Document:

<PAGE>

                                                                     EXHIBIT 4.4
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                             SATYAM INFOWAY LIMITED

                                      AND

                                CITIBANK, N.A.,
                                 As Depositary

                                      AND

                         HOLDERS AND BENEFICIAL OWNERS
                  OF AMERICAN DEPOSITARY SHARES EVIDENCED BY
                         AMERICAN DEPOSITARY RECEIPTS
                               ISSUED THEREUNDER

                        ________________________________
                                AMENDMENT NO. 1

                                       TO

                               DEPOSIT AGREEMENT

                          DATED AS OF JANUARY 6, 2000

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<PAGE>

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                      AMENDMENT NO. 1 TO DEPOSIT AGREEMENT

     AMENDMENT NO. 1 TO DEPOSIT AGREEMENT, dated as of January 6, 2000 (the
"Amendment"), by and among Satyam Infoway Limited, a limited liability company
organized under the laws of the Republic of India (the "Company"), Citibank,
N.A., a national banking association organized under the laws of the United
States of America and acting as depositary, and any successor depositary
hereunder (the "Depositary"), and all Holders and Beneficial Owners of American
Depositary Shares evidenced by American Depositary Receipts issued under the
Deposit Agreement.

                          W I T N E S S E T H  T H A T
                          - - - - - - - - - -  - - - -

     WHEREAS, the parties hereto entered into that certain Deposit Agreement,
dated as of October 18, 1999 (the "Deposit Agreement"), for the creation of
American Depositary Receipts ("ADRs") evidencing American Depositary Shares
("ADSs") representing the Shares (as defined in the Deposit Agreement) so
deposited and for the execution and delivery of such ADRs evidencing such ADSs;

     WHEREAS, the Company has instructed the Depositary to change the ratio of
Shares (as defined in the Deposit Agreement) to ADSs from (i) one (1) Share to
one (1) ADS to (ii) one fourth (1/4) of a Share to one (1) ADS, and desires to
amend the Deposit Agreement to reflect such change; and,

     WHEREAS, pursuant to Section 6.1 of the Deposit Agreement, the Company and
the Depositary deem it necessary and desirable to amend the Deposit Agreement
and the form of ADR annexed thereto as Exhibit A for the purposes set forth
herein.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Depositary
hereby agree to amend the Deposit Agreement as follows:

                                   ARTICLE I

                                  DEFINITIONS
                                  -----------

     SECTION 1.01.  DEFINITIONS.  Unless otherwise defined in this Amendment,
                    -----------
all capitalized terms used, but not otherwise defined, herein shall have the
meaning given to such terms in the Deposit Agreement.
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                                       2
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                                   ARTICLE II

                        AMENDMENTS TO DEPOSIT AGREEMENT
                        -------------------------------

     SECTION 2.01.  DEPOSIT AGREEMENT.  All references in the Deposit Agreement
                    -----------------
to the term "Deposit Agreement" shall, as of the Effective Date (as herein
defined), refer to the Deposit Agreement, dated as of October 18, 1999, as
amended by this Amendment.

     SECTION 2.02.  CHANGE OF RATIO.  All references made in the Deposit
                    ---------------
Agreement to each American Depositary Share representing one (1) Share shall, as
of the Effective Date, refer to each American Depositary Share representing one
fourth (1/4) of a Share.

                                  ARTICLE III

                         AMENDMENTS TO THE FORM OF ADR
                         -----------------------------

     SECTION 3.01.  CHANGE OF RATIO.  All references to each American Depositary
                    ---------------
Share representing one (1) Share made in the ADRs issued and outstanding as of
the Effective Date shall refer to each American Depositary Share representing
one fourth (1/4) of a Share.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES
                         ------------------------------

     Section 4.01.   REPRESENTATIONS AND WARRANTIES.  The Company represents and
                     ------------------------------
warrants to, and agrees with, the Depositary and the Holders, that:

     (a)  This Amendment, when executed and delivered by the Company, and the
     Deposit Agreement and all other documentation executed and delivered by the
     Company in connection therewith, will be and have been, respectively, duly
     and validly authorized, executed and delivered by the Company, and
     constitute the legal, valid and binding obligations of the Company,
     enforceable against the Company in accordance with their respective terms,
     subject to bankruptcy, insolvency, fraudulent transfer, moratorium and
     similar laws of general applicability relating to or affecting creditors'
     rights and to general equity principles; and

     (b)  In order to ensure the legality, validity, enforceability or
     admissibility into evidence of this Amendment or the Deposit Agreement as
     amended hereby, and any other document furnished hereunder or thereunder in
     the Republic of India, neither of such agreements need to be filed or
     recorded with any court or other authority in the Republic of India, nor
     does any stamp or similar tax need to be paid in the Republic of India on
     or in respect of such agreements; and

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     (c)  All of the information provided to the Depositary by the Company in
     connection with this Amendment is true, accurate and correct.

                                   ARTICLE V

                                 MISCELLANEOUS
                                 -------------

     SECTION 5.01.  EFFECTIVE DATE.  This Amendment is dated as of the date set
                    --------------
forth above and shall be effective as of such date (the "Effective Date").

     SECTION 5.02.  NEW ADRS.  From and after the Effective Date, the
                    --------
Depositary shall arrange to have new ADRs printed or amended that reflect the
changes to the form of ADR effected by this Amendment.  All ADRs issued
hereunder after the Effective Date, once such new ADRs are available, whether
upon the deposit of Shares or other Deposited Securities or upon the transfer,
combination or split-up of existing ADRs, shall be substantially in the form of
the specimen ADR attached as Exhibit A hereto.  However, ADRs issued prior or
                             ---------
subsequent to the date hereof, which do not reflect the changes to the form of
ADR effected hereby, do not need to be called in for exchange and may remain
outstanding until such time as the Holders thereof choose to surrender them for
any reason under the Deposit Agreement.  The Depositary is authorized and
directed to take any and all actions deemed necessary to effect the foregoing.

     SECTION 5.03. NOTICE OF AMENDMENT TO HOLDERS.  The Depositary is hereby
                   ------------------------------
directed to send notices informing the Holders of (i) the terms of this
Amendment, (ii) the Effective Date of this Amendment and (iii) that the Holders
shall be given the opportunity, but that it is unnecessary, to surrender
outstanding Receipts.

     SECTION 5.04. INDEMNIFICATION.  The Company agrees to indemnify and hold
                   ---------------
harmless the Depositary (and any and all of its directors, employees and
officers) for any and all liability it or they may incur as a result of the
terms of this Amendment and the transactions contemplated herein, except to the
extent such liability is due to the negligence or bad faith of any of them.

     SECTION 5.05. RATIFICATION.  Except as expressly amended hereby, the
                   ------------
terms, covenants and conditions of the Deposit Agreement, as originally
executed, shall remain in full force and effect.
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                                       4
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     IN WITNESS WHEREOF, the Company and the Depositary have caused this
Amendment to be executed by representatives thereunto duly authorized as of the
date set forth above.

                                        SATYAM INFOWAY LIMITED, as Company

                                        By:  /s/ R. Ramaraj
                                             --------------
                                        Name:  R. Ramaraj
                                        Title:  Chief Executive Officer

                                        CITIBANK, N.A., as Depositary

                                        By:  /s/ S.T. Yang
                                             -------------
                                        Name:  S.T. Yang
                                        Title:  Vice President
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                                       5
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           FORM OF OPINION OF COUNSEL TO ISSUER TO BE RECEIVED UPON
                        AMENDMENT OF DEPOSIT AGREEMENT

     The Issuer's local counsel opinion should address the following:

                          AUTHORITY AND GOOD STANDING
                          ---------------------------

         1.  The Issuer has been duly incorporated and is a validly existing
     corporation in good standing under the laws of the jurisdiction of its
     incorporation with power and authority to enter into the Deposit Agreement,
     dated as of October 18, 1999 and the Amendment No. 1 to the Deposit
     Agreement (as so amended, the "Deposit Agreement") and to file the
     Registration Statements on Form F-6 and Post-Effective Amendments to
     Registration Statements on Form F-6 ( as so amended the "Registration
     Statements") and Forms 20-F with the SEC and to engage in the transactions
     contemplated therein.  The execution of the Deposit Agreement and the
     signing and filing of the Registration Statements with the SEC has been
     duly authorized by all requisite corporate action by and/or on behalf of
     the Issuer.

                       DUE EXECUTION AND LEGAL OBLIGATION
                       ----------------------------------

         2.  The Deposit Agreement has been duly executed and delivered for and
     on behalf of the Issuer by an officer of the Issuer duly elected or
     appointed and thereunto duly authorized and constitutes the legal, valid
     and binding agreement of the Issuer, enforceable against the Issuer in
     accordance with its terms in the Republic of India except as may be limited
     by bankruptcy, insolvency, moratorium or similar laws affecting creditors'
     rights generally and general principles of equity. The Registration
     Statements have been signed for and on behalf of the Issuer by officers
     thereunto duly authorized and by directors duly elected or appointed.

                           CONSENTS, PERMITS, FILINGS
                           --------------------------

         3.  All requisite permissions, consents, approvals, authorizations and
     orders (if any) have been obtained and all requisite filings (if any) have
     been made in the Republic of India to enable the Issuer to enter into the
     Deposit Agreement, to file the Registration Statements with the SEC and to
     engage in the transactions contemplated therein.

                               LOCAL FORMALITIES
                               -----------------

         4.  Neither the Deposit Agreement, nor the Registration Statements nor
     any other document or instrument delivered by the Issuer to the Depositary
     needs to be recorded or filed with any agency or authority under Indian law
     nor does any stamp or
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     similar tax need to be paid under Indian law to ensure the legality,
     validity or admissibility into evidence of the Deposit Agreement.

                                  NO CONFLICT
                                  -----------

         5.  None of the terms of the Deposit Agreement violate or conflict
     with, nor does the execution and delivery of the Deposit Agreement, the
     filing of the Registration Statement or the consummation of the
     transactions contemplated therein violate, or conflict with, the
     Certificate of Incorporation of the Issuer, the Bylaws of the Issuer, or
     any agreement to which the Issuer is a party or by which the Issuer is
     bound.

                              NO VIOLATION OF LAW
                              -------------------

         6.  None of the terms nor the transactions contemplated by the Deposit
     Agreement violate any law, rule, regulation, order, judgment,
     administrative decree or regulation of the Republic of India or to which
     the Issuer is subject.

                                 ENFORCEABILITY
                                 --------------

         7.  The Deposit Agreement is a valid, binding and enforceable contract
     under the laws of the Republic of India.  The Depositary will not (absent
     negligence, bad faith or breach of contract and general principles of
     agency) be subject to any potential liability under Indian law for taking
     the actions contemplated in the Deposit Agreement.
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                                       7<PAGE>

                                                                    EXHIBIT 10.3
                                                                    ------------

                                 T REIT, INC.

                   INDEPENDENT DIRECTORS' STOCK OPTION PLAN
<PAGE>

                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

<TABLE>
<S>                                                                                                               <C>
ARTICLE I DEFINITIONS..........................................................................................   4

         1.01. Agreement.......................................................................................   4
         1.02. Board...........................................................................................   4
         1.03. Code............................................................................................   4
         1.04. Common Stock....................................................................................   4
         1.05. Company.........................................................................................   4
         1.06. Fair Market Value...............................................................................   4
         1.07. Independent Director............................................................................   5
         1.08. Offering........................................................................................   5
         1.09. Option..........................................................................................   5
         1.10. Option Price....................................................................................   5
         1.11. Participant.....................................................................................   6
         1.12. Plan............................................................................................   6

ARTICLE II PURPOSES............................................................................................   6

ARTICLE III ADMINISTRATION.....................................................................................   6

ARTICLE IV COMMON STOCK SUBJECT TO PLAN........................................................................   7

         4.01. Common Stock Issued.............................................................................   7
         4.02. Aggregate Limit.................................................................................   7
         4.03. Reallocation of Shares..........................................................................   7

ARTICLE V OPTIONS..............................................................................................   7

         5.01. Award...........................................................................................   7
         5.02. Option Price....................................................................................   7
         5.03. Maximum Option Period...........................................................................   8
         5.04. Nontransferability..............................................................................   8
         5.05. Status as Independent Director..................................................................   8
         5.06. Exercise........................................................................................   8
         5.07. Payment.........................................................................................   9
         5.08. Shareholder Rights..............................................................................  10

ARTICLE VI ADJUSTMENT UPON CHANGE IN COMMON STOCK..............................................................  10
</TABLE>

                                      -2-
<PAGE>

                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

<TABLE>
<S>                                                                                                              <C>
ARTICLE VII COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES AND ASSURANCE OF REIT STATUS.................  12

ARTICLE VIII GENERAL PROVISIONS................................................................................  12

         8.01. Effect on Service...............................................................................  12
         8.02. Unfunded Plan...................................................................................  12
         8.03. Rules of Construction...........................................................................  13

ARTICLE IX AMENDMENT...........................................................................................  13

ARTICLE X DURATION OF PLAN.....................................................................................  13

ARTICLE XI EFFECTIVE DATE OF PLAN..............................................................................  13
</TABLE>

                                      -3-
<PAGE>

                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

                                   ARTICLE I
                                  DEFINITIONS

1.01.    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 Option granted to such Participant.

1.02.    Board

         Board means the Board of Directors of the Company.

1.03.    Code

         Code means the Internal Revenue Code of 1986, and any amendments
thereto.

1.04.    Common Stock

         Common Stock means the common stock of the Company.

1.05.    Company

         Company means T REIT, Inc.

1.06.    Fair Market Value

         Fair Market Value means, on any given date, the fair market value of a
share of Common Stock determined in accordance with (a) or (b) below:

         (a)      If the Common Stock is not traded on a national securities
exchange or quotation system, Fair Market Value means a price determined by the
Board in good faith, taking into account, among other factors the Board deems
relevant, the price per share at which the Common Stock is then being sold to
the public, the price per share of the common stock of comparable companies, the
Company's earnings, and the value of the Company's assets; provided, however,
that any such determination by the Board must be approved by a majority of the
Independent Directors.

         (b)      If the Common Stock is traded on a national securities
exchange or quotation system, Fair Market Value means that average of the last
sales price or the

                                      -4-
<PAGE>

                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

average of the last bid and ask prices, in each case for the five trading days
immediately preceding the date of determination.

1.07.    Independent Director

         Independent Director means a member of the Board who is not, and has
not been in the two years immediately prior to any determination of such Board
member's Independent Director status, directly or indirectly associated with the
Company or Triple Net Properties, LLC.

1.08.    Offering

         Offering means the initial public offering of Common Stock by the
Company.

1.09.    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.

1.10.    Option Price

         Option Price means the purchase price per share of Common Stock under
an Option determined in accordance with (a), (b) or (c) below, but subject to
Section 5.02:

         (a)      If the date of grant of an Option occurs on or before the date
of the commencement of the Offering, the Option Price for such Option shall be
the price per share of Common Stock in the Offering less the dealer manager's
selling commission and marketing support and due diligence reimbursement fee
allocable to a share of Common Stock.

         (b)      If the date of grant of an Option occurs during the Offering
but after the date of the commencement of the Offering, the Option Price for
such Option shall be the greater of (i) the price per share of Common Stock in
the Offering less the dealer manager's selling commission and marketing support
and due diligence reimbursement fee allocable to a share of Common Stock and
(ii) the Fair Market Value on the date of grant of such Option.

         (c)      If the date of grant of an Option occurs after the completion
of the Offering, the Option Price for such Option shall be the Fair Market Value
on the date of grant of such Option.

                                      -5-
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                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

1.11.    Participant

         Participant means a member of the Board who is an Independent Director
on the applicable date of grant of an Option.

1.12.    Plan

         Plan means the T REIT, Inc. Independent Directors' Stock Option Plan.

                                   ARTICLE II
                                    PURPOSES

         The Plan is intended to assist the Company in recruiting and retaining
Independent Directors and to promote a greater identity of interest between the
Independent Directors and the Company and its shareholders by enabling
Participants to share in the future success of the Company. The Plan is intended
to permit the grant of nonqualified stock options - i.e., Options not qualifying
under Section 422 of the Code. The proceeds received by the Company from the
sale of shares of Common Stock pursuant to this Plan shall be used for general
corporate purposes.

                                  ARTICLE III
                                ADMINISTRATION

         The Plan shall be administered by the Board. The Board shall have
authority to grant Options upon such terms (not inconsistent with the provisions
of this Plan), as the Board may consider appropriate. Such terms may include
conditions (in addition to those contained in this Plan), on the exercisability
of all or any part of an Option. Notwithstanding any such conditions, the Board
may, in its discretion, (i) accelerate the time at which any Option may be
exercised, or (ii) suspend the forfeiture of any award made under this Plan. In
addition, the Board shall have complete authority to interpret all provisions of
this Plan; to prescribe the form of Agreements; to adopt, amend, and rescind
rules and regulations pertaining to the administration of the Plan; and to make
all other determinations necessary or advisable for the administration of this
Plan. The express grant in the Plan of any specific power to the Board shall not
be construed as limiting any power or authority of the Board. Notwithstanding
the foregoing, any decision made or action taken by the Board under this Article
III must be approved by a majority of the Independent Directors. Subject to such
approval, any decision made or action take by the Board or in connection with
the administration of this Plan shall be final and conclusive. Neither the Board
nor any member of the Board shall be liable for any act done in

                                      -6-
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                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

good faith with respect to this Plan or any Agreement or Option. All expenses of
administering this Plan shall be borne by the Company.

                                  ARTICLE IV
                         COMMON STOCK SUBJECT TO PLAN

4.01.    Common Stock Issued

         Upon the exercise of any Option, the Company may deliver to the
Participant (or the Participant's broker if the Participant so directs), shares
of Common Stock from its authorized but unissued Common Stock.

4.02.    Aggregate Limit

         The maximum aggregate number of shares of Common Stock that may be
issued under this Plan is 100,000 shares. The maximum aggregate number of shares
of Common Stock that may be issued under this Plan shall be subject to
adjustment as provided in Article VI.

4.03.    Reallocation of Shares

         If an Option is terminated, in whole or in part, for any reason other
than its exercise, the number of shares allocated to the Option or portion
thereof may be reallocated to other Options to be granted under this Plan.

                                    ARTICLE V
                                     OPTIONS

5.01.    Award

         Each Participant shall be granted an Option for 5,000 shares of Common
Stock on the first day he or she becomes an Independent Director. Thereafter,
each Participant shall be granted an Option for 5,000 shares of Common Stock on
the date of each annual meeting of the Company's shareholders, provided that the
Participant is an Independent Director immediately following the applicable
annual meeting.

5.02.    Option Price

         The Option Price per share for shares of Common Stock purchased on the
exercise of an Option shall be determined by the Board on the date of grant in

                                      -7-
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                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

accordance with Section 1.10; provided, however, that in no event may the Option
Price be less than the Fair Market Value on the date the Option is granted.

5.03.  Maximum Option Period

       The maximum period in which an Option may be exercised shall be ten years
from the date of grant.

5.04.  Nontransferability

       Each Option granted under this Plan shall be nontransferable except by
will or by the laws of descent and distribution. During the lifetime of the
Participant to whom the Option is granted, the Option may be exercised only by
the Participant. No right or interest of a Participant in any Option shall be
liable for, or subject to, any lien, obligation, or liability of such
Participant.

5.05.  Status as Independent Director

       In the event that the terms of any Option provide that it may be
exercised only during service as an Independent Director or within a specified
period of time after termination of such service, the Board may decide to what
extent leaves of absence for governmental or military service, illness,
temporary disability, or other reasons shall not be deemed interruptions of
continuous service as an Independent Director.

5.06.  Exercise

       (a)   Subject to the provisions of this Plan, including Section 5.06(b)
through (f), 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 Board shall determine. An Option granted under this
Plan may be exercised with respect to any number of whole shares 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 this Plan and the applicable Agreement with respect to the
remaining shares subject to the Option.

       (b)   Options granted on or before the commencement of the Offering will
become exercisable for one-third of the shares subject to the Option on the date
of grant, and for an additional one-third of such shares on each of the first
and second anniversaries of the date of grant.

       (c)   Options granted after the commencement of the Offering will become
exercisable in whole or in part on the second anniversary of the date of grant.

                                      -8-
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                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

         (d)      If a Participant is an Independent Director continuously from
the date of grant of an Option though the Participant's termination of service
as an Independent Director due to death or "permanent and total disability,"
within the meaning of Section 22(e)(3) of the Code, the Participant or the
Participant's successor in interest (in the event of death) may exercise
Participant's Option or Options for all or part of the number of shares for
which each such Option was exercisable on the date of Participant's termination
of service, for one year following such termination of service or, if sooner,
during the period prior to the stated expiration date of the Option or Options.

         (e)      If a Participant ceases to be an Independent Director for any
reason other than death or "permanent and total disability," within the meaning
of Section 22(e)(3) of the Code, Participant may exercise his or her Option or
Options for the number of shares for which each such Option was exercisable on
the date of the Participant's termination of service, for three months following
such termination of service or, if sooner, during the period prior to the stated
expiration date of the Option or Options.

         (f)      Notwithstanding any provision of this Plan or any Agreement,
no Option will become exercisable to the extent that the total number of all
exercisable options and warrants to purchase Common Stock that are owned by the
Company's officers, directors and employees and affiliates of such individuals
would exceed 10% of the total outstanding shares of Common Stock (as of the date
such Option or portion thereof is scheduled to become exercisable) if such
Option or portion thereof were to become exercisable as scheduled (the "10%
Limit"). If an Option or portion thereof is scheduled to become exercisable on a
certain date and the 10% Limit would be exceeded as a result of such
exercisability, then such Option or portion thereof will become exercisable on
the first date that such exercisability would not cause the 10% Limit to be
exceeded. If Options or portions thereof issued pursuant to more than one
Agreement are scheduled to become exercisable on a certain date, and the
exercisability of all of such Options would cause the 10% Limit to be exceeded,
then such Options will become exercisable, subject to the 10% Limit, on a pro
rata basis according to the total number of shares of Common Stock scheduled to
become exercisable. The preceding sentence shall be applied by taking into
account options granted pursuant to all of the Company's plans, including this
Plan.

5.07.    Payment

         Subject to rules  established  by the Board,  payment of all or part of
the Option price may be made in cash, a cash equivalent acceptable to the Board,
with shares of Common Stock, or a combination thereof. If shares of Common Stock
are used to

                                      -9-
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                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

pay all or part of the Option Price, the sum of the cash and cash equivalent and
the Fair Market Value (determined as of the day preceding the date of exercise)
of the shares surrendered must not be less than the Option Price of the shares
for which the Option is being exercised.

5.08.    Shareholder Rights

         No Participant shall have any rights as a shareholder with respect to
shares subject to his Option until the date of exercise of such Option.

                                   ARTICLE VI
                     ADJUSTMENT UPON CHANGE IN COMMON STOCK

         The maximum number of shares as to which Options may be granted; and
the terms of outstanding Options, including the Option Price and the kind of
shares subject to the Options shall be adjusted as the Board shall determine to
be equitably required (i) in the event that the Company (a) effects one or more
stock dividends, stock split-ups, subdivisions or consolidations of shares or
(b) engages in a transaction to which Section 424 of the Code applies and in
which the Company is the surviving entity, or (ii) there occurs any other event
which, in the judgment of the Board necessitates such action. Any determination
made by the Board under this Article VI is subject to approval by a majority of
the Independent Directors and, if such approval is obtained, shall be final and
conclusive.

         This Plan shall terminate and any outstanding Options will be forfeited
(i) in the event of a dissolution or liquidation of the Company; (ii) in the
event the Company engages in a transaction to which Section 424 of the Code
applies and in which the Company is not the surviving entity; or (iii) upon the
sale of all or substantially all of the assets of the Company. Notwithstanding
the foregoing, in connection with or in contemplation of any of the events
described in the preceding sentence, the Board may provide in writing for any of
the following alternatives to termination of the Plan and forfeiture of
outstanding Options, separately or in combination: (i) the assumption by the
successor corporation of outstanding Options or the substitution by such
corporation for such Options of options covering the stock of the successor
corporation, or a parent or subsidiary thereof, with appropriate adjustments as
to the number and kind of shares and option prices; (ii) the continuation of the
Plan by such successor corporation, in which event the Plan will continue in the
manner and under the terms so provided by the Board; or (iii) a payment in cash
or shares of Common Stock or other securities in lieu of and in complete
satisfaction of outstanding Options. Any action taken by the Board under

                                      -10-
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                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

this paragraph is subject to approval by a majority of the Independent Directors
and, if such approval is obtained, shall be final and conclusive.

         The issuance by the Company of stock of any class, or securities
convertible into stock of any class, 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 stock or obligations of the Company
convertible into such stock or other securities, shall not affect, and no
adjustment by reason thereof shall be made with respect to, the maximum number
of shares as to which Options may be granted or the terms of outstanding
Options.

                                      -11-
<PAGE>

                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

                                   ARTICLE VII
                       COMPLIANCE WITH LAW AND APPROVAL OF
                 REGULATORY BODIES AND ASSURANCE OF REIT STATUS

       No Option 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 this Plan (i) except in compliance with (a) all
applicable federal and state laws and regulations (including, without
limitation, withhol ding tax requirements), (b) any listing agreement to which
the Company is a party, and (c) the rules of all domestic stock exchanges on
which the Company's shares may be listed and (ii) only if such exercise or
issuance of Common Stock or delivery of certificates will not jeopardize the
Company's status as a real estate investment trust under the Code. The Company
shall have the right to rely on an opinion of its counsel as to such compliance
and assurance of real estate investment trust status. Any stock certificate
issued to evidence shares of Common Stock for which an Option is exercised may
bear such legends and statements as the Board may deem advisable to assure
compliance with federal and state laws and regulations. No Option shall be
exercisable, no shares of Common Stock shall be issued, no certificate for
shares of Common Stock shall be delivered, and no payment shall be made under
this Plan until the Company has obtained such consent or approval as the Board
may deem advisable from regulatory bodies having jurisdiction over such matters.

                                  ARTICLE VIII
                               GENERAL PROVISIONS

8.01.  Effect on Service

       Neither the adoption of this Plan, its operation, nor any documents
describing or referring to this Plan (or any part thereof), shall confer upon
any Participant any right to continue in service as member of the Board.

8.02.  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 this Plan. Any liability of the Company to any
person with respect to any grant under this Plan shall be based solely upon any
contractual obligations that may be created pursuant to this 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.

                                     -12-
<PAGE>

                                  T REIT, Inc.
                   Independent Directors' Stock Option Plan
                   ----------------------------------------

8.03.  Rules of Construction

       Headings are given to the articles and sections of this 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.

                                   ARTICLE IX
                                    AMENDMENT

       The Board may amend or terminate this Plan from time to time; provided,
however, that any amendment must be approved by a majority of the Independent
Directors; and provided, further, that no amendment may become effective until
any applicable laws, regulations, rules or requirements of any governmental
authority or stock exchange on which the Common Stock is then listed are
satisfied. Except as provided in Article VI, no amendment shall, without a
Participant's consent, adversely affect any rights of such Participant under any
Option outstanding at the time such amendment is made.

                                    ARTICLE X
                                DURATION OF PLAN

       No Option may be granted under this Plan more than five years after the
commencement of the Offering. Options granted before that date shall remain
valid in accordance with their terms.

                                   ARTICLE XI
                             EFFECTIVE DATE OF PLAN

       Options may be granted under this Plan upon its adoption by the Board;
provided that, unless this Plan is approved by a majority of the votes cast by
the Company's shareholders, voting either in person or by proxy, at a duly held
shareholders' meeting at which a quorum is present, no Option shall be
exercisable.

                                     -13-

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