Document:

Exhibit 10.1

 

Execution
Version 

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”) is entered into as of February 9, 2021 by and between Ladder Capital Finance LLC, a Delaware
limited liability company (the “Company”), and Paul J. Miceli (“Executive”).

 

WHEREAS, reference
is hereby made to (i) Ladder Capital Finance Holdings LLLP, a Delaware limited liability limited partnership (“Holdings”)
and (ii) Ladder Capital Corp, a Delaware corporation (“LCC Corporation”);

 

NOW THEREFORE, in
consideration of the premises and mutual covenants set forth herein, and other consideration, the receipt of which is hereby acknowledged,
the Company and Executive hereby agree as follows:

 

1.                             
Position and Employment. The Company agrees to continue to employ Executive, and Executive hereby agrees to continue
employment with the Company, as the Company’s Chief Financial Officer, upon the terms and conditions as set forth in this
Agreement for the Employment Period (as herein defined).

 

2.                             
Reporting, Duties, and Other Covenants.

 

(a)  
Reporting. Executive shall report to the Company’s Chief Executive Officer (the “Chief Executive
Officer”), President, or such other senior executive as may be designated by (i) the Board of Directors of LCC Corporation
or, if the Company ceases to be indirectly controlled by LCC Corporation, then the Board of Directors of the Company (in either
case, the “Board”) and/or (ii) the Chief Executive Officer.

 

(b)  
Duties. Executive shall serve the Company as Chief Financial Officer and shall have the normal duties, responsibilities
and authority of a Chief Financial Officer, subject to the power of the Chief Executive Officer, such person’s direct report
(if other than the Chief Executive Officer) and the Board to expand such duties, responsibilities and authority and to identify
specific decisions or actions that require consultation with, or the consent of, the Chief Executive Officer, such direct report
and/or the Board.

 

(c)  
Executive Covenants.

 

(i)               
Executive acknowledges and agrees that Executive will be subject to the policies and procedures of the Company, as may
be established, amended, or terminated from time to time, including those generally applicable to senior management employees
of the Company; provided that in no event shall any failure by Executive to comply with any such policy or procedure constitute
a breach of this Section 2(c)(i) and give rise to “Cause” under clause (C) of the definition thereof in Section
4(d)(i).

 

(ii)              
Subject to Sections 2(d)(ii) and 3(e), Executive shall devote Executive’s full business time and attention
to the business and affairs of the Company, LCC Corporation, Holdings and their respective subsidiaries, whether currently existing
or hereafter acquired or formed (collectively, the “Ladder Companies”).

 

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(iii)             
 The Company may apply for, obtain, and maintain a key person life insurance policy in the name of Executive, the beneficiary
of which shall be the Company. Executive shall submit to reasonable physical examinations and answer reasonable questions as may
be required in connection with the application and, if obtained, the maintenance of, such insurance policy.

 

(d)  
Company Covenants.

 

(i)               
The Company shall obtain and maintain director’s and officer’s insurance for Executive (in such amounts as
are customary for executives of businesses of size and nature comparable to that of the Company). In the event any such insurance
policy is terminated for any reason, the Company shall give timely notice to Executive of such termination and shall promptly
obtain an appropriate replacement policy. To the extent that there is any gap in coverage of such insurance policy, the Company
agrees to defend, indemnify and hold Executive harmless, to the maximum extent permitted by law, in accordance with the indemnification
provisions set forth in Section 8 hereof.

 

(ii)              
During the Employment Period, Executive may continue to engage in charitable activities so long as such charitable work
does not interfere with the fulfillment of Executive’s duties under this Agreement.

 

3.                             
Compensation.

 

(a)  
Base Salary. Executive’s base salary shall be in an amount set by the Board, but under no circumstances will
be less than $350,000 per annum (the “Base Salary”), which Base Salary shall be payable in regular installments
in accordance with the Company’s general payroll practices and shall be subject to customary withholding and other deductions
required by law or authorized in writing by Executive.

 

(b)  
Annual Cash Bonus. After each calendar year during the Employment Period, Executive shall be eligible to receive
a cash bonus (the “Year End Bonus”) in accordance with the Company’s annual bonus plan, with the amount
of any such Year End Bonus to be as reasonably determined by the Board or the Compensation Committee of the Board (the “Compensation
Committee”), in each case in consultation with the Chief Executive Officer; provided that, without in any way
limiting the discretion of any board of directors or compensation committee, the Company acknowledges that the Chief Executive
Officer and the board of directors of LCC Corporation have previously agreed to a framework for determining the portion (if any)
of the targeted annual bonus pool that may be paid to each member of the Company’s current senior management team, including
Executive (the “Annual Bonus Pool Framework”). Executive acknowledges and agrees that the Company has not guaranteed
the payment of any Year End Bonus. Any Year End Bonus payable hereunder shall be paid in the calendar year following the calendar
year to which such performance bonus relates at the same time annual performance bonuses are paid to other senior executives of
the Company but not later than February 28th of the calendar year immediately following the calendar year to which
such performance bonus relates.

 

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(c)  
Annual Equity Incentive Grant. After each calendar year during the Employment Period, Executive shall be eligible
to receive a grant of Equity Incentives (as defined below) with respect to such calendar year (an “Annual Equity Incentive
Grant”) in such amount, of such type and with such terms (including with respect to vesting) as deemed appropriate by
the Compensation Committee or the Board, in each case in consultation with the Chief Executive Officer; provided that,
without in any way limiting the discretion of any board of directors or compensation committee, the Company acknowledges that
the Chief Executive Officer and the board of directors of LCC Corporation have previously agreed to a framework for determining
the terms of an annual grant of Equity Incentives to the Company’s current senior management team (including to Executive)
(the “Annual Equity Incentive Grant Framework”). Executive acknowledges and agrees that nothing in this Section
3(c) shall result in Executive having any right or entitlement to receive any Equity Incentive, as the grant of any such Equity
Incentive shall be subject to the approval of the Compensation Committee or the Board, in each case in consultation with the Chief
Executive Officer. For purposes of this Agreement, the term “Equity Incentives” means any options, restricted
stock, restricted stock units and/or other comparable equity type incentive products as the Compensation Committee may grant or
award (based on factors deemed relevant by the Compensation Committee or the Board, in each case in consultation with the Chief
Executive Officer; including, without limitation, the Ladder Companies’ financial performance relative to budget) pursuant
to the Omnibus Incentive Plan of LCC Corporation (such Omnibus Incentive Plan as may be amended from time to time, the “LCC
Omnibus Incentive Plan”). In addition, in the event Executive retires from Executive’s position as an employee
of the Company pursuant to Section 4(a) hereof with an Employment Termination Date (as herein defined) as of which both
(A) Executive’s years of service with the Company is at least ten years and (B) Executive’s age is at least sixty-two
(62), then (i) any unvested Equity Incentives of Executive that vest solely based on time including, without limitation, any of
Executive’s applicable Annual Incentive Grants, shall vest effective as of the date five years after the Employment Termination
Date so long as Executive does not at any time during such five year period engage or otherwise work in the commercial real estate
business in a manner that is in competition with any Ladder Company and (ii) any unvested Equity Incentives of Executive that
vest based on performance will continue to be outstanding from and after the Employment Termination Date (and will not be forfeited
on the Employment Termination Date), and will be eligible to vest after the Employment Termination Date based on the particular
performance vesting criteria that is applicable to such unvested Equity Incentives and, to the extent any such performance vesting
criteria is satisfied, will thereafter vest effective as of the date five years after the Employment Termination Date so long
as Executive does not at any time during such five year period engage or otherwise work in the commercial real estate business
in a manner that is in competition with any Ladder Company.

 

(d)  
Benefits. Executive shall be entitled to participate in the Company’s standard employee benefits programs
for which employees of the Company are generally eligible, including, without limitation, life, disability, group medical and
dental insurance benefits (collectively, the “Benefits”). The Company agrees that, solely to the extent permitted
by the plans governing any health insurance coverage that is a component of the Benefits, Executive shall be entitled to designate
his spouse and children as dependents for purposes of such health insurance. Executive recognizes that the Company reserves the
right to change its standard employee benefit programs from time to time.

 

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(e)  
Vacation/Holidays. Executive shall be entitled to at least 27 days of paid vacation during each calendar year as
well as holidays and sick days each in accordance with the Company’s applicable policies in effect from time to time.

 

(f)   
Expenses. The Company shall reimburse Executive for all customary business expenses (including travel and entertainment)
incurred by Executive in the course of performing Executive’s duties under this Agreement, subject to the Company’s
policies in effect from time to time regarding expense reimbursement, including with respect to the reporting and documentation
of such expenses.

 

(g)  
Brian Harris as Chief Executive Officer. So long as Brian Harris is the Chief Executive Officer of any Ladder Company,
then, except as otherwise may be agreed by Brian Harris, the allocation of bonuses of the type described in Section 3(b)
hereof and the grant of Equity Incentives of the type described in Section 3(c) hereof shall be established in accordance
with the procedures and guidelines described in Section 3 of that certain Third Amended and Restated Employment Agreement, dated
as of May 22, 2017, by and between the Company and Brian Harris, as in effect from time to time, as in effect from time to time
(the “Harris Employment Agreement”).

 

4.                             
Employment Period.

 

(a)  
Employment Period and Termination. Executive’s employment with the Company commenced on July 1, 2019 and shall
continue until the date on which Executive ceases to be an employee of the Company for any reason (the “Employment Period”).
The Company may terminate Executive’s employment by the Company at any time upon written notice to Executive, subject to
the expiration of any applicable cure periods set forth herein in the case of a termination for Cause (as defined in Section
4(d)). Executive may resign from Executive’s employment by the Company at any time upon ninety days prior written notice
to the Company, unless such termination is for Good Reason (as defined in Section 4(d)), in which case Executive may resign
upon written notice to the Company, subject to any applicable cure periods as set forth herein. Upon the date Executive ceases
to be employed by the Company for any reason (such date, the “Employment Termination Date”), the Employment
Period shall be deemed to have ended, and Executive shall be entitled to receive (i) Executive’s Base Salary through the
Employment Termination Date, subject to withholding and other appropriate deductions, and (ii) reimbursement for expenses accrued
during the Employment Period in accordance with Section 3(f).

 

(b)   Severance.
If the Employment Period ends as a result of either (A) Executive’s employment by the Company being terminated by the
Company without Cause (as defined in Section 4(d)) or (B) Executive resigning from Executive’s employment by
the Company for Good Reason (as defined in Section 4(d)), then, subject to Section 4(c) hereof, the Company shall,
in addition to paying Executive any amounts due and payable pursuant to Section 4(a), pay or provide Executive with the
following, subject to the provisions of Section 11 hereof:

 

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(i)               
an amount equal to the lesser of (A) $1,000,000 and (B) the sum of (x) Executive’s annual Base Salary in effect on
the Employment Termination Date and (y) the average of the Year End Bonuses (if any) paid to Executive for the two calendar
years preceding the Employment Termination Date, including any amounts deferred pursuant to a deferred bonus program that the
Company may have in effect (such lesser amount, the “Cash Severance”), with fifty percent (50%) of the Cash
Severance payable to Executive in a lump sum as soon as reasonably practical after the date of which the General Release (as defined
in Section 4(c)) is signed and delivered by Executive and has become irrevocable (the “General Release Effective
Date”) and the remaining 50% of the Cash Severance payable to Executive in twelve equal monthly installments commencing
as soon as reasonably practical after the General Release Effective Date; provided that if the Employment Termination Date
occurs during the 365 day period commencing on the occurrence of a Change in Control (as defined in the LCC Omnibus Incentive
Plan) or if, as of the date of the Employment Termination Date, LCC Corporation has previously entered into a definitive binding
agreement with a buyer that would result in a Change in Control and such definitive binding agreement remains in effect, then
the Cash Severance shall be paid to Executive in a lump sum as soon as reasonably practical after the General Release Effective
Date, further provided that such lump sum payment does not result in a violation of Code Section 409A; and further provided
that to the extent that the payment of any Cash Severance constitutes “nonqualified deferred compensation” for
purposes of Code Section 409A, any such payment scheduled to occur during the first sixty (60) days following the Employment Termination
Date shall not be paid until the first regularly scheduled pay period following the sixtieth (60th) day following the
Employment Termination Date and shall include payment of any amount that was otherwise scheduled to be paid prior; and

 

(ii)             
a pro-rata portion (determined by multiplying the amount of Executive’s target Year End Bonus for the calendar year
in which the Employment Termination Date occurs by a fraction, the numerator of which is the number of days that Executive is
employed by the Company during the calendar year in which the Employment Termination Date occurs and the denominator of which
is 365) of Executive’s target Year End Bonus for the calendar year (with such target Year End Bonus being, except as otherwise
expressly specified in Section 3(d) hereof, as reasonably determined by the Compensation Committee, in consultation with
the Chief Executive Officer, based on the Ladder Companies’ performance as of the Employment Termination Date relative to
the hurdles set) in which the Employment Termination Date occurs payable at the same time performance bonuses for such calendar
year are paid to other senior executives of the Company; provided that, notwithstanding the foregoing, in no event will
any such pro-rata Year End Bonus determined pursuant to this clause (ii) exceed an amount equal to $1,000,000 minus the
amount of Cash Severance; and if the amount of Cash Severance is equal to $1,000,000 then no pro rata Year End Bonus will be payable
pursuant to this clause (ii); and

 

(iii)           
subject to (A) Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”), and (B) Executive’s continued copayment of premiums at the same level
and cost to Executive as if Executive were an employee of the Company (excluding, for purposes of calculating cost, an employee’s
ability to pay premiums with pre-tax dollars), continued participation in the Company’s group health plan (to the extent
permitted under applicable law and the terms of such plan) which covers Executive (and Executive’s eligible dependents)
during the Health Care Reimbursement Period (defined below), provided that Executive is eligible and remains eligible for
COBRA coverage. The Company shall until the conclusion of the Health Care Cost Reimbursement Period (as defined below) reimburse
Executive for COBRA premiums, subject to the Company determining that reimbursement of such premiums would not reasonably be expected
to result in the imposition of any excise taxes on the Company for any failure to comply with the nondiscrimination requirements
of the Patient Protection and Affordable Care Act of 2010, as amended, in each case, subject to withholding and other appropriate
deductions.  As used herein, “Health Care Cost Reimbursement Period” shall mean the period commencing
on the date Executive ceases to be employed by the Company and ending on the earliest to occur of (x) the date three months after
the Employment Termination Date (or six months after the Employment Termination Date if the Company has made a Non-Competition
Extension Election (as defined in Section 9(a)), (y) the date on which the Company can no longer provide Executive with
COBRA benefits under applicable law and (z) the date on which Executive becomes eligible for health care coverage under the plan
of a subsequent employer.

 

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(c)  
Payments. Except as expressly provided in Section 4(a) and 4(b), upon the Employment Termination Date
(i) all of Executive’s rights to Base Salary and Benefits (except as mandated by applicable law) hereunder (if any) shall
cease and (ii) no other severance, compensation, or retirement benefits shall be payable by the Ladder Companies to Executive
other than the Elective Severance Payment (as defined in Section 9(a)) if the Company has made a Non-Competition Extension
Election (as defined in Section 9(a)). Notwithstanding anything to the contrary contained herein but except as required
by applicable law, Executive shall not be entitled to receive any payments, benefits, or other compensation under Section 4(b)
and/or Section 9(a) (in the latter case, if the Company has made a Non-Competition Extension Election) unless and until
Executive has executed and delivered to the Company and not revoked the general release in the form of Exhibit A attached
hereto (the “General Release”) and such General Release has become effective within sixty (60) days following
the Employment Termination Date.

 

(d)  
Definitions.

 

(i)               
For purposes of this Agreement, “Cause” shall mean: (A) Executive’s willful and material violation
of the Company’s written policies and/or procedures where such policies and/or procedures (1) are reasonable, legal, and
ethical and (2) have been made available to Executive in writing, and in any such case, following (x) delivery by the Board to
Executive of a written notice which specifically identifies the manner in which the Board believes that Executive has willfully
and materially violated such written policies and/or procedures and (y) if such violation is capable of cure, the failure of Executive
to cure such violation within the thirty-day period following the delivery of such notice; (B) Executive’s engagement in
willful misconduct materially injurious to the financial condition of the Company; (C) Executive’s material breach of any
provision of this Agreement and Executive’s failure to cure such breach (if such breach is capable of cure) within thirty
days following delivery by the Board to Executive of a written notice which specifically identifies the provision in this Agreement
which the Board believes Executive has materially breached and the specific conduct constituting such material breach; (D) Executive’s
engagement in theft, embezzlement, fraud, or material misappropriation of any of the Company’s property; or (E) Executive’s
conviction by a court of competent jurisdiction of (or Executive’s plea of guilty or nolo contendere to) a felony
involving dishonesty or moral turpitude (excluding any motoring offense for which a non-custodial sentence is received and excluding
any conviction for “driving under the influence” or “driving while intoxicated”).

 

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(ii)             
For purposes of this Agreement, “Good Reason” shall mean: (A) without Executive’s express written
consent, (1) the Board’s assignment to Executive of any duties materially inconsistent with Executive’s positions,
duties, responsibilities, or status with the Company or with the duties or responsibilities of a Chief Financial Officer of a
company of the nature and size of the Company, (2) any material diminution in Executive’s positions, duties, responsibilities,
or status with the Company, (3) in the event that Brian Harris is no longer employed by the Company, any change in reporting duties
such that Executive no longer reports to the Chief Executive Officer, President, or the Board (or any other officer or position
to which Executive reported while Mr. Harris was employed by the Company), (4) a change in Executive’s title or office or
(5) any removal of Executive from or any failure to re-elect Executive to any such position, except where such removal is in connection
with the termination of Executive’s employment by the Company for Cause, as a result of Executive’s death or disability,
or as a result of Executive’s resignation other than for Good Reason, and, in any such case, the Board’s failure to
cure such assignment, diminution, change, removal, or failure (if such assignment, diminution, change, removal, or failure is
capable of cure) within thirty days following delivery by Executive to the Board of a written notice which specifically identifies
such assignment, diminution, change, removal, or failure; (B) without Executive’s prior written consent, the relocation
of Executive’s office to a location outside of New York, New York other than for travel in the course of Executive’s
duties; (C) without Executive’s prior written consent, any reduction of Executive’s Base Salary or any material reduction
in the Benefits taken as a whole or any material breach by the Company of this Agreement, and, in any such case, the Board’s
failure to cure such reduction or breach (if such reduction or breach is capable of cure) within thirty days following delivery
by Executive to the Board of a written notice which specifically identifies such reduction or breach; or (D) in the event that
Brian Harris is no longer employed by the Company, any material reduction thereafter in Executive’s targeted Year End Bonus
and Annual Equity Incentive Grant, taken as a whole.

 

5.                             
Confidential Information. Executive acknowledges that the non-public information and data obtained by Executive
while employed by any Ladder Company concerning the business or affairs of the Ladder Companies and their affiliates (“Confidential
Information”) are the property of the Ladder Companies. Therefore, except as may be otherwise required by law or legal
process, Executive agrees that, during the Employment Period and at all times thereafter, Executive shall not disclose to any
unauthorized person or use for Executive’s own purposes any Confidential Information without the prior written consent of
the Board other than in a good faith effort during the Employment Period to promote the interests of the Ladder Companies. Executive
shall deliver to the Company at the termination of the Employment Period, or at any other time the Company may request, all memoranda,
notes, plans, records, reports, computer files and related back-ups, printouts, software, and other documents and data (and copies
thereof) relating to the Confidential Information, Work Product (as defined in Section 6), or the business of any Ladder
Company which Executive may then possess or have under Executive’s control. Notwithstanding anything to the contrary in
this Section 5, (i) Confidential Information shall not include: (A) information to the extent that it is or becomes
generally available to the public (other than as a result of a disclosure by Executive) and (B) information to the extent
that it is disclosed to Executive by a party or person that is not under any obligation to keep such information confidential;
and (ii) if Executive is required to disclose or discuss Confidential Information by order of a court of competent jurisdiction,
Executive may disclose such Confidential Information (provided that in such case, Executive shall promptly inform
the Company of such order and shall only disclose Confidential Information to the extent necessary to comply with any such court
order).

 

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6.                             
Inventions and Patents. Executive acknowledges that all inventions, innovations, improvements, enhancements, modifications,
developments, methods, designs, analyses, drawings, reports, and all similar or related information (whether or not patentable)
which relate to any Ladder Company’s actual or anticipated business, research, and development or existing or future products
or services and which are conceived, developed, or made by Executive while employed by any Ladder Company (collectively, “Work
Product”) belong to the applicable Ladder Company. Any copyrightable work falling within the definition of Work Product
shall be deemed a “work made for hire” as such term is defined in 17 U.S.C. Section 101, and ownership of all right,
title, and interest herein shall vest in the applicable Ladder Company. To the extent that any Work Product is not deemed to be
a “work made for hire” under applicable law or all right, title, and interest in and to such Work Product has not
automatically vested in the applicable Ladder Company, Executive hereby irrevocably assigns, transfers and conveys, to the full
extent permitted by applicable law, all right, title and interest in and to the Work Product on a worldwide basis to the applicable
Ladder Company, without further consideration. Executive shall perform all actions reasonably requested by the Company to establish
and confirm such ownership (including, without limitation, assignments, consents, powers of attorney, and other instruments).
Notwithstanding the foregoing, (i) no Ladder Company shall have any right, title, or interest in any work product or copyrightable
work developed by Executive outside of work hours and without the use of any of Ladder Company’s resources or facilities
that does not relate to the business of any Ladder Company and does not result from any work performed by Executive for any Ladder
Company and (ii) Work Product shall not include business methods, contract structures, document forms and similar information
developed or made by Executive prior to Executive’s employment by any Ladder Company (collectively, to the extent used during
the Employment Period by any Ladder Company, “Prior Works”), even if Executive uses such methods, structures,
forms or information in the course of Executive’s employment with any Ladder Company. Executive hereby grants the Ladder
Companies a perpetual, irrevocable, non-exclusive, royalty-free, worldwide, assignable, sublicensable license under all rights
in any Prior Works for all purposes in connection with the Ladder Companies’ current and future businesses.

 

7.                             
Cooperation with Investigation. During the Employment Period and thereafter, Executive shall cooperate with the
applicable Ladder Company in any internal investigation or administrative, regulatory, or judicial proceeding as reasonably requested
by the Company (including, without limitation, Executive’s being available to the Company upon reasonable notice for interviews
and factual investigations, appearing at the Company’s request to give testimony without requiring service of a subpoena
or other legal process, volunteering to the Company all pertinent information, and turning over to the Company all relevant documents
which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s
other permitted activities and commitments if Executive is then employed by the Company) (any such cooperation requested by the
Company, collectively, “Investigation Assistance”); provided that Executive’s receipt of any severance
payments otherwise payable to Executive pursuant to the terms of this Agreement is not contingent on Executive providing such
Investigation Assistance. Such Investigation Assistance will be (i) without additional compensation (if Executive is then employed
by the Company) or (ii) for reasonable compensation along with reimbursement for all out-of-pocket costs and expenses incurred
in connection therewith (if Executive is not then employed by the Company), provided that after the expiration or
termination of the Employment Period, Executive shall not be required to spend more than three (3) business days each calendar
year (the “Cooperation Period”) providing Investigation Assistance. For the avoidance of doubt, the foregoing
provisions of this Section 7 shall not apply to testimony or other cooperation that Executive is compelled to provide by
third party subpoena, court order, or the request of any governmental authority.

 

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8.                             
Indemnification. The Company agrees to defend, indemnify and hold Executive and Executive’s heirs and representatives
harmless, to the maximum extent permitted by law, against any and all damages, costs, liabilities, losses, and out-of-pocket expenses
(including actual attorneys’ fees) as a result of any claim or proceeding (whether civil, criminal, administrative, or investigative),
or any threatened claim or proceeding (whether civil, criminal, administrative, or investigative), against Executive that arises
out of or relates to Executive’s lawful service as an officer, director, or employee, as the case may be, of the Company,
or Executive’s service in any such capacity or similar capacity with any Ladder Company or other entity at the request of
the Company, and to promptly advance to Executive or Executive’s heirs or representatives such expenses upon written request
with appropriate documentation of such expense and receipt of an undertaking by Executive or on Executive’s behalf to repay
such amount if it shall ultimately be determined in a final, non-appealable judgment from a court of competent jurisdiction that
Executive is not entitled to be indemnified by the Company. If Executive has any knowledge of any actual or threatened action,
suit, or proceeding, whether civil, criminal, administrative, or investigative, as to which Executive may request indemnity under
this provision, Executive shall give the Company prompt written notice thereof; provided that the failure to give such
notice shall not affect Executive’s right to indemnification. The Company shall be entitled to assume the defense of any
such proceeding, and Executive shall use reasonable efforts to cooperate with such defense. To the extent that Executive in good
faith determines that there is an actual or potential conflict of interest between the Company and Executive in connection with
the defense of a proceeding, Executive shall so notify the Company and shall be entitled to separate representation at the Company’s
expense by counsel selected by Executive (provided that the Company may reasonably object to the selection of counsel within
ten business days after notification thereof), which counsel shall cooperate, and coordinate the defense, with the Company’s
counsel and minimize the expense of such separate representation to the extent consistent with Executive’s separate defense.
The Company shall not be liable for any settlement of any proceeding effected without its prior written consent but shall not
unreasonably withhold such consent.

 

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9.                             
 Non-Solicitation and Non-Competition.

 

(a)  
In further consideration of the compensation to be paid to Executive hereunder, Executive acknowledges that in the course
of Executive’s employment with the Company Executive has and will continue to become familiar with the Ladder Companies’
trade secrets and with other Confidential Information concerning the Ladder Companies and that Executive’s services shall
be of special, unique, and extraordinary value to the Ladder Companies. Therefore, Executive agrees that during the Restrictive
Period (as defined below), Executive shall not for any reason whatsoever, directly or indirectly, for Executive or on behalf of
or in conjunction with any other person, persons, company, partnership, corporation, business, or other entity of whatever nature
(i) engage in any respect, whether as an officer, director, employee, independent contractor, advisor, sales representative, consultant,
shareholder, owner, partner, manager, or in any other capacity, in the business of any Ladder Company as of the date Executive
is no longer employed by the Company (the “Non-Competition Obligation”) or (ii) solicit, hire, retain as an
employee or independent contractor, or interfere with any Ladder Company’s relationship with any employee, investor, or
customer of any Ladder Company (or any person who was an employee, investor, or customer of any Ladder Company within the past
twelve months) (the “Non-Solicitation Obligation”). Notwithstanding the foregoing, the ownership by Executive
of less than 5% of any class of publicly traded equity securities of any corporation, will not be deemed to be a breach of this
Section 9(a). For purposes of this Agreement, “Restrictive Period” shall mean the following:

 

		(A)	with respect to the Non-Competition
                                         Obligation, the Restrictive Period shall be the Employment Period and the period commencing
                                         on the Employment Termination Date and ending 90 days thereafter; and

 

		(B)	with respect to the Non-Solicitation
                                         Obligation, the Restrictive Period shall be the Employment Period and the period commencing
                                         on the Employment Termination Date and ending two years thereafter;

 

provided, however, that
the Company may elect in its sole discretion (with the approval of the Board, after consultation with Brian Harris so long as
Brian Harris is then the Company’s Chief Executive Officer) (a “Non-Competition Extension Election”)
to pay to Executive Executive’s Base Salary as of the Employment Termination Date during the 90 period commencing on the
date 90 days after the Employment Termination Date (“Elective Severance Payment”) and, in such case, extend
the Restrictive Period with respect to the Non-Competition Obligation for an additional 90 day period of time such that the Restricted
Period with respect to the Non-Competition Obligation will be the Employment Period and the period commencing on the Employment
Termination Date and ending 180 days thereafter. In order for the Company to make such a Non-Competition Extension Election, the
Company must provide written notice to Executive of such Non-Competition Extension Election by no later than ten (10) business
days after the Employment Termination Date. Any such Elective Severance Payment shall be payable to Executive in three equal monthly
installments during the three month period commencing on the date 90 days after Employment Termination Date, and shall, in all
cases, be subject to the General Release Effective Date having previously occurred.

 

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(b)  
 If, at the time of enforcement of this Section 9, a court shall hold that the duration or scope restrictions
stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration or scope reasonable
under such circumstances shall be substituted for the stated duration or scope and that the court shall be allowed to revise the
restrictions contained herein to cover the maximum period and scope permitted by law

 

(c)  
Each of Executive and the Company acknowledges and agrees that the Company will suffer irreparable harm from a breach by
Executive of any of the covenants or agreements contained in Section 5 or this Section 9. Executive further acknowledges
that the restrictive covenants set forth in this Section are of a special, unique, and extraordinary character, the loss of which
cannot be adequately compensated by monetary damages. Executive agrees that the terms and provisions of this Section 9
are fair and reasonable and are reasonably required for the protection of the Company in whose favor such restrictions operate.
Executive acknowledges that, but for Executive’s agreements to be bound by the restrictive covenants set forth in Section
5 and this Section 9, the Company would not have entered into this Agreement. In the event of an alleged or threatened
breach by Executive of any of the provisions of Section 5 or this Section 9, the Company or its successors or assigns
may, in addition to all other rights and remedies existing in its or their favor, apply to any court of competent jurisdiction
for specific performance and/or injunctive or other equitable relief in order to enforce or prevent any violations of the provisions
hereof (including, without limitation, the extension of the Restrictive Period by a period equal to the duration of the violation
of this Section 9).

 

(d)  
The refusal or failure of the Company to enforce any of the restrictive covenants set forth in Section 5 or this
Section 9 against Executive, for any reason, shall not constitute an act of precedent or a defense to the enforcement by
the Company of the restrictive covenants set forth herein, nor shall it give rise to any claim or cause of action by Executive
against the Company. If any action should have to be brought by the Company against Executive to enforce the restrictive covenants
set forth in Section 5 or this Section 9, the Company is entitled to seek preliminary and permanent injunctive relief
restraining Executive from violating any of such restrictive covenants and shall be entitled to seek all other legal and equitable
remedies provided under New York law. Executive expressly acknowledges that the restrictive covenants set forth in Section
5 or this Section 9 apply to any successor or assign of the Company as a direct third-party beneficiary and that such
restrictive covenants are expressly intended for the benefit of such successor or assign.

 

10.                         
Miscellaneous.

 

(a)  
Notices. All notices, demands, or other communications to be given or delivered under or by reason of the provisions
of this Agreement will be in writing and will be deemed to have been given when delivered personally, two business days after
being mailed by certified or registered mail, return receipt requested and postage prepaid, or one business day after being sent
via a nationally recognized overnight courier. Such notices, demands, and other communications will be sent to the addresses indicated
below:

 

To the Company:

 

Ladder Capital Finance LLC

 ‎345 Park Avenue, 8th Floor

New York, NY 10154‎

Attention: Board of Directors (or LCC Corporation’s Secretary and General Counsel on behalf of the Board of Directors)

 

    11 

     

    

 

with a copy (which shall
not constitute notice to the Company) to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention: Brian Raftery, Esq.

 

To Executive:

 

at the address for Executive as set forth in the Company’s
books and records, as updated from time to time

 

or such other addresses
or to the attention of such other persons as the recipient party shall have specified by prior written notice to the sending party.

 

(b)  
Remedies. In addition and supplementary to other rights and remedies existing in the Company’s or Executive’s
favor, the Company or Executive may apply to any court of law or equity of competent jurisdiction for specific performance and/or
injunctive or other relief in order to enforce or prevent any violations of the provisions hereof.

 

(c)  
Choice of Law. All issues and questions concerning the construction, validity, enforcement, and interpretation of
this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect
to any choice of law or conflict of law rules or provisions that could cause the applications of the laws of any jurisdiction
other than the State of New York.

 

(d)  
Representation by Executive. Executive represents and warrants to the Company that Executive is not a party to any
agreement containing a noncompetition provision or other restriction with respect to (i) the nature of any services or business
which Executive is entitled to perform or conduct for the Company (or any other Ladder Company) under this Agreement, or (ii)
the disclosure or use of any information which directly or indirectly relates to the nature of the business of any Ladder Company
or the services to be rendered by Executive under this Agreement.

 

(e)  
Complete Agreement. This Agreement shall embody the complete agreement and understanding among the parties and supersede
and preempt any prior understandings, agreements, or representations by or among the parties, written or oral, which may have
related to the subject matter hereof in any way. In particular, this agreement supersedes the Confidentiality, Non-Solicitation
and Non-Competition Agreement between the Company and Executive dated May 15, 2019 which is hereby terminated.

 

(f)   
Successor and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive
and the Company and their respective successors, heirs and assigns.

 

    12 

     

    

 

 

(g)   Amendment.
Other than otherwise expressly provided herein, this Agreement may be amended, and any provision hereof may be waived, at any
time by written agreement between the Company (with the approval of the Board) and Executive.

 

(h)  
Counterparts; Facsimile Signature. This Agreement may be executed in one or more counterparts, all of which together
shall constitute but one agreement. Any party may execute this Agreement by facsimile or scanned page signature and the other
parties shall be entitled to rely upon such facsimile or scanned page signature as conclusive evidence that this Agreement has
been duly executed by such party.

 

(i)    
No Waiver. No failure or delay on the part of the Company or Executive in enforcing or exercising any right or remedy
hereunder shall operate as a waiver thereof.

 

(j)    
Severability. If any provision or clause of this Agreement, or portion thereof shall be held by any court or other
tribunal of competent jurisdiction to be illegal, invalid, or unenforceable in such jurisdiction, the remainder of such provision
shall not be thereby affected and shall be given full effect, without regard to the invalid portion.

 

(k)  
No Strict Construction; Descriptive Headings. The language used in this Agreement shall be deemed to be the language
chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.
The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

 

(l)    
Withholding. The Company shall be entitled to deduct and withhold from any amounts owing from the Company or any
of its subsidiaries to Executive under this Agreement, any United States federal, state, or local or non-United States withholding
taxes, excise taxes, or employment taxes imposed with respect to Executive’s compensation or other payments from the Company
or any of its subsidiaries under this Agreement.

 

11.             
Code Sections 409A and 457A.

 

(a)              
The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) and the regulations and guidance promulgated thereunder or an exemption
thereunder and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.
The parties further intend that all payments and benefits under this Agreement be exempt from Section 457A of the Code. In no
event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on Executive by Sections
409A or 457A of the Code or damages for failing to comply with Sections 409A or 457A of the Code.

 

    13 

     

    

 

(b)              
A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing
for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references
to a “termination,” “termination of employment” or like terms shall mean “separation from service.”
Notwithstanding any other payment schedule provided herein to the contrary, if Executive is deemed on the date of termination
to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then, with regard to
any payment that is considered deferred compensation under Code Section 409A payable on account of a “separation from service”
such payment shall be made on the date which is the earlier of (A) the expiration of the six (6)-month period measured from
the date of such “separation from service” of Executive, and (B) the date of Executive’s death (the “Delay
Period”) to the extent required under Code Section 409A. Upon the expiration of the Delay Period, all payments delayed
pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of
such delay) shall be paid to Executive in a lump sum, and all remaining payments due under this Agreement shall be paid or provided
in accordance with the normal payment dates specified for them herein.

 

(c)              
 To the extent reimbursements or other in-kind benefits under this Agreement constitute “non-qualified deferred
compensation” for purposes of Code Section 409A, all such expenses or other reimbursements under this Agreement shall be
made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive,
(ii) any right to such reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit, and
(iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall
in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

 

(d)              
For purposes of Code Section 409A, Executive’s right to receive any installment payment pursuant to this Agreement
shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies
a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following
the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of
the Company. Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement
that constitutes “deferred compensation” for purposes of Code Section 409A be subject to offset, counterclaim or recoupment
by any other amount payable to Executive unless otherwise permitted by Code Section 409A. To the extent that any payment of base
salary or other compensation is to be paid for a specified continuing period of time beyond the date of Executive’s termination
of employment in accordance with the Company’s payroll practices (or other similar term), the payments of such base salary
or other compensation shall be made upon such schedule as in effect upon the date of termination, but no less frequently than
monthly.

 

12.             
Effect of Termination of the Employment Period. Other than Sections 4 through 11 and this Section
12 and Section 13, which shall survive indefinitely, upon termination of the Employment Period, this Agreement shall
no longer have any force or effect.

 

13.             
Whistleblower Protections. Nothing in this Agreement shall prohibit or restrict Executive or Executive’s attorneys
from: (i) making any disclosure of relevant and necessary information or documents in any action, investigation, or proceeding
relating to this Agreement, or as required by law or legal process, including with respect to possible violations of law; (ii)
participating, cooperating, or testifying in any action, investigation, or proceeding with, or providing information to, any governmental
agency or legislative body, any self-regulatory organization, and/or pursuant to the Sarbanes-Oxley Act; or (iii) accepting any
U.S. Securities and Exchange Commission awards. In addition, nothing in this Agreement prohibits or restricts Executive from initiating
communications with, or responding to any inquiry from, any regulatory or supervisory authority regarding any good faith concerns
about possible violations of law or regulation. Pursuant to 18 U.S.C. § 1833(b), Executive will not be held criminally or
civilly liable under any Federal or state trade secret law for the disclosure of a trade secret of any Ladder Company or any affiliate
of any Ladder Company that (A) is made in confidence to a Federal, state, or local government official (either directly or indirectly)
or to Executive’s attorney, in each case solely for the purpose of reporting or investigating a suspected violation of law;
or (B) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Executive files
a lawsuit for retaliation by any Ladder Company for reporting a suspected violation of law, Executive may disclose the trade secret
to Executive’s attorney and use the trade secret information in the court proceeding, provided that Executive files any
document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. Nothing
in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that
are expressly allowed by such section.

 

* * * *

 

    14 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Employment Agreement as of the date first written above.

 

	 	LADDER
    CAPITAL FINANCE LLC
	 	 
	 	By:	/s/
    Brian Harris
	 	 	Name: Brian Harris
	 	 	Title:   Chief Executive Officer

 

	 	/s/
    Paul J. Miceli
	 	Paul J. Miceli

 

     

     

    

 

EXHIBIT A

 

General Release

 

I,
Paul J. Miceli, in consideration of and subject to the performance by Ladder Capital Finance LLC, a Delaware limited liability
company (the “Company”), of its obligations, promises and covenants under the Employment Agreement, dated as
of February 9, 2021 (the “Employment Agreement”) and under this General Release, do hereby release and forever
discharge as of the date hereof the Company and its affiliates and all present and former directors, officers, agents, representatives,
employees, successors and assigns of the Company and its affiliates and the Company’s direct or indirect owners (collectively,
the “Released Parties”) to the extent provided below.

 

		1.	I
                                         understand that any payments or benefits paid or granted to me under Section 4(b) of
                                         the Employment Agreement (and the Elective Severance Payment (as defined in the
                                         Employment Agreement) if the Company has made a Non-Competition Extension Election (as
                                         defined in the Employment Agreement)) represent,
                                         in part, consideration for signing this General Release. I understand and agree that
                                         I will not receive the payments and benefits specified in Section 4(b) of the Employment
                                         Agreement (or the Elective Severance Payment if the Company has made a Non-Competition
                                         Extension Election) unless
                                         I execute this General Release and do not revoke this General Release within the time
                                         period permitted hereafter or breach any provision of this General Release. In addition
                                         to the payments the Company is required to make to me pursuant to Section 4(a) of the
                                         Employment Agreement, if I timely accept and do not revoke this General Release the Company
                                         shall be obligated to provide the payments and benefits under and in accordance with
                                         the terms of Sections 4(b) and 9(a) of the Employment Agreement; provided, however, the
                                         Company shall only be obligated to provide the Elective Severance Payment if the Company,
                                         in its sole discretion, has properly and timely made a Non-Competition Extension Election
                                         pursuant to Section 9(a) of the Employment Agreement. I also acknowledge and represent
                                         that I have received all payments and benefits that I am entitled to receive by virtue
                                         of any employment with the Company through the effective date of my separation.

 

	 	2.	Except as provided in paragraphs
    4 and 5 below and except for the provisions of my Employment Agreement which expressly survive the termination of my employment
    with the Company and only to the extent permitted by law, I knowingly and voluntarily (for myself, my heirs, executors, administrators
    and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies,
    actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive
    or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in
    law and in equity, both past and present (through the date this General Release becomes effective and enforceable) and whether
    known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my
    heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my
    separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under:
    Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment
    Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans
    with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification
    Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards
    Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under
    any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common
    law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of
    contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’
    fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”).

 

    A-1

     

    

 

		3.	I
                                         represent that I have made no assignment or transfer of any right, Claim, or other matter
                                         covered by paragraph 2 above.

 

		4.	The
                                         parties hereto agree that this General Release does not waive or release: (a) any rights
                                         or claims that I (or my heirs, executors, administrators and assigns) have or may have
                                         under the Age Discrimination in Employment Act of 1967 which arise after the date I execute
                                         this General Release, (b) any rights or claims that I (or my heirs, executors, administrators
                                         and assigns) have or may have based on any event, conduct, statement, act or omission
                                         occurring after the date I execute this General Release; (c) any rights or claims that
                                         I (or my heirs, executors, administrator and assigns) have or may have arising under,
                                         or otherwise to enforce, this General Release and/or the Company’s obligations
                                         under Sections 4(a), 4(b) and 9(a) of the Employment Agreement; (d) any rights to or
                                         claims for defense, indemnification, and to be held harmless by the Company pursuant
                                         to and in accordance with the terms and conditions of Section 8 of the Employment Agreement;
                                         and (e) any rights or claims that I (or my heirs, executors, administrators and assigns)
                                         have or may have under that certain [NOTE:
                                         DESCRIBE ANY AND ALL AGREEMENTS THEN IN EFFECT WITH RESPECT TO EXECUTIVE’S OR EXECUTIVE’S
                                         AFFILIATE’S OWNERSHIP OF EQUITY (OR OPTIONS FOR EQUITY) OF LCC CORPORATION.]
                                         I acknowledge and agree that my separation from employment
                                         with the Company in compliance with the terms of the Employment Agreement and this General
                                         Release shall not serve as the basis for any Claim (including, without limitation, any
                                         Claim under the Age Discrimination in Employment Act of 1967).

 

	 	5.	In signing this General Release, I acknowledge and intend that it shall be effective as a
    bar to each and every one of the Claims hereinabove mentioned or implied to the extent permitted by laws. I expressly consent
    that this General Release shall be given full force and effect according to each and all of its terms and provisions, including
    those relating to unknown, unsuspected and unanticipated Claims (notwithstanding any state statute that expressly limits the
    effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to
    any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term
    of this General Release and that without such waiver the Company would not have agreed to the terms of the Employment Agreement.
    I further agree that in the event I should bring a Claim seeking damages against the Company or any of its affiliates, or
    in the event I should seek to recover against the Company or any of its affiliates in any Claim brought by a governmental
    agency on my behalf, this General Release shall serve as a complete defense to such Claims to the extent permitted by applicable
    law. Notwithstanding the foregoing, I further acknowledge that I am not waiving and am not being required to waive any right
    that cannot be waived by law, including the right to file an administrative charge or participate in an administrative investigation
    or proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting
    from the prosecution of such charge or investigation or proceeding. I further agree that, after reasonable inquiry, I am not
    aware of any pending charge, complaint or facts that could reasonably be expected to give rise to any claim of the type described
    in paragraph 2 as of the date I execute this General Release; and,
    except as set forth on Schedule 5 to this General Release,
    the Company agrees, that after reasonable inquiry, that it is not aware of any pending charge, complaint or fact that
    could reasonably be expected to give rise to any claim against
    Paul J. Miceli, as of the date the Company executes this General Release.

 

    A-2

     

    

 

		6.	I agree that neither this General Release,
                                         nor the furnishing of the consideration for this General Release, shall be deemed or
                                         construed at any time to be an admission by the Company, any Released Party or myself
                                         of any improper or unlawful conduct.

 

		7.	I
                                         agree that I will forfeit all amounts payable by the Company pursuant to the Employment
                                         Agreement if I challenge the validity of this General Release. I also agree that if I
                                         violate this General Release by suing the Company or the other Released Parties with
                                         regard to any of the Claims released herein, I will pay all costs and expenses of defending
                                         against the suit incurred by the Released Parties, including reasonable attorneys’
                                         fees, and return all payments received by me pursuant to the Employment Agreement. Notwithstanding
                                         the foregoing, this paragraph 7 shall be subject to the requirements of any applicable
                                         law and shall not apply to any challenge by me or any Release to the validity of this
                                         General Release under the Older Workers Benefit Protection Act or to any suit or Claim
                                         brought under the Age Discrimination in Employment Act.

 

	 	8.	I agree that this General Release is confidential and agree not to disclose any information
    regarding the terms of this General Release, except to my immediate family and any tax, accounting, legal or other counsel
    I have consulted or hereafter may consult regarding the meaning or effect hereof, in connection with the preparation of my
    tax returns, or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone. Notwithstanding
    anything herein to the contrary, each of the parties hereto (and each affiliate and person acting on behalf of any such party)
    agree that each party hereto (and each employee, representative, and other agent of such party) may disclose to any and all
    persons, without limitation of any kind, the tax treatment and tax structure of this transaction contemplated in the Employment
    Agreement and hereunder and all materials of any kind (including opinions or other tax analyses) that are provided to such
    party or such person relating to such tax treatment and tax structure, except to the extent necessary to comply with any applicable
    federal or state securities laws. This authorization is not intended to permit disclosure of any other information including
    (without limitation) (i) any portion of any materials to the extent not related to the tax treatment or tax structure of this
    transaction, (ii) the identities of participants or potential participants in the Employment Agreement, (iii) any financial
    information (except to the extent such information is related to the tax treatment or tax structure of this transaction),
    or (iv) any other term or detail not relevant to the tax treatment or the tax structure of this transaction. Nothing herein
    shall be deemed to limit or preclude any disclosure of this General Release or the information herein by any party hereto
    to the extent necessary for such party to enforce his or its rights or the other party’s obligations under the Employment
    Agreement and/or this General Release.

 

    A-3

     

    

 

		9.	I
                                         agree not to disparage the Company, its past and present investors, officers, directors
                                         or employees or any of its affiliates and to comply with my non-disclosure obligations
                                         under and in accordance with the terms and conditions of Section 5 of the Employment
                                         Agreement, unless a prior written release from the Company is obtained or except as otherwise
                                         permitted under Section 5 of the Employment Agreement. I further agree that as of the
                                         date hereof, in accordance with Section 5 of the Employment Agreement and except as otherwise
                                         authorized by the Company, I have returned to the Company any and all property, tangible
                                         or intangible, relating to its business which I possessed or had control over at any
                                         time (including, but not limited to, company-provided credit cards, building or office
                                         access cards, keys, computer equipment, manuals, files, documents, records, software,
                                         customer data base and other data).

 

		10.	The
                                         Company will direct and will take reasonable measures to ensure that current officers
                                         and directors of the Company and its affiliates will not, directly or indirectly through
                                         a third party, disparage me.

 

		11.	Notwithstanding
                                         anything in this General Release to the contrary, this General Release shall not relinquish,
                                         diminish, or in any way affect any rights or claims arising out of any breach by the
                                         Company or by any Released Party of the Employment Agreement or this General Release
                                         after the effective date hereof or any vested rights I may have pursuant to any retirement
                                         or pension plan.

 

		12.	Whenever
                                         possible, each provision of this General Release shall be interpreted in, such manner
                                         as to be effective and valid under applicable law, but if any provision of this General
                                         Release is held to be invalid, illegal or unenforceable in any respect under any applicable
                                         law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall
                                         not affect any other provision or any other jurisdiction, but this General Release shall
                                         be reformed, construed and enforced in such jurisdiction as if such invalid, illegal
                                         or unenforceable provision had never been contained herein.

 

BY
SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

 

		·	I
                                         HAVE READ IT CAREFULLY;

 

		·	I
                                         UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING
                                         BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS
                                         AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF
                                         1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME
                                         SECURITY ACT OF 1974, AS AMENDED;

 

    A-4

     

    

 

		·	I
                                         VOLUNTARILY CONSENT TO EVERYTHING IN IT;

 

		·	I
                                         HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO
                                         OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

 

		·	I
                                         HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN
                                         ITS FINAL FORM ON _______________ __, _____ TO CONSIDER IT AND THE CHANGES MADE SINCE
                                         THE _______________ __, _____ VERSION OF THIS RELEASE ARE NOT MATERIAL AND WILL NOT RESTART
                                         THE REQUIRED 21-DAY PERIOD;

 

		·	THE
                                         CHANGES TO THE AGREEMENT SINCE _______________ ___, _____ EITHER ARE NOT MATERIAL OR
                                         WERE MADE AT MY REQUEST;

 

		·	I
                                         UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND
                                         THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD
                                         HAS EXPIRED;

 

		·	I
                                         HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY
                                         COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

 

		·	I
                                         AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED
                                         OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE
                                         OF THE COMPANY AND BY ME.

 

[Remainder
of this page intentionally left blank. Signature page(s) immediately follow.]

 

    A-5

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this General Release as of the date(s) indicated below.

 

	 	Knowingly and voluntarily accepted and agreed to by the Company,
after review for a reasonable and sufficient period of time and consultation with the Company’s attorneys, and with the
full understanding of the terms, conditions and legal consequences hereof and with the intent to be bound hereby:

 

	 	LADDER
    CAPITAL FINANCE LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Date:	

 

	EMPLOYEE	 
	 	 
	PAUL
    J. MICELI	 
	 	 	 
	Date:	 	 
	 	 	 

 

    A-6

     

    

 

Schedule 5

 

[To be completed by the Company prior
to execution of the General Release]dcarbiii-ex41_39.htm

 

NUMBER UNITS
U-

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP [●]

DECARBONIZATION PLUS ACQUISITION CORPORATION III

UNITS CONSISTING OF ONE SHARE OF CLASS A COMMON STOCK AND ONE-THIRD OF ONE WARRANT TO PURCHASE ONE SHARE OF CLASS A COMMON STOCK

THIS CERTIFIES THAT                           is the owner of                           Units.

Each Unit (“Unit”) consists of one (1) share of Class A common stock, par value $0.0001 per share (“Common Stock”), of Decarbonization Plus Acquisition Corporation III, a Delaware corporation (the “Company”), and one-third (1/3) of one warrant (each whole warrant, a “Warrant”).  Each whole Warrant entitles the holder to purchase one (1) share (subject to adjustment) of Common Stock for $11.50 per share (subject to adjustment).  Each Warrant will become exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (each a “Business Combination”), or (ii) twelve (12) months from the closing of the Company’s initial public offering, and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”).  The Common Stock and Warrants comprising the Units represented by this certificate are not transferable separately prior to                          , 2021, unless Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. elect to allow earlier separate trading, subject to the Company’s filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the offering and issuing a press release announcing when separate trading will begin.  The terms of the Warrants are governed by a Warrant Agreement, dated as of                          , 2021, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.  Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York, New York 10004, and are available to any Warrant holder on written request and without cost.

This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

This certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

 

 

Witness the facsimile signature of its duly authorized officers.

 

SecretaryChief Executive Officer

Decarbonization Plus Acquisition Corporation III

The Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights.

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

				
	
TEN COM
	
–as tenants in common
	
UNIF GIFT MIN ACT
	
–__________ Custodian __________
     (Cust)      (Minor)

	
TEN ENT
	
–as tenants by the entireties
	
 
	
 

	
JT TEN
	
–as joint tenants with right of survivorship and not as tenants in common
	
 
	
under Uniform Gifts to Minors Act

 

(State)

Additional abbreviations may also be used though not in the above list.

For value received,                           hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR

OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

                          Units represented by the within Certificate, and do hereby irrevocably constitute and appoint                           Attorney to transfer the said Units on the books of the within named Company with full power of substitution in the premises.

2

 

 

Dated

Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

THE SIGNATURE(S) MUST BE GUARANTEED BY

AN ELIGIBLE GUARANTOR INSTITUTION

(BANKS, STOCKBROKERS, SAVINGS AND LOAN

ASSOCIATIONS AND CREDIT UNIONS WITH

MEMBERSHIP IN AN APPROVED SIGNATURE

GUARANTEE MEDALLION PROGRAM, PURSUANT

TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR

RULE).

In each case, as more fully described in the Company’s final prospectus dated                          , 2021, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial public offering only in the event that (i) the Company redeems the shares of Class A common stock sold in its initial public offering and liquidates because it does not consummate an initial business combination by                          , 2023, (ii) the Company redeems the shares of Class A common stock sold in its initial public offering in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the Class A common stock if it does not consummate an initial business combination by                          , 2023 or (B) with respect to any other provision relating to the rights of holders of the Class A common stock or pre-initial business combination activity, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective shares of Class A common stock in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks stockholder approval of the proposed initial business combination) setting forth the details of a proposed initial business combination.  In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

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