KKR Real Estate Finance Trust Inc.
EX-10.50
<DOCUMENT>
<TYPE>EX-10.50
<SEQUENCE>6
<FILENAME>a202112-exhibit1050.htm
<DESCRIPTION>EX-10.50
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: broadridge
         Document created using EDGARfilings PROfile <a href="http://protect-us.mimecast.com/s/5CjeCERyZ5Cx7WPPFNA3Vi8?domain=8.1.0.0">8.1.0.0</a>
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">



  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div>
      <div style="text-align: right;"><font style="font-weight: bold;"> Exhibit 10.50</font><br>
      </div>
      <div> <br>
      </div>
      <div>December 20, 2021</div>
      <div><br>
      </div>
      <div>Mostafa Nagaty</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z35010bed3bd74165ac4a4da99fb59d4b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt; vertical-align: top;">Re:</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>KREF Transition Terms</u></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>Dear Mostafa:</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">This will confirm the terms of transition from your role as Chief Financial Officer and Treasurer of KKR Real Estate Finance Trust Inc.
        (&#8220;KREF&#8221;) that we have discussed following your expressed desire to step down from such role.&#160; Please acknowledge your agreement with these terms by signing and returning a copy of this letter to my attention.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Transition Period and Responsibilities</u>.&#160; You will continue actively and on a full-time basis in the Chief Financial Officer and Treasurer role for KREF through and including March 1, 2022.&#160; From March 2, 2022 through
          and including April 30, 2022, you will cease to serve as Chief Financial Officer and Treasurer of KREF, but will continue to provide support services to KREF and its new Chief Financial Officer and Treasurer.&#160; Beginning on May 1, 2022, your
          affiliation with and services to KREF will cease.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Compensation</u>.&#160; In exchange for the transition services contemplated by this letter, you will continue to receive payment of your regular base salary through April 30, 2022, and you will be eligible to be awarded a
          pro rata discretionary bonus for 2022.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>KREF Restricted Stock Units</u>.&#160; Subject to your continuing to provide services to KREF as contemplated by this letter through and including April 30, 2022, and continuing to comply with all of your other obligations, you will
          continue to vest in your KREF restricted stock units pursuant to the Amended and Restated KKR Real Estate Finance Trust Inc. 2016 Omnibus Incentive Plan through October 1, 2022, and any service requirements through October 1, 2022, for that
          vesting to occur will be waived accordingly.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Acknowledgment of No Claims</u>.&#160; You hereby acknowledge that you do not presently have, and you are not aware of, any claims against KREF or any disputes between you and KREF.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As noted, please confirm your acknowledgment and agreement to the foregoing terms by signing and returning a copy of this letter to my
        attention by email.</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z813a5c8cb9864507b8e5908c5b5cef82">

            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 50%;">Very truly yours,</td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 50%;">
                <div style="text-align: left;"><u>/s/Patrick Mattson</u></div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;" rowspan="1">&#160;</td>
              <td style="width: 50%;" rowspan="1">
                <div style="text-align: left;">Patrick Mattson</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: center;"> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z7d27d43e61c942e19333b12ceff21145" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 49.99%; vertical-align: top;">
              <div>Acknowledged &amp; Agreed:</div>
            </td>
            <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 49.99%; vertical-align: top;">
              <div><u>/s/Mostafa Nagaty</u></div>
            </td>
            <td style="width: 50.01%; vertical-align: top;">
              <div>Date: December 20, 2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.99%; vertical-align: top;">
              <div>Mostafa Nagaty</div>
            </td>
            <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
  </div>


</body>
</html>
</TEXT>
</DOCUMENT>
