Document:

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                                                                    Exhibit 10.2

                BOSTON CAPITAL REAL ESTATE INVESTMENT TRUST, INC.

                           2004 EQUITY INCENTIVE PLAN

                             STOCK OPTION AGREEMENT

        THIS AGREEMENT dated as of _____________, 20__, between Boston Capital
Real Estate Investment Trust, Inc., a corporation organized under the laws of
the State of Maryland (the "Company"), and the individual identified below,
residing at the address there set out (the "Optionee").

     1.   GRANT OF OPTION. Pursuant and subject to the Company's 2004 Equity
Incentive Plan (as in effect on the date hereof and as amended from time to
time, the "Plan"), the Company grants to you, the "Optionee," an option (the
"Option") to purchase from the Company all or any part of a total of shares of
the common stock, par value $.001 per share, in the Company (the Company's
"Common Stock"), at a price of $______ per share of Common Stock. The Grant Date
of this Option is as of ____________, 20__. In this Agreement, we refer to the
specific number of shares of Common Stock which are the subject of this Option
as your "Optioned Shares."

     2.   CHARACTER OF OPTION. This Option is not intended to be treated as an
"incentive stock option" within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended.

     3.   DURATION OF OPTION. Subject to the following sentence, this Option
shall expire at 5:00 p.m. on ______________, 20__(1). However, if your
employment or other association with the Company, the Advisor or their
affiliates ends before that date, this Option shall expire at 5:00 p.m. on
______________, 20__(2) or, if earlier, the date specified in whichever of the
following applies:

          (a) If the termination of your employment or other association is on
account of your death or disability, the six-month anniversary of the date your
employment or other association ends.

          (b) If the termination of your employment or other association is due
to any other reason other than for Cause, the 30th day after your employment or
other association ends.

          (c) If the termination of your employment or other association is for
Cause, immediately upon such termination.

----------
(1)  The day immediately preceding the tenth anniversary of the Grant Date.
(2)  Same as described in footnote (1).

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     4.   EXERCISE OF OPTION.

          (a) Until this Option expires and subject to the remainder of this
Section 4, you may exercise it as to the Optioned Shares, and from the dates,
identified in (i) and (ii) below, in full or in part, at any time on or after
the applicable exercise date or dates identified therein:

              (i)  As to all of the Optioned Shares, in the following
installments:

<Table>
<Caption>
                  NUMBER OF OPTIONED                INITIAL EXERCISE DATE
              SHARES IN EACH INSTALLMENT          FOR SHARES IN INSTALLMENT
              --------------------------    ------------------------------------
                       <S>                  <C>
                       One-fifth            First anniversary of the Grant Date
                       One-fifth            Second anniversary of the Grant Date
                       One-fifth            Third anniversary of the Grant Date
                       One-fifth            Fourth anniversary of the Grant Date
                       One-fifth            Fifth anniversary of the Grant Date
</Table>

              (ii) Without duplication, as to all of the Optioned Shares, in the
event of a Change in Control.

          (b) During any period that this Option remains outstanding after your
employment or other association with the Company, the Advisor or their
affiliates ends, you may exercise it only to the extent it was exercisable
immediately prior to the end of your employment or other association.

          (c) You may pay the exercise price due on exercise by delivering other
shares of Common Stock of equivalent Fair Market Value provided you have owned
such shares of Common Stock for at least six months.

          (d) Subject to the foregoing, the procedure for exercising this Option
is as described in Section 7.1(f) of the Plan.

     5.   TRANSFER OF OPTION. You may not transfer this Option except by will or
the laws of descent and distribution, and, during your lifetime, only you may
exercise this Option.

     6.   INCORPORATION OF PLAN TERMS. This Option is granted subject to all of
the applicable terms and provisions of the Plan, including but not limited to
the limitations on the Company's obligation to deliver Optioned Shares upon
exercise set forth in Section 10 (SETTLEMENT OF OPTIONS).

     7.   ACKNOWLEDGMENTS. You acknowledge that you have previously received or
have been advised that you may on request receive a copy of the Plan. You
further acknowledge that the Company makes no representation or warranty to you
as to the tax treatment to you of your receipt or exercise of this Option or
upon your sale or other disposition of the Optioned Shares. You should rely on
your own tax advisors for such advice.

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     8.   MISCELLANEOUS. This Agreement shall be construed and enforced in
accordance with the laws of The Commonwealth of Massachusetts, without regard to
the conflict of laws principles thereof and shall be binding upon and inure to
the benefit of any successor or assign of the Company and any executor,
administrator, trustee, guardian, or other legal representative of you.
Capitalized terms used but not defined herein shall have the respective meanings
assigned under the Plan. This Agreement may be executed in one or more
counterparts all of which together shall constitute but one instrument. In
making proof of this Agreement it shall not be necessary to produce or account
for more than one such counterpart.

        IN WITNESS WHEREOF, the parties have executed this Agreement as a sealed
instrument as of the date first above written.

BOSTON CAPITAL REAL ESTATE
INVESTMENT TRUST, INC.

By:
   ---------------------------------    ----------------------------------------
Title:                                  Signature of Optionee
      ------------------------------

                                        ----------------------------------------
                                        Name of Optionee

                                        Optionee's Address:

                                        ----------------------------------------

                                        ----------------------------------------

                                        ----------------------------------------

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                BOSTON CAPITAL REAL ESTATE INVESTMENT TRUST, INC.
                           2004 EQUITY INCENTIVE PLAN

                        RESTRICTED STOCK GRANT AGREEMENT

     THIS AGREEMENT dated as of ___________, 20__ (the "Issuance Date"), by and
between Boston Capital Real Estate Investment Trust, Inc., a corporation
organized under the laws of the State of Maryland (the "Company"), and the
individual identified below, residing at the address there set out (the
"Recipient")

                          W I T N E S S E T H  T H A T:

     Whereas, the Recipient's association with the Company is considered by the
Company to be important for its growth; and

     Whereas, the Company desires to grant to the Recipient shares of the
Company's common stock, par value $.001 per share (the "Common Stock"), pursuant
to the Company's 2004 Equity Incentive Plan (as in effect on the date hereof and
as amended from time to time, the "Plan") and otherwise according to the terms
and conditions hereof;

     Now, therefore, in consideration of the promises and mutual covenants
herein set forth, and other good and valuable consideration, receipt of which is
hereby acknowledged, the parties hereto hereby mutually covenant and agree as
follows:

1.   DEFINITIONS

     For all purposes of this Agreement, the following terms shall have the
respective meanings set out below, unless the context clearly requires
otherwise:

     "Escrow Holder" has the meaning assigned such term in Section 6 hereof.

     "Permitted Transferee" has the meaning assigned such term in Section 3.1
hereof.

     "Restricted Shares" means, at the time of reference thereto, that number of
the Shares as shall not have become Vested Shares.

     "Shares" means (i) the shares of Common Stock acquired by the Recipient
pursuant to this Agreement, and (ii) any shares of stock or other securities
issued in respect of or in replacement for the shares of Common Stock described
in clause (i), as further described in Section 5 hereof.

     "Termination" means the voluntary or involuntary termination of the
Recipient's employment or other association with all of the Company, the Advisor
and their Affiliates, for any or no reason whatsoever, including death or
disability; provided, however, that military or sick leave shall not be deemed a
termination of employment or other association if it does not exceed the longer
of 90 days or the period during which the Recipient's reemployment rights, if
any, are guaranteed by statute or by contract.

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     "Termination Date" means the date of the Recipient's Termination, as
reasonably fixed and determined by the Company.

     "Vested Shares" means, at the time of reference thereto, that number of
Shares as shall have been released from the escrow on or prior to such time, if
any.

     All other capitalized terms used but not defined herein shall have the
respective meanings given such terms in the Plan.

2.   ISSUANCE OF STOCK

     2.1.   The Company hereby agrees to issue to the Recipient an aggregate of
     _______ shares of Common Stock.

     2.2.   Upon receipt by the Company of a copy of this Agreement duly
     executed and completed by the Recipient, the Company shall issue in the
     name of the Recipient duly executed certificates evidencing the Shares
     endorsed with the legends set forth in Section 7.5 and Section 8.3 below.
     Certificates evidencing Shares shall be held in escrow as hereinafter
     provided.

3.   RESTRICTION ON TRANSFER

     3.1.   Subject to the remaining provisions of this Section and except for
     the escrow described in Section 6, none of the Restricted Shares or any
     beneficial interest therein shall be sold, transferred, assigned, pledged,
     encumbered or otherwise disposed of in any way at any time (including,
     without limitation, by operation of law) other than (i) to the Company or
     its assignees or (ii) to any other person upon (but only upon) death by
     will, bequest or operation of law (a "Permitted Transferee").

     3.2.   All Permitted Transferees of Restricted Shares or any interest
     therein shall be required as a condition of such transfer to agree in
     writing, in form satisfactory to the Company, that they shall receive and
     hold such Restricted Shares or interest subject to the provisions of this
     Agreement. Any sale, transfer, assignment, pledge, encumbrance or other
     disposition of Restricted Shares other than in accordance with this Section
     shall be void. The Company shall not be required (i) to transfer on its
     books any Restricted Shares sold, transferred or otherwise disposed of in
     violation of this Section or (ii) to treat as owner of any Restricted
     Shares, to accord the right to vote Restricted Shares to, or to pay
     dividends in respect of Restricted Shares to, any person purporting to have
     acquired Restricted Shares or any beneficial interest therein unless such
     Restricted Shares or interest were acquired in compliance with the
     provisions of this Section.

4.   FORFEITURE OF RESTRICTED SHARES

     4.1.   As of the Recipient's Termination Date, all of the Restricted Shares
     that have not become Vested Shares as of such Termination Date shall
     automatically, without any action on the part of the Company, be cancelled,
     and the Recipient shall cease to have any rights to any such Restricted
     Shares from and after such Termination Date.

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     4.2.   The Restricted Shares shall become Vested Shares, as follows:

            (a)  VESTING BASED ON CONTINUED EMPLOYMENT OR ASSOCIATION. One-fifth
     (20%) of the Restricted Shares shall become Vested Shares as of each of the
     first five anniversaries of the Issuance Date.

            (b)  CHANGE IN CONTROL. All of the Restricted Shares shall become
     Vested Shares in the event of a Change in Control.

5.   ADJUSTMENT FOR STOCK SPLITS, ETC.

     In the event the shares of Common Stock or other capital stock of the
Company shall be subdivided or combined into a greater or smaller number of
shares, or the Company shall pay any stock dividend or make any other issuance
of shares of capital stock in respect of Common Stock, or upon a merger,
consolidation, reorganization, split-up, combination, or recapitalization or the
like of the Company, or the exchange of the shares of Common Stock or other
capital stock granted hereunder for other securities of the Company or of
another corporation, all references under this Agreement to Shares, Vested
Shares, or Restricted Shares, or to Common Stock, shall be appropriately
adjusted or revised to reflect such capital transaction.

6.   ESCROW OF RESTRICTED SHARES

     6.1.   The Restricted Shares issued under this Agreement shall be held in
     escrow by the Company, as escrow holder (the "Escrow Holder"), together
     with a stock assignment executed in blank by the Recipient, until such
     Restricted Shares become Vested Shares hereunder.

     6.2.   The Recipient hereby appoints the Company, in its capacity as Escrow
     Holder, as his or her irrevocable attorney-in-fact to execute in his or her
     name, acknowledge and deliver all stock powers and other instruments as may
     be necessary or desirable with respect to the Restricted Shares.

     6.3.   When any portion of the Shares have become Vested Shares, upon the
     Recipient's request the Company, as Escrow Holder, shall promptly cause a
     new certificate to be issued for such Shares and shall deliver such
     certificate to the Recipient.

     6.4.   Subject to the terms hereof, the Recipient shall have all the rights
     of a stockholder with respect to the Restricted Shares while they are held
     in escrow, including without limitation the right to vote the Restricted
     Shares and receive any cash dividends declared thereon. If, from time to
     time during the term of this Agreement, there occurs any corporate or other
     action giving rise to substituted or additional securities by reason of
     ownership of the Restricted Shares as provided in Section 5, such
     substituted or additional securities shall be immediately subject to this
     escrow and deposited with the Escrow Holder.

                                        3
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7.   COMPLIANCE WITH SECURITIES LAW

     7.1.   The Recipient represents and warrants, and each Permitted Transferee
     shall, as a condition of transfer, represent and warrant, that he or she is
     acquiring the Shares on his or her own account for the purpose of
     investment and not with a view to, or for sale in connection with, the
     distribution of any such Shares.

     7.2.   Without limiting the scope, substance and applicability of any of
     the other restrictions on the transferability of the Shares that are set
     forth elsewhere in this Agreement, the Recipient agrees, and each Permitted
     Transferee shall, as a condition of transfer, agree, that none of the
     Shares or any beneficial interest therein shall be sold, transferred,
     assigned, pledged, encumbered or otherwise disposed of in any way
     (including, without limitation, by operation of law) unless and until (i)
     such Shares or such beneficial interest, as the case may be, proposed to be
     sold, transferred, assigned, pledged, encumbered or otherwise disposed of
     are registered pursuant to an effective registration filed with the
     Securities and Exchange Commission pursuant to the Securities Act of 1933,
     as amended, or (ii) if required by the Company, the Company shall have
     received an opinion, in form and substance satisfactory to the Company,
     from the Company's legal counsel to the effect that the sale, transfer,
     assignment, pledge, encumbrance or other disposition of such Shares or such
     beneficial interest, as the case may be, does not require registration
     under the Securities Act of 1933, as amended, or any applicable state
     securities laws.

     7.3.   The Recipient acknowledges and agrees, and each Permitted Transferee
     shall, as a condition of transfer, acknowledge and agree, that neither the
     Company nor any agent of the Company shall be under any obligation to
     recognize any transfer of any Shares if, in the opinion of counsel for the
     Company, such transfer would result in violation by the Company of any
     federal or state law with respect to the offering, issuance or sale of
     securities.

     7.4.   The Recipient hereby agrees, and each Permitted Transferee shall, as
     a condition of transfer, agree, that, at the written request of the Company
     or any managing underwriter of any underwritten public offering of
     securities of the Company, the Recipient or such Permitted Transferee will
     not, without the prior written consent of the Company or such managing
     underwriter, sell, make any short sale of, loan, grant any option for the
     purchase of, pledge or otherwise encumber, or otherwise dispose of, any
     Shares during the 180 day period commencing on the effective date of the
     registration statement relating to such underwritten public offering of
     securities.

     7.5.   The certificates representing the Shares shall be endorsed with a
     legend, in addition to any other legends required by this Agreement,
     substantially as follows:

            The shares represented by this certificate have not been registered
            under the Securities Act of 1933, as amended. The shares have been
            acquired for investment and not with a view to distribution or
            resale and may not be mortgaged, pledged, hypothecated or otherwise
            transferred without an effective registration statement for such
            shares

                                        4
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            under the Securities Act of 1933, as amended, or an opinion of
            counsel for the Corporation that registration is not required under
            such Act.

8.   GENERAL PROVISIONS

     8.1.   This Agreement shall be governed and enforced in accordance with the
     terms of the Plan and the laws of The Commonwealth of Massachusetts,
     without regard to the conflict of laws principles thereof, and shall be
     binding upon the heirs, personal representatives, executors,
     administrators, successors and assigns of the parties.

     8.2.   This Agreement embodies the complete agreement and understanding
     among the parties hereto with respect to the subject matter hereof and
     thereof, supersedes and preempts any prior understandings, agreements or
     representations by or among the parties, written or oral, which may have
     related to the subject matter hereof in any way and may only be modified or
     amended in writing signed by the Company and the Recipient.

     8.3.   The certificates representing the Shares shall be endorsed with the
     following legend:

            The transferability of this certificate and the shares represented
            by this certificate are subject to the terms and conditions of the
            Boston Capital Real Estate Investment Trust, Inc., 2004 Equity
            Incentive Plan and a Restricted Stock Grant agreement entered into
            by the registered owner and Boston Capital Real Estate Investment
            Trust, Inc. Copies of such Plan and Agreement are on file in the
            offices of Boston Capital Real Estate Investment Trust, Inc., c/o
            Boston Capital Corporation, One Boston Place, Suite 2100, Boston, MA
            02108-4406.

     8.4.   All notices or communications provided for under this Agreement
     shall be given in writing and by hand or by registered mail, return receipt
     requested, postage prepaid, and shall be addressed

            (i)  in the case of the Recipient, to his or her address set out at
                 the end of this Agreement, and

            (ii) in the case of the Company, to the Company at

                         c/o Boston Capital Corporation
                         One Boston Place, Suite 2100
                         Boston, MA 02108-4406
                         Attention: President

                         With a copy to:
                         Nestor M. Nicholas, Esq.
                         Nixon Peabody LLP

                                        5
<Page>

                         101 Federal Street
                         Boston, MA 02110-1832

            Notices given as hereinabove provided shall be deemed received (i)
     in the case of personal delivery, on the date of such delivery; (ii) in the
     case of mailing, when received by the addressee; and (iii) in the case of
     facsimile transmission, when confirmed by facsimile machine report. Any
     party hereto may designate a change of address by written notice to the
     other parties given at least ten days before such change is to become
     effective for the purposes of this Agreement.

     8.5.   The rights and obligations of each party under this Agreement shall
     inure to the benefit of and be binding upon such party's heirs, legal
     representatives, successors and permitted assigns. The rights and
     obligations of the Company under this Agreement shall be assignable by the
     Company to any one or more persons or entities without the consent of the
     Recipient or any other person. The rights and obligations of any person
     other than the Company under this Agreement may only be assigned with the
     prior written consent of the Company.

     8.6.   No consent to or waiver of any breach of default in the performance
     of any obligations hereunder shall be deemed or construed to be a consent
     to or waiver of any other breach or default in the performance of any of
     the same or any other obligations hereunder. Failure on the part of any
     party to complain of any act or failure to act of any other party or to
     declare any party in default, irrespective of the duration of such failure,
     shall not constitute a waiver of rights hereunder and no waiver hereunder
     shall be effective unless it is in writing, executed by the party waiving
     the breach or default hereunder.

     8.7.   If any provision of this Agreement shall be held illegal, invalid or
     unenforceable, such illegality, invalidity or unenforceability shall attach
     only to such provision and shall not in any manner affect or render
     illegal, invalid or unenforceable any other severable provision of this
     Agreement.

     8.8.   The headings in this Agreement are for convenience of identification
     only, do not constitute a part hereof, and shall not affect the meaning or
     construction hereof.

     8.9.   The Recipient agrees upon request to execute any further documents
     or instruments necessary or desirable to carry out the purposes or intent
     of this Agreement.

     8.10.  In case of any dispute hereunder, the parties will submit to the
     exclusive jurisdiction and venue of any court of competent jurisdiction
     sitting in the county in which the Company's headquarters in The
     Commonwealth of Massachusetts is located, and will comply with all
     requirements necessary to give such court jurisdiction over the parties and
     the controversy. Each party hereto, in addition to being entitled to
     exercise all rights granted by law including recovery of damages (but
     subject to the remainder of this subsection), will be entitled to specific
     performance of his, her or its rights under this Agreement. The parties
     hereto agree that monetary damages would not be adequate compensation for
     any loss incurred by reason of a breach of the provisions of this

                                        6
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     Agreement and hereby agree to waive the defense in any action for specific
     performance that a remedy at law would be adequate. EACH PARTY HEREBY
     WAIVES ANY RIGHT TO A JURY TRIAL AND TO CLAIM OR RECOVER PUNITIVE DAMAGES.

     8.11.  Nothing contained in this Agreement shall confer upon the Recipient
     any right with respect to the continuation of his or her employment by or
     other association with the Advisor, the Company or their Affiliates, or
     interfere in any way with the right of the Advisor, the Company or their
     Affiliates, subject to the terms of any separate employment or other
     agreement or provision of law or corporate articles or by-laws to the
     contrary, at any time to terminate such employment or other agreement or
     otherwise modify the terms and conditions of the Recipient's employment by
     or other association with the Advisor, the Company or their affiliates.

     8.12.  This Agreement may be executed in one or more counterparts, each of
     which when executed shall be deemed an original and all of which, taken
     together, shall constitute one and the same instrument. In making proof of
     this Agreement it shall not be necessary to produce or account for more
     than one such counterpart.

     IN WITNESS WHEREOF, the parties have duly executed this Agreement under
seal as of the month, day and year first set forth above.

BOSTON CAPITAL REAL ESTATE              RECIPIENT
INVESTMENT TRUST, INC.

By:
   ---------------------------------    ----------------------------------------
Title:                                  Signature
      ------------------------------

                                        ----------------------------------------
                                        Name of Recipient

                                        Recipient's Address:

                                        ----------------------------------------

                                        ----------------------------------------

                                        ----------------------------------------

                                        7<Page>

                                                                    Exhibit 10.3

                BOSTON CAPITAL REAL ESTATE INVESTMENT TRUST, INC.

                     INDEPENDENT DIRECTOR STOCK OPTION PLAN

                                    ARTICLE I

                                     GENERAL

1.1.    PURPOSE.

        Boston Capital Real Estate Investment Trust, Inc., a Maryland
corporation (the "Company"), hereby adopts this Independent Director Stock
Option Plan (the "Plan"). The purpose of the Plan is to foster and promote the
long-term financial success of the Company by attracting and retaining
outstanding non-employee directors by enabling them to participate in the
Company's growth through the granting of Options (as defined in Article II)
which entitle them to purchase shares of the Company's common stock, par value
$.00l per share ("Shares").

1.2.    PARTICIPATION.

        Only directors of the Company who at the time an Option is granted are
"Non-Employee Directors" as such term is defined in Rule l6b-3 promulgated under
the Securities Exchange Act of 1934, as amended ("Rule l6b-3"), or any similar
rule which may subsequently be in effect (the "Independent Directors") shall
receive an Option under the Plan.

1.3.    SHARES SUBJECT TO THE PLAN.

        Shares to be issued upon exercise of Options granted under the Plan may
be in whole or in part from authorized but unissued Shares or treasury Shares of
the Company. A maximum of 100,000 Shares (the "Plan Maximum") may be issued for
all purposes under the Plan (subject to adjustment pursuant to Section 3.2), and
the Company shall reserve 100,000 authorized but unissued Shares as of the date
the Plan is established for issuance upon exercise of Options granted under the
Plan. Any Shares reserved for issuance under Options which for any reason are
canceled or terminated without having been exercised shall not be counted in
determining whether the Plan Maximum has been reached. Options for fractional
shares shall not be granted.

1.4.    GENDER AND NUMBER.

        Except when otherwise indicated by the context, words in the masculine
gender when used in the Plan shall include the feminine gender, the singular
shall include the plural, and the plural shall include the singular.

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                                   ARTICLE II

                               STOCK OPTION AWARDS

2.1.    AWARD OF STOCK OPTIONS.

        (a)    Effective on the later of (i) the date on which an Independent
Director becomes a member of the Board of Directors of the Company or (ii) the
date this Plan is adopted by the stockholders of the Company, each Independent
Director who satisfies the conditions set forth in Section 1.2 will
automatically be awarded a stock option (an "Initial Option") under the Plan to
purchase 5,000 Shares (subject to adjustment pursuant to Section 3.2). Effective
on the date of each Annual Meeting of Stockholders of the Company (an "Annual
Meeting"), commencing with the Company's Annual Meeting in 2004, each
Independent Director then in office who satisfies the conditions set forth in
Section 1.2 will automatically be awarded a stock option (a "Subsequent Option"
or the "Subsequent Options," collectively with the "Initial Options" referred to
herein as an "Option" or "Options") to purchase 5,000 Shares (subject to
adjustment pursuant to Section 3.2). The Options are not intended to qualify as
"incentive stock options" as defined in Section 422 of the Internal Revenue Code
of 1986, as amended (the "Code").

        (b)    Notwithstanding any other provision of this Plan, no Options
shall be issued pursuant to Section 2.1(a) to the extent that the issuance of
such Options would (i) enable the Independent Directors as a group to hold more
than 10% of the outstanding Shares if such Options were exercised; (ii) result
in the Company being "closely-held" within the meaning of Code Section 856(h);
(iii) cause the Company to own, directly or constructively, 10% or more of the
ownership interests in a tenant of the property of the Company (or of the
property of one or more partnerships, limited liability companies or other
entities in which the Company is a partner or member), within the meaning of
Code Section 856 (d) (2) (B); or (iv) cause, in the opinion of counsel to the
Company, the Company to fail to qualify (or create, in the opinion of counsel to
the Company, a material risk that the Company would no longer qualify) as a real
estate investment trust within the meaning of Code Section 856. To the extent
that the issuance of Options pursuant to Section 2.1(a) would violate any of
these limitations, the number of Shares that may be purchased under the Options
to be issued to each of the Independent Directors shall be reduced PRO RATA. To
the extent that the number of Shares which may be purchased under Options issued
to an Independent Director is reduced in any year as a result of the application
of these limitations, Options to purchase such Shares shall be issued to the
Independent Director in any subsequent year in which issuance of such Options,
after taking into account the Options to be issued to the Independent Directors
in such subsequent year under Section 2.1(a), would not violate the limitations
imposed by this Section 2.1(b). To the extent that the issuance of an Option is
delayed until a subsequent year under this Section 2.1, the Option shall be
treated for all purposes under this Plan as having been issued in such
subsequent year.

2.2.    STOCK OPTION CERTIFICATES.

        The award of an Option shall be evidenced by an agreement executed by an
officer of the Company.

                                        2
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2.3.    OPTION PRICE.

        The purchase price of a Share (the "Option Price") under each Initial
Option granted during the term of the Company's initial public offering shall be
$10.00 per Share, and thereafter the Option Price under each Initial Option or
Subsequent Option granted shall be the Fair Market Value (as defined in Section
3.5) of a Share on the last business day preceding the date on which the
Independent Director becomes a member of the Board of Directors of the Company,
in the case of an Initial Option, or the last business day preceding the date of
any Annual Meeting, in the case of a Subsequent Option.

2.4.    EXERCISE AND TERM OF OPTIONS.

        (a)    Options may be exercised by the delivery of written notice of
exercise and payment of the aggregate Option Price for the Shares to be
purchased to the Secretary of the Company. The Option Price may be paid in cash
(including check, bank draft or money order) or, unless in the opinion of
counsel to the Company doing so may result in a possible violation of law, by
delivery of Shares already owned by the Independent Director, valued at Fair
Market Value on the date of the exercise. As soon as practicable after receipt
of each notice and full payment, the Company shall deliver to the Independent
Director a certificate or certificates representing the purchased Shares. An
Independent Director shall have none of the rights of a shareholder until a
certificate or certificates for Shares underlying the Option(s) exercised are
issued and no adjustment will be made for dividends or other rights for which
the record date is prior to the date such certificate or certificates are
issued.

        (b)    Each certificate for Shares issued upon exercise of an Option,
unless at the time of exercise such Shares are registered with the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the
"Act"), shall bear the following legend:

        "NO SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THESE SHARES SHALL BE
        MADE EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF 1933,
        AS AMENDED, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE
        CORPORATION THAT REGISTRATION IS NOT REQUIRED."

Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon completion
of a public distribution pursuant to a registration statement under the Act of
the securities represented thereby) shall also bear the above legend unless, in
the opinion of such counsel as shall be reasonably approved by the Company, the
securities represented thereby no longer need be subject to such restrictions.

        Each certificate for Shares issued upon exercise of an Option shall also
bear any legends required by the Company's Articles of Incorporation and the
transferability of the certificate and the Shares represented thereby shall be
subject to the restrictions contained in the Company's Articles of
Incorporation.

                                        3
<Page>

        (c)    Options granted hereunder shall lapse on the first to occur of
(i) the tenth anniversary of the date of grant, (ii) the removal for Cause of
the Independent Director as a director of the Company, or (iii) 30 days
following the date the Independent Director ceases to be a director of the
Company for any reason, except death or disability, as provided below. In the
event such Option or Options have not lapsed prior thereto due to occurrence of
one of the foregoing events, an Independent Director's Options shall (subject to
Section 3.1) become exercisable as follows: (i) 20% of the shares on the date of
grant, (ii) an additional 20% of the shares on each anniversary following the
date of grant for a period of four years until 100% of the shares become
exercisable. Notwithstanding the foregoing, Options granted under this Plan
shall continue to be exercisable in the case of death or disability for a period
of six months after death or the disabling event, provided that the death or
disabling event occurs while the person is an Independent Director and prior to
his removal for Cause, resignation or ceasing to be a director of the Company
for any other reason and the Option is otherwise exercisable on the date of the
death or disabling event; PROVIDED, HOWEVER, if the Option is exercised within
the first six months after it becomes exercisable, any Shares issued pursuant to
such exercise may not be sold until the six month anniversary of the date of the
grant of the Option. An Independent Director is removed "for Cause" for gross
negligence or willful misconduct in the execution of his duties; or for
conviction of, or entry of a plea of guilty or NOLO CONTENDERE to, any felony or
any act of fraud, embezzlement, misappropriation, or a crime involving moral
turpitude.

        (d)    Notwithstanding any other terms or provisions herein to the
contrary, no Option may be exercised if, in the opinion of the Company's
counsel, such exercise would jeopardize the Company's status as a real estate
investment trust under the Code.

                                   ARTICLE III

3.1.    NONTRANSFERABILITY; BENEFICIARIES.

        No Option awarded under the Plan shall be transferable by the
Independent Director otherwise than by will or, if the Independent Director dies
intestate, by the laws of descent and distribution. All Options exercised during
the Independent Director's lifetime shall be exercised only by the Independent
Director or his legal representative. Any transfer contrary to this Section 3.1
will nullify the Option. After the death of an Independent Director, any
exercisable portion of the Option may, prior to the time such Option becomes
unexercisable under the Plan or the applicable option agreement, be exercised by
the Independent Director's personal representative or by any person empowered to
do so under the deceased Independent Director's will or under the then
applicable laws of descent and distribution.

3.2.    ADJUSTMENT UPON CERTAIN CHANGES.

        (a)    If the outstanding Shares are (i) increased or decreased, or (ii)
changed into, or exchanged for, a different number or kind of shares or
securities of the Company, through a reorganization or merger in which the
Company is the surviving entity, or through a

                                        4
<Page>

combination, recapitalization, reclassification, stock split, stock dividend,
stock consolidation or otherwise, an appropriate adjustment shall be made in the
number and kind of Shares that may be issued pursuant to an Option and in the
minimum number of Shares that must be issued and outstanding prior to the
issuance of the Initial Options pursuant to Section 2.1(a)(iii). A corresponding
adjustment to the consideration payable with respect to all Options granted
prior to any such change shall also be made. Any such adjustment, however, shall
be made without change in the total payment, if any, applicable to the portion
of the Option not exercised but with a corresponding adjustment in the Option
Price for each Share.

        (b)    Upon the dissolution or liquidation of the Company, or upon a
reorganization, merger or consolidation of the Company with one or more
corporations as a result of which the Company is not the surviving corporation,
or upon sale of all or substantially all of the Company's property, the Plan
shall terminate, and any outstanding Options shall terminate and be forfeited.
However, holders of Options may exercise any Options that are otherwise
exercisable immediately prior to the dissolution, liquidation, consolidation or
merger.

Notwithstanding the foregoing, the Board of Directors may provide in writing in
connection with, or in contemplation of, any such transaction for any or all of
the following alternatives (separately or in combinations): (i) for the
assumption by the successor corporation of the Options theretofore granted or
the substitution by such corporation for such Options of awards covering the
stock of the successor corporation, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and prices; (ii) for
the continuance of the Plan by such successor corporation in which event the
Plan and the Options shall continue in the manner and under the terms so
provided; or (iii) for the payment in cash or Shares in lieu of and in complete
satisfaction of such Options.

3.3.    AMENDMENT, SUSPENSION AND TERMINATION OF PLAN.

        The Board of Directors may suspend or terminate the Plan or any portion
thereof at any time and may amend it from time to time in such respects as the
Board of Directors may deem advisable in order that any Options thereunder shall
conform to or otherwise reflect any change in applicable laws or regulations, or
to permit the Company or the Independent Directors to enjoy the benefits of any
change in applicable laws or regulations, or in any other respect the Board of
Directors may deem to be in the best interests of the Company; provided,
however, that no such amendment shall without stockholder approval to the extent
required by law, or any agreement or the rules of any stock exchange upon which
the Shares may be listed or of any national market system on which Shares may be
traded: (a) except as provided in Section 3.2, materially increase the number of
Shares which may be issued under the Plan; (b) materially modify the
requirements as to eligibility for participation in the Plan; (c) materially
increase the benefits accruing to Independent Directors under the Plan; or (d)
extend the termination date of the Plan. No such amendment, suspension or
termination shall: (x) impair the rights of Independent Directors affected
thereby; or (y) make any change that would disqualify the Plan, or any other
plan of the Company intended to be so qualified, from the exemption provided by
Rule l6b-3.

                                        5
<Page>

3.4.    TAX WITHHOLDING.

        (a)    The Company shall have the power to withhold, or require an
Independent Director to remit to the Company, an amount sufficient to satisfy
any withholding or other tax due from the Company with respect to any amount
payable and/or Shares issuable under the Plan, and the Company may defer such
payment or issuance unless indemnified to its satisfaction.

        (b)    Subject to the consent of the Board of Directors of the Company,
due to the exercise of an Option, an Independent Director may make an
irrevocable election (an "Election") to: (a) have Shares otherwise issuable
hereunder withheld; or (b) tender back to the Company Shares received; or (c)
deliver back to the Company previously acquired Shares of the Company having a
Fair Market Value sufficient to satisfy all or part of the Independent
Director's estimated tax obligations associated with the transaction. Such
Election must be made by an Independent Director prior to the date on which the
relevant tax obligation arises. The Board of Directors of the Company may
disapprove of any Election, may suspend or terminate the right to make
Elections, or may provide with respect to any Option under this Plan that the
right to make Elections shall not apply to such Option.

3.5.    DEFINITION OF FAIR MARKET VALUE.

        "Fair Market Value" on any date shall mean the average of the Closing
Price (as defined below) per Share for the five (5) consecutive Trading Days (as
defined below) ending on such date. The "Closing Price" on any date shall mean
the last sale price, regular way (as defined below), or, in case no such sale
takes place on such day, the average of the closing bid and asked prices,
regular way, in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to
trading on the principal national securities exchange on which the Shares are
listed or admitted to trading or, if the Shares are not listed or admitted to
trading on any national securities exchange, the last quoted price, or if not so
quoted, the average of the high bid and bow asked prices in the over-the-counter
market, as reported by The NASDAQ Stock Market, Inc. ("NASDAQ") or, if NASDAQ is
no longer in use, the principal, automated quotation system that may then be in
use or, if the Shares are not quoted by any such organization, the average of
the closing bid and asked prices as selected by the Board or the price at which
the Company is then offering Shares to the public if the Company is then engaged
in a public offering of Shares, or if the Company is not then offering Shares to
the public, the price per share at which a stockholder may purchase Shares
pursuant to the Company's Dividend Reinvestment Plan (the "DRP") if such DRP is
then in existence, or if the DRP is not then in existence, the fair market value
of a Share as determined by the Company, in its sole discretion. "Trading Day"
shall mean a day on which the principal national securities exchange or national
market system on which the Shares are listed or admitted to trading is open for
the transaction of business or, if the Shares are not listed or admitted to
trading on any national securities exchange or national automated quotation
system, shall mean any day other than a Saturday, a Sunday or a day on which
banking institutions in The Commonwealth of Massachusetts are authorized or
obligated by law or executive order to close.

                                        6
<Page>

        The term "regular way" means a trade that is effected in a recognized
securities market for clearance and settlement pursuant to the rules and
procedures of the National Securities Clearing Corporation, as opposed to a
trade effect "ex-clearing" for same day or next day settlement.

3.6.    PLAN NOT EXCLUSIVE.

        The adoption of the Plan shall not preclude the adoption by appropriate
means of any other stock option or other incentive plan for Independent
Directors or other directors of the Company.

3.7.    LISTING, REGISTRATION AND LEGAL COMPLIANCE.

        Each Option shall be subject to the requirement that if at any time
counsel to the Company shall determine that the listing, registration or
qualification thereof or of any Shares or other property subject thereto upon
any securities exchange or market or under any foreign, federal or state
securities or other law or regulation, or the consent or approval of any
governmental body or the taking of any other action to comply with or otherwise,
with respect to any such law or regulation, is necessary or desirable as a
condition to or in connection with the aware of such Option or the issue,
delivery or purchase of Shares or other property thereunder, no such Option may
be exercised or paid in Shares or other property unless such listing,
registration, qualification, consent, approval or other action shall have been
effected or obtained free of any conditions not acceptable to the Company, and
the holder of the award will supply the Company with such certificates,
representations and information as the Company shall request and shall otherwise
cooperate with the Company in effecting or obtaining such listing, registration,
qualification, consent, approval or other action. The Company may at any time
impose any limitations upon the exercise, delivery or payment of any Option
which, in the opinion of the Board of Directors of the Company, are necessary or
desirable in order to cause the Plan or any other plan of the Company to comply
with Rule l6b-3. If the Company, as part of an offering of securities or
otherwise, finds it desirable because of foreign, federal or state legal or
regulatory requirements to reduce the period during which Options may be
exercised, the Board of Directors of the Company may, without the holders'
consent, so reduce such period on not less than 15 days' written notice to the
holders thereof.

3.8.    RIGHTS OF INDEPENDENT DIRECTORS.

        Nothing in the Plan shall confer upon any Independent Director any right
to serve as an Independent Director for any period of time or to continue
serving at his present or any other rate of compensation.

3.9.    NO OBLIGATION TO EXERCISE OPTION.

        The granting of an Option shall impose no obligation upon the
Independent Director to exercise such Option.

                                        7
<Page>

3.10.   REQUIREMENTS OF LAW; GOVERNING LAW.

        The granting of Options under this Plan shall be subject to all
applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required. The
Plan, and all agreements hereunder, shall be construed in accordance with and
governed by the laws of The Commonwealth of Massachusetts. The provisions of
this Plan shall be interpreted so as to comply with the conditions or
requirements of Rule l6b-3, unless a contrary interpretation of any such
provision is otherwise required by applicable law.

                                        8
<Page>

The following does not form part of the Plan but is included solely for
informational purposes:

Date of Board Approval:

Date of Shareholder Approval:

                                        9

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