Exhibit
10.2


 


UNITED DEVELOPMENT FUNDING IV


ADVISOR EQUITY PLAN


 


		1.	Purpose; Types of Awards.



 


The purpose of the United Development Funding IV Advisor Equity
Plan (the “Plan”) is to issue equity-based incentives to UMTH General Services, L.P., a Delaware limited partnership
(the “Advisor”), which may in turn issue incentives to the trustees, officers, employees of, or advisors or
consultants to, the Advisor or an Affiliate (as defined in Section 2) of the Advisor, in order to increase their efforts on behalf
of United Development Funding IV (the “Trust”) and to promote the success of the Trust’s business. The
Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based
awards.


 


		2.	Definitions.



 


For purposes of the Plan, the following terms shall be defined
as set forth below:


 


		(a)	“Advisor” means UMTH General Services, L.P., a Delaware limited partnership.



 


		(b)	“Advisory Agreement” means the Advisory Agreement, dated as of May 29, 2014, by and between the Trust
and the Advisor, as such may be amended from time to time.



 


		(c)	“Affiliate” means (i) any Person directly or indirectly controlling, controlled by, or under common control
with such other Person, (ii) any executive officer or general partner of such other Person and (iii) any legal entity for which
such Person acts as an executive officer or general partner.



 


		(d)	“Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or Other Stock-Based
Award granted under the Plan.



 


		(e)	“Award Agreement” means any written agreement, contract or other instrument or document evidencing
an Award.



 


		(f)	“Board” means the Board of Trustees of the Trust.



 


		(g)	“Change of Control” means a change in ownership or effective control of the Trust, or a change in the ownership
of a substantial portion of the assets of the Trust, in any case, within the meaning of Section 409A of the Code; provided, however,
that a transaction or series of transactions effected with the Advisor and/or any Affiliate of the Advisor, through the acquisition
of Shares or other Trust securities (regardless of the form of such transaction or series of transactions), changes to the membership
of the Board or otherwise, shall not constitute a Change of Control for purposes of the Plan or any Award.



 


		(h)	“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations
promulgated thereunder.



 




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		(i)	“Committee” means the committee established by the Board to administer the Plan, the composition of which
shall at all times consist of “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act. During
any period during which Section 162(m) of the Code applies to the Trust, the composition of the Committee shall consist solely
of “outside directors” within the meaning of Section 162(m) of the Code.



 


		(j)	“Effective Date” means the date of the listing and commencement of trading of the Shares on the NASDAQ Global
Select Market.



 


		(k)	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and
regulations promulgated thereunder.



 


		(l)	“Fair Market Value” means, with respect to Shares or other property, the fair market value of such Shares
or other property determined by such methods or procedures as shall be established from time to time by the Board. Unless otherwise
determined by the Board in good faith, the per share Fair Market Value of Shares as of a particular date shall mean (i) the closing
sales price per share of Shares on the national securities exchange on which the Shares are principally traded, for the last preceding
date on which there was a sale of such Shares on such exchange; (ii) if the Shares are then traded in an over-the-counter
market, the average of the closing bid and asked prices for the Shares in such over-the-counter market for the last preceding date
on which there was a sale of such Shares in such market; or (iii) if the Shares are not then listed on a national securities exchange
or traded in an over-the-counter market, such value as the Board, in its sole discretion, shall determine.



 


		(m)	“Option” means a right, granted to the Advisor under Section 6(b)(i), to purchase Shares .



 


		(n)	“Other Stock-Based Award” means a right or other interest granted to the Advisor that may be denominated
or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, including but not limited
to unrestricted Shares or dividend equivalent rights.



 


		(o)	“Person” means any natural person, corporation, partnership, association, limited liability company, estate,
trust, joint venture, any federal, state or municipal government or any bureau, department or agency thereof or any other legal
entity and any fiduciary acting in such capacity on behalf of the foregoing.



 


		(p)	“Plan” means this United Development Funding IV Advisor Equity Plan, as amended from time to time.



 


		(q)	“Restricted Stock” means an Award of Shares to the Advisor under Section 6(b)(iii) that may be subject to
certain restrictions and to a risk of forfeiture.



 


		(r)	“Restricted Stock Unit” or “RSU” means a right granted to the Advisor under Section 6(b)(iv)
to receive Shares, cash or other property at the end of a specified period, which right may be conditioned on the satisfaction
of specified performance or other criteria.



 




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		(s)	“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations
promulgated thereunder.



 


		(t)	“Shares” means common shares of beneficial interest, par value $0.01 per share, of the Trust.



 


		(u)	“Stock Appreciation Right” or “SAR” means the right granted to the Advisor under Section
6(b)(ii) to be paid an amount measured by the appreciation in the Fair Market Value of Shares from the date of grant to the date
of exercise of the right.



 


		(v)	“Trust” means United Development Funding IV, a Maryland real estate investment trust, or any successor.



 


		3.	Administration.



 


The Plan shall be administered by the Board. Except with respect
to the amendment, modification, suspension or early termination of the Plan, the Board may appoint a Committee to administer all
or a portion of the Plan. To the extent that the Board so delegates its authority, references herein to the Board shall be deemed
references to the Committee. The Board may delegate to one or more agents such administrative duties as it may deem advisable,
and the Committee or any other person to whom the Board has delegated duties as aforesaid may employ one or more persons to render
advice with respect to any responsibility the Board or such Committee or person may have under the Plan. No member of the Board
or Committee shall be liable for any action taken or determination made in good faith with respect to the Plan or any Award granted
hereunder.


 


The Board shall have the authority in its discretion, subject
to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities
either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without
limitation, the authority to:


 


		(i)	grant Awards;



 


		(ii)	determine the type and number of Awards to be granted, the number of Shares to which an Award may relate and the terms, conditions,
restrictions and performance criteria relating to any Award;



 


		(iii)	determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or
surrendered;



 


		(iv)	make adjustments in the terms and conditions of Awards;



 


		(v)	construe and interpret the Plan and any Award;



 


		(vi)	prescribe, amend and rescind rules and regulations relating to the Plan;



 


		(vii)	determine the terms and provisions of the Award Agreements (which need not be identical for each grant); and



 




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		(viii)	make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations
and interpretations of the Board shall be final and binding on all persons, including but not limited to the Trust, any parent
or subsidiary of the Trust, the Advisor (or any person claiming any rights under the Plan from or through the Advisor) and any
shareholder. Notwithstanding any provision of the Plan or any Award Agreement to the contrary, except as provided in the second
paragraph of Section 5, neither the Board nor the Committee may take any action which would have the effect of reducing the aggregate
exercise, base or purchase price of any Award without obtaining the approval of the Trust’s shareholders.



 


		4.	Eligibility.



 


Awards under the Plan may be granted only to the Advisor. In
determining the type of Award to be granted and the terms and conditions of such Award (including the number of shares to be covered
by such Award), the Board shall take into account such factors as the Board shall deem relevant in connection with accomplishing
the purposes of the Plan.


 


		5.	Shares Subject to the Plan.



 


The maximum number of Shares reserved for the grant of Awards
under the Plan shall be equal to 7.5% of the number of Shares that are issued immediately following the approval for listing and
trading of the Shares on the NASDAQ Stock Market, less any Shares issued or subject to awards granted under the Trust’s Equity
Plan or the Trust’s Non-Executive Trustee Stock Plan, subject to adjustment as provided herein. Shares issued under the Plan
may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Trust in
the open market, in private transactions or otherwise. If any vested Award granted under the Plan is paid or otherwise settled
without the issuance of Shares, or if Shares are surrendered to or withheld by the Trust as payment of either the exercise price
of an Award and/or withholding taxes in respect of an Award, the Shares that were subject to such Award shall not again be available
for Awards under the Plan. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award
terminates or expires without a distribution of shares to the Advisor (other than as provided in the immediately preceding sentence),
the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination
or expiration, again be available for Awards under the Plan. Upon the exercise of any Award granted in tandem with any other Award,
such related Award shall be cancelled to the extent of the number of Shares as to which the Award is exercised and, notwithstanding
the foregoing, such number of shares shall no longer be available for Awards under the Plan.


 


In the event that the Board shall determine that any dividend
or other distribution (whether in the form of cash, Shares, or other property), recapitalization, stock split, reverse split, reorganization,
merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event, affects
the Shares such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of the Advisor under
the Plan, then the Board shall make equitable changes or adjustments to any or all of:


 




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		(i)	the number and kind of Shares or other property (including cash) that may thereafter be issued in connection with Awards;



 


		(ii)	the number and kind of Shares or other property (including cash) issued or issuable in respect of outstanding Awards;



 


		(iii)	the exercise price, base price or purchase price relating to any Award and



 


		(iv)	the performance goals, if any, applicable to outstanding Awards. In addition, the Board may determine that any such equitable
adjustment may be accomplished by making a payment to the Award holder, in the form of cash or other property (including but not
limited to Shares).



 


		6.	Terms of Awards.



 


(a)       General. The term of each
Award shall be for such period as may be determined by the Board. Subject to the terms of the Plan and any applicable Award Agreement,
payments to be made by the Trust upon the grant, vesting, maturation or exercise of an Award may be made in such forms as the
Board shall determine at the date of grant or thereafter, including, without limitation, cash, Shares or other property, and may
be made in a single payment or transfer, in installments or on a deferred basis. The Board may make rules relating to installment
or deferred payments with respect to Awards, including the rate of interest to be credited with respect to such payments. In addition
to the foregoing, the Board may impose on any Award or the exercise thereof, at the date of grant or thereafter, such additional
terms and conditions, not inconsistent with the provisions of the Plan, as the Board shall determine.


 


(b)       Terms of Specified Awards.   The
Board is authorized to grant the Awards described in this Section 6(b), under such terms and conditions as deemed by the Board
to be consistent with the purposes of the Plan. Such Awards may be granted with vesting, value and/or and payment contingent upon
attainment of one or more performance goals. Except as otherwise set forth herein or as may be determined by the Board, each Award
granted under the Plan shall be evidenced by an Award Agreement containing such terms and conditions applicable to such Award
as the Board shall determine at the date of grant or thereafter.


 


		(i)	Options. The Board is authorized to grant Options to the Advisor on the following terms and conditions:



 





		(A)	Exercise Price. The exercise price per share of Shares purchasable under an Option shall be determined by the Board,
but in no event shall the per share exercise price of any Option be less than 100% of the Fair Market Value of a one Share on the
date of grant of such Option. The exercise price for Shares subject to an Option may be paid in cash or by an exchange of Shares
previously owned by the Advisor, through a “broker cashless exercise” procedure approved by the Board (to the extent
permitted by law) or a combination of the above, in any case in an amount having a combined value equal to such exercise price;
provided that the Board may require that any Shares exchanged by the Advisor have been owned by the Advisor for at least six months
as of the date of exercise. An Award Agreement may provide that the Advisor may pay all or a portion of the aggregate exercise
price by having Shares with a Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by the Trust.



 






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		(B)	Term and Exercisability of Options. The date on which the Board adopts a resolution expressly granting an Option shall
be considered the day on which such Option is granted. Options shall be exercisable over the exercise period (which shall not exceed
ten years from the date of grant), at such times and upon such conditions as the Board may determine, as reflected in the Award
Agreement; provided, that the Board shall have the authority to accelerate the exercisability of any outstanding Option at such
time and under such circumstances as it, in its sole discretion, deems appropriate. An Option may be exercised to the extent of
any or all full Shares as to which the Option has become exercisable, by giving written notice of such exercise to the Board or
its designated agent.



 


		(C)	Other Provisions. Options may be subject to such other conditions including, but not limited to, restrictions on transferability
of the shares acquired upon exercise of such Options, as the Board may prescribe in its discretion or as may be required by applicable
law.



 


		(ii)	Stock Appreciation Rights. The Board is authorized to grant SARs to the Advisor on the following terms and conditions:



 


		(A)	In General. Unless the Board determines otherwise, an SAR granted in tandem with an Option may be granted at the time
of grant of the related Option or at any time thereafter. An SAR granted in tandem with an Option shall be exercisable only to
the extent the underlying Option is exercisable. Payment of an SAR may made in cash, Shares, or property as specified in the Award
or determined by the Board.



 


		(B)	Right Conferred. An SAR shall confer on the Advisor a right to receive an amount with respect to each share subject
thereto, upon exercise thereof, equal to the excess of (1) the Fair Market Value of one Share on the date of exercise over (2)
the base price of the SAR (which in the case of an SAR granted in tandem with an Option shall be equal to the exercise price of
the underlying Option, and which in the case of any other SAR shall be such price as the Board may determine, provided it is no
less than 100% of the Fair Market Value of a Share on the date of grant of such SAR).



 











		(C)	Term and Exercisability of SARs. The date on which the Board adopts a resolution expressly granting an SAR shall be
considered the day on which such SAR is granted. SARs shall be exercisable over the exercise period (which shall not exceed the
lesser of ten years from the date of grant or, in the case of a tandem SAR, the expiration of its related Award), at such times
and upon such conditions as the Board may determine, as reflected in the Award Agreement; provided, that the Board shall have the
authority to accelerate the exercisability of any outstanding SAR at such time and under such circumstances as it, in its sole
discretion, deems appropriate. An SAR may be exercised to the extent of any or all full Shares as to which the SAR (or, in the
case of a tandem SAR, its related Award) has become exercisable, by giving written notice of such exercise to the Board or its
designated agent. e year following the year in which such Option became vested.



 






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		(D)	Other Provisions. SARs may be subject to such other conditions including, but not limited to, restrictions on transferability
of the shares acquired upon exercise of such SARs, as the Board may prescribe in its discretion or as may be required by applicable
law.



 


		(iii)	Restricted Stock. The Board is authorized to grant Restricted Stock to the Advisor on the following terms and conditions:



 


		(A)	Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other restrictions,
if any, as the Board may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at
such times, under such circumstances, in such installments, or otherwise, as the Board may determine. The Board may place restrictions
on Restricted Stock that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. Unless otherwise
determined by the Board, following a grant of Restricted Stock, the Advisor shall have all of the rights of a shareholder including,
without limitation, the right to vote Restricted Stock and the right to receive dividends thereon.



 


		(B)	Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Board shall determine.
If certificates representing Restricted Stock are registered in the name of the Advisor, such certificates shall bear an appropriate
legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, and the Trust shall retain physical
possession of the certificate.



 


		(C)	Dividends/Distributions. Unless otherwise determined by the Board, dividends and distributions paid on Restricted Stock
shall be paid at the dividend or distribution payment date, provided that such payments may be deferred to such date as determined
by the Board, and in any event shall be payable in cash or in Shares having a Fair Market Value equal to the amount of such dividends
or distributions. Unless otherwise determined by the Board, Shares distributed in connection with a stock split or stock dividend,
and other property distributed as a dividend or distribution, shall be subject to restrictions and a risk of forfeiture to the
same extent as the Restricted Stock with respect to which such Shares or other property has been distributed.



 




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		(iv)	Restricted Stock Units. The Board is authorized to grant RSUs to the Advisor, subject to the following terms and conditions:



 


		(A)	Award and Restrictions. Delivery of Shares, cash or other property, as determined by the Board, will occur upon expiration
of the period specified for RSUs by the Board during which forfeiture conditions apply, or such later date as the Board shall determine.
The Board may place restrictions on RSUs that shall lapse, in whole or in part, only upon the attainment of one or more performance
goals.



 


		(B)	Dividend/Distribution Equivalents. The Board is authorized to grant to the Advisor the right to receive dividend equivalent
payments and/or distribution equivalent payments for the period prior to settlement of the RSU. Dividend equivalents or distribution
equivalents may be paid currently or credited to an account for the Advisor, and may be settled in cash or Shares, as determined
by the Committee. Any such settlements, and any such crediting of dividend equivalents or distribution equivalents or reinvestment
in Shares, may be subject to such conditions, restrictions and contingencies as the Committee shall establish, including the reinvestment
of such credited amounts in Share equivalents. Unless otherwise determined by the Board, any such dividend equivalents or distribution
equivalents shall be paid or credited, as applicable, on the dividend payment date to the Advisor as though each RSU held by such
Advisor were an outstanding Share.



 


		(v)	Other Stock-Based Awards. The Board is authorized to grant Awards to the Advisor in the form of Other Stock-Based Awards, as
deemed by the Board to be consistent with the purposes of the Plan. Awards granted pursuant to this paragraph may be granted with
vesting, value and/or payment contingent upon the attainment of one or more performance goals. The Board shall determine the terms
and conditions of such Awards at the date of grant or thereafter. Without limiting the generality of this paragraph, Other Stock-Based
Awards may include grants of Shares that are not subject to any restrictions or a substantial risk of forfeiture.



 


		7.	Termination of Advisory Agreement.



 








Upon termination of the Advisory Agreement either (i) by the
Trust for “cause” (as defined in the Advisory Agreement), (ii) by the Advisor for any reason other than for “cause”
(as defined in the Advisory Agreement) or other than due to an adverse change in the Advisor’s compensation thereunder, all
unvested Awards then held by the Advisor and all accrued and unpaid dividends or dividend equivalents related thereto shall be
immediately cancelled and forfeited without consideration. Upon termination of the Advisory Agreement for any reason other than
as enumerated in the immediately preceding sentence, any Award that was not previously vested will become fully vested and/or payable,
and any performance conditions imposed with respect to the Award will be deemed to be fully achieved; provided, however, that for
any Award subject to Section 409A of the Code, no payment may be made to the Advisor unless the termination of the Advisory Agreement
also constitutes a “separation from service” within the meaning of Section 409A of the Code.


 






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		8.	Change in Control.



  


In the event of a Change in Control, any Award that was not
previously vested will become fully vested and/or payable, and any performance conditions imposed with respect to the Award will
be deemed to be fully achieved; provided, however, that for any Award subject to Section 409A of the Code, no payment may be made
to the Advisor unless the transaction constituting a Change in Control also constitutes, within the meaning of Section 409A of
the Code, a “change in the ownership or effective control” of the Trust or a “change in the ownership of a substantial
portion of the assets” of the Trust.


 


		9.	General Provisions.



 


(a)       Nontransferability. Awards
granted to the Advisor under the Plan shall not be transferable by Advisor and shall be exercisable only by the Advisor.


 


(b)       No Right to Continued Service.
Nothing in the Plan or in any Award, any Award Agreement or other agreement entered into pursuant hereto shall confer upon the
Advisor the right to continue to provide services to the Trust or any parent or subsidiary of the Trust or to be entitled to any
remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in
any way the right of the Trust to terminate the Advisory Agreement in accordance with its terms.


 


(c)       Taxes. The Trust or any parent
or subsidiary of the Trust is authorized to withhold from any Award granted, any payment relating to an Award under the Plan,
including from a distribution of Shares, or any other payment to the Advisor, amounts of withholding and other taxes due in connection
with any transaction involving an Award, and to take such other action as the Board may deem advisable to enable the Trust and
the Advisor to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award.


 


		(d)	Effective Date; Amendment and Termination.



 


		(i)	The Plan shall take effect upon the Effective Date.









 


		(ii)	The Board may at any time and from time to time terminate, amend, modify or suspend the Plan in whole or in part; provided,
however, that unless otherwise determined by the Board, an amendment that requires shareholder approval in order for the Plan to
comply with any law, regulation or stock exchange requirement shall not be effective unless approved by the requisite vote of shareholders.
The Board may at any time and from time to time amend any outstanding Award in whole or in part. Notwithstanding the foregoing
sentence of this clause (ii), no amendment or modification to or suspension or termination of the Plan or amendment of any Award
shall affect adversely any of the rights of the Advisor, without the Advisor’s consent, under any Award theretofore granted
under the Plan.



 






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(e)     Expiration of Plan. Unless
earlier terminated by the Board pursuant to the provisions of the Plan, the Plan shall expire on the tenth anniversary of the Effective
Date. No Awards shall be granted under the Plan after such expiration date. The expiration of the Plan shall not affect adversely
any of the rights of the Advisor, without the Advisor’s consent, under any Award theretofore granted.


 


(f)     No Rights to Awards; No Shareholder
Rights. The Advisor shall have no claim to be granted any Award under the Plan. Each Award may be subject to different terms
and conditions, as determined by the Board. Except as provided specifically herein, the Advisor shall have no rights as a shareholder
with respect to any shares covered by an Award until the date of the issuance of a stock certificate to the Advisor for such shares.


 


(g)    Unfunded Status of Awards.
The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any
payments not yet made to the Advisor pursuant to an Award, nothing contained in the Plan or any Award shall give the Advisor any
rights that are greater than those of a general creditor of the Trust.


 


(h)    No Fractional Shares. No
fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Board shall determine whether cash, other
Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights
thereto shall be forfeited or otherwise eliminated.







 


		(i)	Regulations and Other Approvals.



 


		(i)	The obligation of the Trust to sell or deliver Shares with respect to any Award granted under the Plan shall be subject to
all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all
such approvals by governmental agencies as may be deemed necessary or appropriate by the Board.



 


		(ii)	Each Award is subject to the requirement that, if at any time the Board determines, in its absolute discretion, that the listing,
registration or qualification of Shares issuable pursuant to the Plan is required by any securities exchange or under any state
or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or
in connection with, the grant of an Award or the issuance of Shares, no such Award shall be granted or payment made or Shares issued,
in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any
conditions not acceptable to the Board.



 


		(iii)	In the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then-current registration statement
under the Securities Act and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to
the extent required by the Securities Act or regulations thereunder, and the Board may require the Advisor receiving Shares pursuant
to the Plan, as a condition precedent to receipt of such Shares, to represent to the Trust in writing that the Shares acquired
by the Advisor is acquired for investment only and not with a view to distribution.



 






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		(iv)	The Board may require the Advisor, as a condition precedent to receipt of an Award or of Shares, to enter into a shareholder
agreement or “lock-up” agreement in such form as the Board shall determine is necessary or desirable to further the
Trust’s interests.



 


(j)      Governing Law. The Plan and all determinations
made and actions taken pursuant hereto shall be governed by the laws of Maryland without giving effect to the conflict of laws
principles thereof.


 


(k)     Section 409A. It is intended that
the payments and benefits under the Plan comply with, or as applicable, constitute a short-term deferral or otherwise be exempt
from, the provisions of Section 409A of the Code. The Plan will be administered and interpreted in a manner consistent with this
intent, and any provision that would cause the Plan or any Award to fail to satisfy Section 409A of the Code will have no force
and effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by Section 409A of the
Code).




 






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