Safehold Inc. — Director's Dealing 2020

May 26, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISTAR INC. (STAR)
CIK: 0001095651
Period of Report: 2020-05-16

Reporting Person: JOSEPHS ROBIN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-16	Common Stock, par value $.001 per share	G	22934	—	Disposed	21644	Direct
2020-05-16	Common Stock, par value $.001 per share	J	22934	—	Acquired	137714	Indirect
2020-05-21	Common Stock, par value $.001 per share	A	21644	—	Acquired	21644	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.001 per share	13140	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Equivalents	$0		Common Stock (80931)	80931	Direct

Footnotes

F1: On May 16, 2020, the Reporting Person, Ms. Robin Josephs, made a gift of 22,934 shares of common stock of iStar Inc.(NYSE:STAR), which were owned by her directly, to an irrevocable family trust, which she owns indirectly.

F2: Effective on May 21, 2020, the Reporting Person was awarded 21,644 shares of Common Stock of iStar Inc. (NYSE:STAR) in accordance with the provisions of the iStar Inc. Non-Employee Directors' Deferral Plan, which shares are owned directly. These shares are restricted and may not be sold or otherwise transferred until they vest on May 21, 2021.

F3: The Reporting Person also holds a total of 80,931 Common Stock Equivalents (CSEs) awarded pursuant to the iStar Inc. Non-Employee Directors Deferral 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.