferral Accounts as of the
Valuation Date immediately preceding the date on which the Change in Control
occurs. Payment of any amount under this Section shall commence within thirty
(30) days of the occurrence of the Change in Control. 

     For purposes
of this Plan, a “Change in Control” shall be deemed to have occurred on the date
on which any of the following four events has occurred: 

          (a) A
change in ownership of the Corporation, which shall be deemed to occur when:

     (i) any Person (other than the Corporation or any of its
Affiliates, a trustee or other fiduciary holding securities of the Corporation
under an employee benefit plan of the Corporation or any one or more of the
Corporation’s directors as of the date this Plan is approved) becomes the
beneficial owner of securities of the Corporation representing more than 50% of
the combined voting power of the Corporation’s then outstanding securities; or

     (ii) any Person (other than the Corporation or any of its
Affiliates, or a trustee or other fiduciary holding securities of the
Corporation under an employee benefit plan of the Corporation) becomes the
beneficial owner of securities of Enterprise Bank and Trust Company (“ETC”)
representing more than 50% of the combined voting power of ETC’s then
outstanding securities, provided that such event shall constitute a Change in
Control only with respect to Participants who are employed by ETC or a
Subsidiary thereof and only with respect to such Participants’ Deferral Accounts
that relate to employment with ETC or a Subsidiary thereof. 

          (b) A change in ownership of a substantial portion of assets,
which shall be deemed to occur upon: 

     (i) consummation of a transaction in which any Person (other
than a Person described in Treasury Regulation 1.409A-3(i)(5)(vii)(B)) acquires
assets from the Corporation and its Subsidiaries that have a total gross fair
market value of more than 50% of the total gross fair market value of all of the
assets of the Corporation and its Subsidiaries immediately before such
acquisition or acquisitions; or

     (ii) consummation of a transaction in which any Person (other
than a Person described in Treasury Regulation 1.409A-3(i)(5)(vii)(B)) acquires
assets from ETC and ETC’s Subsidiaries that have a total gross fair market value
of more than 50% of the total gross fair market value of all of the assets of
ETC and ETC’s Subsidiaries immediately before such acquisition or acquisitions,
provided that such event shall constitute a Change in Control only with respect
to Participants who are employed by ETC or a Subsidiary thereof and only with
respect to such Participants’ Deferral Accounts that relate to employment with
ETC or a Subsidiary thereof.

          (c) The replacement of a majority of members of the
Corporation’s Board during any 12-month period by directors whose appointment or
election is not endorsed by a majority of the members of the Corporation’s Board
before the date of their appointment or election, provided that for purposes of
this provision, the term “Corporation” shall refer solely to Enterprise
Financial Services Corp. 

          (d) the consummation of a reorganization, merger or
consolidation (a “Business Combination”) of the Corporation in which one of the
events described in (a), (b) or (c) above also occurs; provided that, an event
described in (a), (b) or (c) above shall not be deemed to have occurred if,
following such Business Combination (i) all or substantially all of the Persons
who were the beneficial owners, respectively, of Corporation’s outstanding
securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than a majority of the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of
directors of the Corporation resulting from such Business Combination, (ii) no
Person (excluding any Corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 50% or more of the combined voting
power of the then outstanding voting securities entitled to vote generally in
the election of directors of the Corporation resulting from such Business
Combination except to the extent such ownership existed prior to the Business
Combination, and (iii) at least a majority of the members of the Board of the
company resulting from the Business Combination are endorsed by a majority of
the members of the Corporation’s Board at the time of the execution of the
definitive agreement, or the action of the Board providing for such Business
Combination. 

     Notwithstanding anything in this Plan to the contrary, in applying the
foregoing definition of Change in Control to any particular transaction or
situation, the rules set forth in Treasury Regulation 1.409A-3(i)(5), including
without limitation rules for identification of relevant corporations and
attribution of stock ownership, shall govern and shall, to the extent necessary
to cause such definition to comply with Code Section 409A, supersede any
inconsistent provision herein. For purposes of the foregoing definition of
Change in Control only, the following terms shall be defined as follows:

     “Affiliate”
with respect to any person, means any other Person that, directly or indirectly
through one or more intermediaries, Controls, is Controlled by, or is under
common Control with the first Person, including but not limited to a Subsidiary
of the first Person, a Person of which the first Person is a Subsidiary, or
another Subsidiary of a Person of which the first Person is also a Subsidiary.

     “Beneficial
owner” shall have the meaning ascribed to such term in Rule 13(d)(3) under the
Securities Exchange Act of 1934, but only to the extent that such meaning is
consistent with the concept of ownership under Treasury Regulation
1.409A-3(i)(5). 

     “Control”
With respect to any Person, means the possession, directly or indirectly,
severally or jointly, of the power to direct or cause the direction of the
management policies of such Person, whether through the ownership of voting
securities, by contract or credit arrangement, as trustee or executor, or
otherwise.

     “Person”
means any natural person, firm, partnership, limited liability company,
association, corporation, company, trust, business trust, governmental authority
or other entity, or “more than one person acting as a group” as such phrase is
defined in Treasury Regulation 1.409A-3(i)(5)(v)(B) or 1.409A-3(i)(5)(vii)(C),
as applicable (a “409A Group”), provided that such term shall include a 409A
Group only to the extent that such 409A Group is also a “group” within the
meaning of Section 13(d) or 14(d) of the Exchange Act or any comparable
successor provisions.

     “Subsidiary”
With respect to any Person, each corporation or other Person in which the first
Person owns, directly or indirectly, capital stock or other ownership interests
representing 50% or more of the combined voting power of the outstanding voting
stock or other ownership interests of such corporation or other Person.

     7.7. Payment Methods. Unless otherwise
provided in this Article VII, a Participant may elect to receive payment of the
vested amount credited to a Deferral Account in a single lump sum or in five
(5), or ten (10) annual installments. This election must be made on the
Participant Agreement and Deferral Election Form in advance of the corresponding
Deferral Period. A different form of distribution may be elected with respect to
each Deferral Account. Any installment payments shall be paid annually on the
first practicable day after the distributions are scheduled to commence. Each
installment payment shall be determined by multiplying the Deferral Account
balance, as of the last Valuation Date immediately preceding the date upon which
an installment is to be paid, by a fraction, the numerator of which is one and
the denominator of which is the number of remaining installment payments. A
Participant, the payment of whose Account has not
commenced as of December 31, 2008, shall make the election described in the
immediately preceding sentence before January 1, 2009, with respect to Deferral
Accounts relating to Plan Years commencing before January 1, 2009. Payment will
commence, except as described in Section 7.8, within thirty (30) days of the
occurrence of the event giving rise to the distribution. 

     7.8. Six-Month Delay in Payments to Specified Employees. Notwithstanding anything in this Plan to the contrary,
payment of benefits under Sections 7.1 or 7.5 to a Participant, who is a
specified employee within the meaning of Code § 409A(a)(2)(B)(i) on his
Retirement Date or date of termination of employment with the Corporation, shall
commence as of the first day of the seventh month immediately following the
month in which such termination of employment occurs. In this event, such
Participant’s benefits under the Plan are based upon the vested amount credited
to his Accounts as of the Valuation Date coinciding with the first day of such
seventh month, or if no Valuation Date coincides with such date, as of the
Valuation Date which first occurs after the first day of such seventh month.

Article VIII 
In-Service
Distributions 

     8.1. Election of In-Service Distributions.
A Participant may irrevocably elect for each Deferral Period, on the
Participation Agreement and Deferral Election Form for such Deferral Period, to
receive an amount in the future as an in-service distribution from his Deferral
Account relating to such Deferral Period. Such Deferral Election shall state the
percentage of the value of the Deferral Account to be paid and the date on which
such in-service distribution is to be paid provided that such date is not
earlier than five (5) years from January 1st of the Plan Year
following the year of said election. For example: the earliest distribution date
for the Deferral Account relating to the Plan Year ending December 31, 2009
would be January 1, 2014. This is calculated using January 1, 2009 as the
“January 1st of the Plan Year following” plus five (5).

     8.2. Payment of In-Service Distributions.
All in-service distributions shall be paid in a single, lump sum within thirty
(30) days of the date stated on the Participation Agreement and Deferral
Election Form and shall be based on the value of the Deferral Accounts as of the
Valuation Date that coincides with the of the in-service distribution date or,
if such date is not a Valuation Date, as of the Valuation Date which first
occurs after such in service disbursement date. 

     8.3. Termination Prior to In-Service Distribution Date. Notwithstanding a Participant’s election of an in-service
distribution, in the event a Participant’s employment terminates for any reason
pursuant to Article VII of the Plan and prior to such Participant receiving any
in-service distribution, the Participant shall receive his Deferral Accounts
according to the payment method designated in Article VII and no further
benefits shall be paid pursuant to the Plan. 

Article IX 
Hardship Withdrawals

     9.1. Hardship Withdrawals. If a Participant
incurs an unforeseeable emergency within the meaning of Code § 409A(a)(2)(B)(i),
the Participant may make a written request to the Committee for a hardship
withdrawal from his Deferral Accounts. Withdrawals of amounts because of
unforeseeable emergencies are only permitted to the extent reasonably necessary
to satisfy the emergency need but cannot exceed the vested amount of a
Participant’s Deferral Accounts at the time of withdrawal. This section shall be
interpreted in a manner consistent with Code Section 409A(a)(2)(B)(ii)(II). In
the event of a hardship withdrawal under this Section, the Participant’s Annual
Deferrals for the remainder of the Plan Year shall be suspended. Annual
Deferrals may commence with the next following Plan Year provided the
Participant completes the appropriate Participation Agreement and Deferral
Election form prior to January 1 of the corresponding Plan Year. 

Article X
Establishment of Trust

     10.1. Establishment of Trust. The
Corporation may establish a Rabbi Trust for the Plan. If established, the Rabbi
Trust shall be irrevocable and all benefits payable under this Plan to a
Participant shall be paid directly from the Rabbi Trust. To the extent that such
benefits are not paid from the Rabbi Trust, the benefits shall be paid from the
general assets of the Corporation. Except as to any amounts paid or payable to a
Rabbi Trust, the Corporation shall not be obligated to set aside, earmark or
escrow any funds or other assets to satisfy its obligations under this Plan, and
the Participant and/or his designated Beneficiaries shall not have any property
interest in any specific assets of the Corporation other than the unsecured
right to receive payments from the Corporation, as provided in this Plan.

Article XI
Plan
Administration

     11.1. Plan Administration. The Plan shall be
administered by the Committee, and such Committee may designate an agent to
perform the recordkeeping duties. The Committee shall construe and interpret the
Plan, including disputed and doubtful terms and provisions and, in its sole
discretion, decide all questions of eligibility and determined the amount,
manner and time of payment of benefits under the Plan. The determinations and
interpretations of the Committee shall be consistently and uniformly applied to
all Participants and Beneficiaries, including, but not limited to,
interpretations and determinations of amounts due under this Plan, and shall be
final and binding on all parties. The Plan at all times shall be interpreted and
administered as an unfunded, deferred compensation plan, and no provision of the
Plan shall be interpreted so as to give any Participant or Beneficiary any right
in any asset of the Corporation which is a right greater than the right of a
general unsecured creditor of the Corporation. 

Article XII
Non-alienation of
Benefits

     12.1. Non-alienation of Benefits. The
interests of Participants and their Beneficiaries under this Plan are not
subject to the claims of their creditors and may not be voluntarily or
involuntarily sold, transferred, alienated, assigned, pledged, anticipated, or
encumbered, attached or garnished. Any attempt by a Participant, his
Beneficiary, or any other individual or entity to sell, transfer, alienate,
assign, pledge, anticipate, encumber, attach, garnish, charge or otherwise
dispose of any right to benefits payable shall be void. The Corporation may
cancel and refuse to pay any portion of a benefit which is sold, transferred,
alienated, assigned, pledged, anticipated, encumbered, attached or garnished.
Notwithstanding anything in this Section 12.1 to the contrary, a payment or
payments may be made to satisfy a domestic relations order within the meaning of
Code Section 414(p)(1)(B). The withholding of taxes from Plan payments, the
recovery of Plan overpayments of benefits made to a Participant or Beneficiary,
the transfer of Plan benefit rights from the Plan to another plan, or the direct
deposit of Plan payments to an account in a financial institution (if not
actually a part of an arrangement constituting an assignment or alienation)
shall not be construed as assignment or alienation under this Article XII.

Article XIII
Amendment and
Termination 

     13.1.
Amendment and Termination. The Corporation reserves the right to amend,
alter or discontinue this Plan at any time. Such action may be taken in writing
by any officer of the Corporation who has been duly authorized by the
Corporation to perform acts of such kind. However, no such amendment shall
deprive any Participant or Beneficiary of any portion of any benefit which would
have been payable had the Participant’s employment with the Corporation
terminated on the effective date of such amendment or termination.
Notwithstanding the provisions of this Article XIII to the contrary, the
Corporation may amend the Plan at any time, in any manner, if the Corporation
determines any such amendment is required to otherwise conform the Plan to the
provisions of any applicable law including, but not limited to, ERISA and the
Code. 

Article XIV
General
Provisions

     14.1. Good Faith Payment. Any payment made
in good faith in accordance with provisions of the Plan shall be a complete
discharge of any liability for the making of such payment under the provisions
of this Plan. 

     14.2. No Right to Employment. This Plan does
not constitute a contract of employment, and participation in the Plan shall not
give any Participant the right to be retained in the employment of the
Corporation. 

     14.3. Binding Effect. The provisions of this
Plan shall be binding upon the Corporation and its successors and assigns and
upon every Participant and his/her heirs, Beneficiaries, estates and legal
representatives. 

     14.4. Participant Change of Address. Each
Participant and Beneficiary entitled to benefits shall file with the Plan
Administrator, in writing, any change of post office address. Any check
representing payment and any communication addressed to a Participant or
Beneficiary or a former Participant or Beneficiary at this last address filed
with the Plan Administrator, or if no such address has been filed, then at his
last address as indicated on the Corporation’s records, shall be binding on such
Participant and Beneficiary for all purposes of the Plan, and neither the Plan
Administrator, the Corporation nor any other payer shall be obliged to search
for or ascertain the location of any such Participant or Beneficiary. If the
Plan Administrator is in doubt as to the address of any Participant or
Beneficiary entitled to benefits or as to whether benefit payments are being
received by a Participant or Beneficiary, it shall, by registered mail addressed
to such Participant or Beneficiary at his last known address, notify such
Participant or Beneficiary that: 

(i) All unmailed and future
Plan payments shall be withheld until Participant or Beneficiary provides the
Plan Administrator with evidence of such Participant’s or Beneficiary’s
continued life and proper mailing address; and

(ii) Participant’s or Beneficiary’s right to any Plan payment shall, at the
option of the Committee, be canceled forever, if, at the expiration of five (5)
years from the date of such mailing, such Participant or his Beneficiary shall
not have provided the Committee with evidence of his continued life and proper
mailing address. 

     14.5.
Notices. Each Participant and Beneficiary shall furnish to the Plan
Administrator any information the Plan Administrator deems necessary for
purposes of administering the Plan, and the payment provisions of the Plan are
conditional upon the Participant or Beneficiary furnishing promptly such true
and complete information as the Plan Administrator may request. Each Participant
and Beneficiary shall submit proof of his age when required by the Plan
Administrator. The Plan Administrator shall, if such proof of age is not
submitted as required, use such information as is deemed by it to be reliable,
regardless of the lack of proof, or the misstatement of the age of individuals
entitled to benefits. Any notice or information which, according to the terms of
the Plan or requirements of the Plan Administrator, must be filed with the Plan
Administrator, shall be deemed so filed if addressed and either delivered in
person or mailed to and received by the Plan Administrator, in care of the
Corporation currently located at: 

          Enterprise Financial Services
Corp.
          Attn: Chief Financial
Officer
          150 North
Meramec
          Clayton, MO 63105 

     14.6. Designation of Beneficiary. Each
Participant shall designate, by name, on Beneficiary designation forms provided
by the Plan Administrator, the Beneficiary(ies) who shall receive any benefits
which might be payable after such Participant’s death. A Beneficiary designation
may be changed or revoked without such Beneficiary’s consent at any time or from
time to time in the manner as provided by the Plan Administrator, and the Plan
Administrator shall have no duty to notify any individual or entity designated
as a Beneficiary of any change in such designation which might affect such
individual or entity’s present or future rights. If the designated Beneficiary
does not survive the Participant, all amounts which would have been paid to such
deceased Beneficiary shall be paid to any remaining Beneficiary in that class of
beneficiaries, unless the Participant has designated that such amounts go to the
lineal descendants of the deceased Beneficiary. If none of the designated
primary Beneficiaries survive the Participant, and the Participant did not
designate that payments would be payable to such Beneficiary’s lineal
descendants, amounts otherwise payable to such Beneficiaries shall be paid to
any successor Beneficiaries designated by the Participant, or if none, to the
Participant’s spouse, or, if the Participant was not married at the time of
death, the Participant’s estate. 

     No
Participant shall designate more than five (5) simultaneous Beneficiaries, and
if more than one (1) Beneficiary is named, Participant shall designate the share
to be received by each Beneficiary. Despite the limitation on five (5)
Beneficiaries, a Participant may designate more than five (5) Beneficiaries
provided such beneficiaries are the surviving spouse and children of the
Participant. If a Participant designates alternative, successor, or contingent
Beneficiaries, such Participant shall specify the shares, terms and conditions
upon which amounts shall be paid to such multiple, alternative, successor or
contingent beneficiaries. Any payments made under this Plan after the death of a
Participant shall be made only to the Beneficiary or Beneficiaries designated
pursuant to this Section. 

     14.7. Claims. Any claim for benefits must
initially be submitted in writing to the Plan Administrator. If such claim is
denied (in whole or in part), the claimant shall receive notice from the Plan
Administrator, in writing, setting forth the specific reasons for denial, with
specific references to applicable provisions of this Plan. Such notice shall be
provided within ninety (90) days of the date the claim for benefits is received
by the Plan Administrator, unless special circumstances require an extension of
time for processing the claim, in which event notification of the extension
shall be provided to the claimant prior to the expiration of the initial ninety
(90) day period. The extension notification shall indicate the special
circumstances requiring the extension of time and the date by which the Plan
Administrator expects to render its decision. Any such extension shall not
exceed ninety (90) days. Any disagreements about such interpretations and
construction may be appealed in writing by the claimant within sixty (60) days
to the Plan Administrator. The Plan Administrator shall respond to such appeal
within sixty (60) days, with a notice in writing fully disclosing its decision
and its reasons, unless special circumstances require an extension of time for
reviewing the claim, in which event notification of the extension shall be
provided to the claimant prior to the expiration of the initial sixty (60) day
period. Any such extension shall be provided to the claimant prior to the
commencement of the extension. Any such extension shall not exceed sixty (60)
days. No member of the Board, or any committee thereof, shall be liable to any
individual or entity for any action take hereunder, except those actions
undertaken with lack of good faith. 

     14.8. Action by Board. Any action required
to be taken by the Board pursuant to the Plan provisions may be performed by a
committee of the Board, to which the Board delegates the authority to take
actions of that kind. 

     14.9. Governing Law and Venue. To the extent
not superseded by the laws of the United States, the laws of the State of
Missouri shall be controlling in all matters relating to this Plan. State and
federal courts located in the State of Missouri have exclusive jurisdiction to
determine all matters relating to the Plan and venue is proper in such courts.

     14.10. Severability. In the event any
provision of this Plan shall be held illegal or invalid for any reason, such
illegality or invalidity shall not affect the remaining provisions of the Plan,
and the Plan shall be interpreted and enforced as if such illegal and invalid
provisions had never been set forth. 

     14.11. Withholding Taxes. A distribution
pursuant to the Plan shall be subject to appropriate withholding taxes.

     14.12. Interpretation. Terms in the masculine
shall include the feminine and terms in the singular shall include the plural,
and vice versa, where ever the context so admits or requires. 

     IN WITNESS
WHEREOF, ENTERPRISE FINANCIAL SERVICES CORP. has adopted this Amendment and
Restatement of the Enterprise Financial Services Corp. Deferred Compensation
Plan I as of this 17 day of December, 2008. 

	ENTERPRISE FINANCIAL SERVICES CORP.  
	  
	  
	By: 
    	/s/ Mark G. Murtha 
	Title: 	 

	ATTEST:

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