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Unassociated Document

    
 

    

    
      
        
          
            
              	
                      Carter
      Validus Mission Critical REIT, Inc.

                      2010
      Restricted Share
Plan

                    

            

          

        

      

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    CARTER
VALIDUS MISSION CRITICAL REIT, INC.

    2010
RESTRICTED SHARE PLAN

     

    
      	
              1

            	
              Purpose

            

    

     

    The
purpose of this Plan is to promote the interests of the Company by providing the
opportunity to purchase or receive Shares or to receive compensation that is
based upon appreciation in the value of Shares to Eligible Recipients in order
to attract and retain Eligible Recipients and providing Eligible Recipients an
incentive to work to increase the value of Shares and a stake in the future of
the Company that corresponds to the stake of each of the Company's
stockholders.  The Plan provides for the grant of Restricted Stock
Awards and Deferred Stock Awards to aid the Company in obtaining these
goals.

     

    
      	
              2

            	
              Definitions

            

    

     

    Each term
set forth in this Section shall have the meaning set forth opposite such term
for purposes of this Plan and any Stock Incentive Agreements under this Plan
(unless noted otherwise), and for purposes of such definitions, the singular
shall include the plural and the plural shall include the singular, and
reference to one gender shall include the other gender.  Note that
some definitions may not be used in this Plan, and may be inserted here solely
for possible use in Stock Incentive Agreements issued under this
Plan.

     

    2.1           Board
means the Board of Directors of the Company.

     

    2.2           Affiliate
means, with respect to a Person:

     

    (a)    any
other Person directly or indirectly owning, controlling or holding, with power
to vote, 10% or more of the outstanding voting securities of such
Person,

     

    (b)    any
other Person, 10% or more of whose outstanding voting securities are directly or
indirectly owned, controlled or held, with power to vote, by such
Person,

     

    (c)    any
other Person, directly or indirectly controlling, controlled by or under common
control with such Person,

     

    (d)    any
executive officer, director, trustee or general partner of such Person,
and

     

    (e)    any
legal entity for which such Person acts as an executive officer, director,
trustee or general partner.

     

    With
respect to the Company, an Affiliate shall include, but not be limited to,
Carter/Validus REIT Investment Management, LLC, Carter/Validus Operating
Partnership, LP, Carter Management Services, LLC, Carter/Validus Advisors, LLC,
Strategic Capital Companies, LLC, and SC Distributors, LLC.

     

    2.3           Business
means the business of investing in income-producing commercial real estate in
the medical, data center and educational sectors.

     

    2.4           Cause
shall mean an act or acts by an Eligible Recipient involving (a) the use for
profit or disclosure to unauthorized persons of confidential information or
trade secrets of the Company or an Affiliate, (b) the breach of any contract
with the Company or an Affiliate, (c) the violation of any fiduciary obligation
to the Company or an Affiliate, (d) the unlawful trading in the securities of
the Company or an Affiliate, or of another corporation based on information
gained as a result of the performance of services for the Company or an
Affiliate, (e) a felony conviction or the failure to contest prosecution of a
felony, or (f) willful misconduct, dishonesty, embezzlement, fraud, deceit or
civil rights violations, or other unlawful acts.

     

    2.5           Change of
Control means either of the following:

     

    (a)    any
transaction or series of transactions pursuant to which the Company sells,
transfers, leases, exchanges or disposes of substantially all (i.e., at least eighty-five
percent (85%)) of its assets for cash or property, or for a combination of cash
and property, or for other consideration; or

     

    (b)    any
transaction pursuant to which persons who are not current stockholders of the
Company acquire by merger, consolidation, reorganization, division or other
business combination or transaction, or by a purchase of an interest in the
Company, an interest in the Company so that after such transaction, the
stockholders of the Company immediately prior to such transaction no longer have
a controlling (i.e.,
50% or more) voting interest in the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    However,
notwithstanding the foregoing, in no event shall an Initial Public Offering of
the Company’s Common Stock constitute a Change of Control.

     

    2.6           Code means
the Internal Revenue Code of 1986, as amended.

     

    2.7           Committee
means any committee appointed by the Board to administer the Plan, as specified
in Section 5 hereof.  Any such committee shall be comprised entirely
of Directors.

     

    2.8           Company
means Carter Validus Mission Critical REIT, Inc., a Maryland corporation, and
any successor to such organization.

     

    2.9           Common
Stock means the common stock of the Company.

     

    2.10         Confidential
Information means (a) information of the Company, to the extent not
considered a Trade Secret under applicable law, that (i) relates to the business
of the Company, (ii) possesses an element of value to the Company, (iii) is not
generally known to the Company's competitors, and (iv) would damage the Company
if disclosed, and (b) information of any third party provided to the Company
which the Company is obligated to treat as confidential, including, but not
limited to, information provided to the Company by its licensors, suppliers,
Customers, or Prospective Customers.  Confidential Information
includes, but is not limited to, (i) future business plans, (ii) the
composition, description, schematic or design of products, future products or
equipment of the Company or any third party, (iii) communication systems, audio
systems, system designs and related documentation, (iv) advertising or marketing
plans, (v) information regarding independent contractors, employees, clients,
licensors, suppliers, Customers, Prospective Customers, or any third party,
including, but not limited to, Customer lists and Prospective Customer lists
compiled by the Company, and Customer and Prospective Customer information
compiled by the Company, and (vi) information concerning the
Company's  or a third party’s financial structure and methods and
procedures of operation.  Confidential Information shall not include
any information that (i) is or becomes generally available to the public other
than as a result of an unauthorized disclosure, (ii) has been independently
developed and disclosed by others without violating the legal rights of any
party, or (iii) otherwise enters the public domain through lawful
means.

     

    2.11         Contact
means, with respect to a Participant, any interaction between such Participant
and a Customer or Prospective Customer which takes place in an effort to
establish, maintain, and/or further a business relationship on behalf of the
Company.

     

    2.12         Continuous
Service means the absence of any interruption or termination of service
as an Employee or Key Person.  Continuous Service shall not be
considered interrupted in the case of (i) sick leave; (ii) military leave; (iii)
any other leave of absence as approved by the Board or the chief executive
officer of the Company provided that such leave is for a period of not more than
ninety (90) days, unless reemployment upon the expiration of such leave is
guaranteed by contract or statute, or unless provided otherwise pursuant to
Company policy adopted from time to time; or (iv) transfers between locations of
the Company or between Company or an Affiliate, or any successors to such
organization.  However, notwithstanding anything in the foregoing to
the contrary, the Board shall have complete and absolute discretion to determine
whether an Employee or Key Person is in the Continuous Service of the Company or
an Affiliate at any time.

     

    2.13         Customer
means any person or entity to whom the Company has sold its products or
services.

     

    2.14         Director
means a member of the Board.

     

    2.15         Effective
Date means the “Effective Date” as set forth in Section 4 of this
Plan.

     

    2.16         Eligible
Recipient means an Employee and/or a Key Person.

     

    2.17         Employee
means a common law employee of the Company or an Affiliate.

     

    2.18         ERISA
means the Employee Retirement Income Security Act of 1974, as
amended.

     

    2.19         Exchange
Act means the Securities Exchange Act of 1934, as amended.

     

    2.20         Fair Market
Value of each Share on any date means the price determined below as of
the close of business on such date (provided, however, if for any
reason, the Fair Market Value per share cannot be ascertained or is unavailable
for such date, the Fair Market Value per share shall be determined as of the
nearest preceding date on which such Fair Market Value can be
ascertained):

     

    

    Carter
Validus Mission Critical REIT, Inc. 2010 Restricted Share Plan

    Page 2 of
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    (a)    If the
Share is listed or traded on any established stock exchange or a national market
system, including without limitation the National Market of the National
Association of Securities Dealers, Inc. Automated Quotation ("NASDAQ") System,
its Fair Market Value shall be the closing sale price for the Share (or the mean
of the closing bid and ask prices, if no sales were reported), on such exchange
or system on the date of such determination or, if the stock exchange or
national market on which the Shares trade is not open on the date of
determination, the last business day prior to the date of determination, as
reported in The Wall Street Journal or such other source as the Board deems
reliable; or

     

    (b)    If the
Share is not listed or traded on any established stock exchange or a national
market system, its Fair Market Value shall be the average of the closing dealer
"bid" and "ask" prices of a Share as reflected on the NASDAQ interdealer
quotation system of the National Association of Securities Dealers, Inc. on the
date of such determination; or

     

    (c)    In the
absence of an established public trading market for the Share, the Fair Market
Value of a Share shall be determined in good faith by the Board.

     

    2.21         Forfeiture
Activities means, with respect to a Participant, any of the
following:

     

    (a)    Trade Secrets & Confidential
Information.  Such Participant (i) uses, discloses, or reverse
engineers the Trade Secrets or the Confidential Information for any purpose
other than the Company's Business, except as authorized in writing by the
Company; (ii) during the Participant’s employment with the Company, uses,
discloses, or reverse engineers (a) any confidential information or trade
secrets of any former employer or third party, or (b) any works of authorship
developed in whole or in part by the Participant during any former employment or
for any other party, unless authorized in writing by the former employer or
third party; or (iii) after the Participant’s cessation of services for the
Company, (a) retains Trade Secrets or Confidential Information, including any
copies existing in any form (including electronic form), which are in
Participant’s possession or control, or (b) destroys, deletes, or alters the
Trade Secrets or Confidential Information without the Company’s prior written
consent.  The Forfeiture Activities under this subsection (a) shall:
(i) with regard to the Trade Secrets, remain in effect and be applicable as long
as the information constitutes a Trade Secret under applicable law, and (ii)
with regard to the Confidential Information, remain in effect and be applicable
during the Forfeiture Period.

     

    (b)    Solicitation of
Customers.  During the Forfeiture Period of such Participant,
the Participant directly or indirectly solicits any Customer of the Company for
the purpose of selling or providing any products or services competitive with
the Business, provided that such Participant had Contact with such Customer
during the period in which the Participant was employed by or performed services
for the Company.  Nothing in this subsection (b) shall be construed to
include any Customer of the Company (i) to which such Participant never sold or
provided any products or services while employed by or providing services to the
Company, (ii) that explicitly severed its business relationship with the Company
unless such Participant, directly or indirectly, caused or encouraged the
Customer to sever the relationship, or (iii) to which Participant is selling or
providing products or services the Company no longer offers.

     

    (c)    Solicitation of Prospective
Customers.  During the Forfeiture Period of such Participant,
the Participant, directly or indirectly, solicits any Prospective Customer of
the Company for the purpose of selling or providing any products or services
competitive with the Business, provided that such Participant had Contact with
such Prospective Customer during the last year of the period in which
Participant was employed by or performed services for the Company (or during
such period if employed or providing services for less than a
year).  Nothing in this subsection (c) shall be construed to include
Prospective Customers of the Company to which Participant is selling or
providing any products or services which the Company no longer
offers.

     

    (d)    Solicitation of Forfeiture Period
Employees.  During the Forfeiture Period of such Participant,
the Participant, directly or indirectly, solicits, recruits or induces any
Forfeiture Period Employee to (a) terminate his employment or service
relationship with the Company or (b) work for any other person or entity engaged
in the Business.  This subsection (d) shall only apply to Forfeiture
Period Employees (i) with whom such Participant had Material Interaction, or
(ii) such Participant, directly or indirectly, supervised.

     

    (e)    Non-Disparagement.  During
the Forfeiture Period of such Participant, the Participant makes any disparaging
or defamatory statements, whether written or oral, regarding the
Company.  This shall not preclude the Participant from responding
truthfully to questions or requests for information to the government, a
regulator or in a court of law in connection with a legal or regulatory
investigation or proceeding.

     

    Carter
Validus Mission Critical REIT, Inc. 2010 Restricted Share Plan

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    2.22         Forfeiture
Period means, with respect to a Participant, the time period during which
such Participant is employed with, or is performing services for, the Company,
and for a period of two (2) years thereafter.

     

    2.23         Forfeiture Period
Employee means any person who (a) is employed by or providing services to
the Company at the time Participant ceases to perform services for the Company,
or (b) was employed by or providing services to the Company during the last year
in which Participant performed services for the Company (or during the period in
which the Participant performed services for the Company if the Participant
performed services for the Company for less than a year).

     

    2.24         Good
Reason shall exist if (i) the Company, without the consent of a
Participant who is performing services for the Company, materially (a)
diminishes such Participant’s base compensation, (b) diminishes such
Participant’s authority, duties or responsibilities, (c) changes the geographic
location at which such Participant must perform the services, or (d) breaches,
whether by action or inaction, the agreement under which such Participant
provides services; (ii) such Participant provides written notice to the Company
of the existence of such condition described in subsection (i) of this paragraph
within thirty (30) days of the initial existence of such condition and provides
the Company with thirty (30) days to remedy such condition (the “Cure Period”);
(iii) the Company fails to remedy such condition within the Cure Period; and
(iv) Participant elects to resign within thirty (30) days of the expiration of
the Cure Period.

     

    2.25         Incumbent
Directors means the individuals who, at the Effective Date, constitute
the Board, and any person becoming a Director after the Effective Date and whose
election or nomination for election was approved by a vote of at least a
majority of the Incumbent Directors then on the Board (either by a specific vote
or by approval of the proxy statement of the Company in which such person is
named as a nominee for Director, without written objection to such nomination);
provided, however, that
no individual initially elected or nominated as a Director of the Company as a
result of an actual or threatened election contest (as described in Rule 14a-11
under the 1934 Act (“Election Contest”) or other actual or threatened
solicitation of proxies or consents by or on behalf of any “person” (as such
term is defined in Section 3(a)(9) of the 1934 Act and as used in Section
13(d)(3) and 14(d)(2) of the 1934 Act) other than the Board (“Proxy Contest”),
including by reason of any agreement intended to avoid or settle any Election
Contest or Proxy Contest, shall be deemed an Incumbent Director; and provided further, that,
subject to the provisions of this Section, no person shall be deemed to be an
Incumbent Director until such time as he or she takes office as a Director of
the Company.

     

    2.26         Independent
Director means a Director who is not on the date of determination, and
within the last two (2) years from the date of determination has not been,
directly or indirectly associated with the “Sponsor” (as that term is defined in
the Company’s Charter, as amended) or the “Advisor” (as that term is defined in
the Company’s Charter, as amended) by virtue of (a) ownership of an interest in
the Sponsor, the Advisor or any of their Affiliates, (b) employment by the
Sponsor, the Advisor or any of their Affiliates, (c) services as an officer or
director of the Sponsor, the Advisor or any of their Affiliates, (d) performance
of services, other than as a Director, for the Company, (e) services as a
director or trustee of more than three REITs organized by the Sponsor or advised
by the Advisor or (f) maintenance of a material business or professional
relationship with the Sponsor, the Advisor or any of their
Affiliates.  For this purpose, a business or professional relationship
is considered “material” if the aggregate gross revenue derived by the Director
from the Sponsor, the Advisor and their Affiliates exceeds five percent (5%) of
either the Director’s annual gross income, derived from all sources, during
either of the last two (2) years or the Director’s net worth on a fair market
value basis.  An indirect association with the Sponsor or the Advisor
shall include circumstances in which a Director’s spouse, parent, child,
sibling, mother-in-law, father-in-law, son-in-law, or daughter-in-law, or
brother-in-law or sister-in-law is or has been associated with the Sponsor, the
Advisor, any of their Affiliates or the Company.

     

    2.27         Initial Public
Offering means the closing of the Company’s initial public offering of
any class or series of the Company’s equity securities pursuant to an effective
registration statement filed by the Company under the 1933 Act.

     

    2.28         Insider
means an individual who is, on the relevant date, an officer, director or ten
percent (10%) beneficial owner of any class of the Company’s equity securities
that is registered pursuant to Section 12 of the Exchange Act, all as defined
under Section 16 of the Exchange Act.

     

    Carter
Validus Mission Critical REIT, Inc. 2010 Restricted Share Plan

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    2.29         Key Person
means (a) a member of the Board or a member of management of an Affiliate who is
not an Employee, or (b) a consultant or advisor of the Company or an Affiliate;
provided, however, that
such consultant or advisor must be a natural person who is providing or will be
providing bona fide
services to the Company or an Affiliate, with such services (i) not being in
connection with the offer or sale of securities in a capital-raising
transaction, and (ii) not directly or indirectly promoting or maintaining a
market for securities of the Company or an Affiliate, within the meaning of the
general instructions to SEC Form S-8.

     

    2.30         Material
Interaction means, with respect to a Participant, any interaction between
such Participant and a Forfeiture Period Employee which relates or related,
directly or indirectly, to the performance of such Participant's duties or the
Forfeiture Period Employee’s duties for the Company.

     

    2.31         Outside
Director means a Director who is not an Employee and who qualifies as (a)
a “non-employee director” under Rule 16b-3(b)(3) under the 1934 Act, as amended
from time to time, and (b) an “outside director” under Code §162(m) and the
regulations promulgated thereunder.

     

    2.32         Participant
means an individual who receives a Stock Incentive hereunder.

     

    2.33         Performance-Based
Exception means the performance-based exception from the tax
deductibility limitations of Code §162(m).

     

    2.34         Person
means any individual, partnership, corporation, association, trust,
limited liability company or other legal entity.

     

    2.35         Plan means
the Carter Validus Mission Critical REIT, Inc. 2010 Restricted Share Plan, as
may be amended from time to time.

     

    2.36         Prospective
Customer means any person or
entity to which the Company has solicited to sell its products or
services.

     

    2.37         Restricted Stock
Award means an award of Shares granted to a Participant under this Plan
whereby the Participant has immediate rights of ownership in the Shares
underlying the award, but such Shares are subject to restrictions in accordance
with the terms and provisions of this Plan and the Stock Incentive Agreement
pertaining to the award and may be subject to forfeiture by the Participant
until the earlier of (a) the time such restrictions lapse or are satisfied, or
(b) the time such shares are forfeited, pursuant to the terms and provisions of
the Stock Incentive Agreement pertaining to the award.

     

    2.38         Deferred Stock
Award means a contractual right granted to a Participant under this Plan
to receive a Share that is subject to restrictions of this Plan and the
applicable Stock Incentive Agreement.

     

    2.39         Share
means a share of the Common Stock of the Company.

     

    2.40         Stock
Incentive means a Restricted Stock Award or a Deferred Stock
Award.

     

    2.41         Stock Incentive
Agreement means an agreement between the Company, and a Participant
evidencing an award of a Stock Incentive.

     

    2.42         Trade
Secrets means information of the Company, and its licensors, suppliers,
clients and customers, without regard to form, including, but not limited to,
technical or non-technical data, a formula, a pattern, a compilation, a program,
a device, a method, a technique, a drawing, a process, financial data, financial
plans, product plans, a list of actual Customers, clients, licensors, or
suppliers, or a list of Prospective Customers, clients, licensors, or suppliers
which is not commonly known by or available to the public and which information
(i) derives economic value, actual or potential, from not being generally known
to, and not being readily ascertainable by proper means by, other persons who
can obtain economic value from its disclosure or use, and (ii) is the subject of
efforts that are reasonable under the circumstances to maintain its
secrecy.

     

    
      	
              3

            	
              Shares
      Subject to Stock Incentives

            

    

     

     3.1      Maximum Aggregate
Shares Issuable Pursuant to Stock Incentives.  The total number
of Shares that may be issued pursuant to Stock Incentives under this Plan shall
not exceed the sum of One Hundred Fifty Thousand (150,000), as adjusted pursuant
to Section 10.  Such Shares shall be reserved, to the extent that the
Company deems appropriate, from authorized but unissued Shares, from Shares
which have been reacquired by the Company, from Shares paid to the Company
pursuant to the exercise of Stock Incentives issued under the Plan, or from
Shares withheld by the Company for payment of taxes.

     

    Carter
Validus Mission Critical REIT, Inc. 2010 Restricted Share Plan

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    3.2           Determination of
Maximum Aggregate Shares Issuable.  Any Shares subject to a
Stock Incentive that remain un-issued after the cancellation, expiration, lapse
or exchange of such Stock Incentive thereafter shall again become available for
use under this Plan.

     

    3.3           Code §162(m)
Participant Limitation.  Notwithstanding anything herein to the
contrary, no Participant may be granted Stock Incentives covering an aggregate
number of Shares in excess of One Hundred Thousand (100,000) in any calendar
year, and any Shares subject to a Stock Incentive which again become available
for use under this Plan after the cancellation, expiration or exchange of such
Stock Incentive thereafter shall continue to be counted in applying this
calendar year Participant limitation.

     

    
      	
              4

            	
              Effective
      Date

            

    

     

    The
Effective Date of this Plan shall be the date it is adopted by the Board, or
such delayed effective date as the Board may specify, as noted in resolutions
effectuating such adoption.  This Plan shall be subject to the
approval of the stockholders of the Company within twelve (12) months after the
date on which this Plan is adopted by the Board, disregarding any contingencies
or delayed effective date relative to such adoption.  In the event
that stockholder approval of this Plan is not obtained, or in the event that
this Plan is not subjected to the approval of the stockholders, then any Stock
Incentives granted under this Plan shall nonetheless be deemed granted pursuant
to the authority of the Board; provided, however, should
this Plan be rejected by the stockholders after being submitted to the
stockholders for their approval, the Plan shall immediately terminate at that
time, and no further grants shall be made under this Plan
thereafter.  In addition, in the event that stockholder approval of
this Plan is not obtained, any Stock Incentives intended to meet the
performance-based compensation exception of Code §162(m)(4)(C) may not meet such
exception.

     

    
      	
              5

            	
              Administration

            

    

     

    5.1           General
Administration.  This Plan shall be administered by the
Board.  The Board, acting in its complete and absolute discretion,
shall exercise all such powers and take all such action as it deems necessary or
desirable to carry out the purposes of this Plan.  The Board shall
have the power to interpret this Plan and, subject to the terms and provisions
of this Plan, to take such other action in the administration and operation of
the Plan as it deems equitable under the circumstances.  The Board's
actions shall be binding on the Company, on each affected Eligible Recipient,
and on each other person directly or indirectly affected by such
actions.

     

    5.2           Authority of the
Board.  Except as limited by law or by the Articles of
Incorporation or Bylaws of the Company, and subject to the provisions herein,
the Board shall have full power to select Eligible Recipients who shall
participate in the Plan, to determine the sizes and types of Stock Incentives in
a manner consistent with the Plan, to determine the terms and conditions of
Stock Incentives in a manner consistent with the Plan, to construe and interpret
the Plan and any agreement or instrument entered into under the Plan, to
establish, amend or waive rules and regulations for the Plan’s administration,
and to amend the terms and conditions of any outstanding Stock Incentives as
allowed under the Plan and such Stock Incentives.  Further, the Board
may make all other determinations that may be necessary or advisable for the
administration of the Plan.

     

    5.3           Delegation of
Authority.  The Board may delegate its authority under the
Plan, in whole or in part, to a Committee appointed by the Board consisting of
not less than one (1) Director or to one or more other persons to whom the
powers of the Board hereunder may be delegated in accordance with applicable
law.  The members of the Committee and any other persons to whom
authority has been delegated shall be appointed from time to time by, and shall
serve at the discretion of, the Board.  The Committee or other
delegate (if appointed) shall act according to the policies and procedures set
forth in the Plan and to those policies and procedures established by the Board,
and the Committee or other delegate shall have such powers and responsibilities
as are set forth by the Board.  Reference to the Board in this Plan
shall specifically include reference to the Committee or other delegate where
the Board has delegated its authority to the Committee or other delegate, and
any action by the Committee or other delegate pursuant to a delegation of
authority by the Board shall be deemed an action by the Board under the
Plan.  Notwithstanding the above, the Board may assume the powers and
responsibilities granted to the Committee or other delegate at any time, in
whole or in part.  With respect to Committee appointments and
composition, only a Committee (or a subcommittee thereof) comprised solely of
two (2) or more Outside Directors may grant Stock Incentives that will meet the
Performance-Based Exception, and only a Committee comprised solely of Outside
Directors may grant Stock Incentives to Insiders that will be exempt from
Section 16(b) of the Exchange Act.

     

    Carter
Validus Mission Critical REIT, Inc. 2010 Restricted Share Plan

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    5.4           Decisions
Binding.  All determinations and decisions made by the Board
(or its delegate) pursuant to the provisions of this Plan and all related orders
and resolutions of the Board shall be final, conclusive and binding on all
persons, including the Company, its stockholders, Directors, Eligible
Recipients, Participants, and their estates and beneficiaries.

     

    5.5           Indemnification
for Decisions. No member of the Board
or the Committee (or a subcommittee thereof) shall be liable in connection with
or by reason of any act or omission performed or omitted to be performed on
behalf of the Company in such capacity, provided, that the Board has
determined, in good faith, that the course of conduct that caused the loss or
liability was in the best interests of the Company.  Service on the
Committee (or a subcommittee thereof) shall constitute service as a Director of
the Company so that the members of the Committee (or a subcommittee thereof)
shall be entitled to indemnification and reimbursement as Directors of the
Company pursuant to its articles of incorporation, bylaws and applicable
law.  In addition, the members of the Board, Committee (or a
subcommittee thereof) shall be indemnified by the Company against the following
losses or liabilities reasonably incurred in connection with or by reason of any
act or omission performed or omitted to be performed on behalf of the Company in
such capacity, provided, that the Board has determined, in good faith, that the
course of conduct which caused the loss or liability was in the best interests
of the Company:  (a) the reasonable expenses, including attorneys’
fees actually and necessarily incurred in connection with the defense of any
action, suit or proceeding, to which they or any of them may be a party by
reason of any action taken or failure to act under or in connection with the
Plan, any Stock Incentive granted hereunder, and (b) against all amounts paid by
them in settlement thereof (provided such settlement is approved by independent
legal counsel selected by the Company) or paid by them in satisfaction of a
judgment in any such action, suit or proceeding, except in relation to matters
as to which it shall be adjudged in such action, suit or proceeding that such
individual is liable for gross negligence or misconduct in the performance of
his duties, provided
that within sixty (60) days after institution of any such action, suit or
proceeding a Committee member or delegatee shall in writing offer the Company
the opportunity, at its own expense, to handle and defend the
same.  The Company shall not indemnify or hold harmless the member of
the Board or the Committee (or a subcommittee thereof) if: (a) in the case of a
Director (other than an independent Director of the Company), the loss or
liability was the result of negligence or misconduct by the Director, or (b) in
the case that the Director is an independent Director of the Company, the loss
or liability was the result of gross negligence or willful misconduct by the
Director.  Any indemnification of expenses or agreement to hold
harmless may be paid only out of the net assets of the Company, and no portion
may be recoverable from the stockholders of the Company.

     

    5.6           Majority
Rule.  A majority of the members of the Board (or its delegate)
shall constitute a quorum, and any action taken by a majority at a meeting at
which a quorum is present, or any action taken without a meeting evidenced by a
writing executed by all the members of the Board (or its delegate), shall
constitute action of the Board.

     

    
      	
              6

            	
              Eligibility

            

    

     

    6.1           General Eligibility for
Awards.  Eligible Recipients selected by the Board shall be
eligible for the grant of Stock Incentives under this Plan, but no Eligible
Recipient shall have the right to be granted a Stock Incentive under this Plan
merely as a result of his or her status as an Eligible Recipient.

     

    6.2           Automatic Restricted Share Awards to
Independent Directors.  As of the date of each annual
stockholders’ meeting, each Independent Director determined as of such date
shall be granted a Restricted Stock Award of Three Thousand (3,000) shares
subject to the provisions of Section 7.2 herein.  Restricted Stock
Awards granted under this Section 6.2 shall contain such terms and provisions as
the Board may determine; provided, however, recipients
of such Restricted Stock Awards shall become vested in the Shares subject to
such award at the rate of twenty-five percent (25%) as of each anniversary of
the date of grant of such Shares if the recipient is still an Independent
Director or performing services for the Company or an Affiliate as of such
date.

     

    
      	
              7

            	
              Terms
      of Stock Incentives

            

    

     

    7.1           Terms & Conditions of All Stock
Incentives.

     

    (a)    Grants of Stock
Incentives.  The Board, in its complete and absolute
discretion, shall grant Stock Incentives under this Plan from time to time and
shall have the right to grant new Stock Incentives in exchange for outstanding
Stock Incentives.  Stock Incentives shall be granted to Eligible
Recipients selected by the Board, and the Board shall be under no obligation
whatsoever to grant any Stock Incentives, or to grant Stock Incentives to all
Eligible Recipients, or to grant all Stock Incentives subject to the same terms
and conditions. 

     

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    (b)    Shares Subject to Stock
Incentives.  The number of Shares as to which a Stock Incentive
shall be granted shall be determined by the Board in its complete and absolute
discretion, subject to the provisions of Section 3 as to the total number
of Shares available for grants under the Plan.

     

    (c)    Stock Incentive
Agreements.  Each Stock Incentive shall be evidenced by a Stock
Incentive Agreement executed by the Company or an Affiliate, and the
Participant, which shall be in such form and contain such terms and conditions
as the Board in its complete and absolute discretion may, subject to the
provisions of the Plan, from time to time determine.

     

    (d)    Date of Grant.  The
date a Stock Incentive is granted shall be the date on which the Board (1) has
approved the terms and conditions of the Stock Incentive Agreement, (2) has
determined the recipient of the Stock Incentive and the number of Shares covered
by the Stock Incentive, (3) has taken all such other action necessary to direct
the grant of the Stock Incentive, and (4) if applicable, any conditions imposed
on such grant by the Board have been fulfilled.

     

    7.2           Terms & Conditions of Restricted
Stock Awards.

     

    (a)    Grants of Restricted Stock
Awards.  Shares awarded pursuant to Restricted Stock Awards
shall be subject to such restrictions (if any) as determined by the Board for
periods determined by the Board.  Restricted Stock Awards issued under the
Plan may have restrictions which lapse based upon the service of a Participant,
or based upon the attainment (as determined by the Board) of performance goals
established pursuant to the business criteria listed in Section 13, or based
upon any other criteria that the Board may determine appropriate.  Any
Restricted Stock Award with restrictions that lapse based on the attainment of
performance goals must be granted by a Committee, must have its performance
goals determined by such a Committee based upon one or more of the business
criteria listed in Section 13, and must have the attainment of such performance
goals certified in writing by such a Committee in order to meet the
Performance-Based Exception.  Shares awarded pursuant to a Restricted
Stock Award may be forfeited to the extent that a Participant fails to satisfy
the applicable conditions or restrictions during the period of
restriction.  The Company may retain the certificates representing
Shares subject to a Restricted Stock Award in the Company’s possession until
such time as all conditions and/or restrictions applicable to such Shares have
been satisfied.  The Board may require a cash payment from the
Participant in exchange for the grant of a Restricted Stock Award or may grant a
Restricted Stock Award without the requirement of a cash payment; provided, however, if the
Participant holding a Restricted Stock Award receives a hardship distribution
from a Code §401(k) plan of the Company or an Affiliate, the Participant may not
pay any amount for such Restricted Stock Award during the six (6) month period
following the hardship distribution, unless the Company determines that such
payment would not jeopardize the tax-qualification of the Code §401(k)
plan.

     

    (b)    Acceleration of
Award.  The Board shall have the power to permit, in its
complete and absolute discretion, an acceleration of the expiration of the
applicable restrictions or the applicable period of such restrictions with
respect to any part or all of the Shares awarded to a Participant as part of a
Restricted Stock Award.

     

    (c)    Necessity of Stock Incentive
Agreement.  Each grant of a Restricted Stock Award shall be
evidenced by a Stock Incentive Agreement that shall specify the terms,
conditions and restrictions regarding the Shares awarded to a Participant, and
shall incorporate such other terms and conditions as the Board, acting in its
complete and absolute discretion, deems consistent with the terms of this
Plan.  The Board shall have complete and absolute discretion to modify
the terms and provisions of Restricted Stock Awards in accordance with Section
12 of this Plan.

     

    (d)    Restrictions on Shares
Awarded.  Shares awarded pursuant to Restricted Stock Awards
shall be subject to such restrictions as determined by the Board for periods
determined by the Board.  The Board may impose such restrictions on
any Shares acquired pursuant to a Restricted Stock Award as it may deem
advisable, including, without limitation, vesting or performance-based
restrictions, voting restrictions, investment intent restrictions, restrictions
or limitations or other provisions that would be applied to stockholders under
any applicable agreement among the stockholders, and restrictions under
applicable federal securities laws, under the requirements of any stock exchange
or market upon which such Shares are then listed and/or traded, and/or under any
blue sky or state securities laws applicable to such Shares.

     

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    (e)    Transferability of Restricted Stock
Awards.  A Restricted Stock Award may not be transferred by the
holder Participant, except (A) upon the death of the holder Participant, a
Restricted Stock Award may be transferred by will or by the laws of descent and
distribution, (B) a Restricted Stock Award may, unless the applicable Stock
Incentive Agreement provides otherwise, be transferred at any time as a bona
fide gift or through a domestic relations order to any “family member” (as
determined by the Board) of the Participant; provided, however, that the
transferee must be bound by all terms and provisions of the underlying
Restricted Stock Award, and (C) a Restricted Stock Award may be transferred at
any time following the lapse of all restrictions on transferability of the
Restricted Stock Award.  Notwithstanding the foregoing, a Stock
Incentive Agreement may provide for more limited transferability than is
described above.

     

    (f)    Voting, Dividend & Other
Rights.  Unless the applicable Stock Incentive Agreement
expressly provides otherwise, holders of Restricted Stock Awards shall, with
respect to the Shares subject to such Stock Incentive Agreement, be entitled (1)
to vote such Shares, and (2) to receive any dividends declared upon such Shares,
during any period of restriction imposed by the Stock Incentive Agreement, but
shall not be entitled (1) to vote such Shares, or (2) to receive any dividends
declared upon such Shares, on or after the date on which Shares are forfeited
pursuant to such Stock Incentive Agreement.

     

    7.3           Terms & Conditions of Deferred
Stock Awards.

     

    (a)    Grants of Deferred Stock
Awards.  A Deferred Stock Award shall entitle the Participant
to receive one Share at such future time and upon such terms as specified by the
Board in the Stock Incentive Agreement evidencing such
award.  Deferred Stock Awards issued under the Plan may have
restrictions which lapse based upon the service of a Participant, or based upon
other criteria that the Board may determine appropriate.  The Board
may require a cash payment from the Participant in exchange for the grant of
Deferred Stock Awards or may grant Deferred Stock Awards without the requirement
of a cash payment; provided,
however, if a Participant holding a Deferred Stock Award receives a
hardship distribution from a Code §401(k) plan of the Company or an Affiliate,
no payment for the Deferred Stock Award may be made by the Participant during
the six (6) month period following the hardship distribution, unless the Company
determines that such payment would not jeopardize the tax-qualification of the
Code §401(k) plan.

     

    (b)    Vesting of Deferred Stock
Awards.  The Board may establish a vesting schedule applicable
to a Deferred Stock Award and may specify the times, vesting and performance
goal requirements that may be applicable to a Deferred Stock
Award.  Until the end of the period(s) of time specified in any such
vesting schedule and/or the satisfaction of any such performance criteria, the
Deferred Stock Awards subject to such Stock Incentive Agreement shall remain
subject to forfeiture.

     

    (c)    Acceleration of
Award.  The Board shall have the power to permit, in its
complete and absolute discretion, an acceleration of the applicable restrictions
or the applicable period of such restrictions with respect to any part or all of
the Deferred Stock Awards awarded to a Participant.

     

    (d)    Necessity of Stock Incentive
Agreement.  Each grant of Deferred Stock Award(s) shall be
evidenced by a Stock Incentive Agreement that shall specify the terms,
conditions and restrictions regarding the Participant's right to receive
Share(s) in the future, and shall incorporate such other terms and conditions as
the Board, acting in its complete and absolute discretion, deems consistent with
the terms of this Plan.  The Board shall have complete and absolute
discretion to modify the terms and provisions of Deferred Stock Award(s) in
accordance with Section 12 of this Plan.

     

    (e)    Transferability of Deferred Stock
Awards.  Except as otherwise provided in a Participant's
Deferred Stock Award Award, no Deferred Stock Award granted under the Plan may
be sold, transferred, pledged, assigned or otherwise alienated or hypothecated
by the holder Participant, except upon the death of the holder Participant by
will or by the laws of descent and distribution.  Notwithstanding the
foregoing, a Stock Incentive Agreement may provide for more limited
transferability than is described above.

     

    (f)    Voting, Dividend & Other
Rights.  Unless the applicable Stock Incentive Agreement
provides otherwise, holders of Deferred Stock Awards shall not be entitled to
vote or to receive dividends until they become owners of the Shares pursuant to
their Deferred Stock Awards.

     

    (g)    Code §409A
Requirements.  A Deferred Stock Award must meet certain
restrictions contained in Code §409A if it is to avoid taxation under Code §409A
as a “nonqualified deferred compensation plan.”  Grants of Deferred
Stock Awards under this Plan should be made with consideration of the impact of
Code §409A with respect to such grant upon both the Company and the recipient of
the Deferred Stock Award.

     

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    (h)    No ERISA Employee Benefit Plan
Created.  Except to the extent that the Board expressly
determines otherwise in resolutions, a Deferred Stock Award must contain terms
and provisions designed to ensure that the Deferred Stock Award will not be
considered an “employee benefit plan” as defined in ERISA §3(3).

     

    (i)    Restrictions on Shares
Awarded.  Shares awarded pursuant to Deferred Stock Awards
shall be subject to such restrictions as determined by the Board for periods
determined by the Board.  The Board may impose such restrictions on
any Shares acquired pursuant to a Deferred Stock Award as it may deem advisable,
including, without limitation, vesting or performance-based restrictions, voting
restrictions, investment intent restrictions, restrictions on transfer,
restrictions or limitations or other provisions that would be applied to
stockholders under any applicable agreement among the stockholders, and
restrictions under applicable federal securities laws, under the requirements of
any stock exchange or market upon which such Shares are then listed and/or
traded, and/or under any blue sky or state securities laws applicable to such
Shares.

     

    
      	
              8

            	
              Securities
      Regulation

            

    

     

    Each
Stock Incentive Agreement may provide that, upon the receipt of Shares as a
result of the exercise of a Stock Incentive or otherwise, the Participant shall,
if so requested by the Company, hold such Shares for investment and not with a
view of resale or distribution to the public and, if so requested by the
Company, shall deliver to the Company a written statement satisfactory to the
Company to that effect.  Each Stock Incentive Agreement may also
provide that, if so requested by the Company, the Participant shall make a
written representation to the Company that he or she will not sell or offer to
sell any of such Shares unless a registration statement shall be in effect with
respect to such Shares under the Securities Act of 1933, as amended ("1933
Act"), and any applicable state securities law or, unless he or she shall have
furnished to the Company an opinion, in form and substance satisfactory to the
Company, of legal counsel acceptable to the Company, that such registration is
not required.  Certificates representing the Shares transferred upon
the exercise of a Stock Incentive granted under this Plan may at the complete
and absolute discretion of the Company bear a legend to the effect that such
Shares have not been registered under the 1933 Act or any applicable state
securities law and that such Shares may not be sold or offered for sale in the
absence of an effective registration statement as to such Shares under the 1933
Act and any applicable state securities law or an opinion, in form and substance
satisfactory to the Company, of legal counsel acceptable to the Company, that
such registration is not required.  The Company shall not be required
to issue any Shares under any Stock Incentive if the issuance of such Shares
would constitute a violation by the Participant, the Company or any other person
of any provisions of any law or regulation of any governmental authority,
including any federal or state securities laws or regulations.  The
Company may, but shall in no event be obligated to, register any securities
covered hereby pursuant to the Securities Act.  The Company shall not
be obligated to take any affirmative action in order to cause the issuance of
Shares pursuant hereto or pursuant to a grant of a Stock Incentive to comply
with any law or regulation of any governmental authority.  As to any
jurisdiction that expressly imposes the requirement that Shares may not be
issued pursuant to a Stock Incentive unless and until the Shares covered by such
grant are registered or are exempt from registration, the issuance of Shares
pursuant to such grant (under circumstances in which the laws of such
jurisdiction apply) shall be deemed conditioned upon the effectiveness of such
registration or the availability of such an exemption.

     

    
      	
              9

            	
              Life
      of Plan

            

    

     

    No Stock
Incentive shall be granted under this Plan on or after the earlier
of:

     

    9.1           the
tenth (10th)
anniversary of the Effective Date of this Plan, or

     

    9.2           the
date on which all of the Shares available for issuance under Section 3 of this
Plan have (as a result of the lapse of all restrictions under Restricted Stock
Awards granted under this Plan, or vesting and payment of all Deferred Stock
Awards granted under this Plan) been issued or no longer are available for use
under this Plan.

     

    After
such date, this Plan shall continue in effect with respect to any
then-outstanding Stock Incentives until (1) all Restricted Stock Awards have
vested or been forfeited, and (2) all Deferred Stock Awards have vested and been
paid or been forfeited.

     

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              10 

            	
              Adjustment

            

    

     

    Notwithstanding
anything in Section 12 to the contrary, the number of Shares reserved under
Section 3 of this Plan, the limit on the number of Shares that may be granted
during a calendar year to any Eligible Recipient under Section 3 of this Plan,
and the number of Shares subject to Stock Incentives granted under this Plan may
be adjusted by the Board in its complete and absolute discretion in an equitable
manner to reflect any change in the capitalization of the Company, including,
but not limited to, such changes as stock dividends or stock splits; provided, however, that the
Board shall be required to make such adjustments if such change in the
capitalization of the Company constitutes an “equity restructuring” as defined
in FASB ASC §718-10-20.  Furthermore, the Board shall have the right
to, and may in its complete and absolute discretion, adjust the number of Shares
reserved under Section 3, and the number of Shares subject to Stock Incentives
granted under this Plan; provided, however, that the
Board shall be required to make such adjustments if such corporate transaction
constitutes an “equity restructuring” as defined in FASB ASC
§718-10-20.  If any adjustment under this Section creates a fractional
Share or a right to acquire a fractional Share, such fractional Share shall be
disregarded, and the number of Shares reserved under this Plan and the number
subject to any Stock Incentives granted under this Plan shall be the next lower
number of Shares, rounding all fractions downward.  An adjustment made
under this Section by the Board shall be conclusive and binding on all affected
persons and, further, shall not constitute an increase in the number of Shares
reserved under Section 3.

     

     

    
      	
              11

            	
              Change
      of Control of Company

            

    

     

    11.1           General Rule for
Deferred Stock Awards. Except as otherwise
provided in a Stock Incentive Agreement, if a Change of Control occurs, and if
the agreements effectuating the Change of Control do not provide for the
assumption or substitution of all Deferred Stock Awards granted under this Plan,
with respect to any Deferred Stock Award granted under this Plan that is not so
assumed or substituted (a “Non-Assumed RSU”), the Committee, in its complete and
absolute discretion, may, with respect to any or all of such Non-Assumed RSUs,
take any or all of the following actions to be effective as of the date of the
Change of Control (or as of any other date fixed by the Committee occurring
within the twenty-five (25) day period ending on the date of the Change of
Control, but only if such action remains contingent upon the effectuation of the
Change of Control) (such date referred to as the “Action Effective
Date”):

     

    (a)    Accelerate the
vesting of such Non-Assumed RSU on or before a specified Action Effective Date;
and/or

     

    (b)    Unilaterally
cancel any such Non-Assumed RSU which has not vested as of a specified Action
Effective Date; and/or

     

    (c)    Unilaterally
cancel such Non-Assumed RSU as of a specified Action Effective Date in exchange
for:

     

    (1)           whole
and/or fractional Shares (or for whole Shares and cash in lieu of any fractional
Share) that are equal to the number of Shares subject to such Non-Assumed RSU
determined as of such Action Effective Date (taking into account vesting);
and/or

     

    (2)           cash
or other property equal in value to the Fair Market Value of the Shares (or
fractional Shares) subject to such Non-Assumed RSU determined as of such Action
Effective Date (taking into account vesting); and/or

     

    (d)    Unilaterally
cancel such Non-Assumed RSU as of a specified Action Effective Date and notify
the holder of such RSU of such action, but only if the Fair Market Value of the
Shares that were subject to such Non-Assumed RSU determined as of the Action
Effective Date (taking into account vesting) is zero.

     

    However,
notwithstanding the foregoing, to the extent that the Participant holding a
Non-Assumed RSU is an Insider, payment of cash in lieu of whole or fractional
Shares or shares of a successor may only be made to the extent that such payment
(1) has met the requirements of an exemption under Rule 16b-3 promulgated under
the Exchange Act, or (2) is a subsequent transaction the terms of which were
provided for in a transaction initially meeting the requirements of an exemption
under Rule 16b-3 promulgated under the Exchange Act.  Unless a Stock
Incentive Agreement provides otherwise, the payment of cash in lieu of whole or
fractional Shares or in lieu of whole or fractional shares of a successor shall
be considered a subsequent transaction approved by the original grant of an
RSU.

     

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    11.2           General Rule for
Other Stock Incentive Agreements. If a Change of Control
occurs, then, except to the extent otherwise provided in the Stock Incentive
Agreement pertaining to a particular Stock Incentive or as otherwise provided in
this Plan, each Stock Incentive shall be governed by applicable law and the
documents effectuating the Change of Control.

     

    
      	
              12

            	
              Amendment
      or Termination

            

    

     

    This Plan
may be amended by the Board from time to time to the extent that the Board deems
necessary or appropriate; provided, however,
stockholder approval of an amendment to the Plan may be necessary (1) in order
for the Plan to continue to be able to issue Stock Incentives which meet the
Performance-Based Exception pursuant to Treas. Reg. §1.162-27(e)(2)(vi), and (2)
in order for the Plan to comply with rules promulgated by an established stock
exchange or a national market system, and, in all cases, the Board shall
determine whether approval by the stockholders shall be requested and/or
required in its complete and absolute discretion after due consideration of such
matters.  The Board also may suspend the granting of Stock Incentives
under this Plan at any time and may terminate this Plan at any
time.  The Company shall have the right to modify, amend or cancel any
Stock Incentive after it has been granted if (a) the modification, amendment or
cancellation does not diminish the rights or benefits of the Participant under
the Stock Incentive (provided,
however, that a modification, amendment or cancellation that results
solely in a change in the tax consequences with respect to a Stock Incentive
shall not be deemed as a diminishment of rights or benefits of such Stock
Incentive), (b) the Participant consents in writing to such modification,
amendment or cancellation, (c) there is a dissolution or liquidation of the
Company, (d) this Plan and/or the Stock Incentive Agreement expressly provides
for such modification, amendment or cancellation, or (e) the Company would
otherwise have the right to make such modification, amendment or cancellation by
applicable law.  (See also Section 4 for a
special provision providing for automatic termination of this Plan in certain
circumstances.)

     

    
      	
              13

            	
              Performance
      Criteria for Performance-Based
Exception

            

    

     

    13.1           Performance Goal
Business Criteria.  The following performance measure(s) must
be used by a Committee composed of solely two (2) or more Outside Directors to
determine the degree of payout and/or vesting with respect to a Stock Incentive
granted pursuant to this Plan in order for such Stock Incentive to qualify for
the Performance-Based Exception:

     

    (a)    Earnings per
share;

     

    (b)    Net
income (before or after taxes);

     

    (c)    Return
measures (including, but not limited to, return on assets, equity or
sales);

     

    (d)    Cash
flow return on investments which equals net cash flows divided by owners
equity;

     

    (e)    Earnings
before or after taxes, depreciation and/or amortization;

     

    (f)    Gross
revenues;

     

    (g)    Operating
income (before or after taxes);

     

    (h)    Total
stockholder returns;

     

    (i)    Corporate
performance indicators (indices based on the level of certain services provided
to customers);

     

    (j)    Achievement of
sales targets;

     

    (k)    Completion of
acquisitions;

     

    (l)    Cash
generation, profit and/or revenue targets;

     

    (m)    Growth
measures, including revenue growth, as compared with a peer group or other
benchmark;

     

    (n)    Share
price (including, but not limited to, growth measures and total stockholder
return); and/or

     

    (o)    Pre-tax
profits.

     

    The Board
may propose for stockholder vote and stockholder approval a change in these
general performance measures set forth in this Section at any time.

     

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    13.2           Discretion in
Formulation of Performance Goals.  Unless an applicable Stock
Incentive Agreement expressly provides otherwise, the Board shall have the
complete and absolute discretion to adjust the determinations of the degree of
attainment of the pre-established performance goals; provided, however, that Stock
Incentives that are to qualify for the Performance-Based Exception may not be
adjusted upward (although the Committee shall retain the complete and absolute
discretion to adjust such Stock Incentives downward).

     

    13.3           Payment upon
Achievement of Performance Goals.  Any Stock Incentive that is
to qualify for the Performance-Based Exception shall be earned, vested and
payable only upon the achievement of performance goals established by a
Committee composed solely of two (2) or more Outside Directors based upon one or
more of the Performance Goal Business Criteria listed in Section 13.1 above;
provided, however, the
Committee may provide, either in connection with the grant of the Stock
Incentive or by an amendment thereafter, that achievement of such performance
goals will be waived upon the death or disability of the Participant receiving
such Stock Incentive or upon a Change of Control of the Company.  Any
payment of a Stock Incentive that is to qualify for the Performance-Based
Exception shall be conditioned on the written certification of the Committee
that such performance goals were satisfied.

     

    13.4           Performance
Periods.  The Board shall have the complete and absolute
discretion to determine the period during which any performance goal must be
attained with respect to a Stock Incentive.  Such period may be of any
length, and, for Stock Incentives that are to qualify for the Performance-Based
Exception, must be established prior to the start of such period or within the
first ninety (90) days of such period (provided that the performance criteria is
not in any event set after 25% or more of such period has elapsed).

     

    13.5           Modifications to
Performance Goal Business Criteria.  In the event that the
applicable tax and/or securities laws change to permit Board discretion to alter
the governing performance measures noted above without obtaining stockholder
approval of such changes, the Board shall have complete and absolute discretion
to make such changes without obtaining stockholder approval.  In
addition, in the event that the Board determines that it is advisable to grant
Stock Incentives that shall not qualify for the Performance-Based Exception, the
Board may make such grants without satisfying the requirements of Code §162(m)
and without regard to the provisions of this Section 13; otherwise, a Committee
composed exclusively of two (2) of more Outside Directors must make such
grants.

     

    
      	
              14

            	
              Miscellaneous

            

    

     

    14.1           Stockholder
Rights.  No Participant shall have any rights as a stockholder
of the Company as a result of the grant of a Stock Incentive to him or to her
under this Plan until the Shares subject to such Stock Incentive have been
recorded on the Company’s official stockholder records as having been issued and
transferred to such Participant.  Upon the grant of a Stock Incentive
and, if applicable, grant of Shares thereunder, the Company will have a
reasonable period in which to issue and transfer the Shares to the Participant,
and the Participant will not be treated as a stockholder for any purpose
whatsoever prior to such issuance and transfer.

     

    14.2           No Guarantee of
Continued Relationship.  The grant of a Stock Incentive to a
Participant under this Plan shall not constitute a contract of employment or a
contract to perform services and shall not confer on a Participant any rights
upon his or her termination of employment or relationship with the Company in
addition to those rights, if any, expressly set forth in the Stock Incentive
Agreement that evidences his or her Stock Incentive.

     

    14.3           Withholding.  The
Company shall have the power and the right to deduct or withhold, or require a
Participant to remit to the Company as a condition precedent for the fulfillment
of any Stock Incentive, an amount sufficient to satisfy Federal, state and local
taxes, domestic or foreign, required by law or regulation to be withheld with
respect to any taxable event arising as a result of this Plan and/or any action
taken by a Participant with respect to a Stock Incentive.  Whenever
Shares are to be issued to a Participant upon satisfaction of conditions under a
Deferred Stock Award, or grant of (if a Code §83(b) election is properly made)
or substantial vesting of a Restricted Stock Award, the Company shall have the
right to require the Participant to remit to the Company, as a condition to the
fulfillment of the Deferred Stock Award, or as a condition to the grant (if a
Code §83(b) election is properly made) or substantial vesting of the Restricted
Stock Award, an amount in cash (or, unless the Stock Incentive Agreement
provides otherwise, in Shares) sufficient to satisfy federal, state and local
withholding tax requirements at the time of such satisfaction of conditions, or
grant (if a Code §83(b) election is properly made) or substantial
vesting.  However, notwithstanding the foregoing, to the extent that a
Participant is an Insider, satisfaction of withholding requirements by having
the Company withhold Shares may only be made to the extent that such withholding
of Shares (1) has met the requirements of an exemption under Rule 16b-3
promulgated under the Exchange Act, or (2) is a subsequent transaction the terms
of which were provided for in a transaction initially meeting the requirements
of an exemption under Rule 16b-3 promulgated under the Exchange
Act.  Unless the Stock Incentive Agreement provides otherwise, the
withholding of shares to satisfy federal, state and local withholding tax
requirements shall be a subsequent transaction approved by the original grant of
a Stock Incentive.  Notwithstanding the foregoing, in no event shall
payment of withholding taxes be made by a retention of Shares by the Company
unless the Company retains only Shares with a Fair Market Value equal to or less
than the minimum amount of taxes required to be withheld.

     

    Carter
Validus Mission Critical REIT, Inc. 2010 Restricted Share Plan

    Page 13
of 14

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    14.4           Unfunded
Plan.  To the extent that cash or property is payable to a
participant under this Plan, such cash or property will be paid by the Company
from its general assets, and any person entitled to such a payment under the
Plan will have no rights greater than the rights of any other unsecured general
creditor of the Company.  Shares to be distributed hereunder will be
issued directly by the Company from its authorized but unissued or “treasury”
stock or a combination thereof.  The Company will not be required to
segregate on its books or otherwise establish any funding procedure for the
amount to be used for the payment of benefits under the Plan.  If,
however, the Company determines to reserve Shares or other assets to discharge
its obligations hereunder, such reservation will not be deemed to create a trust
or other funded arrangement.

     

    14.5           No Fiduciary
Relationship.  Nothing contained in this Plan and no action
taken pursuant to the Plan shall create or be construed to create a trust of any
kind or any fiduciary relationship between the Company or an Affiliate and any
Participant or executor, administrator, or other personal representative or
designated beneficiary of such Participant or any other persons.

     

    14.6           Relationship to
Other Compensation Plans.  The adoption of this Plan shall not
affect any other stock option, incentive, or other compensation plans in effect
for the Company or an Affiliate, nor shall the adoption of this Plan preclude
the Company or an Affiliate from establishing any other form of incentive or
other compensation plan for Employees or Key Persons of the Company or an
Affiliate.

     

    14.7           Governing
Law.  The granting of Stock Incentives under this Plan, and the
issuance of shares of Common Stock shall be subject to all applicable laws,
rules, and regulations and to such approvals by any governmental agencies or
national securities exchanges as may be required by applicable
law.  Specifically, the laws of the State of Maryland shall govern
this Plan and any Stock Incentive Agreement issued hereunder.  If
Maryland's conflict of law rules would apply another state's laws, the laws of
the State of Maryland shall still govern.

     

     

    2753994v1

    

     

    Carter
Validus Mission Critical REIT, Inc. 2010 Restricted Share Plan

    Page 14
of 14Unassociated Document

     

    Carter
Validus Mission Critical REIT, Inc.

    Restricted
Stock Award Agreement

    

    

    
      
        
          
            
              
                	
                        Name
      of Recipient:

                      	
                         

                      	 	
                        Award
      Date:

                      	
                         

                      
	 	 	 	 	 
	
                        Number
      of Award Shares:

                      	 
      	 	 
      	 
      

              

            

          

        

      

    

     

    
      THIS
AGREEMENT1
(the “Agreement”) is made and entered into as of the
day and date on the last page hereof (the "Award
Date"), by and between
Carter Validus Mission Critical REIT, Inc. (the "Company"), a Maryland corporation, and the
individual Recipient noted above (the "Recipient").

       

      W I T N E S S E T H:

       

      WHEREAS, the Company has adopted the Carter
Validus Mission Critical REIT, Inc. 2010 Restricted Share Plan (the
"Plan"); and

       

      WHEREAS, the Board of Directors of the Company
(the "Board") or a committee thereof has authorized
the grant to Recipient of a restricted stock award under the Plan or the Plan
itself provides for an automatic grant of a restricted stock award to Recipient
[to
purchase shares of] OR [of]
the common stock of the Company ("Common
Stock"), and the Company
and Recipient wish to confirm herein the terms, conditions, and restrictions of
the restricted stock award;

       

      NOW,
THEREFORE, in consideration
of the premises, the mutual covenants contained herein, and other good and
valuable consideration, the parties hereto agree as follows:

       

      
         
1    Award of
Shares

      

       

      1.1    Award of
Shares.  Subject
to the terms, restrictions, limitations, and conditions stated herein and in the
Plan, the Company hereby awards to Recipient the number of shares of Common
Stock (the "Award
Shares") noted
above.  [As consideration for the grant of the Award Shares, Recipient
hereby agrees to deliver to the Company {a promissory note payable for the
purchase price of [Insert Purchase Price] in substantially the form attached
hereto as Exhibit
D (the “Promissory
Note”)}{cash in the amount
of [insert]}][, and the Recipient shall execute and deliver to the Company the
Stock Pledge and Security Agreement attached hereto as Exhibit
E.]  By the
execution of this Agreement, the Recipient hereby accepts the Award Shares
subject to all terms and provisions of this Agreement.

       

      1.2    Vesting of Award
Shares.  Recipient shall become
vested in a percentage of the Award Shares shown below based upon the Continuous
Service of the Recipient from the Award Date of the Award Shares (as noted
hereon):

       

    

    
      	
              Vesting
      Schedule:

            
	
              Percentage
      Vested:

            	
              Continuous
      Service from Award Date:

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      

    

     

    If the
above calculation of vested Shares would result in a fraction, any fraction will
be rounded to zero.  [However, notwithstanding the foregoing,
in the event that the Recipient ceases Continuous Service with the Company (1)
by reason of death or Disability, (2) after having attained the age of
sixty-five (65), (3) because the Recipient’s employment with the Company has
been terminated by the Company without Cause, (4) because the Recipient has
terminated employment with the Company for Good Reason, or (5) because the
Recipient’s employment contract with the Company (if any) has come to an end and
has not been renewed or extended, then the Recipient shall nonetheless
immediately, as of the date of such cessation of Continuous Service, become
fully (100%) vested in the Award Shares.  Furthermore, notwithstanding
the foregoing, in the event that a Change of Control of the Company occurs, then
the Recipient shall nonetheless immediately, as of the date of such Change of
Control, become fully (100%) vested in the Award
Shares.]  Notwithstanding the foregoing, the Board may, in its
sole discretion, accelerate the vesting of the Award Shares in whole or in
part.  The Award Shares which have become vested pursuant to the
vesting schedule or by virtue of such acceleration are herein referred to as the
"Vested Award Shares"
and all Award Shares which are not Vested Award Shares are sometimes herein
referred to as the "Unvested
Award Shares."

     

    

      

    

    
      1 Unless
otherwise indicated, all capitalized terms used in this Agreement are defined in
the Plan as of the Award Date or in the "Definitions" section of Exhibit
A.  Exhibit
A is incorporated by reference and is included in the definition of
"Agreement."

       

      Carter Validus Mission Critical REIT, Inc. Restricted Stock
Agreement

    

    

      
        
           

        

        
          Page
1

          
            

          

        

        
           

        

      

      1.3    Rights as
Stockholder; Dividend & Voting Rights.  Recipient (or any
subsequent transferee) shall have no rights as a Stockholder with respect to any
Award Shares until shares are issued in Recipient's name.  Recipient
shall be entitled to dividends paid or declared on Vested and Unvested Award
Shares for which the record date is on or after the date such Award Shares have
been issued in the Recipient’s name; provided, however,
any dividends paid in the
form of common stock of the Company shall be considered Award Shares and shall
be subject to all terms and provisions of this Agreement as the underlying Award
Shares.  Recipient shall have all voting rights applicable for all
Vested and Unvested Award Shares for which the record date is on or after the
date such Award Shares have been issued in the Recipient’s
name.  Recipient shall have no rights whatsoever (dividend, voting or
otherwise) with respect to Award Shares which have been forfeited under Sections
2.1 or 2.2.

       

      1.4    Withholding on Award
Shares.  Recipient hereby agrees
that, in consideration for the grant of the Award Shares, the following federal
and state income tax withholding provisions shall apply:

       

      (a)           Code §83(b) Election
Made by Recipient.  If the Recipient makes a
Code §83(b) Election with respect to the Award Shares, then, in order not to
forfeit Award Shares, the Recipient must deliver to the Company a check payable
to the Company in the amount of all withholding or other tax obligations
(whether federal, state or local) imposed on the Company by reason of such Code
§83(b) Election simultaneously with the Recipient’s delivery to the Company of a
copy of his Code §83(b) Election (which must occur no later than thirty (30)
days after the Award Date).  If the Recipient does not timely make
such payment, the Award Shares shall be immediately forfeited by the Recipient,
and any amounts which must be paid by the Company for any required withholding
or other tax obligations imposed on the Company by reason of such Code §83(b)
Election shall be paid by the Recipient by directly withholding all such amounts
as quickly as possible consistent with applicable law from any other
compensation payable to the Recipient on or after the date of such Code §83(b)
Election.  The Recipient hereby agrees to the withholding by the
Company outlined in the preceding sentence, and authorizes and directs that such
withholding from the Recipient’s compensation be made if such sentence is
applicable.

       

      (b)           Code §83(b) Election
Not Made by Recipient.  If the Recipient does not
make a Code §83(b) Election with respect to the Award Shares, then the Recipient
shall be entitled to elect one (or, at the discretion of the Committee, a
combination) of the following methods of satisfying the Company’s withholding
obligations (see Exhibit
C
attached):

       

      (1)           Direct Payment on or
prior to Substantial Vesting Event.  The Recipient may, on or
before the date of occurrence of an event pursuant to which such Award Shares
become “substantially vested” within the meaning of Code §83, deliver to the
Company cash and/or a check payable to the Company in the amount of all
withholding or other tax obligations (whether federal, state or local) imposed
on the Company by reason of the substantial vesting of such Award
Shares.

       

      (2)           Return of Vested
Award Shares upon Substantial Vesting Event.  The Recipient may, as of the
close of business on the business day which is coincident with or which
immediately follows the occurrence of an event pursuant to which such Award
Shares become “substantially vested” within the meaning of Code §83, allow the
Company to repurchase from the Recipient the smallest whole number of Vested
Award Shares which, when multiplied by the fair market value of the Common Stock
on such business date, is sufficient to satisfy the amount of the withholding
tax obligations imposed on the Company by reason of the vesting of the Award
Shares.  If the
Recipient elects this method of satisfying withholding obligations, the
Recipient acknowledges and understands that any Vested Award Shares repurchased
from the Recipient may result in tax consequences to the
Recipient.

       

      (3)           Incremental
Withholding over Likely Vesting Period.  The Recipient may, beginning
as of the Award Date, allow the Company to withhold from future compensation
payments to the Recipient substantially equal amounts such that the aggregate of
such amounts shall, as of the next likely date of occurrence of an event
pursuant to which any such Award Shares shall become “substantially vested”
within the meaning of Code §83, be sufficient to satisfy the amount of the
withholding tax obligations imposed on the Company by reason of the vesting of
the Award Shares.  If the Recipient elects this method of satisfying
withholding obligations, the Recipient acknowledges and understands
that:

       
Carter Validus Mission Critical REIT, Inc. Restricted
Stock Agreement

      
        
           

        

        
          Page
2

          
            

          

        

        
           

        

      

      (i)           The Company shall have complete
discretion to determine how much and when amounts shall be
withheld;

       

      (ii)          Amounts withheld may be immediately paid
to the appropriate tax authority as a prepayment of the withholding obligations,
or may be held by the Company until such time as the withholding obligations
become due, in the sole and complete discretion of the
Company;

       

      (iii)         No interest or earnings shall accrue
based on such incremental withholding; and

       

      (iv)         In the event that the vesting of Award
Shares should occur earlier than forecasted in determining the substantially
equal amounts to be withheld from the Recipient’s future compensation payments,
the Recipient may nonetheless be required to deliver to the Company a check
payable to the Company in the amount of all withholding or other tax obligations
(whether federal, state or local) imposed on the Company by reason of the
substantial vesting of such Award Shares.

       

      The Recipient’s election of a method of
withholding under this Section 1.4 must be made prior to the date of occurrence
of an event pursuant to which such Award Shares become “substantially vested”
within the meaning of Code §83; provided,
however, (1) the
Recipient’s election of the method specified in Section 1.4(b)(3) above must be
made within thirty (30) days of the Award Date, and (2) if the Recipient is
required to file beneficial ownership reports pursuant to Section 16(a) of the
Securities Exchange Act of 1934, the Recipient’s election of the method
specified in Section 1.4(b)(2) must be made either (A) at least six months
prior to the date of vesting of any of such Award Shares, or (B) prior to the
date of vesting of any of such Award Shares and in any ten-day period beginning
on the third day following the release of the Company's quarterly or annual
summary statement of sales and earnings.  The Recipient’s election of
a method of withholding under this Section 1.4 shall, once made, be
irrevocable.  Notwithstanding the above, if, for any reason,
withholding or other tax obligations (whether federal, state or local) are
imposed upon the Company by reason of the grant of the Award Shares or their
becoming substantially vested, the Company shall have the power and the right to
deduct or withhold, or require the Recipient to remit to the Company as a
condition precedent to immediate forfeiture of the Award Shares, an amount
sufficient to satisfy such withholding or other tax obligations (whether
federal, state or local), and, in this regard, the Company may offer the
Recipient various alternatives for satisfying such obligations.  Upon
receipt of payment in full of all withholding tax obligations, the Company shall
cause such Vested Award Shares to be issued and delivered to the
Recipient.

       

      1.5    Investment
Representations.  Recipient hereby
represents, warrants, covenants, and agrees with the Company as
follows:

       

      (a)           The Award Shares being acquired by
Recipient will be acquired for Recipient's own account without the participation
of any other person, with the intent of holding the Award Shares for investment
and without the intent of participating, directly or indirectly, in a
distribution of the Award Shares and not with a view to, or for resale in
connection with, any distribution of the Award Shares, nor is Recipient aware of
the existence of any distribution of the Award Shares;

       

      (b)           Recipient is not acquiring the Award
Shares based upon any representation, oral or written, by any person with
respect to the future value of, or income from, the Award Shares but rather upon
an independent examination and judgment as to the prospects of the
Company;

       

      (c)           The Award Shares were not offered to
Recipient by means of publicly disseminated advertisements or sales literature,
nor is the Recipient aware of any offers made to other persons by such
means;

       
Carter Validus Mission Critical REIT, Inc. Restricted
Stock Agreement

      
        
           

        

        
          Page
3

          
            

          

        

        
           

        

      

      (d)           Recipient is able to bear the economic
risks of the investment in the Award Shares, including the risk of a complete
loss of my investment therein;

       

      (e)           Recipient understands and agrees that
the Award Shares will be issued and sold to Recipient without registration under
any state law relating to the registration of securities for sale, and will be
issued and sold in reliance on the exemptions from registration under the
Securities Act of 1933 (the "1933 Act"), provided by Sections 3(b) and/or
4(2) thereof and the rules and regulations promulgated
thereunder;

       

      (f)           The Award Shares cannot be offered for
sale, sold or transferred by Recipient other than pursuant to: (A) an effective
registration under the 1933 Act or in a transaction otherwise in compliance with
the 1933 Act; and (B) evidence satisfactory to the Company of compliance with
the applicable securities laws of other jurisdictions.  The Company
shall be entitled to rely upon an opinion of counsel satisfactory to it with
respect to compliance with the above laws;

       

      (g)           The Company will be under no obligation
to register the Award Shares or to comply with any exemption available for sale
of the Award Shares without registration or filing, and the information or
conditions necessary to permit routine sales of securities of the Company under
Rule 144 of the 1933 Act are not now available and no assurance has been given
that it or they will become available.  The Company is under no
obligation to act in any manner so as to make Rule 144 available with respect to
the Award Shares;

       

      (h)           Recipient has and has had complete
access to and the opportunity to review and make copies of all material
documents related to the business of the Company, including, but not limited to,
contracts, financial statements, tax returns, leases, deeds, and other books and
records.  Recipient has examined such of these documents as Recipient
has wished and is familiar with the business and affairs of the
Company.  Recipient realizes that the purchase of the Award Shares is
a speculative investment and that any possible profit therefrom is
uncertain;

       

      (i)          
 Recipient has had the
opportunity to ask questions of and receive answers from the Company and any
person acting on its behalf and to obtain all material information reasonably
available with respect to the Company and its affairs.  Recipient has
received all information and data with respect to the Company which Recipient
has requested and which Recipient has deemed relevant in connection with the
evaluation of the merits and risks of Recipient's investment in the
Company;

       

      (j)          
 Recipient has such knowledge
and experience in financial and business matters that Recipient is capable of
evaluating the merits and risks of the purchase of the Award Shares hereunder
and Recipient is able to bear the economic risk of such purchase;
and

       

      (k)           The agreements, representations,
warranties, and covenants made by Recipient herein extend to and apply to all of
the Award Shares of the Company issued to Recipient pursuant to this restricted
stock award.  Acceptance by Recipient of such Award Shares shall
constitute a confirmation by Recipient that all such agreements,
representations, warranties, and covenants made herein shall be true and correct
at that time.

       

      
         
2    Restrictions & Forfeiture of Award
Shares

      

       

      2.1    Forfeiture of Award
Shares.  As a
condition of receiving a grant of Award Shares pursuant to this Agreement, the
Recipient agrees that if, subsequent to the grant of the Award Shares, the
Recipient, either directly or indirectly, on the Recipient's own behalf or in
the service or on behalf of others, serves as a principal, partner, officer,
director, manager, supervisor, administrator, consultant or employee engaged in
any business which involves the business of investing in
income-producing commercial real estate in the medical, data center and
educational sectors (a
“Business Competing
with the Business of the Company”) while performing services for the
Company and for a period ending one year from the date of the Recipient’s
cessation of services for the Company, and the Committee determines in good
faith that the Recipient has violated the provisions of this Section, then
notwithstanding any other provisions contained in this Agreement, (1) the
Recipient (or any subsequent holder or transferee of the Award Shares) shall
immediately forfeit any and all Vested and Unvested Shares and (2) the Recipient
(or such subsequent holder or transferee of the Award Shares) shall forfeit and
return to the Company any amounts which Recipient (or such holder or transferee)
received at the time of disposition of any Vested Shares within ten (10)
calendar days of notice from the Company.

       
Carter Validus Mission Critical REIT, Inc. Restricted
Stock Agreement

      
        
           

        

        
          Page
4

          
            

          

        

        
           

        

      

      2.2    Forfeiture upon
Cessation of Services.  Notwithstanding anything to
the contrary herein, upon the Recipient’s cessation of the performance of services
for the Company, or any Parent or Subsidiary:

       

      (a)           by the Company for actions or omissions
which would constitute Cause, all Award Shares (including all Vested Award
Shares and Unvested Award Shares) shall be forfeited, effective upon the date of
such cessation of the
performance of services;
or

       

      (b)           for any other reason (including, but not
limited to death or disability), all Unvested Award Shares shall be forfeited,
effective upon such
cessation of the performance of services.

       

      2.3    Restrictions on
Unvested Award Shares.  None of the Unvested Award
Shares may be conveyed, pledged, assigned, transferred, hypothecated,
encumbered, or otherwise disposed of by Recipient, and any attempt to do so with
respect to Unvested Award Shares shall be null and void ab
initio, unless the
Committee expressly authorizes such in writing, in which
case the transferee shall be subject to all provisions of this Restricted Stock
Agreement.  If
Unvested Award Shares are transferred pursuant to the preceding sentence, the
Recipient agrees to notify the Committee at least thirty (30) days prior to such
transfer, and the Committee may require that the transferee thereof execute and
deliver to the Company such documents and agreements as the Company shall
reasonably require to evidence the fact that the Award Shares to be owned,
either directly or beneficially, by such transferee shall continue to be subject
to all the restrictions set forth in this Agreement and all applicable rights in
favor of the Company set forth elsewhere herein, and that such transferee is
subject to and bound by such restrictions and provisions.  The restrictions
of this Section 2.3 shall not apply to Vested Award Shares.

       

      2.4    Restrictions on
Transfer of Award Shares.  Award Shares shall be
subject to the following transfer restrictions:

       

      (a)           General
Rule.  None of
the Award Shares may be conveyed, pledged, assigned, transferred, hypothecated,
encumbered, or otherwise disposed of by Recipient, or if the Award Shares are
held or owned of record by a transferee, by such transferee, (either being
referred to herein as the “Holder”), except as expressly provided in
subsections (b), (c), or (d) below. 

       

      (b)           Company Permitted
Transfers.  The
Board may, but shall not be obligated to, approve the transfer of any or all of
the Award Shares upon the condition that the transferee thereof execute and
deliver to the Company such documents and agreements as the Company shall
require to evidence the fact that the Award Shares to be owned, either directly
or beneficially, by such transferee shall continue to be subject to all the
restrictions set forth in this Agreement and all applicable rights in favor of
the Company set forth herein, and that such transferee is subject to and bound
by such restrictions and provisions. 

       

      (c)           Transfers upon
Death.  The Award
Shares may be transferred by Holder to a transferee by bequest or by
operation of the laws of descent and distribution upon the death of Holder upon
the condition that the transferee thereof execute and deliver to the Company
such documents and agreements as the Company shall require to evidence the fact
that the Award Shares to be owned, either directly or beneficially, by such
transferee shall continue to be subject to all the restrictions set forth in
this Agreement and all applicable rights in favor of the Company set forth
herein, and that such transferee is subject to and bound by such restrictions
and provisions.

       

      (d)           Post Service Period
Transfers.  The
Award Shares may be transferred by Holder after the expiration of the one year
period commencing on the date of the Recipient’s cessation of services for the
Company (the “Post Service
Period”), if and only if
Holder shall have first complied with the right of first refusal described in
Section 2.6 below.

       

      2.5    Company's Right to
Repurchase.  During the Post Service
Period, the Company shall have the right, but not the obligation, to purchase
from Holder all or any portion of the Award Shares which have not been forfeited
pursuant to Sections 2.1 or 2.2.  The purchase price shall be the
product of (1) a price per Award Share (the “Repurchase Price Per
Share”), multiplied by (2)
the number of Vested Award Shares the Company is repurchasing.  If the
Company elects to exercise its right to repurchase pursuant to this Section 2.5,
it shall do so by giving written notice thereof to Holder, which notice shall
specify the number of Award Shares held by Holder as to which the Company is
exercising its repurchase right.  The repurchase by the Company and the
sale by Holder of such Award Shares shall be consummated not later than thirty
(30) days following the date the Company gives written notice of its exercise of
such repurchase right.  Payment of the purchase price by the Company shall
be in cash or by the Company's check against delivery of the Award Shares being
repurchased.  The
Repurchase Price Per Share shall equal the fair market value of a share of
Common Stock (on a fully diluted basis) as of the last day of the most recent
fiscal quarter for which financial information is available, as determined by
the Board of the Company.  In making such determination, the Board may
take into account factors that it, in good faith, deems relevant to such
valuation, including the absence of a trading market, the minority status of the
Award Shares, and such other facts and circumstances deemed material to the
value of the Award Shares in the hands of Recipient.

       
Carter Validus Mission Critical REIT, Inc. Restricted
Stock Agreement

      
        
           

        

        
          Page
5

          
            

          

        

        
           

        

      

      2.6    Right of First
Refusal.  Before
any Award Shares held by Holder may be sold or otherwise transferred (except for
a transfer under Sections 2.4(b) or 2.4(c)), the Company or the stockholders of
the Company (the “Stockholders”) shall have a right of first refusal
to purchase the Award Shares on the terms and conditions set forth in this
Section 2.6 (the “Right of First
Refusal”).

       

      (a)           Notice of Proposed
Transfer.  The
Holder of the Award Shares shall deliver to the Company a written notice (the
“Notice”) stating (i) the Holder’s bona fide
intention to sell or otherwise transfer such Award Shares, (ii) the name of each
proposed purchaser or other transferee (“Proposed
Transferee”), (iii) the
number of Award Shares to be transferred to each Proposed Transferee, and (iv)
the bona fide cash price or other consideration for which the Holder proposes to
transfer the Award Shares (the “Offered
Price”); in addition, by
providing the Notice, the Holder is deemed to be offering to sell the Shares at
the Offered Price to the Company or the Stockholders, as the case may
be.

       

      (b)           Exercise of Right of
First Refusal.  At any time within sixty
(60) days after receipt of the Notice (the “Election
Period”), the Company may,
by giving written notice to the Holder, elect to purchase any or all of the
Award Shares proposed to be transferred to any one or more of the Proposed
Transferees, at the purchase price determined in accordance with subsection (c)
below.  In the event the Company does not so elect to purchase any or
all of the Award Shares proposed to be transferred, the Company shall promptly
provide the Notice to the Stockholders.  In such event, at any time
within the Election Period, the Stockholders may, by giving written notice to
the Holder, elect to purchase any or all of the Award Shares proposed to be
transferred to any one or more of the Proposed Transferees, at the purchase
price determined in accordance with subsection (c) below.  The
Stockholders shall have the right to accept the offer to purchase the Award
Shares proposed to be transferred for the consideration and on the terms and
conditions specified in the Notice, with each Stockholder having the right to
acquire its Pro Rata Allotment (as defined below).  “Pro Rata
Allotment” shall mean with
respect to any Award Shares proposed to be transferred, as determined for any
Stockholder, the number of such Award Shares multiplied by a fraction, the
numerator of which is the number of shares of Common Stock owned of record on
the relevant date of determination by such Stockholder (on an as if converted
basis), and the denominator of which is the number of shares of Common Stock
owned of record on the relevant date of determination by all Stockholders (on a
fully-diluted, as if converted basis).  Each Stockholder shall have
the right to assign its rights under this subsection (b) to the Company, or to
the other Stockholders (proportionately, based upon proportions of the Pro Rata
Allotment allocated to each Stockholder, excluding the assigning
Stockholder).

       

      (c)           Purchase
Price.  The
purchase price for the Award Shares purchased under this Section 2.6 shall be
the Offered Price.  If the Offered Price includes consideration other
than cash, the Board in good faith shall determine the cash equivalent value of
the non-cash consideration.

       

      (d)           Payment.  Payment of the purchase
price shall be made, at the option of the Company or the Stockholders, as the
case may be, either (i) in cash (by certified check), by cancellation of all or
a portion of any outstanding indebtedness of the Holder to the Company (if the
Company shall be the purchasing party) or by any combination thereof within
thirty (30) days after receipt of the Notice or (ii) in the manner and at the
time(s) set forth in the Notice.

       

      (e)           Holder’s Right to
Transfer.  If all
of the Award Shares proposed in the Notice to be transferred to a given Proposed
Transferee are not purchased by the Company and/or the Stockholders as provided
in this Section 2.6, then the Holder may sell or otherwise transfer such Award
Shares to that Proposed Transferee at the Offered Price or at a higher price,
provided that such sale or other transfer is consummated within one hundred and
twenty (120) days after the date of the Notice and provided further that any
such sale or other transfer is effected in accordance with any applicable
securities laws and the Proposed Transferee agrees in a manner satisfactory to
the Company and in writing that the provisions of this Section 2.6 shall
continue to apply to the Award Shares in the hands of such Proposed
Transferee.  If the Award Shares described in the Notice are not
transferred to the Proposed Transferee within such period, a new Notice shall be
given to the Company or the Stockholders, as the case may be, and the Company
shall again be offered the Right of First Refusal, before any Award Shares held
by the Holder may be sold or otherwise transferred.

       
Carter Validus Mission Critical REIT, Inc. Restricted
Stock Agreement

      
        
           

        

        
          Page
6

          
            

          

        

        
           

        

      

      (f)           Third Party
Beneficiaries.  Recipient agrees that the
Stockholders are third party beneficiaries of the provisions of this Section 2.6
and that the Stockholders may enforce such provisions as if they were parties
hereto.  Recipient acknowledges that decisions that the Stockholders
make with respect to the Company may be made in reliance upon the Recipient
entering into this Agreement, and the Company would not enter into this
Agreement without Recipient agreeing to the provisions of this Section
2.6.

       

      2.7    Pledging of Award
Shares.  If the
Company incurs indebtedness and in connection therewith, at the time the
Recipient receives his Award Shares, all other stockholders of the Company have
either pledged their shares of Common Stock, or have been asked to pledge their
shares of Common Stock for the benefit of certain lenders of the Company, the
Recipient, if so requested by the Company, shall pledge any exercised Award
Shares on the same terms and conditions as the other stockholders of the Company
and shall take such actions as may be required to accomplish the pledge as may
be requested by the Company.

       

      2.8    Market-Stand-Off
Agreement. Recipient agrees that, if requested by
the Company and its underwriters, Recipient will enter into a lock-up or similar
agreement not to sell or offer to sell any securities of the Company during the
180-day period following the effective date of a registration statement of the
Company filed under the 1933 Act provided that such agreement only applies to
the first such registration statement of the Company which includes securities
to be sold on the Company’s behalf to the public in an underwritten
offering.

       

      2.9    Termination of
Restrictions.  The restrictions contained
in Sections 2.4 through 2.7 above shall continue in effect, notwithstanding the
earlier termination or expiration of this Agreement, until ninety (90) days after the first sale of
common stock of the Company to the general public pursuant to a registration
statement filed with and declared effective by the Securities and Exchange
Commission (other than a registration statement solely covering an employee
benefit plan or corporate reorganization).  However, notwithstanding
the foregoing, the Award Shares, whether owned by the Recipient or any
transferee thereof shall continue to be subject to all restrictions imposed
under Section 2.1 through 2.2 until all Award Shares have become Vested Award
Shares.

       

      2.10    Right of
Setoff.  At any
closing of a purchase by the Company of Award Shares pursuant to Sections 2.5,
or 2.6, the Company shall have the right to set off against and to deduct from
any sums payable by it in connection with the purchase of Award Shares, the
principal amount of and all accrued but unpaid interest on any indebtedness of
Recipient owing to the Company on the date of the closing.

       

      
         
3    General
Provisions

      

       

      3.1    Legends.  Each certificate (if any)
representing the Award Shares shall, subject to Section 3.2 below, be endorsed
with the following legend and Recipient shall not make any transfer of the Award
Shares without first complying with the restrictions on transfer described in
such legend:

       

      transfer is
restricted

      

      the securities evidenced by this
certificate are subject to a right of first refusal and other restrictions on
transfer set forth in a restricted stock award agreement dated [INSERT
DATE OF THIS AGREEMENT], a
copy of which is available from the company.

      

      The securities evidenced by this
certificate have not been registered under the securities act of 1933, as
amended, and may not be sold, transferred, assigned, or hypothecated unless
(1) there is an effective registration under such act covering such
securities, (2) the transfer is made in compliance with rule 144
promulgated under such act, or (3) the issuer receives an opinion of
counsel, reasonably satisfactory to the company, stating that such sale,
transfer, assignment or hypothecation is exempt from the registration
requirements of such act.

       
Carter Validus Mission Critical REIT, Inc. Restricted
Stock Agreement

      
        
           

        

        
          Page
7

          
            

          

        

        
           

        

      

       

      Recipient agrees that the Company may
also endorse any other legends required by applicable federal or state
securities laws.  The Company need not register a transfer of the
Award Shares, and may also instruct its transfer agent, if any, not to register
the transfer of the Award Shares unless the conditions specified in the
foregoing legends are satisfied.

       

      3.2    Removal of Legend
and Transfer Restrictions.

       

      (a)           Any legend endorsed on a certificate
pursuant to Section 3.1 and the stop transfer instructions with respect to the
Award Shares shall be removed and the Company shall issue a certificate without
such legend to the holder thereof if such Award Shares are registered under the
Securities Act and a prospectus meeting the requirements of Section 10 of the
Securities Act is available.

       

      (b)           The restrictions described in the second
sentence of the legend set forth in Section 3.1 may be removed at such time
as permitted by Rule 144(k) promulgated under the Securities
Act.

       

      3.3    Governing
Laws.  This
Agreement shall be construed, administered and enforced according to the laws of
the State of Maryland; provided, however, no Award Shares shall be issued
except, in the reasonable judgment of the Board, in compliance with exemptions
under applicable state securities laws of the state in which Recipient resides,
and/or any other applicable securities laws.

       

      3.4    Successors.  This Agreement shall be
binding upon and inure to the benefit of the heirs, legal representatives,
successors, and permitted assigns of the parties.

       

      3.5    Notice.  Except as otherwise
specified herein, all notices and other communications under this Agreement
shall be in writing and shall be deemed to have been given if personally
delivered or if sent by registered or certified United States mail, return
receipt requested, postage prepaid, addressed to the proposed recipient at the
last known address of the recipient.  Any party may designate any
other address to which notices shall be sent by giving notice of the address to
the other parties in the same manner as provided herein.

       

      3.6    Severability.  In the event that any one
or more of the provisions or portion thereof contained in this Agreement shall
for any reason be held to be invalid, illegal, or unenforceable in any respect,
the same shall not invalidate or otherwise affect any other provisions of this
Agreement, and this Agreement shall be construed as if the invalid, illegal or
unenforceable provision or portion thereof had never been contained
herein.

       

      3.7    Entire
Agreement.  Subject to the terms and
conditions of the Plan, this Agreement expresses the entire understanding and
agreement of the parties with respect to the subject matter.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original but all of which shall constitute one and the same
instrument.

       

      3.8    Violation.  Any transfer, pledge, sale,
assignment, or hypothecation of the Award Shares or any portion thereof shall be
a violation of the terms of this Agreement and shall be null, void and without
effect ab
initio.

       

      3.9    Headings.  Paragraph headings used
herein are for convenience of reference only and shall not be considered in
construing this Agreement.

       

      3.10    Specific
Performance.  In
the event of any actual or threatened default in, or breach of, any of the
terms, conditions and provisions of this Agreement, the party or parties who are
thereby aggrieved shall have the right to specific performance and injunction in
addition to any and all other rights and remedies at law or in equity, and all
such rights and remedies shall be cumulative.

       

      3.11    No Employment Rights
Created.  Neither
the establishment of the Plan nor the award of Award Shares hereunder shall be
construed as giving Recipient the right to continued employment with the
Company.

       

      3.12    Capitalized
Terms.  All
capitalized terms used in this Agreement shall have the meanings given to them
herein or in the Plan.

       
Carter Validus Mission Critical REIT, Inc. Restricted
Stock Agreement

      
        
           

        

        
          Page
8

          
            

          

        

        
           

        

      

      3.13    No Disclosure
Duty.  The
Recipient and the Company acknowledge and agree that the Company and its
directors, officers or employees shall have no duty or obligation to disclose to
the Recipient any material information regarding the business of the Company or
affecting the value of the Award Shares.

       

      3.14    Tax
Consequences. Recipient
represents that Recipient has been advised by the Company to consult with, and
has fully consulted with, Recipient’s own tax consultants regarding his making a
Code §83(b) election with respect to the Award Shares, [his execution
of the Promissory Note and the Pledge Agreement with respect to the
Shares], and the
resulting impact on Recipient’s personal tax situation, prior to entering into
this agreement and that
Recipient is not relying on the Company for any tax advice. Recipient
understands that Recipient may suffer adverse tax consequences as a result of
Recipient’s receipt and disposition of the Shares.  Recipient
understands that Recipient may or may not make a Code §83(b) Election with
respect to the Award Shares, but that Recipient shall be subject to the
withholding provisions of Section 1.4 herein based upon the choice of Recipient
regarding such Code §83(b) Election and the choice of Recipient regarding the
time and manner that withholding obligations shall be
satisfied.

       

      IN WITNESS
WHEREOF, the parties have
executed and sealed this Agreement on the day and year first set forth
above.

       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                          Company:

                                          Carter
      Validus Mission Critical REIT, Inc.:

                                        	
                                          Recipient:

                                        	 
	 	 	 	 	 
	 	 	 	 	 
	
                                          By:

                                        	 
      	 	 
      	 
	
                                          Its:

                                        	 
      	 	 
      	 
	 
      	 
      	 	 
      	 
	
                                          Attest:

                                        	 	 
      	 
	 
      	 
      	 	 
      	 
	 	 	 	 	 
	 	 	 	 	 
	
                                          By:

                                        	 
      	 	 
      	 
	
                                          Its:

                                        	 
      	 	 
      	 

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    Carter Validus Mission Critical REIT, Inc.
Restricted Stock Agreement

    
      
        
           

        

        
          Page
9

          
            

          

        

        
           

        

      

    

    

    Exhibit
A

    Definitions

     

    A.           Agreement shall mean this
Restricted Stock Agreement.

     

    B.           Award Shares shall mean the
shares of common stock of the Company which are awarded to the Recipient subject
to the terms and conditions of this Agreement.

     

    C.           Code shall mean the Internal
Revenue Code of 1986, as amended from time to time.

     

    D.           Code §83(b) Election shall
mean the election available to the recipient of property transferred in
connection with the performance of services to include in gross income under
Code §83(b) the excess of the fair market value of the property transferred
determined as of the time of transfer over the amount (if any) paid for such
property as compensation for services.

     

    E.           Common Stock shall mean the
common stock of the Company.

     

    F.           Company shall mean Carter
Validus Mission Critical REIT, Inc., and any successor thereto.

     

    G.           Committee shall mean the
Compensation Committee of the Board of Directors.

     

    H.           Disability shall mean a
physical or mental impairment that substantially limits one or more major life
activities and prevents the Recipient from performing his or her duties for the
Company.

     

    I.            
Plan shall mean the
Carter Validus Mission Critical REIT, Inc. 2010 Restricted Share
Plan.

     

    J.           Recipient shall mean the
individual shown on this Agreement as the Recipient.

     

    K.           Unvested Award Shares shall
mean the Award Shares which have not become
vested pursuant to the Vesting Schedule or otherwise.

     

    L.           Vested Award Shares shall mean
the Award Shares which have become vested pursuant to the Vesting Schedule or
otherwise.

     

    

    Carter Validus Mission Critical REIT, Inc.
Restricted Stock Agreement

    Exhibit A - Definitions

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Exhibit
B

    ELECTION
UNDER SECTION 83(b)

    OF
THE INTERNAL REVENUE CODE

     

    The
undersigned taxpayer (the “Taxpayer”) hereby elects, pursuant to Section 83(b)
of the Internal Revenue Code of 1986, as amended, to include in his gross income
for the current taxable year, the amount of any compensation taxable to him in
connection with his receipt of the property described below:

     

    1.           The
name, address and taxpayer identification number of the undersigned Taxpayer are
as follows:

    
      
        
          
            	
                    Name:

                  	
                     

                  
	
                    Address:

                  	
                     

                  
	
                    Social
      Security Number (TIN):

                  	
                     

                  

          

        

      

    

    2.           The
property with respect to which the election is made is:

    
      
        	 
      	
                shares
      of common stock of Carter Validus Mission Critical REIT,
    Inc.

              

      

    

    3.           The
date on which the property was transferred and the taxable year for which this
election is made are:

    
      
        
          	
                    
      Date on Which Property Was Transferred:

                	 
      
	
                  Taxable
      Year for Which Election is Made:

                	 
      

        

      

    

    4.           The
property is subject to transferability, forfeiture and other restrictions, all
as set forth in a Restricted Stock Agreement between the Taxpayer and Carter
Validus Mission Critical REIT, Inc..

    5.           The
fair market value at the time of transfer, determined without regard to any
restriction other than a restriction which by its terms will never lapse, of
such property is:

    
      	
              $____________________/Share
      x
      ________________________ Shares =
      $______________________________

            

    

    6.           No
amount was paid for such property.

     

    The
undersigned Taxpayer has submitted copies of this statement to Carter Validus
Mission Critical REIT, Inc., the person for whom the services were performed in
connection with the Taxpayer’s receipt of the above-described
property.  The Taxpayer is the person performing the services in
connection with the transfer of said property.  The undersigned Taxpayer understands
that the foregoing election may not be revoked except with the consent
of the Commissioner, which will only be granted when the Taxpayer is under a
mistake of fact as to the underlying transaction and when made within 60 days of
the date such mistake of fact first became known to the
Taxpayer.

     

    The
undersigned Taxpayer understands and acknowledges that, for this election to be
effective, copies of this completed election form must be filed with the
Internal Revenue Service (at the location where the Taxpayer’s income tax return
would be filed) not later than 30 days after the date the above-described
property was transferred to the Taxpayer, and must also be submitted with the
Taxpayer’s federal income tax return for the taxable year in which the
above-described property was transferred.  A copy of this completed
election must also be submitted to Carter Validus Mission Critical REIT, Inc.,
along with full payment of amounts required to be withheld under applicable law,
within 30 days after the date the above-described property was transferred to
the Taxpayer.

    

    
      
        
          	 
      	
                  Dated
      this _____________ day of __________________,
  20________.

                
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                  Signature:
      ________________________________________________

                
	 
      	 
      
	 
      	
                  Name
      of Taxpayer:                                                                                    
                   
      

                

        

      

    

     

    Code §83(b) Election
Form

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT C

    WITHHOLDING ELECTION

    

    
      
        	
                TO:           Carter Validus Mission Critical
      REIT, Inc.

                 

                RE:           Withholding
      Election

                 

                This election relates to the
      number of shares of common stock of the Company which will vest on the
      date noted below (the “Vesting
      Shares”):

                 

                Number of Vesting Shares:
      ________________

                 

                Date of Vesting:
      ___________________

              	 	
                Restricted Stock
      Agreement:

                Restricted Stock Agreement between
      the Recipient (designated below) and Carter Validus Mission Critical REIT,
      Inc. (the “Company”).

                 

                 

                Date of
      Agreement:____________________________

                 

                Total Number of Restricted Shares
      subject to Restricted Stock Agreement:
      ______________________________

                 

              

      

    

     

    
      I, the undersigned Recipient, hereby
certify that:

       

      -My correct name and social security
number and my current address are set forth at the end of this
document.

       

      -I have read and understand the
Restricted Stock Agreement and the various methods by which withholding
obligations regarding the Vesting Shares subject to the Restricted Stock
Agreement may be satisfied.

       

      -I do hereby elect the following method
of withholding pursuant to Section 1.4 of the Restricted Stock Agreement with
respect to any withholding or other tax obligations (whether federal, state or
local) imposed on the Company by reason of the substantial vesting of the
Vesting Shares (the “Withholding
Obligations”), assuming
that I have met all requirements under the Plan relative to such election and
such election is approved by the Company:

      
        	
                □

              	
                In accordance with Section
      1.4(b)(1), I hereby elect to pay to the Company the entire amount of all
      Withholding Obligations with respect to the Vesting Shares in cash or by
      check on or before the Date of
Vesting.

              

      

      
        	
                □

              	
                In accordance with Section
      1.4(b)(2), I hereby elect that the entire amount of all Withholding
      Obligations with respect to the Vesting Shares should be paid by having
      the Company repurchase the smallest whole number of the Vested Shares
      which, when multiplied by the fair market value per share of the common
      stock of the Company as of the close of business on the business day which
      is coincident with or immediately follows the Date of Vesting, will be
      sufficient to satisfy the amount of such Withholding Obligations, and
      applying all the proceeds from such repurchase to such Withholding
      Obligations.  I further acknowledge and understand that the
      repurchase by the Company of any Vested Shares may result in tax
      consequences to me.

              

      

      
        	
                □

              	
                In accordance with Section
      1.4(b)(3), I hereby elect for the Company to withhold substantially equal
      amounts from my future compensation so that the total of such amounts
      shall, as of the Date of Vesting, be designed to be sufficient to satisfy
      the amount of all Withholding Obligations with respect to the Vesting
      Shares.

              

      

       

    

    
      	
               

              Dated this __________ day of
      _____________, 20_____

               

              Recipient’s
      Address:

            	 	
              Recipient:

               

            	 
      
	 
      	 	
              Printed
    Name:

            	 
      
	 
      	 	 
      	 
      
	 
      	 	
              Social Security
      Number:

            	
              _______ - ______ -
      _________

            

    

    

    Withholding Election Form

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