Document:

Form of License Agreement

 Exhibit 10.5 
 FORM OF LICENSE AGREEMENT 
 THIS LICENSE AGREEMENT (this “Agreement”) is made and entered
into as of [—], 2009 (the “Effective Date”), by and between Ladder Capital Finance Holdings LLC, a Delaware limited liability company (“Licensor”), and Ladder Capital Realty Finance Inc, a
Maryland corporation (“Licensee”). 
 RECITALS 
 WHEREAS, Licensor expects to be the owner of the mark “Ladder Capital” (the “Mark”); 
 WHEREAS, Licensee is a newly-organized Maryland corporation which intends to elect and qualify as a real estate investment trust for federal income tax purposes; 
 WHEREAS, pursuant to that certain management agreement dated as of [—], 2009 by and among Licensee, Ladder Capital Realty (TRS) Inc and Ladder Capital Realty Finance Manager LLC,
attached as Exhibit A hereto (the “Management Agreement”), Licensee has engaged Ladder Capital Realty Finance Manager LLC, an affiliate of Licensor, to act as its manager (the “Manager”); and 
 WHEREAS, Licensee desires to use the Mark in connection with the operation of its business, and Licensor is willing to permit Licensee to use the Mark,
subject to the terms and conditions herein. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1.	Grant of License. 

  

	 	(A)	Subject to the terms and conditions hereinafter set forth in this Agreement, Licensor hereby grants to Licensee and its subsidiaries a nonexclusive, paid-up, non-transferable right
to use the Mark in connection with Services permitted by this Agreement. As used herein, the term “Services” means originating, acquiring, investing in and managing a diversified portfolio of commercial real estate first mortgage loans
secured by income producing properties, senior classes of investment grade commercial mortgage-backed securities and other commercial real estate-related debt instruments. Licensee and its subsidiaries shall be entitled to use the Mark as part of
their respective corporate names. Licensee and its subsidiaries may not use the Mark standing alone, use any variation, derivative or stylization of its corporate name, or use the Mark in connection or combination with any other name, term or logo
(either of its own or a third party) other than their respective corporate names. Licensee and its subsidiaries shall be entitled to so use the Mark as part of their respective corporate names on signage, business letterhead, cards and the like, and
on advertising and promotional materials used in the ordinary course in connection with the Services. 

  

	 	(B)	Licensee’s and its subsidiaries’ right to use the Mark is personal to Licensee and its subsidiaries, is not assignable, and does not include any right of sublicense.

  

	2.	Representations and Warranties of Licensor. Licensor hereby represents and warrants to Licensee as follows: 

  

	 	(A)	Organization. Licensor is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite
corporate power and authority to enter into and carry out the provisions of this Agreement and to consummate the transactions contemplated hereby. 

	 	(B)	Authority. This Agreement has been duly executed and delivered by a duly authorized officer of Licensor and constitutes a valid and binding agreement of Licensor, enforceable
against such Licensor in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws of general application that may affect the enforcement of creditors’ rights
generally and by general equitable principles. 

  

	 	(C)	Right to License the Mark. Licensor has the right to grant the license of the Mark to Licensee. 

  

	3.	Representations and Warranties of Licensee. Licensee hereby represents and warrants to Licensor as follows: 

  

	 	(A)	Organization. Licensee is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all requisite power and
authority to carry on its business, to enter into and carry out the provisions of this Agreement and to consummate the transactions contemplated hereby. Licensee is or will be duly qualified or licensed to do business and in good standing in each
jurisdiction in which the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary. 

  

	 	(B)	Authority. This Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary organizational action on the part of
Licensee. This Agreement has been duly executed and delivered by Licensee and constitutes a valid and binding agreement of Licensee, enforceable against Licensee in accordance with its terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other similar laws of general application that may affect the enforcement of creditors’ rights generally and by general equitable principles. 

  

	 	(C)	Agreements with Third Parties; Non-Competition Agreements. Neither Licensee nor any affiliate thereof has any agreement, arrangement or understanding of any kind with any
person or entity that would prevent Licensee from performing its obligations under this Agreement. 

  

	 	(D)	Ownership of the Mark. Licensee hereby acknowledges that Licensor is the owner of the Mark and that Licensee’s right to use the Mark is derived solely from this
Agreement. Licensee shall not directly or indirectly challenge or contest Licensor’s ownership of the Mark or the validity of the Mark. Licensee acknowledges that it shall not acquire any rights of ownership whatsoever in the Mark as a result
of this Agreement or Licensee’s use of the Mark, and that all goodwill arising from ownership of the Mark shall inure exclusively to the benefit of Licensor. Licensee agrees to notify Licensor promptly after it becomes aware of any actual or
threatened infringement, imitation, dilution, misappropriation or other unauthorized use or conduct in derogation of the Mark (“Infringement Event”). The Licensor that owns such Mark shall have the sole right to bring any action to remedy
the foregoing (or to refrain from taking any action in its sole discretion), and Licensee shall cooperate with such Licensor in same, at such Licensor’s expense. Licensee shall, at its sole expense, comply at all times with all applicable laws,
regulations, exchange and other rules and shall cooperate fully and in good faith with Licensor for the purpose of securing, preserving and protecting such Licensor’s rights in and to the Mark. 

  

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	 	(E)	Further Assurances. Licensee agrees to execute and deliver, at Licensee’s sole cost and expense, to Licensor, upon Licensor’s request, all documents which are
necessary or desirable to secure or preserve Licensor’s rights in or registrations of the Mark, to record this Agreement, as appropriate, or to cancel such recordation, as appropriate. 

  

	4.	Term. The term of this Agreement (and the license granted hereunder) shall commence on the Effective Date and continue until terminated in accordance with Paragraph 7
hereof, unless otherwise provided by the parties in writing. 

  

	5.	Method of Use. Licensor shall have a right of approval over proposed use of the Mark by Licensee and its subsidiaries and shall at all times and from time-to-time,
have the right to require Licensee and its subsidiaries to modify its use of the Mark within a reasonable period to conform to any change to the Mark instituted by Licensor. Licensee and its subsidiaries shall further employ and display the Mark in
accordance with written instructions of Licensor. 

  

	6.	Quality Control, Compliance with Laws, and Other Conditions. Licensee acknowledges the importance to Licensor’s and Licensee’s reputation and goodwill, and
to the public, of maintaining high, uniform standards of quality in the Services provided under the Mark. Therefore, Licensee agrees to: 

  

	 	(A)	provide all Services under the Mark in a manner that complies with Licensor’s business and professional standards; 

  

	 	(B)	comply (which term shall include compliance by Licensee’s directors and officers) with all applicable laws and statutes, ordinances, regulations, rules and decisions adopted by
any governmental authority pertaining to Licensee’s Services, or to use of the Mark; 

  

	 	(C)	use the Mark in a manner that will protect Licensor’s rights and goodwill therein, including the use of all notices, legends or markings that may be required by Licensor in
order to give appropriate notice of Licensor’s trademark rights in the Mark; 

  

	 	(D)	affix the Mark on advertising and promotional materials only according to the formats, logotypes, colors, styles and specifications as shall be specifically approved in advance by
Licensor in writing; 

  

	 	(E)	not otherwise use the Mark in any way, except in a form and manner approved by Licensor; and 

  

	 	(F)	follow any other standards as may be reasonably requested to maintain Licensor’s rights in the Mark. 

 Licensor may periodically audit Licensee’s compliance with the provisions of this Agreement, and Licensee shall cooperate in such audits by making
its appropriate personnel, together with copies of its business and employee manuals and samples of its trade marks, marketing materials and business templates, available to Licensor upon reasonable advance notice from Licensor. 
  

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	7.	Termination by Licensor. The occurrence of any of the following events shall permit Licensor, at its sole and absolute option and without prejudice to any of its other
rights or remedies provided for hereunder or by law or equity, to terminate this Agreement by giving notice to Licensee: 

  

	 	(A)	if Licensee breaches any term or condition of this Agreement and Licensee fails to cure such breach within thirty (30) days after notice thereof from Licensor; or

  

	 	(B)	if the Manager or another controlled affiliate of Licensor is no longer acting as manager to Licensee under the Management Agreement or a substantially similar agreement; or

  

	 	(C)	if Licensee is dissolved, or becomes the subject of any bankruptcy or insolvency proceedings, or a liquidator or receiver is appointed for a substantial portion of Licensee’s
assets, or Licensee makes an assignment for the benefit of its creditors, or Licensee generally admits its inability to pay its debts as they become due. 

  

	8.	Rights and Obligations Upon Termination or Expiration. Upon any termination or the expiration of this Agreement, all of Licensee’s rights in the Mark and in this
Agreement shall, without any act by Licensor or Licensee, immediately revert to Licensor. In addition, Licensee and its subsidiaries shall: (i) as soon as practical but not later than thirty (30) days after termination, cease using the
Mark, (ii) as soon as practical but not later than thirty (30) days after termination, cause Licensee’s and its subsidiaries’ names to be changed to delete “Ladder Capital” and to employ a name and any marks that would
not, in the reasonable judgment of Licensor, be confusingly similar to the Mark, and (iii) execute and deliver to Licensor, at Licensor’s request, a document or documents prepared by Licensor assigning to Licensor all of Licensee’s
right, title and interest, if any, in and to the Mark. 

  

	9.	Indemnification. 

  

	 	(A)	Licensor shall indemnify Licensee against any and all liabilities, claims, actions, causes of action, counterclaims, costs and expenses (including reasonable attorneys’ fees)
arising out of or incurred in connection with any suits, claims or counterclaims that dispute Licensee’s right to use the Mark as provided for in this Agreement or that arise out of any breach of Licensor’s representations, warranties or
covenants hereunder. 

  

	 	(B)	Licensee shall indemnify Licensor against any and all liabilities, claims, actions, causes of action, counterclaims, costs and expenses (including reasonable attorneys’ fees)
arising out of or incurred in connection with any suits, claims or counterclaims regarding Licensee’s business (including the Services), Licensee’s acts or failures to act which fall outside the scope of, or are in violation of, this
Agreement, or regarding infringement arising out of any act of Licensee. 

  

	10.	Approval; Consent. Where the approval or consent of Licensor is required under any provision of this Agreement, such approval or consent shall be requested by Licensee
by notice to Licensor, and by providing Licensor with all information which Licensor shall reasonably require for determining whether or not to grant such approval or consent. Upon completion of its review of such request and the information
received from Licensee, Licensor shall notify Licensee whether such information is sufficient for Licensor to make its determination. 

  

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	11.	Limitation on Assignment and Sublicense. 

  

	 	(A)	Neither this Agreement nor any part or all of Licensee’s interest in this Agreement or the Mark may be voluntarily or involuntarily, directly or indirectly, assigned,
sublicensed, sold, mortgaged, hypothecated or otherwise transferred by Licensee and Licensee may not permit any lien or encumbrance to be imposed upon this Agreement, including any transfer by operation of law. 

  

	 	(B)	Any assignment, transfer, lien, or sublicense in violation of this Section 11 shall constitute a material breach of this Agreement, thereby giving Licensor the right to
terminate this Agreement immediately, and such assignment, transfer or sublicense shall be void ab initio and shall convey no rights or interests in the Mark. For the avoidance of doubt, a merger, change of control, reorganization or stock
sale of Licensee shall be deemed an “assignment,” regardless of whether Licensee is the surviving entity. 

  

	12.	Waiver. The waiver by either party of a breach or provision of this Agreement by the other shall not operate or be construed as a waiver of any subsequent breach by
such other party. 

  

	13.	Binding Effect. This Agreement shall be binding upon the parties hereto and shall inure to the benefit of their respective permitted successors in interest and
assigns. 

  

	14.	Notices. All notices, requests, demands or other communications required or permitted herein shall be in writing and shall be deemed to have been duly given to any
party (a) when delivered personally (by courier service or otherwise) or by facsimile, or (b) on the business day after the date sent by a nationally recognized overnight courier service, in each case to the applicable addresses set forth
below, or to such other addresses and telecopy numbers as a party shall have previously designated by such a notice. 

  

					
	To Licensor:	  	Ladder Capital Finance Holdings LLC
		  	600 Lexington Avenue, 23rd Floor
		  	New York, New York 10022
		  	Attention:	  	Pamela McCormack
		  	Telephone:	  	(212) 715-3174
		  	Facsimile:	  	(212) 715-3199
		
	To Licensee:	  	Ladder Capital Realty Finance Inc
		  	600 Lexington Avenue, 23rd Floor
		  	New York, New York 10022
		  	Attention:	  	Pamela McCormack
		  	Telephone:	  	(212) 715-3174
		  	Facsimile:	  	(212) 715-3199

  

	15.	Severability. The invalidity, illegality or unenforceability of any provision hereof shall not in any way impair, invalidate or render unenforceable this Agreement.

  

	16.	Choice of Law. This Agreement shall be governed by and construed in accordance with applicable federal law and the “internal” laws of the state of New York.

  

	17.	General. This Agreement constitutes the entire agreement of the parties herein with respect to the subject matter hereof and supersedes any prior agreement or
understanding, both written and oral. This Agreement may be modified only by written instrument duly executed by each party hereto. The paragraph headings herein are for information only, and this Agreement shall not be construed by reference
thereto. 

  

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	18.	Counterparts. This Agreement may be executed in two or more counterparts, each of which counterpart shall be deemed to be an original, and all such counterparts taken
together shall constitute one and the same instrument. 

 [SIGNATURE PAGE TO FOLLOW] 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the Effective Date.

  

			
	LADDER CAPITAL FINANCE HOLDINGS LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	LADDER CAPITAL REALTY FINANCE INC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 72009 Equity Incentive Plan of Ladder Capital Realty Finance Inc

 Exhibit 10.6 
 DRAFT 
 LADDER CAPITAL REALTY FINANCE INC 
 2009 EQUITY INCENTIVE PLAN 
 1. PURPOSE. The Plan is intended to provide incentives to Directors and to the Manager,
to encourage a proprietary interest in the Company and to encourage such persons to increase their efforts in providing significant services to the Company. In furtherance thereof, the Plan permits awards of equity-based incentives to Directors and
to the Manager. 
 2. DEFINITIONS. As used in this Plan, the following definitions apply: 
 “Act” shall mean the Securities Act of 1933, as amended. 
 “Award Agreement” shall mean a written agreement evidencing a Grant pursuant to the Plan. 
 “Board” shall mean the Board of Directors of the Company. 
 “Cause” shall mean, unless otherwise provided in
the Grantee’s Award Agreement, (i) engaging in (A) willful or gross misconduct or (B) willful or gross neglect, (ii) repeatedly failing to adhere to the directions of the Board or the written policies and practices of the
Company or the Manager, (iii) the commission of a felony or a crime of moral turpitude, or any crime involving the Company, the Subsidiaries or the Manager, (iv) fraud, misappropriation or embezzlement, (v) a material breach of the
Grantee’s service agreement with the Company, or (vi) any illegal act detrimental to the Company, all as determined by the Committee. 
 “Change in Control” means unless otherwise provided in an Award Agreement the happening of any of the following: 
 (i)
any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding the Company, any entity controlling, controlled by or under common control with the Company, any trustee,
fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any such entity, and, with respect to any particular Participant, the Participant and any “group” (as such term is used in
Section 13(d)(3) of the Exchange Act) of which the Participant is a member), is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing
50% or more of either (A) the combined voting power of the Company’s then outstanding securities or (B) the then outstanding Shares (in either such case other than as a result of an acquisition of securities directly from the
Company); or 
 (ii) any consolidation or merger of the Company where the shareholders of the Company, immediately prior to the consolidation
or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting
power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); or 
  

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 (iii) there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a
series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an
entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of the Company immediately prior to such sale or
(B) the approval by shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or 
 (iv)
the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any
Director whose election, or nomination for election by the Company’s shareholders, was approved or ratified by a vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such
24-calendar-month period, shall be deemed to be an Incumbent Director. 
 Notwithstanding the foregoing, no event or condition shall constitute a Change in
Control to the extent that, if it were, a 20% tax would be imposed under Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute a Change in Control to the maximum extent possible (e.g., if
applicable, in respect of vesting without an acceleration of distribution) without causing the imposition of such 20% tax. Without limiting the foregoing, no event or condition described in clauses (i) through (iv) above shall constitute a
Change in Control if it results from a transaction between the Company and the Manager, or an affiliate of the Manager. 
 “Code”
shall mean the Internal Revenue Code of 1986, as amended. 
 “Committee” shall mean the Compensation Committee of the Company as
appointed by the Board in accordance with Section 4 of the Plan; provided, however, that the Committee shall at all times consist solely of persons who, at the time of their appointment, each qualified as a “Non-Employee
Director” under Rule 16b-3(b)(3)(i) promulgated under the Exchange Act. 
 “Common Stock” shall mean the Company’s
common stock, par value $0.01 per share, either currently existing or authorized hereafter. 
 “Company” shall mean Ladder Capital
Realty Finance Inc, a Maryland corporation. 
 “DER” shall mean a right awarded under Section 10 of the Plan to receive (or
have credited) the equivalent value (in cash or Shares) of dividends paid on Common Stock. 
 “Director” means a non-employee
director of the Company. 
 “Disability” shall mean, unless otherwise provided by the Committee in the Grantee’s Award
Agreement, the occurrence of an event which would entitle the Grantee to the payment of disability income under an approved long-term disability income plan or a long-term disability as determined by the Committee in its absolute discretion pursuant
to any other standard as may be adopted by the Committee. Notwithstanding the foregoing, no circumstances or condition shall constitute a Disability to the extent that, if it were, a 20% tax would be imposed under Section 409A of the Code;
provided that, in such a case, the event or condition shall continue to constitute a Disability to the maximum extent possible (e.g., if applicable, in respect of vesting without an acceleration of distribution) without causing the imposition of
such 20% tax. 
 “Eligible Persons” shall mean (i) a Director and (ii) the Manager. 
  

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 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Exercise Price” shall mean the price per Share of Common Stock, determined by the Board or the Committee, at which an Option may be exercised.

 “Fair Market Value” shall mean the value of one share of Common Stock, determined as follows: 
  

	 	(i)	If the Shares are then listed on a national stock exchange, the closing sales price per Share on the exchange for the last preceding date on which there was a sale of Shares on such
exchange, as determined by the Committee. 

  

	 	(ii)	If the Shares are not then listed on a national stock exchange but are then traded on an over-the-counter market, the average of the closing bid and asked prices for the Shares in
such over-the-counter market for the last preceding date on which there was a sale of such Shares in such market, as determined by the Committee. 

  

	 	(iii)	If neither (i) nor (ii) applies, such value as the Committee in its discretion may in good faith determine. Notwithstanding the foregoing, where the Shares are listed or
traded, the Committee may make discretionary determinations in good faith where the Shares have not been traded for 10 trading days. 

 Notwithstanding the foregoing, with respect to any “stock right” within the meaning of Section 409A of the Code, Fair Market Value shall not be less than the “fair market value” of the shares of Common Stock
determined in accordance with the final regulations promulgated under Section 409A of the Code. 
 “Grant” shall mean the
issuance of a Non-qualified Stock Option, Restricted Stock, Phantom Share, DER, other equity-based grant as contemplated herein or any combination thereof as applicable to an Eligible Person. The Committee will determine the eligibility of
Directors, and the Manager based on, among other factors, the position and responsibilities of such persons, the nature and value to the Company of such persons’ accomplishments and potential contribution to the success of the Company whether
directly or through its subsidiaries. 
 “Grantee” shall mean an Eligible Person to whom Options, Restricted Stock, Phantom Shares,
DERs, or other equity-based awards are granted hereunder. 
 “Manager” shall mean Ladder Capital Realty Finance Manager LLC, the
Company’s manager. 
 “Non-qualified Stock Option” shall mean an Option not described in Section 422(b) of the Code.

 “Option” shall mean a Non-qualified Stock Option, to purchase, at a price and for the term fixed by the Committee in accordance
with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a number of Shares determined by the Committee. 
 “Optionee” shall mean any Eligible Person to whom an Option is granted, or the Successors of the Optionee, as the context so requires. 
 “Phantom Share” shall mean a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value. 
  

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 “Phantom Share Value,” per Phantom Share, shall mean the Fair Market Value of a Share or, if so
provided by the Committee, such Fair Market Value to the extent in excess of a base value established by the Committee at the time of grant. 
 “Plan” shall mean the Company’s 2009 Equity Incentive Plan, as set forth herein, and as the same may from time to time be amended. 
 “Purchase Price” shall mean the Exercise Price times the number of Shares with respect to which an Option is exercised. 
 “Restricted Stock” shall mean an award of Shares that are subject to restrictions hereunder. 
 “Shares” shall mean shares of Common Stock of the Company, adjusted in accordance with Section 13 of the Plan (if applicable). 
 “Subsidiary” shall mean any corporation, partnership, limited liability company or other entity at least 50% of the economic interest in the equity of which is owned, directly or indirectly, by the Company
or by another subsidiary. 
 “Successors of the Optionee” shall mean the legal representative of the estate of a deceased Optionee
or the person or persons who shall acquire the right to exercise an Option by bequest or inheritance or by reason of the death of the Optionee. 
 “Termination of Service” shall mean the time when the directorship or service relationship (sufficient to constitute service as an Eligible Person), between the Grantee and the Company is terminated for any reason, with or without
Cause, including, but not limited to, any termination by resignation, discharge or death; provided, however, Termination of Service shall not include a termination where there is a simultaneous continuation of service of the Grantee
(sufficient to constitute service as an Eligible Person) for the Company. The Committee, in its absolute discretion, shall determine the effects of all matters and questions relating to Termination of Service, including, but not limited to, the
question of whether any Termination of Service was for Cause. 
 3. EFFECTIVE DATE. The effective date of the Plan is
[                    ], 2009. The Plan shall not become effective unless and until it is approved by the requisite percentage of the holders of the
Common Stock of the Company. The Plan shall terminate on, and no award shall be granted hereunder on or after, the 10-year anniversary of the earlier of the approval of the Plan by (i) the Board or (ii) the shareholders of the Company;
provided, however, that the Board may at any time prior to that date terminate the Plan. 
 4. ADMINISTRATION. 
 (a) Membership on Committee. The Plan shall be administered by the Committee appointed by the Board. If no Committee is designated by the Board to act for
those purposes, the full Board shall have the rights and responsibilities of the Committee hereunder and under the Award Agreements. 
 (b)
Committee Meetings. The acts of a majority of the members present at any meeting of the Committee at which a quorum is present, or acts approved in writing by a majority of the entire Committee, shall be the acts of the Committee for purposes of the
Plan. If and to the extent applicable, no member of the Committee may act as to matters under the Plan specifically relating to such member. 
  

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 (c) Grant of Awards. 
  

	 	(i)	The Committee shall from time to time at its discretion select the Eligible Persons who are to be issued Grants and determine the number and type of Grants to be issued under any
Award Agreement to an Eligible Person. In particular, the Committee shall (A) determine the terms and conditions, not inconsistent with the terms of the Plan, of any Grants awarded hereunder (including, but not limited to the performance goals
and periods applicable to the award of Grants); (B) determine the time or times when and the manner and condition in which each Option shall be exercisable and the duration of the exercise period; and (C) determine or impose other
conditions to the Grant or exercise of Options under the Plan as it may deem appropriate. The Committee may establish such rules, regulations and procedures for the administration of the Plan as it deems appropriate, determine the extent, if any, to
which Options, Phantom Shares, Shares (whether or not Shares of Restricted Stock), DERs, or other equity-based awards shall be forfeited (whether or not such forfeiture is expressly contemplated hereunder), and take any other actions and make any
other determinations or decisions that it deems necessary or appropriate in connection with the Plan or the administration or interpretation thereof. The Grantee shall take whatever additional actions and execute whatever additional documents the
Committee may in its reasonable judgment deem necessary or advisable in order to carry or effect one or more of the obligations or restrictions imposed on the Grantee pursuant to the express provisions of the Plan and the Award Agreement. DERs will
be exercisable separately or together with Options, and paid in cash or other consideration at such times and in accordance with such rules, as the Committee shall determine in its discretion. Unless expressly provided hereunder, the Committee, with
respect to any Grant, may exercise its discretion hereunder at the time of the award or thereafter. The Committee shall have the right and responsibility to interpret the Plan and the interpretation and construction by the Committee of any provision
of the Plan or of any Grant thereunder, including, without limitation, in the event of a dispute, shall be final and binding on all Grantees and other persons to the maximum extent permitted by law. Without limiting the generality of
Section 22, no member of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Grant hereunder. 

  

	 	(ii)	Notwithstanding clause (i) of this Section 4(c), any award under the Plan to an Eligible Person who is a member of the Committee shall be made by the full Board, but for
these purposes the Directors who are on the Committee shall be required to be recused in respect of such awards and shall not be permitted to vote. 

 (d) Awards. 
  

	 	(i)	Agreements. Grants to Eligible Persons shall be evidenced by written Award Agreements in such form as the Committee shall from time to time determine (which Award Agreements need
not be in the same form as any other Award Agreement evidencing Grants under the Plan and need not contain terms and conditions identical to those applicable to any other Grant under the Plan or to those applicable to any other Eligible Persons).
Such Award Agreements shall comply with and be subject to the terms and conditions set forth below. 

  

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	 	(ii)	Number of Shares. Each Grant issued to an Eligible Person shall state the number of Shares to which it pertains or which otherwise underlie the Grant and shall provide for the
adjustment thereof in accordance with the provisions of Section 13 hereof. 

  

	 	(iii)	Grants. Subject to the terms and conditions of the Plan and consistent with the Company’s intention for the Committee to exercise the greatest permissible flexibility under
Rule 16b-3 under the Exchange Act in awarding Grants, the Committee shall have the power: 

  

	 	(1)	to determine from time to time the Grants to be issued to Eligible Persons under the Plan and to prescribe the terms and provisions (which need not be identical) of Grants issued
under the Plan to such persons; 

  

	 	(2)	to construe and interpret the Plan and the Grants thereunder and to establish, amend and revoke the rules, regulations and procedures established for the administration of the Plan.
In this connection, the Committee may correct any defect or supply any omission, or reconcile any inconsistency in the Plan, in any Award Agreement, or in any related agreements, in the manner and to the extent it shall deem necessary or expedient
to make the Plan fully effective. All decisions and determinations by the Committee in the exercise of this power shall be final and binding upon the Company and the Grantees; 

  

	 	(3)	to amend any outstanding Grant, subject to Section 15, and to accelerate or extend the vesting or exercisability of any Grant (in compliance with Section 409A of the Code,
if applicable) and to waive conditions or restrictions on any Grants, to the extent it shall deem appropriate; and 

  

	 	(4)	generally to exercise such powers and to perform such acts as are deemed necessary or expedient to promote the best interests of the Company with respect to the Plan.

 5. PARTICIPATION. 
 (a)
Eligibility. Only Eligible Persons shall be eligible to receive Grants under the Plan. 
 (b) Limitation of Ownership. No Grants shall be
issued under the Plan to any person who after such Grant would beneficially own more than 9.8% of the outstanding shares of Common Stock of the Company, unless the foregoing restriction is expressly and specifically waived by action of the
Directors. 
 (c) Stock Ownership. For purposes of Section 5(b) above, in determining stock ownership a Grantee shall be considered as
owning the stock owned, directly or indirectly, by or for his brothers, sisters, spouses, ancestors and lineal descendants. Stock owned, directly or indirectly, by or for a corporation, partnership, estate or trust shall be considered as being owned
proportionately by or for its stockholders, partners or beneficiaries. Stock with respect to which any person holds an Option shall be considered to be owned by such person. 
 (d) Outstanding Stock. For purposes of Section 5(b) above, “outstanding shares” shall include all stock actually issued and outstanding
immediately after the issue of the Grant to the Grantee. With respect to the stock ownership of any Grantee, “outstanding shares” shall include shares authorized for issue under outstanding Options held by such Grantee, but not options
held by any other person. 
  

 - 6 - 

 6. STOCK. Subject to adjustments pursuant to Section 13, no Grant may cause the total number of shares of
Common Stock subject to all outstanding awards to exceed an aggregate of 7.5% of the issued and outstanding shares of Common Stock on a fully diluted basis (assuming, if applicable, the exercise of all outstanding Options and the conversion of all
warrants and convertible securities into shares of Common Stock). Notwithstanding the first sentence of this Section 6, (i) Shares that have been granted as Restricted Stock or that have been reserved for distribution in payment for
Options or Phantom Shares but are later forfeited or for any other reason are not payable under the Plan; and (ii) Shares as to which an Option is granted under the Plan that remains unexercised at the expiration, forfeiture or other
termination of such Option, may be the subject of the issue of further Grants. Shares of Common Stock issued hereunder may consist, in whole or in part, of authorized and unissued shares, treasury shares or previously issued Shares under the Plan.
The certificates for Shares issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate. Shares
subject to DERs, other than DERs based directly on the dividends payable with respect to Shares subject to Options or the dividends payable on a number of Shares corresponding to the number of Phantom Shares awarded, shall be subject to the
limitation of this Section 6. If any Phantom Shares or DERs are paid out in cash, the underlying Shares may again be made the subject of Grants under the Plan, notwithstanding the first sentence of this Section 6. 
 7. TERMS AND CONDITIONS OF OPTIONS. 
 (a) Each Award
Agreement with an Eligible Person shall state the Exercise Price. The Exercise Price for any Option shall not be less than the Fair Market Value on the date of Grant. 
 (b) Medium and Time of Payment. Except as may otherwise be provided below, the Purchase Price for each Option granted to an Eligible Person shall be payable in full in United States dollars upon the exercise of the
Option. If the applicable Award Agreement so provides, or the Committee otherwise so permits, the Purchase Price may be paid in one or a combination of the following: 
  

	 	(i)	by a certified or bank cashier’s check; 

  

	 	(ii)	by the surrender of shares of Common Stock in good form for transfer, owned by the person exercising the Option and having a Fair Market Value on the date of exercise equal to the
Purchase Price, or in any combination of cash and shares of Common Stock, as long as the sum of the cash so paid and the Fair Market Value of the shares of Common Stock so surrendered equals the Purchase Price; 

  

	 	(iii)	by cancellation of indebtedness owed by the Company to the Grantee; 

  

	 	(iv)	subject to Section 15(e), by a loan or extension of credit from the Company evidenced by a full recourse promissory note executed by the Grantee. The interest rate and other
terms and conditions of such note shall be determined by the Committee (in which case the Committee may require that the Grantee pledge his or her Shares to the Company for the purpose of securing the payment of such note, and in no event shall the
stock certificate(s) representing such Shares be released to the Grantee until such note shall have been paid in full); or 

  

 - 7 - 

	 	(v)	by any combination of such methods of payment or any other method acceptable to the Committee in its discretion. 

 Except in the case of Options exercised by certified or bank cashier’s check, the Committee may impose such limitations and prohibitions on the exercise of Options
as it deems appropriate, including, without limitation, any limitation or prohibition designed to avoid accounting consequences which may result from the use of Common Stock as payment upon exercise of an Option. Any fractional shares of Common
Stock resulting from a Grantee’s election that are accepted by the Company shall in the discretion of the Committee be paid in cash. 
 (c) Term and Nontransferability of Grants and Options. 
  

	 	(i)	Each Option under this Section 7 shall state the time or times which all or part thereof becomes exercisable, subject to the restrictions set forth in clauses (ii) through
(v) below. 

  

	 	(ii)	No Option shall be exercisable except by the Grantee or a transferee permitted hereunder. 

  

	 	(iii)	No Option shall be assignable or transferable, except by will or the laws of descent and distribution of the state wherein the Grantee is domiciled at the time of his death;
provided, however, that the Committee may (but need not) permit other transfers, where the Committee concludes that such transferability (i) does not result in accelerated taxation, and (ii) is otherwise appropriate and
desirable. 

  

	 	(iv)	No Option shall be exercisable until such time as set forth in the applicable Award Agreement (but in no event after the expiration of such Grant). 

  

	 	(v)	The Committee may not modify, extend or renew any Option granted to any Eligible Person unless such modification, extension or renewal shall satisfy any and all applicable
requirements of Rule 16b-3 under the Exchange Act and Section 409A of the Code, to the extent applicable. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, alter or impair any rights or
obligations under any Option previously granted. 

 (d) Termination of Service, other than by Death or Disability. Unless
otherwise provided in the applicable Award Agreement, upon any Termination of Service for any reason other than his or her death or Disability, an Optionee shall have the right, subject to the restrictions of Section 4(c) above, to exercise his
or her Option at any time within three months after Termination of Service, but only to the extent that, at the date of Termination of Service, the Optionee’s right to exercise such Option had accrued pursuant to the terms of the applicable
Award Agreement and had not previously been exercised; provided, however, that, unless otherwise provided in the applicable Award Agreement, if there occurs a Termination of Service by the Company for Cause or a Termination of Service
by the Optionee (other than on account of death or Disability), any Option not exercised in full prior to such termination shall be canceled. 
 (e) Death of Optionee. Unless otherwise provided in the applicable Award Agreement, if the Optionee of an Option dies while an Eligible Person or within three months after any Termination of Service other than for Cause or a Termination of
Service by the Optionee (other than on account of death or Disability), and has not fully exercised the Option, then the Option may be exercised in full, subject to 

  

 - 8 - 

 
the restrictions of Section 4(c) above, at anytime within 12 months after the Optionee’s death, by the Successor of the Optionee, but only to the
extent that, at the date of death, the Optionee’s right to exercise such Option had accrued and had not been forfeited pursuant to the terms of the Award Agreement and had not previously been exercised. 
 (f) Disability of Optionee. Unless otherwise provided in the Award Agreement, upon any Termination of Service for reason of his or her Disability, an
Optionee shall have the right, subject to the restrictions of Section 4(c) above, to exercise the Option at any time within 12 months after Termination of Service, but only to the extent that, at the date of Termination of Service, the
Optionee’s right to exercise such Option had accrued pursuant to the terms of the applicable Award Agreement and had not previously been exercised. 
 (g) Rights as a Stockholder. An Optionee, a Successor of the Optionee, or the holder of a DER shall have no rights as a stockholder with respect to any Shares covered by his or her Grant until, in the case of an
Optionee, the date of the issuance of a stock certificate for such Shares. No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property), distributions or other rights for which the record date
is prior to the date such stock certificate is issued, except as provided in Section 13. 
 (h) Modification, Extension and Renewal of
Option. Within the limitations of the Plan, and only with respect to Options granted to Eligible Persons, the Committee may modify, extend or renew outstanding Options or accept the cancellation of outstanding Options (to the extent not previously
exercised) for the granting of new Options in substitution therefor (but not including repricings, in the absence of stockholder approval). The Committee may modify, extend or renew any Option granted to any Eligible Person, unless such
modification, extension or renewal would not satisfy any applicable requirements of Rule 16b-3 under the Exchange Act and Section 409A of the Code. The foregoing notwithstanding, no modification of an Option shall, without the consent of
the Optionee, alter or impair any rights or obligations under any Option previously granted. 
 (i) Stock Appreciation Rights. The Committee,
in its discretion, may (taking into account, without limitation, the application of Section 409A of the Code, as the Committee may deem appropriate), also permit the Optionee to elect to exercise an Option by receiving Shares, cash or a
combination thereof, in the discretion of the Committee and as may be set forth in the applicable Award Agreement, with an aggregate Fair Market Value (or, to the extent of payment in cash, in an amount) equal to the excess of the Fair Market Value
of the Shares with respect to which the Option is being exercised over the aggregate Purchase Price, as determined as of the day the Option is exercised. 
 (j) Deferral. The Committee may establish a program (taking into account, without limitation, the application of Section 409A of the Code, as the Committee may deem appropriate) under which Optionees will have
Phantom Shares subject to Section 9 credited upon their exercise of Options, rather than receiving Shares at that time. 
 (k) Other
Provisions. The Award Agreement authorized under the Plan may contain such other provisions not inconsistent with the terms of the Plan (including, without limitation, restrictions upon the exercise of the Option) as the Committee shall deem
advisable. 
 8. PROVISIONS APPLICABLE TO RESTRICTED STOCK. 
 (a) Vesting Periods. In connection with the grant of Restricted Stock, whether or not Performance Goals apply thereto, the Committee shall establish one or more vesting periods with respect to the shares of Restricted
Stock granted, the length of which shall be determined in the discretion of the 

  

 - 9 - 

 
Committee and set forth in the applicable Award Agreement. Subject to the provisions of this Section 8, the applicable Award Agreement and the other
provisions of the Plan, restrictions on Restricted Stock shall lapse if the Grantee satisfies all applicable service requirements through the end of the applicable vesting period. 
 (b) Grant of Restricted Stock. Subject to the other terms of the Plan, the Committee may, in its discretion as reflected by the terms of the applicable
Award Agreement: (i) authorize the granting of Restricted Stock to Eligible Persons; (ii) provide a specified purchase price for the Restricted Stock (whether or not the payment of a purchase price is required by any state law applicable
to the Company); (iii) determine the restrictions applicable to Restricted Stock and (iv) determine or impose other conditions to the grant of Restricted Stock under the Plan as it may deem appropriate. 
 (c) Certificates. 
  

	 	(i)	Each Grantee of Restricted Stock may be issued a stock certificate in respect of Shares of Restricted Stock awarded under the Plan. Any such certificate shall be registered in the
name of the Grantee. Without limiting the generality of Section 6, in addition to any legend that might otherwise be required by the Board or the Company’s charter, bylaws or other applicable documents, the certificates for Shares of
Restricted Stock issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the applicable Award Agreement, or as the Committee may otherwise deem appropriate, and,
without limiting the generality of the foregoing, shall bear a legend referring to the terms, conditions, and restrictions applicable to such Grant, substantially in the following form: 

 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING
FORFEITURE) OF THE LADDER CAPITAL REALTY FINANCE INC 2009 EQUITY INCENTIVE PLAN, AND AN AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND LADDER CAPITAL REALTY FINANCE INC. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON FILE IN THE
OFFICES OF LADDER CAPITAL REALTY FINANCE INC AT 600 LEXINGTON AVENUE, 23RD FLOOR,
NEW YORK, NY 10022. 
  

	 	(ii)	The Committee may require that any stock certificates evidencing such Shares be held in custody by the Company until the restrictions hereunder shall have lapsed and that, as a
condition of any grant of Restricted Stock, the Grantee shall have delivered a stock power, endorsed in blank, relating to the stock covered by such Grant. If and when such restrictions so lapse, the stock certificates shall be delivered by the
Company to the Grantee or his or her designee as provided in Section 8(d). 

 (d) Restrictions and Conditions. Unless
otherwise provided by the Committee in an Award Agreement, the Shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions and conditions: 
  

	 	(i)	 Subject to the provisions of the Plan and the applicable Award Agreement, during a period commencing with the date of such Grant and ending on the date the period
of forfeiture with respect to such Shares lapses, the Grantee shall not 

  

 - 10 - 

	 	 
be permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign Shares of Restricted Stock awarded under the
Plan (or have such Shares attached or garnished). Subject to the provisions of the applicable Award Agreement and clauses (iii) and (iv) below, the period of forfeiture with respect to Shares granted hereunder shall lapse as provided in
the applicable Award Agreement. Notwithstanding the foregoing, unless otherwise expressly provided by the Committee, the period of forfeiture with respect to such Shares shall only lapse as to whole Shares. 

  

	 	(ii)	Except as provided in the foregoing clause (i), or in Section 13, the Grantee shall have, in respect of the Shares of Restricted Stock, all of the rights of a stockholder
of the Company, including the right to vote the Shares and receive dividends. Certificates for Shares (not subject to restrictions hereunder) shall be delivered to the Grantee or his or her designee (or where permitted, transferee) promptly after,
and only after, the period of forfeiture shall lapse without forfeiture in respect of such Shares of Restricted Stock. 

  

	 	(iii)	Termination of Service, Except by Death or Disability. Unless otherwise provided in the applicable Award Agreement, and subject to clause (iv) below, if the Grantee has a
Termination of Service for Cause or by the Grantee for any reason other than his or her death or Disability, during the applicable period of forfeiture, then (A) all Restricted Stock still subject to restriction shall thereupon, and with no
further action, be forfeited by the Grantee, and (B) the Company shall pay to the Grantee as soon as practicable (and in no event more than 30 days) after such termination an amount equal to the lesser of (x) the amount paid by the Grantee
for such forfeited Restricted Stock as contemplated by Section 8(b), and (y) the Fair Market Value on the date of termination of the forfeited Restricted Stock. 

  

	 	(iv)	Death or Disability of Grantee. Unless otherwise provided in the applicable Award Agreement, in the event the Grantee has a Termination of Service on account of his or her death or
Disability, or the Grantee has a Termination of Service by the Company for any reason other than Cause, during the applicable period of forfeiture, then restrictions under the Plan will immediately lapse on all Restricted Stock granted to the
applicable Grantee. 

 9. PROVISIONS APPLICABLE TO PHANTOM SHARES. 
 (a) Grant of Phantom Shares. Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable
Award Agreement: (i) authorize the Granting of Phantom Shares to Eligible Persons and (ii) determine or impose other conditions to the grant of Phantom Shares under the Plan as it may deem appropriate. 
 (b) Term. The Committee may provide in an Award Agreement that any particular Phantom Share shall expire at the end of a specified term. 
 (c) Vesting. 
  

	 	(i)	Subject to the provisions of the applicable Award Agreement and Section 9(c)(ii), Phantom Shares shall vest as provided in the applicable Award Agreement.

  

 - 11 - 

	 	(ii)	Unless otherwise determined by the Committee in an applicable Award Agreement, the Phantom Shares granted pursuant to the Plan shall be subject to the following vesting conditions:

  

	 	(1)	Termination of Service for Cause. Unless otherwise provided in the applicable Award Agreement and subject to clause (2) below, if the Grantee has a Termination of Service for
Cause, all of the Grantee’s Phantom Shares (whether or not such Phantom Shares are otherwise vested) shall thereupon, and with no further action, be forfeited by the Grantee and cease to be outstanding, and no payments shall be made with
respect to such forfeited Phantom Shares. 

  

	 	(2)	Termination of Service for Death or Disability of Grantee or by the Company for Any Reason Other than Cause. Unless otherwise provided in the applicable Award Agreement, in the
event the Grantee has a Termination of Service on account of his or her death or Disability, or the Grantee has a Termination of Service by the Company for any reason other than Cause, all outstanding Phantom Shares granted to such Grantee shall
become immediately vested. 

  

	 	(3)	Except as contemplated above, in the event that a Grantee has a Termination of Service, any and all of the Grantee’s Phantom Shares which have not vested prior to or as of such
termination shall thereupon, and with no further action, be forfeited and cease to be outstanding, and the Grantee’s vested Phantom Shares shall be settled as set forth in Section 9(d). 

 (d) Settlement of Phantom Shares. 
  

	 	(i)	Except as otherwise provided by the Committee, each vested and outstanding Phantom Share shall be settled by the transfer to the Grantee of one Share; provided,
however, that, the Committee at the time of grant (or, in the appropriate case, as determined by the Committee, thereafter) may provide that a Phantom Share may be settled (A) in cash at the applicable Phantom Share Value, (B) in
cash or by transfer of Shares as elected by the Grantee in accordance with procedures established by the Committee or (C) in cash or by transfer of Shares as elected by the Company. 

  

	 	(ii)	Each Phantom Share shall be settled with a single-sum payment by the Company; provided, however, that, with respect to Phantom Shares of a Grantee which have a common
Settlement Date (as defined below), the Committee may permit the Grantee to elect in accordance with procedures established by the Committee (taking into account, without limitation, Section 409A of the Code, as the Committee may deem
appropriate) to receive installment payments over a period not to exceed 10 years. 

  

							
		 	(iii)	  	(1)	 	The settlement date with respect to a Grantee is the first day of the month to follow the Grantee’s Termination of Service (“Settlement Date”); provided, however,
that a Grantee may elect, in accordance with procedures to be adopted by the Committee, that such Settlement Date will be deferred as elected by the Grantee to a time permitted by the

  

 - 12 - 

	 	 
Committee under procedures to be established by the Committee. Unless otherwise determined by the Committee, elections under this Section 9(d)(iii)(1)
must be made at least six months before, and in the year prior to the year in which, the Settlement Date would occur in the absence of such election. 

  

	 	(2)	Notwithstanding Section 9(d)(iii)(1), the Committee may provide that distributions of Phantom Shares can be elected at any time in those cases in which the Phantom Share Value
is determined by reference to Fair Market Value to the extent in excess of a base value, rather than by reference to unreduced Fair Market Value. 

  

	 	(3)	Notwithstanding the foregoing, the Settlement Date, if not earlier pursuant to this Section 9(d)(iii), is the date of the Grantee’s death. 

  

	 	(iv)	Notwithstanding any other provision of the Plan (taking into account, without limitation, Section 409A of the Code, as the Committee may deem appropriate), a Grantee may
receive any amounts to be paid in installments as provided in Section 9(d)(ii) or deferred by the Grantee as provided in Section 9(d)(iii) in the event of an “Unforeseeable Emergency.” For these purposes, an “Unforeseeable
Emergency,” as determined by the Committee (taking into account, without limitation, Section 409A of the Code, as the Committee may deem appropriate) in its sole discretion, is a severe financial hardship to the Grantee resulting from a
sudden and unexpected illness or accident of the Grantee or “dependent,” as defined in Section 152(a) of the Code, of the Grantee, loss of the Grantee’s property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the Grantee. The circumstances that will constitute an Unforeseeable Emergency will depend upon the facts of each case, but, in any case, payment may not be made to the extent that
such hardship is or may be relieved: 

  

	 	(1)	through reimbursement or compensation by insurance or otherwise; 

  

	 	(2)	by liquidation of the Grantee’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship; or 

  

	 	(3)	by future cessation of the making of additional deferrals under Section 9(d)(ii) and (iii). 

 Without limitation, the need to send a Grantee’s child to college or the desire to purchase a home shall not constitute an Unforeseeable Emergency.
Distributions of amounts because of an Unforeseeable Emergency shall be permitted to the extent reasonably needed to satisfy the emergency need. 
 (e) Other Phantom Share Provisions. 
  

	 	(i)	Rights to payments with respect to Phantom Shares granted under the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, garnishment, levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, attach or garnish, or levy or execute on
any right to payments or other benefits payable hereunder, shall be void. 

  

 - 13 - 

	 	(ii)	A Grantee may designate in writing, on forms to be prescribed by the Committee, a beneficiary or beneficiaries to receive any payments payable after his or her death and may amend
or revoke such designation at any time. If no beneficiary designation is in effect at the time of a Grantee’s death, payments hereunder shall be made to the Grantee’s estate. If a Grantee with a vested Phantom Share dies, such Phantom
Share shall be settled and the Phantom Share Value in respect of such Phantom Shares paid, and any payments deferred pursuant to an election under Section 9(d)(iii) shall be accelerated and paid, as soon as practicable (but no later than 60
days) after the date of death to such Grantee’s beneficiary or estate, as applicable. 

  

	 	(iii)	The Committee may (taking into account, without limitation, Section 409A of the Code, as the Committee may deem appropriate) establish a program under which distributions with
respect to Phantom Shares may be deferred for periods in addition to those otherwise contemplated by the foregoing provisions of this Section 9. Such program may include, without limitation, provisions for the crediting of earnings and losses
on unpaid amounts and, if permitted by the Committee, provisions under which Grantees may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures established by the Committee.

  

	 	(iv)	Notwithstanding any other provision of this Section 9, any fractional Phantom Share will be paid out in cash at the Phantom Share Value as of the Settlement Date.

  

	 	(v)	No Phantom Share shall give any Grantee any rights with respect to Shares or any ownership interest in the Company. Except as may be provided in accordance with Section 10, no
provision of the Plan shall be interpreted to confer upon any Grantee of a Phantom Share any voting, dividend or derivative or other similar rights with respect to any Phantom Share. 

 (f) Claims Procedures. 
  

	 	(i)	The Grantee, or his beneficiary hereunder or authorized representative, may file a claim for payments with respect to Phantom Shares under the Plan by written communication to the
Committee or its designee. A claim is not considered filed until such communication is actually received. Within 90 days (or, if special circumstances require an extension of time for processing, 180 days, in which case notice of such special
circumstances should be provided within the initial 90-day period) after the filing of the claim, the Committee will either: 

  

	 	(1)	approve the claim and take appropriate steps for satisfaction of the claim; or 

  

	 	(2)	 if the claim is wholly or partially denied, advise the claimant of such denial by furnishing to him or her a written notice of such denial setting forth
(A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions of the Plan on which the denial is based 

  

 - 14 - 

	 	 
and, if the denial is based in whole or in part on any rule of construction or interpretation adopted by the Committee, a reference to such rule, a copy of
which shall be provided to the claimant; (C) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of the reasons why such material or information is necessary; and (D) a
reference to this Section 9(f) as the provision setting forth the claims procedure under the Plan. 

  

	 	(ii)	The claimant may request a review of any denial of his or her claim by written application to the Committee within 60 days after receipt of the notice of denial of such claim.
Within 60 days (or, if special circumstances require an extension of time for processing, 120 days, in which case notice of such special circumstances should be provided within the initial 60-day period) after receipt of written application for
review, the Committee will provide the claimant with its decision in writing, including, if the claimant’s claim is not approved, specific reasons for the decision and specific references to the Plan provisions on which the decision is based.

 10. PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS. 
 (a) Grant of DERs. Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the Award Agreements,
authorize the granting of DERs to Eligible Persons based on the dividends declared on Common Stock, to be credited as of the dividend payment dates, during the period between the date a Grant is issued, and the date such Grant is exercised, vests or
expires, as determined by the Committee. Such DERs shall be converted to cash or additional Shares by such formula and at such time and subject to such limitation as may be determined by the Committee. If a DER is granted in respect of another Grant
hereunder, then, unless otherwise stated in the Award Agreement, or, in the appropriate case, as determined by the Committee, in no event shall the DER be in effect for a period beyond the time during which the applicable related portion of the
underlying Grant has been exercised or otherwise settled, or has expired, been forfeited or otherwise lapsed, as applicable. 
 (b) Certain
Terms. 
  

	 	(i)	The term of a DER shall be set by the Committee in its discretion. 

  

	 	(ii)	Payment of the amount determined in accordance with Section 10(a) shall be in cash, in Common Stock or a combination of the both, as determined by the Committee at the time of
grant. 

 (c) Other Types of DERs. The Committee may establish a program under which DERs of a type whether or not described in
the foregoing provisions of this Section 10 may be granted to Eligible Persons. For example, without limitation, the Committee may grant a DER in respect of each Share subject to an Option or with respect to a Phantom Share, which right would
consist of the right (subject to Section 10(d)) to receive a cash payment in an amount equal to the dividend distributions paid on a Share from time to time. 
 (d) Deferral. 
  

	 	(i)	The Committee may (taking into account, without limitation, Section 409A of the Code, as the Committee may deem appropriate) establish a program under which Grantees
(i) will have Phantom Shares credited, subject to the terms of Sections 9(d) and 9(e) as though directly applicable with respect thereto, upon the granting of DERs, or (ii) will have payments with respect to DERs deferred.

  

 - 15 - 

	 	(ii)	The Committee may establish a program under which distributions with respect to DERs may be deferred. Such program may include, without limitation, provisions for the crediting of
earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which Grantees may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures established by the
Committee. 

 11. OTHER EQUITY-BASED AWARDS. The Board shall have the right to grant other awards based upon the Common Stock having
such terms and conditions as the Board may determine, including, without limitation, the grant of Shares based upon certain conditions, and the grant of securities convertible into Common Stock. 
 12. TERM OF PLAN. Grants may be granted pursuant to the Plan until the expiration of 10 years from the effective date of the Plan. 
 13. RECAPITALIZATION AND CHANGES OF CONTROL. 
 (a)
Subject to any required action by stockholders and to the specific provisions of Section 14, if (i) the Company shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of
all or substantially all of the assets or stock of the Company or a transaction similar thereto, (ii) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization or other similar change in the
capital structure of the Company, or any distribution to holders of Common Stock other than cash dividends, shall occur or (iii) any other event shall occur which in the judgment of the Committee necessitates action by way of adjusting the
terms of the outstanding Grants, then: 
  

	 	(i)	the maximum aggregate number of Shares which may be made subject to Options and DERs under the Plan, the maximum aggregate number and kind of Shares of Restricted Stock that may be
granted under the Plan, the maximum aggregate number of Phantom Shares and other Grants which may be granted under the Plan may be appropriately adjusted by the Committee in its discretion; and 

  

	 	(ii)	the Committee shall take any such action as in its discretion shall be necessary to maintain each Grantees’ rights hereunder (including under their applicable Award Agreements)
so that they are, in their respective Options, Phantom Shares and DERs, substantially proportionate to the rights existing in such Options, Phantom Shares and DERs prior to such event, including, without limitation, adjustments in (A) the
number of Options, Phantom Shares and DERs granted, (B) the number and kind of shares or other property to be distributed in respect of Options, Phantom Shares and DERs, (C) the Exercise Price, Purchase Price and Phantom Share Value, and
(D) performance-based criteria established in connection with Grants. 

 To the extent that such action shall include an increase or
decrease in the number of Shares (or units of other property then available) subject to all outstanding Grants, the number of Shares (or units) available under Section 6 above shall be increased or decreased, as the case may be,
proportionately. 
  

 - 16 - 

 (b) Any Shares or other securities distributed to a Grantee with respect to Restricted Stock or otherwise
issued in substitution of Restricted Stock pursuant to this Section 13 shall be subject to the applicable restrictions and requirements imposed by Section 8, including depositing the certificates therefor with the Company together with a
stock power and bearing a legend as provided in Section 8(c)(i). 
 (c) If the Company shall be consolidated or merged with another
corporation or other entity, each Grantee who has received Restricted Stock that is then subject to restrictions imposed by Section 8(d) may be required to deposit with the successor corporation the certificates for the stock or securities or
the other property that the Grantee is entitled to receive by reason of ownership of Restricted Stock in a manner consistent with Section 8(c)(ii), and such stock, securities or other property shall become subject to the restrictions and
requirements imposed by Section 8(d), and the certificates therefor or other evidence thereof shall bear a legend similar in form and substance to the legend set forth in Section 8(c)(i). 
 (d) The judgment of the Committee with respect to any matter referred to in this Section 13 shall be conclusive and binding upon each Grantee
without the need for any amendment to the Plan. 
 (e) Subject to any required action by stockholders, if the Company is the surviving
corporation in any merger or consolidation, the rights under any outstanding Grant shall pertain and apply to the securities to which a holder of the number of Shares subject to the Grant would have been entitled. Subject to the terms of any
applicable Award Agreement, in the event of a merger or consolidation in which the Company is not the surviving corporation, the date of exercisability of each outstanding Option and settling of each Phantom Share shall be accelerated to a date
prior to such merger or consolidation, unless the agreement of merger or consolidation provides for the assumption of the Grant by the successor to the Company. 
 (f) To the extent that the foregoing adjustment related to securities of the Company, such adjustments shall be made by the Committee, whose determination shall be conclusive and binding on all persons. 
 (g) Except as expressly provided in this Section 13, a Grantee shall have no rights by reason of subdivision or consolidation of shares of stock of
any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class or by reason of any dissolution, liquidation, merger or consolidation or spin-off of assets or stock of another corporation,
and any issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to a Grant
or the Exercise Price of Shares subject to an Option. 
 (h) Grants made pursuant to the Plan shall not affect in any way the right or power
of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business assets. 
 (i) Upon the occurrence of a Change of Control: 
  

	 	(i)	 The Committee as constituted immediately before the Change of Control may make such adjustments as it, in its discretion, determines are necessary or appropriate in
light of the Change of Control (including, without limitation, the substitution of stock other than stock of the Company as the stock optioned hereunder, and the acceleration of the exercisability of the Options, cancellation 

  

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of any Options or stock appreciation rights in return for payment equal to the Fair Market Value of Shares subject to an Option or stock appreciation right
as of the date of the Change in Control less the exercise price applicable thereto (which amount may be zero) and settling of each Phantom Share, provided that the Committee determines that such adjustments do not have a substantial adverse
economic impact on the Grantee as determined at the time of the adjustments. 

  

	 	(ii)	Except as otherwise provided in an applicable Award Agreement, all restrictions and conditions on each DER shall automatically lapse and all Grants under the Plan shall be deemed
fully vested. 

  

	 	(iii)	Notwithstanding the provisions of Section 9, the Settlement Date for Phantom Shares shall be the date of such Change of Control and all amounts due with respect to Phantom
Shares to a Grantee hereunder shall be paid as soon as practicable (but in no event more than 30 days) after such Change of Control, unless such Grantee elects otherwise in accordance with procedures established by the Committee.

 14. EFFECT OF CERTAIN TRANSACTIONS. In the case of (i) the dissolution or liquidation of the Company, (ii) a merger,
consolidation, reorganization or other business combination in which the Company is acquired by another entity or in which the Company is not the surviving entity, or (iii) any sale, lease, exchange or other transfer (in one transaction or a
series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, the Plan and the Grants issued hereunder shall terminate upon the effectiveness of any such transaction or
event, unless provision is made in connection with such transaction for the assumption of Grants theretofore granted, or the substitution for such Grants of new Grants, by the successor entity or parent thereof, with appropriate adjustment as to the
number and kind of shares and the per share exercise prices, as provided in Section 13. In the event of such termination, all outstanding Options and Grants shall be exercisable in full for at least fifteen days prior to the date of such
termination whether or not otherwise exercisable during such period. 
 15. SECURITIES LAW REQUIREMENTS. 
 (a) Legality of Issuance. The issuance of any Shares pursuant to Grants under the Plan and the issuance of any Grant shall be contingent upon the
following: 
  

	 	(i)	the obligation of the Company to sell Shares with respect to Grants issued 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 Committee; 

  

	 	(ii)	the Committee may make such changes to the Plan as may be necessary or appropriate to comply with the rules and regulations of any government authority or to obtain tax benefits
applicable to stock options; and 

  

	 	(iii)	 each grant of Options, Restricted Stock, Phantom Shares (or issuance of Shares in respect thereof) or DERs (or issuance of Shares in respect thereof) (or issuance
of Shares in respect thereof), is subject to the requirement that, if at any time the Committee determines, in its discretion, that the listing, registration or qualification of Shares issuable pursuant to the Plan is required by any securities

  

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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 issuance of Options, Shares of Restricted Stock, Phantom Shares, DERs, other Grants or other Shares, no payment shall be made, or Phantom Shares or Shares issued or grant of Restricted Stock or other Grant made, in whole or in
part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions in a manner acceptable to the Committee. 

 (b) Restrictions on Transfer. Regardless of whether the offering and sale of Shares under the Plan has been registered under the Act or has been
registered or qualified under the securities laws of any state, the Company may impose restrictions on the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates) if, in the judgment of
the Company and its counsel, such restrictions are necessary or desirable in order to achieve compliance with the provisions of the Act, the securities laws of any state or any other law. In the event that the sale of Shares under the Plan is not
registered under the Act but an exemption is available which requires an investment representation or other representation, each Grantee shall be required to represent that such Shares are being acquired for investment, and not with a view to the
sale or distribution thereof, and to make such other representations as are deemed necessary or appropriate by the Company and its counsel. Any determination by the Company and its counsel in connection with any of the matters set forth in this
Section 15 shall be conclusive and binding on all persons. Without limiting the generality of Section 6, stock certificates evidencing Shares acquired under the Plan pursuant to an unregistered transaction shall bear a restrictive legend,
substantially in the following form, and such other restrictive legends as are required or deemed advisable under the provisions of any applicable law: 
 “THE SALE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”). ANY TRANSFER OF SUCH SECURITIES WILL BE INVALID UNLESS A REGISTRATION STATEMENT UNDER
THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR IN THE OPINION OF COUNSEL FOR THE ISSUER SUCH REGISTRATION IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT.” 
 (c) Registration or Qualification of Securities. The Company may, but shall not be obligated to, register or qualify the issuance of Grants and/or the
sale of Shares under the Act or any other applicable law. The Company shall not be obligated to take any affirmative action in order to cause the issuance of Grants or the sale of Shares under the Plan to comply with any law. 
 (d) Exchange of Certificates. If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing Shares sold under
the Plan is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but lacking such legend. 
 (e) Certain Loans. Notwithstanding any other provision of the Plan, the Company shall not be required to take or permit any action under the Plan or any
Award Agreement which, in the good-faith determination of the Company, would result in a material risk of a violation by the Company of Section 13(k) of the Exchange Act. 
  

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 16. COMPLIANCE WITH SECTION 409A OF THE CODE. 
 (a) Any Award Agreement issued under the Plan that is subject to Section 409A of the Code shall include such additional terms and conditions as may
be required to satisfy the requirements of Section 409A of the Code. 
 (b) Notwithstanding any other provision of the Plan, the Board
and the Committee shall administer the Plan, and exercise authority and discretion under the Plan, to satisfy the requirements of Section 409A of the Code or any exemption thereto. 
 17. AMENDMENT OF THE PLAN. The Board may from time to time, with respect to any Shares at the time not subject to Grants, suspend or discontinue the Plan or revise or amend it in any respect whatsoever. The
Board may amend the Plan as it shall deem advisable, except that no amendment may adversely affect a Grantee with respect to Grants previously granted unless such amendments are in connection with compliance with applicable laws; provided,
however, that the Board may not make any amendment in the Plan that would, if such amendment were not approved by the holders of the Common Stock, cause the Plan to fail to comply with any requirement of applicable law or regulation, or of
any applicable exchange or similar rule, unless and until the approval of the holders of such Common Stock is obtained. 
 18. APPLICATION OF FUNDS.
The proceeds received by the Company from the sale of Common Stock pursuant to the exercise of an Option, the sale of Restricted Stock or in connection with other Grants under the Plan will be used for general corporate purposes. 
 19. TAX WITHHOLDING. Each Grantee shall, no later than the date as of which the value of any Grant first becomes includable in the gross income of the Grantee for
federal income tax purposes, pay to the Company, or make arrangements satisfactory to the Company regarding payment of any federal, state or local taxes of any kind that are required by law to be withheld with respect to such income. A Grantee may
elect to have such tax withholding satisfied, in whole or in part, by (i) authorizing the Company to withhold a number of Shares to be issued pursuant to a Grant equal to the Fair Market Value as of the date withholding is effected that would
satisfy the withholding amount due, or (ii) transferring to the Company Shares owned by the Grantee with a Fair Market Value equal to the amount of the required withholding tax. Notwithstanding anything contained in the Plan to the contrary,
the Grantee’s satisfaction of any tax-withholding requirements imposed by the Committee shall be a condition precedent to the Company’s obligation as may otherwise by provided hereunder to provide Shares to the Grantee, and the failure of
the Grantee to satisfy such requirements with respect to a Grant shall cause such Grant to be forfeited. 
 20. NOTICES. All notices under the Plan
shall be in writing, and if to the Company, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Grantee, shall be delivered personally or mailed to the Grantee at the address
appearing in the records of the Company or Manager. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 20. 
 21. RIGHTS TO SERVICE. Nothing in the Plan or in any Grant issued pursuant to the Plan shall confer on any person any right to continue in the service of the Company or interfere in any way with the right of
the Company and its stockholders to terminate the person’s service at any time. 
 22. EXCULPATION AND INDEMNIFICATION. To the maximum extent
permitted by law, the Company shall indemnify and hold harmless the members of the Board and the members of the Committee from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act
in connection with the performance of such person’s duties, responsibilities and obligations under the Plan, other than such liabilities, costs and expenses as may result from the gross negligence, bad faith, willful misconduct or criminal acts
of such persons. 
  

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 23. NO FUND CREATED. Any and all payments hereunder to any Grantee under the Plan shall be made from the general
funds of the Company, no special or separate fund shall be established or other segregation of assets made to assure such payments, and the Phantom Shares (including for purposes of this Section 23 any accounts established to facilitate the
implementation of Section 9(d)(iii)) and any other similar devices issued hereunder to account for Plan obligations do not constitute Common Stock and shall not be treated as (or as giving rise to) property or as a
trust fund of any kind; provided, however, that the Company may establish a mere bookkeeping reserve to meet its obligations hereunder or a trust or other funding vehicle that would not cause the Plan to be deemed to be funded for tax
purposes or for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. The obligations of the Company under the Plan are unsecured and constitute a mere promise by the Company to make benefit payments in the
future and, to the extent that any person acquires a right to receive payments under the Plan from the Company, such right shall be no greater than the right of a general unsecured creditor of the Company. Without limiting the foregoing, Phantom
Shares and any other similar devices issued hereunder to account for Plan obligations are solely a device for the measurement and determination of the amounts to be paid to a Grantee under the Plan, and each Grantee’s right in the Phantom
Shares and any such other devices is limited to the right to receive payment, if any, as may herein be provided. 
 24. NO FIDUCIARY RELATIONSHIP.
Nothing contained in the Plan (including without limitation Section 9(e)(iii)), and no action taken pursuant to the provisions of the Plan, shall create or shall be construed to create a trust of any kind, or a fiduciary relationship between
the Company or the Committee, on the one hand, and the Grantee, the Manager or any other person or entity, on the other. 
 25. CAPTIONS. The use of
captions in the Plan is for convenience. The captions are not intended to provide substantive rights. 
 26. GOVERNING LAW. THE PLAN SHALL BE GOVERNED
BY THE LAWS OF NEW YORK, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. 
  

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