CAPITAL TRUST INC
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<TYPE>EX-10.20
<SEQUENCE>5
<FILENAME>e603095_ex10-20.htm
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    <title>Unassociated Document</title>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Exhibit
      10.20</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CAPITAL
      TRUST, INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007
      LONG-TERM INCENTIVE PLAN</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007
      Amendment</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      Capital Trust, Inc. (the &#8220;Company&#8221;) maintains the Capital Trust, Inc. 2007
      Long-Term Incentive Plan (the &#8220;2007 Plan&#8221;), and Section 17 of the 2007 Plan
      permits the Board of Directors (the &#8220;Board&#8221;) to amend the 2007 Plan, subject to
      applicable law, including shareholder approval under certain circumstances
      that
      the present amendment does not implicate;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>WHEREAS,
      Section 8(g) of the 2007 Plan
      limits the period participants in the 2007 Plan may elect to defer restricted
      shares or restricted shares units; and</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>WHEREAS,
      the Board wishes to amend
      Section 8(g) of the 2007 Plan to give the 2007 Plan&#8217;s administrative committee
      (the &#8220;Committee&#8221;) the discretion to determine when participants may elect to
      defer restricted shares or restricted shares units;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>NOW
      THEREFORE BE IT RESOLVED that
      Section 8(g) of the 2007 Plan is amended and restated to read as
      follows:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 21.6pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <font style="DISPLAY: inline; FONT-STYLE: italic">Deferral
      Elections.</font>&#160;&#160;Subject to Section 11(e) below, at any time within
      the calendar year in which a Participant who is a member of a &#8220;select group of
      management or highly compensated employees&#8221; (within the meaning of ERISA)
      receives an Award of either Restricted Shares or Restricted Share Units (or
      such
      shorter or longer period that the Committee selects in its sole discretion),
      the
      Committee may permit the Participant to irrevocably elect, on a form provided
      by
      and acceptable to the Committee, to defer the receipt of all or a percentage
      of
      the Shares that would otherwise be transferred to the Participant upon the
      vesting of such Award (with or without any deferral of any associated unpaid
      dividends and interest thereon).&#160;&#160;If the Participant makes this
      election, the Shares subject to the election, and any associated unpaid
      dividends and interest thereon elected to be deferred, shall be credited as
      Deferred Share Units (as defined below) to an Account (as defined below)
      established pursuant to Section 9 hereof on the date such cash or Shares would
      otherwise have been released or issued to the Participant pursuant to Section
      8(d) above.&#160;&#160;Notwithstanding the foregoing, the Shares with respect to
      which a Participant makes a Section 83(b) Election shall not be eligible for
      deferral pursuant to Section 9 below.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 21.6pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nothing
      herein shall be held to alter, vary or otherwise affect the terms or conditions
      of the 2007 Plan, except as stated above.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 21.6pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 14.4pt"></font>WHEREFORE,
      on this 24th day of
      December 2007, the Company hereby executes this 2007 Amendment to the 2007
      Plan.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CAPITAL
      TRUST, INC. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/
      Geoffrey G.
      Jervis</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Its
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chief
      Financial
      Officer</font></font></div>
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