Document:

EX-10.8

 Exhibit 10.8 

PURCHASE AND SALE AGREEMENT 

This PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of November [●], 2019 by and between [●], a
[●] (“Seller”), and [●], a [●] (“Purchaser”). 
 RECITALS 

WHEREAS, Seller is the owner and holder of a [●]%
tenant-in-common interest (the “TIC Interest”) in and to the property set forth on Exhibit A attached hereto under the heading
“Property” (the “Property”). 
 WHEREAS, Seller desires to sell the TIC Interest to Purchaser, and
Purchaser desires to acquire the TIC Interest from Seller. 
 WHEREAS, Purchaser is currently an entity disregarded as separate from
the REIT (as defined in Section 1.4 hereof) for federal income tax purposes. 
 NOW, THEREFORE, for and in consideration of the
foregoing, and the representations, warranties and other terms contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows: 
 ARTICLE I 

CONVEYANCE AND PURCHASE PRICE 

1.1    Subject of Conveyance. Seller irrevocably agrees to sell, transfer and assign to Purchaser at the
Closing (as defined in Section 6.1 hereof) the TIC Interest together with any other interests Seller may have in the Property, and Purchaser agrees to purchase and accept transfer of the TIC Interest pursuant to the terms and subject to the
conditions set forth in this Agreement. The TIC Interest shall be conveyed to Purchaser free and clear of all Liens (as defined in Section 1.4 hereof) other than Permitted Liens (as defined in Section 1.4 hereof). 

1.2    Purchase Price. The purchase price to be paid by Purchaser to Seller for the TIC Interest is
$[        ] (the “Purchase Price”) on the Closing Date, subject to any adjustments arising from the Prorations (as defined in Section 1.4 hereof). 

1.3    No Further Interest. Seller acknowledges and agrees that effective upon Closing, the TIC Interest shall
be transferred, assigned and conveyed to Purchaser, or a subsidiary thereof, and Seller shall have no further right, title or interest in the Property, other than indirectly through the ownership of any equity interest in Purchaser or corporate
stock in the REIT. 

 1.4    Definitions. As used in this Agreement, the following
terms have the following meanings: 
 “Alpine GP” means Alpine Income Property GP, LLC, a Delaware limited liability
company and the sole general partner of Alpine OP, the sole member of Purchaser. 
 “Alpine OP” means Alpine Income
Property OP, LP, a Delaware limited partnership. 
 [“CTO” means Consolidated-Tomoka Land Co., a Florida corporation.] 

“Governmental Authority” means any government or agency, bureau, board, commission, court, department, official, political
subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 

“IPO” means the underwritten initial public offering of shares of common stock, $0.01 par value per share, of the REIT. 

“Knowledge” means, with respect to Seller, the actual knowledge of John Albright, Mark Patten, Stephen Greathouse and Daniel
Smith, or any of them, without inquiry. 
 “Leases” means the leases and occupancy agreements with respect to the Property
listed on Exhibit C attached hereto. 
 “Liens” means all pledges, claims, liens, charges, restrictions, controls,
easements, rights of way, exceptions, reservations, leases, licenses, grants, covenants and conditions, encumbrances and security interests of any kind or nature whatsoever. 

“Material Adverse Effect” means any material adverse change in any of the condition, results of operation or prospects of the
TIC Interest or the Property. 
 “Permitted Liens” means any (i) liens for
non-delinquent taxes; (ii) zoning and other law generally applicable to the districts in which the Property is located; (iii) easements for public utilities, encroachments, rights of access and/or
other non-monetary matters that do not materially interfere with the use of the Property; (iv) liens arising in the ordinary course of business; (v) rights of tenants under leases and those claiming
by, through or under such tenants, (vi) rights of lessors under ground and other leases of portions of the Property; and (vii) any exceptions contained in the title policies relating to the Property as of the Closing Date. 

“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization or other entity. 
 “Prorations” means those proration and adjustment amounts that are
customarily applied to closings of commercial real estate transactions in the county in which the Property is located, which amounts shall be calculated as of midnight (Eastern time) of the day immediately preceding the Closing Date. Seller shall be
entitled to Seller’s share of all income and responsible for Seller’s share of all expenses related to the Property (to the extent Seller is entitled or responsible for the same by virtue of the TIC Interest) for the period of time up to
but not including the Closing Date, and Purchaser shall be entitled to all such income and responsible for all such expenses for the 

  
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period of time after and including the Closing Date. Without limiting the generality of the foregoing, the following items of income and expense shall be prorated at Closing: 

 

	 	(A)	 Taxes. All real estate and personal property taxes and special assessments, if any, with respect to the
Property, to the extent Seller is responsible for the same by virtue of the TIC Interest, shall be prorated at the Closing; 

  

	 	(B)	 Utilities. All telephone, electric, sewer, water and other utility bills, trash removal bills,
janitorial and maintenance service bills and all other expenses relating to a Property, if any, that are obligations of Seller by virtue of the TIC Interest and which are allocable to the period prior to the Closing Date shall be determined and
paid, or caused to be paid, by Seller before the Closing, if possible, or if such is not determinable before the Closing, then the parties hereto shall use their commercially reasonable efforts to determine and pay such amounts as promptly as
possible following the Closing and Purchaser may withhold from any cash amount of the Purchase Price payable at the Closing hereunder an amount of cash reasonably estimated to cover any estimated Proration for the items described in this subsection
(B); 

  

	 	(C)	 Rents. All rents, including, without limitation, base rents, operating expense payments or common area
maintenance charges and all other forms of additional rents, payable under the leases for the Property and all other income from the Property, to the extent Seller is entitled to the same by virtue of the TIC Interest, shall be prorated at the
Closing; and 

  

	 	(D)	 Other Items. Any other items of revenue, operating expenses or other items which are customarily
prorated between a transferor and transferee of real estate in the county in which the Property is located shall be prorated at the Closing, in each case to the extent Seller is entitled to or responsible for any such item by virtue of the TIC
Interest. 

 “Prospectus” means the final prospectus for the IPO, as filed by the REIT with the U.S.
Securities and Exchange Commission. 
 “REIT” means Alpine Income Property Trust, Inc. 

“Tax” or “Taxes” means any and all taxes, duties, assessments or governmental charges, imposts, levies or
other assessments, fees or other charges imposed by any Governmental Authority, including federal, state, provincial, local or foreign income, gross receipts, license, payroll, employment-related, excise, goods and services, harmonized sales,
severance, stamp, occupation, premium, windfall profits, customs duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer, registration, value added,
alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not. 

  
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 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

2.1    Representations and Warranties by Purchaser. Purchaser hereby represents and warrants to Seller that
the following statements are true, correct and complete as of the date of this Agreement and will be true, correct and complete as of the Closing Date: 

(a)    Organization and Power; Due Authorization; Enforceability. Purchaser is duly organized,
validly existing and in good standing under the laws of the State of Delaware, and has full right, power and authority to enter into this Agreement and to perform all of its obligations under this Agreement. The execution and delivery by
Purchaser of this Agreement and the performance by Purchaser of its obligations hereunder have been duly authorized by all requisite action of Purchaser and require no further action or approval of Purchaser’s members, partners, stockholders,
managers, board of directors, trustees or of any other individuals or entities in order to constitute this Agreement as a binding and enforceable obligation of Purchaser. This Agreement constitutes the legal, valid and binding obligation of
Purchaser, enforceable against Purchaser in accordance with its terms, except as such enforceability may be limited by bankruptcy or the application of equitable principles. 

(b)    Compliance With Laws and Policies. The execution and delivery of this Agreement and the
consummation of this transaction will not result in any violation of, or default under, or result in the acceleration of (1) any obligation under the charter, bylaws, limited liability company agreement, partnership agreement, declaration of
trust or other organizational documents of Purchaser, or any mortgage, indenture, Lien, agreement, note, contract, or instrument to which Purchaser is a party or by which Purchaser is bound, or (2) permit, judgment, decree, order, restrictive
covenant, statute, law, ruling, ordinance, rule or regulation applicable to Purchaser. Purchaser acknowledges that [Seller/CTO] is a publicly-traded company, and as such is required to maintain and adhere to certain policies and procedures,
including a Code of Business Conduct and Ethics, Insider Trading Compliance Program, and Policies and Procedures for Complaints and Concerns Regarding Accounting, Internal Accounting Controls, and Auditing Matters (the “CTO
Policies”). Purchaser warrants and covenants that, to its current actual knowledge, the entering into of this Agreement, the transaction(s) contemplated hereby and the associated circumstances do not constitute nor give rise to a violation
of the CTO Policies. 
 (c)    Litigation. There is no action, suit or proceeding pending
against or affecting Purchaser in any court or before any arbitrator or before any federal, state, municipal, or other governmental department, commission, board, bureau, agency or instrumentality which could reasonably be expected to (1) in
any manner raise any question affecting the validity or enforceability of this Agreement, (2) materially and adversely affect the business, financial position, or results of operations of Purchaser or (3) materially and adversely affect
the ability of Purchaser to perform its obligations hereunder. 
 (d)    No Consents. Each
consent, approval, authorization, order, license, certificate, permit, registration, designation or filing by or with any governmental agency or body necessary for the execution and delivery of this Agreement by Purchaser and the performance by
Purchaser of its obligations hereunder has been obtained or will be obtained on or before the Closing Date. 

  
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 (e)    OFAC. Purchaser is not a person or entity
with whom Seller is restricted from doing business under regulations of the Office of Foreign Asset Control of the Department of the Treasury (“OFAC”) (including, but not limited to, those named on OFAC’s Specially Designated
and Blocked Persons list) or under any statute, executive order (including, but not limited to, the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism), or other governmental action and is not and shall not engage in any dealings or transaction or be otherwise associated with such person or entities. Purchaser is not acting, directly or indirectly for, or on behalf of, any person, group,
entity or nation named by any Executive Order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury
Department as a terrorist, “Specially Designated National and Blocked Person,” or other banned or blocked person, entity, or nation pursuant to any law that is enforced or administered by OFAC, and is not engaging in the transactions
contemplated by this Agreement, directly or indirectly, on behalf of, or instigating or facilitating such transactions, directly or indirectly, on behalf of, any such person, group, entity or nation. 

2.2    Representations by Seller. Seller hereby represents and warrants to Purchaser that the following
statements are true, correct, and complete as of the date of this Agreement and will be true, correct, and complete as of the Closing Date: 

(a)    Organization and Power; Due Authorization. Seller is duly organized, validly existing
and in good standing under the laws of its state of formation. Seller has full right, power and authority to enter into this Agreement and to perform all of its obligations under this Agreement; and the execution and delivery by Seller of this
Agreement and the performance by Seller of its obligations hereunder have been duly authorized by all requisite action of Seller and require no further action or approval of Seller’s members, partners, stockholders, managers, board of
directors, trustees or of any other individuals or entities, as applicable, in order to constitute this Agreement as a binding and enforceable obligation of Seller. This Agreement constitutes the legal, valid and binding obligation of Seller,
enforceable against Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy or the application of equitable principles. 

(b)    Compliance With Laws and Policies. The execution and delivery of this Agreement and the
consummation of this transaction will not result in any violation of, or default under, or result in the acceleration of (1) any obligation under the charter, bylaws, limited liability company agreement, partnership agreement, declaration of
trust or other organizational documents of Seller, or any mortgage, indenture, Lien, agreement, note, contract, or instrument to which Seller is a party or by which Seller, the TIC Interest or, to the Knowledge of Seller, the Property, is bound or
(2) permit, judgment, decree, order, restrictive covenant, statute, law, ruling, ordinance, rule or regulation applicable to Seller, the TIC Interest, or, to the Knowledge of Seller, the Property or the use or construction thereof. 

  
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 (c)    Litigation. There is no action, suit
or proceeding pending or, to the Knowledge of Seller, threatened, against or affecting Seller, the TIC Interest or, to the Knowledge of Seller, the Property in any court or before any arbitrator or before any federal, state, municipal or other
governmental department, commission, board, bureau, agency or instrumentality which (1) in any manner raises any question affecting the validity or enforceability of this Agreement, (2) could reasonably be expected to materially and
adversely affect the business, financial position, or results of operations of Seller, the TIC Interest or, to the Knowledge of Seller, the Property, (3) could adversely affect the ability of Seller to perform its obligations hereunder, or
under any document to be delivered pursuant hereto, (4) could reasonably be expected to create a Lien on the TIC Interest, to the Knowledge of Seller, the Property, any part thereof, or any interest therein or (5) could materially and
adversely affect the TIC Interest, the Property, any part thereof, or any interest therein. 
 (d)    
Good Title. Seller is the sole record and beneficial owner of the TIC Interest. Seller has good and valid title to the TIC Interest. Except for Permitted Liens, the TIC Interest is free and clear of all Liens and at the Closing will
be sold to Purchaser free and clear of all Liens. No other Person or entity has an option to purchase or a right of first refusal to purchase the TIC Interest nor are there any agreements or understandings with respect to the voting, ownership or
disposition of the TIC Interest that could adversely affect Seller’s ability to perform its obligations hereunder or Purchaser’s rights to the TIC Interest following the Closing. 

(e)    Interests. There are no rights to purchase, subscriptions, warrants, options, conversion
rights or preemptive rights relating to the TIC Interest that will be in effect as of the Closing. 

(f)    No Consents. Each consent, approval, authorization, order, license, certificate, permit,
registration, designation or filing by or with any governmental agency or body necessary for the execution and delivery by Seller of this Agreement and the performance by Seller of its obligations hereunder has been obtained or will be obtained on
or before the Closing Date. Each consent or approval required under any charter, bylaws, limited liability company agreement, partnership agreement, declaration of trust or other organizational documents, or any contract or agreement of Seller,
or among the partners, members or stockholders of Seller, relating to indebtedness or otherwise, necessary for the execution and delivery by Seller of this Agreement and performance by Seller of its obligations hereunder has been obtained or will be
obtained on or before the Closing Date. For the avoidance of doubt, Seller hereby consents to the sale of any or all other interests, including tenancy-in-common
interests, in the Property by any owners of any such interests other than Seller. 
 (g)     Actions
Prior to Closing. From the date hereof until the Closing Date, Seller shall not take any action or fail to take any action the result of which would reasonably be expected to (1) have a Material Adverse Effect on the Property, the TIC
Interest or Purchaser’s ownership thereof, or (2) cause any of the representations and warranties contained in this Section 2.2 to be untrue as of the Closing Date. 

  
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 (h)    Bankruptcy with respect to Seller. No Act
of Bankruptcy has occurred with respect to Seller. As used herein, “Act of Bankruptcy” means if Seller or any equity holder, partner, manager or director thereof shall (A) apply for or consent to the appointment of, or the taking
of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property, (B) admit in writing its inability to pay its debts as they become due, (C) make a general assignment for the benefit
of its creditors, (D) file a voluntary petition or commence a voluntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), (E) be adjudicated bankrupt or insolvent, (F) file a petition seeking to
take advantage of any other law relating to bankruptcy, insolvency, reorganization, receivership, dissolution, winding-up or composition or adjustment of debts, (G) fail to controvert in a timely and
appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect) or (H) take any entity action for the purpose of effecting any
of the foregoing. 
 (i)    Brokerage Commission. Seller has not engaged the services of any
real estate agent, broker, finder or any other Person for any brokerage or finder’s fee, commission or other amount with respect to the transactions described herein. 

(j)    No Other Interests. Seller does not own any interest in the Property other than through the
TIC Interest. 
 (k)    Real Property. 

(1)    To the Knowledge of Seller, Seller has not received from any Governmental Authority written notice
of any material violation of any laws applicable (or alleged to be applicable), to the extent compliance is not the responsibility of the tenants under the Leases, to the Property, or any part thereof, that has not been corrected. 

(2)    Seller has timely filed all tax returns required to be filed with respect to the TIC Interest (after
giving effect to any filing extension properly granted by a Governmental Authority having authority to do so) in accordance with all applicable laws. All such tax returns are correct and complete in all material respects, and Seller has paid (or had
paid on its behalf) all taxes required to be paid by it with respect to the TIC Interest, and no deficiencies for any taxes have been proposed, asserted or assessed in writing with respect to the TIC Interest or, to the Knowledge of Seller, the
Property, and no requests for waivers of the time to assess any such taxes are pending and no such waivers have been granted with respect to the TIC Interest or, to the Knowledge of Seller, the Property. 

(3)    There are no Liens as a result of any delinquent taxes on the TIC Interest or, to the Knowledge of
Seller, the Property. 
 (4)    There are no pending or threatened audits, assessments or other actions
for or relating to a liability in respect of income or non-income taxes of Seller. 

(5)    Intentionally Omitted. 

  
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 (6)    The Property is owned in a tenancy in common. The
Property is insured under a policy of title insurance free and clear of all Liens except for Permitted Liens. Prior to the Closing Date, Seller shall not take or omit to take any action to cause any Lien to attach to the Property, except for
Permitted Liens. 
 (7)    To the Knowledge of Seller, the Leases listed on Exhibit C are the only
leases, licenses, tenancies, possession agreements and occupancy agreements affecting the Property. Neither Seller nor, to the Knowledge of Seller, any other party to a Lease has given or received any notice of default with respect to any term or
condition of any such Lease that remains uncured, which default, if not timely cured, would permit, subject to expiration of applicable cure periods, application of mortgagee cure rights and giving of required notices, termination of the related
Lease, set off of material amounts under the related Lease or, in the case of a default by the tenant, termination of the tenant’s right to possession of the related leased premises. 

(8)    To the Knowledge of Seller, each of the Leases is in full force and effect, and constitutes the
legal, valid and binding obligation of Seller and each other party thereto, enforceable against Seller and each other party thereto, in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar
laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). Except as set forth in the Leases, Seller has
not granted an option or right of first refusal or offer pursuant to the Leases with respect to the sale of the Property or any interest therein. 

(9)    To the Knowledge of Seller, no tenant under a Lease is presently the subject of any voluntary or
involuntary bankruptcy or insolvency proceedings. 
 (10)    (A) To the Knowledge of Seller, (B) to
the extent compliance is not the responsibility of the tenants under the Leases, and (C) except for matters not reasonably likely to cause a Material Adverse Effect to Seller, the TIC Interest or the Property, the Property is in compliance with
all applicable present and future federal, state and local laws, statutes, ordinances, rules, regulations, standards, policies and other governmental directives or requirements, as well as common law, relating to the protection of human health or
the environment, Hazardous Materials (as hereinafter defined), liability for, or costs of, other actual or threatened danger to human health or the environment (collectively, the “Environmental Laws”). Seller has not received,
within the lesser of (a) the period of time during which Seller has owned the TIC Interest or (b) the past three (3) years, any written notice from any Governmental Authority or third-party alleging that (i) Seller or the
Property is not in compliance with applicable Environmental Laws or (ii) there has been a release of Hazardous Materials on the Property that would require investigation or remediation under applicable Environmental Laws. The representations
and warranties contained in this Section 2.2(k)(10) constitute the sole and exclusive representations and warranties made by Seller concerning environmental matters. As used herein, “Hazardous Materials” shall mean
“Hazardous Material,” “Hazardous Substance,” “Pollutant or Contaminant,” and “Petroleum” and “Natural Gas Liquids,” as those terms are defined or 

  
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used in Section 101 of the Comprehensive Environmental Response, Compensation and Liability Act Of 1980 (42 U.S.C. Sections 9601 et seq.), as amended, and any other substances regulated
because of their effect or potential effect on public health and the environment, including, without limitation, PCBs, lead paint, asbestos, urea formaldehyde, radioactive materials, putrescible materials, and infectious materials Environmental
Laws. 
 (11)    To the Knowledge of Seller, no condemnation or eminent domain proceedings are pending or
have been threatened in writing against the Property. 
 (l)    OFAC. Seller is not a person or
entity with whom Purchaser is restricted from doing business under regulations of OFAC (including, but not limited to, those named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including, but
not limited to, the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall not engage in any
dealings or transaction or be otherwise associated with such person or entities. Seller is not acting, directly or indirectly for, or on behalf of, any person, group, entity or nation named by any Executive Order (including the September 24,
2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked
Person,” or other banned or blocked person, entity, or nation pursuant to any law that is enforced or administered by OFAC, and is not engaging in the transactions contemplated by this Agreement, directly or indirectly, on behalf of, or
instigating or facilitating such transactions, directly or indirectly, on behalf of, any such person, group, entity or nation. 

(m)    Tax Treatment. Seller represents and warrants that it has obtained from its own counsel
advice regarding the tax consequences of the transfer of the TIC Interests to the Purchaser pursuant to the terms of this Agreement. Purchaser has not made any representation to Seller regarding the tax treatment of the transactions contemplated by
this Agreement, and further represents and warrants that it has not relied on Purchaser or Purchaser’s representatives or counsel for any tax advice. 

(n)    Foreign Persons. Seller is not a “foreign person” within the meaning of
Section 1445(f) or Section 1446(f) of the Internal Revenue Code of 1986, as amended (the “Code”). 

ARTICLE III 

INDEMNIFICATION 

3.1    Survival of Representations and Warranties; Remedy for Breach. 

(a)    Subject to Section 3.5 hereof, all representations and warranties of Seller contained in this
Agreement or in any Schedule, Exhibit, certificate or affidavit delivered pursuant to this Agreement shall survive the Closing for a period of twelve (12) months. 

  
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 (b)    Subject to the limitations set forth in
Section 3.4 hereof, following the Closing, Seller shall be liable under this Agreement for monetary damages (or otherwise) for breach of any of its representations, warranties, covenants and obligations contained in this Agreement or in any
Schedule, Exhibit, certificate or affidavit delivered by Seller pursuant thereto. 
 3.2    General
Indemnification. 
 (a)     From and after the Closing Date, Seller shall indemnify, hold harmless
and defend Purchaser, Alpine OP, Alpine GP, the REIT and each of their respective officers, directors, employees, stockholders, partners, agents and affiliates (each of which is an “Indemnified Party” and collectively the
“Indemnified Parties”), from and against any and all claims, losses, damages, liabilities and expenses, including, without limitation, interest, penalties, amounts paid in settlement, reasonable attorneys’ fees, costs of
investigation, judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds (collectively, “Losses”) asserted against, imposed upon or incurred by the Indemnified Party, to the extent
resulting from any breach of a representation, warranty or covenant of Seller contained in this Agreement, or in any Schedule, Exhibit, certificate or affidavit delivered by Seller pursuant thereto. In each case, Seller shall only bear the
fees, costs or expenses in connection with the employment of one counsel and any necessary local counsel (regardless of the number of Indemnified Parties). 

(b)    Seller shall also indemnify and hold harmless the Indemnified Parties from and against any and all
Losses asserted against, imposed upon or incurred by the Indemnified Parties to the extent resulting from a third-party claim against Seller and relating to the TIC Interest and arising from matters that occurred prior to the Closing. 

(c)    With respect to any indemnification claim by an Indemnified Party pursuant to this Section 3.2,
to the extent available, Purchaser agrees to use diligent good faith efforts to pursue and collect any and all available proceeds and benefits of any right to defense under any insurance policy that covers the matter which is the subject of the
indemnification prior to seeking indemnification from Seller until all proceeds and benefits, if any, to which Purchaser or any other Indemnified Party is entitled pursuant to such insurance policy have been exhausted; provided,
however, that Purchaser and any other Indemnified Party may make a claim under this Section 3.2 even if an insurance coverage dispute is pending, in which case, if the Indemnified Party later receives insurance proceeds with respect to
any Losses paid by Seller for the benefit of any Indemnified Party, then the Indemnified Party shall reimburse Seller in an amount equivalent to such proceeds in excess of any deductible amount pursuant to Section 3.2(a) hereof up to the
amount actually paid (or deemed paid) by Seller to the Indemnified Party in connection with such indemnification (it being understood that all costs and expenses incurred by Seller with respect to insurance coverage disputes shall constitute Losses
paid by Seller for purposes of Section 3.2(a) hereof). 
 3.3    Notice and Defense of Claims. As
soon as reasonably practicable after receipt by the Indemnified Party of notice of any liability or claim incurred by or asserted against the Indemnified Party that is subject to indemnification under this Article III, the Indemnified Party

  
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shall give notice thereof to Seller, including liabilities or claims to be applied against the indemnification deductible established pursuant to Section 3.4 hereof; provided that
failure to give notice to Seller will not relieve Seller from any liability that it may have to any Indemnified Party, unless, and only to the extent that, such failure (a) shall have caused prejudice to the defense of such claim or
(b) shall have materially increased the costs or potential liability of Seller by reason of the inability or failure of Seller (due to such lack of prompt notice) to be involved in any investigations or negotiations regarding any such
claim. Such notice shall describe in reasonable detail the facts known to such Indemnified Party giving rise to such claim, and the amount or good faith estimate of the amount of Losses arising therefrom. Unless prohibited by law, such
Indemnified Party shall deliver to Seller, promptly after such Indemnified Party’s receipt thereof, copies of all notices and documents received by such Indemnified Party relating to such claim. The Indemnified Party shall permit Seller,
at Seller’s option and expense, to assume the defense of any such claim by counsel selected by Seller and reasonably satisfactory to the Indemnified Party, and to settle or otherwise dispose of the same; provided, however, that the
Indemnified Party may at all times participate in such defense at its sole expense; and provided further, however, that Seller shall not, in defense of any such claim, except with the prior written consent of the Indemnified Party in its sole
and absolute discretion, consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff in question to all Indemnified Parties a full and complete
release of all liabilities in respect of such claims, or that does not result only in the payment of money damages which are paid (or deemed paid) in full by Seller. If Seller shall not have undertaken such defense within twenty (20) days
after such notice, or within such shorter time as may be reasonable under the circumstances to the extent required by applicable law, then the Indemnified Party shall have the right to undertake the defense, compromise or settlement of such
liability or claim on behalf of and for the account of Seller and at Seller’s sole cost and expense (subject to the limitations in Section 3.4 hereof). 

3.4     Limitations on Indemnification under Section 3.2(a). 

(a)    Seller shall not be liable under Section 3.2(a) hereof unless and until the total amount
recoverable by the Indemnified Parties under Section 3.2(a) exceeds one percent (1%) of the Purchase Price and then only to the extent of such excess. Seller’s total liability for indemnification shall not exceed five percent (5%) of
the Purchase Price. 
 (b)    Notwithstanding anything contained herein to the contrary, before taking
recourse against any assets of Seller and subject to the limitations set forth in the following sentence, the Indemnified Parties shall look, first to available insurance proceeds (including without limitation any title insurance proceeds, if
applicable) in accordance with Section 3.2(c) hereof, and then to indemnification under this Article III. Notwithstanding anything to the contrary in this Agreement, except in the case of fraud or in the event of Losses relating
to a third-party claim, Seller shall not be liable to the Indemnified Parties for any indirect, special or consequential damages, loss of profits, Taxes relating to tax years beginning on or after the Closing, loss of value or other similar
speculative damages asserted or claimed by the Indemnified Parties. 

  
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 (c)    The limitations in this Section 3.4 shall
not apply to any obligations of Seller with respect to Prorations under this Agreement. 
 3.5    Limitation
Period. 
 (a)    Any claim for indemnification under Section 3.2 hereof must be asserted in
writing by the Indemnified Party, stating the nature of the Losses and the basis for indemnification therefor on or prior to the first (1st) anniversary of the Closing. 

(b)    If asserted in writing on or prior to the date specified in Section 3.5(a) hereof for the
applicable claim, any claims for indemnification pursuant to Section 3.2 hereof shall survive until resolved by mutual agreement between Seller and the Indemnified Party or by arbitration or court proceeding. 

3.6    Sole and Exclusive Remedy. From and after the Closing, except in the case of fraud, the indemnification
under this Article III shall be the sole and exclusive (A) remedy of the Indemnified Parties against Seller for any inaccuracy in or breach of any representation or warranty contained in this Agreement and (B) monetary remedy of the
Indemnified Parties against Seller for any failure to perform or comply with any covenant or obligation in this Agreement. 

ARTICLE IV 

COVENANTS 

4.1    Covenants. 

(a)    Satisfaction of Conditions. Seller hereby covenants that Seller shall (A) use
commercially reasonable efforts and diligence in order to satisfy all of the conditions to the Closing set forth herein and (B) cooperate and assist in Purchaser’s efforts to satisfy all of the conditions to the Closing set forth herein,
and agrees that Purchaser shall not have any obligation to consummate the Closing hereunder unless and until such conditions have been satisfied or waived by Purchaser in writing. 

(b)    Consent to Transfers. Seller hereby consents to the transfer of, and waives any rights
of first refusal, right of first offer, buy-sell agreements, put, option or similar parallel or dissenter rights or similar rights afforded to Seller with respect to the Property or any interest therein. 

(c)    No Disposition or Encumbrance of Property. From the date hereof through the Closing,
except as specifically contemplated by this Agreement, Seller shall not, without the prior written consent of Purchaser, (i) sell, transfer (or agree to sell or transfer) or otherwise dispose of, or cause the sale, transfer or disposition
of (or agree to do any of the foregoing) all or any portion of the TIC Interest or the Property or (ii) mortgage, assign, pledge or otherwise encumber in any manner the TIC Interest or the Property. 

  
 12 

 (d)    Ordinary Course of Business. From the
date hereof through the Closing, and except as specifically contemplated by this Agreement, Seller shall conduct its business in the ordinary course of business consistent with past practice and, to the extent within its control, cause the Property
to be operated in the ordinary course of business consistent with past practice, and shall not, without the prior written consent of Purchaser: (i) enter into any material transaction not in the ordinary course of business; (ii) mortgage,
pledge or encumber the TIC Interest or consent to any mortgage, pledge or encumbrance of the Property or any interest therein, (iii) change or consent to any change of the existing use of the Property; or (iv) take or consent to any action
that would render any of the representations or warranties set forth herein untrue. 
 4.2    Relationship to
Property. Seller and Purchaser acknowledge and agree that, from and after the Closing, Seller shall no longer have any interests in the Property. 

ARTICLE V 

CONDITIONS PRECEDENT TO THE CLOSING 

5.1    Conditions to Purchaser’s Obligation. In addition to any other conditions set forth in this
Agreement, Purchaser’s obligation to consummate the Closing is subject to the timely satisfaction of each of the conditions and requirements set forth in this Section 5.1, all of which shall be conditions precedent to Purchaser’s
obligations under this Agreement. 
 (a)    IPO. The IPO, in such form and substance as the
Purchaser, in its sole and absolute discretion, shall have determined to be acceptable, shall have been completed (or be completed simultaneously with the Closing). 

(b)    Formation Transactions. The formation transactions described in the Prospectus shall
have occurred or be scheduled to occur contemporaneously with the Closing. 
 (c)    Representations
and Warranties. The representations and warranties made by Seller pursuant to this Agreement shall be true and correct as of the Closing as though such representations and warranties were made at the Closing and, if requested by Purchaser,
Seller shall have delivered a certificate to Purchaser to such effect. 

(d)    Performance. Seller shall have performed and complied with all agreements and covenants
that it is required to perform or comply with pursuant to this Agreement prior to the Closing, including having delivered each of the items set forth in Section 6.2 hereof. 

(e)    Legal Proceedings. No order, statute, rule, regulation, executive order, injunction,
stay, decree, or restraining order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that restrains, prohibits or otherwise invalidates the consummation of the transactions
contemplated by this Agreement, and no litigation or governmental proceeding seeking such an order shall be pending or threatened. 

  
 13 

 (f)    Consents and Approvals. All necessary
approvals and consents of governmental and private parties, including, without limitation, all ground lessors, tenants, other parties to service contracts, lenders and ratings agencies, partners, members or stockholders of Seller, to effect the
transactions contemplated by this Agreement, shall have been obtained. 
 (g)    No Material Adverse
Change. There shall have not occurred between the date hereof and the Closing Date any material adverse change in any of the condition, results of operation or prospects of the TIC Interest. 

5.2    Conditions to Seller’s Obligation. In addition to any other conditions set forth in this
Agreement, Seller’s obligation to consummate the Closing is subject to the timely satisfaction of each of the conditions and requirements set forth in this Section 5.2, all of which shall be conditions precedent to Seller’s
obligations under this Agreement. 
 (a)    Representations and Warranties. The
representations and warranties made by Purchaser pursuant to this Agreement shall be true and correct as of the Closing Date as though such representations and warranties were made at the Closing and, if requested by Seller, shall have delivered a
certificate to Seller to such effect. 
 (b)    Performance. Purchaser shall have performed
and complied in all material respects with all agreements and covenants that it is required to perform or comply with pursuant to this Agreement prior to the Closing. 

(c)    Legal Proceedings. No order, statute, rule, regulation, executive order, injunction,
stay, decree, or restraining order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that prohibits the consummation of the transactions contemplated by this Agreement, and no
litigation or governmental proceeding seeking such an order shall be pending or threatened. 

(d)    Creditor Consent. [Seller/CTO] shall have obtained any required third-party consents or
waivers including, without limitation, any consent or waiver required under that certain Second Amended and Restated Credit Agreement dated September 7, 2017, by and among [Seller/CTO], as [borrower], certain [subsidiaries/affiliates] of
[Seller/CTO], as [guarantors] and Bank of Montreal, as administrative agent on behalf of financial institutions from time to time party thereto. 

ARTICLE VI 

CLOSING AND CLOSING DOCUMENTS 

6.1    Closing. The consummation and closing of the transactions contemplated pursuant to this Agreement (the
“Closing”) shall take place by electronic transmission of closing documents to the extent possible, promptly following satisfaction of the conditions to the Closing set forth herein (the “Closing Date”), or as
otherwise set by agreement of the parties. 

  
 14 

 6.2    Seller’s Deliveries. At the Closing, Seller
shall deliver the following to Purchaser in addition to all other items required to be delivered to Purchaser by Seller: 

(a)    Deed. A duly executed and acknowledged Special Warranty Deed, in substantially the form
of Exhibit B attached hereto.1 

(b)    Bill of Sale. A duly executed Bill of Sale in substantially the form of Exhibit D
attached hereto. 
 (c)     Omnibus Assignment. A duly executed counterpart to the Omnibus
Assignment in substantially the form of Exhibit E attached hereto. 
 (d)    FIRPTA
Certificate. An affidavit from Seller certifying pursuant to Section 1445 and Section 1446(f) of the Code that Seller, or if Seller is an entity disregarded from its owner, Seller’s regarded owner, is not a foreign
corporation, foreign partnership, foreign trust, foreign estate or foreign person (as those terms are defined in the Code and the Treasury Regulations promulgated thereunder). 

(e)    Other Documents. Any other document or instrument reasonably requested by Purchaser or
required hereby. 
 6.3    Purchaser’s Deliveries. At the Closing, Purchaser shall deliver the Purchase
Price, by one or more wire transfers of immediately available federal funds to an account, or accounts, designated in writing by Seller. 

6.4    Default Remedies. If any party defaults in performing any of such party’s obligations under this
Agreement, the other party shall have all rights and remedies available to it at law or in equity resulting from Seller’s default, including without limitation, the right to seek specific performance of this Agreement, including, for the
avoidance of doubt, Seller’s obligation to convey the TIC Interest to Purchaser. The parties acknowledge and agree that the failure of a condition precedent to occur, notwithstanding the good faith and commercially reasonable efforts of
the applicable party, shall not be a default hereunder. 
 ARTICLE VII 

MISCELLANEOUS 

7.1    Notices. Any notice provided for by this Agreement and any other notice, demand or communication
required hereunder shall be in writing and either delivered in person or sent by hand delivered against receipt or sent by recognized overnight delivery service or by certified or registered mail, postage prepaid, with return receipt
requested. All notices shall be addressed as follows: (a) if to Seller, c/o Consolidated-Tomoka Land Co., 1140 N. Williamson Blvd., Suite 140, 

 

	1 	 To use deeds for the applicable property from the data-site. 

  
 15 

 
Daytona Beach, FL 32114, Attention: Daniel Smith, Esq.; or (b) if to Purchaser, c/o Alpine Income Property OP, LP, 1140 N. Williamson Blvd., Suite 140, Daytona Beach, FL 32114, Attention:
Daniel Smith, Esq. Any address or name specified above may be changed by a notice given by the addressee to the other party. Any notice, demand or other communication shall be deemed given and effective as of the date of delivery in person or
set forth on the return receipt. The inability to deliver because of changed address of which no notice was given, or rejection or other refusal to accept any notice, demand or other communication, shall be deemed to be receipt of the notice,
demand or other communication as of the date of such attempt to deliver or rejection or refusal to accept. 

7.2    Entire Agreement; Third-Party Beneficiaries. This Agreement, including, without limitation, the
exhibits attached hereto, constitutes the entire agreement and supersedes each prior agreement and understanding, whether written or oral, among the parties regarding the subject matter of this Agreement. This Agreement is not intended to
confer any rights or remedies on any Person other than the parties hereto. 
 7.3    Amendment. This
Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto. 

7.4     Governing Law. 

(a)    This Agreement shall be governed by and construed in accordance with the laws of the State of
[                    ]2, without regard to the conflicts of law rules thereof. Each
party hereto agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers,
shareholders, partners, members, employees or agents) shall be, except to the extent otherwise required by applicable law, commenced exclusively in the state and federal courts sitting in Orlando, Florida. Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in Orlando, Florida for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with
respect to the enforcement of any provision of this Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is improper or is an inconvenient venue for such proceeding. 
 (b)    Each
party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any other manner permitted by law. 
  

 

	2 	 To use laws of the state where the Property is located. 

  
 16 

 (c)    If one or more parties hereto shall commence an
action, suit or proceeding to enforce any provision of this Agreement, the prevailing party or parties in such action, suit or proceeding shall be reimbursed by the other party or parties to such action, suit or proceeding for the reasonable
attorneys’ fees and other costs and expenses incurred by the prevailing party or parties with the investigation, preparation and prosecution of such action, suit or proceeding. 

7.5    Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of
which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together
signed by all of the parties hereto. Each party hereto may rely upon the facsimile or electronic pdf email signature of any other party as if such signature were an original signature. 

7.6    Headings. Headings of the Articles and Sections of this Agreement are for convenience only and shall be
given no substantive or interpretive effect whatsoever. 
 7.7    Incorporation. All Exhibits attached
hereto and referred to herein are hereby incorporated herein and made a part hereof for all purposes as if fully set forth herein. 

7.8    Severability. Any term or provision of this Agreement which is invalid or unenforceable in any
jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or
enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 

7.9    Waiver of Conditions. The conditions to the obligations hereunder of each party hereto are for the sole
benefit of such party and may be waived by such party in whole or in part to the extent permitted by applicable law. 

7.10    1031 Exchange. Each party (herein, the “Exchanging Party”) may consummate the sale or
purchase, as the case may be, of the TIC Interest as part of a so-called like-kind exchange (the “Exchange”) pursuant to Section 1031 of the Code and the parties hereby agree to
reasonably cooperate with each other with respect to an Exchange, provided that: (i) the Exchanging Party shall effect the Exchange through an assignment of this Agreement, or its rights under this Agreement, to a qualified intermediary (as
that term is defined in the Treasury Regulation Section 1.1031(k) – 1(g)(4)(iii)) and the other party to this Agreement shall not be required to acquire or hold title to any real property or sell the TIC Interest to any other third party,
as the case may be, for purposes of consummating the Exchange, (ii) the Exchanging Party shall pay any additional costs that would not otherwise have been incurred by either party had the Exchanging Party not consummated the sale or purchase,
as the case may be, through the Exchange and (iii) the Exchanging Party shall, and hereby does, indemnify, and hold the other party harmless from any loss, cost, damages, liability or expense which may arise or which the other party may suffer
in connection with, an Exchange. The other party shall not by this Agreement or acquiescence to the 

  
 17 

 
Exchange (1) have its rights under this Agreement affected or diminished in any manner or (2) be responsible for compliance with or be deemed to have warranted to the Exchanging Party
that the Exchange in fact complies with Section 1031 of the Code; nor shall the terms or provisions of this Agreement be modified, amended or extended thereby. 

7.11    Insider Trading. Purchaser specifically acknowledges that the common stock of [Seller/CTO] is traded on the
NYSE American exchange under the trading symbol “CTO.” Purchaser further expressly acknowledges that it is aware that the securities laws of the United States prohibit any person who has received from an issuer material, non-public information, including information concerning the matters that are the subject of this agreement, from purchasing or selling securities of such issuer or from communicating such information to any other
person. 
 [Signature Page Follows.] 

  
 18 

 IN WITNESS WHEREOF, this Agreement has been entered into effective as of the date
first written above. 
  

					
	SELLER:
	
	[●] 
			
		 	By:	 	
                     
                                   

		 		 	Name:
	    	 		 	Title:
	
	PURCHASER:
	
	[●]
		
	By:	 	
                     
                   

		 		 	Name:
		 		 	Title:

  
 19 

 Exhibit A 

Legal Description of Property 

  
 20 

 Exhibit B 

Deed 

  
 21 

 Exhibit C 

Leases 

  
 22 

 Exhibit D 

Bill of Sale 

[●], a [●] (“Seller”) in consideration of Ten Dollars ($10.00) and other good and valuable consideration paid to
Seller by [●], a [●] (“Purchaser”), the receipt and sufficiency of which are hereby acknowledged, hereby sells, conveys, assigns, transfers, delivers and sets over to Purchaser all fixtures, furnishings, furniture,
equipment, machinery, inventory, appliances, permits, approvals and authorizations granted by any governmental authorities, warranties, guaranties, indemnities, and bonds and other personal property owned by Seller (the “Personal
Property”) which is located at, and used or usable in connection with, the Property (as such term is defined in that certain Purchase and Sale Agreement dated November [●], 2019, by and between Seller and Purchaser (the
“Agreement”). 
 TO HAVE AND TO HOLD unto Purchaser and its successors and assigns to its and their own use and benefit
forever. 
 This Bill of Sale is made by Seller without recourse and without any expressed or implied representation or warranty whatsoever.

 Seller has made no warranty that the Personal Property covered by this Bill of Sale is merchantable or fit for any particular purpose and
the same is sold in an “As Is” “Where Is” condition. By acceptance hereof, Purchaser affirms that it has not relied on any warranty of Seller with respect to the Personal Property and that there are no representations or
warranties, expressed, implied or statutory (except to the extent and only for so long as any representation or warranty, if any, regarding the Personal Property set forth in the Agreement shall survive the closing of title thereunder, and subject
to the limitations contained therein). 
 IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be executed as of November [●],
2019. 
  

					
	SELLER:
	
	[●] 
			
	    	 	By:	 	
                    

		 		 	Name:
		 		 	Title:

  
 23 

 Exhibit E 

Omnibus Assignment 

THIS OMNIBUS ASSIGNMENT, made and entered into this [●] day of November, 2019, between [●], a
[●] (“Assignor”), and [●], a [●] (“Assignee”). 
 W I T N E S E T H: 

Assignor for Ten Dollars ($10.00), and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
hereby assigns to Assignee all of Assignor’s right, title and interest in, to and under (i) all books, records, and files owned by Assignor and relating to the occupancy, use, maintenance or operation of the real property located at
[●] and the building and improvements located thereon (the “Premises”), (ii) all transferable licenses, approvals, certificates and permits held by Assignor and relating to the occupancy, use, maintenance or operation of the
Premises, and (iii) all other items of intangible personal property owned by Assignor and exclusively relating to the occupancy, use or operation of the Premises (other than items expressly excluded from the sale of the Premises pursuant to
that certain Purchase and Sale Agreement, dated November [●], 2019 between Assignor and Assignee (the “Purchase Agreement”); the items set forth in clauses (i) through (iii) above are hereinafter referred to collectively
as the “Property Matters”); 
 TO HAVE AND TO HOLD unto Assignee and its successors and assigns to its and their own use and
benefit forever. 
 Assignee hereby expressly assumes the obligations of Assignor in respect of the Property Matters accruing from and after
the date hereof. 
 This Omnibus Assignment and Assumption Agreement (this “Agreement”) is made by Assignor without
recourse and without any expressed or implied representation or warranty whatsoever, except to the extent expressly provided in the Purchase Agreement. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

Any inconsistency between the terms herein and the terms set forth in the Purchase Agreement shall be resolved in favor of the terms of the
Purchase Agreement. 
 This Agreement and its interpretation and enforcement shall be governed by the laws of the State of
[                    ]3 without respect to the principles of conflicts of laws. 

This Agreement may be executed in any number of counterparts, each if which shall, when executed, be deemed to be an original and all of which
shall be deemed to be one and the same instrument. Signature pages may be detached from separate counterparts and combined into a single counterpart. 
  

 

	3 	 To use laws of the state where the Property is located 

  
 24 

 [Signature Page Follows] 

  
 25 

 IN WITNESS WHEREOF, Assignor and Assignee have executed this Omnibus Assignment as of
the date first above written. 
  

			
	ASSIGNOR:
		
	[●]	 	
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ASSIGNEE:
		
	[●]	 	
		
	By:	 	
                    

	Name:	 	
	Title:	 	

  
 26EX-10.9

 Exhibit 10.9 

ALPINE INCOME PROPERTY TRUST, INC. 

2019 INDIVIDUAL EQUITY INCENTIVE PLAN 

 ARTICLE I 

DEFINITIONS 
 As used herein, the following
terms shall have the meanings set forth below: 
  

	1.01.	 Accounting Firm 

“Accounting Firm” means the independent accounting firm engaged by the Company in connection with a Change in Control. 

 

	1.02.	 Affiliate 

“Affiliate” means, with respect to any entity, any other entity, whether now or hereafter existing, which controls, is
controlled by, or is under common control with, the first entity (including, but not limited to, joint ventures, limited liability companies and partnerships). For this purpose, the term “control” (including the correlative meanings of the
terms “controlled by” and “under common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined voting power of all classes of voting securities issued by such entity, or the possession,
directly or indirectly, of the power to direct the management and policies of such entity, by contract or otherwise. Notwithstanding the foregoing, (i) the Manager shall be deemed an Affiliate of the Company for purposes of the Plan for so long
as the Manager serves as the external manager of the Company and (ii) the Operating Partnership shall be deemed an Affiliate of the Company for purposes of the Plan for so long as the Company or a wholly-owned subsidiary of the Company serves
as the sole general partner of the Operating Partnership. 
  

	1.03.	 Agreement 

“Agreement” means a written agreement (including any amendment or supplement thereto) between the Company and a Participant
specifying the terms and conditions of an Award. 
  

	1.04.	 Award 

“Award” means any Option, SAR, Stock Award, award of Restricted Stock Units, Other Equity-Based Award (including an LTIP
Unit), Incentive Award, Cash Awards or Substitute Award, together with any other right or interest, granted to a Participant pursuant to the Plan. 
  

	1.05.	 Board 

“Board” means the Board of Directors of the Company. 

 

	1.06.	 Cash Award  

“Cash Award” means an Award denominated in cash and granted under Article XII. 

  
 1 

	1.07.	 Change in Control 

“Change in Control” means and includes each of the following: 

(a)     any Person, other than any employee benefit plan (or any related trust) of the Company or a subsidiary, becomes
the beneficial owner of 50% or more of the Company’s outstanding voting shares and other outstanding voting securities that are entitled to vote generally in the election of directors (“Voting Securities”); or 

(b)     approval by the stockholders of the Company and consummation of either of the following: 

(i)     a merger, reorganization, consolidation or similar transaction (any of the foregoing, a
“Merger”) as a result of which the Persons who were the respective beneficial owners of the outstanding Common Stock and/or the Voting Securities immediately before such Merger are not expected to beneficially own, immediately after
such Merger, directly or indirectly, more than 50% of, respectively, the outstanding voting shares and the combined voting power of the voting securities resulting from such merger in substantially the same proportions as immediately before such
Merger; 
 (ii)    a plan of liquidation of the Company or a plan or agreement for the sale or other
disposition of all or substantially all of the assets of the Company; or 
 (iii)    a change in the
composition of the Board such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the Board (the “Existing Board”) cease for any reason to
constitute more than 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the Company’s stockholders, was
approved by a vote of at least two-thirds of the directors immediately prior to the date of such appointment or election will be considered as though such individual were a member of the Existing Board. 

In addition, if a Change in Control (as defined in clauses (a) through (b) above) constitutes a payment event with respect
to any Award that provides for the deferral of compensation and is subject to Section 409A, no payment will be made under that Award on account of a Change in Control unless the event described in clause (a) or (b) above, as
applicable, constitutes a “change in control event” as defined in Section 409A. 
  

	1.08.	 Code 

“Code” means the Internal Revenue Code of 1986, as amended. 

 

	1.09.	 Committee 

“Committee” means the Board or a committee of two or more non-employee members of the
Board designated by the Board to administer the Plan. Unless otherwise determined by the Board, the Committee shall consist solely of two or more non-employee members of the Board,

  
 2 

 
each of whom is intended to qualify as a “non-employee director” as defined by Rule 16b-3 promulgated
under the Exchange Act or any successor rule and an “independent director” under the rules of any exchange or automated quotation system on which the Common Stock is listed, traded or quoted; provided, however, that any
action taken by the Committee shall be valid and effective, whether or not the members of the Committee at the time of such action are later determined not to have satisfied the foregoing requirements or otherwise provided in any charter of the
Committee; provided further that with respect to awards made to a Non-Employee Director, “Committee” means the Board. 
  

	1.10.	 Common Stock 

“Common Stock” means the common stock, $0.01 par value per share, of the Company. 

 

	1.11.	 Company 

“Company” means Alpine Income Property Trust, Inc., a Maryland corporation. 

 

	1.12.	 Control Change Date 

“Control Change Date” means the date on which a Change in Control occurs. If a Change in Control occurs on account of a series
of transactions, the “Control Change Date” is the date determined by the Committee as the date upon which the last of such transactions occurs. 
  

	1.13.	 Corresponding SAR 

“Corresponding SAR” means a SAR that is granted in relation to a particular Option and that can be exercised only upon the
surrender to the Company, unexercised, of that portion of the Option to which the SAR relates. 
  

	1.14.	 Dividend Equivalent Right 

“Dividend Equivalent Right” means the right, subject to the terms and conditions prescribed by the Committee, of a Participant
to receive (or have credited) cash, securities or other property in amounts equivalent to the cash, securities or other property dividends declared on Common Stock with respect to a specified Restricted Stock Unit, Other Equity-Based Award or
Incentive Award denominated in Common Stock or other Company securities, as determined by the Committee in its sole discretion. Dividend Equivalent Rights payable on a Restricted Stock Unit award, an Other Equity-Based Award or an Incentive Award
that does not become non-forfeitable solely on the basis of continued employment or service shall be accumulated and distributed, without interest, only when, and to the extent that, the underlying award is
vested and earned. The Committee may provide that Dividend Equivalent Rights (if any) shall be automatically reinvested in additional shares of Common Stock or otherwise reinvested, applied to the purchase of additional Awards under the Plan or
deferred without interest to the date of vesting of the associated Award. 

  
 3 

	1.15.	 Effective Date 

“Effective Date” means the earlier of the date the Plan is adopted by the Board or the stockholders of the Company. 

 

	1.16.	 Exchange Act 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 

	1.17.	 Fair Market Value 

“Fair Market Value” means, on any given date, the reported “closing” price of a share of Common Stock on the stock
exchange on which the Common Stock is listed for trading for such date (or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which such
quotation exists) or, if the Common Stock is not listed on any exchange, the amount determined by the Committee using any reasonable method in good faith and in accordance with Section 409A. 

 

	1.18.	 Grant Date 

“Grant Date” means the date specified by the Committee on which a grant of an Award shall become effective, which shall not be
earlier than the date on which the Committee takes action with respect thereto. 
  

	1.19.	 Incentive Award 

“Incentive Award” means an award granted under Article XI which, subject to the terms and conditions prescribed by the
Committee, entitles the Participant to receive a payment from the Company or an Affiliate of the Company. 
  

	1.20.	 Initial Public Offering 

“Initial Public Offering” means the initial public offering and sale for cash of Common Stock pursuant to an effective
registration statement on Form S-11 under the Securities Act. 
  

	1.21.	 Initial Value 

“Initial Value” means, with respect to a Corresponding SAR, the Option price per share of the related Option and, with respect
to a SAR granted independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided, however, that the price shall not be less than the Fair Market Value on the date of grant (or 110%
of the Fair Market Value on the date of grant in the case of a Corresponding SAR that relates to an incentive stock option granted to a Ten Percent Stockholder). Except as provided in Articles XIII, XIV and XVII, without the
approval of stockholders (i) the Initial Value of an outstanding SAR may not be reduced (by amendment, cancellation and new grant or otherwise) and (ii) no payment shall be made in cancellation of a SAR if, on the date of amendment,
cancellation, new grant or payment, the Initial Value exceeds Fair Market Value. 

  
 4 

	1.22.	 LTIP Unit 

“LTIP Unit” means an “LTIP Unit” as defined in the Operating Partnership Agreement. An LTIP Unit granted under the
Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in the Operating Partnership Agreement, subject to the terms and conditions of the applicable Agreement and the Operating Partnership
Agreement. 
  

	1.23.	 Manager 

“Manager” means Alpine Income Property Manager, LLC, a Delaware limited liability company, the Company’s external
manager, or any entity that subsequently becomes the Company’s external manager. 
  

	1.24.	 Manager Incentive Plan 

“Manager Incentive Plan” means the Alpine Income Property Trust, Inc. 2019 Manager Equity Incentive Plan, as amended from time
to time. 
  

	1.25.	 Net After Tax Amount 

“Net After Tax Amount” means the amount of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed
under Sections 1, 3101(b) and 4999 of the Code and any state or local income taxes applicable to the Participant on the date of payment, determined using the highest combined effective rate imposed by the foregoing taxes on income of the same
character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment. 
  

	1.26.	 Non-Employee Director 

“Non-Employee Director” means a member of the Board who is not an employee or officer
of the Company, the Manager, Operating Partnership or any of their respective Affiliates. 
  

	1.27.	 Operating Partnership 

“Operating Partnership” means Alpine Income Property OP, LP, a Delaware limited partnership, which is the Company’s
operating partnership as of the Effective Date, or any entity that becomes the Company’s operating partnership. 
  

	1.28.	 Operating Partnership Agreement 

“Operating Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of the Operating
Partnership, dated as of [●], as it may be amended, restated or otherwise modified from time to time in accordance with its terms, or a substantially similar agreement maintained by any entity that becomes the Company’s operating
partnership. 

  
 5 

	1.29.	 Option 

“Option” means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock
at the price set forth in an Agreement. 
  

	1.30.	 Other Equity-Based Award 

“Other Equity-Based Award” means any Award other than an Incentive Award, Option, SAR, Stock Award or award of Restricted
Stock Units, which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, Common Stock
(including securities convertible into Common Stock) or other equity interests, including LTIP Units. 
  

	1.31.	 Parachute Payment 

“Parachute Payment” means a payment that is described in Section 280G(b)(2) of the Code, determined in accordance with
Section 280G of the Code and the regulations promulgated or proposed thereunder. 
  

	1.32.	 Participant 

“Participant” means an employee or officer of the Company or an Affiliate of the Company, a member of the Board, or an
individual who provides services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or an Affiliate of the Company by virtue of employment with, or providing services to, the Manager or the
Operating Partnership or an Affiliate of the Manager or the Operating Partnership), and who satisfies the requirements of Article IV and is selected by the Committee to receive one or more Awards. 

 

	1.33.	 Person 

“Person” means any firm, corporation, partnership, or other entity. “Person” also includes any individual, firm,
corporation, partnership, or other entity as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. Notwithstanding the preceding sentences, the term “Person” does not include (i) the Company or any of its subsidiaries,
(ii) any director or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) any underwriter temporarily holding securities pursuant to an offering of such securities or
(iv) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Common Stock. 
  

	1.34.	 Plan 

“Plan” means this Alpine Income Property Trust, Inc. 2019 Individual Equity Incentive Plan, as amended from time to time. 

  
 6 

	1.35.	 REIT 

“REIT” means a real estate investment trust within the meaning of Sections 856 through 860 of the Code. 

 

	1.36.	 Restricted Stock 

“Restricted Stock” means a share of Common Stock granted to a Participant that is subject to certain restrictions and a risk
of forfeiture. 
  

	1.37.	 Restricted Stock Unit 

“Restricted Stock Unit” means a right granted to a Participant under Article IX entitling the Participant to receive a
payment (in cash, shares of Common Stock or a combination thereof) on a specified settlement date equal to the value of a share of Common Stock. 
  

	1.38.	 SAR 

“SAR” means a stock appreciation right that in accordance with the terms of an Agreement entitles the holder to receive, with
respect to each share of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time of exercise over the Initial Value. References to “SARs” include both Corresponding SARs and SARs
granted independently of Options, unless the context requires otherwise. 
  

	1.39.	 Section 409A 

“Section 409A” means Section 409A of the Code, as amended from time to time, including the guidance
and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 
  

	1.40.	 Securities Act 

“Securities Act” means the Securities Act of 1933, as amended. 

 

	1.41.	 Stock Award 

“Stock Award” means Restricted Stock or unrestricted Common Stock awarded to a Participant under Article VIII. 

 

	1.42.	 Substitute Award 

“Substitute Award” means an Award granted in substitution for a similar award as a result of certain business transactions.

  

	1.43.	 Ten Percent Stockholder 

“Ten Percent Stockholder” means any individual owning more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company or of a “parent corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the Code) of the Company. 

  
 7 

 
An individual shall be considered to own any voting shares owned (directly or indirectly) by or for his or her brothers, sisters, spouse, ancestors or lineal descendants and shall be considered
to own proportionately any voting shares owned (directly or indirectly) by or for a corporation, partnership, estate or trust of which such individual is a stockholder, partner or beneficiary. 

ARTICLE II 
 PURPOSES

 The Plan is intended to assist the Company and its Affiliates in recruiting and retaining employees, members of the Board and other
individuals who provide services to the Company, the Manager, the Operating Partnership or any Affiliates of the Company, the Manager or the Operating Partnership with ability and initiative by enabling such persons to participate in the future
success of the Company and its Affiliates and to associate their interests with those of the Company and its stockholders. The Plan is intended to permit the grant of both Options qualifying under Section 422 of the Code (“incentive stock
options”) and Options not so qualifying, and the grant of SARs, Stock Awards, awards of Restricted Stock Units, Other Equity-Based Awards (including LTIP Units), Incentive Awards, Cash Awards and Substitute Awards in accordance with the Plan
and any procedures that may be established by the Committee. No Option that is intended to be an incentive stock option shall be invalid for failure to qualify as an incentive stock option. 

ARTICLE III 

ADMINISTRATION 
 The Plan
shall be administered by the Committee. The Committee shall have authority to grant Awards upon such terms (not inconsistent with the provisions of the Plan), as the Committee may consider appropriate. Such terms may include conditions (in addition
to those contained in the Plan), on the transferability, forfeitability and exercisability of all or any part of an Award. The Committee may, in its discretion, make any amendments, modifications or adjustments to outstanding Awards and the terms
thereof. In addition, the Committee shall have complete authority to interpret all provisions of the Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan
(including rules and regulations that require or allow Participants to defer the payment of benefits under the Plan); and to make all other determinations necessary or advisable for the administration of the Plan. 

The Committee’s determinations under the Plan (including without limitation, determinations of the individuals to receive Awards, the
form, amount and timing of Awards, the terms and provisions of Awards and the Agreements) need not be uniform and may be made by the Committee selectively among individuals who receive, or are eligible to receive, Awards, whether or not such persons
are similarly situated. The express grant in the Plan of any specific power to the Committee with respect to the administration or interpretation of the Plan shall not be construed as limiting any power or authority of the Committee with respect to
the administration or interpretation of the Plan. Any decision made, or action taken, by the Committee in connection with the administration of the Plan shall be final and conclusive. The members of the Committee shall not be liable for any act done
in good faith with respect to the Plan or any Agreement or Award. All expenses of administering the Plan shall be borne by the Company. 

  
 8 

 ARTICLE IV 

ELIGIBILITY 
 Any officer
or employee of the Company or any Affiliate of the Company (including a trade or business that becomes an Affiliate of the Company after the adoption of the Plan) and any member of the Board is eligible to participate in the Plan. In addition, any
other individual who provides services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or an Affiliate of the Company by virtue of employment with, or providing services to, the Manager or
the Operating Partnership or an Affiliate of the Manager or the Operating Partnership) is eligible to participate in the Plan if the Committee, in its sole reasonable discretion, determines that the participation of such individual is in the best
interest of the Company. 
 ARTICLE V 

COMMON STOCK SUBJECT TO PLAN 
  

	5.01.	 Reserved Shares 

Subject to adjustment as provided under Article XIV, the maximum aggregate number of shares of Common Stock that may be delivered with
respect to Awards under the Plan is equal to the difference between (i) 7.5% of the issued and outstanding shares of Common Stock upon the completion of the Initial Public Offering (on a fully-diluted basis and including shares of Common Stock
issued upon exercise of the underwriters’ over-allotment option in the Initial Public Offering) (the “Share Pool”) minus (ii) any shares of Common Stock issued or subject to awards granted under the Manager
Incentive Plan (the “Aggregate Limit”). Other Equity-Based Awards that are LTIP Units (and similar awards under the Manager Incentive Plan) shall reduce the Aggregate Limit on a one-for-one basis (i.e., each LTIP Unit granted under the Plan (and each LTIP Unit granted under the Manager Incentive Plan) shall be treated as an award of one share of Common Stock). Shares of Common
Stock may be shares of original issuance, shares held in treasury or shares that have been reacquired by the Company. 
  

	5.02.	 Reallocation of Shares 

Any awards granted under the Plan that consist of (i) Options, SARs, Restricted Stock Units, or Incentive Awards to be settled in shares
of Common Stock that, at any time, are forfeited, expire or are canceled or settled without issuance of shares of Common Stock or (ii) Restricted Stock that are forfeited pursuant to this Plan or the Restricted Stock Award Agreement shall not

  
 9 

 
count towards the maximum number of shares of Common Stock that may be issued under the Plan as set forth in Section 5.01 and shall be available for future Awards.
Notwithstanding the foregoing, any and all shares of Common Stock that are (i) tendered in payment of an Option exercise price (whether by attestation or by other means); (ii) withheld by the Company to satisfy any tax withholding obligation;
or (iii) covered by an SAR (without regard to the number of shares of Common Stock that are actually issued to the Participant upon exercise) shall be considered issued pursuant to the Plan and shall not be added to the maximum number of shares
of Common Stock that may be issued under the Plan as set forth in Section 5.01. 
  

	5.03.	 ISO Maximum 

In no event shall the number of shares of Common Stock issued upon the exercise of incentive stock options exceed 210,000 shares, subject to
adjustment as provided in Article XIV of the Plan. 
  

	5.04.	 Maximum Calendar Year Award 

No Non-Employee Director may receive in any one calendar year more than $300,000 in the aggregate in
(i) Awards (as calculated by the Award’s fair value as determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto as of the Grant Date) and (ii) cash
compensation (including, retainers and cash-based awards). 
 ARTICLE VI 

OPTIONS 
  

	6.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom an Option is to be
granted and will specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards. 
  

	6.02.	 Option Price 

The price per share of Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall
not be less than the Fair Market Value on the date the Option is granted. Notwithstanding the preceding sentence, the price per share of Common Stock purchased on the exercise of any Option that is an incentive stock option granted to an individual
who is a Ten Percent Stockholder on the date such Option is granted, shall not be less than one hundred ten percent (110%) of the Fair Market Value on the date the Option is granted. Except as provided in Articles XIII, XIV and
XVII, the price per share of Common Stock of an outstanding Option may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of stockholders. In addition, no payment shall be made in cancellation of an
Option without the approval of stockholders if, on the date of cancellation, the Option price exceeds Fair Market Value. 

  
 10 

	6.03.	 Maximum Option Period 

The maximum period in which an Option may be exercised shall be determined by the Committee on the date of grant, except that no Option shall
be exercisable after the expiration of 10 years from the date such Option was granted. In the case of an incentive stock option granted to a Participant who is a Ten Percent Stockholder on the date of grant, such Option shall not be exercisable
after the expiration of five years from the date of grant. The terms of any Option may provide that it is exercisable for a period less than such maximum period. 
  

	6.04.	 Incentive Stock Options 

Incentive stock options may only be granted to employees of the Company or its “parent” and “subsidiaries” (as such terms
are defined in Section 424 of the Code). For purposes of determining the applicability of Section 422 of the Code (relating to incentive stock options), the Committee may decide to what extent leaves of absence for governmental or military
service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service. 
  

	6.05.	 Exercise 

Subject to the provisions of the Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to
time at such times and in compliance with such requirements as the Committee shall determine in accordance with the Plan; provided, however, that to the extent that the aggregate Fair Market Value (determined as of the date an Option is
granted) of the Common Stock with respect to which incentive stock options (granted under the Plan and all plans of the Company and its “parents” and “subsidiaries” (as such terms are defined in Section 424 of the Code)) are
exercisable for the first time by an individual during any calendar year exceeds $100,000, such Options shall be treated as Options that do not qualify as incentive stock options. An Option granted under the Plan may be exercised with respect to any
number of whole shares of Common Stock less than the full number for which the Option could be exercised. A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with the Plan and the
applicable Agreement with respect to the remaining shares of Common Stock subject to the Option. The exercise of an Option shall result in the termination of any Corresponding SAR to the extent of the number of shares of Common Stock with respect to
which the Option is exercised. 
  

	6.06.	 Payment 

Subject to rules established by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be
made in cash, certified check, by tendering Common Stock, by attestation of ownership of Common Stock, by a broker-assisted cashless exercise or in such other form or manner acceptable to the Committee. If Common Stock is used to pay all or part of
the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined on the date of exercise) of the Common Stock so surrendered or other consideration paid must not be less than the Option price of the shares for which
the Option is being exercised. 

  
 11 

	6.07.	 Stockholder Rights 

No Participant shall have any rights as a stockholder with respect to shares of Common Stock subject to an Option until the date of exercise of
such Option. 
  

	6.08.	 Disposition of Shares 

A Participant shall notify the Company of any sale or other disposition of Common Stock acquired pursuant to an Option that was an incentive
stock option if such sale or disposition occurs (i) within two years of the grant of an Option or (ii) within one year of the issuance of the Common Stock to the Participant. Such notice shall be in writing and directed to the Secretary of
the Company. 
 ARTICLE VII 

SARS 
  

	7.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom SARs are to be
granted and will specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards. 
  

	7.02.	 Initial Value 

The price per share of Common Stock purchased on the exercise of an SAR shall be determined by the Committee on the date of grant, but shall
not be less than the Fair Market Value on the date the SAR is granted. Except as provided in Articles XIII, XIV and XVII, the price per share of Common Stock of an outstanding SAR may not be reduced (by amendment, cancellation
and new grant or otherwise) without the approval of stockholders. In addition, no payment shall be made in cancellation of an SAR without the approval of stockholders if, on the date of cancellation, the SAR price exceeds Fair Market Value. 

 

	7.03.	 Maximum SAR Period 

The term of each SAR shall be determined by the Committee on the date of grant, except that no SAR shall have a term of more than 10 years from
the date of grant. In the case of a Corresponding SAR that is related to an incentive stock option granted to a Participant who is a Ten Percent Stockholder on the date of grant, such Corresponding SAR shall not be exercisable after the expiration
of five years from the date of grant. The terms of any SAR may provide that it has a term that is less than such maximum period. 
  

	7.04.	 Exercise 

Subject to the provisions of the Plan and the applicable Agreement, a SAR may be exercised in whole at any time or in part from time to time at
such times and in compliance with such requirements as the Committee shall determine in accordance with the Plan; provided, however, that a Corresponding SAR that is related to an incentive stock option may be exercised only to the extent
that the related Option is exercisable and only when the Fair Market Value 

  
 12 

 
exceeds the Option price of the related Option. A SAR granted under the Plan may be exercised with respect to any number of whole shares less than the full number for which the SAR could be
exercised. A partial exercise of a SAR shall not affect the right to exercise the SAR from time to time in accordance with the Plan and the applicable Agreement with respect to the remaining shares of Common Stock subject to the SAR. The exercise of
a Corresponding SAR shall result in the termination of the related Option to the extent of the number of shares of Common Stock with respect to which the SAR is exercised. 
  

	7.05.	 Settlement 

At the Committee’s discretion, the amount payable as a result of the exercise of a SAR may be settled in cash, Common Stock, or a
combination of cash and Common Stock. 
  

	7.06.	 Stockholder Rights 

No Participant shall have any rights as a stockholder with respect to shares of Common Stock subject to a SAR until the date that the SAR is
exercised and then only to the extent that the SAR is settled by the issuance of Common Stock. 
 ARTICLE VIII 

STOCK AWARDS 
  

	8.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom a Stock Award
(either in the form of Restricted Stock or unrestricted Common Stock) is to be made and will specify the number of shares of Restricted Stock or Common Stock covered by such Stock Award and the terms and conditions of such Stock Award. 

 

	8.02.	 Vesting 

The Committee, on the date of the Stock Award, may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or
otherwise restricted for a period of time or subject to such conditions as may be set forth in the Agreement in accordance with the Plan. By way of example and not of limitation, the Committee may prescribe that a Participant’s rights in a
Stock Award shall be forfeitable or otherwise restricted subject to continued employment or service, the attainment of performance objectives, including objectives stated with reference to one or more performance goals or objectives, or both. 

 

	8.03.	 Stockholder Rights 

Unless otherwise specified in accordance with the applicable Agreement, while the shares of Restricted Stock granted pursuant to the Stock
Award may be forfeited or are non-transferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right to receive dividends (in respect of which the Committee
may allow a Participant to elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of additional Awards under the Plan or
deferred without interest to the date of vesting of the associated Award of Restricted Stock, 

  
 13 

 
provided that any such election is intended to comply with Section 409A) and vote the shares of Common Stock; provided, however, that, unless otherwise specified in accordance with
the applicable Agreement, dividends payable on shares of Restricted Stock subject to a Stock Award that does not become non-forfeitable solely on the basis of continued employment or service shall be
accumulated and paid, without interest, when and to the extent that the underlying Stock Award becomes non-forfeitable; and provided further, that during the period that the Stock Award may be forfeited
or is non-transferable (i) a Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Restricted Stock granted pursuant to a Stock Award, (ii) the
Committee may postpone the distribution of dividends until and to the extent that the Stock Award becomes transferable and non-forfeitable, (iii) the Company shall retain custody of any certificates
representing shares of Restricted Stock granted pursuant to a Stock Award, and (iv) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock Award. The limitations set forth in the preceding
sentence shall not apply after the shares of Restricted Stock granted under the Stock Award are transferable and are no longer forfeitable. 

ARTICLE IX 
 RESTRICTED
STOCK UNITS 
  

	9.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom an award of
Restricted Stock Units is to be made and specify the number of Restricted Stock Units covered by such awards and the terms and conditions of such awards. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction
with the award of Restricted Stock Units. 
  

	9.02.	 Terms and Conditions 

The Committee, at the time an award of Restricted Stock Units is made, shall specify the terms and conditions which govern the award. The terms
and conditions of an award of Restricted Stock Units may prescribe that a Participant’s rights in the Restricted Stock Units shall be forfeitable, non-transferable or otherwise restricted for a period of
time, which may lapse at the expiration of the deferral period or at earlier specified times, or may be subject to such other conditions as may be determined by the Committee in accordance with the Plan, in its discretion and set forth in the
Agreement. By way of example and not of limitation, the Committee may prescribe that a Participant’s rights in an award of Restricted Stock Units shall be forfeitable or otherwise restricted subject to continued employment or service, the
attainment of performance objectives, including objectives stated with respect to one or more performance goals or objectives, or both. An award of Restricted Stock Units may be granted to Participants, either alone or in addition to other Awards
granted under the Plan, and an award of Restricted Stock Units may be granted in the settlement of other Awards granted under the Plan. 
  

	9.03.	 Payment or Settlement 

Settlement of an award of Restricted Stock Units shall occur upon expiration of the deferral period specified for each Restricted Stock Unit by
the Committee (or, if permitted by the Committee, as elected by the Participant). Restricted Stock Units shall be satisfied by the delivery 

  
 14 

 
of (a) a number of shares of Common Stock equal to the number of Restricted Stock Units vesting on such date or (b) an amount in cash equal to the Fair Market Value of a specified
number of shares of Common Stock covered by the vesting Restricted Stock Units, or a combination thereof, as determined by the Committee at the date of grant or thereafter. 
  

	9.04.	 Stockholder Rights 

A Participant, as a result of receiving an award of Restricted Stock Units, shall not have any rights as a stockholder until, and then only to
the extent that, the award of Restricted Stock Units is earned and settled in shares of Common Stock (to the extent applicable). 

ARTICLE X 
 OTHER
EQUITY–BASED AWARDS 
  

	10.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom an Other
Equity-Based Award is to be made and will specify the number of shares of Common Stock or other equity interests (including LTIP Units) covered by such awards and the terms and conditions of such awards; provided, however, that the grant of
LTIP Units must satisfy the requirements of the Operating Partnership Agreement as in effect on the Grant Date. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Other Equity-Based Award. 

 

	10.02.	 Terms and Conditions 

The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and
conditions of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable, non-transferable or otherwise restricted for a period of time or
subject to such other conditions as may be determined by the Committee in accordance with the Plan, in its discretion and set forth in the Agreement. By way of example and not of limitation, the Committee may prescribe that a Participant’s
rights in an Other Equity-Based Award shall be forfeitable or otherwise restricted subject to continued employment or service, the attainment of performance objectives, including objectives stated with respect to one or more performance goals or
objectives, or both. Other Equity-Based Awards may be granted to Participants, either alone or in addition to other Awards granted under the Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan.

  

	10.03.	 Payment or Settlement 

Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in
shares of Common Stock, cash or a combination of shares of Common Stock and cash, as determined by the Committee in its discretion; provided, however, that any Common Stock that is issued on account of the conversion of LTIP Units into Common
Stock shall not reduce the number of shares of Common Stock available for issuance under the Plan. Other Equity-Based Awards denominated as equity interests other than Common Stock may be paid or settled in shares or units of such equity interests
or cash or a combination of both as determined by the Committee in its discretion. 

  
 15 

	10.04.	 Stockholder Rights 

A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to the
extent that, the Other Equity-Based Award is earned and settled in shares of Common Stock. 
 ARTICLE XI 

INCENTIVE AWARDS 
  

	11.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom an Incentive Award
is to be made and will specify the terms and conditions of such award in accordance with the Plan. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Incentive Award. 

 

	11.02.	 Terms and Conditions 

The Committee, at the time an Incentive Award is made, shall specify the terms and conditions that govern the award. 

 

	11.03.	 Settlement 

An Incentive Award that is earned shall be settled with a single lump sum payment which may be in cash, Common Stock or a combination of cash
and Common Stock, as determined by the Committee. 
  

	11.04.	 Stockholder Rights 

No Participant shall, as a result of receiving an Incentive Award, have any rights as a stockholder until the date that the Incentive Award is
settled and then only to the extent that the Incentive Award is settled by the issuance of shares of Common Stock. 
 ARTICLE XII 

CASH AWARDS 
 The Committee
is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement to, or in lieu of any other Award under the Plan to Participant in such amounts and subject to such other terms as the Committee in its discretion
determines to be appropriate. 
 ARTICLE XIII 

SUBSTITUTE AWARDS 
 Awards
may be granted in substitution or exchange for any other Award granted under the Plan or under another plan of the Company or any other right of a Participant to receive payment 

  
 16 

 
from the Company. Awards may be also be granted under the Plan in substitution for similar awards held by individuals who become Participants as a result of a merger, consolidation or acquisition
of another entity or the assets of another entity by or with the Company or an Affiliate of the Company. Notwithstanding anything contained in the Plan to the contrary, such Substitute Awards referred to in the immediately preceding sentence that
are Options or SARs may have an exercise price that is less than the Fair Market Value of a Share of Common Stock on the date of the substitution if such substitution complies with Section 409A and other applicable laws and exchange rules.
Except as provided in this Article XIII or in Articles XIV or XVII hereof, the terms of outstanding Awards may not be amended to reduce the exercise price or grant price of outstanding Options or SARs or to cancel outstanding
Options and SARs in exchange for cash, other Awards or Options or SARs with an exercise price or grant price that is less than the exercise price or grant price of the original Options or SARs without the approval of the stockholders of the Company.

 ARTICLE XIV 

ADJUSTMENT UPON CHANGE IN COMMON STOCK 

The Aggregate Limit, the maximum number of shares Common Stock that may be issued under the Plan through incentive stock options, the
individual grant limitations of Section 5.04 and the terms of outstanding Awards granted under the Plan shall be adjusted as the Board determines is equitably required in the event that (i) the Company (a) effects
one or more nonreciprocal transactions between the Company and its stockholders such as a stock dividend, extra-ordinary cash dividend, stock split, subdivision or consolidation of shares of Common Stock that affects the number or kind of shares of
Common Stock (or other securities of the Company) or the Fair Market Value (or the value of other Company securities) and causes a change in the Fair Market Value of the shares of Common Stock subject to outstanding Awards or (b) engages in a
transaction to which Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the Board necessitates such action. Any determination made under this Article XIV by the Board shall be
nondiscretionary, final and conclusive. 
 The issuance by the Company of any class of Common Stock, or securities convertible into any
class of Common Stock, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of Common Stock or obligations of the Company convertible into such
Common Stock or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the Aggregate Limit, the maximum number of Common Stock that may be issued under the Plan through incentive stock options, the
individual grant limitations of Section 5.04 or the terms of outstanding Awards under the Plan. 
 The Committee
may make Awards under the Plan in substitution for performance shares, phantom shares, share awards, stock options, stock appreciation rights, or similar awards held by an individual who becomes an employee of the Company or an Affiliate of the
Company in connection with a transaction described in the first paragraph of this Article XIV. Notwithstanding any provision of the Plan, the terms of such substituted Awards granted under the Plan shall be as the
Committee, in its discretion, determines is appropriate. 

  
 17 

 ARTICLE XV 

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES 

No Option or SAR shall be exercisable, no shares of Common Stock shall be issued, no certificates for shares of Common Stock shall be
delivered, and no payment shall be made under the Plan except in compliance with all applicable federal, state and foreign laws and regulations (including, without limitation, withholding tax requirements), any listing agreement to which the Company
is a party, and the rules of all stock exchanges on which the Common Stock may be listed. The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any certificate issued to represent shares of Common Stock when an
Award is granted, settled or exercised may bear such legends and statements as the Committee may deem advisable to assure compliance with federal, state and foreign laws and regulations. No Award shall be granted, settled or exercised until the
Company has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters. 

ARTICLE XVI 
 GENERAL
PROVISIONS 
  

	16.01.	 General 

Awards granted under the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other
Award. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Article XVIII), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the
Committee shall determine. Without limiting the scope of the preceding sentence, the Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance goals applicable to an Award,
and any such performance goals may differ among Awards granted to any one Participant or to different Participants. Except as otherwise provided in an Agreement, the Committee may exercise its discretion to reduce or increase the amounts
payable under any Award. 
  

	16.02.	 Effect on Employment and Service; Employee Status 

Neither the adoption of the Plan, its operation, the grant of any Award, nor any documents describing or referring to the Plan (or any part
thereof), shall confer upon any individual or entity any right to continue in the employ or service of the Company or an Affiliate of the Company or in any way affect any right and power of the Company or an Affiliate of the Company to terminate the
employment or service of any individual or entity at any time with or without assigning a reason therefor. If the terms of any Award provide that (i) it may be earned or exercised, (ii) shares may become transferable and non-forfeitable thereunder, or (iii) payment will be made thereunder, in each case, only after completion of a specified period of employment or continuous service only during employment or continued service or
within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be
deemed interruptions of continuous employment or service. 

  
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	16.03.	 Unfunded Plan 

The Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any
time be represented by grants under the Plan. Any liability of the Company to any person with respect to any grant under the Plan shall be based solely upon any contractual obligations that may be created pursuant to the Plan. No such obligation of
the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
  

	16.04.	 Rules of Construction 

(a)    Headings are given to the articles and sections of the Plan solely as a convenience to facilitate reference. The
reference to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law. 

(b)    All Awards are intended to comply with, or otherwise be exempt from, Section 409A. The Plan and all Agreements
shall be administered, interpreted and construed in a manner consistent with that intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Agreement is not warranted or guaranteed. Neither the Company, its Affiliates
nor their respective directors or trustees, officers, employees or advisors (other than in his or her individual capacity as a Participant with respect to his or her individual liability for taxes, interest, penalties or other monetary amounts)
shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or any other taxpayer as a result of the Plan or any Agreement. If any provision of the Plan or any Agreement is found not to comply with, or
otherwise not be exempt from, the provisions of Section 409A, it may be modified and given effect, in the sole discretion of the Committee and without requiring the Participant’s consent, in such manner as the Committee determines to be
necessary or appropriate to comply with, or effectuate an exemption from, Section 409A. Each payment under an Award granted under the Plan shall be treated as a separate identified payment for purposes of Section 409A. 

(c)    If a payment obligation under an Award or an Agreement arises on account of the Participant’s termination of
employment and such payment obligation constitutes “deferred compensation” (as defined under Section 409A), it shall be payable only after the Participant’s “separation from service” (as defined under
Section 409A); provided, however, that if the Participant is a “specified employee” (as defined under Section 409A) then, subject to any permissible acceleration of payment by the Committee under Section 409A, any
such payment that is scheduled to be paid within six months after such separation from service shall accrue without interest and shall be paid on the first day of the seventh month beginning after the date of the Participant’s separation from
service or, if earlier, within fifteen days after the appointment of the personal representative or executor of the Participant’s estate following the Participant’s death. 

 

	16.05.	 Withholding Taxes 

Each Participant shall be responsible for satisfying any income, employment and other tax withholding obligations attributable to participation
in the Plan. Unless otherwise provided by the 

  
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Agreement, any such withholding tax obligations may be satisfied in cash (including from any cash payable in settlement of an Award) or a cash equivalent acceptable to the Committee. Except to
the extent prohibited by Section 409A, any statutory federal, state, district, city or foreign withholding tax obligations also may be satisfied (a) by surrendering to the Company shares of Common Stock previously acquired by the
Participant; (b) by authorizing the Company to withhold or reduce the number of shares of Common Stock otherwise issuable to the Participant upon the grant, vesting, settlement and/or exercise of an Award; or (c) by any other method as may
be approved by the Committee. If shares of Common Stock are used to pay all or part of such tax withholding obligation, the Fair Market Value of the shares of Common Stock surrendered, withheld or reduced shall be determined as of the date of
surrender, withholding or reduction and the maximum number of shares of Common Stock which may be withheld, surrendered or reduced shall be the number of shares of Common Stock which have a Fair Market Value on the date of surrender, withholding or
reduction equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized (and which may be limited to flat
rate withholding) without creating adverse accounting, tax or other consequences to the Company or any of its Affiliates, as determined by the Committee in its sole discretion. 

 

	16.06.	 Fractional Shares 

No fractional share of Common Stock shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine in its
sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional share of Common Stock or whether such fractional share of Common Stock or any rights thereto shall be canceled, terminated, or
otherwise eliminated with or without consideration. 
  

	16.07.	 REIT Status 

The Plan shall be interpreted and construed in a manner consistent with the Company’s intended status as a REIT. No Award shall be granted
or awarded, and with respect to any Award granted under the Plan, such Award shall not vest, be exercisable or be settled (i) to the extent that the grant, vesting, exercise or settlement could cause the Participant or any other person to be in
violation of the share ownership limit or any other limitation on ownership or transfer prescribed by the Company’s charter, or (ii) if, in the discretion of the Committee, the grant, vesting, exercise or settlement of the Award could
impair the Company’s status as a REIT once elected. 
  

	16.08.	 Governing Law 

All questions arising with respect to the provisions of the Plan and Awards shall be determined by application of the laws of the State of
Maryland, without giving effect to any conflict of law provisions thereof, except to the extent Maryland law is preempted by federal law. The obligation of the Company to sell and deliver shares of Common Stock hereunder is subject to applicable
federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such shares of Common Stock. 

  
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	16.09.	 Clawback 

The Plan is subject to any written clawback policies that the Company, with the approval of the Board, may adopt. Any such policy may subject a
Participant’s Awards and amounts paid or realized with respect to Awards under the Plan to reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including but not limited to an accounting
restatement due to the Company’s material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such clawback policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 and rules promulgated thereunder by the Securities and Exchange Commission and that the Company determines should apply to the Plan. 
  

	16.10.	 Nontransferability 

(a)    Except as provided in Sections 16.10(c) and (d), each Option and SAR shall be exercisable only by the
Participant during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this
Section 16.10, an incentive stock option shall not be transferable other than by will or the laws of descent and distribution 

(b)    Except as provided in Sections 16.10(a), (c) and (d), no Award, other than a Stock Award (in
the form of unrestricted Common Stock), and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment,
sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate. 
 (c)    To the
extent specifically provided by the Committee, an Award may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the
Committee may from time to time establish. 
 (d)    An Award may be transferred pursuant to a domestic relations order
entered or approved by a court of competent jurisdiction upon delivery to the Company of a written request for such transfer and a certified copy of such order. 

  
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 ARTICLE XVII 

CHANGE IN CONTROL 
  

	17.01.	 Impact of Change in Control 

In the event of a Change in Control, the Committee is authorized, in its discretion, to cause (a) all outstanding Options and SARs to
become fully vested and exercisable immediately prior to such Change in Control and (b) all other outstanding Awards to become earned and non-forfeitable in their entirety upon such Change in Control.

  

	17.02.	 Assumption Upon Change in Control 

In the event of a Change in Control, the Committee, in its discretion and without the need for a Participant’s consent, may provide that
an outstanding Award shall be assumed by, or a substitute award shall be granted by the surviving entity resulting from a transaction described in Section 1.07 (including, if applicable, the ultimate parent entity that
directly or indirectly has beneficial ownership of sufficient voting securities to elect a majority of the members of the board of directors (or analogous governing body) of such entity). The assumed or substituted award shall have a value, as of
the Control Change Date, that is substantially equal to the value of the original Award as of such date as the Committee determines is equitably required, and the assumed or substituted award shall have such other terms and conditions as may be
prescribed by the Committee. 
  

	17.03.	 Cash-Out Upon Change in Control 

If an Award is not assumed or replaced with a substitute award in accordance with Section 17.02, upon a Change in
Control, the Committee, in its discretion and without the need of a Participant’s consent, may provide that each Award shall be cancelled in exchange for a payment. The payment may be in cash, shares of Common Stock or other securities or
consideration received by stockholders in the Change in Control transaction. The amount of the payment shall be an amount that is substantially equal to (a) if the Award is denominated or to be settled in cash, the entire amount that can be
paid under the Award (which, with respect to an award subject to performance conditions, shall be the lesser of the target performance or actual performance determined at the time of the Change in Control) or (b) (i) the amount by which the
price per share received by stockholders in the Change in Control for each share of Common Stock exceeds the Option price or Initial Value in the case of an Option and SAR, or (ii) for each share of Common Stock subject to an Award denominated
in Common Stock or valued in reference to Common Stock, the price per share received by stockholders or (iii) for each other Award denominated in other securities or property, the value of such other securities or property, in each case as
determined by the Committee. If the Option price or Initial Value exceeds the price per share received by stockholders in the Change in Control transaction, the Option or SAR may be cancelled under this Section 17.03
without any payment to the Participant. 
  

	17.04.	 Limitation of Benefits 

(a)    The benefits that a Participant may be entitled to receive under the Plan and other benefits that a Participant is
entitled to receive under other plans, agreements and arrangements (which, together with the benefits provided under the Plan, are referred to as “Payments”), may 

  
 22 

 
constitute Parachute Payments that are subject to Sections 280G and 4999 of the Code. As provided in this Section 17.04, the Parachute Payments will be reduced pursuant
to this Section 17.04 if, and only to the extent that, a reduction will allow a Participant to receive a greater Net After Tax Amount than a Participant would receive absent a reduction. 

(b)    The Accounting Firm will first determine the amount of any Parachute Payments that are payable to a Participant.
The Accounting Firm also will determine the Net After Tax Amount attributable to the Participant’s total Parachute Payments. 

(c)    The Accounting Firm will next determine the largest amount of Payments that may be made to the Participant without
subjecting the Participant to tax under Section 4999 of the Code (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount attributable to the Capped Payments. 

(d)    The Participant will receive the total Parachute Payments or the Capped Payments, whichever provides the
Participant with the higher Net After Tax Amount. If the Participant will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any benefits under the Plan or any other plan, agreement or
arrangement that are not subject to Section 409A (with the source of the reduction to be directed by the Participant) and then by reducing the amount of any benefits under the Plan or any other plan, agreement or arrangement that are subject to
Section 409A (with the source of the reduction to be directed by the Participant) in a manner that results in the best economic benefit to the Participant (or, to the extent economically equivalent, in a pro rata manner). The Accounting Firm
will notify the Participant and the Company if it determines that the Parachute Payments must be reduced to the Capped Payments and will send the Participant and the Company a copy of its detailed calculations supporting that determination. 

(e)    As a result of the uncertainty in the application of Sections 280G and 4999 of the Code at the time that the
Accounting Firm makes its determinations under this Section 17.04, it is possible that amounts will have been paid or distributed to the Participant that should not have been paid or distributed under this
Section 17.04 (“Overpayments”), or that additional amounts should be paid or distributed to the Participant under this Section 17.04 (“Underpayments”). If the
Accounting Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service against the Company or the Participant, which assertion the Accounting Firm believes has a high probability of success or controlling precedent
or substantial authority, that an Overpayment has been made, the Participant must repay the Overpayment to the Company, without interest; provided, however, that no amount will be payable by the Participant to the Company unless, and then
only to the extent that, the repayment would either reduce the amount on which the Participant is subject to tax under Section 4999 of the Code or generate a refund of tax imposed under Section 4999 of the Code. If the Accounting Firm
determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the Participant and the Company of that determination and the amount of that Underpayment will be paid, without
interest, to the Participant promptly by the Company. 
 (f)    This Section 17.04 shall not
limit or otherwise supersede the provisions of any other agreement between, on the one hand, the Company, the Manager or any of their respective Affiliates, and, on the other hand, a Participant, which specifically provides for the different
treatment of Payments that are subject to Sections 280G and 4999 of the Code, including any such agreement which provides that the Participant cannot receive Payments in excess of the Capped Payments. 

  
 23 

 ARTICLE XVIII 

AMENDMENT 
 The Board may
amend or terminate the Plan at any time; provided, however, that no amendment may adversely impair the rights of Participants with respect to outstanding Awards; provided, however, any adjustments made pursuant to Article XIII,
XIV or XVII will not be deemed to adversely impair the rights of Participants with respect to outstanding Awards. In addition, an amendment will be contingent on approval of the Company’s stockholders if such approval is required
by law or the rules of any exchange on which the shares of Common Stock are listed or if the amendment would materially increase the benefits accruing to Participants under the Plan, materially increase the aggregate number of shares of Common Stock
that may be issued under the Plan (except as provided in Article XIV) or materially modify the requirements as to eligibility for participation in the Plan. For the avoidance of doubt, the Board may not (except pursuant to Article
XIII, XIV or XVII) without the approval of stockholders, (a) reduce the Option price per share of an outstanding Option or the Initial Value of an outstanding SAR, (b) make a payment to cancel an outstanding Option or SAR
when the Option price or Initial Value, as applicable, exceeds the Fair Market Value or (c) take any other action with respect to an outstanding Option or SAR that may be treated as a repricing of the Award under the rules and regulations of
the principal securities exchange on which the shares of Common Stock are listed for trading. 
 ARTICLE XIX 

EFFECTIVENESS AND DURATION OF PLAN 

Awards may be granted under the Plan on and after the Effective Date. No Award may be granted under the Plan on and after the tenth
anniversary of the Effective Date. Awards granted before such date shall remain valid in accordance with their terms. 

  
 24

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