Document:

Form of Incentive Stock Option Agreement

 Exhibit 10.1 
  
 INCENTIVE STOCK OPTION AGREEMENT 
 (1998 Stock Incentive Plan) 
  
 INCENTIVE STOCK OPTION AGREEMENT, dated as of                          (the “Agreement”), by and
between American Land Lease, Inc., a Delaware corporation (the “Company”), and                      (“Employee”) .
Capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings set forth in the Asset Investors Corporation 1998 Stock Incentive Plan, as amended (the “Plan”). 
  
 WHEREAS, on
                         (the “Grant Date”) the Compensation Committee (the “Committee”) of the Board
of Directors (the “Board”) of the Company awarded the Employee an incentive stock option, exercisable to purchase shares of the Company’s Common Stock, par value $.01 per share (“Common Stock”), pursuant to, and subject to
the terms and provisions of, the Plan and further subject to the condition subsequent and that the plan is approved by the stockholders of the Company; and 
  
 WHEREAS, the stockholders of the Company approved the Plan on June 30, 1998. 
  
 NOW, THEREFORE, in consideration of the Employee’s services to the Company and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1 Number of Shares and Purchase Price. The Company hereby grants the Employee an incentive Stock Option (the “Option”) to purchase
             shares of Common Stock (the “Option Shares”) at a purchase price per share equal to $
             (the “Exercise Price”), pursuant to the terms of this Agreement and the provisions of the Plan. 
  
 2 Period of Option and Conditions of Exercise. 
  
 (a) Unless the Option is previously terminated pursuant to this Agreement or the Plan, the Option shall terminate on the
tenth anniversary of the Date of Grant (the “Expiration Date”). Upon the termination of the Option, all rights of the Employee hereunder shall cease. 
  

(b) Subject to the provisions of the Plan and this Agreement, the Option shall be exercisable and vested over years beginning with the first
anniversary of the date of grant. 
  
 3 Termination of
Employment. 
  
 (a) Except as provided in this
Section 3, the Option may not be exercised after the Employee has ceased to be employed by (including services provided as a director) the Company or 

 
one of its affiliates. In the event that the Employee ceases to be employed by the Company or one of its affiliates, the Option may be exercised following
such termination, as follows: 
  
 (i) if the
Employee’s termination of employment is due to his or her death or Disability (as defined below), the Option shall remain exercisable until the Expiration Date for all Option Shares for which the Option was otherwise exercisable; 
  
 (ii) if the Employee ceases to be employed by the Company or
an affiliate other than due to death, Disability or termination for Cause, the Option shall remain exercisable for a period of ninety (90) days following such termination (but in no event later than the Expiration Date) with respect to all
Option Shares for which the Option was otherwise exercisable as of the date of such termination, and shall thereafter terminate; and 
  
 (iii) if the Employee’s termination is by the Company or one of its affiliates for Cause (as defined below), the Option shall
terminate immediately on the date of such termination. 
  
 4
Exercise of Option. 
  
 (a) The Option may be exercised
only by the Employee, his /her heir or legal representative. The Option shall be exercised by delivery to the Company of (i) a written notice, substantially in the form attached hereto as Exhibit A, specifying the number of Option Shares
for which the Option is being exercised to purchase, and (ii) full payment of the Exercise Price for such number of Option Shares being purchased (in respect of such Option Shares, the “Total Exercise Price”), in the manner provided
below, and any transfer or withholding taxes applicable thereto. 
  
 (b) Payment of the Exercise Price for any Option Shares being purchased shall be made as follows: 
  
 (i) The Employee may satisfy all or any portion of the Total Exercise Price by delivery to the Company of cash or check, or 
  
 (ii) The Employee may satisfy the remaining portion of the
Total Exercise Price by (A) assignment, transfer and delivery to the Company, free of any liens, claims or encumbrances, of shares of Common Stock that the Employee owns. If the Employee pays by assignment, transfer and delivery of shares of
Common Stock, the Employee must include with the notice of exercise the certificates for such shares of Common Stock, either duly endorsed for transfer or accompanied by an appropriately executed stock power in favor of the Company. For purposes of
this Agreement, the value of all such shares of Common Stock delivered by the Employee will be their Fair Market Value. If the value of the shares of Common Stock delivered by the Employee exceeds the amount required to be paid pursuant to this
Section 4, the Company will provide to the Employee, as soon as practicable, cash or a check in an amount equal to the value of any fractional portion of a share of 

  

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Common Stock and will issue a certificate to the Employee for any whole share(s) of Common Stock exceeding the number of shares of Common Stock required to
pay the Exercise Price for all Option Shares being purchased. 
  
 (c) Not less than 50 shares of Common Stock may be purchased at any time upon the exercise of the Option, unless the number of shares of Common Stock so purchased constitutes the total number of Option Shares for which the Option is then
exercisable. The Option may be exercised only to purchase whole shares of Common Stock, and in no case may a fractional share of Common Stock be purchased. The right of the Employee to purchase Option Shares for which the Option is then exercisable
may be exercised, in whole or in part, at any time or from time to time, prior to the Expiration Date. 
  
 (d) The Company may require the Employee to pay, prior to the delivery of any Option Shares to which the Employee shall be entitled upon exercise of the
Option, an amount equal to the Federal, state and local income taxes and other amounts required by law to be withheld by the Company with respect thereto. Alternatively, the Employee may authorize the Company to withhold from the number of Option
Shares it would otherwise receive upon exercise of the Option, that number of Option Shares having a Fair Market Value equal to the amount of such required tax. 
  

(e) Any Option that is exercised in a manner that prevents its qualification as an Incentive Stock Option shall be treated for all purposes as a
Nonqualified Stock Option. 
  
 5 Definitions. For purposes
of this Agreement: 
  
 (a) “Cause” shall mean the
termination of employment of an individual with the Company as a result of (i) the performance by such individual of any activity involving fraud or dishonesty, (ii) the conviction of the individual of a felony or crime involving moral
turpitude, (iii) the failure or refusal of such individual to reasonably or satisfactorily perform any material duties or responsibilities reasonably required of such individual by the Company, (iv) the gross negligence or willful neglect
or malfeasance by the individual in the performance or non-performance of such individual’s duties or responsibilities to the Company, or (v) any unauthorized act or omission by such individual that is injurious in any material respect to
the financial condition or business reputation of the Company. 
  
 (b) “Change in Control” shall mean the occurrence of any of the following events: 
  
 (i) an acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities) by any “person”
(as the term “person” is used for purposes of Section 13(d) or Section 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) immediately after which such person has “beneficial
ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) (“Beneficial Ownership”) of 20% or more of the combined voting power of the Company’s then outstanding Voting Securities; provided, however, in
determining whether a Change in Control has occurred, Voting Securities that are 

  

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acquired in a Non-Control Acquisition (as hereinafter defined) shall not constitute an acquisition that would cause a Change in Control. “Non-Control
Acquisition” shall mean an acquisition by (A) an employee benefit plan (or a trust forming a part thereof) maintained by (1) the Company or (2) any corporation, partnership or other person of which a majority of its voting power
or its equity securities or equity interest is owned directly or indirectly by the Company or in which the Company serves as a general partner or manager (a “Subsidiary”), (B) the Company or any Subsidiary, or (C) any person in
connection with a Non-Control Transaction (as hereinafter defined); 
  
 (ii) the individuals who constitute the Board of Directors of the Company as of the date hereof (the “Incumbent Board”) cease for any reason to constitute at least two-thirds (2/3) of the Board of Directors; provided,
however, that if the election, or nomination for election by the Company’s stockholders, of any new director was approved by a vote of at least two-thirds (2/3) of the Incumbent Board, such new director shall be considered as a member of
the Incumbent Board; provided, further, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “election contest” (as described in
Rule 14a-11 promulgated under the Exchange Act) (an “Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board of Directors (a “Proxy Contest”) including
by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or 
  
 (iii) approval by stockholders of the Company of: (A) a merger, consolidation, share exchange or reorganization involving the Company, unless
(1) the stockholders of the Company, immediately before such merger, consolidation, share exchange or reorganization, own, directly or indirectly immediately following such merger, consolidation, share exchange or reorganization, at least 80%
of the combined voting power of the outstanding voting securities of the corporation that is the successor in such merger, consolidation, share exchange or reorganization (the “Surviving Company”) in substantially the same proportion as
their ownership of the Voting Securities immediately before such merger, consolidation, share exchange or reorganization, (2) the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing
for such merger, consolidation, share exchange or reorganization constitute at least two-thirds (2/3) of the members of the board of directors of the Surviving Company, and (3) no persons (other than the Company or any Subsidiary, any
employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving Company or any Subsidiary, or any person who, immediately prior to such merger, consolidation, share exchange or reorganization had Beneficial
Ownership of 15% or more of the then outstanding Voting Securities has Beneficial Ownership of 15% or more of the combined voting power of the Surviving Company’s then outstanding voting securities (a transaction described in clauses
(1) through (3) is referred to herein as “Non-Control Transaction”); (B) a complete liquidation or dissolution of the Company; or (C) an agreement for the sale or other disposition of all or substantially all of the
assets of the Company to any person (other than a transfer to a Subsidiary). 
  
 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any person (a “Subject Person”) acquired Beneficial Ownership of more than the permitted 

  

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amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company that, by reducing the number of Voting
Securities outstanding, increases the proportional number of shares Beneficially Owned by such Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting
Securities by the Company, and after such share acquisition by the Company, such Subject Person becomes the Beneficial Owner of any additional Voting Securities that increases the percentage of the then outstanding Voting Securities Beneficially
Owned by such Subject Person, then a Change in Control shall occur. 
  
 (c) The Employee’s employment will have terminated by reason of “Disability” if, as a result of the Employee’s incapacity due to physical or mental illness, the Employee shall have been absent from his or her duties on a
full-time basis for the entire period of six (6) consecutive months, and within thirty (30) days after written notice is given by the Company to the Employee (which may occur before or after the end of such six-month period), the Employee
shall not have returned to the performance of his or her duties on a full-time basis. 
  
 6 Tax Treatment; Tax Withholding. 
  
 (a) If the Employee fails to comply with the requirements of Section 422(a) of the Code (as from time to time redesignated or amended), subsection (a)(1) of which currently requires that any Shares acquired upon
exercise of the Option not be disposed of within two (2) years of the Date of Grant or one (1) year from the date on which such Shares are acquired, Employee understands that the tax treatment otherwise applicable to the Option shall not
be available. 
  
 (b) The Employee understands that, to the extent
that the aggregate Fair Market Value of Option Shares (as of the Date of Grant) with respect to which the Option is exercisable for the first time by the Employee during any calendar year under the Plan shall exceed $100,000, the Option shall be
treated as a Non-Qualified Stock Option. 
  
 (c) The Company shall
have the power and the right to deduct or withhold, or require an Employee to remit to the Company, an amount sufficient to satisfy any Federal, state, and local taxes (including the Employee’s FICA obligation) required by law to be withheld as
a result of any taxable event arising in connection with the Option, in accordance with the terms of the Plan. 
  
 (d) The Option shall be construed insofar as is practicable to permit its continued qualification as an Incentive Stock Option; if, however, the Option no
longer so qualifies, it shall be treated for all purposes as a Non-qualified Stock Option. 
  
 7 Miscellaneous. 
  
 (a)
Entire Agreement. This Agreement and the Plan contain the entire understanding and agreement of the Company and the Employee concerning the subject matter hereof, and supersede all earlier negotiations and understandings, written or oral,
between the parties with respect thereto. 
  

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 (b) Captions. The captions and section numbers appearing in this Agreement are inserted only as a
matter of convenience. They do not define, limit, construe or describe the scope or intent of the provisions of this Agreement. 
  
 (c) Counterparts. This Agreement may be executed in counterparts, each of which when signed by the Company or the Employee will be deemed an
original and all of which together will be deemed the same agreement. 
  
 (d) Notices. Any notice or communication having to do with this Agreement must be given by personal delivery or by certified mail, return receipt requested, addressed, if to the Company or the Committee, to the attention of the Chief
Financial Officer of the Company at the principal office of the Company and, if to the Employee, to the Employee’s last known address contained in the records of the Company. 
  
 (e) Succession and Transfer. Each and all of the provisions of this Agreement are binding upon and inure to the
benefit of the Company and the Employee and their successors, assigns and legal representatives; provided, however, that the Option granted hereunder shall not be transferable by the Employee (or the Employee’s successor or legal
representative). 
  
 (f) Amendments. Subject to the
provisions of the Plan, this Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto. 
  
 (g) Governing Law. This Agreement and the rights of all persons claiming hereunder will be construed and determined in accordance with the laws of
the State of Florida without giving effect to the conflict of law principles thereof. 
  
 (h) Plan Controls. This Agreement is made under and subject to the provisions of the Plan, and all of the provisions of the Plan are hereby incorporated by reference into this Agreement. In the event of any
conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern. By signing this Agreement, the Employee confirms that it has received a copy of the Plan and has had an opportunity to review
the contents thereof. 
  

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

  

			
	AMERICAN LAND LEASE, INC.
		
	By:	 	  

	Name:	 	Shannon E. Smith
	Title:	 	Chief Financial Officer
	
	EMPLOYEE:
	
	  

  

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 EXHIBIT A 
  

NOTICE OF EXERCISE 
 OF EMPLOYEE STOCK OPTION

  
                     ,              
  
 American Land Lease, Inc. 
 29399 US Hwy 19 No. Suite 320 
 Clearwater, FL 33761 
 Attn: Chief Financial Officer 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Incentive Stock Option Agreement, dated as
of (the “Agreement”), by and between American Land Lease, Inc. (the “Company”) and                      (the
“Employee”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Agreement. 
  
 Undersigned is hereby exercising the Option to purchase              Option Shares at
the Exercise Price of $             per share, for a Total Exercise Price of $            . 
  
 Undersigned is paying     % of the Total Exercise
Price with respect to the Option Shares as follows: 
  

	 	•	 	By enclosing cash and/or a check payable to the Company in the amount of $            . 

 

	 	•	 	By enclosing a stock certificate duly endorsed for transfer or accompanied by an appropriately executed stock power in favor of the Company, representing
             shares of Common Stock. 

  

 A-1 

 Undersigned is paying the local, state and Federal withholding taxes and/or all other taxes that the
Company has advised me are due as follows: 
  

	 	•	 	By enclosing cash and/or a check payable to the Company in the amount of $            . 

 

	 	•	 	By authorizing the Company to withhold from the number of Option Shares it would otherwise receive upon this exercise of the Option that number of Option Shares having a fair market
value equal to the tax amount due. 

  

	 	•	 	By enclosing a stock certificate duly endorsed for transfer or accompanied by an appropriately executed stock power in favor of the Company, representing
             shares of Common Stock. 

  
 Undersigned acknowledges that the Company has no obligation to issue a certificate evidencing any Option Shares purchasable by it until the Total Exercise
Price of such Option Shares is fully paid as set forth in the Agreement. 
  

			
	Very truly yours,
		
	 By:
	 	  

			
		
	 Telephone:
	 	  

	 Social Security #:
	 	  

  

 B-2Form of Restricted Stock Agreement

 Exhibit 10.2 
  
 1998 STOCK INCENTIVE PLAN 
  
 RESTRICTED STOCK AGREEMENT 
  
 This RESTRICTED STOCK AGREEMENT (this “Agreement”), dated as of the          day of
                        , is entered into by and between American Land Lease, Inc., a Delaware corporation (the
“Company”), and                          an employee of the Company (the “Grantee” and, together with
the Company, the “Parties”). Capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings set forth in the Asset Investors Corporation 1998 Stock Incentive Plan, as amended (the “Plan”).

  
 RECITALS 
  
 WHEREAS, on
                                     (the “Date of
Grant”), the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company awarded the Grantee
                 shares of the Company’s Common Stock, par value $0.01 (“Common Stock”), pursuant to, and subject to the terms and provisions of
the Plan. 
  
 NOW, THEREFORE, in consideration of the
Grantee’s services to the Company and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 
  
 1. Grant of Restricted Stock and Escrow of Restricted Stock. 
  
 a. Grant of Restricted Stock. The Grantee is entitled to
             shares of Common Stock pursuant to the terms and conditions of this Agreement (the “Restricted Stock”). 
  
 b. Escrow of Restricted Stock. To insure the availability for delivery
of the Grantee’s Restricted Stock, the Grantee hereby appoints the Secretary of the Company, or any other person designated by the Company as escrow agent, as its attorney-in-fact to assign and transfer unto the Company such Restricted Stock,
if any, forfeited by the Grantee pursuant to Section 4 below and shall, upon execution of this Agreement, deliver and deposit with the Secretary of the Company, or such other person designated by the Company, the share certificates representing
the Restricted Stock, together with the stock assignment duly endorsed in blank, attached hereto as Exhibit A. The Restricted Stock and stock assignment shall be held by the Secretary in escrow until the Restricted Period (as defined below) has
lapsed with respect to the shares of Restricted Stock, or until such time as this Agreement no longer is in effect. 
  
 2. Restrictions and Restricted Period. 
  
 a. Restrictions. Shares of Restricted Stock granted hereunder may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed
of and shall be subject to a risk of forfeiture as described in Paragraph 4 below until the lapse of the Restricted Period (as defined below). 

 b. Restricted Period. Unless the Restricted Period is previously terminated pursuant to Paragraph
4 of this Agreement, the restrictions set forth above shall lapse and the shares of Restricted Stock shall become fully and freely transferable (provided, that such transfer is otherwise in accordance with federal and state securities laws) and
non-forfeitable as to                  of the shares of Restricted Stock (rounded down to the nearest whole shares) on each of the
             anniversary of the Date of Grant (the “Restricted Period”). Notwithstanding anything to the contrary, the release of the shares of Restricted Stock hereunder
shall be conditioned upon Grantee making adequate provision for federal, state or other tax withholding obligations, if any, which arise upon the release of the shares from the Restricted Period (unless a Section 83(b) election has been filed),
whether by withholding, direct payment to the Company, or otherwise. 
  
 3. Rights of a Stockholder. From and after the Date of Grant and for so long as the Restricted Stock is held by or for the benefit of the Grantee, the Grantee shall have all the rights of a stockholder of the Company with respect to
the Restricted Stock, including, but not limited to, the right to receive dividends and the right to vote such shares. 
  
 4. Cessation of Employment. If the Grantee’s employment status with the Company terminated by reason of death or Disability (as defined below)
then the Restricted Period shall lapse with respect to all of the Restricted Stock subject to this Agreement as of such date of termination. If the Grantee’s employment status with the Company is (i) terminated by the Company or
(ii) terminated by the Grantee, then the Restricted Stock and any and all accrued but unpaid dividends that are at that time subject to restrictions set forth herein, shall be forfeited to the Company without payment of any consideration by the
Company, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such shares of Restricted Stock or certificates. 
  
 5. Change of Control. Following the occurrence of a Change of Control
(as defined below) then the Restricted Period shall lapse with respect to all of the Restricted Stock subject to this Agreement as of such date of Change of Control. 
  
 6. Definitions. For purposes of this Agreement: 
  

	 	a.	The Grantee’s employment will have terminated by reason of “Disability” if, as a result of the Grantee’s incapacity due to physical or mental illness, the
Grantee shall have been absent from his duties on a full-time basis for the entire period of six (6) consecutive months, and within (30) days after written notice is given by the Company to the Grantee (which may occur before or after the
end of such six-month period), the Grantee shall not have returned to the performance of duties on a full-time basis. 

  

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 (b) “Change in Control” shall mean the occurrence of any of the following events: 

 
 (i) an acquisition (other than directly from the Company) of any voting
securities of the Company (the “Voting Securities) by any “person” (as the term “person” is used for purposes of Section 13(d) or Section 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) immediately after which such person has “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) (“Beneficial Ownership”) of 20% or more of the combined voting power of the
Company’s then outstanding Voting Securities; provided, however, in determining whether a Change in Control has occurred, Voting Securities that are acquired in a Non-Control Acquisition (as hereinafter defined) shall not constitute an
acquisition that would cause a Change in Control. “Non-Control Acquisition” shall mean an acquisition by (A) an employee benefit plan (or a trust forming a part thereof) maintained by (1) the Company or (2) any corporation,
partnership or other person of which a majority of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company or in which the Company serves as a general partner or manager (a “Subsidiary”),
(B) the Company or any Subsidiary, or (C) any person in connection with a Non-Control Transaction (as hereinafter defined); 
  
 (ii) the individuals who constitute the Board of Directors of the Company as of the date hereof (the “Incumbent Board”) cease for any reason to
constitute at least two-thirds ( 2/3) of the Board of Directors; provided, however, that if the election, or
nomination for election by the Company’s stockholders, of any new director was approved by a vote of at least two-thirds ( 2/3) of the Incumbent Board, such new director shall be considered as a member of the Incumbent Board; provided, further, that no individual shall be considered a member of the Incumbent Board if such individual initially
assumed office as a result of either an actual or threatened “election contest” (as described in Rule 14a-11 promulgated under the Exchange Act) (an “Election Contest”) or other actual or threatened solicitation of proxies or
consents by or on behalf of a person other than the Board of Directors (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or 
  
 (iii) approval by stockholders of the Company of: (A) a merger,
consolidation, share exchange or reorganization involving the Company, unless (1) the stockholders of the Company, immediately before such merger, consolidation, share exchange or reorganization, own, directly or indirectly immediately
following such merger, consolidation, share exchange or reorganization, at least 80% of the combined voting power of the outstanding voting securities of the corporation that is the successor in such merger, consolidation, share exchange or
reorganization (the “Surviving Company”) in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation, share exchange or reorganization, (2) the individuals who were
members of the Incumbent Board 

  

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immediately prior to the execution of the agreement providing for such merger, consolidation, share exchange or reorganization constitute at least two-thirds
(2/3) of the members of the board of directors of the Surviving Company, and (3) no persons (other than the Company or any Subsidiary, any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving
Company or any Subsidiary, or any person who, immediately prior to such merger, consolidation, share exchange or reorganization had Beneficial Ownership of 15% or more of the then outstanding Voting Securities has Beneficial Ownership of 15% or more
of the combined voting power of the Surviving Company’s then outstanding voting securities (a transaction described in clauses (1) through (3) is referred to herein as “Non-Control Transaction”); (B) a complete
liquidation or dissolution of the Company; or (C) an agreement for the sale or other disposition of all or substantially all of the assets of the Company to any person (other than a transfer to a Subsidiary). 
  
 Notwithstanding the foregoing, a Change in Control shall not be deemed to
occur solely because any person (a “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company that, by reducing
the number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by such Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the
acquisition of Voting Securities by the Company, and after such share acquisition by the Company, such Subject Person becomes the Beneficial Owner of any additional Voting Securities that increases the percentage of the then outstanding Voting
Securities Beneficially Owned by such Subject Person, then a Change in Control shall occur. 
  
 7. Certificates. Restricted Stock granted herein may be evidence in such manner as the Board shall determine. If certificates representing Restricted Stock are registered in the name of the Grantee, then the
Company shall retain physical possession of the certificate. 
  
 8. Legends. All certificates representing any of the shares of Stock subject to the provisions of this Agreement shall have endorsed thereon the following legend: 
  
 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER AS SET FORTH IN AN
AGREEMENT BETWEEN THE COMPANY AND THE HOLDER OF THE SHARES, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.” 
  
 9. Tax Consequences. Set forth below is a brief summary as of the Date of grant of certain United States federal tax consequences of the award of
the Restricted Stock. THIS SUMMARY DOES NOT ADDRESS SPECIFIC STATE, LOCAL OR FOREIGN TAX CONSEQUENCES THAT MAY BE APPLICABLE TO GRANTEE. GRANTEE UNDERSTANDS THAT THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO
CHANGE. 
  

 4 

 The Grantee shall recognize ordinary income at the time or times the restrictions lapse (i.e. on each
anniversary of the Date of Grant) with respect to the shares of Restricted Stock that have been released from the Restricted Period in an amount equal to the the fair market value of such shares on each such date and the Company shall be
required to collect all the applicable withholding taxes with respect to such income. The obligations of the Company under the Plan are conditioned on your making arrangements for the payment of any such taxes. 
  
 10. Section 83(b) Election. The Grantee hereby acknowledges that
he has been informed that, with respect to the grant of Restricted Stock, an election may be filed by the Grantee with the Internal Revenue Service, within 30 days of the Date of Grant, electing pursuant to Section 83(b) of the Internal Revenue
Code of 1986, as amended, to be taxed currently on the fair market value of the Restricted Stock on the Date of Grant. 
  
 THE GRANTEE ACKNOWLEDGES THAT IT IS THE GRANTEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b) OF
THE CODE, EVEN IF THE GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON THE GRANTEE’S BEHALF. 
  
 BY SIGNING THIS AGREEMENT, THE GRANTEE REPRESENTS THAT HE HAS REVIEWED WITH HIS OWN TAX ADVISORS THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THAT HE IS RELYING SOLELY ON SUCH ADVISORS AND NOT ON ANY STATEMENTS OR REPRESENTATIONS OF THE COMPANY OR ANY OF ITS AGENTS. THE GRANTEE UNDERSTANDS AND AGREES THAT HE (AND NOT THE COMPANY) SHALL
BE RESPONSIBLE FOR ANY TAX LIABILITY THAT MAY ARISE AS A RESULT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
  
 11. Termination of this Agreement. Upon termination of this Agreement, all rights of the Grantee hereunder shall cease. 
  
 12. Miscellaneous. 
  
 a. Notices. Any notice required or permitted under this Agreement
shall be deemed given when delivered personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Grantee either at his address herein below set forth or such other address as he may designate in
writing to the Company, or to the Company to the attention of the Chief Financial Officer, at the Company’s address or such other address as the Company may designate in writing to the Grantee. 
  

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 b. Failure to Enforce Not a Waiver. The failure of the Company or the Grantee to enforce at any
time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof. 
  
 c. Governing Law. This Agreement shall be governed by and construed according to the laws of the State of Florida without giving effect to the
choice of law principles thereof. 
  
 d. Amendments. This
Agreement may be amended or modified at any time by an instrument in writing signed by the Parties. 
  
 e. Agreement Not a Contract of Employment. Neither the grant of Restricted Stock, this Agreement nor any other action taken in connection herewith
shall constitute or be evidence of any agreement or understanding, express or implied, that the Grantee is an employee of the Company or any subsidiary of the Company. 
  
 f. Entire Agreement; Plan Controls. This Agreement and the Plan contain the entire understanding and agreement of the
Parties concerning the subject matter hereof, and supersede all earlier negotiations and understandings, written or oral, between the Parties with respect thereto. This Agreement is made under and subject to the provisions of the Plan, and all of
the provisions of the Plan are hereby incorporated by reference into this Agreement. In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern. By signing this
Agreement, the Grantee confirms that he has received a copy of the Plan and has had an opportunity to review the contents thereof. 
  
 g. Captions. The captions and headings of the sections and subsections of this Agreement are included for convenience only and are not to be
considered in construing or interpreting this Agreement. 
  
 h.
Counterparts. This Agreement may be executed in counterparts, each of which when signed by the Company or the Grantee will be deemed an original and all of which together will be deemed the same agreement. 
  
 i. Assignment. The Company may assign its rights and delegate its
duties under this Agreement. If any such assignment or delegation requires consent of any state securities authorities, the parties agree to cooperate in requesting such consent. This Agreement shall inure to the benefit of the successors and
assigns of the Company and, subject to the restrictions on transfer herein set forth, be binding upon the Grantee, his heirs, executors, administrators, successors and assigns. 
  
 j. Severability. This Agreement will be severable, and the invalidity or unenforceability of any term or provision
hereof will not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any invalid or unenforceable term or provision, the Parties intend that there be added as a part of this
Agreement a valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. 
  

 6 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first above written.

  

			
	AMERICAN LAND LEASE, INC.
		
	 By
	 	  

	 	 	Shannon E. Smith
	 	 	Chief Financial Officer

  
 The
undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Agreement. 
  

	
	  

	  

	 Number of Shares

  

 7 

 EXHIBIT A 
  
 ASSIGNMENT SEPARATE FROM CERTIFICATE 
  
 FOR VALUE RECEIVED,                      (the
“Grantee”) hereby assigns and transfers unto American Land Lease, Inc., a Delaware corporation (the “Company”), (            ) shares of Company’s common
stock, par value $0.01 per share (the “Common Stock”), standing in his name on the books of said corporation represented by Certificate No.      herewith and does hereby irrevocably constitute and appoint
                 to transfer the said stock on the books of the within named corporation with full power of substitution in the premises. 
  
 This Assignment Separate from Certificate may be used only in accordance with
the Restricted Stock Agreement (the “Agreement”) of the Company and the undersigned dated
                        ,         . 
  

	Dated:                        ,	        
                                        
                                Signature:
                                        
             

  
 INSTRUCTIONS: Please do not fill in any blanks other than the signature line. The purpose of this Assignment Separate from Certificate is to return the shares to the Company in the event the Grantee forfeits any of
such shares as set forth in the Agreement, without requiring additional signatures on the part of the Grantee. This Assignment Separate from Certificate must be delivered to the Company with the above Certificate No.     .

  

 8

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