Document:

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                                                                  EXHIBIT 10.6.2

                           DIVIDEND CAPITAL TRUST INC.
                     INDEPENDENT DIRECTOR STOCK OPTION PLAN

                                   ARTICLE I
                                    GENERAL

         1.1 Purpose. Dividend Capital 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 $.01 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
16b-3 promulgated under the Securities Exchange Act of 1934, as amended ("Rule
16b-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 issued from authorized but unissued Shares
or treasury Shares of the Company. A maximum of 300,000 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 300,000 authorized but
unissued Shares as of the date this 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.

                                   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, or (iii) the date
on which the Company closes on the sale of at least 200,000 shares of its common
stock pursuant to the Form S-11 Registration Statement filed by the Company with
the Securities and Exchange Commission as of April 15, 2002, then 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 10,000 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 2003, each
Independent Director then in office who satisfies the conditions set forth

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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, the number of
Options to be issued pursuant to Section 2.1(a) shall be reduced or eliminated
to the extent that the issuance of such Options would otherwise (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
in which the Company is a partner), 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 Options to be issued to each of the Independent
Directors shall be reduced pro rata (with those Options not granted pursuant to
this Section 2.1(b) referred to as the "Excess Options"). To the extent that the
number of Options issued to an Independent Director is reduced in any year as a
result of the application of these limitations, the Excess Options shall be
issued to the Independent Director in any subsequent year in which issuance of
such Excess 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 Excess Option is delayed until a subsequent year under this
Section 2.1, the Excess 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 a certificate executed by an officer of the Company.

         2.3 Option Price. The purchase price of a Share (the "Option Price")
under each Initial Option granted shall be $12.00 per Share, and the Option
Price under each Subsequent Option granted shall be the greater of (i) $12.00
per Share, or (ii) the Fair Market Value (as defined in Section 3.5) of a Share
on the last business day preceding the date of any Annual Meeting.

         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

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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.

         (c) Options granted hereunder shall lapse on the first to occur of (i)
the tenth (10th) anniversary of the date of grant, (ii) the removal for cause of
the Independent Director as a Director of the Company, or (iii) three (3) months
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 Initial Option 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 (4) years until 100% of the
shares become exercisable. In the event such Options have not lapsed prior
thereto, an Independent Director's Subsequent Options shall (subject to Section
3.1) become fully exercisable on the second (2nd) anniversary of the date on
which each such Subsequent Option was granted. Options shall continue to be
exercisable until the first to occur of (i) the tenth (10th) anniversary of the
date of grant, (ii) the removal for cause of the Independent Director as a
Director of the Company, or (iii) three (3) months following the date the
Independent Director ceases to be a Director of the Company for any reason,
except death or disability. Notwithstanding the foregoing, Options granted under
this Plan shall continue to be exercisable in the case of death or disability
for a period of one (1) year 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 or her 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 (6) months after it becomes
exercisable, any Shares issued pursuant to such exercise may not be sold until
the six (6) month anniversary of the date the Option became exercisable. An

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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
                                  MISCELLANEOUS

         3.1 Non-transferability. 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. Notwithstanding
any other provisions of this Plan, Options granted under this Plan shall
continue to be exercisable in the case of death or disability for a period of
one (1) year 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 or her removal for cause, resignation or ceasing to be an Independent
Director for any other reason and the Option is exercisable on the date of the
Independent Director's death or disabling event; provided, however if the Option
is exercised within the first six (6) months after it becomes exercisable, any
Shares issued on such exercise may not be sold until the six (6) month
anniversary of the date of the grant of the Option.

         3.2 Adjustment Upon Certain Changes.

         (a) If the Company's outstanding Shares are (i) increased, 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 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.

         (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

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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,
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) shall be obtained for any
amendment to the Plan which (a) materially increase the number of Shares which
may be issued under the Plan (except for adjustments made pursuant to Section
3.2); (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 16b-3.

         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

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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 low 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, if there is no
professional market-maker authorized to make a market in the Shares, the average
of the last ten (10) sales pursuant to the IPO if the IPO has not concluded, or,
if the IPO has concluded, the average of the last ten (10) purchases by the
Company pursuant to its Share Repurchase Program ("SRP"), then the average of
such lesser number of purchases, or, if the SRP is not then in existence, 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 Distribution Reinvestment Program (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 automated quotation 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 State of
Colorado are authorized or obligated by law or executive order to close.

         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 effected "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 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 award of such
Option or the issue, delivery or purchase of Shares or other property
thereunder, no such Option may be exercised 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

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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 16b-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.

         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 State of Colorado. The
provisions of this Plan shall be interpreted so as to comply with the conditions
or requirements of Rule 16b- 3, unless a contrary interpretation of any such
provision is otherwise required by applicable law.

IN WITNESS WHEREOF, this Independent Director Stock Option Plan was adopted by
the Board of Directors of the Company and approved by the sole shareholder of
the Company effective as of May 15, 2002.

By:
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    Evan H. Zucker, President

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                                                                  EXHIBIT 10.6.3

                           DIVIDEND CAPITAL TRUST INC.
                        INDEPENDENT DIRECTOR WARRANT PLAN

                                   ARTICLE I
                              PURPOSE OF THE PLAN

         The Board of Directors of Dividend Capital Trust Inc. (the "Company")
has determined that it is in the best interests of the Company to issue a
Warrant to purchase one share of Common Stock for every 25 shares of Common
Stock purchased in the future by each of the Independent Directors of the
Company. The Company proposes to issue up to 50,000 shares of its Common Stock
upon the exercise of Warrants issued pursuant to this Plan. Therefore, the
Board, in order to provide for the above, has adopted this Plan on the date set
forth herein.

                                   ARTICLE II
                                SCOPE OF THE PLAN

         2.1 Definitions. Unless the context clearly indicates otherwise, the
following terms have the meanings set forth below:

         (a) "Affiliate" means, as to any individual, corporation, partnership,
trust, limited liability company or other legal entity (i) any person or entity
directly or indirectly through one or more intermediaries controlling,
controlled by or under common control with another person or entity; (ii) any
person or entity directly or indirectly owning, controlling, or holding, with
power to vote, ten percent (10%) or more of the outstanding voting securities of
another person or entity; (iii) any officer, director, general partner or
trustee of such person or entity; (iv) any person ten percent (10%) or more
whose outstanding voting securities are directly or indirectly owned, controlled
or held, with power to vote, by such other person; and (v) if such other person
or entity is an officer, director, general partner or trustee of a person or
entity, the person or entity for which such person or entity acts in any such
capacity.

         (b) "Board" means the Board of Directors of the Company.

         (c) "Common Stock" means the common stock of the Company, par value
$0.01 per share, issued or authorized to be issued in the future, but excluding
any preferred stock and any warrants, options or other rights to purchase Common
Stock.

         (d) "Exercise Price" means the exercise price of a Warrant as described
in Section 2.6 of this Plan.

         (e) "Expiration Date" shall be the earlier of (i) 5:00 p.m. Mountain
Standard Time on the fifth anniversary of the date of Listing, (ii) the date of
removal "for cause" of the Independent Director to whom a particular Warrant was
issued, or (iii) three months following the date the Independent Director to
whom a particular Warrant was issued ceases to be a director of the Company for
any reason, except for death or disability. An Independent Director is removed
"for cause" upon his or her gross negligence or willful misconduct in the
execution of his or her

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duties, or upon his or her conviction of, or entry of a plea of guilty or nolo
contendere to, any felony or act of fraud, embezzlement, misappropriation, or a
crime involving moral turpitude.

         (f) "Independent Director" means a member of the Board who is not, and
within the last two years has not been, directly or indirectly, associated with
Dividend Capital Advisors Inc. (the "Advisor") or Dividend Capital Property
Management LLC (the"Manager") or any of their Affiliates by virtue of (i)
ownership of an interest in the Advisor or the Manager or any of their
Affiliates, (ii) employment by the Advisor or the Manager or any of their
Affiliates, (iii) service as an officer or director of the Advisor or the
Manager or any of their Affiliates, (iv) performance of services, other than as
a director, for the Company, (v) service as a director or trustee of more than
three real estate investment trusts advised by the Advisor or its Affiliates, or
(vi) maintenance of a material business or professional relationship with the
Advisor or the Manager or any of their Affiliates. An indirect relationship
shall include circumstances in which a director's spouse, parents, children,
siblings, mother- or father-in-law, sons- or daughters-in-law or brothers- or
sisters-in-law is or has been associated with the Advisors or the Manager or any
of their Affiliates. A business or a professional relationship is considered
material if gross revenue derived by the director from the Advisor or the
Manager or Affiliates thereof exceeds five percent (5%) of either the director's
annual gross revenue during either of the last two years or the director's net
worth determined on a fair market value basis.

         (g) "Listing" means the listing of the Shares for trading on a
nationally recognized securities exchange or quotation of the Shares on NASDAQ
or an over-the-counter bulletin board.

         (h) "Plan" means this Independent Director Warrant Plan as adopted by
the Board as set forth herein and as amended from time to time.

         (i) "Shares" means shares of Common Stock issuable under this Plan.

         (j) "Warrant" means the right to purchase one Share under the terms and
conditions set forth in this Plan.

         2.2 Issuance of Warrants. There are hereby authorized 50,000 Warrants,
each of which may be exercised to purchase one Share. The Company shall issue
one Warrant for every 25 shares of Common Stock purchased by one of the
Independent Directors, commencing upon the effective date of this Plan, and
continuing until the earlier to occur of (i) the date of termination of this
Plan by action of the Board or otherwise, or (ii) 5:00 p.m. Mountain Standard
Time on the date of Listing.

         2.3 Form of Warrants. The Company shall not issue any certificates
evidencing the Warrants. Instead, the Warrants shall be issued in book-entry
form only on the books and records of the Company effective on the date the
Independent Director purchased the shares of Common Stock which create the right
to an issuance of a Warrant under this Plan. The Company shall maintain or cause
to be maintained books for registration of ownership and transfer of ownership
of the Warrants issued hereunder. Such books shall show the names and addresses
of the respective holders of the Warrants and the number of Warrants held. The
Company may deem and treat the registered holder of a Warrant as the absolute
owner thereof,

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for the purpose of any exercise of such Warrants and for all other purposes.
Notwithstanding the foregoing, the Board may, in its discretion, elect to issue
certificates representing the Warrants in such form as may be approved by the
Board.

         2.4 Nontransferability of Warrants. No Warrant awarded under this Plan
shall be transferable by an Independent Director otherwise than by will or, if
the Independent Director dies intestate, by applicable laws of descent and
distribution. All Warrants 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 2.4 will nullify and render void
the Warrant. Notwithstanding any other provisions of this Plan, Warrants granted
under this Plan shall continue to be exercisable in the case of death or
disability of the Independent Director for a period of one year after the death
or disabling event, provided that the death or disabling event occurs while the
person is an Independent Director.

         2.5 Legend on Shares. Each certificate (if any) for Shares issued upon
exercise of a Warrant, 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 COMPANY 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 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.

         2.6 Exercise, Exercise Price and Duration of Warrants. Subject to the
provisions of this Plan, the holder of a Warrant shall have the right to
purchase from the Company (and the Company shall issue and sell to that holder)
one fully paid and non-assessable Share for each Warrant at an Exercise Price of
$12.00 per share (subject to adjustment as provided in Section 2.8 hereof). A
Share shall be issued upon the Company's receipt of a Form of Election to
Exercise provided by the Company duly completed and executed, and payment of the
Exercise Price in lawful money of the United States of America in cash or by
cashiers' or certified check payable to the Company on any business day prior to
the Expiration Date. The Warrants shall be so exercisable either as an entirety
or from time to time in part at the election of the registered holder thereof.
In the event that fewer than all Warrants are exercised at any time prior to the
Expiration Date, the books and records of the Company shall continue to reflect
the Warrants not so exercised.

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         No payments or adjustments shall be made for any cash dividends,
whether paid or declared, on Shares prior to exercise of a Warrant.

         No fractional Shares shall be issued upon exercise of a Warrant, but,
in lieu thereof, there shall be paid to the registered holder of the Warrant or
other person designated on the Form of Election to Exercise, as soon as
practicable after date of exercise, an amount in cash equal to the fraction of
the fair market value of a Share which is equal to the fraction of a Share
otherwise issuable upon the exercise of such Warrant.

         Shares shall be deemed to have been issued, and any person so
designated by the registered holder shall be deemed to have become the holder of
record of a Share, as of the date of the exercise of the Warrant to which the
Share relates and payment of the appropriate Exercise Price; provided, however,
if the date of exercise of a Warrant shall occur within any period during which
the transfer books for the Common Stock are closed for any purpose, such person
shall not be deemed to have become a holder of record of a Share until the
opening of business on the day of reopening said transfer books.

         Notwithstanding any other terms or provisions of this Plan to the
contrary, no Warrant 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 Internal Revenue Code of 1986, as amended.

         2.7 Reservation of Shares. The Company will at all times reserve and
keep available, free from preemptive rights, out of the aggregate of its
authorized but unissued Common Stock, for the purpose of enabling it to satisfy
any obligation to issue Shares upon exercise of Warrants, through the close of
business on the Expiration Date, the number of Shares deliverable upon the
exercise of all outstanding Warrants.

         The Company covenants that all Shares issued upon exercise of the
Warrants will, upon issuance in accordance with the terms of this Plan, be fully
paid and non-assessable.

         2.8 Adjustment of Exercise Price and Number of Shares Purchasable. The
Exercise Price and the number of Shares which may be purchased upon the exercise
of each Warrant are subject to adjustment from time to time after the date
hereof as hereinafter set forth. 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 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 a Warrant. A corresponding adjustment to the
consideration payable with respect to all Warrants 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 Warrant
not exercised.

         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,

                                       4
<PAGE>

the Plan shall terminate, and any outstanding Warrants shall terminate and be
forfeited; provided, however, that holders of Warrants may exercise any Warrants
that are otherwise exercisable immediately prior to the effective date of the
dissolution, liquidation, consolidation or merger.

         Notwithstanding the foregoing, the Board 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 Warrants theretofore granted or
the substitution by such corporation for such Warrants 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 continuation of the Plan by such successor corporation in which event the
Plan and the Warrants 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 Warrants.

         2.9 Amendment, Suspension and Termination of Plan. The Board 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 may deem advisable in order
that any Warrants 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 may deem to be in the best interests of the
Company; provided, however, that no such amendment shall be effective without
stockholder approval to the extent required by law, or any agreement or the
rules of any stock exchange upon which Listing was obtained which shall: (a)
except as provided in Section 2.8, 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 16b-3 of the Exchange Act of
1934, as amended ("Rule 16b-3").

         2.10 Tax Withholding. 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.

         2.11 Listing, Registration and Legal Compliance. Each Warrant shall be
subject to the requirement that if at any time counsel to the Company shall
determine that Listing or registration or qualification of any Shares upon any
securities exchange 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 award of such Warrant or the issue, delivery or purchase of Shares or
other property thereunder, no such Warrant may be exercised 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

                                       5
<PAGE>

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 Warrant
which, in the opinion of the Board, are necessary or desirable in order to cause
the Plan or any other plan of the Company to comply with Rule 16b-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 Warrants may be exercised, the Board may, without the
holders' consent, so reduce such period on not less than 15 days written notice
to the holders thereof.

                                  ARTICLE III
                                 MISCELLANEOUS

         3.1 Notices to Warrant Holders. Upon any adjustment to the Exercise
Price pursuant to Section 2.8 hereof, the Company, within 30 calendar days
thereafter, shall cause to be given to the registered holders of outstanding
Warrants at their respective addresses appearing on the Warrant register written
notice of the adjustments by first-class mail, postage prepaid.

         3.2 Supplements and Amendments. The Company may from time to time
supplement or amend this Plan without the consent or concurrence of or notice to
any holders of Warrants in order to cure any ambiguity, to correct or supplement
any provision herein which may be inconsistent with any other provision herein,
to correct any defective provision, clerical omission, mistake or manifest error
herein contained, or to make any other provision with respect to matters or
questions arising under this Plan; provided, that such action shall not
materially adversely affect the interests of the holders of the Warrants. Other
amendments to this Plan may be approved by a vote of shareholders of the Company
owning a majority of the outstanding Shares.

         3.3 Governing Law. This Plan shall be deemed to be a contract made
under the laws of the State of Colorado and for all purposes shall be governed
by, construed and enforced in accordance with the laws of said State.

         3.4 Benefits of This Plan. Nothing in this Plan shall be construed to
give to any person or corporation other than the Company and the registered
holders of the Warrants any legal or equitable right, remedy or claim under this
Plan. This Plan shall be for the sole and exclusive benefit of the Company and
the registered holders of the Warrants.

         IN WITNESS WHEREOF, this Independent Director Warrant Plan has been
adopted by the Board of Directors and the sole shareholder of the Company
effective as of May 15, 2002.

                                       By:
                                           ----------------------------
                                           Evan H. Zucker, President

                                       6

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