Document:

Exhibit 10.25

 

Execution Version

 

AMENDMENT NO. 1 TO 

SERIES A-2 PREFERRED SHARE INVESTOR RIGHTS AGREEMENT

 

THIS AMENDMENT NO. 1 TO INVESTOR
RIGHTS AGREEMENT (this “Amendment”) is made as of December 20, 2021 by and among Four Springs Capital Trust,
a Maryland real estate investment trust (the “Company” or the “Trust”), and the Persons listed
on the Schedule of Investors attached hereto as Schedule I (collectively referred to herein as “Investors” and individually
as an “Investor”). This Amendment amends that certain Investor Rights Agreement, dated as of May 3, 2021, among
the Company and the Investors set forth therein (the “Investor Rights Agreement”). Unless otherwise defined in this
Agreement, certain capitalized terms contained herein have the meanings set forth in the Investor Rights Agreement.

 

WHEREAS, in order to induce
the Investors to agree to certain revisions of the redemption requirement in the Articles Supplementary and in anticipation of the initial
public offering of the Company’s common shares, the Company and the Investors have agreed that this Amendment shall govern certain
matters relating to the relationship among the parties hereto.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the Investor Rights Agreement is hereby amended as
follows:

 

AGREEMENT

 

		1.	The first sentence of Section 4.1(b)
                                            is hereby deleted in its entirety and replaced with the following:

 

The holders of Registrable
Securities shall be entitled to request three (3) Long-Form Registrations and not more than one (1) within any twelve
(12) month period.

 

     

     

    

 

		2.	Article 2
                                            is hereby amended by adding the following Section 2.3 after Section 2.2:

 

Section 2.3            Series A-2
Trustee and Series A-2 Board Observer.

 

		(a)	Each of the Trust and the Investors
                                            acknowledges and agrees that, until the earlier of when the Investors (including any permitted
                                            transferees as set forth in the Declaration of Trust) Beneficially Own less than (i) ten
                                            percent (10%) of the Common Shares issued or issuable upon conversion of the Preferred Shares
                                            purchased pursuant to the Purchase Agreement or (ii) ten percent (10%) of the Common
                                            Shares issued and outstanding following the Qualifying IPO, the Post IPO Majority (as defined
                                            below) shall be entitled to nominate for election to the Board of Trustees one (1) trustee
                                            (the “Series A-2 Trustee”). For purposes hereof, the “Post
                                            IPO Majority” shall mean the Investors holding a majority of the Common Shares issued
                                            or issuable upon conversion of the Preferred Shares purchased pursuant to the Purchase Agreement.
                                            The Trust shall take all necessary and desirable actions within its control, including, without
                                            limitation, calling shareholders’ and trustees’ meetings, and shall take all
                                            other reasonably necessary actions within such person’s control (whether in such person’s
                                            capacity as a shareholder, trustee, member of a committee of the board of trustees or officer
                                            of the Trust or otherwise, and including attendance at the board of trustees’ and/or
                                            shareholders’ meetings in person or by proxy for purposes of attaining a quorum and
                                            execution of written consents in lieu of meetings) in order to cause:

 

		(i)	the election to the board of trustees of
                                            the Series A-2 Trustee until his or her successor has been designated as provided for
                                            herein, so approved, duly elected and qualified;

 

		(ii)	the removal of the Series A-2 Trustee
                                            (with or without cause) at the written request of the Post IPO Majority; and

 

		(iii)	the election to the board of trustees
                                            of an individual designated by the Post IPO Majority to fill any vacancy or vacancies created
                                            in the event that the Series A-2 Trustee, for any reason, ceases to serve as a member
                                            of the board of trustees during such member’s term of office.

 

(b)            In
the event that the Series A-2 Trustee ceases to serve as a member of the board of trustees for any reason, the resulting vacancy
shall be filled by a person designated in writing by the Post IPO Majority. The Investors agree to vote and take all other action in
order to ensure that such designated replacement trustee shall be elected to the board of trustees.

 

(c)            Pursuant
to the Declaration of Trust and the bylaws of the Trust, any designee elected pursuant to this Section 2.3 shall hold office until
his or her successor shall have been duly designated, elected and qualified or he or she shall have been earlier removed from such office
pursuant to the terms hereof.

 

(d)            The
Trust shall provide to Carlyle Global Credit Investment Management L.L.C. or certain of its affiliates, funds, accounts and investment
vehicles, as directed by Carlyle Global Credit Investment Management L.L.C. (the “Investors Representative”) with
thirty (30) days’ prior written notice of any intended mailing of a notice to shareholders for a meeting at which trustees are
to be elected. The Investors Representative shall give written notice to the Trust, no later than twenty (20) days prior to such mailing,
of the persons designated pursuant to Section 2.3 hereto as nominees for election as the Series A-2 Trustee. The Trust agrees
to nominate and recommend for election as the Series A-2 Trustee the individual designated, or to be designated, pursuant to Section 2.3
as permitted under Maryland General Corporation Law. If the Investors Representative shall fail to give notice to the Trust as provided
above, it shall be deemed that the designee then serving as the Series A-2 Trustee shall be the designee for reelection.

 

    - 2 -

     

    

 

(e)            The
Post IPO Majority, at any time and for any period of time, shall have the right, by written notice to the Trust, to designate one (1) individual
to attend Board of Trustees and committee meetings of the Trust and board and committee meetings of any Subsidiary of the Trust. The
individual so appointed by the Post IPO Majority to attend such meetings pursuant to this subsection (e) shall be referred to herein
as a “Series A-2 Board Observer.” The Series A-2 Board Observer shall be entitled to receive all board and committee
materials and information in the same manner and at the same time as the Board of Trustees and committee members of the Trust and the
board and committee members of each Subsidiary of the Trust, and to participate in all board and committee discussions; provided,
however, that the Series A-2 Board Observer shall not be entitled to vote on any matters before the board of trustees or
any committee of the Trust or any board or committee of any Subsidiary of the Trust. The Series A-2 Board Observer shall execute
a confidentiality agreement, in a form reasonably satisfactory to the Trust and such Series A-2 Board Observer, in order to maintain
the confidential and proprietary nature of any information and materials provided to such Persons. The Trust reserves the right to withhold
any information from the Series A-2 Board Observer and to exclude such Series A-2 Board Observer from any meeting or portion
thereof if the Trust reasonably believes, upon advice of counsel, that access to such information or attendance at such meeting could
reasonably be expected to adversely affect the attorney-client privilege between the Trust and its counsel; provided, however,
that the Trust may not so withhold information from the Series A-2 Board Observer or so exclude such Series A-2 Board Observer
from any such meeting or portion thereof if the Post IPO Majority reasonably believes there is a mutuality of interest between the Investors
and the Trust that can be addressed through a joint defense agreement or a common interest agreement and the Series A-2 Board Observer
either enters into a joint defense or common interest agreement presented to such Series A-2 Board Observer by the Trust and in
a form reasonably satisfactory to the Trust and the Series A-2 Board Observer or, if no such agreement is presented, is prepared
to enter into such a joint defense or common interest agreement.

 

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3.            Article 8
is hereby amended by deleting the last sentence thereof and replacing it with the following:

 

The rights to designate the Series A-2
Trustee and Series A-2 Board Observer pursuant to Section 2.3 hereof shall terminate on the earlier of the date on which the
Investors (including any permitted transferees as set forth in the Articles Supplementary) Beneficially Own less than (i) ten percent
(10%) of the Common Shares issued or issuable upon conversion of the Preferred Shares purchased pursuant to the Purchase Agreement on
the date thereof or (ii) ten percent (10%) of the Common Shares issued and outstanding following the Qualifying IPO.

 

4.            Except
to the extent modified or amended by this Amendment, all terms and provisions of the Investor Rights Agreement shall continue in full
force and effect and shall remain enforceable and binding in accordance with their respective terms.

 

5.            Any
required notices, meetings or consents that are necessary to amend the Investor Rights Agreement are hereby waived or satisfied.

 

[Remainder of page intentionally blank.]

 

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IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first written above.

 

	 	THE COMPANY:
	 	 
	 	FOUR SPRINGS CAPITAL TRUST
	 	 
	 	 
	 	/s/ William P. Dioguardi
	 	By: William P. Dioguardi
	 	Title:   Chief Executive Officer and President

 

[Signature Page to Amendment
No. 1 to Series A-2 Preferred Share Investor Rights Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first written above.

 

	 	CARLYLE:
	 	 
	 	Carlyle Global Credit Investment Management L.L.C.
	 	 
	 	By: 	/s/ Joshua Lefkowitz
	 	Name: Joshua Lefkowtiz
	 	Title: Managing Director
	 	 
	 	INVESTORS:
	 	 
	 	Carlyle Credit Opportunities Fund (Parallel) AIV, L.P.,
	 	By: CCOF General Partner, L.P., its general partner,
	 	By: CCOF, L.L.C., its general partner
	 	 
	 	 
	 	/s/ David Lobe
	 	By: David Lobe
	 	Title: Authorized Person
	 	 
	 	Carlyle Credit Opportunities Fund (Parallel) AIV 2, L.P
	 	By: CCOF General Partner, L.P., its general partner,
	 	By: CCOF, L.L.C., its general partner
	 	 
	 	 
	 	/s/ David Lobe
	 	By: David Lobe
	 	Title: Authorized Person

 

[Signature Page to Amendment
No. 1 to Series A-2 Preferred Share Investor Rights Agreement]

 

     

     

    

 

	 	Carlyle Credit Opportunities Fund, L.P.
	 	By: CCOF General Partner, L.P., its general partner,
	 	By: CCOF, L.L.C., its general partner
	 	 
	 	/s/ David Lobe
	 	By: David Lobe
	 	Title: Authorized Person

 

 

	 	Carlyle Credit Opportunities Fund (Parallel) II AIV Holdings, L.P.
	 	By: CCOF II General Partner, L.P., its general partner
	 	By: CCOF II, L.L.C., its general partner
	 	 
	 	 
	 	/s/
    David Lobe
	 	By: David Lobe
	 	Title: Authorized Person
	 	 
	 	 
	 	Carlyle Credit Opportunities Fund (Parallel) II AIV 2 Holdings, L.P.
	 	By: CCOF II General Partner, L.P., its general partner
	 	By: CCOF II, L.L.C., its general partner
	 	 
	 	 
	 	/s/
    David Lobe
	 	By: David Lobe
	 	Title: Authorized Person

 

     

     

    

 

	 	Carlyle Credit Opportunities Fund II, L.P.
	 	By: CCOF II General Partner, L.P., its general partner
	 	By: CCOF II, L.L.C., its general partner
	 	 
	 	 
	 	/s/ David Lobe
	 	By: David Lobe
	 	Title: Authorized Person
	 	 
	 	 
	 	CARLYLE SKYLINE CREDIT FUND, L.P., as Lender
	 	 
	 	 
	 	/s/ Brian Marcus
	 	By: Brian Marcus
	 	Title: Managing Director

 

     

     

    

 

Schedule I

 

Schedule of Investors

 

	Name of Investor	 	Address of Investor	 	Number of Series A-2 Preferred Shares	 
	Carlyle Credit Opportunities Fund, L.P.	 	c/o Carlyle Global Credit Investment Management L.L.C. 
One Vanderbilt Avenue, Suite 3400 
New York, NY 10017	 	 	1,337,600	 
	Carlyle Credit Opportunities Fund (Parallel) AIV, L.P.	 	c/o Carlyle Global Credit Investment Management L.L.C. 
One Vanderbilt Avenue, Suite 3400 
New York, NY 10017	 	 	674,880	 
	Carlyle Credit Opportunities Fund (Parallel) AIV 2, L.P.	 	c/o Carlyle Global Credit Investment Management L.L.C. 
One Vanderbilt Avenue, Suite 3400 
New York, NY 10017	 	 	1,027,520	 
	Carlyle Credit Opportunities Fund II, L.P.	 	c/o Carlyle Global Credit Investment Management L.L.C. 
One Vanderbilt Avenue, Suite 3400 
New York, NY 10017	 	 	3,409,960	 
	Carlyle Credit Opportunities Fund (Parallel) II AIV Holdings, L.P.	 	c/o Carlyle Global Credit Investment Management L.L.C. 
One Vanderbilt Avenue, Suite 3400 
New York, NY 10017	 	 	1,010,600	 
	Carlyle Credit Opportunities Fund (Parallel) II AIV 2 Holdings, L.P.	 	c/o Carlyle Global Credit Investment Management L.L.C. 
One Vanderbilt Avenue, Suite 3400 
New York, NY 10017	 	 	2,099,440	 
	Carlyle Skyline Credit Fund, L.P.	 	c/o Carlyle Global Credit Investment Management L.L.C. 
One Vanderbilt Avenue, Suite 3400 
New York, NY 10017	 	 	430,000	 
	Total	 	N/A	 	 	10,000,000	 

 

     

     

    

 

EXHIBIT A

 

REGISTRATION AGREEMENT

 

JOINDER

 

The undersigned is executing and delivering this
Joinder pursuant to the Registration Agreement dated as of [___], 2021 (as the same may hereafter be amended, the “Registration
Agreement”), by and among Four Springs Capital Trust, a Maryland real estate investment trust (the “Company”), and
the other person named as parties therein.

 

By executing and delivering this Joinder to the
Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of the Registration Agreement
as a holder of Registrable Securities in the same manner as if the undersigned were an original signatory to the Registration Agreement,
and the undersigned’s __________ shares of [Common Shares] shall be included as Registrable Securities under the Registration
Agreement.

 

Accordingly, the undersigned has executed and
delivered this Joinder as of the ___ day of _______________, 20__.

 

	 	 
	 	Signature of Stockholder
	 	 
	 	 
	 	 
	 	Print Name of Stockholder

 

    A-1Exhibit 10.26

 

FORM OF FOUR SPRINGS
CAPITAL TRUST

LTIP UNIT AWARD AGREEMENT

(PERFORMANCE-BASED VESTING)

 

This
LTIP Unit Award Agreement (“Agreement”) made as of January ___, 2022 (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 [            ] (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 [                   ] (             ) 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 Third 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 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:

 

“Absolute TSR Component” means 50%
of the Award LTIP Units, which shall be eligible to convert into Vested LTIP Units based on the Company’s Total Shareholder Return
during the Performance Period, as set forth in Sections 3(b), 3(d) and 3(e) below. If the 50% of the Award LTIP Units is determined
to be a fractional LTIP Unit, the number of LTIP Units calculated under the Absolute TSR Component shall be rounded up to the nearest
whole integer.

 

“Baseline Value”
means, the Initial Public Offering stock price.

 

“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.

 

“Comparator Group” means each of
the REITs identified in Exhibit B; provided that such company must be publicly traded for the entire Performance Period to constitute
a member of the Comparator Group; provided further that if any company is delisted due to bankruptcy during the Performance Period it
will remain in the Comparator Group and TSR will equal -100%.

 

    2

     

    

 

“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(d)(i).

 

“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 January [ ], 2022.

 

“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 with respect to the Company and the Comparator Group, the average closing price of one share of common stock over the 20 consecutive
trading days ending on and including the Valuation Date (or, if such date is not a trading day, the most recent trading day immediately
preceding such date). Provided, however, that if such date is the date upon which a Change in Control occurs for the Company, Fair Market
Value shall be equal to the fair value, as determined by the Committee, of the total consideration paid or payable in the transaction
for one share of Common Stock.

 

“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.

 

    3

     

    

 

“Initial Public Offering”
means (A) 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,
(B) 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 (C) 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.

 

“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.

 

“Performance Period”
means the period beginning on the Effective Date and ending on the Valuation Date.

 

“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.

 

“Relative Performance”
means the Company’s Total Shareholder Return at the end of the Performance Period relative to the Total Shareholder Return of the
Comparator Group. Relative Performance will be determined by ranking the Comparator Group from highest to lowest according to their respective
Total Shareholder Return. The Company’s percentile rank will be determined by dividing (A) the number of entities with a Total
Shareholder Return lower than the Company, by (B) the total number of entities in the Comparator Group (excluding the Company).

 

“Relative TSR Component”
means 50% of the Award LTIP Units, which shall be eligible to convert into Vested LTIP Units based on the Company’s Relative Performance
during the Performance Period, as set forth in Sections 3(b), 3(d) and 3(e) below. If the 50% of the Award LTIP Units is determined
to be a fractional LTIP Unit, the number of LTIP Units calculated under the Relative TSR Component shall be rounded down to the nearest
whole integer.

 

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

 

    4

     

    

 

“Total Shareholder Return”
or “TSR” means, for each of the Company and the Comparator Group, with respect to the Performance Period, the total
compounded annual percentage return per Common Share (assuming contemporaneous reinvestment of all dividends and other distributions declared
during the Performance Period using the ex-dividend date) expressed as a percentage, based on the Baseline Value on the Effective Date
and the Fair Market Value of one Common Shares on the Valuation Date. Appropriate adjustments to the Total Shareholder Return shall be
made to take into account all stock dividends, stock splits, reverse stock splits and the other events that occur during the Performance
Period.

 

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

 

“Valuation Date” means the earlier
of (A) the calendar day immediately preceding the third anniversary of the Effective Date, or (B) the date upon which a Change
in Control shall occur.

 

“Vested LTIP Units”
means those LTIP Units that have fully vested in accordance with the performance-based vesting conditions of Sections 3(b), (c), (d),
and (e) 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.

 

(b)            Absolute
TSR Component.

 

(i)            The
number of LTIP Units earned under the Absolute TSR Component of the Award will be determined as soon as reasonably practicable following
the end of the Performance Period by multiplying the Absolute TSR Component by the applicable “Percentage of Absolute TSR Component
Earned,” as shown in the chart below.

 

	Performance Level	 	Compounded Annual

 Growth Rate (CAGR)	 	 	Percentage of Absolute

 TSR Component Earned	 
	Outperform	 	 	14	%	 	 	100	%
	High	 	 	12	%	 	 	66.67	%
	Target	 	 	10	%	 	 	33.33	%
	Threshold	 	 	8	%	 	 	16.67	%
	Below Threshold	 	 	Less than 8.0	%	 	 	0	%

 

    5

     

    

 

(ii)            The
Absolute TSR Component of the Award will be forfeited in its entirety if the Total Shareholder Return is less than 8%. If the Total Shareholder
Return is between 8% and 10%, or between 10% and 12%, or between 12% and 14%, the “Percentage of Absolute TSR Component Earned”
will be determined using straight-line interpolation as between those tiers, respectively.

 

(iii)            If
the number of LTIP Units earned under the Absolute TSR Component of the Award is determined to be a fractional LTIP Unit, the number of
LTIP Units that vest shall be rounded down to the next whole integer.

 

(c)            Relative
TSR Component.

 

(i)            The
number of LTIP Units earned under the Relative TSR Component of the Award will be determined as soon as reasonably practicable following
the end of the Performance Period by multiplying the Relative TSR Component by the applicable “Percentage of Relative TSR Component
Earned,” as shown in the chart below.

 

	Performance Level	 	TSR Ranking	 	Percentage of Relative

 TSR Component Earned	 
	Outperform	 	90th Percentile	 	 	100	%
	High	 	75th Percentile	 	 	66.67	%
	Target	 	50th Percentile	 	 	33.33	%
	Threshold	 	30th Percentile	 	 	16.67	%
	Below Threshold	 	Less than 30th Percentile	 	 	0	%

 

(ii)            The
Relative TSR Component of the Award will be forfeited in its entirety if the Relative Performance is below the 30th percentile of Comparator
Group. If the Relative Performance is between the 30th percentile and 50th percentile of Comparator Group, or between the 50th percentile
and 75th percentile, or between the 75th percentile and 90th percentiles of the Comparator Group, the “Percentage of Relative TSR
Component Earned” will be determined using straight-line interpolation as between those tiers, respectively.

 

(iii)           If
the number of LTIP Units earned under the Relative TSR Component of the Award is determined to be a fractional LTIP Unit, the number of
LTIP Units that vest shall be rounded down to the next whole integer.

 

    6

     

    

 

(d)           Subject
to Section 4, the exact number of Vested LTIP Units that Grantee shall be entitled to receive under this Agreement with respect to
the Absolute TSR Component and the Relative TSR Component shall be determined following the conclusion of the Performance Period based
on the Company’s Total Shareholder Return and Relative Performance during the Performance Period as provided herein. The Grantee
shall not be entitled to receive any LTIP Units hereunder except to the extent they are vested upon the end of the Performance Period
in accordance with the terms and conditions hereof. Vested LTIP Units shall be issued as soon as reasonably practical following the end
of the Performance Period. Award LTIP Units that are not vested in accordance with this Agreement shall be forfeited and cancelled and
Unvested LTIP Units will be subject to forfeiture.

 

(e)            As
soon as practicable following the Valuation Date, the Compensation Committee of the Board (or such other Committee(s) as may be appointed
or designated by the Board to administer the Plan) (the “Committee”) shall determine the number of LTIP Units earned by the
Grantee under both the Absolute TSR Component and the Relative TSR Component. Upon the performance of the calculations set forth in this
Section 3: (i) the Company shall cause the Partnership to issue to the Grantee, as of the Valuation Date, a number of LTIP Units
equal to the number of Vested LTIP Units. Any Award LTIP Units that are not vested in accordance with this Section 3 hereto shall
not be deemed granted and shall not be issued, and the Grantee shall have no right in or to any such Unvested LTIP Units after it is determined
that they were not earned.

 

(f)            Any
Award LTIP Units that do not become vested pursuant to Section 3 shall, without payment of any consideration by the Company or its
Affiliates, 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.

 

(g)            The
Vested LTIP Units may not be sold, transferred, or redeemed for a period of one (1) year after the date upon which such Vested LTIP
Units vest; 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 E
of the Partnership Agreement.

 

(h)            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.

 

    7

     

    

 

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, the provisions of Sections
4(b) through Section 4(f) 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(d) 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 in the Absolute TSR Component and the Relative TSR Component shall become Vested LTIP Units upon the attainment of
the applicable performance hurdles at the end of the Performance Period, reduced pro-rata for the time employed.

 

(c)            [Insert
for Award Agreements to Messrs. Dioguardi, Johnson, Warch & Morgan only (with internal cross-references to be adjusted
accordingly): Notwithstanding the foregoing or any provision of this Agreement to the contrary, in the event of a termination without
Cause or for Good Reason, Unvested LTIP Units in the Performance-Based Component will vest contingent upon the attainment of the performance
hurdles at the end of the Performance Period (i.e. continued vesting), reduced pro rata for the time employed, and the Grantee is entitled
to pro rata accrued dividends payable upon the applicable vesting date.]

 

(d)            Change
in Control.

 

(i)            If,
in connection with the Change in Control, no Equivalent Replacement Award (as defined below) is issued then Grantee’s Unvested
LTIP Units in the Absolute TSR Component and the Relative TSR Component, shall be settled based on actual Company performance through
the date of the Change in Control; provided, however, that the settlement of such LTIP Units under the Absolute TSR Component and the
Relative TSR Component shall be subject to the time-based vesting schedule set forth in Section 4(d)(ii) below and shall not
be treated as vested until the end of the Performance Period. For purposes of this Section 4(d)(i), 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;

 

    8

     

    

 

(D)            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

 

(E)            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.

 

(ii)            The
applicable vesting schedule for purposes of Section 4(d)(i) shall be:

 

(A)          Thirty-three
and 33/100 percent (33.33%) of the LTIP Units shall become Vested LTIP Units on the first anniversary of the Award Date; and

 

(B)           Thirty-three
and 33/100 percent (33.33%) of the LTIP Units shall become Vested LTIP Units on the second anniversary of the Award Date; and

 

(C)           Thirty-three
and 33/100 percent (33.34%) of the LTIP Units shall become Vested LTIP Units on the third anniversary of the Award Date.

 

(e)            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.

 

(f)            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, 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.

 

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 E of the Partnership Agreement.

 

6.            Distributions.
To the extent provided for in the Partnership Agreement and as further determined by this Section 6, the Grantee shall be entitled
to receive distributions with respect to the Award LTIP Units as set forth in this Section 6. For purposes of this Section 6,
all capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Partnership Agreement. With respect
to the LTIP Units, and to the extent provided for in the Partnership Agreement, the distribution date shall be the applicable vesting
date as set forth under this Agreement; provided that prior to such vesting date, LTIP Units shall be entitled to accrue the distributions
payable on Units outstanding, with such ultimate amount payable to the Grantee adjusted based upon the actual Percentage of Absolute TSR
Component Earned (under Section 3(b)(i) and the actual Percentage of Relative TSR Component Earned (under Section 3(c)(i))
attained during the Performance Period. After the applicable vesting date, all accrued distributions shall be paid based on the level
of performance achieved with respect to the Absolute TSR Component and the Relative TSR Component. All distributions paid with respect
to LTIP Units shall be fully vested and non-forfeitable when paid.

 

    9

     

    

 

7.            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.

 

    10

     

    

 

(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 7(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.

 

    11

     

    

 

(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 C, 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.

 

    12

     

    

 

(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.

 

    13

     

    

 

(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]

 

    14

     

    

 

IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to
be executed as of this ___ day of _____________, 2022.

 

	 	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
	 	 

 

    

     

    

 

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 Third Amended and Restated Agreement of Limited Partnership, dated as of [__],
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

 

COMPARATOR GROUP

 

	ADC	Agree
    Realty Corporation
	BNL	Broadstone
    Net Lease, Inc.
	CTRE	CareTrust
    REIT, Inc.
	CHCT	Community
    Healthcare Trust Incorporated
	DEA	Easterly
    Government Properties, Inc.
	EPR	EPR
    Properties
	EPRT	Essential
    Properties Realty Trust, Inc.
	FCPT	Four
    Corners Property Trust, Inc.
	GTY	Getty
    Realty Corp.
	GMRE	Global
    Medical REIT Inc.
	PEAK	Healthpeak
    Properties, Inc.
	IIPR	Innovative
    Industrial Properties, Inc.
	LXP	Lexington
    Realty Trust
	LTC	LTC
    Properties, Inc.
	MPW	Medical
    Properties Trust, Inc.
	NHI	National
    Health Investors, Inc.
	NNN	National
    Retail Properties, Inc.
	NTST	NETSTREIT
    Corp.
	OHI	Omega
    Healthcare Investors, Inc.
	OLP	One
    Liberty Properties, Inc.
	O	Realty
    Income Corporation
	REXR	Rexford
    Industrial Realty, Inc.
	DOC	Physicians
    Realty Trust
	PLYM	Plymouth
    Industrial REIT, Inc.
	SBRA	Sabra
    Health Care REIT, Inc.
	SRG	Seritage
    Growth Properties
	SRC	Spirit
    Realty Capital, Inc.
	STAG	STAG
    Industrial, Inc.
	STOR	STORE
    Capital Corporation
	WELL	Welltower
    Inc.

 

    

     

    

 

EXHIBIT C

 

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: [                             ] (the “Taxpayer”)

 

Address:                                                                             

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

Taxable Year: Calendar Year 2022

 

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: [        ,        , 2022]

 

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

 

(a)            the
LTIP Units are subject to performance-based vesting over a three-year performance period, as set forth in the Award Agreement. Until a
period of one year 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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