Document:

Exhibit 10.4

 

NORDIC REALTY TRUST, INC. 

2016 EQUITY INCENTIVE PLAN

 

Form
of ltip AWARD AGREEMENT

 

THIS AGREEMENT is
made by and between Nordic Realty Trust, Inc., a Maryland corporation (the “Company”) and (the “Grantee”),
dated as of the           day of          , 2016.

 

WHEREAS, the Company
maintains Nordic Realty Trust, Inc. 2016 Equity Incentive Plan (the “Plan”) (capitalized terms used but
not defined herein shall have the respective meanings ascribed thereto by the Plan);

 

WHEREAS, the Grantee
is an Eligible Person; and

 

WHEREAS, in accordance
with the Plan, the Committee has determined that it is in the best interests of the Company and its shareholders to grant long
term interest participation units (as defined in the Agreement of Nordic Operating Partnership S.C.A. and hereinafter referred
to as “LTIP Units”) to the Grantee subject to the terms and conditions set forth below.

 

NOW, THEREFORE, IT
IS HEREBY AGREED AS FOLLOWS:

 

		1.	Grant of LTIP Units.

 

The Company hereby grants
the Grantee           LTIP Units in Nordic Operating Partnership S.C.A., subject to the terms and conditions of this LTIP Unit Award Agreement
(this “Agreement”) and subject to the provisions of the Plan and the Agreement of Nordic Operating Partnership S.C.A.
(the “Partnership Agreement”). The Plan is incorporated herein by reference as though set forth herein in its entirety.

 

		2.	Restrictions and Conditions.

  

The LTIP Units awarded
pursuant to this Agreement and the Plan shall be subject to the following restrictions and conditions:

 

(i) Subject to the provisions
of the Plan and this Agreement, during the period of restriction with respect to the LTIP Units granted hereunder (the “Restriction
Period”), the Grantee shall not be permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate, alienate,
encumber or assign the LTIP Units (or have such LTIP Units attached or garnished). The Restriction Period shall begin on the Effective
Date and lapse[, if and as [employment] [service] continues] on the following schedule:

 

	Vesting Date	Number of LTIP Units
	_________ , 20__	 
	_________ , 20__	 
	_________ , 20__	 

 

Notwithstanding the foregoing,
unless otherwise expressly provided by the Committee, the Restriction Period with respect to such LTIP Units shall only lapse as
to whole LTIP Units.

 

    	 

    	 

    

 

		(ii)	Except as provided in the foregoing clause (i), below in this clause (ii) or in the Plan, the Grantee
shall have, in respect of the LTIP Units, all of the rights of a holder of LTIP Units as set forth in the Partnership Agreement,
including the right to vote the LTIP Units and the right to receive distributions. Distributions on and allocations with respect
to the LTIP Units shall be made to the Grantee in accordance with the terms of the Partnership Agreement.

 

		(iii)	Subject to clauses (iv) [and (v)] below, if the Grantee has a Termination of Service by the Company
and its Subsidiaries for Cause, or by the Grantee for any reason other than [for Good Reason or for] his or her death or Disability,
during the Restriction Period, then all LTIP Units still subject to restriction shall thereupon, and with no further action, be
forfeited by the Grantee. Neither the Grantee nor his successors, heirs, assigns, or personal representatives will thereafter have
any further rights or interests in such LTIP Units.

 

		[(iv)	[for Company consideration:] In the event the Grantee has a Termination of Service [for Good Reason
(as defined in the employment agreement between the Grantee and the company) or] on account of death or Disability or the Grantee
has a Termination of Service by the Company and its Subsidiaries for any reason other than for Cause, or in the event of a Change
of Control (regardless of whether a termination follows thereafter), during the Restriction Period, then the Restriction Period
will immediately lapse on all LTIP Units granted to the Grantee and not forfeited previously.]

 

[(v) [for Company consideration
where the Grantee has an Employment Agreement:] Notwithstanding any other provision hereof, if the Grantee is a party to an effective
employment agreement with the Company which provides that LTIP Units subject to restriction shall be subject to terms other than
those set forth above, the terms of such employment agreement shall apply with respect to the LTIP Units granted hereby and shall,
to the extent applicable, supersede the terms hereof.]

 

		3.	Certain Terms of LTIP Units.

 

		(a)	The Grantee shall, upon request or otherwise at the election of the Company, be issued a certificate
in respect of the LTIP Units awarded under this Agreement. Such certificate shall be registered in the name of the Grantee (or
any applicable such assignee or transferee). The certificates for LTIP Units issued hereunder may include any legend which the
Committee deems appropriate to reflect any restrictions on transfer hereunder, or as the Committee may otherwise deem appropriate,
and, without limiting the generality of the foregoing, shall bear a legend referring to the terms, conditions, and restrictions
applicable to such LTIP Units, substantially in the following form:

 

THE TRANSFERABILITY OF THIS
CERTIFICATE AND THE LTIP UNITS REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE NORDIC
REALTY TRUST, INC. 2016 EQUITY INCENTIVE PLAN, THE PARTNERSHIP AGREEMENT AND AN AWARD AGREEMENT APPLICABLE TO THE GRANT OF THE
LTIP UNITS REPRESENTED BY THIS CERTIFICATE. COPIES OF SUCH PLAN, PARTNERSHIP AGREEMENT AND AWARD ARE ON FILE IN THE OFFICES OF
NORDIC REALTY TRUST, INC. 

 

    	 

    	 

    

 

		(b)	Certificates evidencing the LTIP Units granted hereby shall be held in custody by the Company until
the restrictions thereon shall have lapsed. If and when such restrictions so lapse, the certificates shall be delivered by the
Company to the Grantee identified to the Company as provided herein.

 

		(c)	Notwithstanding the foregoing, so long as the Grantee holds any LTIP Units, the Grantee shall disclose
to the Company in writing such information as may be reasonably requested with respect to ownership of LTIP Units and any conditions
applicable thereto, as the Company, as applicable, may deem reasonably necessary, including in order to ascertain and establish
compliance with provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to the Company
or to comply with requirements of any other appropriate taxing authority.

 

		4.	Miscellaneous.

 

		(a)	THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
MARYLAND, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION
OTHER THAN THE STATE OF MARYLAND.

 

		(b)	The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified except by a written agreement executed by the parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

  

		(c)	The Committee may make such rules and regulations and establish such procedures for the administration
of this Agreement as it deems appropriate. Without limiting the generality of the foregoing, the Committee may interpret the Plan
and this Agreement, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference
permitted by law, provided that the Committee’s interpretation shall not be entitled to deference on and after a Change of
Control except to the extent that such interpretations are made exclusively by members of the Committee who are individuals who
served as Committee members before the Change of Control and take any other actions and make any other determinations or decisions
that it deems necessary or appropriate in connection with the Plan, this Agreement or the administration or interpretation thereof.
In the event of any dispute or disagreement as to interpretation of the Plan or this Agreement or of any rule, regulation or procedure,
or as to any question, right or obligation arising from or related to the Plan or this Agreement, the decision of the Committee,
except as provided above, shall be final and binding upon all persons.

 

		(d)	All notices hereunder shall be in writing and, if to the Company or the Committee, shall be delivered
to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Grantee, shall be delivered
personally, sent by facsimile transmission, or mailed to the Grantee at the address appearing in the records of the Company. Such
addresses may be changed at any time by written notice to the other party given in accordance with this Paragraph 4(d).

 

    	 

    	 

    

 

		(e)	The failure of the Grantee or the Company to insist upon strict compliance with any provision of
this Agreement, or to assert any right the Grantee or the Company, respectively, may have under this Agreement, shall not be deemed
to be a waiver of such provision or right or any other provision or right of this Agreement.

 

		(f)	The Company shall be entitled to withhold from any payments or deemed payments any amount of tax
withholding it determines to be required by law.

 

		(g)	Nothing in this Agreement shall confer on the Grantee any right to continue in the employ or other
service of the Company or its Subsidiaries or interfere in any way with the right of the Company or its Subsidiaries and its stockholders
to terminate the Grantee’s employment or other service at any time.

 

		(h)	This Agreement contains the entire agreement between the parties with respect to the subject matter
hereof and supersedes all prior agreements, written or oral, with respect thereto[for Company consideration where the Grantee has
an Employment Agreement:, other than a Grantee’s employment agreement if and to the extent such employment agreement is in
effect at the relevant time].

 

IN WITNESS WHEREOF,
the Company and the Grantee have executed this Agreement as of the day and year first above written.

 

	 	NORDIC realty trust, inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	 	[GRANTEE]Exhibit 10.5

 

NORDIC REALTY TRUST, INC. 

2016 EQUITY INCENTIVE PLAN

 

FORM
OF Option AWARD AGREEMENT

 

THIS AGREEMENT
is made by and between Nordic Realty Trust, Inc., a Maryland corporation (the “Company”) and (the “Optionee”),
dated as of the     day of    , 2016

 

WHEREAS, the
Company maintains the Nordic Realty Trust, Inc. 2016 Equity Incentive Plan (the “Plan”) (capitalized terms used
but not defined herein shall have the respective meanings ascribed thereto by the Plan);

 

WHEREAS, in
accordance with the Plan, the Company may from time to time issue awards of Options to individuals and persons who provide services
to, among others, the Company and certain of its affiliates;

 

WHEREAS, the
Optionee is eligible to receive awards under the terms of the Plan; and

 

WHEREAS, in
accordance with the Plan, the Committee has determined that it is in the best interests of the Company and its shareholders to
grant an Option to the Optionee subject to the terms and conditions set forth below.

 

NOW, THEREFORE,
IT IS HEREBY AGREED AS FOLLOWS:

 

1.            Grant of Stock
Option.

 

The Company
hereby grants the Optionee an option (the “Option”) to purchase     Shares, subject to the following
terms and conditions and subject to the provisions of the Plan. The Plan is hereby incorporated herein by reference as though
set forth herein in its entirety. To the extent the terms or conditions in this Agreement conflict with any provision of the
Plan, the terms and conditions set forth herein shall govern.

 

The Option [is not
intended to be and shall not be qualified as] [is intended to be] an “incentive stock option” under Section 422 of the
Code.

 

2.            Exercise Price.

 

The Exercise Price
per Share shall be $ [Note: not to be less than 100% of Fair Market Value on the date of grant and not less than 110% of
Fair Market Value for certain 10% owners of the Company who are granted incentive stock options].

 

3.            Initial Exercisability.

 

Subject to Paragraphs
4 and 5 below, the Option, to the extent that there has been no Termination of Service and the Option has not otherwise expired
or been forfeited, shall first become exercisable as follows:

 

	For the Period Ending On:	Percent of the Grant Exercisable
	 	 
	 	 
	 	 
	 	 

 

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4.             Termination
of Service.

 

		(a)	Subject to the Plan, if the Optionee has a Termination of Service, other than by reason of
                                                               death or Disability, the Option as then exercisable may be exercised by the Optionee during the    -day period following the
                                                               Termination of Service, or if earlier, the expiration of the term of the Option as provided under Paragraph 5 below; provided
                                                               that, (i) if the Optionee dies during such    -day period, the successor of the Optionee may exercise the
                                                               Option until the earlier of (x)     months from the date of the Termination of Service of the Optionee, or (y)
                                                               the date on which the term of the Option expires in accordance with Paragraph 5 below, and (ii) if the Optionee has a
                                                               Termination of Service for Cause, any Option not exercised in full prior to such Termination of Service shall be
                                                               cancelled.

 

		(b)	In the event the Optionee has a Termination of Service on account of death or Disability, the
                                                               Option as then exercisable may be exercised by the Optionee or the successor of the Optionee, as applicable, until the
                                                               earlier of (i)     months from the date of the Termination of Service of the Optionee, or (ii) the date on
                                                               which the term of the Option expires in accordance with Paragraph 5 below.

 

		(c)	Except as otherwise provided by the Committee, no Option (or portion thereof) which had not become
exercisable at or before the time of Termination of Service shall ever be or become exercisable. No provision of this Paragraph
4 is intended to or shall permit the exercise of the Option to the extent the Option was not exercisable upon Termination of Service.

 

		(d)	To the extent the terms or conditions of the Grantee’s employment agreement (if any) conflict with
clauses (a), (b) and (c) above, the terms and conditions set forth in such employment agreement shall govern.

 

5.             Term.

 

Unless earlier forfeited,
the Option shall, notwithstanding any other provision of this Agreement, expire in its entirety upon the tenth [Note: replace
“tenth” with “fifth” for certain 10% owners of the Company who are granted incentive stock options] anniversary
of the date hereof. The Option shall also expire and be forfeited at such earlier times and in such circumstances as otherwise
provided hereunder or under the Plan.

 

6.             Miscellaneous.

 

		(a)	THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
MARYLAND, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION
OTHER THAN THE STATE OF MARYLAND.

 

		(b)	The Committee may construe and interpret this Agreement and establish, amend and revoke such rules,
regulations and procedures for the administration of this Agreement as it deems appropriate. In this connection, the Committee
may correct any defect or supply any omission, or reconcile any inconsistency in this Agreement or in any related agreements, in
the manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. All decisions and determinations
by the Committee in the exercise of this power shall be final and binding upon the Company and the Optionee.

 

		(c)	All notices hereunder shall be in writing, and if to the Company or the Committee, shall be delivered
to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Optionee, shall be delivered
personally, sent by facsimile transmission or mailed to the Optionee at the address appearing in the records of the Company. Such
addresses may be changed at any time by written notice to the other party given in accordance with this Paragraph 6(c).

 

    	- 2
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		(d)	The failure of the Optionee or the Company to insist upon strict compliance with any provision
of this Agreement or the Plan, or to assert any right the Optionee or the Company, respectively, may have under this Agreement
or the Plan, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement or
the Plan.

 

		(e)	The Company shall be entitled to withhold from any payments or deemed payments any amount of tax
withholding it determines to be required by law.

 

		(f)	The terms of this Agreement shall be binding upon the Optionee and upon the Optionee’s heirs, executors,
administrators, personal representatives, transferees, assignees and successors in interest and upon the Company and its successors
and assignees, subject to the terms of the Plan.

 

		(g)	Unless otherwise permitted in the sole discretion of the Committee, (i) neither this Agreement
nor any rights granted herein shall be assignable by the Optionee, and (ii) no purported sale, assignment, mortgage, hypothecation,
transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest
in or lien on, any Options or Shares by any holder thereof in violation of the provisions of this Agreement or the Plan will be
valid, and the Company will not transfer any of said

Options or Shares on its books nor will any Shares be entitled to vote, nor will any distributions be paid thereon, unless and
until there has been full compliance with said provisions to the satisfaction of the Company. The foregoing restrictions are in
addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.

 

		(h)	The Optionee hereby agrees to perform all acts, and to execute and deliver any documents, that
may be reasonably necessary to carry out the provisions of this Agreement, including but not limited to all acts and documents
related to compliance with securities, tax and other applicable laws and regulations.

 

		(i)	The Optionee agrees that, at the request of the Committee, the Optionee shall represent to the
Company in writing that the Shares being acquired are acquired for investment only and not with a view to distribution and that
such Shares will be disposed of only if properly registered for sale or if there is an available exemption for such disposition.
The Optionee expressly understands and agrees that, in the event of such a request, the making of such representation shall be
a condition precedent to receipt of Shares upon exercise of the Option.

 

		(j)	Nothing in this Agreement shall confer on the Optionee any right to continue in the employ or other
service of the Company or any affiliated Company or interfere in any way with the right of the Company or any affiliated Company
and its shareholders to terminate the Optionee’s employment or other service at any time. Employment or service for only a portion
of the vesting period, even if a substantial portion, will not entitle the Optionee to any proportionate vesting or avoid or mitigate
a termination of rights and benefits upon or following a termination of employment or service as provided in this Agreement or
under the Plan.

 

		(k)	[for ISOs only:] [If Shares acquired upon exercise of the Option are disposed of in a disqualifying
disposition within the meaning of Section 422 of the Code by the Optionee or, if applicable, a successor of the Optionee, prior
to the expiration of either two years from the date of grant of the Option or one year from the transfer of Shares to the Optionee
pursuant to the exercise of the Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code,
the Optionee or the successor of the Optionee, as applicable, shall notify the Company in writing as soon as practicable (and in
no event more than five days) thereafter of the date and terms of such disposition and, if the Company thereupon has a tax-withholding
obligation, shall pay to the Company an amount equal to any withholding tax the Company is required to pay as a result of the disqualifying
disposition.]

 

	 	[(k)][(l)]	This Agreement contains the entire agreement between the parties with respect to the
                                                                                         subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto.

 

	 	[(l)][(m)]	This Agreement may be executed in any number of counterparts, including via facsimile, each
                                                                                         of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

 

	 	[(m)][(n)]	Except as otherwise provided in the Plan, no amendment or modification hereof shall be
                                                                                         valid unless it shall be in writing and signed by all parties hereto.

 

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IN WITNESS WHEREOF,
the Company and the Optionee have executed this Agreement as of the day and year first above written.

 

	 	NORDIC REALTY  Trust, Inc.
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	 	[OPTIONEE]

 

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