Document:

EX-10.10

 Exhibit 10.10 

ALPINE INCOME PROPERTY TRUST, INC. 

2019 MANAGER INCENTIVE PLAN 

 ARTICLE I 

DEFINITIONS 
 As used herein, the following
terms shall have the meanings set forth below: 
  

	1.01.	 Affiliate 

“Affiliate” means, with respect to any entity, any other entity, whether now or hereafter existing, which controls, is
controlled by, or is under common control with, the first entity (including, but not limited to, joint ventures, limited liability companies and partnerships). For this purpose, the term “control” (including the correlative meanings of the
terms “controlled by” and “under common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined voting power of all classes of voting securities issued by such entity, or the possession,
directly or indirectly, of the power to direct the management and policies of such entity, by contract or otherwise. Notwithstanding the foregoing, (i) the Manager shall be deemed an Affiliate of the Company for purposes of the Plan for so long
as the Manager serves as the external manager of the Company and (ii) the Operating Partnership shall be deemed an Affiliate of the Company for purposes of the Plan for so long as the Company or a wholly-owned subsidiary of the Company serves
as the sole general partner of the Operating Partnership. 
  

	1.02.	 Agreement 

“Agreement” means a written agreement (including any amendment or supplement thereto) between the Company and a Participant
specifying the terms and conditions of an Award. 
  

	1.03.	 Award 

“Award” means any Option, SAR, Stock Award, award of Restricted Stock Units, Other Equity-Based Award (including an LTIP
Unit), Incentive Award, Cash Awards or Substitute Award, together with any other right or interest, granted to a Participant pursuant to the Plan. 
  

	1.04.	 Board 

“Board” means the Board of Directors of the Company. 

 

	1.05.	 Cash Award 

“Cash Award” means an Award denominated in cash and granted under Article XII. 

 

	1.06.	 Change in Control 

“Change in Control” means and includes each of the following: 

(a)     any Person, other than any employee benefit plan (or any related trust) of the Company or a subsidiary, becomes
the beneficial owner of 50% or more of the Company’s outstanding voting shares and other outstanding voting securities that are entitled to vote generally in the election of directors (“Voting Securities”); or 

  
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 (b)     approval by the stockholders of the Company and consummation of
either of the following: 
 (i)     a merger, reorganization, consolidation or similar transaction (any
of the foregoing, a “Merger”) as a result of which the Persons who were the respective beneficial owners of the outstanding Common Stock and/or the Voting Securities immediately before such Merger are not expected to beneficially
own, immediately after such Merger, directly or indirectly, more than 50% of, respectively, the outstanding voting shares and the combined voting power of the voting securities resulting from such merger in substantially the same proportions as
immediately before such Merger; 
 (ii)    a plan of liquidation of the Company or a plan or agreement
for the sale or other disposition of all or substantially all of the assets of the Company; or 

(iii)    a change in the composition of the Board such that, during any
12-month period, the individuals who, as of the beginning of such period, constitute the Board (the “Existing Board”) cease for any reason to constitute more than 50% of the Board;
provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds of the directors immediately prior to the date of such appointment or election will be considered as though such individual were a member of the Existing Board. 

In addition, if a Change in Control (as defined in clauses (a) through (b) above) constitutes a payment event with respect to
any Award that provides for the deferral of compensation and is subject to Section 409A, no payment will be made under that Award on account of a Change in Control unless the event described in clause (a) or (b) above, as applicable,
constitutes a “change in control event” as defined in Section 409A. 
  

	1.07.	 Code 

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

 

	1.08.	 Committee 

“Committee” means the Board or a committee of two or more non-employee members of the
Board designated by the Board to administer the Plan. Unless otherwise determined by the Board, the Committee shall consist solely of two or more non-employee members of the Board, each of whom is intended to
qualify as a “non-employee director” as defined by Rule 16b-3 promulgated under the Exchange Act or any successor rule and an “independent director”
under the rules of any exchange or automated quotation system on which the Common Stock is listed, traded or quoted; provided, however, that any action taken by the Committee shall be valid and effective, whether or not the members of
the Committee at the time of such action are later determined not to have satisfied the foregoing requirements or otherwise provided in any charter of the Committee. 

  
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	1.09.	 Common Stock 

“Common Stock” means the common stock, $0.01 par value per share, of the Company. 

 

	1.10.	 Company 

“Company” means Alpine Income Property Trust, Inc., a Maryland corporation. 

 

	1.11.	 Control Change Date 

“Control Change Date” means the date on which a Change in Control occurs. If a Change in Control occurs on account of a series
of transactions, the “Control Change Date” is the date determined by the Committee as the date upon which the last of such transactions occurs. 
  

	1.12.	 Corresponding SAR 

“Corresponding SAR” means a SAR that is granted in relation to a particular Option and that can be exercised only upon the
surrender to the Company, unexercised, of that portion of the Option to which the SAR relates. 
  

	1.13.	 Dividend Equivalent Right 

“Dividend Equivalent Right” means the right, subject to the terms and conditions prescribed by the Committee, of a Participant
to receive (or have credited) cash, securities or other property in amounts equivalent to the cash, securities or other property dividends declared on Common Stock with respect to a specified Restricted Stock Unit, Other Equity-Based Award or
Incentive Award denominated in Common Stock or other Company securities, as determined by the Committee in its sole discretion. Dividend Equivalent Rights payable on a Restricted Stock Unit award, an Other Equity-Based Award or an Incentive Award
that does not become non-forfeitable solely on the basis of continued service shall be accumulated and distributed, without interest, only when, and to the extent that, the underlying award is vested and
earned. The Committee may provide that Dividend Equivalent Rights (if any) shall be automatically reinvested in additional shares of Common Stock or otherwise reinvested, applied to the purchase of additional Awards under the Plan or deferred
without interest to the date of vesting of the associated Award. 
  

	1.14.	 Effective Date 

“Effective Date” means the earlier of the date the Plan is adopted by the Board or the stockholders of the Company. 

 

	1.15.	 Equity Incentive Plan  

“Equity Incentive Plan” means the Alpine Income Property Trust, Inc. 2019 Individual Equity Incentive Plan, as amended from
time to time. 

  
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	1.16.	 Exchange Act 

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

 

	1.17.	 Fair Market Value 

“Fair Market Value” means, on any given date, the reported “closing” price of a share of Common Stock on the stock
exchange on which the Common Stock is listed for trading for such date (or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which such
quotation exists) or, if the Common Stock is not listed on any exchange, the amount determined by the Committee using any reasonable method in good faith and in accordance with Section 409A. 

 

	1.18.	 Grant Date 

“Grant Date” means the date specified by the Committee on which a grant of an Award shall become effective, which shall not be
earlier than the date on which the Committee takes action with respect thereto. 
  

	1.19.	 Incentive Award 

“Incentive Award” means an award granted under Article XI which, subject to the terms and conditions prescribed by the
Committee, entitles the Participant to receive a payment from the Company or an Affiliate of the Company. 
  

	1.20.	 Initial Public Offering 

“Initial Public Offering” means the initial public offering and sale for cash of Common Stock pursuant to an effective
registration statement on Form S-11 under the Securities Act. 
  

	1.21.	 Initial Value 

“Initial Value” means, with respect to a Corresponding SAR, the Option price per share of the related Option and, with respect
to a SAR granted independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided, however, that the price shall not be less than the Fair Market Value on the date of grant. Except
as provided in Articles XIII, XIV and XVII, without the approval of stockholders (i) the Initial Value of an outstanding SAR may not be reduced (by amendment, cancellation and new grant or otherwise) and (ii) no
payment shall be made in cancellation of a SAR if, on the date of amendment, cancellation, new grant or payment, the Initial Value exceeds Fair Market Value. 
  

	1.22.	 LTIP Unit 

“LTIP Unit” means an “LTIP Unit” as defined in the Operating Partnership Agreement. An LTIP Unit granted under the
Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in the Operating Partnership Agreement, subject to the terms and conditions of the applicable Agreement and the Operating Partnership
Agreement. 

  
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	1.23.	 Manager 

“Manager” means Alpine Income Property Manager, LLC, a Delaware limited liability company, the Company’s external
manager, or any entity that subsequently becomes the Company’s external manager. 
  

	1.24.	 Non-Employee Director

 “Non-Employee Director” means a member of the Board who is not
an employee or officer of the Company, the Manager, the Operating Partnership or any of their respective Affiliates. 
  

	1.25.	 Operating Partnership 

“Operating Partnership” means Alpine Income Property OP, LP, a Delaware limited partnership, which is the Company’s
operating partnership as of the Effective Date, or any entity that becomes the Company’s operating partnership. 
  

	1.26.	 Operating Partnership Agreement 

“Operating Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of the Operating
Partnership, dated as of [●], as it may be amended, restated or otherwise modified from time to time in accordance with its terms, or a substantially similar agreement maintained by any entity that becomes the Company’s operating
partnership. 
  

	1.27.	 Option 

“Option” means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock
at the price set forth in an Agreement. 
  

	1.28.	 Other Equity-Based Award 

“Other Equity-Based Award” means any Award other than an Incentive Award, Option, SAR, Stock Award or award of Restricted
Stock Units, which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, Common Stock
(including securities convertible into Common Stock) or other equity interests, including LTIP Units. 
  

	1.29.	 Participant 

“Participant” means the Manager or an Affiliate of the Manager who is selected by the Committee to receive one or more Awards.

  

	1.30.	 Person 

“Person” means any firm, corporation, partnership, or other entity. “Person” also includes any individual, firm,
corporation, partnership, or other entity as defined in Sections 13(d)(3) 

  
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and 14(d)(2) of the Exchange Act. Notwithstanding the preceding sentences, the term “Person” does not include (i) the Company or any of its subsidiaries, (ii) any trustee or
other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) any underwriter temporarily holding securities pursuant to an offering of such securities or (iv) any corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Common Stock. 
  

	1.31.	 Plan 

“Plan” means this Alpine Income Property Trust, Inc. 2019 Manager Incentive Plan, as amended from time to time. 

 

	1.32.	 REIT 

“REIT” means a real estate investment trust within the meaning of Sections 856 through 860 of the Code. 

 

	1.33.	 Restricted Stock 

“Restricted Stock” means a share of Common Stock granted to a Participant that is subject to certain restrictions and a risk
of forfeiture. 
  

	1.34.	 Restricted Stock Unit 

“Restricted Stock Unit” means a right granted to a Participant under Article IX entitling the Participant to receive a
payment (in cash, shares of Common Stock or a combination thereof) on a specified settlement date equal to the value of a share of Common Stock. 
  

	1.35.	 SAR 

“SAR” means a stock appreciation right that in accordance with the terms of an Agreement entitles the holder to receive, with
respect to each share of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time of exercise over the Initial Value. References to “SARs” include both Corresponding SARs and SARs
granted independently of Options, unless the context requires otherwise. 
  

	1.36.	 Section 409A 

“Section 409A” means Section 409A of the Code, as amended from time to time, including the guidance
and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 
  

	1.37.	 Securities Act 

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

  
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	1.38.	 Stock Award 

“Stock Award” means Restricted Stock or unrestricted Common Stock awarded to a Participant under Article VIII. 

 

	1.39.	 Substitute Award 

“Substitute Award” means an Award granted in substitution for a similar award as a result of certain business transactions.

 ARTICLE II 

PURPOSES 
 The Plan is
intended to assist the Company and its Affiliates in recruiting and retaining key personnel and to provide a means whereby the Manager and the Affiliates of the Manager can acquire and maintain equity interests in the Company or the Operating
Partnership. The Plan is intended to permit the grant of Options that do not qualify as “incentive stock options” under Section 422 of the Code, and the grant of SARs, Stock Awards, awards of Restricted Stock Units, Other Equity-Based
Awards (including LTIP Units), Incentive Awards, Cash Awards and Substitute Awards in accordance with the Plan and any procedures that may be established by the Committee. 

ARTICLE III 

ADMINISTRATION 
 The Plan
shall be administered by the Committee. The Committee shall have authority to grant Awards upon such terms (not inconsistent with the provisions of the Plan), as the Committee may consider appropriate. Such terms may include conditions (in addition
to those contained in the Plan), on the transferability, forfeitability and exercisability of all or any part of an Award. The Committee may, in its discretion, make any amendments, modifications or adjustments to outstanding Awards and the terms
thereof. In addition, the Committee shall have complete authority to interpret all provisions of the Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan
(including rules and regulations that require or allow Participants to defer the payment of benefits under the Plan); and to make all other determinations necessary or advisable for the administration of the Plan. 

The Committee’s determinations under the Plan (including without limitation, determinations of the eligible Persons to receive Awards,
the form, amount and timing of Awards, the terms and provisions of Awards and the Agreements) need not be uniform and may be made by the Committee selectively among eligible Persons who receive, or are eligible to receive, Awards, whether or not
such Persons are similarly situated. The express grant in the Plan of any specific power to the Committee with respect to the administration or interpretation of the Plan shall not be construed as limiting any power or authority of the Committee
with respect to the administration or interpretation of the Plan. Any decision made, or action taken, by the Committee in connection with the administration of the Plan shall be final and conclusive. The members of the Committee shall not be liable
for any act done in good faith with respect to the Plan or any Agreement or Award. All expenses of administering the Plan shall be borne by the Company. 

  
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 ARTICLE IV 

ELIGIBILITY 
 The Manager
and each Affiliate of the Manager (including a trade or business that becomes an Affiliate of the Manager after the adoption of the Plan) is eligible to participate in the Plan. 

ARTICLE V 
 COMMON STOCK
SUBJECT TO PLAN 
  

	5.01.	 Reserved Shares 

Subject to adjustment as provided under Article XIV, the maximum aggregate number of shares of Common Stock that may be delivered with
respect to Awards under the Plan is equal to the difference between (i) 7.5% of the issued and outstanding shares of Common Stock upon the completion of the Initial Public Offering (on a fully-diluted basis and including shares of Common Stock
issued upon exercise of the underwriters’ over-allotment option in the Initial Public Offering) (the “Share Pool”) minus (ii) any shares of Common Stock issued or subject to awards granted under the Equity Incentive
Plan (the “Aggregate Limit”). Other Equity-Based Awards that are LTIP Units (and similar awards under the Equity Incentive Plan) shall reduce the Aggregate Limit on a
one-for-one basis (i.e., each LTIP Unit granted under the Plan (and each LTIP Unit granted under the Equity Incentive Plan) shall be treated as an award of one
share of Common Stock). Shares of Common Stock may be shares of original issuance, shares held in treasury or shares that have been reacquired by the Company. 
  

	5.02.	 Reallocation of Shares 

Any awards granted under the Plan that consist of (i) Options, SARs, Restricted Stock Units, or Incentive Awards to be settled in shares
of Common Stock that, at any time, are forfeited, expire or are canceled or settled without issuance of shares of Common Stock or (ii) Restricted Stock that are forfeited pursuant to this Plan or the Restricted Stock Award Agreement shall not
count towards the maximum number of shares of Common Stock that may be issued under the Plan as set forth in Section 5.01 and shall be available for future Awards. 

  
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Notwithstanding the foregoing, any and all shares of Common Stock that are (i) tendered in payment of an Option exercise price (whether by attestation or by other means); (ii) withheld by
the Company to satisfy any tax withholding obligation; or (iii) covered by an SAR (without regard to the number of shares of Common Stock that are actually issued to the Participant upon exercise) shall be considered issued pursuant to the Plan
and shall not be added to the maximum number of shares of Common Stock that may be issued under the Plan as set forth in Section 5.01. 

ARTICLE VI 
 OPTIONS

  

	6.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each eligible Person to whom an Option is
to be granted and will specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards. 
  

	6.02.	 Option Price 

The price per share of Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall
not be less than the Fair Market Value on the date the Option is granted. Except as provided in Articles XIII, XIV and XVII, the price per share of Common Stock of an outstanding Option may not be reduced (by amendment,
cancellation and new grant or otherwise) without the approval of stockholders. In addition, no payment shall be made in cancellation of an Option without the approval of stockholders if, on the date of cancellation, the Option price exceeds Fair
Market Value. 
  

	6.03.	 Maximum Option Period 

The maximum period in which an Option may be exercised shall be determined by the Committee on the date of grant, except that no Option shall
be exercisable after the expiration of 10 years from the date such Option was granted. The terms of any Option may provide that it is exercisable for a period less than such maximum period. 

 

	6.04.	 Option Status 

Each Option granted under the Plan shall constitute an option that is not an “incentive stock option” under Section 422 of the
Code. 
  

	6.05.	 Exercise 

Subject to the provisions of the Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to
time at such times and in compliance with such requirements as the Committee shall determine in accordance with the Plan. An Option granted under the Plan may be exercised with respect to any number of whole shares of Common Stock less than the full
number for which the Option could be exercised. A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with the Plan and the applicable Agreement with respect to the remaining shares of
Common Stock 

  
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subject to the Option. The exercise of an Option shall result in the termination of any Corresponding SAR to the extent of the number of shares of Common Stock with respect to which the Option is
exercised. 
  

	6.06.	 Payment 

Subject to rules established by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be
made in cash, certified check, by tendering Common Stock, by attestation of ownership of Common Stock, by a broker-assisted cashless exercise or in such other form or manner acceptable to the Committee. If Common Stock is used to pay all or part of
the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined on the date of exercise) of the Common Stock so surrendered or other consideration paid must not be less than the Option price of the shares for which
the Option is being exercised. 
  

	6.07.	 Stockholder Rights 

No Participant shall have any rights as a stockholder with respect to shares of Common Stock subject to an Option until the date of exercise of
such Option. 
 ARTICLE VII 

SARS 
  

	7.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each eligible Person to whom SARs are to
be granted and will specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards. 
  

	7.02.	 Initial Value 

The price per share of Common Stock purchased on the exercise of an SAR shall be determined by the Committee on the date of grant, but shall
not be less than the Fair Market Value on the date the SAR is granted. Except as provided in Articles XIII, XIV and XVII, the price per share of Common Stock of an outstanding SAR may not be reduced (by amendment, cancellation
and new grant or otherwise) without the approval of stockholders. In addition, no payment shall be made in cancellation of an SAR without the approval of stockholders if, on the date of cancellation, the SAR price exceeds Fair Market Value. 

 

	7.03.	 Maximum SAR Period 

The term of each SAR shall be determined by the Committee on the date of grant, except that no SAR shall have a term of more than 10 years from
the date of grant. The terms of any SAR may provide that it has a term that is less than such maximum period. 

  
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	7.04.	 Exercise 

Subject to the provisions of the Plan and the applicable Agreement, a SAR may be exercised in whole at any time or in part from time to time at
such times and in compliance with such requirements as the Committee shall determine in accordance with the Plan. A SAR granted under the Plan may be exercised with respect to any number of whole shares less than the full number for which the SAR
could be exercised. A partial exercise of a SAR shall not affect the right to exercise the SAR from time to time in accordance with the Plan and the applicable Agreement with respect to the remaining shares of Common Stock subject to the SAR. The
exercise of a Corresponding SAR shall result in the termination of the related Option to the extent of the number of shares of Common Stock with respect to which the SAR is exercised. 

 

	7.05.	 Settlement 

At the Committee’s discretion, the amount payable as a result of the exercise of a SAR may be settled in cash, Common Stock, or a
combination of cash and Common Stock. 
  

	7.06.	 Stockholder Rights 

No Participant shall have any rights as a stockholder with respect to shares of Common Stock subject to a SAR until the date that the SAR is
exercised and then only to the extent that the SAR is settled by the issuance of Common Stock. 
 ARTICLE VIII 

STOCK AWARDS 
  

	8.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each eligible Person to whom a Stock Award
(either in the form of Restricted Stock or unrestricted Common Stock) is to be made and will specify the number of shares of Restricted Stock or Common Stock covered by such Stock Award and the terms and conditions of such Stock Award. 

 

	8.02.	 Vesting 

The Committee, on the date of the Stock Award, may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or
otherwise restricted for a period of time or subject to such conditions as may be set forth in the Agreement in accordance with the Plan. By way of example and not of limitation, the Committee may prescribe that a Participant’s rights in a
Stock Award shall be forfeitable or otherwise restricted subject to continued service, the attainment of performance goals or objectives, or both. 
  

	8.03.	 Stockholder Rights 

Unless otherwise specified in accordance with the applicable Agreement, while the shares of Restricted Stock granted pursuant to the Stock
Award may be forfeited or are non-transferable, 

  
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a Participant will have all rights of a stockholder with respect to a Stock Award, including the right to receive dividends (in respect of which the Committee may allow a Participant to elect, or
may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of additional Awards under the Plan or deferred without interest to the date of
vesting of the associated Award of Restricted Stock, provided that any such election is intended to comply with Section 409A) and vote the shares of Common Stock; provided, however, that, unless otherwise specified in accordance with the
applicable Agreement, dividends payable on shares of Restricted Stock subject to a Stock Award that does not become non-forfeitable solely on the basis of continued service shall be accumulated and paid,
without interest, when and to the extent that the underlying Stock Award becomes non-forfeitable; and provided further, that during the period that the Stock Award may be forfeited or is non-transferable (i) a Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Restricted Stock granted pursuant to a Stock Award, (ii) the Committee may
postpone the distribution of dividends until and to the extent that the Stock Award becomes transferable and non-forfeitable, (iii) the Company shall retain custody of any certificates representing shares
of Restricted Stock granted pursuant to a Stock Award, and (iv) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock Award. The limitations set forth in the preceding sentence shall not apply
after the shares of Restricted Stock granted under the Stock Award are transferable and are no longer forfeitable. 
 ARTICLE IX 

RESTRICTED STOCK UNITS 
  

	9.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each eligible Person to whom an award of
Restricted Stock Units is to be made and specify the number of Restricted Stock Units covered by such awards and the terms and conditions of such awards. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction
with the award of Restricted Stock Units. 
  

	9.02.	 Terms and Conditions 

The Committee, at the time an award of Restricted Stock Units is made, shall specify the terms and conditions which govern the award. The terms
and conditions of an award of Restricted Stock Units may prescribe that a Participant’s rights in the Restricted Stock Units shall be forfeitable, non-transferable or otherwise restricted for a period of
time, which may lapse at the expiration of the deferral period or at earlier specified times, or may be subject to such other conditions as may be determined by the Committee in accordance with the Plan, in its discretion and set forth in the
Agreement. By way of example and not of limitation, the Committee may prescribe that a Participant’s rights in an award of Restricted Stock Units shall be forfeitable or otherwise restricted subject to continued service, the attainment of
performance goals or objectives, or both. An award of Restricted Stock Units may be granted to Participants, either alone or in addition to other Awards granted under the Plan, and an award of Restricted Stock Units may be granted in the settlement
of other Awards granted under the Plan. 

  
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	9.03.	 Payment or Settlement 

Settlement of an award of Restricted Stock Units shall occur upon expiration of the deferral period specified for each Restricted Stock Unit by
the Committee (or, if permitted by the Committee, as elected by the Participant). Restricted Stock Units shall be satisfied by the delivery of (a) a number of shares of Common Stock equal to the number of Restricted Stock Units vesting on such
date or (b) an amount in cash equal to the Fair Market Value of a specified number of shares of Common Stock covered by the vesting Restricted Stock Units, or a combination thereof, as determined by the Committee at the date of grant or
thereafter. 
  

	9.04.	 Stockholder Rights 

A Participant, as a result of receiving an award of Restricted Stock Units, shall not have any rights as a stockholder until, and then only to
the extent that, the award of Restricted Stock Units is earned and settled in shares of Common Stock (to the extent applicable). 

ARTICLE X 
 OTHER
EQUITY–BASED AWARDS 
  

	10.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each eligible Person to whom an Other
Equity-Based Award is to be made and will specify the number of shares of Common Stock or other equity interests (including LTIP Units) covered by such awards and the terms and conditions of such awards; provided, however, that the grant of
LTIP Units must satisfy the requirements of the Operating Partnership Agreement as in effect on the Grant Date. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Other Equity-Based Award. 

 

	10.02.	 Terms and Conditions 

The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and
conditions of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable, non-transferable or otherwise restricted for a period of time or
subject to such other conditions as may be determined by the Committee in accordance with the Plan, in its discretion and set forth in the Agreement. By way of example and not of limitation, the Committee may prescribe that a Participant’s
rights in an Other Equity-Based Award shall be forfeitable or otherwise restricted subject to continued service, the attainment of performance goals or objectives, or both. Other Equity-Based Awards may be granted to Participants, either alone or in
addition to other Awards granted under the Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan. 
  

	10.03.	 Payment or Settlement 

Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in
shares of Common Stock, cash or a combination of shares of Common Stock and cash, as determined by the Committee in its 

  
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discretion; provided, however, that any Common Stock that is issued on account of the conversion of LTIP Units into Common Stock shall not reduce the number of shares of Common Stock
available for issuance under the Plan. Other Equity-Based Awards denominated as equity interests other than Common Stock may be paid or settled in shares or units of such equity interests or cash or a combination of both as determined by the
Committee in its discretion. 
  

	10.04.	 Stockholder Rights 

A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to the
extent that, the Other Equity-Based Award is earned and settled in shares of Common Stock. 
 ARTICLE XI 

INCENTIVE AWARDS 
  

	11.01.	 Award 

In accordance with the provisions of Articles III and IV, the Committee will designate each eligible Person to whom an Incentive
Award is to be made and will specify the terms and conditions of such award in accordance with the Plan. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Incentive Award. 

 

	11.02.	 Terms and Conditions 

The Committee, at the time an Incentive Award is made, shall specify the terms and conditions that govern the award. 

 

	11.03.	 Settlement 

An Incentive Award that is earned shall be settled with a single lump sum payment which may be in cash, Common Stock or a combination of cash
and Common Stock, as determined by the Committee. 
  

	11.04.	 Stockholder Rights 

No Participant shall, as a result of receiving an Incentive Award, have any rights as a stockholder until the date that the Incentive Award is
settled and then only to the extent that the Incentive Award is settled by the issuance of shares of Common Stock. 
 ARTICLE XII 

CASH AWARDS 
 The Committee
is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement to, or in lieu of any other Award under the Plan to Participant in such amounts and subject to such other terms as the Committee in its discretion
determines to be appropriate. 

  
 14 

 ARTICLE XIII 

SUBSTITUTE AWARDS 
 Awards
may be granted in substitution or exchange for any other Award granted under the Plan or under another plan of the Company or any other right of a Participant to receive payment from the Company. Except as provided in Articles XIV or
XVII hereof, the terms of outstanding Awards may not be amended to reduce the exercise price or grant price of outstanding Options or SARs or to cancel outstanding Options and SARs in exchange for cash, other Awards or Options or SARs with an
exercise price or grant price that is less than the exercise price or grant price of the original Options or SARs without the approval of the stockholders of the Company. 

ARTICLE XIV 
 ADJUSTMENT
UPON CHANGE IN COMMON STOCK 
 The Aggregate Limit and the terms of outstanding Awards granted under the Plan shall be adjusted as the
Board determines is equitably required in the event that (i) the Company (a) effects one or more nonreciprocal transactions between the Company and its stockholders such as a stock dividend, extra-ordinary cash dividend, stock split,
subdivision or consolidation of shares of Common Stock that affects the number or kind of shares of Common Stock (or other securities of the Company) or the Fair Market Value (or the value of other Company securities) and causes a change in the Fair
Market Value of the shares of Common Stock subject to outstanding Awards or (b) engages in a transaction to which Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the Board necessitates
such action. Any determination made under this Article XIV by the Board shall be nondiscretionary, final and conclusive. 
 The
issuance by the Company of any class of Common Stock, or securities convertible into any class of Common Stock, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor,
or upon conversion of Common Stock or obligations of the Company convertible into such Common Stock or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the Aggregate Limit or the terms of
outstanding Awards under the Plan. 
 ARTICLE XV 

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES 

No Option or SAR shall be exercisable, no shares of Common Stock shall be issued, no certificates for shares of Common Stock shall be
delivered, and no payment shall be made under the Plan except in compliance with all applicable federal, state and foreign laws and regulations (including, without limitation, withholding tax requirements), any listing agreement to which the Company
is a party, and the rules of all stock exchanges on which the Common Stock may be listed. The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any certificate issued to represent shares of Common Stock when an
Award is granted, settled or exercised may bear such legends and statements as the Committee may deem advisable to assure compliance with federal, state and foreign laws and regulations. No Award shall be granted, settled or exercised until the
Company has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters. 

  
 15 

 ARTICLE XVI 

GENERAL PROVISIONS 
  

	16.01.	 General 

Awards granted under the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other
Award. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Article XVIII), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the
Committee shall determine. Without limiting the scope of the preceding sentence, the Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance goals applicable to an Award,
and any such performance goals may differ among Awards granted to any one Participant or to different Participants. Except as otherwise provided in an Agreement, the Committee may exercise its discretion to reduce or increase the amounts
payable under any Award. 
  

	16.02.	 Effect on Employment and Service 

Neither the adoption of the Plan, its operation, the grant of any Award, nor any documents describing or referring to the Plan (or any part
thereof), shall confer upon any individual or entity any right to continue in the employ or service of the Company or an Affiliate of the Company or in any way affect any right and power of the Company or an Affiliate of the Company to terminate the
employment or service of any individual or entity at any time with or without assigning a reason therefor. 
  

	16.03.	 Unfunded Plan 

The Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any
time be represented by grants under the Plan. Any liability of the Company to any person with respect to any grant under the Plan shall be based solely upon any contractual obligations that may be created pursuant to the Plan. No such obligation of
the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
  

	16.04.	 Rules of Construction 

(a)    Headings are given to the articles and sections of the Plan solely as a convenience to facilitate reference. The
reference to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law. 

(b)    All Awards are intended to comply with, or otherwise be exempt from, Section 409A. The Plan and all Agreements
shall be administered, interpreted and construed in a manner consistent with that intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Agreement is not warranted or guaranteed. Neither the Company, its Affiliates
nor their respective directors or trustees, officers, employees or advisors (other than in his or her 

  
 16 

 
individual capacity as a Participant with respect to his or her individual liability for taxes, interest, penalties or other monetary amounts) shall be held liable for any taxes, interest,
penalties or other monetary amounts owed by any Participant or any other taxpayer as a result of the Plan or any Agreement. If any provision of the Plan or any Agreement is found not to comply with, or otherwise not be exempt from, the provisions of
Section 409A, it may be modified and given effect, in the sole discretion of the Committee and without requiring the Participant’s consent, in such manner as the Committee determines to be necessary or appropriate to comply with, or
effectuate an exemption from, Section 409A. Each payment under an Award granted under the Plan shall be treated as a separate identified payment for purposes of Section 409A. 

(c)    If a payment obligation under an Award or an Agreement arises on account of the Participant’s termination of
service and such payment obligation constitutes “deferred compensation” (as defined under Section 409A), it shall be payable only after the Participant’s “separation from service” (as defined under Section 409A);
provided, however, that if the Participant is a “specified employee” (as defined under Section 409A) then, subject to any permissible acceleration of payment by the Committee under Section 409A, any such payment that is
scheduled to be paid within six months after such separation from service shall accrue without interest and shall be paid on the first day of the seventh month beginning after the date of the Participant’s separation from service or, if
earlier, within fifteen days after the appointment of the personal representative or executor of the Participant’s estate following the Participant’s death. 
  

	16.05.	 Withholding Taxes 

Each Participant shall be responsible for satisfying any income, employment and other tax withholding obligations attributable to participation
in the Plan. Unless otherwise provided by the Agreement, any such withholding tax obligations may be satisfied in cash (including from any cash payable in settlement of an Award) or a cash equivalent acceptable to the Committee. Except to the extent
prohibited by Section 409A, any statutory federal, state, district, city or foreign withholding tax obligations also may be satisfied (a) by surrendering to the Company shares of Common Stock previously acquired by the Participant;
(b) by authorizing the Company to withhold or reduce the number of shares of Common Stock otherwise issuable to the Participant upon the grant, vesting, settlement and/or exercise of an Award; or (c) by any other method as may be approved
by the Committee. If shares of Common Stock are used to pay all or part of such tax withholding obligation, the Fair Market Value of the shares of Common Stock surrendered, withheld or reduced shall be determined as of the date of surrender,
withholding or reduction and the maximum number of shares of Common Stock which may be withheld, surrendered or reduced shall be the number of shares of Common Stock which have a Fair Market Value on the date of surrender, withholding or reduction
equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized (and which may be limited to flat rate
withholding) without creating adverse accounting, tax or other consequences to the Company or any of its Affiliates, as determined by the Committee in its sole discretion. 

  
 17 

	16.06.	 Fractional Shares 

No fractional share of Common Stock shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine in its
sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional share of Common Stock or whether such fractional share of Common Stock or any rights thereto shall be canceled, terminated, or
otherwise eliminated with or without consideration. 
  

	16.07.	 REIT Status 

The Plan shall be interpreted and construed in a manner consistent with the Company’s intended status as a REIT. No Award shall be granted
or awarded, and with respect to any Award granted under the Plan, such Award shall not vest, be exercisable or be settled (i) to the extent that the grant, vesting, exercise or settlement could cause the Participant or any other person to be in
violation of the share ownership limit or any other limitation on ownership or transfer prescribed by the Company’s charter, or (ii) if, in the discretion of the Committee, the grant, vesting, exercise or settlement of the Award could
impair the Company’s status as a REIT once elected. 
  

	16.08.	 Governing Law 

All questions arising with respect to the provisions of the Plan and Awards shall be determined by application of the laws of the State of
Maryland, without giving effect to any conflict of law provisions thereof, except to the extent Maryland law is preempted by federal law. The obligation of the Company to sell and deliver shares of Common Stock hereunder is subject to applicable
federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such shares of Common Stock. 

 

	16.09.	 Clawback 

The Plan is subject to any written clawback policies that the Company, with the approval of the Board, may adopt. Any such policy may subject a
Participant’s Awards and amounts paid or realized with respect to Awards under the Plan to reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including but not limited to an accounting
restatement due to the Company’s material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such clawback policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 and rules promulgated thereunder by the Securities and Exchange Commission and that the Company determines should apply to the Plan. 

  
 18 

	16.10.	 Nontransferability 

Each Award shall be exercisable only by such Participant to whom such Award was granted. Except as otherwise provided in this
Section 16.10, no Award and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any of its Affiliates. Notwithstanding the foregoing, a Participant may transfer an Award to an Affiliate of the Participant and the Committee may, in
its sole discretion, permit Awards to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Agreement to preserve the purposes of the Plan, to any other eligible
Person. 
 ARTICLE XVII 

CHANGE IN CONTROL 
  

	17.01.	 Impact of Change in Control 

In the event of a Change in Control, the Committee is authorized, in its discretion, to cause (a) all outstanding Options and SARs to
become fully vested and exercisable immediately prior to such Change in Control and (b) all other outstanding Awards to become earned and non-forfeitable in their entirety upon such Change in Control.

  

	17.02.	 Assumption Upon Change in Control 

In the event of a Change in Control, the Committee, in its discretion and without the need for a Participant’s consent, may provide that
an outstanding Award shall be assumed by, or a substitute award shall be granted by the surviving entity resulting from a transaction described in Section 1.06 (including, if applicable, the ultimate parent entity that
directly or indirectly has beneficial ownership of sufficient voting securities to elect a majority of the members of the board of directors (or analogous governing body) of such entity). The assumed or substituted award shall have a value, as of
the Control Change Date, that is substantially equal to the value of the original Award as of such date as the Committee determines is equitably required, and the assumed or substituted award shall have such other terms and conditions as may be
prescribed by the Committee. 
  

	17.03.	 Cash-Out Upon Change in Control 

If an Award is not assumed or replaced with a substitute award in accordance with Section 17.02, upon a Change in
Control, the Committee, in its discretion and without the need of a Participant’s consent, may provide that each Award shall be cancelled in exchange for a payment. The payment may be in cash, shares of Common Stock or other securities or
consideration received by stockholders in the Change in Control transaction. The amount of the payment shall be an amount that is substantially equal to (a) if the Award is denominated or to be settled in cash, the entire amount that can be
paid under the Award (which, with respect to an award subject to performance conditions, shall be the lesser of the target performance or actual performance determined at the time of the Change in Control) or (b) (i) the amount by which the
price per share received by stockholders in the Change in Control for each share of Common Stock exceeds the Option price or Initial Value in the case of an Option and SAR, or (ii) for each 

  
 19 

 
share of Common Stock subject to an Award denominated in Common Stock or valued in reference to Common Stock, the price per share received by stockholders or (iii) for each other Award
denominated in other securities or property, the value of such other securities or property, in each case as determined by the Committee. If the Option price or Initial Value exceeds the price per share received by stockholders in the Change in
Control transaction, the Option or SAR may be cancelled under this Section 17.03 without any payment to the Participant. 

ARTICLE XVIII 
 AMENDMENT

 The Board may amend or terminate the Plan at any time; provided, however, that no amendment may adversely impair the rights of
Participants with respect to outstanding Awards; provided, however, any adjustments made pursuant to Article XIII, XIV or XVII will not be deemed to adversely impair the rights of Participants with respect to outstanding
Awards. In addition, an amendment will be contingent on approval of the Company’s stockholders if such approval is required by law or the rules of any exchange on which the shares of Common Stock are listed or if the amendment would materially
increase the benefits accruing to Participants under the Plan, materially increase the aggregate number of shares of Common Stock that may be issued under the Plan (except as provided in Article XIV) or materially modify the requirements as
to eligibility for participation in the Plan. For the avoidance of doubt, the Board may not (except pursuant to Article XIII, XIV or XVII) without the approval of stockholders, (a) reduce the Option price per share
of an outstanding Option or the Initial Value of an outstanding SAR, (b) make a payment to cancel an outstanding Option or SAR when the Option price or Initial Value, as applicable, exceeds the Fair Market Value or (c) take any other
action with respect to an outstanding Option or SAR that may be treated as a repricing of the Award under the rules and regulations of the principal securities exchange on which the shares of Common Stock are listed for trading. 

ARTICLE XIX 

EFFECTIVENESS AND DURATION OF PLAN 

Awards may be granted under the Plan on and after the Effective Date. No Award may be granted under the Plan on and after the tenth
anniversary of the Effective Date. Awards granted before such date shall remain valid in accordance with their terms. 

  
 20EX-10.11

 Exhibit 10.11 

ALPINE INCOME PROPERTY TRUST, INC. 

NON-EMPLOYEE DIRECTOR RESTRICTED STOCK AWARD AGREEMENT 

This NON-EMPLOYEE DIRECTOR RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is made as of
the [●] day of [●] (the “Grant Date”), by and between ALPINE INCOME PROPERTY TRUST, INC., a Maryland corporation (the “Company”), and [●] (“Grantee”). 

Background 

A.    The Company has adopted the Alpine Income Property Trust, Inc. 2019 Individual Equity Incentive Plan (as amended
from time to time, the “Plan”), which is incorporated herein by reference. Capitalized terms used in this Agreement but not defined herein shall have the meanings assigned to them in the Plan. 

B.    The Company’s Board of Directors (“Board”) has granted a Stock Award in the form of Restricted Stock
to Grantee as of the Grant Date pursuant to the terms of the Plan and this Agreement. Grantee desires to accept the grant of the Stock Award and agrees to be bound by the terms and conditions of the Plan and this Agreement. 

Agreement 

1.    Award of Restricted Stock. Subject to the terms and conditions provided in this Agreement and the Plan, the
Company hereby issues to Grantee [●] shares of Common Stock (the “Awarded Shares”) as of the Grant Date. The grant of the Awarded Shares is made in consideration of the services heretofore rendered and to be rendered by Grantee to
the Company as a Non-Employee Director. 
 2.    Vesting of Awarded
Shares. The Awarded Shares shall vest according to the following schedule: [●] (each, a “Vesting Date”), rounded down to the nearest whole share of Common Stock, so long as the Grantee has continuously provided services as a
member of the Board from the Grant Date until the applicable Vesting Date. 
 3.    Acceleration of Vesting in
Special Circumstances. 
 (a)    Upon the occurrence of a Change in Control, all Awarded Shares shall
immediately become fully vested on the Control Change Date, so long as the Grantee has continuously provided services to the Company from the Grant Date until such Control Change Date. 

(b)    Upon the termination of the Grantee’s service relationship with the Company as a result of the
Grantee’s death or Disability, all Awarded Shares shall immediately become fully vested on the date of such termination, so long as the Grantee has continuously provided services to the Company from the Grant Date until such termination. As
used herein, “Disability” shall exist if the Grantee is unable to perform the essential functions of the Grantee’s position (after accounting for reasonable accommodation, if applicable and required by applicable
law), due to physical or mental 

 
impairment or other incapacity that continues, or can reasonably be expected to continue, for a period in excess of 120 consecutive days or 180 days, whether or not consecutive (or for any longer
period as may be required by applicable law), in any 12-month period. The determination of whether the Grantee has incurred a Disability shall be made in good faith by the Board (sitting without the Grantee,
if applicable). 
 4.    Holding Requirement. Grantee acknowledges and agrees that the Awarded Shares are subject
to a holding period beginning on the Grant Date and ending on the date Grantee ceases to serve as a member of the Board (the “Holding Period”). During the Holding Period, the Awarded Shares may not be sold, pledged or otherwise transferred
by Grantee. 
 5.    Stockholder Rights. 

(a)    In the event of any distribution of Common Stock or other securities of the Company in respect of
such shares of Common Stock, Grantee agrees that any certificate representing shares of such additional Common Stock or other securities of the Company issued as a result of any of the foregoing shall be subject to all of the provisions of this
Agreement as if initially received hereunder. 
 (b)    Grantee shall be a stockholder with respect to
all of the Awarded Shares and shall have all of the rights of a stockholder with respect to the Awarded Shares, including the right to vote all the Awarded Shares and receive dividends with respect thereto. 

6.    Taxes. 

(a)    Grantee acknowledges and agrees that the Fair Market Value of the Awarded Shares that become vested
pursuant to Section 2 shall be included in Grantee’s gross income under Code Section 83 on the applicable Vesting Date or on the Grant Date if Grantee makes an election under Code Section 83(b). 

(b)    The Company has no obligation to pay any federal, state or local income and employment taxes
(including taxes of any foreign jurisdiction) in connection with the grant of the Awarded Shares or the disposition of the Awarded Shares. The Company shall report the Awarded Shares as ordinary income to Grantee to the appropriate tax authorities,
and Grantee shall be responsible for the payment of any taxes required by applicable law. 
 7.    No Effect on
Relationship or Rights under Plan. Nothing in the Plan or this Agreement shall confer upon Grantee the right to continue as a Non-Employee Director of the Company or affect any right which the Company may
have to terminate the engagement of Grantee regardless of the effect of such termination of engagement on the rights of Grantee under the Plan or this Agreement. If Grantee’s engagement by the Company or any of its Affiliates is terminated for
any reason whatsoever (and whether lawful or otherwise), Grantee will not be entitled to claim any compensation for or in respect of any consequent diminution or extinction of Grantee’s rights or benefits (actual or prospective) under this
Agreement or any Award or otherwise in connection with the Plan. The rights and obligations of Grantee under the terms of Grantee’s engagement by the Company or any of its Affiliates will not be affected by Grantee’s participation in the
Plan or this Agreement, and neither the Plan nor this Agreement form part of any contract of engagement 

  
 -2- 

 
between Grantee and the Company or any of its Affiliates. The granting of Awards (including the Awarded Shares) under the Plan is entirely at the discretion of the Compensation Committee of the
Board (the “Committee”), and Grantee shall not in any circumstances have any right to be granted any other award concurrently or in the future. 

8.    Governing Law; Compliance with Law. 

(a)    This Agreement shall be construed and enforced in accordance with the laws of the State of Maryland
without regard to conflict of law principles. 
 (b)    The issuance and transfer of Awarded Shares shall
be subject to compliance by the Company and Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s securities may be listed. No Awarded
Shares shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. 

(c)    A legend may be placed on any certificate(s) or other document(s) delivered to Grantee indicating
restrictions on transferability of the Awarded Shares pursuant to this Agreement or any other restrictions that the Committee may deem advisable under the rules, regulations and other requirements of any applicable federal or state securities laws
or any stock exchange on which the Company’s securities may be listed. 
 9.    Successors and Assigns. The
Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this
Agreement shall inure to the benefit of, and be binding upon, the Company and Grantee and their heirs, legal representatives, successors and permitted assigns. 

10.    Severability. In the event that any one or more of the provisions or portion thereof contained in this
Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal
or unenforceable provision or portion thereof had never been contained herein. 
 11.    Entire
Agreement. Subject to the terms and conditions of the Plan, which are incorporated herein by reference, this Agreement expresses the entire understanding and agreement of the parties hereto with respect to such terms, restrictions and
limitations. 
 12.    Headings. Section headings used herein are for convenience of reference only and
shall not be considered in construing this Agreement. 
 13.    Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable
document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. 

  
 -3- 

 14.    Transfer of Awarded Shares. Prior to the date on which the
Awarded Shares vest, the Awarded Shares may not be transferred except as expressly permitted under Section 16.10 of the Plan. 

15.    Additional Acknowledgements. By their signatures below, Grantee and the Company agree that the Awarded
Shares are granted under and governed by the terms and conditions of the Plan and this Agreement. Grantee has reviewed in their entirety the Plan and this Agreement, has had an opportunity to obtain the advice of counsel prior to executing this
Agreement and fully understands all provisions of the Plan and this Agreement. Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan and this
Agreement. 
 16.    Notices. All notices, requests or other communications provided for in this Agreement shall
be made, if to the Company, to Alpine Income Property Trust, Inc., Attn: General Counsel, at 1140 N. Williamson Blvd., Suite 140, Daytona Beach, Florida 32114, and if to the Grantee, to the last known mailing address of the Grantee contained in the
records of the Company or the Manager. All notices, requests or other communications provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt,
(c) by mailing in the United States mail or (d) by express courier service. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail
transmission or upon receipt by the party entitled thereto if by United States mail or express courier service; provided, however, that if a notice, request or other communication sent to the Company is not received during regular business hours, it
shall be deemed to be received on the next succeeding business day of the Company. 
 17. Amendment and Waiver. The provisions of
this Agreement may be altered, amended or waived by the Committee at any time; provided, however, that no such Committee action may materially and adversely affect the rights of the Grantee without the Grantee’s consent. No course of conduct or
failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect, or enforceability of this Agreement. 

  
 -4- 

 IN WITNESS WHEREOF, the Company and Grantee have executed this Agreement as of the Grant Date set
forth above. 
  

			
	ALPINE INCOME PROPERTY TRUST, INC.
		
	BY:	 	
                     

		 	[NAME OF AUTHORIZED PERSON]
		 	[TITLE]

 I have read the Alpine Income Property Trust, Inc. 2019 Individual Equity Incentive Plan adopted on
[●], 2019, and by my signature I agree to be bound by the terms and conditions of said Plan and this Agreement. 
  

							
	Date:	 	
                     
                                        
	 	            	 	  

		 		 		 	[NAME OF GRANTEE]

  
 Signature Page to

 Non-Employee Director Restricted Stock Award Agreement

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