<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">
<DIV style="font-size: 10pt">
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>

<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): January 28, 2009</B>

<P style="font-size: 24pt" align="center"><B>CAPITAL TRUST, INC.<BR>
</B><FONT
style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Maryland</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>1-14788</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>94-6181186</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>410 Park Avenue, 14th Floor,
New York, NY <BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>10022</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(212) 655-0220</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="30%" border="0">

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>N/A<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<DIV
style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="left"><B>Item&nbsp;5.02 Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">(e)&nbsp;Effective
January&nbsp;28, 2009, the compensation committee (the &#8220;Committee&#8221;)
of the board of directors (the &#8220;Board&#8221;) of Capital Trust, Inc. (the
&#8220;Company&#8221;), having presented the Committee&#8217;s recommendations
to and obtained the endorsement of the Board, approved payouts under award
agreements issued in 2008 to John R. Klopp, the Company&#8217;s chief executive
officer, Stephen D. Plavin, the Company&#8217;s chief operating officer, and
Geoffrey G. Jervis, the Company&#8217;s chief financial officer (collectively,
the &#8220;Officers&#8221;). The award agreements were issued pursuant to the
Officers&#8217; respective employment agreements with the Company and were in
respect of a performance period that ended on December 31, 2008.

<P style="font-size: 10pt; text-indent: 4%" align="left">Effective
January&nbsp;28, 2009, the Committee approved a cash bonus of approximately
$840,240 (the &#8220;Klopp Cash Bonus&#8221;) and a grant of $530,375 of shares
of restricted and performance stock (the &#8220;Klopp Stock Grant&#8221;)
payable to Mr.&nbsp;Klopp pursuant to an award agreement granting performance
units, dated March&nbsp;27, 2008 (the &#8220;Klopp Award&#8221;). Under the
Klopp Award, with respect to both the Klopp Cash Bonus and the Klopp Stock
Grant, the performance measures to determine qualification for such awards
consisted of (i)&nbsp;adjusted net income, (ii)&nbsp;dividends per share,
(iii)&nbsp;fund equity raised, (iv)&nbsp;liability management,
(v)&nbsp;portfolio credit performance, and (vi)&nbsp;gross originations,
weighted 20%, 20%, 15%, 15%, 15% and 15%, respectively. The Klopp Award
provided for an annual cash bonus opportunity ranging from 100% of base salary
at threshold performance to 200% of base salary at maximum performance, with a
target of 150% of base salary at target performance. In addition,
Mr.&nbsp;Klopp was eligible to earn shares of restricted stock and performance
stock, subject to future vesting, with a value ranging from $250,000 at
threshold performance to $750,000 at maximum performance, with a target of
$500,000 at target performance. The restricted stock component of the Klopp
Stock Grant, representing 50% of the shares earned, will vest in equal
installments over the three year period which commenced on January&nbsp;1, 2009
and ends on December&nbsp;31, 2011. The performance stock component,
representing 50% of the shares earned, will vest on December&nbsp;31, 2012,
provided that the total shareholder return during the vesting period is at
least 13% per annum.

<P style="font-size: 10pt; text-indent: 4%" align="left">Effective
January&nbsp;28, 2009, the Committee approved a cash bonus of approximately
$681,575 (the &#8220;Plavin Cash Bonus&#8221;) payable to Mr.&nbsp;Plavin
pursuant to an award agreement granting a performance unit, dated
March&nbsp;27, 2008 (the &#8220;Plavin Award&#8221;). Under the Plavin Award,
the performance measures to determine qualification for the Plavin Cash Bonus
consisted of (i)&nbsp;adjusted net income, (ii)&nbsp;dividends per share,
(iii)&nbsp;fund equity raised, (iv)&nbsp;liability management,
(v)&nbsp;portfolio credit performance, and (vi)&nbsp;gross originations,
weighted 20%, 20%, 10%, 10%, 20% and 20%, respectively. The Plavin Award
provided for an annual cash bonus opportunity ranging from 100% of base salary
at threshold performance to 200% of base salary at maximum performance, with a
target of 150% of base salary at target performance.

<P style="font-size: 10pt; text-indent: 4%" align="left">Effective
January&nbsp;28, 2009, the Committee approved a cash bonus of approximately
$503,178 (the &#8220;Jervis Cash Bonus&#8221;) payable to Mr.&nbsp;Jervis
pursuant to an award agreement granting a performance unit, dated
March&nbsp;27, 2008 (the &#8220;Jervis Award&#8221;). Under the Jervis Award,
the performance measures to determine qualification for the Jervis Cash Bonus
consisted of (i)&nbsp;adjusted net income, (ii)&nbsp;dividends per share,
(iii)&nbsp;fund equity raised, (iv)&nbsp;liability management,
(v)&nbsp;portfolio credit performance, and (vi)&nbsp;gross originations,
weighted 20%, 20%, 20%, 20%, 10% and 10%, respectively. The Jervis Award
provided for an annual cash bonus opportunity ranging from 100% of base
salary at threshold performance to 200% of base salary at maximum performance,
with a target of 150% of base salary at target performance.


<P style="font-size: 10pt; text-indent: 4%" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">


<P style="font-size: 10pt; text-indent: 4%" align="left">Effective
January&nbsp;28, 2009, the Committee also granted a cash bonus to Thomas C.
Ruffing, the chief credit officer and head of asset management of the Company,
of $300,000. Mr.&nbsp;Ruffing&#8217;s employment agreement with the Company
provided for a 2008 annual bonus in such amount to be determined by the Board
but in no event less than $250,000.

<P style="font-size: 10pt; text-indent: 4%" align="left">With respect to
Messrs.&nbsp;Klopp, Plavin and Jervis, approximately 20% of the cash bonuses
will be paid after the filing of the Company&#8217;s annual report on Form 10-K
for the period ended December&nbsp;31, 2008. With respect to Mr.&nbsp;Klopp,
approximately 20% of the restricted stock and performance stock award will
become effective after the filing of the Company&#8217;s annual report on Form
10-K for the period ended December&nbsp;31, 2008.

<P style="font-size: 10pt; text-indent: 4%" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="48%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="48%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->

<!-- Begin Table Body -->

 <TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD valign="top" align="left" colspan="2"><B>CAPITAL TRUST, INC.</B></TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">By: </TD>
  <TD valign="top" align="left" style="border-bottom: #000000 1px solid">/s/ Geoffrey G. Jervis</TD>
 </TR>

 <TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Name: Geoffrey G. Jervis<BR>
Title: Chief Financial Officer </TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="left">Date: February&nbsp;2, 2009

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c80137e8vk.htm", "description": "FILED BY BOWNE PURE COMPLIANCE", "secsgml_size_bytes": 11785}]
{"company-data": {"conformed-name": "CAPITAL TRUST INC", "cik": "0001061630", "assigned-sic": "6798", "irs-number": "946181186", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14788", "film-number": "09565893"}, "business-address": {"street1": "410 PARK AVENUE", "street2": "14TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2126550220"}, "mail-address": {"street1": "PAUL, HASTINGS, JANOFSKY & WALKER LLP", "street2": "75 E 55TH ST", "city": "NEW YORK", "state": "NY", "zip": "10022"}}
8-K
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): January 28, 2009
CAPITAL TRUST, INC.
(Exact name of registrant as specified in its charter)
Maryland
1-14788
94-6181186
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
410 Park Avenue, 14th Floor,
New York, NY
10022
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(212) 655-0220
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(e) Effective
January 28, 2009, the compensation committee (the "Committee")
of the board of directors (the "Board") of Capital Trust, Inc. (the
"Company"), having presented the Committee's recommendations
to and obtained the endorsement of the Board, approved payouts under award
agreements issued in 2008 to John R. Klopp, the Company's chief executive
officer, Stephen D. Plavin, the Company's chief operating officer, and
Geoffrey G. Jervis, the Company's chief financial officer (collectively,
the "Officers"). The award agreements were issued pursuant to the
Officers' respective employment agreements with the Company and were in
respect of a performance period that ended on December 31, 2008.
Effective
January 28, 2009, the Committee approved a cash bonus of approximately
$840,240 (the "Klopp Cash Bonus") and a grant of $530,375 of shares
of restricted and performance stock (the "Klopp Stock Grant")
payable to Mr. Klopp pursuant to an award agreement granting performance
units, dated March 27, 2008 (the "Klopp Award"). Under the
Klopp Award, with respect to both the Klopp Cash Bonus and the Klopp Stock
Grant, the performance measures to determine qualification for such awards
consisted of (i) adjusted net income, (ii) dividends per share,
(iii) fund equity raised, (iv) liability management,
(v) portfolio credit performance, and (vi) gross originations,
weighted 20%, 20%, 15%, 15%, 15% and 15%, respectively. The Klopp Award
provided for an annual cash bonus opportunity ranging from 100% of base salary
at threshold performance to 200% of base salary at maximum performance, with a
target of 150% of base salary at target performance. In addition,
Mr. Klopp was eligible to earn shares of restricted stock and performance
stock, subject to future vesting, with a value ranging from $250,000 at
threshold performance to $750,000 at maximum performance, with a target of
$500,000 at target performance. The restricted stock component of the Klopp
Stock Grant, representing 50% of the shares earned, will vest in equal
installments over the three year period which commenced on January 1, 2009
and ends on December 31, 2011. The performance stock component,
representing 50% of the shares earned, will vest on December 31, 2012,
provided that the total shareholder return during the vesting period is at
least 13% per annum.
Effective
January 28, 2009, the Committee approved a cash bonus of approximately
$681,575 (the "Plavin Cash Bonus") payable to Mr. Plavin
pursuant to an award agreement granting a performance unit, dated
March 27, 2008 (the "Plavin Award"). Under the Plavin Award,
the performance measures to determine qualification for the Plavin Cash Bonus
consisted of (i) adjusted net income, (ii) dividends per share,
(iii) fund equity raised, (iv) liability management,
(v) portfolio credit performance, and (vi) gross originations,
weighted 20%, 20%, 10%, 10%, 20% and 20%, respectively. The Plavin Award
provided for an annual cash bonus opportunity ranging from 100% of base salary
at threshold performance to 200% of base salary at maximum performance, with a
target of 150% of base salary at target performance.
Effective
January 28, 2009, the Committee approved a cash bonus of approximately
$503,178 (the "Jervis Cash Bonus") payable to Mr. Jervis
pursuant to an award agreement granting a performance unit, dated
March 27, 2008 (the "Jervis Award"). Under the Jervis Award,
the performance measures to determine qualification for the Jervis Cash Bonus
consisted of (i) adjusted net income, (ii) dividends per share,
(iii) fund equity raised, (iv) liability management,
(v) portfolio credit performance, and (vi) gross originations,
weighted 20%, 20%, 20%, 20%, 10% and 10%, respectively. The Jervis Award
provided for an annual cash bonus opportunity ranging from 100% of base
salary at threshold performance to 200% of base salary at maximum performance,
with a target of 150% of base salary at target performance.
Effective
January 28, 2009, the Committee also granted a cash bonus to Thomas C.
Ruffing, the chief credit officer and head of asset management of the Company,
of $300,000. Mr. Ruffing's employment agreement with the Company
provided for a 2008 annual bonus in such amount to be determined by the Board
but in no event less than $250,000.
With respect to
Messrs. Klopp, Plavin and Jervis, approximately 20% of the cash bonuses
will be paid after the filing of the Company's annual report on Form 10-K
for the period ended December 31, 2008. With respect to Mr. Klopp,
approximately 20% of the restricted stock and performance stock award will
become effective after the filing of the Company's annual report on Form
10-K for the period ended December 31, 2008.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
CAPITAL TRUST, INC.
By:
/s/ Geoffrey G. Jervis
Name: Geoffrey G. Jervis
Title: Chief Financial Officer
Date: February 2, 2009