Safehold Inc. — Director's Dealing 2016

May 23, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISTAR INC. (STAR)
CIK: 0001095651
Period of Report: 2016-05-18

Reporting Person: RIDINGS BARRY W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-18	Common Stock, par value $.001 per share	A	12953	—	Acquired	47891	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Equivalents	$0		Common Stock (6670)	6670	Direct

Footnotes

F1: On May 18, 2016, the Reporting Person, Barry Ridings, was awarded a total of 12,953 restricted shares of Common Stock of iStar Inc. (NYSE:STAR) in accordance with the provisions of the iStar Inc. Non-Employee Directors' Deferral Plan (Plan), which are owned directly. These shares are restricted and may not be sold or otherwise transferred until they vest on May 18, 2017.

F2: Following this transaction, the Reporting Person is the beneficial owner of 47,891 shares of iStar Common Stock, which are owned directly.

F3: The Reporting Person also holds a total of 6,670 Common Stock Equivalents (CSEs) awarded pursuant to the Plan, all of which are vested. Under the Plan, on the regular distribution date, vested CSEs will be settled by the transfer of shares of iStar Common Stock to the participant. The "regular distribution date" for distributions to Plan participants is the earlier of: (1) January 1 on or next following the earlier of (i) the date the participant ceases to be a non-employee director; and (ii) the date of the participant's death; and (2) a change of control (as defined in the Plan). A participant, under certain limited circumstances, is permitted to elect to receive distributions at times other than the regular distribution date.