SEC Contract Filing

Filing Date: 2015-04-02

Document Content:
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<TYPE>EX-10.5
<SEQUENCE>8
<FILENAME>d899752dex105.htm
<DESCRIPTION>EX-10.5
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<TITLE>EX-10.5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS EMPLOYMENT AGREEMENT</B> (this &#147;<U>Agreement</U>&#148;), dated as of March&nbsp;16, 2015, is made by and between Colony
Financial, Inc., a Maryland corporation (&#147;<U>CFI</U>&#148;), and Kevin Traenkle (the &#147;<U>Executive</U>&#148;). CFI, together with its subsidiaries is hereinafter referred to as &#147;the Company,&#148; and where the context permits,
references to &#147;the Company&#148; shall include the Company and any successor to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, certain businesses of
the Company are currently externally managed and advised by a subsidiary of Colony Capital, LLC (&#147;<U>CC</U>&#148;) pursuant to the terms of a management agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>CFI, CC, Colony Capital Holdings, LLC, a Delaware limited liability company (&#147;<U>CC Holdings</U>&#148;), Colony Capital
OP Subsidiary, LLC, a Delaware limited liability company (&#147;<U>NewCo</U>&#148;), CCH Management Partners I, LLC (&#147;<U>CCH</U>&#148;), FHB Holding LLC, a Delaware limited liability company, Richard B. Saltzman and CFI RE Masterco LLC, a
Delaware limited liability company (the &#147;<U>OP</U>&#148;) have entered into that certain Contribution and Implementation Agreement, dated as of December&nbsp;23, 2014 (the &#147;<U>Contribution Agreement&#148;), </U>pursuant to which, among
other things, CC Holdings, CC and CCH will contribute to the OP and the OP will acquire from CC Holdings, CC and CCH the membership interests in NewCo held by CC Holdings, CC and CCH (which constitute all of the membership interests of NewCo) (along
with the other transactions contemplated thereby, the &#147;<U>Contribution</U>&#148;) and the management of the Company will be internalized; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, CFI desires to enter into this Agreement with the Executive, effective as of the closing of the Contribution (the date on
which such closing occurs, the &#147;<U>Effective Date</U>&#148;), pursuant to which the Executive will become employed by CFI Operating Company, LLC or one of its subsidiaries (as applicable, the &#147;<U>Operating Entity</U>&#148;) and will serve
as an Executive Director, Chief Investment Officer Global Real Estate of CFI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in consideration of the foregoing
premises, the mutual covenants, terms and conditions set forth herein, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>EMPLOYMENT TERM</U>. The Executive&#146;s employment under the terms and conditions of this Agreement shall commence on the Effective Date and shall
expire on the third anniversary of the Effective Date (the &#147;<U>Initial Term</U>&#148;); <U>provided</U>, <U>however</U>, that on the third anniversary of the Effective Date and on each subsequent anniversary thereof, the term of this Agreement
shall automatically be extended for an additional one-year period (each a &#147;<U>Renewal Term</U>&#148;) unless, not later than 180 days prior to the expiration of the Initial Term or the then-current Renewal Term, as applicable, either party
provides written notice to the other party hereto that such extension shall not take effect (a &#147;<U>Non-Renewal Notice</U>&#148;). The period during which the Executive is employed by the Company during the Initial Term and any Renewal Term
pursuant to this Agreement is referred to herein as the &#147;<U>Employment Term</U>&#148;. Notwithstanding anything set forth in this Section&nbsp;1 to the contrary, the Employment Term and the Executive&#146;s employment shall earlier terminate
immediately upon the termination of the Executive&#146;s employment pursuant to Section&nbsp;4 hereof. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>POSITION; REPORTING AND DUTIES; LOCATION</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Position and Reporting</U>. During the Employment Term, the Executive shall serve as Executive Director, Chief Investment Officer
Global Real Estate of the Company. During the Employment Term, the Executive shall report directly to the Chief Executive Officer of the Company or the Executive Chairman of CFI (the &#147;Executive Chairman&#148;), as determined by the Board of
Directors of CFI (the &#147;Board&#148;). In order to fulfill his duties and responsibilities, the Executive will oversee the investment and asset management professionals of the Company who are primarily responsible for real estate and debt related
investment activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Duties and Responsibilities</U>. </P>
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