Document:

EXHIBIT 10.12

                         FIDELITY DIVIDEND CAPITAL INC.
                     INDEPENDENT DIRECTOR STOCK OPTION PLAN

                                    ARTICLE I
                                     GENERAL

         1.1 PURPOSE. Fidelity Dividend Capital Inc., a Maryland corporation
(the "Company"), hereby adopts this Independent Director Stock Option Plan (the
"Plan"). The purpose of the Plan is to foster and promote the long-term
financial success of the Company by attracting and retaining outstanding non-
employee directors by enabling them to participate in the Company's growth
through the granting of Options (as defined in Article II) which entitle them to
purchase shares of the Company's common stock, par value $.001 per share
("Shares").

         1.2 PARTICIPATION. Only directors of the Company who at the time an
Option is granted are "Non-Employee Directors" as such term is defined in Rule
16b-3 promulgated under the Securities Exchange Act of 1934, as amended ("Rule
16b-3"), or any similar rule which may subsequently be in effect (the
"Independent Directors") shall receive an Option under the Plan.

         1.3 SHARES SUBJECT TO THE PLAN. Shares to be issued upon exercise of
Options granted under the Plan may be issued from authorized but un-issued
Shares or treasury Shares of the Company. A maximum of 300,000 Shares (the "Plan
Maximum") may be issued for all purposes under the Plan (subject to adjustment
pursuant to Section 3.2), and the Company shall reserve 300,000 authorized but
un-issued Shares as of the date this Plan is established for issuance upon
exercise of Options granted under the Plan. Any Shares reserved for issuance
under Options which for any reason are canceled or terminated without having
been exercised shall not be counted in determining whether the Plan Maximum has
been reached. Options for fractional shares shall not be granted.

         1.4 GENDER AND NUMBER. Except when otherwise indicated by the context,
words in the masculine gender when used in the Plan shall include the feminine
gender, the singular shall include the plural, and the plural shall include the
singular.

                                   ARTICLE II
                               STOCK OPTION AWARDS

         2.1 AWARD OF STOCK OPTIONS. (a) Effective on the later of (i) the date
on which an Independent Director becomes a member of the Board of Directors of
the Company or (ii) the date this Plan is adopted by the stockholders of the
Company, or (iii) the date on which the Company closes on the sale of at least
200,000 shares of its common stock pursuant to the Form S-11 Registration
Statement filed by the Company with the Securities and Exchange Commission as of
April 6, 2004, then each Independent Director who satisfies the conditions set
forth in Section 1.2 will automatically be awarded a stock option (an "Initial
Option") under the Plan to purchase 10,000 Shares (subject to adjustment
pursuant to Section 3.2). Effective on the date of each Annual Meeting of
Stockholders of the Company (an "Annual Meeting"), commencing with the Company's
Annual Meeting in 2005, each Independent Director then in office who satisfies
the conditions set forth in Section 1.2 will automatically be awarded a stock
option (a "Subsequent Option" or the "Subsequent Options," collectively with the
"Initial Options" referred to herein as an "Option" or "Options") to purchase
5,000 Shares (subject to adjustment pursuant to Section 3.2). The Options are
not intended to qualify as "incentive stock options" as defined in Section 422
of the Internal Revenue Code of 1986, as amended (the "Code").

                                      -1-
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         (b) Notwithstanding any other provision of this Plan, the number of
Options to be issued pursuant to Section 2.1(a) shall be reduced or eliminated
to the extent that the issuance of such Options would otherwise (i) enable the
Independent Directors as a group to hold more than 10% of the outstanding Shares
if such Options were exercised; (ii) result in the Company being "closely-held"
within the meaning of Code Section 856(h); (iii) cause the Company to own,
directly or constructively, 10% or more of the ownership interests in a tenant
of the property of the Company (or of the property of one or more partnerships
in which the Company is a partner), within the meaning of Code Section
856(d)(2)(B); (iv) result in a violation of any of the stock ownership and
transfer restrictions imposed under the Company's Articles of Incorporation; or
(v) cause, in the opinion of counsel to the Company, the Company to fail to
qualify (or create, in the opinion of counsel to the Company, a risk that the
Company would no longer qualify) as a real estate investment trust within the
meaning of the Code. To the extent that the issuance of Options pursuant to
Section 2.1(a) would violate any of these limitations, the number of Options to
be issued to each of the Independent Directors shall be reduced pro rata (with
those Options not granted pursuant to this Section 2.1(b) referred to as the
"Excess Options"). To the extent that the number of Options issued to an
Independent Director is reduced in any year as a result of the application of
these limitations, the Excess Options shall be issued to the Independent
Director in any subsequent year in which issuance of such Excess Options, after
taking into account the Options to be issued to the Independent Directors in
such subsequent year under Section 2.1(a), would not violate the limitations
imposed by this Section 2.1(b). To the extent that the issuance of an Excess
Option is delayed until a subsequent year under this Section 2.1, the Excess
Option shall be treated for all purposes under this Plan as having been issued
in such subsequent year.

         2.2 STOCK OPTION CERTIFICATES. The award of an Option shall be
evidenced by a certificate executed by an officer of the Company.

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

         2.4 EXERCISE AND TERM OF OPTIONS. (a) Options may be exercised by the
delivery of written notice of exercise and payment of the aggregate Option Price
for the Shares to be purchased to the Secretary of the Company. The Option Price
may be paid in cash (including check, bank draft or money order) or, unless in
the opinion of counsel to the Company doing so may result in a possible
violation of law, by delivery of Shares already owned by the Independent
Director, valued at Fair Market Value on the date of the exercise. As soon as
practicable after receipt of each notice and full payment, the Company shall
deliver to the Independent Director a certificate or certificates representing
the purchased Shares. An Independent Director shall have none of the rights of a
shareholder until a certificate or certificates for Shares underlying the
Option(s) exercised are issued and no adjustment will be made for dividends or
other rights for which the record date is prior to the date such certificate or
certificates are issued.

         (b) Each certificate for Shares issued upon exercise of an Option,
unless at the time of exercise such Shares are registered with the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the
"Act"), shall bear the following legend:

         "NO SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THESE SHARES SHALL
BE MADE EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION
THAT REGISTRATION IS NOT REQUIRED."

         Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon completion
of a public distribution pursuant to a registration statement under the Act of
the securities represented thereby) shall also bear the above legend unless, in
the opinion of such counsel as shall be reasonably approved by the Company, the
securities represented thereby no longer need be subject to such restrictions.

                                      -2-
<PAGE>

         Each certificate for Shares issued upon exercise of an Option shall
also bear any legends required by the Company's Articles of Incorporation and
the transferability of the certificate and the Shares represented thereby shall
be subject to the restrictions contained in the Company's Articles of
Incorporation.

         (c) Options granted hereunder shall lapse on the first to occur of (i)
the fifth (5th) anniversary of the date of grant, (ii) the removal for cause of
the Independent Director as a Director of the Company, or (iii) three (3) months
following the date the Independent Director ceases to be a Director of the
Company for any reason, except death or disability, as provided below. In the
event such Option or Options have not lapsed prior thereto due to occurrence of
one of the foregoing events, an Independent Director's Initial Option shall
(subject to Section 3.1) become exercisable as follows: (i) 20% of the shares on
the date of grant, (ii) an additional 20% of the shares on each anniversary
following the date of grant for a period of four (4) years until 100% of the
shares become exercisable. In the event such Options have not lapsed prior
thereto, an Independent Director's Subsequent Options shall (subject to Section
3.1) become fully exercisable on the second (2nd) anniversary of the date on
which each such Subsequent Option was granted. Options shall continue to be
exercisable until the first to occur of (i) the tenth (10th) anniversary of the
date of grant, (ii) the removal for cause of the Independent Director as a
Director of the Company, or (iii) three (3) months following the date the
Independent Director ceases to be a Director of the Company for any reason,
except death or disability. Notwithstanding the foregoing, Options granted under
this Plan shall continue to be exercisable in the case of death or disability
for a period of one (1) year after death or the disabling event, provided that
the death or disabling event occurs while the person is an Independent Director
and prior to his or her removal for cause, resignation or ceasing to be a
Director of the Company for any other reason and the Option is otherwise
exercisable on the date of the death or disabling event; provided, however, if
the Option is exercised within the first six (6) months after it becomes
exercisable, any Shares issued pursuant to such exercise may not be sold until
the six (6) month anniversary of the date the Option became exercisable. An
Independent Director is removed "for cause" for gross negligence or willful
misconduct in the execution of his duties; or for conviction of, or entry of a
plea of guilty or nolo contendere to, any felony or any act of fraud,
embezzlement, misappropriation, or a crime involving moral turpitude.

         (d) Notwithstanding any other terms or provisions herein to the
contrary, no Option may be exercised if, in the opinion of the Company's
counsel, such exercise would jeopardize the Company's status as a real estate
investment trust under the Code or result in a violation of any of the stock
ownership and transfer restrictions imposed under the Articles of Incorporation.

                                   ARTICLE III
                                  MISCELLANEOUS

         3.1 NON-TRANSFERABILITY. No Option awarded under the Plan shall be
transferable by the Independent Director otherwise than by will or, if the
Independent Director dies intestate, by the laws of descent and distribution.
All Options exercised during the Independent Director's lifetime shall be
exercised only by the Independent Director or his legal representative. Any
transfer contrary to this Section 3.1 will nullify the Option. Notwithstanding
any other provisions of this Plan, Options granted under this Plan shall
continue to be exercisable in the case of death or disability for a period of
one (1) year after death or the disabling event, provided that the death or
disabling event occurs while the person is an Independent Director and prior to
his or her removal for cause, resignation or ceasing to be an Independent
Director for any other reason and the Option is exercisable on the date of the
Independent Director's death or disabling event; provided, however if the Option
is exercised within the first six (6) months after it becomes exercisable, any
Shares issued on such exercise may not be sold until the six (6) month
anniversary of the date of the grant of the Option.

         3.2 ADJUSTMENT UPON CERTAIN CHANGES. (a) If the Company's outstanding
Shares are (i) increased, decreased, or (ii) changed into, or exchanged for, a
different number or kind of shares or securities of the Company, through a
reorganization or merger in which the Company is the surviving entity, or
through a combination, recapitalization, reclassification, stock split, stock
dividend, stock consolidation or otherwise,

                                      -3-
<PAGE>

 an appropriate adjustment shall be made in the number and kind of Shares that
may be issued pursuant to an Option and in the minimum number of Shares that
must be issued and outstanding prior to the issuance of the Initial Options
pursuant to Section 2.1(a)(iii). A corresponding adjustment to the consideration
payable with respect to all Options granted prior to any such change shall also
be made.

         (b) Upon the dissolution or liquidation of the Company, or upon a
reorganization, merger or consolidation of the Company with one or more
corporations as a result of which the Company is not the surviving corporation,
or upon sale of all or substantially all of the Company's property, the Plan
shall terminate, and any outstanding Options shall terminate and be forfeited.
However, holders of Options may exercise any Options that are otherwise
exercisable immediately prior to the dissolution, liquidation, consolidation or
merger.

         Notwithstanding the foregoing, the Board of Directors may provide in
writing in connection with, or in contemplation of, any such transaction for any
or all of the following alternatives (separately or in combinations): (i) for
the assumption by the successor corporation of the Options theretofore granted
or the substitution by such corporation for such Options of awards covering the
stock of the successor corporation, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and prices; (ii) for
the continuance of the Plan by such successor corporation in which event the
Plan and the Options shall continue in the manner and under the terms so
provided; or (iii) for the payment in cash or Shares in lieu of and in complete
satisfaction of such Options.

         3.3 AMENDMENT, SUSPENSION AND TERMINATION OF PLAN. The Board of
Directors may suspend or terminate the Plan or any portion thereof at any time
and may amend it from time to time in such respects as the Board of Directors
may deem advisable in order that any Options thereunder shall conform to or
otherwise reflect any change in applicable laws or regulations, or to permit the
Company or the Independent Directors to enjoy the benefits of any change in
applicable laws or regulations, or in any other respect the Board of Directors
may deem to be in the best interests of the Company; provided, however,
stockholder approval (to the extent required by law, or any agreement or the
rules of any stock exchange upon which the Shares may be listed or of any
national market system on which Shares may be traded) shall be obtained for any
amendment to the Plan which (a) materially increase the number of Shares which
may be issued under the Plan (except for adjustments made pursuant to Section
3.2); (b) materially modify the requirements as to eligibility for participation
in the Plan; (c) materially increase the benefits accruing to Independent
Directors under the Plan; or (d) extend the termination date of the Plan. No
such amendment, suspension or termination shall: (x) impair the rights of
Independent Directors affected thereby; (y) make any change that would
disqualify the Plan, or any other plan of the Company intended to be so
qualified, from the exemption provided by Rule 16b-3; or (z) jeopardize the
status of the Company as a real estate investment trust under the Code.

         3.4 TAX WITHHOLDING. (a) The Company shall have the power to withhold,
or require an Independent Director to remit to the Company, an amount sufficient
to satisfy any withholding or other tax due from the Company with respect to any
amount payable and/or Shares issuable under the Plan, and the Company may defer
such payment or issuance unless indemnified to its satisfaction.

         (b) Subject to the consent of the Board of Directors of the Company,
due to the exercise of an Option, an Independent Director may make an
irrevocable election (an "Election") to: (a) have Shares otherwise issuable
hereunder withheld; or (b) tender back to the Company Shares received; or (c)
deliver back to the Company previously acquired Shares of the Company having a
Fair Market Value sufficient to satisfy all or part of the Independent
Director's estimated tax obligations associated with the transaction. Such
Election must be made by an Independent Director prior to the date on which the
relevant tax obligation arises. The Board of Directors of the Company may
disapprove of any Election, may suspend or terminate the right to make
Elections, or may provide with respect to any Option under this Plan that the
right to make Elections shall not apply to such Option.

                                      -4-
<PAGE>

         3.5 DEFINITION OF FAIR MARKET VALUE. "Fair Market Value" on any date
shall mean the average of the Closing Price (as defined below) per Share for the
five (5) consecutive Trading Days (as defined below) ending on such date. The
"Closing Price" on any date shall mean the last sale price, regular way (as
defined below), or, in case no such sale takes place on such day, the average of
the closing bid and asked prices, regular way, in either case as reported in the
principal consolidated transaction reporting system with respect to securities
listed or admitted to trading on the principal national securities exchange on
which the Shares are listed or admitted to trading or, if the Shares are not
listed or admitted to trading on any national securities exchange, the last
quoted price, or if not so quoted, the average of the high bid and low asked
prices in the over-the-counter market, as reported by The NASDAQ Stock Market,
Inc. ("NASDAQ") or, if NASDAQ is no longer in use, the principal automated
quotation system that may then be in use or, if the Shares are not quoted by any
such organization, the average of the closing bid and asked prices as selected
by the Board or, if there is no professional market-maker authorized to make a
market in the Shares, the average of the last ten (10) sales pursuant to the IPO
if the IPO has not concluded, or, if the IPO has concluded, the average of the
last ten (10) purchases by the Company pursuant to its Share Repurchase Program
("SRP"), then the average of such lesser number of purchases, or, if the SRP is
not then in existence, the price at which the Company is then offering Shares to
the public if the Company is then engaged in a public offering of Shares, or if
the Company is not then offering Shares to the public, the price per share at
which a Stockholder may purchase Shares pursuant to the Company's Distribution
Reinvestment Program (the "DRP") if such DRP is then in existence, or if the DRP
is not then in existence, the fair market value of a Share as determined by the
Company, in its sole discretion. "Trading Day" shall mean a day on which the
principal national securities exchange or national automated quotation system on
which the Shares are listed or admitted to trading is open for the transaction
of business or, if the Shares are not listed or admitted to trading on any
national securities exchange or national automated quotation system, shall mean
any day other than a Saturday, a Sunday or a day on which banking institutions
in the State of Delaware are authorized or obligated by law or executive order
to close.

         The term "regular way" means a trade that is effected in a recognized
securities market for clearance and settlement pursuant to the rules and
procedures of the National Securities Clearing Corporation, as opposed to a
trade effected "ex-clearing" for same day or next day settlement.

         3.6 PLAN NOT EXCLUSIVE. The adoption of the Plan shall not preclude the
adoption by appropriate means of any other stock option or other incentive plan
for Independent Directors or other Directors of the Company.

         3.7 LISTING, REGISTRATION AND LEGAL COMPLIANCE. Each Option shall be
subject to the requirement that if at any time counsel to the Company shall
determine that the listing, registration or qualification thereof or of any
Shares or other property subject thereto upon any securities exchange or under
any foreign, federal or state securities or other law or regulation, or the
consent or approval of any governmental body or the taking of any other action
to comply with or otherwise, with respect to any such law or regulation, is
necessary or desirable as a condition to or in connection with the award of such
Option or the issue, delivery or purchase of Shares or other property
thereunder, no such Option may be exercised unless such listing, registration,
qualification, consent, approval or other action shall have been effected or
obtained free of any conditions not acceptable to the Company, and the holder of
the award will supply the Company with such certificates, representations and
information as the Company shall request and shall otherwise cooperate with the
Company in effecting or obtaining such listing, registration, qualification,
consent, approval or other action. The Company may at any time impose any
limitations upon the exercise, delivery or payment of any Option which, in the
opinion of the Board of Directors of the Company, are necessary or desirable in
order to cause the Plan or any other plan of the Company to comply with Rule
16b-3. If the Company, as part of an offering of securities or otherwise, finds
it desirable because of foreign, federal or state legal or regulatory
requirements to reduce the period during which Options may be exercised, the
Board of Directors of the Company may, without the holders' consent, so reduce
such period on not less than 15 days written notice to the holders thereof.

         3.8 RIGHTS OF INDEPENDENT DIRECTORS. Nothing in the Plan shall confer
upon any Independent Director any right to serve as an Independent Director for
any period of time or to continue serving at his present or any other rate of
compensation.

                                      -5-
<PAGE>

         3.9 NO OBLIGATION TO EXERCISE OPTION. The granting of an Option shall
impose no obligation upon the Independent Director to exercise such Option.

         3.10 REQUIREMENTS OF LAW; GOVERNING LAW. The granting of Options under
this Plan shall be subject to all applicable laws, rules and regulations, and to
such approvals by any governmental agencies or national securities exchanges as
may be required. The Plan, and all agreements hereunder, shall be construed in
accordance with and governed by the laws of the State of Delaware. The
provisions of this Plan shall be interpreted so as to comply with the conditions
or requirements of Rule 16b-3, unless a contrary interpretation of any such
provision is otherwise required by applicable law.

         IN WITNESS WHEREOF, this Independent Director Stock Option Plan was
adopted by the Board of Directors of the Company and approved by the sole
shareholder of the Company effective as of April____, 2004.

By:
     -----------------------

Name: Dennis P. Sweenor

Title: President

By:
     -------------------------

Name: William T. Frattalone

Title: Executive Vice-President

                                      -6-
<PAGE>EXHIBIT 10.13

                                   APPENDIX A

                             SUBSCRIPTION AGREEMENT

To: Fidelity Dividend Capital Inc.
      Suite 52-A Smoke Ridge Rd.
      Queensbury, N.Y. 12804

Ladies and Gentlemen:

         The undersigned, by signing and delivering a copy of the attached
Subscription Agreement Signature Page, hereby tenders this subscription and
applies for the purchase of the number of shares of common stock ("Shares") of
Fidelity Dividend Capital Inc., a Maryland corporation (the "Company"), set
forth on such Subscription Agreement Signature Page. Payment for the Shares is
hereby made by check payable to "Fidelity Dividend Capital Inc."

         I hereby acknowledge receipt of the Prospectus of the Company dated
_______, 2004 (the "Prospectus"). I agree that if this subscription is accepted,
it will be held, together with the accompanying payment, on the terms described
in the Prospectus. I agree that subscriptions may be rejected in whole or in
part by the Company in its sole and absolute discretion. SALE OF SHARES PURSUANT
TO THIS SUBSCRIPTION AGREEMENT WILL NOT BE EFFECTIVE UNTIL AT LEAST FIVE
BUSINESS DAYS AFTER THE DATE AN INVESTOR HAS RECEIVED A FINAL PROSPECTUS AND
UNTIL THE INVESTOR HAS RECEIVED A CONFIRMATION OF PURCHASE.

 Prospective investors should be aware that:

         (a)   The assignability and transferability of the Shares is restricted
               and will be governed by the Company's Articles of Incorporation
               and Bylaws and all applicable laws as described in the
               Prospectus.

         (b)   Prospective investors should not invest in Shares unless they
               have an adequate means of providing for their current needs and
               personal contingencies and have no need for liquidity in this
               investment.

         (c)   There is no public market for the Shares and, accordingly, it may
               not be possible to readily liquidate an investment in the
               Company.

                                 SPECIAL NOTICES

                          FOR CALIFORNIA RESIDENTS ONLY
                    CONDITIONS RESTRICTING TRANSFER OF SHARES

 SECTION 260.141.11 RESTRICTIONS ON TRANSFER:

                  a. The issuer of any security upon which a restriction on
transfer has been imposed pursuant to Sections 260.102.6, 260.141.10 or 260.534
of the Rules (the "Rules") adopted under the California Corporate Securities Law
(the "Code") shall cause a copy of this section to be delivered to each issuee
or transferee of such security at the time the certificate evidencing the
security is delivered to the issuee or transferee.

                                       A-1

<PAGE>

                 b. It is unlawful for the holder of any such security to
consummate a sale or transfer of such security, or any interest therein, without
the prior written consent of the Commissioner (until this condition is removed
pursuant to Section 260.141.12 of the Rules), except:

         (i)   to the issuer;

         (ii)  pursuant to the order or process of any court;

         (iii) to any person described in subdivision (i) of Section 25102 of
               the Code or Section 260.105.14 of the Rules;

         (iv)  to the transferor's ancestors, descendants or spouse, or any
               custodian or trustee for the account of the transferor or the
               transferor's ancestors, descendants or spouse; or to a transferee
               by a trustee or custodian for the account of the transferee or
               the transferee's ancestors, descendants or spouse;

         (v)   to holders of securities of the same class of the same issuer;

         (vi)  by way of gift or donation inter vivos or on death;

         (vii) by or through a broker-dealer licensed under the Code (either
               acting as such or as a finder) to a resident of a foreign state,
               territory or country who is neither domiciled in this state to
               the knowledge of the broker-dealer, nor actually present in this
               state if the sale of such securities is not in violation of any
               securities laws of the foreign state, territory or country
               concerned;

         (viii) to a broker-dealer licensed under the Code in a principal
               transaction, or as an underwriter or member of an underwriting
               syndicate or selling group;

         (ix)  if the interest sold or transferred is a pledge or other lien
               given by the purchaser to the seller upon a sale of the security
               for which the Commissioner's written consent is obtained or under
               this rule not required;

         (x)   by way of a sale qualified under Sections 25111, 25112, 25113 or
               25121 of the Code, of the securities to be transferred, provided
               that no order under Section 25140 or subdivision (a) of Section
               25143 is in effect with respect to such qualification;

         (xi)  by a corporation to a wholly owned subsidiary of such
               corporation, or by a wholly owned subsidiary of a corporation to
               such corporation;

         (xii) by way of an exchange qualified under Section 25111, 25112 or
               25113 of the Code provided that no order under Section 25140 or
               subdivision (a) of Section 25143 is in effect with respect to
               such qualification;

         (xiii) between residents of foreign states, territories or countries
               who are neither domiciled or actually present in this state;

         (xiv) to the State Controller pursuant to the Unclaimed Property Law or
               to the administrator of the unclaimed property law of another
               state;

                                       A-2

<PAGE>

         (xv)  by the State Controller pursuant to the Unclaimed Property Law or
               by the administrator of the unclaimed property law of another
               state if, in either such case, such person (i) discloses to
               potential purchasers at the sale that transfer of the securities
               is restricted under this rule, (ii) delivers to each purchaser a
               copy of this rule, and (iii) advises the Commissioner of the name
               of each purchaser;

         (xvi) by a trustee to a successor trustee when such transfer does not
               involve a change in the beneficial ownership of the securities;

         (xvii) by way of an offer and sale of outstanding securities in an
               issuer transaction that is subject to the qualification
               requirement of Section 25110 of the Code but exempt from that
               qualification requirement by subdivision (f) of Section 25102;
               provided that any such transfer is on the condition that any
               certificate evidencing the security issued to such transferee
               shall contain the legend required by this section.

         c. The certificates representing all such securities subject to such a
restriction on transfer, whether upon initial issuance or upon any transfer
thereof, shall bear on their face a legend, prominently stamped or printed
thereon in capital letters of not less than 10-point size, reading as follows:

         "IT IS UNLAWFUL TO CONSUMMATE A SALE OR TRANSFER OF THIS SECURITY, OR
ANY INTEREST THEREIN, OR TO RECEIVE ANY CONSIDERATION THEREFOR, WITHOUT THE
PRIOR WRITTEN CONSENT OF THE COMMISSIONER OF CORPORATIONS OF THE STATE OF
CALIFORNIA, EXCEPT AS PERMITTED IN THE COMMISSIONER'S RULES."

         FOR MAINE, MASSACHUSETTS, MINNESOTA, MISSOURI AND NEBRASKA RESIDENTS
ONLY

         In no event may a subscription for Shares be accepted until at least
five business days after the date the subscriber receives the Prospectus.
Residents of the States of Maine, Massachusetts, Minnesota, Missouri and
Nebraska who first received the Prospectus only at the time of subscription may
receive a refund of the subscription amount upon request to the Company within
five days of the date of subscription.

                                       A-3

<PAGE>

                             REGISTRATION OF SHARES

         The following requirements have been established for the various types
of ownership in which Shares may be held and registered. Subscription Agreements
must be executed and supporting material must be provided in accordance with
these requirements.

         1. INDIVIDUAL OWNER: One signature required.

         2. JOINT TENANTS WITH RIGHT OF SURVIVORSHIP: Each joint tenant must
sign.

         3. TENANTS IN COMMON: Each tenant in common must sign.

         4. COMMUNITY PROPERTY: Only one investor must sign.

         5. PENSION OR PROFIT SHARING PLANS: The trustee must sign the Signature
Page.

         6. TRUST: The trustee must sign. Provide the name of the trust, the
name of the trustee and the name of the beneficiary.

         7. PARTNERSHIP: Identify whether the entity is a general or limited
partnership. Each general partner must be identified and must sign the Signature
Page. In the case of an investment by a general partnership, all partners must
sign.

         8. CORPORATION: An authorized officer must sign. The Subscription
Agreement must be accompanied by a certified copy of the resolution of the Board
of Directors designating the executing officer as the person authorized to sign
on behalf of the corporation and a certified copy of the Board's resolution
authorizing the investment.

         9. IRAS, IRA ROLLOVERS AND KEOGHS: The officer (or other authorized
signer) of the bank, trust company, or other fiduciary of the account must sign.
The address of the bank, trust company or other fiduciary must be provided in
order to receive checks and other pertinent information regarding the
investment.

         10. UNIFORM GIFT TO MINORS ACT (UGMA) OR UNIFORM TRANSFERS TO MINORS
ACT (UTMA): The person named as the custodian of the account must sign. (This
may or may not be the minor's parent.) Only one child is permitted in each
investment under UGMA or UTMA. In addition, designate the state under which the
UGMA or UTMA has been formed.

                                       A-4

<PAGE>

                         INSTRUCTIONS TO SIGNATURE PAGE

         Please refer to the following instructions in completing the Signature
Page contained below. Failure to follow these instructions may result in the
rejection of your subscription.

         1. INVESTMENT. A minimum investment of $2,000 (200 Shares) is required,
except for certain states, which require a higher minimum investment. A CHECK
FOR THE FULL PURCHASE PRICE OF THE SHARES SUBSCRIBED FOR SHOULD BE MADE PAYABLE
TO THE ORDER OF "FIDELITY DIVIDEND CAPITAL INC." Only persons meeting the
standards set forth under the Section of the Prospectus entitled "Investor
Suitability Standards" may purchase shares. Please indicate the state in which
the sale was made.

         2. TYPE OF OWNERSHIP. Please check the appropriate box to indicate the
type of entity or type of individuals subscribing.

         3. REGISTRATION NAME AND ADDRESS. Please enter the exact name in which
the Shares are to be held. For joint tenants with right of survivorship or
tenants in common, include the names of both investors. In the case of
partnerships or corporations, include the name of an individual to whom
correspondence will be addressed. Trusts should include the name of the trustee.
All investors must complete the space provided for taxpayer identification
number or social security number. By signing in Section 5, the investor is
certifying that the taxpayer or social security number is correct. Enter the
mailing address and telephone numbers of the registered owner of this
investment. In the case of a Qualified Plan or trust, this will be the address
of the trustee. Indicate the birth date and occupation of the registered owner
unless the registered owner is a partnership, corporation or trust.

         4. INVESTOR NAME AND ADDRESS. Complete this Section only if the
investor's name and address is different from the registration name and address
provided in Section 3. If the Shares are registered in the name of a trust,
enter the name, address, telephone number, social security number, birth date
and occupation of the beneficial owner of the trust.

         5. SUBSCRIBER SIGNATURES. Please separately initial each representation
made by the investor where indicated. Except in the case of fiduciary accounts,
the investor may not grant any person a power of attorney to make such
representations on his or her behalf. Each investor must sign and date this
Section. If title is to be held jointly, all parties must sign. If the
registered owner is a partnership, corporation or trust, a general partner,
officer or trustee of the entity must sign. PLEASE NOTE THAT THESE SIGNATURES
ARE NOT REQUIRED TO BE NOTARIZED.

         6. SUITABILITY. Please complete this Section so that the Company and
your Broker-Dealer can asses whether your subscription is suitable given your
financial condition and investment objective. The Company and the Broker-Dealer
named on the Subscription Agreement Page in writing if at any time he/she fails
to meet the applicable suitability standards or he/she is unable to make any
other representations and warranties as set forth in the Prospectus or
Subscription Agreement.

         7. DIVIDEND REINVESTMENT PLAN. By electing the Dividend Reinvestment
Plan, the investor elects to reinvest 100% of cash dividends otherwise payable
to such investor in Shares of the Company. The investor agrees to notify the
Company and the Broker-Dealer named on the Subscription Agreement Signature Page
in writing if at any time he fails to meet the applicable suitability standards
or he is unable to make any other representations and warranties as set forth in
the Prospectus or Subscription Agreement. The investor acknowledges that the
Dealer Manager and the Broker-Dealer named in the Subscription Agreement
Signature Page may receive a dealer manager fee of 2.5% and commissions not to
exceed 7% of reinvested dividends, respectively, less any discounts authorized
by the Prospectus. If cash dividends are to be sent to an address other than
that provided in Section 4 (i.e., a bank, brokerage firm or savings and loan,
etc.), please provide the name, account number and address.

                                       A-5

<PAGE>

         8. BROKER-DEALER. This Section is to be completed by the Registered
Representative. Please complete all BROKER-DEALER information contained in
Section 8 including suitability certification.

         9. SIGNATURE PAGE MUST BE SIGNED BY AN AUTHORIZED REPRESENTATIVE. The
Subscription Agreement Signature Page, which has been delivered with the
Prospectus, together with a check for the full purchase price, should be
delivered or mailed to your Broker-Dealer. Only original, completed copies of
Subscription Agreements may be accepted. Photocopied or otherwise duplicated
Subscription Agreements cannot be accepted by the Company.

                IF YOU NEED FURTHER ASSISTANCE IN COMPLETING THIS
       SUBSCRIPTION AGREEMENT SIGNATURE PAGE, PLEASE CALL (518) 743-9681

                                       A-6

<PAGE>

                         FIDELITY DIVIDEND CAPITAL INC.
                      SUBSCRIPTION AGREEMENT SIGNATURE PAGE

 1. INVESTMENT - MAKE CHECK PAYABLE TO: FIDELITY DIVIDEND CAPITAL INC.

    _____________________  _____________________  Please check appropriate box:
      # OF SHARES             Total $ Invested

           (# shares x $10 = $ Invested)         [ ] This is my Initial
                                                     Investment ($2,000 minimum)

                                                 [ ] This is an Additional
                                                     Investment (minimum $100)
    MINIMUM PURCHASE: 200 SHARES OR $2,000

    [  ]  Check this box to elect the Deferred  [ ]  Check this box if you are
          Commission Option, as described            purchasing shares from
          in the Prospectus. (Broker-Dealer          a registered investment
          listed below must agree                    advisor in a fee only
          to this election)                          account.
                                                    (Advisor listed below must
                                                    agree to this election)

2. ADDITIONAL INVESTMENTS

         PLEASE CHECK THE BOX IF YOU INTEND TO MAKE ADDITIONAL INVESTMENTS TO
THE COMPANY. If additional investments are made, please include social security
number or other tax identification number on your check. All additional
investments must be made in increments of $100. By checking this box, you agree
to notify the Company in writing if at any time you fail to meet the suitable
standards or are unable to make the representations in Section 6.

3. TYPE OF OWNERSHIP

[ ] Individual                                    [ ] Keogh

[ ] Joint Tenants With Right of Survivorship      [ ] Qualified Pension Plan

[ ] Community Property                            [ ] Other Trust_____________
                                                      For the Benefit of________
[ ] Tenants in  Common
                                                  [ ] Custodian: Custodian for
[ ] Company                                           ___________________under
                                                      the Uniform Gift to
[ ] IRA                                               Minors Act or the Uniform
                                                      Transfers to Minors Act of
                                                      the State of _______

4. REGISTRATION NAME AND ADDRESS

         PLEASE PRINT NAME(S) IN WHICH SHARES ARE TO BE REGISTERED. INCLUDE
TRUST NAME IF APPLICABLE:

Name (include Mr.,Mrs.,Dr. etc):_____________________________________________

Social Security Number  _ _ _- _ _-_ _ _

Street Address__________________________________________________________________

Tax ID Number_ _-_ _ _ _ _ _ _ _

City:_______________________ State:_________________ Zip Code:________________

Home Telephone No.:___________________ Business Telephone No. ________________

Birth Date ___________________

Email Address:________________________________ Occupation: ___________________

                                       A-7

<PAGE>

5. INVESTOR NAME AND ADDRESS
   (COMPLETE ONLY IF DIFFERENT FROM REGISTRATION NAME AND ADDRESS)

Name (include Mr.,Mrs.,Dr. etc):_______________________________________________

Social Security Number  _ _ _- _ _-_ _ _

Street Address__________________________________________________________________

Tax ID Number_ _-_ _ _ _ _ _ _ _

City:_______________________ State:_________________ Zip Code:________________

Home Telephone No.:___________________ Business Telephone No. ________________

Birth Date ___________________

Email Address:________________________________ Occupation: ___________________

6. SUITABILITY

Occupation __________________ Annual Income _______________ Net Worth___________

Investment objective ___________________________________________________________

Nature of other investments or securities holdings _____________________________

7. SUBSCRIBER SIGNATURES

Please separately initial each of the representations below. In the case of
joint investors, each investor must initial. Except in the case of fiduciary
accounts, you may not grant any person a power of attorney to make such
representations on your behalf. In order to induce the Company to accept this
subscription, I hereby represent and warrant to you as follows:

                                                               (a)
  _______                                                      __________
         (a) I have received the Prospectus.
  Initials                                                     Initials

         (b) I accept and agree to be bound by the
             terms and condition of the Articles
             of Incorporation                                  (b)
 ________                                                      __________

 Initials                                                      Initials

         (c) I have (i) a net worth (exclusive of home, home
             furnishings and automobiles) of $150,000 or      (c) _________
_________    more;  or (ii) a net worth (as described above)      Initials
Initials     of at least $45,000 and had during the last
             year or estimate that I will have during the
             current tax year a minimum of $45,000 annual
             gross income, or that I meet the higher
             suitability requirements imposed by my state
             of primary residence as set forth in the
             Prospectus under "Suitability Standards.

         (d) If I am a California resident or if the Person to whom I
             subsequently propose to assign or transfer any Shares is a
             California resident, I may not consummate a sale or transfer of my
             Shares, or any interest therein, or receive any consideration
             therefore, without the prior written consent of the Commissioner of
             the Department of Corporations of the State of California, except
             as permitted in the Commissioner's Rules, and I understand that my
             Shares, or any document evidencing my Shares, will bear a legend
             reflecting the substance of the foregoing understanding.

         (e) : I am purchasing the Shares for my own account and acknowledge
             that the investment is not liquid.

8. DISTRIBUTIONS

[ ]      CHECK THIS BOX TO PARTICIPATE IN THE DIVIDEND REINVESTMENT PLAN

[ ]      CHECK THIS BOX AND COMPLETE BELOW ONLY TO DIRECT DIVIDENDS TO A PARTY
         OTHER THAN REGISTERED OWNER.

NAME__________________________________ ACCOUNT NUMBER __________________________

STREET ADDRESS __________________ CITY __________ STATE _________ ZIP __________

                                       A-8

<PAGE>

9. BROKER-DEALER (THIS SELECTION TO BE COMPLETED BY THE REGISTERED
REPRESENTATIVE)

         The Broker-Dealer or authorized representative must sign below to
complete the order. Broker-Dealer or authorized representative warrants that it
is a duly licensed Broker-Dealer and may lawfully offer shares in the state
designated as the investor's address or the state in which the sale was made, if
different. The Broker-Dealer or authorized representative warrants that he has
reasonable grounds to believe this investment is suitable as defined in Section
3(b) of the Rules of Fair Practice of the NASD Manual and that he has informed
the subscriber of all aspects of liquidity and marketability of this investment
as required by Section 4 of such Rules of Fair Practice.

Broker Dealer name: ________________________ Telephone No: _____________________

Broker Dealer Street Address: __________________________________________________

City: ___________________________ State: ___________________ Zip Code: _________

Registered Rep. Name: ______________________ Telephone No: _____________________

                                       A-9

<PAGE>

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