Document:

Exhibit 10.4

 

FOUR SPRINGS CAPITAL TRUST

 

2021 EQUITY INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

The Board of Directors of Four Springs Capital Trust (the “Grantor”)
has decided to grant to you an option to purchase shares of the common stock of Grantor under the Four Springs Capital Trust 2021 Equity
Incentive Plan (the “Plan”). The terms of the grant are set forth in the [Nonqualified]/[Incentive] Stock Option Grant
provided to you (the “Grant”). The following provides a summary of the key terms of the Grant; however, you should
read the entire Grant, along with the terms of the Plan, to fully understand the Grant.

 

SUMMARY OF STOCK OPTION GRANT

 

Grantee:

 

Date of Grant:

 

Exercisability/Vesting Schedule:

 

Exercise Price Per Share:

 

Total Number of Shares Granted:

 

Term/Expiration Date:

 

    

     

    

 

FOUR SPRINGS CAPITAL TRUST

2021 EQUITY INCENTIVE PLAN

STOCK OPTION GRANT AGREEMENT

 

This STOCK OPTION GRANT AGREEMENT (this “Agreement”),
dated as of , 20 (the “Date of Grant”), is delivered by the Four Springs Capital Trust (the “Grantor”)
to (the “Grantee”).

 

RECITALS

 

A.       The
Four Springs Capital Trust 2021 Equity Incentive Plan (the “Plan”) provides for the grant of options to purchase shares
of common stock of Grantor. The Board of Trustees of Grantor (the “Board”) has decided to make a stock option grant
as an inducement for Grantee to promote the best interests of Grantor and its stockholders.

 

B.       The
Board is authorized to appoint a committee to administer the Plan. If a committee is appointed, all references in this Agreement to the
 “Board” shall be deemed to refer to the committee.

 

NOW, THEREFORE, the parties to this Agreement,
intending to be legally bound hereby, agree as follows:

 

1.                 
Grant of Option. Subject to the terms and conditions set forth in this Agreement and in the
Plan, Grantor hereby grants to Grantee a [nonqualified] stock option (the “Option”) to purchase common shares of Grantor
(“Shares”) at an exercise price of $ per Share, which represents the fair market value on the Date of Grant. The Option
shall become exercisable according to Section 2 below.

 

2.                 
Exercisability of Option. The Option shall become exercisable on the following dates, if Grantee
is employed by, or providing service to, Grantor on the applicable date:

 

	Date	Shares for Which the Option is Exercisable

 

The exercisability of the Option is cumulative, but shall not exceed
100% of the Shares subject to the Option. If the foregoing schedule would produce fractional Shares, the number of Shares for which the
Option becomes exercisable shall be rounded down to the nearest whole Share.

 

3.                 
Term of Option. The Option shall have a term of ten (10) years from the Date of Grant and
shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement
or the Plan.

 

    

     

    

 

4.                 
Exercise Procedures.

 

(a)              
Subject to the provisions of Sections 2 and 3 above (and to any subsequent process changes pursuant
to Section 13(d) below), Grantee may exercise part or all of the exercisable Option by giving the Board written notice of intent to exercise
in the manner provided in Section 13(e) of this Agreement, specifying the number of Shares as to which the Option is to be exercised.
On the delivery date, Grantee shall pay the exercise price (i) in cash, (ii) with the approval of the Board, by delivering Shares of Grantor
that have been previously owned for more than six (6) months, which shall be valued at their fair market value on the date of delivery,
or by attestation (on a form prescribed by the Board) to ownership of Shares having a fair market value on the date of exercise equal
to the exercise price, or (iii) by such other method as the Board may approve (including, but not limited to, allowing Grantee to effect
a cashless exercise as payment of the option price by delivering directly to Grantor newly acquired Shares upon exercise of the Option).

 

(b)              
The obligation of Grantor to deliver Shares upon exercise of the Option shall be subject to all applicable
laws, rules, and regulations and such approvals by governmental agencies as may be deemed appropriate by the Board, including such actions
as Grantor counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations. Grantor may require that
Grantee (or other person exercising the Option after Grantee’s death) represent that Grantee is purchasing Shares for Grantee’s
own account and not with a view to or for sale in connection with any distribution of the Shares, or such other representation as the
Board deems appropriate. 

 

(c)              
All obligations of Grantor under this Agreement shall be subject to the rights of Grantor as set
forth in the Plan to withhold amounts required to be withheld for any taxes, if applicable. Subject to Board approval, Grantee may elect
to satisfy any tax withholding obligation of Grantor with respect to the Option by having Shares withheld up to an amount that does not
exceed the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities.

 

5.                 
Restrictions on Exercise/Transfer.

 

(a)              
Except as the Board may otherwise permit pursuant to the Plan, only Grantee may exercise the Option
during Grantee’s lifetime and, after Grantee’s death, the Option shall be exercisable (subject to the limitations specified
in the Plan) solely by the legal representatives of Grantee, or by the person who acquires the right to exercise the Option by will or
by the laws of descent and distribution, to the extent that the Option is exercisable pursuant to this Agreement.

 

(b)              
The Option or any part thereof shall not be transferable, and no interest therein may be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Subject to the
foregoing and the terms of the Plan, the terms of this Agreement shall be binding upon Grantee’s executors, administrators, heirs,
transferees, successors and assigns.

 

(c)              
Grantor, within the limits of applicable law, shall be entitled to ignore any attempted assignment
or alienation or any creditor’s process not permitted under this Section 5.

 

    -2-

     

    

 

6.                 
Grant Subject to Plan Provisions. This Agreement is made pursuant to the Plan, the terms of
which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. The grant and exercise
of the Option are subject to interpretations, regulations and determinations concerning the Plan established from time to time by the
Board in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (a) rights and obligations
with respect to withholding taxes, (b) the registration, qualification or listing of the Shares, (c) changes in capitalization of Grantor
and (d) other requirements of applicable law. The Board shall have the authority to interpret and construe the Option pursuant to the
terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.

 

7.                 
Representations.

 

(a)              
Grantee acknowledges receipt of a copy of the Plan.

 

(b)               Grantee represents and warrants that Grantee understands the Federal, state and local income tax
consequences of the granting of the Option, the acquisition of rights to exercise the Option with respect to any Shares, the exercise
of the Option and purchase of Shares and the subsequent sale or other disposition of any Shares. In addition, Grantee understands that
Grantor will be required to withhold Federal, state or local taxes (including social security and Medicare taxes) in respect of any compensation
income realized by Grantee as a result of the exercise of the Option, which compensation income generally will equal the excess of the
fair market value of any Shares received upon exercise of the Option at the time of exercise over the exercise price of the Option. Grantee
agrees that it shall be a condition to Grantor’s obligation to issue or transfer Shares upon exercise of Options that Grantee pay,
or make provision satisfactory to Grantor for the payment of, any withholding taxes which Grantor is obligated to collect with respect
to the issue or transfer of Options Share upon such exercise, and Grantor may deduct from any payments of any kind otherwise due to Grantee
an amount equal to the total Federal, state and local taxes required to be so withheld, or if such payments are inadequate to satisfy
such Federal, state and local taxes, or if no such payments are due or to become due to Grantee, then Grantee agrees to provide Grantor
with cash funds or make other arrangements satisfactory to Grantor regarding such payment. It is understood that all matters with respect
to the total amount of taxes to be withheld in respect of any such compensation income shall be determined by the Board in its sole discretion.

 

(c)              
Grantee acknowledges the Options are intended to be exempt from the requirements of Section 409A
of the Code, and, to the extent that further guidance is issued under Section 409A of the Code after the date of this Agreement, Grantee
hereby authorizes Grantor to make any changes to this Agreement as are necessary to bring this Agreement into compliance with the applicable
exemptions under Section 409A of the Code and the Treasury regulations issued thereunder.

 

8.                 
No Employment or Other Rights. The grant of the Option shall not confer upon Grantee any right
to be retained by or in the employ or service of Grantor and shall not interfere in any way with the right of Grantor to terminate Grantee’s
employment or service at any time. The right of Grantor to terminate at will Grantee’s employment or service at any time for any
reason is specifically reserved.

 

9.                 
No Stockholder Rights. Neither Grantee, nor any person entitled to exercise Grantee’s
rights in the event of Grantee’s death, shall have any of the rights and privileges of a stockholder with respect to the Shares
subject to the Option, until Shares have been issued upon the exercise of the Option.

 

    -3-

     

    

 

10.             
Assignment and Transfers.

 

(a)              
Except as the Board may otherwise permit pursuant to the Plan, the Option and Grantee’s rights
and interest under this Agreement may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of by Grantee, other
than by will or the laws of descent and distribution (in which case, such transferee shall succeed to the rights and obligations of Grantee
hereunder) and is exercisable during Grantee’s lifetime only by Grantee, except that (i) Grantee may designate in writing a beneficiary
to exercise the Option after Grantee’s death (provided the designation has been received by Grantor prior to Grantee’s death)
and (ii) Grantee may transfer the Option to any family member (as defined in Rule 701 under the Securities Act of 1933, as amended) subject
to the requirement that Grantee will cause any entity included in such definition to convey the Option held by it to another family member
prior to the occurrence of any event which would cause such family member to cease to qualify as a family member. If Grantee or anyone
claiming under or through Grantee attempts to violate this Section 10, such attempted violation shall be null and void and without effect,
and Grantor’s obligation hereunder shall terminate. If at the time of Grantee’s death, the Option has not been fully exercised,
Grantee’s estate or any person who acquires the right to exercise the Option by bequest or inheritance or by reason of Grantee’s
death may exercise the Option in accordance with and with respect to the number of shares set forth in Section 1 above. The applicable
requirements of Section 4 above must be satisfied in full at the time of any exercise.

 

(b)              
In the event of any attempt by Grantee to alienate, assign, pledge, hypothecate, or otherwise dispose
of the Option or any right hereunder, except as provided for in this Agreement, or in the event of the levy or any attachment, execution
or similar process upon the rights or interests hereby conferred, Grantor may terminate the Option by notice to Grantee, and the Option
and all rights hereunder shall thereupon become null and void. The rights and protections of Grantor hereunder shall extend to any successors
or assigns of Grantor and to Grantor’s parents, subsidiaries, and affiliates. This Agreement may be assigned by Grantor without
Grantee’s consent.

 

11.             
Adjustments; Reorganization, Reclassification, Consolidation, Merger or Sale.

 

(a)              
In the event that, after the date hereof, the outstanding Common Shares shall be increased or decreased
or changed into or exchanged for a different number or kind of shares of stock or other securities of Grantor or of another corporation
in each such case through reorganization, merger or consolidation, recapitalization, reclassification, stock split, split-up, combination
or exchange of shares or declaration of any dividends payable in Common Shares, the Board may, in good faith, appropriately adjust the
number of Common Shares (and the option price per share) subject to the unexercised portion of the Option (to the nearest possible full
share), and such adjustment shall be effective and binding for all purposes of this Option Agreement and the Plan.

 

(b)              
If any capital reorganization or reclassification of the capital stock of Grantor or any consolidation
or merger of Grantor with another corporation, or the sale of all or substantially all its assets to another corporation, shall be effected
after the date hereof in such a way that holders of Common Shares shall be entitled to receive stock, securities or assets with respect
to or in exchange for Common Shares, then Grantee shall thereafter have the right to receive, in lieu of the Common Shares immediately
theretofore receivable upon the exercise of the Option, such shares of stock, securities or assets (including cash) as may be issued or
payable with respect to or in exchange for a number of outstanding shares of such Common Shares equal to the number of shares of such
stock immediately theretofore so receivable had such reorganization, reclassification, consolidation, merger or sale not taken place.

 

    -4-

     

    

 

(c)              
In the event that the Board shall determine that any event not specifically provided for in Sections
11(a) and 11(b) affects the Common Shares such that an adjustment is determined by the Board to be appropriate to prevent dilution or
enlargement of participants’ rights under the Plan, then the Board shall, in such manner as it may deem equitable, adjust any or
all of (i) the number and kind of shares which may thereafter be issued under the Plan; (ii) the number and kind of shares issued or issuable
in respect of outstanding grants under the Plan; and (iii) the exercise price, grant price or purchase price relating to any grants under
the Plan or, if deemed appropriate, make provision for a cash payment with respect to any outstanding grants under the Plan.

 

12.             
Plan Documents. This Agreement is qualified in its entirety by reference to the provisions
of the Plan, and any current or future amendments thereto, which are hereby incorporated herein by reference. Pursuant to the Plan, the
Board is authorized to adopt rules and regulations concerning the administration of this Agreement and the Option granted hereunder that
are not inconsistent with the Plan as it shall deem appropriate and proper. A copy of the Plan in its present form is available for inspection
during business hours by Grantee or the persons entitled to exercise the Option at Grantor’s principal office. Notwithstanding the
foregoing, this Agreement shall control in the event of any conflict with any terms of the Plan. Capitalized terms not explicitly defined
in this Grant but defined in the Plan will have the same definitions as in the Plan.

 

13.             
General Provisions.

 

(a)              
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.
If any one or more provisions of this Agreement shall be found to be illegal or unenforceable in any respect, the validity and enforceability
of the remaining provisions hereof shall not in any way be affected or impaired thereby.

 

(b)              
This Agreement and the Plan contain the entire agreement between Grantor and Grantee relating to
the Option and the Shares. Except as expressly provided in this Agreement or the Plan with respect to certain actions permitted to be
taken by the Board with respect to this Agreement and the terms of the Option, this Agreement may not be amended, modified, changed or
waived other than by written instrument signed by the parties hereto.

 

(c)              
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same instrument.

 

(d)              
Grantor may, in its sole discretion, decide to deliver any documents related to current or future
participation in the Plan by electronic means or, upon prior written notice to Grantee, adjust the exercise procedures in Section 4 in
accordance with the implementation of an electronic system to manage the Plan. Grantee hereby consents to receive such documents by electronic
delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by Grantor or a third
party designated by Grantor.

 

(e)              
If Grantee does not sign this Agreement and does not otherwise agree to the terms and conditions
of the Options, Grantee will be deemed to have agreed to the terms and conditions of the Options unless Grantee provides Grantor with
a written notice to the contrary within thirty (30) days of receipt of this Agreement and related materials.

 

    -5-

     

    

 

IN WITNESS WHEREOF, Grantor has caused its duly
authorized officers to execute and attest this Agreement, and Grantee has executed this Agreement, effective as of the Date of Grant.

 

	 	FOUR SPRINGS CAPITAL TRUST
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

I hereby accept the Option described in this Agreement,
and I agree to be bound by the terms of the Plan and this Agreement. I hereby further agree that all the decisions and determinations
of the Board shall be final and binding.

 

	 	Grantee:	 
	 	 	 
	 	Date:	 

 

    -6-

     

    

 

 

FOUR
SPRINGS CAPITAL TRUST

 

2021
EQUITY INCENTIVE PLAN

 

OPTION
EXERCISE FORM

 

I,             , a participant under the Four Springs Capital
Trust 2021 Equity Incentive Plan (the “Plan”) or a person otherwise entitled to exercise the Option, do hereby exercise
the right to purchase ___________ Common Shares of Four Springs Capital Trust. pursuant to the Option granted to me         , 20 under the Plan.
Enclosed herewith is $_________, an amount equal to the total exercise price for the Common Shares being purchased pursuant to
this Option Exercise Form.

 

	Date:		 	
    

	 	 	 	Print Name:

 

Send a completed copy of this Option Exercise Form
addressing Grantor as noted below:

 

 

Four Springs Capital Trust

1901 Main Street

Lake Como, NJ 07719

Attention: Board of Trustees

   Notice of Exercise of Stock Options

 

    -7-Exhibit 10.5

 

FORM OF FOUR SPRINGS CAPITAL TRUST 

LTIP UNIT AWARD AGREEMENT 

(TIME-BASED VESTING)

 

This
LTIP Unit Award Agreement (“Agreement”) made as of [DATE] (the
 “Award Date”) between Four Springs Capital Trust, a Maryland real estate investment trust (the “Company”),
its subsidiary, Four Springs Capital Trust Operating Partnership, L.P., a Delaware limited partnership and the entity through which the
Company conducts substantially all of its operations (the “Partnership”), and [NAME]
(the “Grantee”).

 

RECITALS

 

WHEREAS,
the Grantee is an employee, officer, trustee or consultant of the Company or one of its Subsidiaries or affiliates who provides services
to the Partnership.

 

WHEREAS,
the Board of Trustees of the Company (the “Board”) approved this award of [NUMBER
OF UNITS] units of limited partnership interest of the Partnership (this “Award”) pursuant to the Company’s
2021 Equity Incentive Plan (as amended, restated or supplemented from time to time hereafter, the “Plan”), the Second
Amended and Restated Agreement of Limited Partnership of the Partnership (as further amended, restated or supplemented from time to time
hereafter, the “Partnership Agreement”), and the terms and conditions set forth herein, to provide select leaders and
trustees of the Company and its subsidiaries equity stakes in the Company in order to (i) foster an “ownership mentality”
and re-align interests with the Company’s shareholders, (ii) promote retention of key members of the management team, and (iii) motivate
leaders to effectively manage the Company and continue to deliver strong results. This Award was approved by the Board pursuant to authority
delegated to it by the Board as set forth in the Plan and the Partnership Agreement to make grants of interests in the Partnership intended
to qualify as “profits interests” under IRS Revenue Procedures 93-27 and 2001-43 (“LTIP Units”), which
may, when vested, become exchangeable for shares of Common Units of the Company in accordance with the Partnership Agreement.

 

NOW,
THEREFORE, the Company, the Partnership and the Grantee agree as follows:

 

1.            Administration.
This Award shall be administered by the Board, which has the powers and authority as set forth in the Plan. The Board may from time
to time adopt any rules or procedures it deems necessary or desirable for the proper and efficient administration of the Award,
consistent with the terms hereof and of the Plan, including delegating any and all functions to a committee appointed by the Board.
The Board's determinations and interpretations with respect to the Plan and this Agreement shall be final and binding on all
parties. Should there be any conflict between the terms of this Agreement and the Company’s Amended and Restated Declaration
of Trust (as further amended, restated or supplemented from time to time hereafter) (“Declaration of Trust”), on
the one hand, and the Plan and the Partnership Agreement, on the other hand, the terms of this Agreement and the Declaration of
Trust shall prevail. The Grantee shall have no rights with respect to this Agreement (and the Award evidenced hereby) unless
he or she shall have accepted this Agreement prior to the close of business on [INSERT
DATE] by (a) signing and delivering to the Partnership a copy of this Agreement and (b) unless the Grantee is
already a Limited Partner (as defined in the Partnership Agreement), signing, as a Limited Partner, and delivering to the
Partnership a counterpart signature page to the Partnership Agreement (attached as Exhibit A).

 

    1 

     

    

 

2.            Definitions.
Capitalized terms used herein without definitions shall have the meanings given to those terms in the Plan. In addition, as used herein:

 

“Cause”
shall mean: (A) the Grantee’s conviction of, plea of nolo contendere to, or written admission of the commission of, a felony
(B) any material breach by the Grantee of this Agreement or his or her Employment and Services Agreement; (C) any act by the
Grantee involving moral turpitude, fraud or misrepresentation with respect to his or her duties for the Company or its affiliates, which
materially and adversely affects the Company; or (D) gross negligence or willful misconduct on the part of the Grantee in the performance
of his or her duties as an employee, officer or member of the Company or its affiliates (that in only the case of gross negligence results
in a material economic harm to the Company); provided, however, that the Company may not terminate the Grantee's award under clauses (B),
(C) or (D) unless the Company first gives the Grantee notice of its intention to terminate and of the grounds for such termination
within 90 days of such event, and in the case of a breach set forth in clause (B) above, the Grantee either (X) has not, within
30 days following receipt of such notice, cured such Cause, or (Y) in the event such Cause cannot be cured within such 30-day period,
has not taken all reasonable steps to cure such Cause. No termination for Cause shall be effective unless the Board makes a Cause determination
after notice to the Grantee and the Grantee has been provided with the opportunity (with counsel of his or her choice) to contest the
determination at a meeting of the Board.

 

“Change in Control” shall have
the meaning set forth in the Plan, provided that a Change in Control shall not occur in the case of an Initial Public Offering.

 

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

 

“Common Shares”
means the Company’s common shares, par value $0.001 per share, either currently existing or authorized hereafter.

 

“Continuous
Service” means the continuous service to the Company or any Subsidiary or affiliate, without interruption or termination,
in any capacity of employment. Continuous Service shall not be considered interrupted in the case of: (i) any approved leave of
absence; (ii) transfers among the Company and any Subsidiary or affiliate, or any successor, in any capacity of employment; or
(iii) any change in status as long as the individual remains in the service of the Company and any Subsidiary or affiliate in
any capacity of employment. An approved leave of absence shall include sick leave (including, due to any mental or physical
disability whether or not such condition rises to the level of a Disability), military leave, or any other authorized personal
leave. For purposes of determining Continuous Service, service with the Company includes service, following a Change in Control,
with a surviving or successor entity (or its parent entity) that agrees to continue, assume or replace this Award, as contemplated
by Section 4(c)(ii).

 

    2 

     

    

 

“Disability”
shall mean the mental or physical incapacity of the Grantee such that (A) he or she qualifies for long-term disability benefits under
a Company-sponsored long-term disability policy or (B) the Grantee has been incapable as a result of illness, disease, mental or
physical disability, disorder, infirmity, or impairment or similar cause of performing his or her essential duties and responsibilities
for any period of one hundred eighty (180) days (whether or not consecutive) in any consecutive three hundred sixty-five (365) day period.
Disability shall be determined by an approved medical doctor selected by the Company and the Grantee. If the Company and the Grantee cannot
agree on a medical doctor, each party shall select a medical doctor and the two doctors shall select a third who shall be the approved
medical doctor for this purpose.

 

“Effective Date” means the close
of business on April ___, 2021.

 

“Employment or Services
Agreement” means, as of a particular date, any employment, consulting or similar service agreement, including, without limitation,
management continuity agreement, then in effect between the Grantee, on the one hand, and the Company or one of its affiliates, on the
other hand, as amended or supplemented through such date.

 

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

 

“Fair Market Value”
means, as of any given date, the fair market value of a security determined by the Board using any reasonable method and in good faith
(such determination will be made in a manner that satisfies Section 409A of the Code and in good-faith as required by Section 422(c)(1) of
the Code);

 

“Good Reason”
means the occurrence of any of the following conditions without the Grantee’s written consent, provided that Grantee shall provide
notice to the Company of the existence of the condition within ninety (90) days of the initial existence of such condition, upon the notice
of which the Company shall have at least thirty (30) days within which to cure such condition, and if the Company fails to cure the condition
within such cure period, the Grantee must terminate Continuous Service by sending written notice to the Company within thirty (30) days
following the Company's failure to cure: (A) a material reduction of the Grantee’s authority, duties and responsibilities,
or the assignment to the Grantee of duties materially inconsistent with the Grantee’s position or positions with the Company; (B) a
reduction in the Grantee’s rate of Base Salary; (C) a breach by the Company of any material provision of this Agreement; or
(D) a transfer of the place of Continuous Service of more than thirty (30) miles from the Company’s principal executive offices.
Notwithstanding anything herein to the contrary, (x) any change of the Grantee’s position with the Company to which the Grantee
consents in writing shall not constitute Good Reason and (y) retirement by the Grantee shall not constitute Good Reason.

 

“Initial Public
Offering” means (i) a public offering of primary Common Shares in a firm commitment underwritten offering (other than
a public offering pursuant to a registration statement on Form S-8) under the Securities Act in which the Trust receives gross
proceeds of not less than $200,000,000, (ii) or the listing of the Trust’s Common Shares on a national securities
exchange which public float of the Common Shares constitutes at least fifteen percent (15%) of the issued and outstanding beneficial
interests and other equity interests of the Trust on a fully diluted basis as of such listing date or (iii) the merger of the
Trust with, or the acquisition of all or substantially all of equity interests of the Trust by, any special purpose acquisition
company, in which the Trust receives gross proceeds of not less than $200,000,000, and following which the common stock of the
surviving company or acquirer (or any parent thereof) is listed on a national securities exchange.

 

    3 

     

    

 

“LTIP Units”
means units of limited partnership interest of the Partnership designated as “LTIP Units” in the Partnership Agreement awarded
pursuant to this Agreement and under the Plan, having the rights, voting powers, restrictions, and limitations as to distributions, qualifications
and terms and conditions of redemption set forth in the Partnership Agreement.

 

“Person”
means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization,
other entity or “group” (as defined in the Exchange Act).

 

“Qualified Termination”
means a termination of the Grantee's employment due to death or Disability.

 

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

 

“Unvested LTIP Units” means
LTIP Units that have been granted under this Agreement that have not yet vested in accordance with Section 3(b) or 4.

 

“Vested LTIP Units”
means those LTIP Units that have fully vested in accordance with the time-based vesting conditions of Section 3(b) or have vested
on an accelerated basis under Section 4.

 

3.            Award
and Vesting of LTIP Units.

 

(a)            On
the terms and conditions set forth in this Agreement as well as the terms and conditions of the Plan, the Grantee is granted as of the
Award Date, the number of LTIP Units as set forth above. It is a condition to the effectiveness of this Award that the Grantee execute
and deliver a fully executed copy of this Agreement and such other documents that the Company and/or the Partnership reasonably request
in order to comply with all applicable legal requirements, including, without limitation, federal and state securities laws.

 

    4 

     

    

 

(b)            The
Unvested LTIP Units shall become Vested LTIP Units in the following amounts and at the following times, provided that the Continuous Service
of the Grantee continues through and on the applicable vesting date or the accelerated vesting date provided in Section 4, as applicable:

 

(i)              sixty-six
and 66/100 percent (66.66%) of the LTIP Units shall become Vested LTIP Units on the Grant Date; and

 

(ii)             sixteen
and 67/100 percent (16.67%) of the LTIP Units shall become Vested LTIP Units on the second anniversary of the Grant Date.

 

(iii)            sixteen
and 67/100 percent (16.67%) of the LTIP Units shall become Vested LTIP Units on the third anniversary of the Grant Date

 

(c)            The
Vested LTIP Units may not be sold, transferred, or redeemed for a period of three (3) years after the date upon which such Vested
LTIP Units vest in accordance with Section 3(b) or Section 4, provided, however, that upon the written consent of the Board,
the Grantee may transfer all or any portion of the Grantee's vested LTIP Units for bona fide estate planning purposes to an immediate
family member or the legal representative, estate, trustee or other successor in interest, as applicable, of the Grantee who agrees to
the restrictions set forth herein. The Vested LTIP Units may be converted to Common Units of the Partnership upon satisfaction of the
requirements set forth in Section 2(C) of Exhibit F of the Partnership Agreement.

 

(d)            Except
as otherwise provided under Section 4, upon termination of Continuous Service before the applicable vesting date, any Unvested LTIP
Units shall, without payment of any consideration to the Grantee, automatically and without notice be forfeited and be and become null
and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any
further rights or interests in such Unvested LTIP Units.

 

4.            Change
in Control or Termination of Grantee's Service Relationship.

 

(a)            If
the Grantee’s Continuous Service terminates prior to the final scheduled vesting date in Section 3(b), the provisions of Sections
4(b) through Section 4(e) shall govern the treatment of the Grantee’s LTIP Units exclusively, unless the Grantee’s
Employment or Services Agreement contains provisions that expressly refer to this Section 4(a) and provides that those provisions
of the Employment or Services Agreement shall instead govern the treatment of the Grantee’s LTIP Units. In the event an entity of
which the Grantee is an employee ceases to be a Subsidiary or affiliate of the Company, such action shall be deemed to be a termination
of employment of the Grantee for purposes of this Agreement, unless the Grantee promptly thereafter becomes an employee of the Company,
a Subsidiary or any of its affiliates, provided that, the Board, in its sole and absolute discretion, may make provision in such circumstances
for lapse of forfeiture restrictions and/or accelerated vesting of some or all of the Grantee’s LTIP Units that have not previously
been forfeited, effective immediately prior to such event. If a Change in Control occurs, Section 4(c) shall govern the treatment
of the Grantee’s LTIP Units exclusively.

 

(b)            Qualified
Termination. In the event of Grantee’s Qualified Termination, conditioned, except in the event of death, upon the execution
and delivery by the Grantee of a customary release of claims and covenant not to engage in competitive activities or solicit employees
of the Company or its Subsidiaries or affiliates following termination in form and substance satisfactory to the Company, the
Grantee’s Unvested LTIP Units shall become Vested LTIP Units as of the termination of Continuous Service and shall no longer be
subject to forfeiture pursuant to Section 3(e).

 

    5 

     

    

 

(c)            Change
in Control.

 

(i)            If,
in connection with the Change in Control, the Grantee’s Continuous Service is terminated by the Company without Cause or by the
Grantee with Good Reason, in either case, within 12 months of such Change in Control (the “Performance Period”), then
Grantee’s Unvested LTIP Units shall become Vested LTIP Units as of the termination of Continuous Service and shall no longer be
subject to forfeiture pursuant to Section 3(d).

 

(ii)            If,
in connection with the Change in Control, no Equivalent Replacement Award (as defined below) is issued or, then Grantee’s Unvested
LTIP Units shall become Vested LTIP Units as of the termination of the Award and shall no longer be subject to forfeiture pursuant to
Section 3(d). For purposes of this Section 4(c)(ii), an Award shall qualify as an “Equivalent Replacement Award”
if, the following conditions are met in the good faith discretion of the Board:

 

(A)            the
replacement award is of the same type as the LTIP Units being replaced, including, without limitation, income tax attributes relating
to the extent and timing of recognition of taxable income, gain or loss by the Grantee;

 

(B)            the
replacement award has a value equal to the Fair Market Value of the LTIP Units being replaced as of the effective date of the Change in
Control;

 

(C)            the
equity securities issuable upon the conversion, exercise, exchange or redemption of the replacement award, or securities underlying the
replacement award, as applicable, are listed on a national stock exchange;

 

(D)            with
respect to the measurement of total return, the compounded total annual return that would have been realized by a shareholder who bought
one Common Share on the first day of the Performance Period, reinvested all dividends and other distributions, and liquidated the entire
investment on the last day of the Performance Period shall be measured assuming that such shareholder participated in the transaction
constituting a Change in Control on the terms applicable to the majority of shareholders and had continued to hold the investment (whether
in securities of the Company or the surviving or resulting entity after the Change in Control transaction or in other property received
as part of the Change in Control transaction (which in the case of cash shall be deemed reinvested at market rates of return for investments
with duration and risk appropriate under the circumstances)), with appropriate adjustments to take into account share dividends, share
splits, reverse share splits and the other similar events that occur during the Performance Period both before, upon and after the effective
date of the Change in Control transaction;

 

(E)            the
replacement award contains terms relating to vesting (including with respect to the Grantee's Qualified Termination, that are substantially
identical to those of the LTIP Units; and

 

(F)            the
other terms and conditions of the replacement award are not less favorable to the Grantee than the terms and conditions of the LTIP Units.

 

(d)            Notwithstanding
the foregoing, in the event any payment to be made hereunder after giving effect to this Section 4 is determined to constitute nonqualified
deferred compensation subject to Section 409A of the Code, then, to the extent the Grantee is a specified employee under Section 409A
of the Code subject to the six-month delay thereunder, any such payments to be made during the six-month period commencing on the Grantee’s
separation from service (as defined in Section 409A of the Code) shall be delayed until the expiration of such six-month period.

 

(e)            Unless
the Grantee’s Employment or Services Agreement provides otherwise, in the event of a termination of the Grantee’s Continuous
Service other than a Qualified Termination or a termination simultaneously with, or subsequent to a Change in Control as described in
4(c)(i), all Unvested LTIP Units shall, without payment of any consideration by the Partnership, automatically and without notice terminate,
be forfeited and become null and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives
will thereafter have any further rights or interests in such Unvested LTIP Units.

 

    6 

     

    

 

5.            Conversions
and Distributions. Vested LTIP Units shall be converted to Common Units, as defined in the Partnership Agreement, and subsequently
distributed in accordance with Section 2(C) of Exhibit F of the Partnership Agreement.

 

		6.	Miscellaneous.

 

(a)            Amendments;
Modifications. This Agreement may be amended or modified only with the consent of the Company and the Partnership acting through
the Board; provided that any such amendment or modification materially and adversely affecting the rights of the Grantee hereunder
must be consented to by the Grantee to be effective as against him or her; and provided, further, that the Grantee acknowledges that
the Plan may be amended or discontinued in accordance with Section 15.1 thereof and that this Agreement may be amended or
canceled by the Board, on behalf of the Company and the Partnership, for the purpose of satisfying changes in law or for any other
lawful purpose, so long as no such action shall impair the Grantee's rights under this Agreement without the Grantee's written
consent. Notwithstanding the foregoing, this Agreement may be amended in writing signed only by the Company and the Partnership to
correct any errors or ambiguities in this Agreement and/or to make such changes that do not materially adversely affect the
Grantee’s rights hereunder. No promises, assurances, commitments, agreements, undertakings or representations, whether oral,
written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by the
parties which are not set forth expressly in this Agreement. This grant shall in no way affect the Grantee’s participation
or benefits under any other plan or benefit program maintained or provided by the Company or the Partnership or any of their
subsidiaries or affiliates.

 

(b)            Incorporation
of Plan and Board Determinations. The provisions of the Plan and are hereby incorporated by reference as if set forth herein. The
Board will make the determinations and certifications required by this Award as promptly as reasonably practicable following the occurrence
of the event or events necessitating such determinations or certifications. In the event of a Change in Control, the Board will make such
determinations within a period of time that enables the Company to conclude whether LTIP Units become vested or are forfeited prior to
the effective date of the Change in Control, which determinations could, for the avoidance of doubt, include good faith assumptions.

 

(c)            Status
of LTIP Units; Plan Matters. This Award constitutes an incentive compensation award under the Plan. Insofar as the Plan has been established
as an incentive program of the Company and the Partnership, the LTIP Units are both issued as equity securities of the Partnership and
granted as awards under the Plan. The number of Common Shares reserved for issuance under the Plan underlying outstanding awards of LTIP
Units will be determined by the Board in light of all applicable circumstances, including calculations made or to be made under Section 3,
vesting, capital account allocations and/or balances under the Partnership Agreement, and the exchange ratio in effect between Partnership
Units and Common Shares. The Company will have the right, at its option, as set forth in the Partnership Agreement, to issue Common Shares
in exchange for units into which the LTIP Units may have been converted pursuant to the Partnership Agreement, subject to certain limitations
set forth in the Partnership Agreement, and such Common Shares, if issued, will be issued under the Plan. The Grantee must be eligible
to receive the LTIP Units in compliance with applicable federal and state securities laws. The Grantee acknowledges that the Grantee will
have no right to approve or disapprove such determination by the Board.

 

    7 

     

    

 

(d)            Legend.
The records of the Partnership evidencing the LTIP Units shall bear an appropriate legend, as determined by the Partnership in its sole
discretion, to the effect that such LTIP Units are subject to restrictions as set forth herein, in the Plan and in the Partnership Agreement.

 

(e)            Compliance
With Securities Laws. The Company, the Partnership and the Grantee will make reasonable efforts to comply with all applicable securities
laws. In addition, notwithstanding any provision of this Agreement to the contrary, no LTIP Units will become Vested LTIP Units at a time
that such vesting or issuance would result in a violation of any such laws.

 

		(f)	Grantee Representations; Registration.

 

(i)            The
Grantee hereby represents and warrants that (A) he or she understands that he or she is responsible for consulting his or her
own tax advisor with respect to the application of the U.S. federal income tax laws, and the tax laws of any state, local or other
taxing jurisdiction to which the Grantee is or by reason of this Award may become subject, to his or her particular
situation; (B) the Grantee has not received or relied upon business or tax advice from the Company, the Partnership or any of
their respective employees, agents, consultants or advisors, in their capacity as such; (C) the Grantee provides services to
the Company, the Partnership or their subsidiaries or affiliates on a regular basis and in such capacity has access to such
information, and has such experience of and involvement in the business and operations of the Company, the Partnership and their
subsidiaries and affiliates, as the Grantee believes to be necessary and appropriate to make an informed decision to accept this
Award; (D) LTIP Units are subject to substantial risks; (E) the Grantee has been furnished with, and has reviewed and
understands, information relating to this Award; (F) the Grantee has been afforded the opportunity to obtain such additional
information as he or she deemed necessary before accepting this Award; and (G) the Grantee has had an opportunity to ask
questions of representatives of the Company, the Partnership, their subsidiaries and affiliates, or persons acting on their behalf,
concerning this Award.

 

(ii)            The
Grantee hereby acknowledges that: (A) there is no public market for the LTIP Units or units of limited partnership interest of the
Partnership into which Vested LTIP Units may be converted (solely for purposes of this subsection 6(f)(ii), “Conversion Units”)
and neither the Partnership nor the Company has any obligation or intention to create such a market; (B) sales of LTIP Units and
Conversion Units are subject to restrictions under the Securities Act and applicable state securities laws; (C) because of the restrictions
on transfer or assignment of LTIP Units and Conversion Units set forth in the Partnership Agreement and in this Agreement, the Grantee
may have to bear the economic risk of his or her ownership of the LTIP Units covered by this Award for an indefinite period of time; (D) Common
Shares issued under the Plan in exchange for LTIP Units or Conversion Units, if any, will be covered by a Registration Statement on Form S-8
(or a successor form under applicable rules and regulations of the Securities and Exchange Commission) under the Securities Act,
to the extent that the Grantee is eligible to receive such shares under the Plan at the time of such issuance and such Registration Statement
is then effective under the Securities Act; and (E) resales of Common Shares issued under the Plan in exchange for LTIP Units or
Conversion Units, if any, shall only be made in compliance with all applicable restrictions (including in certain cases “blackout
periods” forbidding sales of Company securities) set forth in the then applicable Company employee manual or insider trading policy
and in compliance with the registration requirements of the Securities Act or pursuant to an applicable exemption therefrom.

 

    8 

     

    

 

(g)            Section 83(b) Election.
In connection with the issuance of LTIP Units under this Award pursuant to Section 3 hereof the Grantee shall make an election
to include the LTIP Units in gross income in the year in which the LTIP Units are issued pursuant to Section 83(b) of the
Code substantially in the form attached hereto as Exhibit B, and supply to the Company such other information as the Company is
required to maintain or file in accordance with the regulations promulgated thereunder. The Grantee agrees to file such election (or
to permit the Partnership to file such election on the Grantee’s behalf) within thirty (30) days after the Award Date with the
IRS Service Center where the Grantee files his or her personal income tax returns, to provide a copy of such election to the
Partnership and the Company, and to file a copy of such election with the Grantee’s U.S. federal income tax return for the
taxable year in which the LTIP Units are issued to the Grantee. So long as the Grantee holds any LTIP Units, the Grantee
shall disclose to the Partnership in writing such information as may be reasonably requested with respect to ownership of LTIP Units
as the Partnership may deem reasonably necessary to ascertain and to establish compliance with provisions of the Code applicable to
the Partnership or to comply with requirements of any other appropriate taxing authority.

 

(i)            Tax
Consequences. The Grantee acknowledges that (i) neither the Company nor the Partnership has made any representations or given
any advice with respect to the tax consequences of acquiring, holding, selling or converting LTIP Units or making any tax election (including
the election pursuant to Section 83(b) of the Code) with respect to the LTIP Units and (ii) the Grantee is relying upon
the advice of his or her own tax advisor in determining such tax consequences.

 

(j)            Severability.
If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement
not so held invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect. If
any provision of this Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of such provision not
held so invalid, and the rest of such provision, together with all other provisions of this Agreement, shall to the full extent consistent
with law continue in full force and effect.

 

(k)            Governing
Law. This Agreement is made under, and will be construed in accordance with, the laws of the State of Delaware, without giving effect
to the principles of conflict of laws of such state.

 

    9 

     

    

 

(l)            No
Obligation to Continue Position as an Employee, Consultant or Advisor. Neither the Company, the Partnership nor any subsidiary or
affiliate is obligated by or as a result of this Agreement to continue to have the Grantee as an employee, consultant or advisor and this
Agreement shall not interfere in any way with the right of the Company, the Partnership or any subsidiary or affiliate to terminate the
Grantee’s employment at any time.

 

(m)            Notices.
Any notice to be given to the Company or the Partnership shall be addressed to the Secretary of the Company at its principal place of
business and any notice to be given to the Grantee shall be addressed to the Grantee at the Grantee’s address as it appears on the
employment records of the Company, or at such other address as the Company or the Grantee may hereafter designate in writing to the other.

 

(n)            Withholding
and Taxes. No later than the date as of which an amount first becomes includible in the gross income of the Grantee for income
tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to this Award, the Grantee will pay to
the Company, the Partnership or, if appropriate, any of its subsidiaries or affiliates, or make arrangements satisfactory to the
Board regarding the payment of, any United States federal, state or local or foreign taxes of any kind required by law to be
withheld with respect to such amount; provided, however, that if any LTIP Units or Conversion Units are withheld (or returned), the
number of LTIP Units or Conversion Units so withheld (or returned) shall be limited to the number which have a Fair Market
Value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates
for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income.
The obligations of the Company and the Partnership under this Agreement will be conditional on such payment or arrangements, and the
Company, the Partnership and their subsidiaries and affiliates shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment otherwise due to the Grantee.

 

(o)            Headings.
The headings of paragraphs of this Agreement are included solely for convenience of reference and shall not control the meaning or interpretation
of any of the provisions of this Agreement.

 

(p)            Counterparts.
This Agreement may be executed in multiple counterparts with the same effect as if each of the signing parties had signed the same document.
All counterparts shall be construed together and constitute the same instrument.

 

(q)            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and any successors to the Company
and the Partnership, on the one hand, and any successors to the Grantee, on the other hand, by will or the laws of descent and distribution,
but this Agreement shall not otherwise be assignable or otherwise subject to hypothecation by the Grantee.

 

(r)            Section 409A.
This Agreement shall be construed, administered and interpreted in accordance with a good faith interpretation of Section 409A of
the Code, to the extent applicable. Any provision of this Agreement that is inconsistent with applicable provisions of Section 409A
of the Code, or that may result in penalties under Section 409A of the Code, shall be amended, with the reasonable cooperation of
the Grantee and the Company, in the least restrictive manner necessary to (i) exclude the applicable payment or benefit under this
Agreement from the definition of deferred compensation within the meaning of such Section 409A or (ii) comply with the provisions
of Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued
under such statutory provisions, in each case without diminution in the value of the benefits granted hereby to the Grantee. Notwithstanding
anything herein to the contrary, in the event the amounts payable under this Agreement are determined to constitute nonqualified deferred
compensation subject to Section 409A of the Code, then, to the extent the Grantee is a specified employee under Section 409A
of the Code subject to the six-month delay thereunder, any such vesting or related payments to be made during the six-month period commencing
on the Grantee's separation from service (as defined in Section 409A of the Code) shall be delayed until the expiration of such six-month
period.

 

(s)            Complete
Agreement. This Agreement (together with those agreements and documents expressly referred to herein, for the purposes referred to
herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and
supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic
or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way.

 

[Remainder of page left intentionally blank]

 

    10 

     

    

 

IN WITNESS WHEREOF, the undersigned have caused this Award Agreement
to be executed as of this ___ day of _____________, 2021.

 

	 	FOUR SPRINGS CAPITAL TRUST, INC., a Maryland Real Estate Investment Trust

 

		By:	 

	 	Name:	 

	 	Title:	 

 

	 	FOUR SPRINGS CAPITAL TRUST OPERATING PARTNERSHIP, L.P.,

	 	a Delaware limited partnership

 

		By:	 

	 	Name:	 

	 	Title:	 

 

	 	GRANTEE

 

	 	 
	 	[Name]

 

     

     

    

 

EXHIBIT A

 

FORM OF LIMITED PARTNER SIGNATURE PAGE

 

The Grantee, desiring
to become one of the within named Limited Partners of Four Springs Capital Trust Operating Partnership, L.P., hereby accepts all of the
terms and conditions of and becomes a party to, the Second Amended and Restated Agreement of Limited Partnership, dated as of November 20,
2020, of Four Springs Capital Trust Operating Partnership, L.P., as further amended, restated or supplemented from time to time (the “Partnership
Agreement”). The Grantee agrees that this signature page may be attached to any counterpart of the Partnership Agreement

 

	 	Signature Line for Limited Partner:
	 	 
	 	 

		Name:	 

		Date:	 

 

	 	Address of Limited Partner:

 

	 	 
	 	 

 

     

     

    

 

EXHIBIT B

 

ELECTION TO INCLUDE IN GROSS INCOME IN YEAR
OF TRANSFER OF PROPERTY PURSUANT TO SECTION 83(b) OF THE INTERNAL REVENUE CODE

 

The undersigned hereby makes an election pursuant to Section 83(b) of
the Internal Revenue Code of 1986, as amended, Treasury Regulations Section 1.83-2 promulgated thereunder, and Rev. Proc. 2012-29,
2012-28 IRB, 06/26/2012, to include in gross income as compensation for services the excess (if any) of the fair market value of the property
described below over the amount paid for such property.

 

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

 

Name: [NAME] (the “Taxpayer”)

 

	Address:	 

 

Social
Security No./Taxpayer Identification No.:                        -     -    

 

Taxable Year: Calendar Year [ ]

 

2.             Description
of property with respect to which the election is being made: LTIP Units in Four Springs Capital Trust Operating Partnership, L.P. (the
 “Partnership”).

 

3.            The
date on which the LTIP Units were issued:_____________

 

4.            Nature
of restrictions to which the LTIP Units are subject:

 

(a)            Until
a period of three years after the LTIP Units vest, the Taxpayer may not transfer in any manner any portion of the LTIP Units without the
consent of the Partnership.

 

(b)            The
Taxpayer’s LTIP Units are subject to forfeiture until they vest in accordance with the provisions in the applicable Award Agreement
and Certificate of Designation for the LTIP Units.

 

5.            The
Fair Market Value at time of issue (determined without regard to any restrictions other than restrictions which by their terms will never
lapse) of the LTIP Units with respect to which this election is being made was $0.001 per LTIP Unit.

 

6.            The
amount paid by the Taxpayer for the LTIP Units was $0.001 per LTIP Unit.

 

7.            The
amount to include in gross income is $0.001.

 

The undersigned taxpayer will file this
election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30
days after the date of transfer of the property. Additionally, the undersigned will include a copy of the election with his or her
income tax return for the taxable year in which the property is transferred. The undersigned is the person performing the services
in connection with which the property was transferred. A copy of this statement has been furnished to the Partnership and Four
Springs Capital Trust.

 

Dated:

 

	 	 

	 	Name:

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