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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<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): December 31, 2008</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>

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cellpadding="0" width="100%" border="0">

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  <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>
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cellpadding="0" width="30%" border="0">

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  <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>


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<P style="display: none; font-size: 10pt" align="center">1
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border="0">

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  <TD width="9%">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="89%">&nbsp;</TD>
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<TR valign="top">
  <TD nowrap align="left"><B>Item&nbsp;5.02(e)</B></TD>
  <TD>&nbsp;</TD>
  <TD align="left"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
</TR>
</TABLE>

<P style="font-size: 10pt" align="left"><I>Amended and Restated Employment
Agreement</I>

<P style="font-size: 10pt; text-indent: 4%" align="left">On December&nbsp;31,
2008 (the &#8220;Effective Date&#8221;), Capital Trust, Inc. (the
&#8220;Company&#8221;) entered into an amended and restated employment
agreement (the &#8220;Amended Agreement&#8221;) with the Company&#8217;s chief
operating officer, Stephen D. Plavin. The Company and Mr.&nbsp;Plavin entered
into the Amended Agreement to amend certain deferred compensation and
termination provisions to ensure compliance with Section&nbsp;409A of the
Internal Revenue Code of 1986, as amended, and the regulations and guidance
published thereunder (the &#8220;Code&#8221;).

<P style="font-size: 10pt; text-indent: 4%"
align="left">Mr.&nbsp;Plavin&#8217;s employment had been extended pursuant to
the terms of his previous employment agreement, and the Amended Agreement
reflects the extended term which ends on December&nbsp;31, 2009.

<P style="font-size: 10pt; text-indent: 4%" align="left">The foregoing
description is qualified in its entirety by reference to the Amended Agreement,
which will be attached as an exhibit to the Company&#8217;s annual report on
Form 10-K for the period ended December&nbsp;31, 2008, which the Company
intends to file in March&nbsp;2009.&nbsp;

<P style="font-size: 10pt" align="left"><I>Letter Agreements</I>

<P style="font-size: 10pt; text-indent: 4%" align="left">On December&nbsp;31,
2008, the Company and the Company&#8217;s wholly-owned subsidiary, CT
Investment Management Co., LLC (&#8220;CTIMCO&#8221;), entered into a letter
agreement with each of the Company&#8217;s chief executive officer, John R.
Klopp, the Company&#8217;s chief financial officer, Geoffrey G. Jervis, and the
Company&#8217;s chief credit officer and head of asset management, Thomas C.
Ruffing. The letter agreement with Mr.&nbsp;Jervis provides that his employment
agreement with the Company and CTIMCO shall be amended to reflect the changes
incorporated into the Amended Agreement to comply with Section&nbsp;409A of the
Code and commits the parties to execute an amended and restated employment
agreement to reflect such changes in January&nbsp;2009. Each letter agreement
with Mr.&nbsp;Klopp and Mr.&nbsp;Ruffing contains an agreement of the parties
to enter into similar amendments to his respective employment agreement with
the Company and CTIMCO to the extent the parties agree to extend or renew his
respective employment agreement beyond December&nbsp;31, 2008 and commits the
parties to decide whether to extend or renew the employment agreement and, if
so extended or renewed, to execute an amended and restated employment agreement
to reflect such changes in the first quarter of 2009.

<P style="font-size: 10pt; text-indent: 4%" align="left">The foregoing
description is qualified in its entirety by reference to the letter agreements,
which will be attached as exhibits to the Company&#8217;s annual report on Form
10-K for the period ended December&nbsp;31, 2008, which the Company intends to
file in March&nbsp;2009.&nbsp;

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

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

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

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

 <TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD 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>
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</TABLE>
</DIV>

<P style="font-size: 10pt" align="left">Date: January&nbsp;7, 2009

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

<P style="display: none; font-size: 10pt" align="center">3
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Filed by Bowne Pure Compliance
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): December 31, 2008
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(e)
Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.
Amended and Restated Employment
Agreement
On December 31,
2008 (the "Effective Date"), Capital Trust, Inc. (the
"Company") entered into an amended and restated employment
agreement (the "Amended Agreement") with the Company's chief
operating officer, Stephen D. Plavin. The Company and Mr. Plavin entered
into the Amended Agreement to amend certain deferred compensation and
termination provisions to ensure compliance with Section 409A of the
Internal Revenue Code of 1986, as amended, and the regulations and guidance
published thereunder (the "Code").
Mr. Plavin's employment had been extended pursuant to
the terms of his previous employment agreement, and the Amended Agreement
reflects the extended term which ends on December 31, 2009.
The foregoing
description is qualified in its entirety by reference to the Amended Agreement,
which will be attached as an exhibit to the Company's annual report on
Form 10-K for the period ended December 31, 2008, which the Company
intends to file in March 2009.
Letter Agreements
On December 31,
2008, the Company and the Company's wholly-owned subsidiary, CT
Investment Management Co., LLC ("CTIMCO"), entered into a letter
agreement with each of the Company's chief executive officer, John R.
Klopp, the Company's chief financial officer, Geoffrey G. Jervis, and the
Company's chief credit officer and head of asset management, Thomas C.
Ruffing. The letter agreement with Mr. Jervis provides that his employment
agreement with the Company and CTIMCO shall be amended to reflect the changes
incorporated into the Amended Agreement to comply with Section 409A of the
Code and commits the parties to execute an amended and restated employment
agreement to reflect such changes in January 2009. Each letter agreement
with Mr. Klopp and Mr. Ruffing contains an agreement of the parties
to enter into similar amendments to his respective employment agreement with
the Company and CTIMCO to the extent the parties agree to extend or renew his
respective employment agreement beyond December 31, 2008 and commits the
parties to decide whether to extend or renew the employment agreement and, if
so extended or renewed, to execute an amended and restated employment agreement
to reflect such changes in the first quarter of 2009.
The foregoing
description is qualified in its entirety by reference to the letter agreements,
which will be attached as exhibits to the Company's annual report on Form
10-K for the period ended December 31, 2008, which the Company intends to
file in March 2009.
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: January 7, 2009