Document:

Exhibit 4.2

                         REGISTRATION RIGHTS AGREEMENT

      THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made and
entered into as of August 3, 2004, by and between Provident Senior Living
Trust, a Maryland real estate investment trust (the "Issuer"), and Friedman,
Billings, Ramsey & Co., Inc., a Delaware corporation ("FBR "), for the benefit
of the Holders (as defined below).

      THE PARTIES ENTER THIS AGREEMENT on the basis of the following facts,
understandings and intentions:

            A.    The Issuer, PSLT OP, L.P., a Delaware limited partnership
      (the "Operating Partnership"), and FBR entered into that certain
      Purchase/Placement Agreement, dated as of August 2, 2004 (the "Purchase
      Agreement"), in connection with the offering and sale (the "Offering")
      of up to 30,868,634 common shares of beneficial interest, par value
      $.001 per share, of the Issuer (the "Common Shares"), including up to
      4,026,344 Common Shares that may be issued pursuant to an additional
      allotment option granted to FBR and 1,824,377 Class A common units of
      limited partnership interest in the Operating Partnership (the "Units")
      that may be redeemed, at the Issuer's option, for common shares of
      beneficial interest of the Issuer.

            B.    In order to induce the investors who are purchasing the
      Common Shares and Units in the Offering to purchase such Common Shares
      and Units, and FBR to enter into the Purchase Agreement, the Issuer has
      agreed to provide the registration rights provided for in this Agreement
      for the Holders for the Common Shares and any common shares that may be
      issued upon redemption of the Units.

            C.    The execution and delivery of this Agreement is a condition
      to the closing of the transactions contemplated by the Purchase
      Agreement.

      NOW, THEREFORE, in consideration of the premises and the mutual
covenants of the parties hereto, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

1.    Definitions.

      As used in this Agreement, the following terms have the following
meanings:

      Additional Shares: Shares or other securities issued in respect of the
Shares by reason of or in connection with any stock dividend, stock
distribution, stock split, or similar issuance.

      Agreement:  As defined in the preamble hereof.

      Affiliate: As to any specified Person, (i) any Person that directly, or
indirectly through one or more intermediaries or relationships, controls or is
controlled by, or is under common control with, the specified Person, (ii) any
executive officer, director, trustee, managing member, general partner or
Person in a similar capacity of the specified Person and (iii) any legal
entity

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for which the specified Person acts as an executive officer, director,
trustee, managing member, general partner or Person in a similar capacity. For
purposes of this definition "control" (including the correlative meanings of
the terms "controlled by" and "under common control with"), as used with
respect to any Person, shall mean the possession, directly, or indirectly
through one or more intermediaries or relationships, of the power to direct or
cause the direction of the management and policies of such Person, whether by
contract, through the ownership of voting securities, partnership or member
interests or other equity interests or otherwise. An indirect relationship
includes, but is not limited to, circumstances in which a Person's spouse,
children, parents, siblings or mother-, father-, sister- or brother-in-law is
or has been associated with a Person.

      Business Day: With respect to any act to be performed hereunder, each
Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which
banking institutions in New York, New York are authorized or obligated by
applicable law, regulation or executive order to close.

      Closing Time: August 3, 2004, or such other time or such other date as
FBR and the Issuer may agree.

      Commission:  The Securities and Exchange Commission.

      Common Shares:  As defined in the recitals hereof.

      Controlling Person:  As defined in Section 6(a) hereof.

      End of Suspension Notice:  As defined in Section 5(b) hereof.

      Exchange Act: The Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated by the Commission thereunder.

      FBR:  As defined in the preamble hereof, and any successor thereto.

      Holder:  Each record owner of any Registrable Shares from time to time.

      Indemnified Party:  As defined in Section 6(c) hereof.

      Indemnifying Party:  As defined in Section 6(c) hereof.

      IPO Registration Statement:  As defined in Section 2(b) hereof.

      Issuer:  As defined in the preamble hereof, and any successor thereto.

      Liabilities:  As defined in Section 6(a) hereof.

      Mandatory Shelf Registration Statement: As defined in Section 2(a)
hereof.

      NASD:  The National Association of Securities Dealers, Inc.

      Offering: As defined in Recital A hereof.

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      Operating Partnership:  As defined in Recital A hereof.

      Person: An individual, partnership, corporation, trust, limited
liability company, unincorporated organization, government or agency or
political subdivision thereof, or any other legal entity.

      Proceeding: An action (including a class action), claim, suit, demand,
arbitration or other proceeding (including without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced
or, to the knowledge of the Person subject thereto, threatened.

      Prospectus: The prospectus included in any Registration Statement,
including any preliminary prospectus, and all other amendments and supplements
to any such prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference, if any,
in such prospectus.

      Purchase Agreement: As defined in Recital A hereof, as amended from time
to time in accordance with the terms thereof.

      Purchaser Indemnitee:  As defined in Section 6(a) hereof.

      Registrable Shares: Each of the Shares, any Additional Shares and any
Unit Shares, upon original issuance thereof, and at all times subsequent
thereto, including upon the transfer thereof by the original holder or any
subsequent holder, until, in the case of any such Shares or Additional Shares,
as applicable, the earliest to occur of:

      (i)   the date on which such Shares have been sold pursuant to a
Registration Statement or sold, transferred or otherwise disposed of pursuant
to Rule 144;

      (ii)  the date on which such Shares not held by Affiliates of the Issuer
are eligible for sale without registration under the Securities Act pursuant
to subparagraph (k) of Rule 144;

      (iii) the date on which such Shares have been otherwise transferred, new
certificates for them not bearing a legend restricting further transfer have
been delivered by the Issuer and subsequent public distribution of such Shares
shall not require registration or qualification of under the Securities Act;
or

      (iv)  the second anniversary of the initial effective date of the
Mandatory Shelf Registration Statement.

      Registration Expenses: Any and all expenses of the Issuer incident to
the performance of or compliance with this Agreement, including, without
limitation: (i) all Commission, securities exchange, NASD or other
registration, listing, inclusion and filing fees, (ii) all fees and expenses
incurred in connection with compliance with international, federal or state
securities or blue sky laws (including, without limitation, any registration,
listing and filing fees and reasonable fees and disbursements of counsel in
connection with blue sky qualification of any of the Registrable Shares and
the preparation of a blue sky memorandum and compliance with the rules of the
NASD), (iii) all expenses incurred in preparing, word processing, duplicating,
printing, delivering and distributing any Registration Statement, any
Prospectus, any amendments or

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supplements thereto, any underwriting agreements, agreements among
underwriters, securities sales agreements, certificates and any other
documents relating to the performance of the Issuer under and compliance by
the Issuer with this Agreement, (iv) all fees and expenses incurred in
connection with the listing or inclusion of any of the Registrable Shares on
any securities exchange or national quotation system pursuant to Section 4(n)
of this Agreement or otherwise, (v) the fees and disbursements of counsel for
the Issuer and of the independent public accountants of the Issuer (including,
without limitation, the expenses of any special audit and "cold comfort"
letters required by or incident to such performance), and the reasonable fees
and disbursements (up to a maximum aggregate amount of $25,000) of one counsel
and one accounting firm (as selected by FBR) for the selling Holders to review
any Registration Statement, and (vi) any fees and disbursements customarily
paid or otherwise negotiated for payment by issuers in connection with issues
and sales of securities (including the fees and expenses of any experts
retained by the Issuer in connection with any Registration Statement);
provided, however, that Registration Expenses shall exclude brokers' or
underwriters' discounts and commissions and transfer taxes or transfer fees,
if any, relating to the sale or disposition of Registrable Shares by a Holder
and the fees and disbursements of any counsel to or accounting firm of the
Holders other than as provided for in subparagraph (v) above.

      Registration Statement: Any Shelf Registration Statement, any Subsequent
Shelf Registration Statement or the IPO Registration Statement (that covers
the resale of any Registrable Shares), including the Prospectus, amendments
and supplements to such registration statement or Prospectus, including
pre-and post-effective amendments, all exhibits thereto and all material
incorporated by reference or deemed to be incorporated by reference, if any,
in such registration statement.

      Rule 144: Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement
thereto having substantially the same effect as such rule.

      Rule 144A: Rule 144A promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement
thereto having substantially the same effect as such rule.

      Rule 158: Rule 158 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement
thereto having substantially the same effect as such rule.

      Rule 415: Rule 415 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement
thereto having substantially the same effect as such rule.

      Rule 424: Rule 424 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement
thereto having substantially the same effect as such rule.

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      Rule 429: Rule 429 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement
thereto having substantially the same effect as such rule.

      Securities Act: The Securities Act of 1933, as amended, and the rules
and regulations promulgated by the Commission thereunder.

      Shares:  As defined in the Purchase Agreement.

      Shelf Registration Statement: The Mandatory Shelf Registration Statement
or any Subsequent Shelf Registration Statement.

      Subsequent Shelf Registration Statement: As defined in Section 2(c)
hereof.

      Suspension Event:  As defined in Section 5(b) hereof.

      Suspension Notice:  As defined in Section 5(b) hereof.

      Underwritten Offering: A sale of securities of the Issuer to an
underwriter or underwriters for reoffering to the public.

      Units:  As defined in the recitals hereof.

      Unit Shares: Shares issued upon redemption of Units that were issued to
Fortress Brookdale Acquisition LLC on August 3, 2004.

2.    Registration Rights.

      (a)   Mandatory Shelf Registration. As set forth in Section 4 hereof,
the Issuer agrees to file with the Commission as soon as practicable, but in
no event later than three months from the date hereof, a Shelf Registration
Statement on Form S-11 or such other form under the Securities Act then
available to the Issuer providing for the resale pursuant to Rule 415 from
time to time (including pursuant to an underwritten offering) by the Holders
of all of the Registrable Shares (including for the avoidance of doubt any
Additional Shares that are issued prior to the effectiveness of such shelf
registration statement) (including the Prospectus, amendments and supplements
to such registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto and all material incorporated
by reference or deemed to be incorporated by reference, if any, in such
registration statement, the "Mandatory Shelf Registration Statement"). The
Issuer shall use its reasonable best efforts to cause such Shelf Registration
Statement to be declared effective by the Commission as promptly as
practicable following such filing, in each case giving due regard to the need
to prepare current financial statements and complete other actions that are
reasonably necessary to effect a registered public offering. Such reasonable
best efforts shall include, without limitation, responding to any comments
issued by the staff of the Commission with respect to any Registration
Statement and filing any related amendment to such Registration Statement as
soon as reasonably practicable after receipt of such comments. Any Shelf
Registration Statement shall provide for the resale from time to time and
pursuant to any customary method or combination of

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methods legally available (including, without limitation, an Underwritten
Offering) by the Holders of any and all Registrable Shares.

      (b)   IPO Registration. If, prior to the Mandatory Shelf Registration
Statement being declared effective by the Commission and the Common Shares
being listed on a national securities exchange or quoted on the Nasdaq
National Market or comparable quotation system, the Issuer proposes to file a
registration statement on Form S-11 or such other form under the Securities
Act providing for the initial public offering of Common Shares (including the
Prospectus, amendments and supplements to such registration statement or
Prospectus, including pre- and post-effective amendments, all exhibits thereto
and all material incorporated by reference or deemed to be incorporated by
reference, if any, in such registration statement, the "IPO Registration
Statement"), the Issuer will notify, in writing, each Holder of the proposed
filing and afford each Holder an opportunity to include in such IPO
Registration Statement all or any part of the Registrable Shares then held by
such Holder. Each Holder desiring to include in any such IPO Registration
Statement all or part of the Registrable Shares held by such Holder shall,
within fifteen (15) Business Days after receipt of the above-described written
notice by the Issuer, so notify the Issuer in writing, and in such notice
shall inform the Issuer of the number of Registrable Shares such Holder wishes
to include in such IPO Registration Statement. Any election by any Holder to
include any Registrable Shares in such IPO Registration Statement will not
affect the inclusion of such Registrable Shares in the Shelf Registration
Statement until such Registrable Shares have been sold under the IPO
Registration Statement; provided, however, that at such time of sale, the
Issuer shall have the right to remove from the Shelf Registration Statement
the Registrable Shares sold pursuant to the IPO Registration Statement. In the
event that Registrable Shares cannot be included in the IPO Registration
Statement as a result of the determination of the managing underwriters as set
forth in Section 2(b)(ii) below, then the Issuer shall only be required to
notify, in writing, each Holder of such determination by the managing
underwriter.

            (i)   Right to Terminate or Delay IPO Registration. At any time,
      the Issuer shall have the right to terminate or withdraw any IPO
      Registration Statement referred to in this Section 2(b) whether or not
      any Holder has elected to include Registrable Shares in such
      registration; provided, however, the Issuer must provide each Holder
      that elected to include any Registrable Shares in such IPO Registration
      Statement prompt written notice of such termination. Furthermore, in the
      event the IPO Registration Statement is not declared effective by the
      Commission within ninety (90) Business Days following delivery by the
      Issuer of notice to the Holders of their initial opportunity to include
      all or any part of the Registrable Shares then held by such Holders in
      the IPO Registration Statement, the Issuer shall promptly provide a new
      written notice to all Holders giving them another opportunity to elect
      to include Registrable Shares in the pending IPO Registration Statement.
      Each Holder receiving such notice shall have the same election rights
      afforded such Holder as described in clause (b) above.

            (ii)  Underwriting. The Issuer shall give written notice to the
      Holders who elected to be included in the IPO Registration Statement of
      the managing underwriters for the Underwritten Offering proposed under
      the IPO Registration Statement. The right of any such Holder's
      Registrable Shares to be included in any IPO Registration Statement
      pursuant to this Section 2(b) shall be conditioned upon such Holder's
      participation in

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      such Underwritten Offering and the inclusion of such Holder's
      Registrable Shares in the Underwritten Offering to the extent provided
      herein. All Holders proposing to distribute their Registrable Shares
      through such Underwritten Offering shall enter into an underwriting
      agreement in customary form with the managing underwriters selected for
      such underwriting and complete and execute, as reasonably requested as
      to scope and form, any questionnaires, powers of attorney, indemnities,
      securities escrow agreements and other documents reasonably required
      under the terms of such underwriting, and furnish to the Issuer such
      information in writing as the Issuer may reasonably request for
      inclusion in the Registration Statement; provided, however, that no
      Holder shall be required to make any representations or warranties to or
      agreements (including indemnities) with the Issuer or the underwriters
      other than representations, warranties or agreements (including
      indemnities) as are customary and reasonably requested by the
      underwriters with the understanding that the foregoing shall be several,
      not joint and several, and no such agreement (including indemnities)
      shall require any Holder to be liable for an amount in excess of the net
      proceeds received by such Holder through such Underwritten Offering.
      Notwithstanding any other provision of this Agreement, if the managing
      underwriters determine in their sole discretion that marketing factors
      require a limitation on the number of shares to be included, then the
      managing underwriters may exclude shares (including Registrable Shares)
      from the IPO Registration Statement and the Underwritten Offering and
      any Shares included in the IPO Registration Statement and the
      Underwritten Offering shall be allocated, first, to the Issuer, for all
      Shares proposed to be sold by the Issuer for its own account, and
      second, if available, to each of the Holders requesting inclusion of
      their Registrable Shares in such IPO Registration Statement on a pro
      rata basis based on the total number of Registrable Shares then
      requested for inclusion by each such Holder. If any Holder disapproves
      of the terms of any Underwritten Offering that is undertaken in
      compliance with the terms hereof, such Holder may elect to withdraw
      therefrom by written notice to the Issuer and the underwriter, delivered
      at least ten (10) Business Days prior to the Issuer's proposed effective
      date of the IPO Registration Statement. Any Registrable Shares excluded
      or withdrawn from such Underwritten Offering shall be excluded and
      withdrawn from the IPO Registration Statement.

            (iii) Hold-Back Agreement. By electing to include Registrable
      Shares in the IPO Registration Statement, if any, the Holder shall be
      deemed to have agreed not to directly or indirectly offer, pledge, sell,
      contract to sell, sell any option or contract to purchase, purchase any
      option or contract to sell, grant any option, right or warrant for the
      sale of, or otherwise transfer or dispose of securities of the Issuer of
      the same or similar class or classes of the securities included in the
      Registration Statement or any securities convertible into or
      exchangeable or exercisable for such securities, including a sale
      pursuant to Rule 144 or Rule 144A under the Securities Act, during such
      periods as reasonably and customarily requested by the managing
      underwriter (but in no event for a period longer than sixty (60) days
      following the effective date of the IPO Registration Statement, provided
      each of the executive officers and trustees of the Issuer that hold
      Common Shares of the Issuer or securities convertible into or
      exchangeable or exercisable for Common Shares of the Issuer are subject
      to the same restriction for the entire time period required of the
      Holders hereunder). In order to enforce the foregoing,

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      the Issuer shall be entitled to impose stop-transfer instructions with
      respect to the Registrable Shares of each Holder until the end of such
      period.

            (iv)  Shelf Registration not Impacted by IPO Registration
      Statement. The Issuer's obligation to file and keep effective any Shelf
      Registration Statement shall not be affected by the filing or
      effectiveness of the IPO Registration Statement unless and to the extent
      Registrable Shares are sold pursuant to the IPO Registration Statement.

      (c)   Subsequent Shelf Registration for Additional Shares Issued after
Effectiveness of the Mandatory Shelf Registration Statement. If any Additional
Shares are issued or distributed to Holders after the effectiveness of the
Mandatory Shelf Registration Statement, or such Additional Shares were
otherwise not included in a prior Shelf Registration Statement, then the
Issuer shall as soon as practicable, but in no event later than sixty (60)
days after the issuance of such Additional Shares, file an additional shelf
registration statement (including the Prospectus, amendments and supplements
to such registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto and all material incorporated
by reference or deemed to be incorporated by reference, if any, in such
registration statement, a "Subsequent Shelf Registration Statement") covering
such Additional Shares on behalf of the Holders thereof in the same manner,
and subject to the same provisions in this Agreement as the Mandatory Shelf
Registration Statement, provided that the provisions of the first sentence of
Section 2(a) hereof will not apply to any such Subsequent Shelf Registration
Statement.

      (d)   Expenses. The Issuer shall pay all Registration Expenses in
connection with the registration of the Registrable Shares pursuant to this
Agreement. Each Holder participating in a registration pursuant to this
Section 2 shall bear such Holder's proportionate share (based on the total
number of Registrable Shares sold in such registration) of all discounts and
commissions payable to underwriters or brokers and all transfer taxes and
transfer fees in connection with a registration of Registrable Shares pursuant
to this Agreement and any other expense of the Holders not allocated to the
Issuer pursuant to this Agreement relating to the sale or disposition of such
Holder's Registrable Shares pursuant to any Registration Statement.

3.    Rules 144 and 144A Reporting.

      With a view to making available the benefits of certain rules and
regulations of the Commission that may permit the sale of the Registrable
Shares to the public without registration, the Issuer agrees to, until such
date as no Holder owns any Registrable Shares:

      (a)   at all times after the effective date of the first Registration
Statement under the Securities Act filed by the Issuer for an offering of its
securities to the general public, make and keep public information available,
as those terms are understood and defined in Rule 144(c) under the Securities
Act;

      (b)   timely file with the Commission all reports and other documents
required to be filed by the Issuer under the Securities Act and the Exchange
Act (at any time after it has become subject to such reporting requirements);

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      (c)   if the Issuer is not required to file reports and other documents
under the Securities Act and the Exchange Act, make available other
information as required by, and so long as necessary to permit sales of
Registrable Shares pursuant to, Rule 144A; and

      (d)   so long as a Holder owns any Registrable Shares, without cost to
any Holder, furnish to any Holder promptly upon request a copy of the most
recent annual or quarterly report(s) of the Issuer, and such other reports and
documents of the Issuer, and take such further actions consistent with this
Section, as a Holder may reasonably request in availing itself of any rule or
regulation of the Commission allowing a Holder to sell any such Registrable
Shares without registration (at all times that the Issuer is not subject to
the reporting requirements of the Exchange Act).

4.    Registration Procedures.

      In connection with the obligations of the Issuer with respect to any
registration pursuant to this Agreement, the Issuer shall use its reasonable
best efforts to effect or cause to be effected the registration of the
Registrable Shares under the Securities Act to permit the public resale of
such Registrable Shares by the Holder or Holders in accordance with the
Holders' intended method or methods of resale and distribution, and the Issuer
shall, without limitation:

      (a)   prepare and file with the Commission, as specified in this
Agreement, a Shelf Registration Statement, which Shelf Registration Statement
shall comply as to form with the requirements of the applicable form and
include all financial statements required by the Commission to be filed
therewith, and use its reasonable best efforts to cause such Registration
Statement to become effective as soon as practicable after filing and to
remain effective, subject to Section 5 hereof, until the date on which no
Holders hold Registrable Shares; provided, however, that if the Issuer has an
effective Shelf Registration Statement on Form S-11 under the Securities Act
and becomes eligible to use Form S-3 or such other short-form registration
statement under the Securities Act, the Issuer may, upon twenty (20) Business
Days' prior written notice to all Holders of Registrable Shares, register any
Registrable Shares registered but not yet distributed under the effective
Shelf Registration Statement on such a short-form Shelf Registration Statement
and, once the short-form Shelf Registration Statement is declared effective,
de-register such shares under the previous Registration Statement or transfer
filing fees from the previous Registration Statement (such transfer pursuant
to Rule 429) unless any Holder of Registrable Shares registered under the
initial Shelf Registration Statement notifies the Issuer within fifteen (15)
Business Days of receipt of the Issuer notice that such a registration under a
new Registration Statement and de-registration of the initial Shelf
Registration Statement would materially interfere with its distribution of
Registrable Shares already in progress, in which case the Issuer shall delay
the effectiveness of the short-form Shelf Registration Statement and
de-registration until not later than thirty (30) Business Days from the date
that the Issuer receives the notice from a Holder requesting a delay;

      (b)   subject to Section 4(i) hereof, (i) prepare and file with the
Commission such amendments and post-effective amendments to each such Shelf
Registration Statement as may be necessary to keep such Shelf Registration
Statement effective for the period described in Section 4(a) hereof, (ii)
cause each Prospectus contained therein to be supplemented by any required
prospectus supplement, and as so supplemented to be filed pursuant to Rule 424
or any similar

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rule that may be adopted under the Securities Act, and (iii) comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by each Shelf Registration Statement during the applicable
period in accordance with applicable law and the method or methods of
distribution described in the Prospectus;

      (c)   furnish to the Holders, without charge, as many copies of each
Prospectus, including each preliminary Prospectus, and any amendment or
supplement thereto and such other documents as such Holder may reasonably
request, in order to facilitate the public sale or other disposition of the
Registrable Shares; the Issuer consents, subject to Section 5, to the lawful
use of such Prospectus, including each preliminary Prospectus, by the Holders,
if any, in connection with the offering and sale of the Registrable Shares
covered by any such Prospectus;

      (d)   use its reasonable best efforts to (i) register or qualify, or
obtain exemption from registration or qualification for, all Registrable
Shares by the time the applicable Registration Statement is declared effective
by the Commission under all applicable state securities or "blue sky" laws of
such domestic United States jurisdictions as FBR or any Holder covered by a
Registration Statement shall reasonably request in writing, (ii) keep each
such registration or qualification or exemption effective during the period
such Registration Statement is required to be kept effective pursuant to
Section 4(a) and (iii) do any and all other acts and things that may be
reasonably necessary or advisable to enable such Holder to consummate the
disposition in each such jurisdiction of such Registrable Shares owned by such
Holder; provided, however, that the Issuer shall not be required to (i)
qualify generally to do business in any jurisdiction or to register as a
broker or dealer in such jurisdiction where it would not otherwise be required
to qualify but for this Section 4(d), (ii) subject itself to taxation in any
such jurisdiction, or (iii) submit to the general service of process in any
such jurisdiction; provided, further, that if the Issuer is unable to list the
Registrable Shares on a national stock exchange or qualify for quotation on an
automatic quotation system at or prior to the time the Registration Statement
is declared effective by the Commission because it fails to meet requirements
for such listing or quotation regarding the number of holders of its Common
Stock, the obligation in this Section 4(d) shall not require the Issuer to
register or qualify the Registrable Shares in any state or foreign
jurisdiction where the Issuer reasonably concludes, based upon the advice of
securities counsel, that such registration or qualification would require
unreasonable efforts (including, without limitation, amendments to the
Issuer's charter or bylaws) or expense;

      (e)   use its reasonable best efforts to cause all Registrable Shares
covered by such Registration Statement to be registered and approved by such
other domestic state or local governmental agencies or authorities in the
United States, if any, as may be necessary to enable the Holders thereof to
consummate the disposition of such Registrable Shares;

      (f)   notify FBR and each Holder with Registrable Shares covered by a
Registration Statement promptly and, if requested by FBR or any such Holder,
promptly confirm such advice in writing at the address determined in
accordance with Section 10(c), (i) when such Registration Statement has become
effective and when any post-effective amendments and supplements thereto
become effective, (ii) of the issuance by the Commission or any state
securities authority of any stop order suspending the effectiveness of such
Registration Statement or the initiation of any Proceedings for that purpose,
(iii) of any request by the Commission or any other federal or state
governmental authority for amendments or supplements to such Registration
Statement or

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related Prospectus or for additional information, and (iv) of any reason,
including, but not limited to, the happening of any event during the period
such Registration Statement is effective as a result of which such
Registration Statement or the related Prospectus or any document incorporated
by reference therein contains any untrue statement of a material fact or omits
to state any material fact required to be stated therein or necessary to make
the statements therein not misleading (which information shall be accompanied
by an instruction to suspend the use of the Registration Statement and the
Prospectus until the requisite changes have been made);

      (g)   during the period of time referred to in Section 4(a) above, use
its reasonable best efforts to avoid the issuance of, or if issued, to obtain
the withdrawal of, any order enjoining or suspending the use or effectiveness
of a Shelf Registration Statement or suspending the qualification (or
exemption from qualification) of any of the Registrable Shares for sale in any
jurisdiction, as promptly as practicable;

      (h)   provide to FBR and its counsel within five (5) Business Days of
receipt by the Issuer or its counsel, copies of any material correspondence
(which FBR may disclose to any other Holder) with or from the Commission or
its staff with respect to a Registration Statement; and upon request, furnish
to each requesting Holder with Registrable Shares covered by a Registration
Statement, without charge, at least one (1) conformed copy of such
Registration Statement and any post-effective amendment or supplement thereto
(without documents incorporated therein by reference or exhibits thereto,
unless requested);

      (i)   except as provided in Section 5, upon the occurrence of any event
contemplated by Section 4(f)(iv) hereof, use its reasonable best efforts to
promptly prepare a supplement or post-effective amendment to a Shelf
Registration Statement or the related Prospectus or any document incorporated
therein by reference or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Shares, such
Prospectus will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, and, upon request and without charge, promptly furnish
to each requesting Holder a reasonable number of copies of each such
supplement or post-effective amendment;

      (j)   if requested by the representative of the underwriters, if any, or
any Holders of Registrable Shares being sold in connection with an
Underwritten Offering, (i) promptly incorporate in a prospectus supplement or
post-effective amendment such material information as the representative of
the underwriters, if any, or such Holders indicate in writing relates to them
or otherwise reasonably request in writing be included therein and (ii) make
all required filings of such prospectus supplement or such post-effective
amendment as soon as practicable after the Issuer has received written
notification of the matters to be incorporated in such prospectus supplement
or post-effective amendment; provided, however, that the Issuer shall not be
required to take any action pursuant to this Section 4(j) that would, in the
opinion of counsel for the Issuer, violate applicable law;

      (k)   in the case of an Underwritten Offering, use its reasonable best
efforts to furnish or caused to be furnished to the underwriters a signed
counterpart, addressed to the underwriters, of: (i) an opinion of counsel for
the Issuer, dated the date of each closing under the underwriting

                                      11
<PAGE>

agreement; and (ii) a "comfort" letter, dated the effective date of such
Registration Statement and the date of each closing under the underwriting
agreement, signed by the independent public accountants who have certified the
Issuer's financial statements included in such Registration Statement,
covering substantially the same matters with respect to such Registration
Statement (and the Prospectus included therein) and with respect to events
subsequent to the date of such financial statements, as are customarily
covered in accountants' letters delivered to underwriters in underwritten
public offerings of securities and such other financial matters as the
underwriters may reasonably request and customarily obtained by underwriters
in underwritten offerings;

      (l)   enter into customary agreements (including in the case of an
Underwritten Offering, an underwriting agreement in customary form) and take
all other reasonable action in connection therewith in order to expedite or
facilitate the distribution of the Registrable Shares included in such
Registration Statement and, in the case of an Underwritten Offering, make
representations, warranties and agreements (including indemnities) to the
underwriters in such form and scope as are customarily made by issuers to
underwriters in underwritten offerings and confirm the same in writing to the
extent customary if and when requested;

      (m)   in connection with an Underwritten Offering, make available for
inspection by one representative appointed by the Holders of a majority of the
Registrable Shares and the representative of any underwriters participating in
any disposition pursuant to a Registration Statement and any counsel and
accounting firm retained by the Holders and underwriters, respectively, at
reasonable times and in a reasonable manner, all financial and other records,
pertinent corporate documents and properties of the Issuer and cause the
respective officers, directors, employees and agents of the Issuer to supply
all information reasonably requested by any such representatives, the
representative of the underwriters, counsel thereto or accountants in
connection with a Registration Statement and as may be necessary in connection
with a customary due diligence review of the Issuer; provided, however, that
such records, documents or information that the Issuer determines, in good
faith, to be confidential and notifies such representative of the Holders,
representative of the underwriters, counsel thereto or accountants thereto are
confidential shall not be disclosed by the representatives, representative of
the underwriters, counsel thereto or accountants unless (i) the disclosure of
such records, documents or information is necessary to avoid or correct a
misstatement or omission in a Registration Statement or Prospectus and the
Registrable Shares are not subject to a suspension of sales pursuant to
Section 5 hereof, (ii) the release of such records, documents or information
is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, or (iii) such records, documents or information have been
generally made available to the public; provided further, that to the extent
practicable, the foregoing inspection and information gathering shall be
coordinated on behalf of the Holders and the other parties entitled thereto by
one counsel designated by and on behalf of the Holders and the other parties;

      (n)   provided that the Issuer meets the applicable listing standards,
use its reasonable best efforts to qualify for, and list or include all
Registrable Shares on, the New York Stock Exchange, the American Stock
Exchange or the Nasdaq National Market as soon as practicable (including,
without limitation, seeking to cure in the Issuer's listing or inclusion
application any deficiencies cited by the exchange or market) and thereafter
use reasonable best efforts to maintain such listing;

                                      12
<PAGE>

      (o)   prepare and timely file all documents, reports and certifications
required by the Securities Act and the Exchange Act at all times beginning
from the date the Issuer is first subject to such filing, reporting or
certification requirements through the date no Holders hold Registrable
Shares;

      (p)   provide a CUSIP number for all Registrable Shares, not later than
the effective date of the Registration Statement;

      (q)   (i) otherwise use its reasonable best efforts to comply with all
applicable rules and regulations of the Commission and, as applicable, the New
York Stock Exchange, the American Stock Exchange, the Nasdaq National Market
or other listing standard, (ii) use reasonable best efforts to make generally
available to its shareholders, as soon as reasonably practicable, earnings
statements covering at least twelve (12) months beginning after the effective
date of the Registration Statement that satisfy the provisions of Section
11(a) of the Securities Act and Rule 158 (or any similar rule promulgated
under the Securities Act) thereunder, no later than forty-five (45) days after
the end of each fiscal quarter occurring after the first anniversary of the
effective date of the Registration Statement (unless such fiscal quarter is
the last fiscal quarter of the Issuer's fiscal year, in which case such
earnings statement shall be delivered no later than ninety (90) days after
such fiscal quarter occurring after the first anniversary of the effective
date of the Registration Statement) and (iii) delay filing any Registration
Statement or Prospectus or amendment or supplement to such Registration
Statement or Prospectus to which any Holder of Registrable Shares covered by
such Registration Statement shall have, based upon the opinion of counsel,
reasonably objected on the grounds that such Registration Statement or
Prospectus or amendment or supplement does not comply in all material respects
with the requirements of the Securities Act, such Holder having been furnished
with a copy thereof at least three (3) Business Days prior to the filing
thereof, provided that the Issuer may file such Registration Statement or
Prospectus or amendment or supplement following such time as the Issuer shall
have made a good faith effort to resolve any such issue with the objecting
Holder and shall have advised the Holder in writing of its reasonable belief
that such filing complies with the requirements of the Securities Act;

      (r)   provide and cause to be maintained a registrar and transfer agent
for all Registrable Shares covered by any Registration Statement from and
after a date not later than the effective date of such Registration Statement;

      (s)   in connection with any sale or transfer of the Registrable Shares
(whether or not pursuant to a Registration Statement) that will result in the
security being delivered no longer being Registrable Shares, cooperate with
the Holders and the representative of the underwriters, if any, to facilitate
the timely preparation and delivery of certificates representing the
Registrable Shares to be sold, which certificates shall not bear any transfer
restrictive legends (other than as required by the Issuer's charter) and to
enable such Registrable Shares to be in such denominations and registered in
such names as the representative of the underwriters, if any, or the Holders
may reasonably request at least three (3) Business Days prior to any sale of
the Registrable Shares; and

      (t)   upon effectiveness of the first Registration Statement filed by
the Issuer, the Issuer will take such actions and make such filings as are
necessary to effect the registration of

                                      13
<PAGE>

the Common Stock under the Exchange Act simultaneously with or immediately
following the effectiveness of the Registration Statement.

      The Issuer may require the Holders to furnish to the Issuer such
information regarding the proposed distribution by such Holder as the Issuer
may from time to time reasonably request in writing or as shall be required to
effect the registration of the Registrable Shares, and no Holder shall be
entitled to be named as a selling stockholder in any Registration Statement
and no Holder shall be entitled to use the Prospectus forming a part thereof
if such Holder does not provide such reasonable information to the Issuer. Any
Holder that sells Registrable Shares pursuant to a Registration Statement or
as a selling stockholder pursuant to an Underwritten Offering shall be
required to be named as a selling stockholder in the related prospectus and to
deliver a prospectus to purchasers. Each Holder further agrees to furnish
promptly to the Issuer in writing all information required from time to time
to make the information previously furnished by such Holder not misleading and
each Holder shall have a reasonable opportunity to review and comment upon the
Registration Statement with respect to the accuracy of the information
provided by such Holder, which shall include at least five (5) Business Days
after receipt of any Registration Statement to provide comments thereon to the
Issuer or its counsel. The designated counsel, if any, for the Holders shall,
on behalf of the Holders, have the right to review and comment upon the
Registration Statement prior to the time it is filed with the Commission,
which shall include at least five (5) Business Days after receipt of any
Registration Statement to provide comments thereon to the Issuer or its
counsel.

      Each Holder agrees that, upon receipt of any notice from the Issuer of
the happening of any event of the kind described in Section 4(f)(ii),
4(f)(iii) or 4(f)(iv) hereof, such Holder will immediately discontinue
disposition of Registrable Shares pursuant to a Registration Statement until
such Holder receives copies of the supplemented or amended Prospectus. If so
directed by the Issuer, such Holder will deliver to the Issuer (at the
reasonable expense of the Issuer) all copies in its possession, other than
permanent file copies then in such Holder's possession, of the Prospectus
covering such Registrable Shares current at the time of receipt of such
notice.

5.    Black-Out Period.

      (a)   Subject to the provisions of this Section 5, the Issuer may
suspend effectiveness of a Registration Statement or may direct the Holders to
suspend sales of the Registrable Shares pursuant to a Registration Statement,
in each case by written notice to FBR and the Holders, for such times as the
Issuer reasonably may determine is necessary and advisable (but in no event
for more than an aggregate of ninety (90) days in any rolling twelve
(12)-month period commencing on the Closing Time or more than sixty (60) days
in any rolling ninety (90)-day period, and no more than three (3) separate
times in any rolling 12-month period) if any of the following events shall
occur: (i) the managing underwriter of an Underwritten Offering of primary
Shares by the Issuer has advised the Issuer that the sale of Registrable
Shares pursuant to the Registration Statement would have a material adverse
effect on the Issuer's primary offering; (ii) the majority of the members of
the Board of Trustees of the Issuer in good faith determine that (A) the offer
or sale of any Registrable Shares would materially impede, delay or interfere
with any material proposed financing, offer or sale of securities,
acquisition, merger, tender offer, business combination, corporate
reorganization, consolidation or other similar material transaction involving
the Issuer, (B) after the advice of counsel, sale of Registrable Shares
pursuant to the

                                      14
<PAGE>

Registration Statement would require disclosure of non-public material
information not otherwise required to be disclosed under applicable law, and
(C) disclosure would have a material adverse effect on the Issuer or the
Issuer's ability to consummate such transaction, in each case under
circumstances that would make it impractical or inadvisable to cause the
Registration Statement (or such filings) to become effective or to promptly
amend or supplement the Registration Statement on a post-effective basis, as
applicable; or (iii) the majority of the members of the Board of Trustees of
the Issuer shall have determined in good faith, after the advice of counsel,
that it is required by law, rule or regulation to supplement the Registration
Statement or file a post-effective amendment to the Registration Statement in
order to incorporate information into the Registration Statement for the
purpose of (1) including in the Registration Statement any Prospectus required
under Section 10(a)(3) of the Securities Act; (2) reflecting in the Prospectus
included in the Registration Statement any facts or events arising after the
effective date of the Registration Statement (or of the most-recent
post-effective amendment) that individually, or in the aggregate, represents a
fundamental change in the information set forth therein; or (3) including in
the Prospectus included in the Registration Statement any material information
with respect to the plan of distribution not disclosed in the Registration
Statement or any material change to such information. Upon the occurrence of
any suspension described in (ii) and (iii) above, the Issuer shall use its
reasonable best efforts to cause the Registration Statement to become
effective or to promptly amend or supplement the Registration Statement on a
post-effective basis or to take such action as is necessary to permit resumed
use of the Registration Statement as soon as possible.

      (b)   In the case of an event that causes the Issuer to suspend the use
of a Registration Statement (a "Suspension Event"), the Issuer shall give
written notice (a "Suspension Notice") to the Holders to suspend sales of the
Registrable Shares and such notice shall state generally the basis for the
notice and certify, by an officer of the Issuer, that such suspension shall
continue only for so long as the Suspension Event or its effect is continuing
and the Issuer is using its reasonable best efforts and taking all reasonable
steps to terminate suspension of the use of the Registration Statement as
promptly as possible. The Holders shall not effect any sales of the
Registrable Shares pursuant to such Registration Statement (or such filings)
at any time after receiving a Suspension Notice from the Issuer and prior to
receipt of an End of Suspension Notice (as defined below). If so directed by
the Issuer, each Holder will deliver to the Issuer (at the expense of the
Issuer) all copies, other than permanent file copies, then in such Holder's
possession of the Prospectus covering the Registrable Shares at the time of
receipt of the Suspension Notice. The Holders may recommence effecting sales
of the Registrable Shares pursuant to the Registration Statement (or such
filings) following further notice to such effect (an "End of Suspension
Notice") from the Issuer, which End of Suspension Notice shall be given by the
Issuer to the Holders and FBR promptly following the conclusion of any
Suspension Event and its effect.

6.    Indemnification and Contribution.

      (a)   The Issuer agrees to indemnify and hold harmless (i) FBR and each
Holder, (ii) each Person, if any, who controls (within the meaning of Section
15 of the Securities Act or Section 20(a) of the Exchange Act), any of the
foregoing (any of the Persons referred to in this clause (ii) being
hereinafter referred to as a "Controlling Person"), and (iii) the respective
officers, directors, partners, members, managers, employees, representatives
and agents of FBR

                                      15
<PAGE>

and each Holder or any Controlling Person (any Person referred to in clause
(i), (ii) or (iii) may hereinafter be referred to as a "Purchaser Indemnitee")
from and against any and all losses, damages, judgments, reasonable
out-of-pocket expenses, and other liabilities (collectively, the
"Liabilities"), including, without limitation and as incurred, reimbursement
of all reasonable costs of investigating, preparing, pursuing or defending any
Proceeding by any governmental agency or body, commenced or threatened,
including to the extent hereinafter provided, the reasonable fees and expenses
of outside counsel to any Purchaser Indemnitee, joint or several, directly or
indirectly related to, based upon, arising out of or in connection with any
untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement or Prospectus (as amended or supplemented if the
Issuer shall have promptly furnished to such Purchaser Indemnitee any
amendments or supplements thereto), or any preliminary Prospectus or any other
document prepared by the Issuer used to sell the Registrable Shares, or any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading, except to the
extent such Liabilities arise out of or are based upon (i) any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with information relating to any Purchaser Indemnitee
furnished to the Issuer or any underwriter in writing by such Purchaser
Indemnitee expressly for use therein, or (ii) any untrue statement contained
in or omission from a preliminary Prospectus if a copy of the Prospectus (as
then amended or supplemented, if the Issuer shall have promptly furnished to
or on behalf of the Holder participating in the distribution relating to the
relevant Registration Statement any amendments or supplements thereto) was not
sent or given by or on behalf of such Holder to the Person asserting any such
Liabilities who purchased Shares, if such Prospectus (or Prospectus as amended
or supplemented) is required by law to be sent or given at or prior to the
written confirmation of the sale of such Shares to such Person and the untrue
statement contained in or omission from such preliminary Prospectus was
corrected in the Prospectus (or the Prospectus as amended or supplemented if
the Issuer shall have promptly furnished any amendments or supplements
thereto). The indemnity provided for herein shall remain in full force and
effect regardless of any investigation made by or on behalf of any Purchaser
Indemnitee.

      (b)   In connection with any Registration Statement in which a Purchaser
Indemnitee is participating and as a condition to such participation, such
Purchaser Indemnitee agrees, severally and not jointly, to indemnify and hold
harmless the Issuer, each Person who controls the Issuer within the meaning of
Section 15 of the Securities Act or Section 20(a) of the Exchange Act and the
respective partners, trustees, officers, members, representatives, employees
and agents of the Issuer and each such Person to the same extent as the
foregoing indemnity from the Issuer to each Purchaser Indemnitee, but only
with reference to untrue statements or omissions or alleged untrue statements
or omissions made in reliance upon and in strict conformity with information
relating to such Purchaser Indemnitee furnished to the Issuer in writing by
such Purchaser Indemnitee expressly for use in any Registration Statement or
Prospectus, any amendment or supplement thereto, or any preliminary
Prospectus. The liability of any Purchaser Indemnitee pursuant to this
paragraph shall in no event exceed the net proceeds received by such Purchaser
Indemnitee from sales of Registrable Shares giving rise to such obligations.
If the Holder elects to include Registrable Shares in an Underwritten
Offering, the Holder shall be required to agree to such customary
indemnification provisions as may reasonably be required by the underwriter in
connection with such Underwritten Offering.

                                      16
<PAGE>

      (c)   If any Proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any
Person in respect of which indemnity may be sought pursuant to paragraph (a)
or (b) above, such Person (the "Indemnified Party," or if more than one
Indemnified Party, the "Indemnified Parties"), shall promptly notify the
Person against whom such indemnity may be sought (the "Indemnifying Party"),
in writing of the commencement thereof (but the failure to so notify an
Indemnifying Party shall not relieve it from any liability which it may have
under this Section 6, except to the extent the Indemnifying Party is actually
and materially prejudiced by the failure to give notice), and the Indemnifying
Party shall assume the defense of such Proceeding and retain counsel chosen by
the Indemnifying Party and approved by the Indemnified Party, which approval
shall not be unreasonably withheld, to represent the Indemnified Party and any
others the Indemnifying Party may reasonably designate in such Proceeding and
shall pay the reasonable fees and expenses actually incurred by such counsel
related to such Proceeding. Notwithstanding the foregoing, in any such
Proceeding, any Indemnified Party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified
Party shall have mutually agreed in writing to the contrary, (ii) the
Indemnifying Party failed within a reasonable time after notice of
commencement of the Proceeding to assume the defense and engage counsel
approved by the Indemnified Party as hereinabove provided or (iii) such
Indemnified Party shall have been reasonably advised by counsel that, either
(x) there may be one or more legal defenses available to it which are
different from or additional to those available to the Indemnifying Party or
such affiliate of the Indemnifying Party or (y) a conflict exists between such
Indemnified Party and the Indemnifying Party or such affiliate of the
Indemnifying Party, then the Indemnifying Party shall not have the right to
assume nor direct the defense of such Proceeding on behalf of such Indemnified
Party, it being understood, however, that the Indemnifying Party shall not, in
connection with any one such Proceeding or separate but substantially similar
or related Proceedings arising out of the same general allegations or
circumstances, be liable for the fees and expenses of more than one (1)
separate firm of attorneys (in addition to any local counsel), for all such
Indemnified Parties, which firm shall be designated in writing by those
Indemnified Parties who sold a majority of Registrable Shares sold by all such
Indemnified Parties (excluding Registrable Shares sold by the Issuer and its
Affiliates) and any such separate firm for the Issuer, the directors, the
officers and such control Persons of the Issuer as shall be designated in
writing by the Issuer. The Indemnifying Party shall not be liable for any
settlement of any Proceeding effected without its written consent, which
consent shall not be unreasonably withheld or delayed, but if settled with
such consent or if there be a final judgment for the plaintiff, the
Indemnifying Party agrees to indemnify any Indemnified Party from and against
any loss or liability resulting from such settlement or judgment. No
Indemnifying Party shall, without the prior written consent of the Indemnified
Party, effect any settlement of any pending or threatened Proceeding in
respect of which any Indemnified Party is a party or the subject thereof and
indemnity could have been sought hereunder by such Indemnified Party, unless
(i) such settlement includes an unconditional release of such Indemnified
Party from all liability on claims that are the subject matter of such
Proceeding in a form satisfactory to the Indemnified Party and (ii) does not
include a statement as to, or an admission of, fault, culpability or a failure
to act by or on behalf of the Indemnified Party.

      (d)   If the indemnification provided for in paragraphs (a) and (b) of
this Section 6 is for any reason held to be unavailable to an Indemnified
Party in respect of any Liabilities

                                      17
<PAGE>

referred to therein (other than by reason of the exceptions provided therein)
or is insufficient to hold harmless a party indemnified thereunder, then each
Indemnifying Party under such paragraphs, in lieu of indemnifying such
Indemnified Party thereunder, shall contribute to the amount paid or payable
by such Indemnified Party as a result of such Liabilities (i) in such
proportion as is appropriate to reflect the relative benefits of the
Indemnified Party on the one hand and the Indemnifying Parties on the other
hand in connection with the statements or omissions that resulted in such
Liabilities, or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above, but the
relative fault of the Indemnifying Parties and the Indemnified Party, as well
as any other relevant equitable considerations. The relative fault of the
Issuer, on the one hand, and any Purchaser Indemnitees, on the other, shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Issuer or by such
Purchaser Indemnitees and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.

      (e)   The parties agree that it would not be just and equitable if
contribution pursuant to this Section 6 were determined by pro rata allocation
(even if such Indemnified Parties were treated as one entity for such
purpose), or by any other method of allocation that does not take account of
the equitable considerations referred to in paragraph 6(d) above. The amount
paid or payable by an Indemnified Party as a result of any Liabilities
referred to paragraph 6(d) shall be deemed to include, subject to the
limitations set forth above, any reasonable legal or other expenses actually
incurred by such Indemnified Party in connection with investigating or
defending any such Proceeding. Notwithstanding the provisions of this Section
6, in no event shall a Purchaser Indemnitee be required to contribute any
amount in excess of the amount by which proceeds (net of any discounts or
commissions) received by such Purchaser Indemnitee from sales of Registrable
Shares exceeds the amount of any damages that such Purchaser Indemnitee has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. For purposes of this Section 6,
each Person, if any, who controls (within the meaning of Section 15 of the Act
or Section 20(a) of the Exchange Act) FBR or a Holder shall have the same
rights to contribution as FBR or such Holder, as the case may be, and each
Person, if any, who controls (within the meaning of Section 15 of the Act or
Section 20(a) of the Exchange Act) the Issuer, and each officer, trustee,
partner, employee, representative, agent or manager of the Issuer shall have
the same rights to contribution as the Issuer. Any party entitled to
contribution will, promptly after receipt of notice of commencement of any
Proceeding against such party in respect of which a claim for contribution may
be made against another party or parties, notify each party or parties from
whom contribution may be sought, but the omission to so notify such party or
parties shall not relieve the party or parties from whom contribution may be
sought from any obligation it or they may have under this Section 6 or
otherwise, except to the extent that any party is actually and materially
prejudiced by the failure to give notice. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act),
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

      (f)   The indemnity and contribution agreements contained in this
Section 6 will be in addition to any liability which the Indemnifying Parties
may otherwise have to the Indemnified

                                      18
<PAGE>

Parties referred to above. The Purchaser Indemnitee's obligations to
contribute pursuant to this Section 6 are several in proportion to the
respective number of Shares sold by each of the Purchaser Indemnitees
hereunder and not joint.

7.    Market Stand-off Agreement.

      Each Holder hereby agrees that it shall not, to the extent requested in
writing by the Issuer or an underwriter of securities of the Issuer, directly
or indirectly offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchae any option or contract to sell, grant any
option, right or warrant for the sale of, or otherwise transfer or dispose of
any Registrable Shares or other Common Shares of the Issuer or any securities
convertible into or exchangeable or exercisable for Common Shares of the
Issuer then owned by such Holder (other than to donees or partners of the
Holder who agree to be similarly bound) within sixty (60) days following
either (x) the effective date of the IPO Registration Statement of the Issuer
filed under the Securities Act or (y) the date of an Underwritten Offering by
the Issuer pursuant to a shelf registration statement of the Issuer filed
under the Securities Act; provided, however, that:

      (a)   with respect to the up to 60-day restriction that follows the
effective date of the IPO Registration Statement, such agreement shall not be
applicable to Registrable Shares sold pursuant to such IPO Registration
Statement;

      (b)   all executive officers and directors of the Issuer then holding
Common Shares or securities convertible into or exchangeable or exercisable
for Common Shares of the Issuer shall enter into similar agreements for not
less than the entire time period required of the Holders hereunder; and

      (c)   subject to a determination in good faith by the underwriters for
an Underwritten Offering, the Holders shall be allowed any concession or
proportionate release allowed to any executive officer or director that
entered into similar agreements.

      In order to enforce the foregoing covenant, the Issuer shall have the
right to place restrictive legends on the certificates representing the
securities subject to this Section 7 and to impose stop transfer instructions
with respect to the Registrable Shares and such other securities of each
Holder (and the securities of every other Person subject to the foregoing
restriction) until the end of such period.

8.    Termination of the Issuer's Obligations.

      The Issuer shall have no further obligations pursuant to this Agreement
at such time as no Registrable Shares are outstanding, provided, however, that
the Issuer's obligations under Sections 6 and 10(a) through and including
10(m) of this Agreement shall remain in full force and effect following such
time.

9.    Limitations on Subsequent Registration Rights.

      From and after the date of this Agreement, the Issuer shall not, without
the prior written consent of the Holders (other than Affiliates of the Issuer)
of a majority of the then outstanding Registrable Shares, enter into any
agreement with any holder or prospective holder of any

                                      19
<PAGE>

securities of the Issuer that would allow such holder or prospective holder to
include such securities in the IPO Registration Statement, if any, filed
pursuant to the terms hereof, unless under the terms of such agreement, such
holder or prospective holder may include such securities in any such
registration only to the extent that the inclusion of his securities will not
reduce the amount of Registrable Shares of the Holders that is included.

10.   Miscellaneous.

      (a)   Remedies. In the event that the Issuer has not filed the Mandatory
Shelf Registration Statement within the three-month period set forth in
Section 2(a) hereof, the Issuer's chief executive officer, chief operating
officer and chief financial officer will forfeit 100% of any bonus earned by
them in 2004 as a result of their performance during 2004, unless there are
circumstances that would give rise to a "blackout period," the Commission is
unable to accept such filing, or there are any other circumstances that are
beyond the control of management as determined in good faith by a majority of
the independent members of the Board of Trustees, in which case the
three-month period will be extended by the duration of such period.

      (b)   Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions
hereof may not be given, without the written consent of the Issuer and Holders
beneficially owning not less than fifty percent (50%) of the then outstanding
Registrable Shares; provided, however, that for purposes of this Agreement,
Registrable Shares that are owned, directly or indirectly, by an Affiliate of
the Issuer shall not be deemed to be outstanding. Notwithstanding the
foregoing, a waiver or consent to or departure from the provisions hereof with
respect to a matter that relates exclusively to the rights of a Holder whose
securities are being sold pursuant to a Registration Statement and that does
not directly or indirectly affect, impair, limit or compromise the rights of
other Holders may be given by such Holder; provided that the provisions of
this sentence may not be amended, modified or supplemented except in
accordance with the provisions of the immediately preceding sentence.

      (c)   Notices. All notices and other communications, provided for or
permitted hereunder shall be made in writing and delivered by hand-delivery,
facsimile (with receipt confirmed), electronic mail, overnight courier or
first class mail (registered or certified, return receipt requested), or by
telegram:

            (i)   if to a Holder, at the most current street or e-mail address
      or facsimile number given by the transfer agent and registrar of the
      Shares to the Issuer; and

            (ii)  if to the Issuer, at the offices of the Issuer c/o Fortress
      Investment Group LLC, 1251 Avenue of the Americas, 16th Floor, New York,
      New York 10020, Attention: Darryl W. Copeland, Jr., Chairman and Chief
      Executive Officer, (fax (609) 577-6025)

Except as otherwise provided in this Agreement, all such notices shall be
deemed to have been given (a) at the time delivered by hand, if personally
delivered, (b) when receipt is acknowledged, if sent by facsimile, (c) five
days after being deposited in the mail, postage prepaid, if sent by
first-class mail, and (d) the next day after timely delivery to the courier,
if sent

                                      20
<PAGE>

by overnight air courier guaranteeing next day delivery. The Issuer shall
cause the transfer agent to use commercially reasonable efforts to maintain
current addresses of the Holders.

      (d)   Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and permitted assigns of each of the
parties hereto including the Holders. The Issuer agrees that the Holders shall
be parties to the agreements made hereunder by FBR and the Issuer and shall be
entitled to the benefits and subject to the obligations hereof. The Issuer may
assign its rights and obligations hereunder to any successor of the Issuer's
business involving a transaction approved by the Issuer's shareholders in
accordance with applicable law, or with the prior written consent of Holders
(other than Affiliates of the Issuer) of a majority of the then outstanding
Registrable Shares.

      (e)   Stock Legend. In addition to any other legend that may appear on
the stock certificates evidencing the Registrable Shares, for so long as any
Shares remain Registrable Shares each stock certificate evidencing such
Registrable Shares shall contain a legend to the following effect: "THE SHARES
EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND ENTITLED TO THE BENEFITS OF A
CERTAIN REGISTRATION RIGHTS AGREEMENT, DATED AUGUST 3, 2004."

      (f)   Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

      (g)   GOVERNING LAW; Consent to Jurisdiction; Headings: THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. The parties
hereto agree to be subject to, and hereby irrevocably submit to, the
nonexclusive jurisdiction of any United States federal or New York state court
sitting in New York, New York, in respect of any suit, action or proceeding
arising out of or relating to this Agreement or the transactions contemplated
herein, and irrevocably agree that all claims in respect of any such suit,
action or proceeding may be heard and determined in any such court. Each of
the parties hereto irrevocably waives, to the fullest extent permitted by
applicable law, any objection to the laying of the venue of any such suit,
action or proceeding brought in any such court and any claim that any such
suit, action or proceeding has been brought in an inconvenient forum. The
section headings in this Agreement have been inserted as a matter of
convenience of reference and are not a part of this Agreement.

      (h)   Severabilily. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the
parties hereto shall use their reasonable best efforts to find and employ an
alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties hereto that they
would have executed the remaining terms, provisions, covenants and
restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.

                                      21
<PAGE>

      (i)   Entire Agreement. This Agreement, together with the Purchase
Agreement, is intended by the parties hereto as a final expression of their
agreement, and is intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein and therein.

      (j)   Registrable Shares Held by the Issuer or its Affiliates. Whenever
the consent or approval of Holders of a specified percentage of Registrable
Shares is required hereunder, Registrable Shares held by the Issuer or its
Affiliates shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage.

      (k)   Survival. This Agreement is intended to survive the consummation
of the transactions contemplated by the Purchase Agreement. The
indemnification and contribution obligations under Section 6 of this Agreement
shall survive the termination of the Issuer's obligations under Section 2 of
this Agreement.

      (l)   Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the provisions of this
Agreement. All references made in this Agreement to "Section" refer to such
Section of this Agreement, unless expressly stated otherwise.

      (m)   Attorneys' Fees. In any Proceeding brought to enforce any
provision of this Agreement, or where any provision hereof is validly asserted
as a defense, the prevailing party, as determined by the court, shall be
entitled to recover its reasonable attorneys' fees in addition to any other
available remedy.

                      [Signatures on the Following Page]

                                      22
<PAGE>

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

                              PROVIDENT SENIOR LIVING TRUST

                              By:            /s/ Darryl W. Copeland, Jr.
                                 ---------------------------------------------
                                 Name:
                                 Title:

                              FRIEDMAN, BILLINGS, RAMSEY & CO., INC.

                              By:                 /s/ James R. Kleeblatt
                                 ---------------------------------------------
                                 Name:
                                 Title:

                                      23Exhibit 10.1

                         PROVIDENT SENIOR LIVING TRUST

                           LONG TERM INCENTIVE PLAN

      1.    Purpose. The purpose of this Provident Senior Living Trust Long
Term Incentive Plan (the "Plan") is to attract and retain qualified officers,
directors, trustees and employees of, and consultants to, Provident Senior
Living Trust, a Maryland real estate investment trust ("Provident Trust"), and
its Affiliates and to provide such persons with appropriate incentives.
Provident Trust has adopted the Plan effective as of March 31, 2004, and such
adoption has been approved by Provident Trust's shareholders. Unless extended
by amendment in accordance with the terms of the Plan, no Options,
Appreciation Rights, Restricted Shares, Restricted Units or LTIP Units will be
granted hereunder after the tenth anniversary of such effective date.

      2.    Definitions. As used in this Plan:

      "Affiliate" means a corporation, partnership, joint venture,
unincorporated association or other entity in which Provident Trust has a
direct or indirect ownership or other equity interest.

      "Appreciation Right" means a right, granted to a Participant pursuant to
Section 6 hereof to receive upon exercise of such right before a specified
date, to receive, in cash or Common Shares (or a combination thereof) as
determined by the Committee, an amount equal to the increase in Market Value
per Share, of a specified number of Common Shares over a specified exercise
price per share.

      "Board" means the Board of Trustees of Provident Trust.

      "Code" means the Internal Revenue Code of 1986, as amended from time to
time.

      "Committee" means the Compensation Committee of the Board, as described
in Section 12(a) of this Plan, or, in the absence of a Compensation Committee,
the full Board.

      "Common Shares" means (i) common shares of beneficial ownership, par
value $0.001 per share, of Provident Trust and (ii) any security into which
Common Shares may be converted by reason of any transaction or event of the
type referred to in Section 8 of this Plan.

      "Date of Grant" means the date specified by the Committee on which a
grant of Restricted Shares, Restricted Units, LTIP Units, Options or
Appreciation Rights shall become effective, which shall not be earlier than
the date on which the Committee takes action with respect thereto.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time.

      "Exercise Price" means the purchase price payable upon the exercise of
an Option.

      "Grant Document" means an agreement or certificate which is provided by
the Committee to a Participant and which sets forth the terms and conditions
of the grant of Restricted Shares,

<PAGE>

Restricted Units, LTIP Units, Options or Appreciation Rights made to such
Participant in accordance herewith.

      "LTIP Unit" means an OP Unit, granted to a Participant pursuant to
Section 4 that is subject to the restrictions set forth in such Section.

      "Market Value per Share" means the fair market value per Common Share as
determined by the Committee from time to time.

      "Option" means a right, granted to a Participant pursuant to Section 5
to purchase on exercise of the Option, before a specified date and at a
specified Exercise Price per Common Share, a specified number of Common
Shares.

      "Optionee" means the person so designated in the Grant Document
evidencing an outstanding Option.

      "OP Unit" means a unit of partnership interest in PSLT OP, L.P.,
Provident Trust's operating partnership.

      "Participant" means a person who is selected by the Committee to receive
benefits under this Plan and who, at that time, is (or has accepted an offer
or appointment to become) an officer, director, trustee or employee of, or a
consultant to, Provident Trust or any Affiliate.

      "Restricted Period" means, in relation to Restricted Shares, Restricted
Units, LTIP Units or Common Shares received upon the exercise of Options, the
period determined by the Committee, during which restrictions on the
transferability of such Restricted Shares, Restricted Units, LTIP Units or
Common Shares received upon the exercise of Options are in effect.

      "Restricted Share" means a Common Share, granted to a Participant
pursuant to Article 4 that is subject to the restrictions set forth in such
Section.

      "Restricted Unit" means a right, granted to a Participant pursuant to
Section 4 of this Plan, to receive either (i) an amount in cash equal to the
Market Value per Share of one Common Share, or (ii) one Common Share, as
provided by the Committee at the time of grant.

      "Rule 16b-3" means Rule 16b-3, as promulgated and amended from time to
time by the Securities and Exchange Commission under the Exchange Act, or any
successor rule to the same effect.

      "Securities Act" means the Securities Act of 1933, as amended from time
to time.

      "Vesting Period" shall mean, in relation to Restricted Shares,
Restricted Units, LTIP Units, Options or Appreciation Rights, any period
determined by the Committee during which such Restricted Shares, Restricted
Units, LTIP Units, Options or Appreciation Rights may expire or be forfeited
if the Participant terminates service or if other circumstances specified by
the Committee arise.

      3.    Common Shares and OP Units Available Under the Plan.

                                       2
<PAGE>

(a)   Subject to adjustment as provided in Section 8 of this Plan, the number
of Common Shares and/or OP Units which may be (i) awarded as Restricted Shares
and released from substantial risk of forfeiture thereof, (ii) issued upon the
release from substantial risk of forfeiture and payment of Restricted Units,
(iii) awarded as LTIP Units and released from substantial risk of forfeiture
thereof, and (iv) issued or transferred upon the exercise of Options or
Appreciation Rights, initially shall not in the aggregate exceed 1,250,000
Common Shares and/or OP Units, which may be shares or units of original
issuance, shares or units held in treasury, or a combination thereof; provided
that as of the first day of each calendar quarter beginning after January 1,
2005, such aggregate number of Common Shares and/or OP Units shall
automatically be increased by __ percent of any net increase since the first
day of the preceding calendar quarter in the total number of Common Shares
actually outstanding (assuming all OP Units that are subject to redemption
rights are converted into Common Shares). For the purposes of this Section
3(a):

                  (i)   Upon payment or settlement in cash of the benefit
      provided by any award granted under this Plan, any Common Shares or OP
      Units that were covered by that award shall again be available for
      issuance or transfer hereunder; and

                  (ii)  Upon the full or partial payment of any exercise price
      by the transfer to Provident Trust of Common Shares or upon satisfaction
      of tax withholding obligations in connection with any such exercise or
      any other payment made or benefit realized under this Plan by the
      transfer or relinquishment of Common Shares or OP Units, there shall be
      deemed to have been issued or transferred under this Plan only the net
      number of Common Shares or OP Units (as applicable) actually issued or
      transferred by Provident Trust less the number of Common Shares or OP
      Units (as applicable) so transferred or relinquished.

            (b)   Notwithstanding any other provision of this Plan to the
contrary, no Participant shall be granted Options and Appreciation Rights, in
the aggregate, for more than 1,250,000 Common Shares during any two calendar
years, subject to adjustment as provided in Section 8 of this Plan.

      4.    Restricted Shares, Restricted Units and LTIP Units.

            (a)   Grants of Restricted Shares, Restricted Units and LTIP
Units. The Committee may select officers, directors, trustees, employees and
consultants to become Participants and grant Restricted Shares, Restricted
Units and/or LTIP Units to such Participants at any time. Before making
grants, the Committee may receive recommendations of the management of
Provident Trust that take into account such factors as level of
responsibility, current and past performance, and performance potential. The
grants of Restricted Shares, Restricted Units and/or LTIP Units shall be in
respect of such number of Common Shares or OP Units (as applicable), for such
amounts and subject to such terms and conditions as the Committee may
establish. Each grant to a Participant shall be evidenced by a Grant Document
stating the number of Common Shares or OP Units (as applicable) subject to the
Restricted Shares, Restricted Units and/or LTIP Units granted, the terms and
conditions of such grant, and the consequences of forfeiture that will apply
to such grant, and any other terms, conditions, or rights with respect to such
grant as the Committee may determine.

                                       3
<PAGE>

            (b)   Restricted Shares. At the time of grant of Restricted
Shares, subject to the receipt by Provident Trust of any applicable
consideration for such Restricted Shares, one or more certificates
representing the appropriate number of Common Shares granted to a Participant
shall be registered in his or her name, but shall be held by Provident Trust
for the account of the Participant. The Participant shall have all rights of a
holder as to such Common Shares, including the right to receive dividends, and
to vote such Common Shares, subject to the following restrictions: (i) the
Participant shall not be entitled to delivery of certificates representing
such Common Shares until the expiration of the Restricted Period; (ii) except
as otherwise provided in the Grant Document, none of the Restricted Shares may
be sold, transferred, assigned, pledged, or otherwise encumbered or disposed
of during the Restricted Period; and (iii) except as otherwise provided in the
Grant Document, all of the Restricted Shares shall be forfeited and all rights
of the Participant to such Restricted Shares shall terminate without further
obligation on the part of Provident Trust if the Participant terminates
service prior to the end of the Vesting Period applicable to such Restricted
Shares or does not fulfill all other requirements specified in the Grant
Document. Any Common Shares or other securities or property received with
respect to such shares shall be subject to the same restrictions as such
Restricted Shares.

            (c)   Restricted Units. During the Vesting Period (or, if longer,
the Restricted Period) for Restricted Units, upon the payment of a dividend on
a Common Share, a Participant may be paid, with respect to each such
Restricted Unit, a cash amount (or, if the Committee so determines, may be
granted additional Restricted Units having a value equal to the amount of such
dividend payment based on the Market Value per Share of a Common Share on the
date of such additional grant), in the same manner, at the same time and in
the same amount paid, as such dividend. Except as otherwise provided in the
Grant Document or as may be determined by the Committee, the Restricted Units
and all rights of the Participant to the Restricted Units shall be forfeited
without further obligation on the part of Provident Trust unless the
Participant remains in the continuous service with Provident Trust for the
entire Vesting Period applicable to such Restricted Units, except as provided
in the Grant Document.

            (d)   LTIP Units. At the time of grant of LTIP Units, subject to
the receipt by Provident Trust of any applicable consideration for such LTIP
Units, one or more certificates representing the appropriate number of LTIP
Units granted to a Participant shall be registered in his or her name, but
shall be held by Provident Trust for the account of the Participant. The
Participant shall have all rights of a unit holder as to such LTIP Units,
including the right to receive dividends, distributions and allocations, and
to convert such units into Common Shares, subject to the following
restrictions: (i) the Participant shall not be entitled to delivery of
certificates representing the LTIP Units until the expiration of the
Restricted Period; (ii) except as otherwise provided in the Grant Document,
none of the LTIP Units may be sold, transferred, assigned, pledged,
encumbered, redeemed, converted or disposed of during the Restricted Period;
and (iii) except as otherwise provided in the Grant Document, all of the LTIP
Units shall be forfeited and all rights of the Participant to such LTIP Units
shall terminate without further obligation on the part of Provident Trust if
the Participant terminates service prior to the end of the Vesting Period
applicable to such Restricted Shares or does not fulfill all other
requirements specified in the Grant Document. Any OP Units, Common Shares or
other securities or property

                                       4
<PAGE>

received with respect to such LTIP Units shall be subject to the same
restrictions as such LTIP Units.

            (e)   Adjustment with Respect to Restricted Shares, Restricted
Units and LTIP Units. Any other provision of the Plan or a Grant Document to
the contrary notwithstanding, the Committee may at any time, change or amend
the terms and conditions of any outstanding grant of Restricted Shares,
Restricted Units and/or LTIP Units, if it determines that conditions,
including but not limited to, changes in the economy, changes in competitive
conditions, changes in laws or governmental regulations, changes in generally
accepted accounting principles, changes in Provident Trust's accounting
policies, acquisitions or dispositions by Provident Trust, or the occurrence
of other unusual, unforeseen or extraordinary events, so warrant, provided
that, the Committee shall not be obligated to change all grants in the same
manner or treat all Participants the same.

            (f)   Payment of Restricted Shares and Restricted Units.

                  (i)   Restricted Shares. At the end of the Vesting Period
(or, if longer, the Restricted Period) applicable to the Participant's
Restricted Shares, all restrictions contained in the Grant Document or award
of Restricted Shares and in the Plan shall lapse, and the appropriate number
of Common Shares, net of any shares withheld at the end of the Vesting Period
pursuant to paragraph (h), shall be delivered to the Participant free of
restrictions, in the form of share certificates or credited to a brokerage
account as the Participant so directs.

                  (ii)  Restricted Units. At the end of the Vesting Period
(or, if longer, the Restricted Period) applicable to a Participant's
Restricted Units, there shall be paid to the Participant, either (1) an amount
in cash equal to the Market Value per Share of one Common Share for each
vested Restricted Unit measured on the last trading day of the Vesting Period
(or, if longer, the Restricted Period), or (2) one Common Share for each
vested Restricted Unit, in each case, net of shares withheld by Provident
Trust pursuant to paragraph (h), and free of restrictions. For Restricted
Units satisfied in Common Shares, the appropriate number of shares shall be
delivered to the Participant in the form of share certificates or credited to
a brokerage account as the Participant so directs.

            (g)   Payment of LTIP Units. At the end of the Vesting Period (or,
if longer, the Restricted Period) applicable to the Participant's LTIP Units,
all restrictions contained in the Grant Document or award of LTIP Units and in
the Plan shall lapse, and the appropriate number of OP Units (net of any
shares or units withheld at the end of the Vesting Period pursuant to
paragraph (h)), shall be delivered to the Participant free of restrictions, in
the form of OP Unit certificates (or, if and to the extent that such units are
converted into Common Shares, in the form of share certificates or credited to
a brokerage account as the Participant so directs).

            (h)   Payment of Taxes. In the event that an individual is subject
to any tax on Restricted Shares, Restricted Units and/or LTIP Units, Provident
Trust may permit the Participant to satisfy any federal, state, local or
social security tax withholding requirements that occur by deducting from the
number of whole Common Shares or OP Units (as applicable) otherwise
deliverable, such number of shares or units as shall have a Market Value per
Share, on the applicable date, equal to the tax required or permitted to be
withheld by Provident Trust.

                                       5
<PAGE>

            (i)   Deferral of Payment. The Committee may, in its sole
discretion, offer any Participant the right, by execution of a written
agreement with Provident Trust containing such terms and conditions as the
Committee shall in its sole discretion provide for, to extend the Vesting or
Restricted Periods applicable to all or any portion of such Participant's
Restricted Shares, Restricted Units or LTIP Units, to convert all or any
portion of such Participant's Restricted Shares into Restricted Units or to
defer the receipt of all or any portion of the payment, if any, for such
Participant's Restricted Units or LTIP Units (including any Restricted Shares
converted into Restricted Units) pursuant to such guidelines as the Committee
may establish from time to time. In the event that any Vesting Period with
respect to Restricted Shares, Restricted Units and/or LTIP Units is extended
pursuant to this Section 4(i), the Restricted Period with respect to such
Restricted Shares, Restricted Units and/or LTIP Units (as applicable) shall be
extended to the same date, provided that in no event shall such deferral
result in the acceleration of the Restricted Period for such Restricted
Shares, Restricted Units and/or LTIP Units. The provisions of any written
agreement with a Participant pursuant to this Section 4(i) may provide for the
payment or crediting of interest, an appreciation factor or index or dividend
equivalents, as appropriate.

      5.    Stock Options.

            (a)   Grants of Stock Options. The Committee may select officers,
directors, trustees, employees and consultants to become Participants and
grant Options to such Participants at any time. Before making grants, the
Committee may receive the recommendations of the management of Provident
Trust, which will take into account such factors as level of responsibility,
current and past performance, and performance potential. Subject to the
provisions of the Plan, the Committee shall also determine the number of
Common Shares to be covered by each Option. The Committee may grant an
Appreciation Right in connection with an Option, as provided in Section 6.

            (b)   Option Documentation. Each Option granted under the Plan
shall be evidenced by a Grant Document stating the number of Common Shares
subject to the Option, the terms and conditions of such grant, any Vesting
Period or Restricted Period, the expiration date of such Option and the events
of and the consequences of forfeiture that will apply to such Option, and any
other terms, conditions or rights with respect to such grant as the Committee
may deem appropriate and are not inconsistent with the provisions of the Plan.

            (c)   Exercise Price. The Committee shall establish the exercise
price at the time any Option is granted, except that such exercise price shall
not be less than 80% of the Market Value per Share of the underlying Common
Shares on the day an Option is granted. The exercise price will be subject to
adjustment in accordance with the provisions of Article V of the Plan.

            (d)   Exercise of Stock Options.

                  (i)   Exercisability and Vesting. Options shall become
exercisable at such times and in such installments as the Committee may
provide at the time of grant. The Committee also may, but shall not be
required to, set a Vesting Period for grants of Options. Once an Option
becomes exercisable, an Option may be exercised from the time first set by the

                                       6
<PAGE>

Committee until the close of business on the expiration date of the Option,
subject to (1) the limitations imposed by Provident Trust policies with
respect to employee trading and (2) any limitations on exercise following
termination of employment that are contained in the Grant Document.

                  (ii)  Option Period. For each Option granted, the Committee
shall specify the period during which the Option may be exercised, provided
that no Option shall be exercisable after the expiration of ten years from the
date of grant of such Option.

            (e)   Payment of Exercise Price and Tax Liability Upon Exercise.

                  (i)   Payment of Purchase Price. The exercise price per
share of the Common Shares as to which an Option is exercised shall be paid to
Provident Trust at the time of exercise (1) in cash, (2) by actual delivery or
attestation to ownership of freely transferable Common Shares already owned by
the person exercising the Option (in accordance with rules established by the
Committee from time to time) having a total real-time market price, at the
time of delivery or attestation and on the date of exercise, equal to the
exercise price, (3) a combination of cash and Common Shares equal in value to
the exercise price, or (4) by such other means as the Committee, in its sole
discretion, may determine.

                  (ii)  Payment of Taxes. Upon exercise, a Participant may
elect to satisfy any federal, state, local, foreign, and social security taxes
required or permitted by law to be withheld that arise as a result of the
exercise of an Option by directing Provident Trust to withhold from the Common
Shares otherwise deliverable upon the exercise of such Option, such number of
shares as shall have a total real-time market price at the time and on the
date of exercise, at least equal to the amount of tax to be withheld.

            (f)   Delivery of Shares. Upon receipt by Provident Trust of the
exercise price and satisfaction of all tax obligations, share certificate(s)
for the Common Shares as to which an Option is exercised (net of any shares
withheld pursuant to paragraph (e) above) shall be delivered to the person in
whose name the Option is outstanding or such person's estate or beneficiaries,
as the case may be, or such Common Shares shall be credited to a brokerage
account or otherwise delivered, in such manner as such person or such person's
estate or beneficiaries, as the case may be, may direct.

            (g)   Deferral of Option Shares. The Committee may from time to
time establish procedures pursuant to which a holder of an Option may elect to
defer, until a time or times later than the exercise of an Option, receipt of
all or a portion of the Common Shares subject to such Option and/or to receive
cash at such later time or times in lieu of such deferred Common Shares, all
on such terms and conditions as the Committee shall determine. If any such
deferrals are permitted, a Participant who elects such deferral shall not have
any rights as a shareholder with respect to such deferred shares unless and
until Common Shares are actually delivered to him or her.

      6.    Appreciation Rights.

                                       7
<PAGE>

            (a)   Grants of Appreciation Rights. The Committee may select
officers, directors, trustees, employees and consultants to become
Participants and grant Appreciation Rights to such Participants at any time.
Before making grants, the Committee may receive the recommendations of the
management of Provident Trust, which will take into account such factors as
level of responsibility, current and past performance, and performance
potential. Subject to the provisions of the Plan, the Committee shall have the
authority to grant Appreciation Rights, with or without associated dividend
equivalents, in connection with an Option or independently as a stand-alone
award. The Committee may grant Appreciation Rights in connection with an
Option, either at the time of grant or by amendment, in which case each such
Appreciation Right shall be subject to the same terms and conditions as the
related Option and shall be exercisable only at such times and to such extent
as the related Option is exercisable. A Appreciation Right granted in
connection with an Option shall entitle the holder to surrender to Provident
Trust the related Option unexercised, or any portion thereof, and receive from
Provident Trust in exchange therefor an amount equal to the excess of the
Market Value per Share of one Common Share on the day of the surrender of such
Option over the Option exercise price times the number of Common Shares
underlying the Option, or portion thereof, that is surrendered. An
Appreciation Right granted independently of an Option shall entitle the holder
to receive upon exercise an amount equal to the excess of the Market Value per
Share of one Common Share on the day preceding the exercise of the
Appreciation Right over the Market Value per Share of one Common Share on the
date such Appreciation Right was granted, or such other price determined by
the Committee at the time of grant, which shall in no event be less than 100%
of the Market Value per Share of one Common Share on the date such
Appreciation Right was granted. In addition, the maximum term of Appreciation
Rights shall not exceed ten years.

            (b)   Payment Upon Exercise of Appreciation Rights. Provident
Trust's obligation to any Participant exercising an Appreciation Right may be
paid in cash or Common Shares, or partly in cash and partly in Common Shares,
at the sole discretion of the Committee. The number of Common Shares
deliverable upon the satisfaction of an obligation in respect of an
Appreciation Right that is satisfied in Common Shares shall be determined
based on the Market Value per Share of a Common Share on the date of exercise
of such Appreciation Right.

            (c)   Deferral of Payment. The Committee may from time to time
establish procedures pursuant to which a holder of an Appreciation Right may
elect to defer, until a time or times later than the exercise of an
Appreciation Right, receipt of any associated dividend equivalents, all or a
portion of the cash or Common Shares to be received in payment upon the
exercise of such Appreciation Right, and/or to receive cash at such later time
or times in lieu of such deferred shares, all on such terms and conditions as
the Committee shall determine. If any such deferrals are permitted, a
Participant who elects such deferral shall not have any rights as a
stockholder with respect to such deferred shares or amounts until Common
Shares are actually delivered to the Participant.

      7.    Transferability. Except as otherwise provided in the Grant
Document, a Participant's rights under the Plan, including the right to any
amounts, shares or units payable or distributable in respect of an award under
the Plan, may not be assigned, pledged, or otherwise transferred except, in
the event of a Participant's death, to his or her designated beneficiary or,
in the absence of such a designation, by will or the laws of descent and
distribution. All Options

                                      8
<PAGE>

and Appreciation Rights shall be exercisable, subject to the terms of this
Plan, only by the Participant, or, in the event of the Participant's
disability, his or her guardian or legal representative.

      8.    Adjustments.

            (a)   The Committee may make or provide for such adjustments in
the number of Common Shares covered by outstanding Restricted Shares,
Restricted Units, LTIP Units, Options or Appreciation Rights granted
hereunder, the exercise prices per Common Share applicable to any such Options
and Appreciation Rights, the number of OP Units covered by outstanding LTIP
Units, and the kind of shares (including shares of another issuer) covered
thereby, as the Committee may in good faith determine to be equitably required
in order to prevent dilution or expansion of the rights of Participants that
otherwise would result from (i) any share dividend, share split, combination
of shares, recapitalization or similar change in the capital structure of
Provident Trust or (ii) any merger, consolidation, spin-off, spin-out,
split-off, split-up, reorganization, partial or complete liquidation or other
distribution of assets, issuance of warrants or other rights to purchase
securities or any other corporate transaction or event having an effect
similar to any of the foregoing. In the event of any such transaction or
event, the Committee may provide in substitution for any or all outstanding
awards under this Plan such alternative consideration as it may in good faith
determine to be equitable under the circumstances and may require in
connection therewith the surrender of all awards so replaced. Moreover, the
Committee may on or after the Date of Grant provide in the Grant Document
evidencing any award under this Plan that the holder of the award may elect to
receive an equivalent award in respect of securities of the surviving entity
of any merger, consolidation or other transaction or event having a similar
effect, or the Committee may provide that the holder will automatically be
entitled to receive such an equivalent award. The Committee may also make or
provide for such adjustments in the maximum numbers of Common Shares specified
in Section 3 of this Plan as the Committee may in good faith determine to be
appropriate in order to reflect any transaction or event described in this
Section 8.

            (b)   If another entity is merged into Provident Trust or
Provident Trust otherwise acquires another entity, the Committee may elect to
assume under this Plan any or all outstanding options or other awards granted
by such entity under any option or other plan adopted by it prior to such
acquisition. Such assumptions shall be on such terms and conditions as the
Committee may determine; provided, however, that the awards as so assumed do
not contain any terms, conditions or rights that are inconsistent with the
terms of this Plan. Unless otherwise determined by the Committee, such awards
shall not be taken into account for purposes of the limitations contained in
Section 3 of this Plan.

      9.    Fractional Shares. Provident Trust shall not be required to issue
any fractional Common Shares pursuant to this Plan. The Committee may provide
for the elimination of fractions or for the settlement thereof in cash.

      10.   Withholding. To the extent that Provident Trust is required to
withhold federal, state, local or foreign taxes in connection with any payment
made or benefit realized by a Participant or other person under this Plan, and
the amounts available to Provident Trust for the withholding are insufficient,
it shall be a condition to the receipt of any such payment or the realization
of any such benefit that the Participant or such other person make
arrangements

                                       9
<PAGE>

satisfactory to Provident Trust for payment of the balance of any taxes
required to be withheld. At the discretion of the Committee, any such
arrangements may without limitation include voluntary or mandatory
relinquishment of a portion of any such payment or benefit (up to the
employer's minimum required tax withholding rate to the extent that shares are
withheld from an award) or the surrender of outstanding Common Shares (up to
the employer's minimum required tax withholding rate to the extent that the
Participant has held the shares for less than six months) and, in accordance
with applicable law, one or more full-recourse loans from Provident Trust to
the Participant. Provident Trust and any Participant or such other person may
also make similar arrangements with respect to the payment of any taxes with
respect to which withholding is not required.

      11.   Certain Terminations of Services, Hardship, and Approved Leaves of
Absence. Notwithstanding any other provision of this Plan to the contrary, in
the event of the termination of services by reason of death, disability,
normal retirement, early retirement with the consent of Provident Trust,
termination of services to enter public or military service with the consent
of Provident Trust or leave of absence approved by Provident Trust, or in the
event of hardship or other special circumstances, of a Participant who holds
an Option or Appreciation Right that is not immediately and fully exercisable,
any Restricted Shares, Restricted Units or LTIP Units as to which the
substantial risk of forfeiture or the prohibition or restriction on transfer
or payment has not lapsed, the Committee may take any action that it deems to
be equitable under the circumstances or in the best interests of Provident
Trust, including without limitation waiving or modifying any limitation or
requirement with respect to any award under this Plan.

      12.   Administration of the Plan.

            (a)   This Plan shall be administered by the Compensation
Committee of the Board, which shall be composed of not less than two members
of the Board, or, in the absence of a Compensation Committee, by the full
Board. At any time that awards under the Plan are subject to Rule 16b-3, each
member of the Compensation Committee shall be a "non-employee director" within
the meaning of such Rule. In addition, at any time that Provident Trust is
subject to Section 162(m) of the Code, each member of the Compensation
Committee shall be an "outside director" within the meaning of such Section. A
majority of the Committee shall constitute a quorum, and the acts of the
members of the Committee who are present at any meeting thereof at which a
quorum is present, or acts unanimously approved by the members of the
Committee in writing, shall be the acts of the Committee. Notwithstanding the
foregoing, the Committee may delegate to the President and/or the Chief
Executive Officer of Provident Trust (or the delegate of either or both such
officers) its rights, duties and responsibilities under the Plan with respect
to Participants who are not subject to Rule 16b-3 and Section 162(m) of the
Code, subject to applicable law and such terms and conditions as the Committee
may impose.

            (b)   The interpretation and construction by the Committee of any
provision of this Plan or any Grant Document evidencing the grant of
Restricted Shares, Restricted Units, LTIP Units, Options or Appreciation
Rights, and any determination by the Committee pursuant to any provision of
this Plan or any such Grant Document, shall be final and conclusive. No member
of the Committee shall be liable for any such action taken or determination
made in good faith. In addition, for indemnification purposes, service on the
Committee shall constitute service as a member of the Board.

                                      10
<PAGE>

            (c)   The expenses of administering the Plan shall be borne by
Provident Trust.

      13.   Market Standoff. In connection with any underwritten public
offering by Provident Trust of its equity securities pursuant to an effective
registration statement filed under the Securities Act, including Provident
Trust's initial public offering, a person shall not sell, make any short sale
of, loan, hypothecate, pledge, grant any option for the purchase of, or
otherwise dispose of or transfer for value or otherwise pursuant to an award
granted under the Plan without the prior written consent of Provident Trust or
its underwriters. Such limitations shall be in effect for such period of time
as may be requested by Provident Trust or such underwriters; provided,
however, that in no event shall such period exceed 180 days. The limitations
of this Section 13 shall in all events terminate two years after the effective
date of Provident Trust's initial public offering.

      14.   Designation of Beneficiary. A Participant, or the permitted
transferee of a Restricted Share, Restricted Unit, LTIP Unit, Option or
Appreciation Right, may designate, in a writing delivered to Provident Trust
before his or her death, a person or persons or entity or entities to receive,
in the event of his or her death, any rights in respect of awards which he or
she has been granted and are entitled to under the Plan and the Grant
Document. A Participant or permitted transferee, may also designate an
alternate beneficiary to receive payments if the primary beneficiary does not
survive the Participant or the transferee. A Participant or permitted
transferee may designate more than one person or entity as his or her
beneficiary or alternate beneficiary, in which case such beneficiaries would
receive payments as joint tenants with a right of survivorship. A beneficiary
designation under the Plan will apply to future grants unless changed or
revoked by a Participant or the permitted transferee by filing a written or
electronic notification of such change or revocation with Provident Trust. If
a Participant or permitted transferee fails to designate a beneficiary, then
his or her estate shall be deemed to be his or her beneficiary.

      15    Amendments and Other Matters.

            (a)   This Plan may be amended from time to time by the Committee;
provided, however, that except as expressly authorized by this Plan, no such
amendment shall cause this Plan to cease to satisfy any applicable condition
of Rule 16b-3 or cause any award under the Plan to cease to qualify for any
applicable exception under Section 162(m) of the Code, without the further
approval of the shareholders of Provident Trust.

            (b)   With the concurrence of the affected Participant, the
Committee may cancel any Grant Document or other agreement evidencing any
award granted under this Plan. In the event of any such cancellation, the
Committee may authorize the granting of new or other awards hereunder, which
may or may not cover the same number of Common Shares as had been covered by
the cancelled award, at such exercise price, in such manner and subject to
such other terms, conditions and discretion as would have been permitted under
this Plan had the cancelled award not been granted.

            (c)   The Committee may condition the grant of any award or
combination of awards authorized under this Plan on (i) the surrender or
deferral by the Participant of his or her right to receive a cash bonus or
other compensation otherwise payable by Provident Trust or any Affiliate to
the Participant, or (ii) the Participant entering into, or agreeing to enter
into, one or more

                                      11
<PAGE>

agreements governing the rights of shareholders of Provident Trust or any
related entity, including without limitation stockholders agreements,
underwriting agreements, and lockup agreements.

            (d)   This Plan shall not confer upon any Participant any right
with respect to continuance of employment or other service with Provident
Trust or any Affiliate and shall not interfere in any way with any right that
Provident Trust or any Affiliate would otherwise have to terminate any
Participant's service at any time.

            (e)   Neither the Plan nor any grant made hereunder shall create
or be construed to create a trust or separate fund of any kind or a fiduciary
relationship between Provident Trust and a Participant or any other person. To
the extent that any person acquires a right to receive payments from Provident
Trust pursuant to a grant under the Plan, such right shall be no greater than
the right of any unsecured general creditor of Provident Trust.

            (f)   Any award that may be made pursuant to an amendment to this
Plan that shall have been adopted without the approval of the shareholders of
Provident Trust shall be null and void if it is subsequently determined that
such approval was required under the terms of the Plan or applicable law and
such approval was not obtained by such time as may be required by applicable
law.

            (g)   Unless otherwise determined by the Committee, this Plan is
intended to comply with Rule 16b-3 at all times that awards hereunder are
subject to such Rule.

            (h)   In the case of a grant of an award to any employee of, or
service provider to, an Affiliate, Provident Trust may, if the Committee so
directs, issue or transfer the Common Shares, if any, covered by the award to
the Affiliate, for such lawful consideration as the Committee may specify,
upon the condition or understanding that the Affiliate will transfer the
Common Shares to the employee or service provider in accordance with the terms
of the award specified by the Committee. All Common Shares underlying awards
that are forfeited or canceled shall revert to Provident Trust.

                                      12

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