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Exhibit 10.50
Capital Lease Funding, Inc.
110 Maiden Lane
New York, New York 10005
January 31, 2005
Paul C. Hughes
85 Columbus Avenue
Staten Island, NY 10304
Dear Paul:
On behalf of Capital Lease
Funding, Inc. (“CapLease”), I am pleased to confirm
your employment in the position of Vice President, General Counsel
and Corporate Secretary at an annual base salary of
$185,000.
Upon employment, you will be
eligible to receive the benefits Caplease may provide from time to
time to similarly situated employees. In addition, you will receive
the following:
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You will be paid a signing bonus
of $35,000 at the time of our 2005 bonus award.
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You will be granted 10,000 shares
of common stock under our Stock Incentive Plan. The shares will
vest in three equal annual installments beginning on the first
anniversary of your start date with CapLease. You will be entitled
to vote and receive dividends on these shares immediately upon
grant. You will also be eligible for future additional grants of
common stock at the discretion of the CapLease Compensation
Committee.
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You will be eligible for an
annual bonus for each calendar year based on your performance and
the performance of CapLease duri
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