EX-4.1





 Exhibit 4.1 
  

					
	Number *0*	 		 	Shares *0*
			
		 		 	 SEE REVERSE FOR IMPORTANT NOTICE
 ON
TRANSFER RESTRICTIONS
 AND OTHER INFORMATION


  

					
		  	 THIS CERTIFICATE IS TRANSFERABLE

IN THE CITIES OF ______________
	  	CUSIP ___________

 ALPINE INCOME PROPERTY TRUST, INC. 

a Corporation Formed Under the Laws of the State of Maryland 

THIS CERTIFIES THAT **Specimen** is the owner of **Zero (0)** fully paid and nonassessable shares of Common Stock, $0.01 par value per share,
of 
 ALPINE INCOME PROPERTY TRUST, INC. 
 (the
“Corporation”) transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are
issued and shall be held subject to all of the provisions of the charter of the Corporation (the “Charter”) and the Bylaws of the Corporation and any amendments or supplements thereto. This Certificate is not valid unless countersigned and
registered by the Transfer Agent and Registrar. 
 IN WITNESS WHEREOF, the Corporation has caused this Certificate to be executed on its
behalf by its duly authorized officers. 
  

							
	 DATED: __________________
	 		  		  	
				
	 Countersigned and Registered:
	 		  		  	
	 Transfer Agent
	 		  	 _____________________________________________(SEAL)

	 and Registrar
	 		  	President	  	
		
	 By:________________________________________
	  	____________________________________________________
	 Authorized Signature
	 		  	Secretary


  
 1 













 IMPORTANT NOTICE 

The Corporation will furnish to any stockholder, on request and without charge, a full statement of the information required by Section 2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or
special class in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent
series. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the Charter, a copy of which will be sent without charge to each stockholder who so requests. Such request must be made to
the Secretary of the Corporation at its principal office. 
 The shares represented by this certificate are subject to restrictions on
Beneficial Ownership and Constructive Ownership and Transfer for the purpose, among others, of the Corporation’s qualification as a Real Estate Investment Trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the
“Code”). Subject to certain further restrictions and except as expressly provided in the Corporation’s Charter, (i)(a) no Person, other than an Excepted Holder, may Beneficially Own or Constructively Own shares of any class or series
of Capital Stock in excess of the Ownership Limit; and (b) no Excepted Holder may Beneficially Own or Constructively Own shares of Capital Stock in excess of the Excepted Holder Limit for such Excepted Holder; (ii) no Person may
Beneficially Own or Constructively Own shares of Capital Stock to the extent that such Beneficial Ownership or Constructive Ownership of Capital Stock would result in the Corporation being “closely held” within the meaning of
Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or otherwise failing to qualify as a REIT; (iii) any Transfer of shares of Capital Stock that, if effective,
would result in the Capital Stock being beneficially owned by less than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) will be void ab initio, and the intended transferee will acquire no rights in such
shares of Capital Stock; and (iv) no Person may Beneficially Own or Constructively Own shares of Capital Stock to the extent that such Beneficial Ownership or Constructive Ownership would cause the Corporation to Constructively Own ten percent
(10%) or more of the ownership interests in a tenant (other than a Taxable REIT subsidiary) of the Corporation’s real property within the meaning of Section 856(d)(2)(B) of the Code. If any of the restrictions on transfer or ownership
provided in (i), (ii), or (iv) above are violated, the shares of Capital Stock in excess or in violation of the above limitations will be automatically transferred to a Trust for the exclusive benefit of a Charitable Beneficiary. All
capitalized terms in this legend have the meanings given such terms in the Charter of the Corporation, as the same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each
holder of shares of Capital Stock of the Corporation on request and without charge. Requests for such a copy may be directed to the Secretary of the Corporation at its Principal Office. 

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED, 

THE CORPORATION MAY REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE 

ISSUANCE OF A REPLACEMENT CERTIFICATE. 

The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

							
	TEN COM	  	-	  	as tenants in common	  	UNIF GIFT MIN ACT ____________Custodian _________
	TEN ENT	  	-	  	as tenants by the entireties	  	                                      
  (Custodian)                        (Minor)
	JT TEN	  	-	  	as joint tenants with right of	  	Under the Uniform Gifts to Minors Act of _______________
		  		  	survivorship and not as tenants in common	  	(State)                                   
             

 FOR VALUE RECEIVED, ________________HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO 

 
  

(NAME & ADDRESS, INCLUDING ZIP CODE & SS# OR OTHER IDENTIFYING # OF ASSIGNEE) 

  
 2 













 ______________________________________(________________) shares of stock of the Corporation represented by
this Certificate and does hereby irrevocably constitute and appoint ___________________________________ attorney to transfer the said shares on the books of the Corporation, with full power of substitution in the premises. 

Dated: _______________________ 
  

	
	  
 NOTICE: THE SIGNATURE TO THIS
ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY OTHER CHANGE.




  
 3