Document:

Form of Quadra Realty Trust, Inc. Manager Equity Plan

 Exhibit 10.8 
 FORM OF QUADRA REALTY TRUST, INC. 
 MANAGER EQUITY PLAN 

 FORM OF QUADRA REALTY TRUST, INC. 
 MANAGER EQUITY PLAN 
  

					
	  	  	 Section
	  	Page
	 1.
	  	Purpose; Types of Awards; Construction.	  	1
	 2.
	  	Definitions.	  	1
	 3.
	  	Administration.	  	3
	 4.
	  	Eligibility.	  	3
	 5.
	  	Stock Subject to the Plan.	  	4
	 6.
	  	Terms of Awards.	  	4
	 7.
	  	Termination of Management Agreement.	  	8
	 8.
	  	General Provisions.	  	8

  

 FORM OF QUADRA REALTY TRUST, INC. 
 MANAGER EQUITY PLAN 
 1. Purpose; Types of Awards; Construction.

 The purposes of the Quadra Realty Trust, Inc. Manager Equity Plan (the “Plan”) are to issue equity-based incentives to Hypo Real
Estate Capital Corporation, a Delaware corporation (the “Manager”), which may in turn issue incentives to the directors, officers, employees, advisors or consultants of the Manager or of the Manager’s Affiliates in order to increase
their efforts on behalf of the Company and its subsidiaries and to promote the success of the Company’s business. The Plan provides for the grant of stock options, restricted stock, restricted stock units, unrestricted shares and other
equity-based awards. 
 2. Definitions. 
 For purposes of the Plan, the following terms shall be defined as set forth below: 
 (a)
“Affiliate” means (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person, (ii) any executive officer or general partner of such other Person and (iii) and legal
entity for which such Person acts as an executive officer or general partner. 
 (b) “Award” means any Option, Restricted Stock,
Restricted Stock Unit or Other Stock-Based Award granted under the Plan. 
 (c) “Award Agreement” means any written agreement,
contract or other instrument or document evidencing an Award. 
 (d) “Board” means the Board of Directors of the Company.

 (e) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder. 
 (f) “Committee” means the committee, if any, established by the Board to administer the Plan, the composition of
which shall at all times consist of “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act. 
 (g)
“Company” means Quadra Realty Trust, Inc., a Maryland corporation, or any successor corporation. 
 (h) “Effective Date”
means [                    ], 2007, the date on which the Plan was adopted by the Board, subject to obtaining the approval of the
Company’s stockholders. 

 (i) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
and the rules and regulations promulgated thereunder. 
 (j) “Fair Market Value” means, with respect to Stock or other property,
the fair market value of such Stock or other property determined by such methods or procedures as shall be established from time to time by the Board. Unless otherwise determined by the Board in good faith, the per share Fair Market Value of Stock
as of a particular date shall mean (i) the closing sales price per share of Stock on the national securities exchange on which the Stock is principally traded, for the last preceding date on which there was a sale of such Stock on such
exchange; (ii) if the shares of Stock are then traded in an over-the-counter market, the average of the closing bid and asked prices for the shares of Stock in such over-the-counter market for the last preceding date on which there was a sale
of such Stock in such market; or (iii) if the shares of Stock are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Board, in its sole discretion, shall determine. 
 (k) “Management Agreement” means the Management Agreement, dated as of
[                    ], 2007, by and between the Company and the Manager, as such may be amended from time to time. 
 (l) “Manager” means Hypo Real Estate Capital Corporation, a Delaware corporation. 
 (m) “Option” means a right, granted to the Manager under Section 6(b)(i), to purchase shares of Stock. 
 (n) “Other Stock-Based Award” means a right or other interest granted to the Manager that may be denominated or payable in, valued in whole or
in part by reference to, or otherwise based on, or related to, Stock, including but not limited to shares of unrestricted Stock or dividend equivalent rights. 
 (o) “Plan” means this Quadra Realty Trust, Inc. Manager Equity Plan, as amended from time to time. 
 (p) “Restricted Stock” means an Award of shares of Stock to the Manager under Section 6(b)(ii) that may be subject to certain restrictions and to a risk of forfeiture. 
 (q) “Restricted Stock Unit” or “RSU” means a right granted to the Manager under Section 6(b)(iii) to receive Stock, cash or
other property at the end of a specified period, which right may be conditioned on the satisfaction of specified performance or other criteria. 
 (r) “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder. 
  

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 (s) “Stock” means shares of the common stock, par value $0.001 per share, of the Company.

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

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 5. Stock Subject to the Plan. 
 The maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be 700,000, subject to adjustment as provided herein. No more
than [175,000] shares of Stock may be made subject to Options granted under the Plan, and no more than [700,000] shares of Stock may be made subject to stock-based awards other than Options (including Restricted Stock and Restricted Stock Units or
Other Stock-Based Awards), in either case, subject to adjustment as provided herein. Such shares may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in
private transactions or otherwise. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered to the Company or if an Award terminates or expires without a distribution of shares to the Manager, or if shares of Stock are
surrendered or withheld by the Company as payment of either the exercise price of an Award and/or withholding taxes in respect of an Award, the shares of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation,
exchange, surrender, withholding, termination or expiration, again be available for Awards under the Plan. Upon the exercise of any Award granted in tandem with any other Award, such related Award shall be cancelled to the extent of the number of
shares of Stock as to which the Award is exercised and, notwithstanding the foregoing, such number of shares shall no longer be available for Awards under the Plan. 
 In the event that the Board shall determine that any dividend or other distribution (whether in the form of cash, Stock, or other property), recapitalization, Stock split, reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of the Manager
under the Plan, then the Board shall make equitable changes or adjustments to any or all of: (i) the number and kind of shares of Stock or other property (including cash) that may thereafter be issued in connection with Awards; (ii) the
number and kind of shares of Stock or other property (including cash) issued or issuable in respect of outstanding Awards; (iii) the exercise price, grant price or purchase price relating to any Award; and (iv) the performance goals
applicable to outstanding Awards. In addition, the Board may determine that any such equitable adjustment may be accomplished by making a payment to the Award holder, in the form of cash or other property (including but not limited to shares of
Stock). 
 6. Terms of Awards. 
 (a) General. The term of each Award shall be for such period as may be determined by the Board. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company upon the grant, vesting,
maturation or exercise of an Award may be made in such forms as the Board shall determine at the date of grant or thereafter, including, without limitation, cash, Stock or other property, and may be made in a single payment or transfer, in
installments or on a deferred basis. The Board may make rules relating to installment or deferred payments with respect to Awards, including the rate of interest to be credited with respect to such 

  

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payments. In addition to the foregoing, the Board may impose on any Award or the exercise thereof, at the date of grant or thereafter, such additional terms
and conditions, not inconsistent with the provisions of the Plan, as the Board shall determine. 
 (b) Terms of Specified Awards. The
Board is authorized to grant the Awards described in this Section 6(b), under such terms and conditions as deemed by the Board to be consistent with the purposes of the Plan. Such Awards may be granted with vesting, value and/or and payment
contingent upon attainment of one or more performance goals. Except as otherwise set forth herein or as may be determined by the Board, each Award granted under the Plan shall be evidenced by an Award Agreement containing such terms and conditions
applicable to such Award as the Board shall determine at the date of grant or thereafter. 
 (i) Options. The Board is
authorized to grant Options to the Manager on the following terms and conditions: 
 (A) Exercise Price. The exercise
price per share of Stock purchasable under an Option shall be determined by the Board, but in no event shall the per share exercise price of any Option be less than 100% of the Fair Market Value of a share of Stock on the date of grant of such
Option. The exercise price for Stock subject to an Option may be paid in cash or by an exchange of Stock previously owned by the Manager, through a “broker cashless exercise” procedure approved by the Board (to the extent permitted by law)
or a combination of the above, in any case in an amount having a combined value equal to such exercise price; provided that the Board may require that any Stock exchanged by the Manager have been owned by the Manager for at least six months as of
the date of exercise. An Award Agreement may provide that the Manager may pay all or a portion of the aggregate exercise price by having shares of Stock with a Fair Market Value on the date of exercise equal to the aggregate exercise price withheld
by the Company. 
 (B) Term and Exercisability of Options. Options shall be exercisable over the exercise period
(which shall not exceed ten years from the date of grant), at such times and upon such conditions as the Board may determine, as reflected in the Award Agreement; provided, that the Board shall have the authority to accelerate the exercisability of
any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. An Option may be exercised to the extent of any or all full shares of Stock as to which the Option has become exercisable, by giving
written notice of such exercise to the Board or its designated agent. 
  

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 (C) Termination of Services. Subject to Section 7, an Option may not be
exercised unless the Manager is then providing services to the Company pursuant to the Management Agreement; provided, that the Award Agreement may contain provisions extending the exercisability of Options, in the event of the termination of the
Management Agreement, to a date not later than the expiration date of such Option. 
 (D) Other Provisions. Options
may be subject to such other conditions including, but not limited to, restrictions on transferability of the shares acquired upon exercise of such Options, as the Board may prescribe in its discretion or as may be required by applicable law.

 (ii) Restricted Stock. The Board is authorized to grant Restricted Stock to the Manager on the following terms and
conditions: 
 (A) Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on
transferability and other restrictions, if any, as the Board may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, or otherwise, as the
Board may determine. The Board may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. Unless otherwise determined by the Board, the Manager shall have all of the
rights of a stockholder with respect to shares of Restricted Stock including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 
 (B) Forfeiture. Subject to Section 7, upon termination of the Management Agreement during the applicable restriction period,
Restricted Stock and any accrued but unpaid dividends that are then subject to restrictions shall be forfeited; provided, that the Board may waive in whole or in part the forfeiture of Restricted Stock. 
 (C) Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Board shall determine.
If certificates representing Restricted Stock are registered in the name of the Manager, such certificates shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, and the Company
shall retain physical possession of the certificate. 
 (D) Dividends. Unless otherwise determined by the Board,
dividends paid on Restricted Stock shall be paid at the 

  

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dividend payment date, provided that such payments may be deferred to such date as determined by the Board, and in any event shall be payable in cash or in
shares of Stock having a Fair Market Value equal to the amount of such dividends. Unless otherwise determined by the Board, Stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be
subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 
 (iii) Restricted Stock Units. The Board is authorized to grant Restricted Stock Units to the Manager, subject to the following
terms and conditions: 
 (A) Award and Restrictions. Delivery of Stock, cash or other property, as determined by the
Board, will occur upon expiration of the period specified for Restricted Stock Units by the Board during which forfeiture conditions apply, or such later date as the Board shall determine. The Board may place restrictions on Restricted Stock Units
that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. 
 (B) Forfeiture.
Subject to Section 7, upon termination of the Management Agreement prior to the vesting of a Restricted Stock Unit, or upon failure to satisfy any other conditions precedent to the delivery of Stock or cash to which such Restricted Stock Units
relate, all Restricted Stock Units and any accrued but unpaid dividend equivalents that are then subject to deferral or restriction shall be forfeited; provided, that the Board may waive in whole or in part the forfeiture of Restricted Stock Units.

 (C) Dividend Equivalents. Unless otherwise determined by the Board, Restricted Stock Units shall be credited with
dividend equivalents at such time as dividends, whether in the form of cash, Stock or other property, are paid with respect to the Stock. Unless otherwise determined by the Board, any such dividend equivalents shall be paid on the dividend payment
date to the Manager as though each Restricted Stock Unit held by the Manager were a share of outstanding Stock. 
 (iv)
Other Stock-Based Awards. The Board is authorized to grant Awards to the Manager in the form of Other Stock-Based Awards, as deemed by the Board to be consistent with the purposes of the Plan. Awards granted pursuant to this paragraph may be
granted with vesting, value and/or payment contingent upon the attainment of one or more performance goals. The Board shall determine the terms and 

  

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conditions of such Awards at the date of grant or thereafter. Without limiting the generality of this paragraph, Other Stock-Based Awards may include grants
of shares of Stock that are not subject to any restrictions or a substantial risk of forfeiture. 
 7. Termination of Management
Agreement. 
 Unless otherwise determined by the Board and set forth in an individual Award Agreement, upon termination of the Management
Agreement other than for Cause (as defined in the Management Agreement), any Award outstanding under the Plan that was not previously vested and/or exercisable shall become fully vested and/or exercisable, and any performance conditions imposed with
respect to such Award shall be deemed to be fully achieved. 
 8. General Provisions. 
 (a) Nontransferability. Unless otherwise provided in an Award Agreement, Awards with respect to which vesting and/or exercisability requirements
have not been met shall not be transferable by the Manager. Options granted under the Plan shall be exercisable only by the Manager. 
 (b)
No Right to Continued Employment or Service, etc. Nothing in the Plan or in any Award, any Award Agreement or other agreement entered into pursuant hereto shall confer upon the Manager the right to provide services to the Company or any
parent or subsidiary of the Company or to be entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company to terminate the Management
Agreement. 
 (c) Taxes. The Manager shall be solely responsible for the payment of any taxes that may become payable by the Manager
which arise from the issuance, vesting or exercise of any Award granted to it by the Company under the Plan. 
 (d) Effective Date;
Amendment and Termination. 
 (i) The Plan shall take effect upon the Effective Date, subject to the approval of the
Company’s sole stockholder. 
 (ii) The Board may at any time and from time to time terminate, amend, modify or suspend
the Plan in whole or in part; provided, however, that unless otherwise determined by the Board, an amendment that requires stockholder approval in order for the Plan to comply with any law, regulation or stock exchange requirement shall not be
effective unless approved by the requisite vote of stockholders. The Board may at any time and from time to time amend any outstanding Award in whole or in part. Notwithstanding the foregoing sentence of this clause (ii), no amendment or
modification to or suspension or termination of the Plan or amendment of any Award shall affect adversely any of the rights of the Manager, without the Manager’s consent, under any Award theretofore granted under the Plan. 
  

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 (e) Expiration of Plan. Unless earlier terminated by the Board pursuant to the provisions of the
Plan, the Plan shall expire on the tenth anniversary of the Effective Date. No Awards shall be granted under the Plan after such expiration date. The expiration of the Plan shall not affect adversely any of the rights of the Manager, without the
Manager’s consent, under any Award theretofore granted. 
 (f) No Rights to Awards; No Stockholder Rights. The Manager shall not
have any claim to be granted any Award under the Plan. Except as provided specifically herein, the Manager shall have no rights as a stockholder with respect to any shares covered by the Award until the date of the issuance of a stock certificate to
the Manager for such shares. 
 (g) Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for
incentive and deferred compensation. With respect to any payments not yet made to the Manager pursuant to an Award, nothing contained in the Plan or any Award shall give any the Manager any rights that are greater than those of a general creditor of
the Company. 
 (h) No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any
Award. The Board shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 

(i) Regulations and Other Approvals. 
 (i) The obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state
securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Board. 
 (ii) Each Award is subject to the requirement that, if at any time the Board determines, in its absolute discretion, that the listing, registration or qualification of Stock issuable pursuant to the Plan is required
by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Stock, no such
Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Board. 
  

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 (iii) The Board may require the Manager receiving Stock pursuant to the Plan, as a
condition precedent to receipt of such Stock, to enter into a stockholder agreement or “lock-up” agreement in such form as the Board shall determine is necessary or desirable to further the Company’s interests. 
 (j) Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of Maryland without
giving effect to the conflict of laws principles thereof. 
  

 10Form of Restricted Stock Award Agreement (under Manager Equity Plan)

 Exhibit 10.9 
 FORM OF QUADRA REALTY TRUST, INC. 
 MANAGER EQUITY PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 THIS
RESTRICTED STOCK AWARD AGREEMENT, (the “Agreement”), dated as of                     , 20     (the
“Grant Date”), is made by and between Quadra Realty Trust, Inc., a Maryland corporation (the “Company”), and Hypo Real Estate Capital Corporation, a Delaware corporation (the “Grantee”). 
 WHEREAS, the Company has adopted the Quadra Realty Trust, Inc. Manager Equity Plan (the “Plan”), pursuant to which the Company may grant shares
of Stock which are restricted as to transfer (shares so restricted hereinafter referred to as “Restricted Stock”); 
 WHEREAS, the
Grantee is providing bona fide services to the Company on the date of this Agreement; 
 WHEREAS, the Company desires to grant to the Grantee
the number of shares of Restricted Stock provided for herein; 
 NOW, THEREFORE, in consideration of the recitals and the mutual agreements
herein contained, the parties hereto agree as follows: 
 Section 1. Grant of Restricted Stock Award 
 (a) Grant of Restricted Stock. The Company hereby grants to the Grantee
[            ] shares of Restricted Stock on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. 
 (b) Incorporation of Plan. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein,
this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan. The Board shall have final authority to interpret and
construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Grantee and its representatives in respect of any questions arising under the Plan or this Agreement.

  

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 Section 2. Terms and Conditions of Award 
 The grant of Restricted Stock provided in Section 1(a) shall be subject to the following terms, conditions and restrictions: 
 (a) Ownership of Shares. Subject to the restrictions set forth in the Plan and this Agreement, the Grantee shall possess all incidents of
ownership of the Restricted Stock granted hereunder, including the right to receive dividends with respect to such Stock, as set forth in clause (b) below, and the right to vote such Stock. 
 (b) Payment of Dividends. The Grantee shall be entitled to receive dividends which become payable on the Restricted Stock at the time such
dividends are paid to other holders of Stock. 
 (c) Restrictions. Restricted Stock and any interest therein, may not be sold,
assigned, transferred, pledged, hypothecated or otherwise disposed of prior to the lapse of restrictions set forth in this Agreement applicable thereto, as set forth in Section 2(e). The Board may in its discretion, cancel all or any portion of
any outstanding restrictions prior to the expiration of the periods provided under Section 2(e). 
 (d) Certificate; Restrictive
Legend. The Grantee agrees that any certificate issued for Restricted Stock prior to the lapse of any outstanding restrictions relating thereto shall be inscribed with the following legend: 
 This certificate and the shares of stock represented hereby are subject to the terms and conditions, including forfeiture provisions and restrictions
against transfer (the “Restrictions”), contained in the Quadra Realty Trust, Inc. Manager Equity Plan and an agreement entered into between the registered owner and Quadra Realty Trust, Inc. Any attempt to dispose of these shares in
contravention of the Restrictions, including by way of sale, assignment, transfer, pledge, hypothecation or otherwise, shall be null and void and without effect. 
 (e) Lapse of Restrictions. Except as may otherwise be provided herein, the restrictions on transfer set forth in Section 2(c) shall lapse with respect to
[             percent (    %)] of the shares of Restricted Stock granted hereunder on [each of the
[                    ] anniversaries of the Grant Date], so long as the Management Agreement is in effect as of the relevant
date. [Performance-based vesting provisions, if applicable.] 
  

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 Notwithstanding the foregoing, the Restricted Stock granted hereunder shall become immediately vested and
free of transfer restrictions upon termination of the Management Agreement other than for Cause (as defined in the Management Agreement). 
 Upon each lapse of restrictions relating to Restricted Stock, the Company shall issue to the Grantee a stock certificate representing a number of shares of Stock, free of the restrictive legend described in Section 2(d), equal to the
number of shares subject to this Restricted Stock award with respect to which such restrictions have lapsed. If certificates representing such Restricted Stock shall have theretofore been delivered to the Grantee, such certificates shall be returned
to the Company, complete with any necessary signatures or instruments of transfer prior to the issuance by the Company of such unlegended shares of Stock. 
 Restricted Stock forfeited pursuant to this Section 2(e) shall be transferred to, and reacquired by, the Company without payment of any consideration by the Company, and neither the Grantee nor any of the
Grantee’s successors or assigns shall thereafter have any further rights or interests in such shares or certificates. If certificates containing restrictive legends shall have theretofore been delivered to the Grantee, such certificates shall
be returned to the Company, complete with any necessary signatures or instruments of transfer. 
 Section 3. Miscellaneous 
 (a) Notices. Any and all notices, designations, consents, offers, acceptances and any other communications provided for herein shall be given in
writing and shall be delivered either personally or by registered or certified mail, postage prepaid, which shall be addressed, in the case of the Company to the [Corporate Counsel of the Company] at the principal office of the Company and,
in the case of the Grantee, to Grantee’s [Corporate Counsel]. 
 (b) No Right to Continued Service. Nothing in the Plan or
in this Agreement shall confer upon the Grantee any right to continue in the service of the Company or shall interfere with or restrict in any way the right of the Company, which is hereby expressly reserved, to terminate the Management Agreement at
any time for any reason whatsoever, with or without Cause (as defined in the Management Agreement). 
 (c) Bound by Plan. By signing
this Agreement, the Grantee acknowledges that its authorized representative has received a copy of the Plan and has had an opportunity to review the Plan and has agreed to bind the Grantee with respect to all the terms and provisions of the Plan.

  

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 (d) Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the
Company, its successors and assigns, and of the Grantee and its successors and assigns. 
 (e) Invalid Provision. The invalidity or
unenforceability of any particular provision thereof shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had been omitted. 
 (f) Modifications. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by
the parties hereto. 
 (g) Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties
hereto with respect to the subject matter contained herein and therein and supersede all prior communications, representations and negotiations in respect thereto. 
 (h) Governing Law. This Agreement and the rights of the Grantee hereunder shall be construed and determined in accordance with the laws of the State of Maryland. 
 (i) Headings. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or
construction, and shall not constitute a part, of this Agreement. 
 (j) Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

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 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the
             day of                     ,
20    . 
  

			
	QUADRA REALTY TRUST, INC.
		
	By:	 	  

	Its:	 	  

	
	HYPO REAL ESTATE CAPITAL CORPORATION
		
	By:	 	  

	Its:	 	  

  

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