JDN REALTY CORP
1993 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN
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<DESCRIPTION>1993 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN
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<TITLE>Prepared by R.R. Donnelley Financial -- 1993 Non-employee Director Stock Option Plan</TITLE>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>EXHIBIT 10 </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>JDN R<SMALL>EALTY</SMALL> C<SMALL>ORPORATION</SMALL> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>1993 N<SMALL>ON</SMALL>-E<SMALL>MPLOYEE</SMALL> D<SMALL>IRECTOR</SMALL> S<SMALL>TOCK</SMALL> O<SMALL>PTION</SMALL> P<SMALL>LAN</SMALL> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Effective December 17, 1993 </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>Amended and Restated </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>May 30, 2002 </B></FONT></DIV> <P></P>



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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>JDN R<SMALL>EALTY</SMALL> C<SMALL>ORPORATION</SMALL> </B></FONT></DIV> <DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>1993 N<SMALL>ON</SMALL>-E<SMALL>MPLOYEE</SMALL> D<SMALL>IRECTOR</SMALL> S<SMALL>TOCK</SMALL> O<SMALL>PTION</SMALL> P<SMALL>LAN</SMALL> </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>PREAMBLE </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>WHEREAS</B>, effective December 17, 1993, JDN Realty Corporation (the &#147;Company&#148;) has established the JDN Realty Corporation 1993 Non-Employee Director Stock Option Plan (the &#147;Original Plan&#148;) which provides for
the automatic grant of Options (as hereinafter defined) to purchase the common stock, $.01 par value, of the Company (&#147;Stock&#148;) to members of the board of directors of the Company who are not employees of the Company; </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>WHEREAS</B>, the Company also provides cash compensation to its non-employee directors for services rendered to the Company
in such capacity and, pursuant to an amendment and restatement of the Original Plan on November 24, 1998, provides such compensation in the form of automatic grants of Stock Awards (as hereinafter defined); </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>WHEREAS</B>, the Original Plan, as amended and restated, was further amended, effective October 1, 1999, to permit non-employee
directors to defer receipt of Stock Awards to a future date pursuant to the JDN Realty Corporation Deferred Director Compensation Plan, effective August 29, 2000, to reduce the amount of each Stock Award from $10,000 to $8,750 each calendar quarter
and, effective February 13, 2001, to provide for one-time grants of Options to purchase up to 30,000 shares of Stock to each non-employee director; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>WHEREAS</B>, the aggregate number of 300,000 shares of Stock reserved for issuance under the Original Plan was adjusted to 450,000 shares of Stock by the Committee (as herinafter defined) pursuant
to the Company&#146;s three-for-two Stock split; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>WHEREAS</B>, 449,999 of the 450,000 shares of Stock have been
issued as Stock Awards and Option grants; and </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>WHEREAS</B>, the Company desires to amend and restate the
Original Plan, as amended and restated, to increase the number of shares of Stock reserved for issuance so that the total number of shares of Stock available for Stock Awards and Option grants is 500,000, and to provide for automatic full vesting of
Options upon certain corporate changes of the Company; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>NOW, THEREFORE</B>, the Company hereby amends and
restates the Original Plan, as amended and restated (the &#147;Plan&#148;), effective May 30, 2002: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ARTICLE
I.&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Affiliate</U>.&nbsp;&nbsp;&nbsp;&nbsp;A
&#147;parent corporation,&#148; as defined in section 424(e) of the Code, or &#147;subsidiary corporation,&#148; as defined in section 424(f) of the Code, of the Company. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement</U>.&nbsp;&nbsp;&nbsp;&nbsp;A written agreement (including any amendment or supplement thereto) between the Company or an Affiliate
and a Participant specifying the terms and conditions of an Award granted to such Participant. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">1.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Award</U>.&nbsp;&nbsp;&nbsp;&nbsp;A right that is granted under the Plan to a Participant by the Company, including Options and Stock Awards. </FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2 </FONT></DIV>


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 <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.4&nbsp;&nbsp;&nbsp;&nbsp;<U>Board</U>.&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of the Company. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Code</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Internal Revenue Code of 1986, as amended. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Committee</U>.&nbsp;&nbsp;&nbsp;&nbsp;A committee composed of at least two individuals (or such
other number that satisfies Rule 16b-3 of the Exchange Act) who are members of the Board and are not employees of the Company or an Affiliate, and who are designated by the Board as the &#147;Compensation Committee&#148; or are otherwise designated
to administer the Plan. In the absence of a designation of a Committee by the Board, the Board shall be the Committee. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">1.7&nbsp;&nbsp;&nbsp;&nbsp;<U>Company</U>.&nbsp;&nbsp;&nbsp;&nbsp;JDN Realty Corporation and its successors. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">1.8&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange Act</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Securities Exchange Act of 1934, as amended. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000">1.9&nbsp;&nbsp;&nbsp;&nbsp;<U>Fair Market Value</U>.&nbsp;&nbsp;&nbsp;&nbsp;On any given date, Fair Market Value shall be the applicable description below (unless, where appropriate, the Committee determines in good faith
the fair market value of the Stock to be otherwise): </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(a)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If the Stock is traded on the New York Stock Exchange or the American Stock Exchange, the closing price of the Stock on such exchange on which such Stock is
traded on the trading day immediately preceding the date as of which Fair Market Value is being determined, or on the next preceding day on which such Stock is traded if no Stock was traded on such trading day; </FONT></DIV> </TD></TR></TABLE>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(b)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If the Stock is not traded on the New York Stock Exchange or the American Stock Exchange, but is reported on the Nasdaq National Market or another Nasdaq
automated quotation system and market information is published on a regular basis, then Fair Market Value shall be the closing price of the Stock, as so published, on the trading day immediately preceding the date as of which Fair Market Value is
being determined, or the closing price on the next preceding trading day on which such prices were published if no Stock was traded on such trading day; </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(c)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If market information is not so published on a regular basis, then Fair Market Value shall be the average of the high bid and low asked prices of the Stock in
the over-the-counter market over a period of trading days that is reasonably representative of the normal trading of the Stock immediately preceding the date on which Fair Market Value is being determined, as reported by a generally accepted
reporting service; or </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(d)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If the Stock is not publicly traded, Fair Market Value shall be the value determined in good faith by the Committee. Such determination shall not, however, take
into account any restriction on the Stock, except for a restriction which by its terms will never lapse. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">1.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant Date</U>.&nbsp;&nbsp;&nbsp;&nbsp;With respect to Options, each January 1 during the term of the Plan. With respect to Stock Awards, the first day of each calendar quarter during the term of the
Plan. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.11&nbsp;&nbsp;&nbsp;&nbsp;<U>Option</U>.&nbsp;&nbsp;&nbsp;&nbsp;The right that is granted hereunder to a
Participant to purchase from the Company a stated number of shares of Stock at the price set forth in an Agreement. </FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3 </FONT></DIV>


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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Participant</U>.&nbsp;&nbsp;&nbsp;&nbsp;Each Board
member who, on a respective Grant Date, is not an employee of the Company or any of its Affiliates and who otherwise satisfies the requirements of Article IV to receive an Award. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.13&nbsp;&nbsp;&nbsp;&nbsp;<U>Pla</U>n.&nbsp;&nbsp;&nbsp;&nbsp;The JDN Realty Corporation 1993 Non-Employee Director Stock Option Plan, as amended and restated.
</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.14&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Award</U>.&nbsp;&nbsp;&nbsp;&nbsp;A grant of Stock that is described in
Section 4.3. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1.15&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock</U>.&nbsp;&nbsp;&nbsp;&nbsp;The common stock, $.01 par value,
of the Company. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ARTICLE II.&nbsp;&nbsp;&nbsp;&nbsp;PURPOSE OF PLAN </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The purpose of this Plan is to provide a performance incentive and to encourage Stock ownership by the Participants, and to align the
interests of such individuals with those of the Company, its Affiliates and its stockholders. It is intended that Participants may acquire or increase their proprietary interests in the Company and be encouraged to remain as directors of the
Company. Any proceeds received by the Company from the sale of Stock pursuant to this Plan may be used for general corporate purposes. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>ARTICLE III.&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATION </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">3.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration of Plan</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Plan shall be administered by the Committee. The express grant in this Plan of any specific power to the Committee shall not be construed as
limiting any power or authority of the Committee. Any decision made or action taken by the Committee to administer this Plan shall be final and conclusive. No member of the Committee shall be liable for any act done in good faith with respect to
this Plan or any Agreement or Award. The Company shall bear all expenses of Plan administration. In addition to all other authority vested with the Committee under this Plan, the Committee shall have complete authority to: </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(a)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Interpret all provisions of this Plan; </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(b)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Prescribe the form of any Agreement and notice and manner for executing or giving the same; </FONT></DIV> </TD></TR></TABLE> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(c)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Make amendments to all Agreements; </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(d)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Adopt, amend, and rescind rules for Plan administration; and </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(e)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Make all determinations it deems advisable for the administration of this Plan. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority to Issue Awards</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the authority to issue Awards upon such terms as the Committee
deems appropriate and that are not inconsistent with the provisions of this Plan. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">3.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Persons Subject to Section 16(b)</U>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, the Committee, in its absolute discretion, may bifurcate this Plan so as to restrict, limit
or condition the use of any provision of this Plan to Participants who are subject to section 16(b) of the Exchange Act, without so restricting, limiting or conditioning the Plan with respect to other Participants. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ARTICLE IV.&nbsp;&nbsp;&nbsp;&nbsp;ELIGIBILITY AND LIMITATIONS ON GRANTS
</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Participation</U>.&nbsp;&nbsp;&nbsp;&nbsp;Awards shall be granted hereunder to
Participants who qualify therefor on each Grant Date. At the determination of the Committee, Awards may be evidenced by Agreements which shall be subject to applicable provisions of this Plan or such other provisions as the Committee may adopt that
are not inconsistent herewith. Such provisions may include, by way of example and not limitation, provisions for cash or other compensation to be paid in combination with Awards. An Award may be deemed to be granted prior to the approval of this
Plan by the stockholders of the Company and prior to the time that an Agreement is executed by the Participant and the Company. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">4.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant of Options</U>.&nbsp;&nbsp;&nbsp;&nbsp;Options shall be granted automatically to each Participant on each Grant Date. Notwithstanding anything herein to the contrary, the Board may revoke on or
before a Grant Date the grant of Options that is otherwise provided for herein if no options have been granted to employees since the preceding Grant Date under the Company&#146;s 1993 Incentive Stock Plan or any other employee stock option plan of
the Company. All Options granted hereunder shall be subject to the following terms and conditions: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(a)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>Number</U>.&nbsp;&nbsp;&nbsp;&nbsp;Each Participant shall receive an Option to purchase 15,000 shares of Stock (as adjusted pursuant to Article VII).
However, if fewer than 15,000 shares of Stock (as adjusted pursuant to Article VII), multiplied by the number of Participants, remain available for issuance under the Plan on any Grant Date, Options shall be awarded by allocating the remaining
shares of Stock pro rata thereto. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(b)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>Price</U>.&nbsp;&nbsp;&nbsp;&nbsp;Stock may be purchased through an Option by payment of the Fair Market Value of the Stock as determined on the Grant Date
thereof. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(c)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>Option Period</U>.&nbsp;&nbsp;&nbsp;&nbsp;Each Option shall expire ten years after the Grant Date thereof (the &#147;Option Period&#148;), unless the Option
is terminated sooner pursuant to Section 4.2(d) below. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(d)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>Termination of Service, Death, Etc</U>.&nbsp;&nbsp;&nbsp;&nbsp;Options that have not yet expired pursuant to Section 4.2(c) will sooner terminate if the
Participant ceases to be a member of the Board under any of the conditions described in this Section. In no event shall the Option Period described in Section 4.2(c) be extended by any of the events described below: </FONT></DIV> </TD></TR></TABLE>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(i)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">All outstanding Options shall immediately terminate if Board membership terminates due to fraud, dishonesty or other acts detrimental to the interests of the
Company, its Affiliates, or any direct or indirect majority-owned subsidiary or business entity of the Company. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(ii)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Options that have not otherwise terminated will terminate twelve months following the death of a Participant. During the twelve months after death, the Option
may be exercised by the executor or administrator of the estate of Participant, or by any persons who have acquired the Option by bequest or inheritance. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(iii)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">All outstanding Options will terminate three months after the date that a Participant ceases to be a member of the Board for any reason that is not described in
paragraphs (i) and (ii) of this Section. </FONT></DIV> </TD></TR></TABLE> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5 </FONT></DIV>


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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(e)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>Vesting Dates</U>.&nbsp;&nbsp;&nbsp;&nbsp;Each Option shall become exercisable with respect to one-third of the shares subject to the Option beginning six
months after the Grant Date, and with respect to two-thirds of such shares beginning 18 months after the Grant Date, and will become fully exercisable 30 months after the Grant Date; provided, however, that the Participant&#146;s vested right to
exercise Options shall not be increased under this Section at the time the Participant is no longer a member of the Board. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(f)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><U>Transferability</U>.&nbsp;&nbsp;&nbsp;&nbsp;Generally, any Option granted under this Plan shall not be transferable except by will or by the laws of descent
and distribution, and shall be exercisable during the lifetime of the Participant only by the Participant. An Option may be transferable, however, to the extent provided in an Agreement. No right or interest of a Participant in any Award shall be
liable for, or subject to, any lien, obligation or liability of such Participant. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">4.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Award</U>.&nbsp;&nbsp;&nbsp;&nbsp;Stock Awards shall be made automatically to each Participant on each Grant Date. The number of shares to be awarded shall be calculated as the number of whole
shares that is equal to $8,750 less the amount of &#147;Director Compensation&#148; (as defined in the JDN Realty Corporation Deferred Director Compensation Plan) each Participant has deferred under the JDN Realty Corporation Deferred Director
Compensation Plan for the fiscal quarter beginning on the Grant Date, divided by the Fair Market Value of the Stock per share as determined on the Grant Date, rounded to the nearest whole share. Shares awarded under this Section shall not be
transferable for a period of six months after the Grant Date. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Special Award of
Options</U>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, Awards of Options for up to 30,000 shares of Stock may be granted to each Participant under the Plan on a one-time basis in calendar year 2001 pursuant to the terms
of an Agreement between each Participant and the Company and subject to the terms of the Plan. The provisions of Sections 4.1 and 4.2(b) &#150; 4.2(f) shall apply to Awards made under this Section 4.4; provided, however, with respect to Awards made
under this Section 4.4, the term &#147;Grant Date&#148; shall refer to the date of the Agreement pursuant to which the Award is made to the Participant. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ARTICLE V.&nbsp;&nbsp;&nbsp;&nbsp;STOCK SUBJECT TO PLAN </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">5.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Source of Shares</U>.&nbsp;&nbsp;&nbsp;&nbsp;Upon the exercise of an Option or the grant of a Stock Award, the Company shall deliver to the Participant authorized but unissued Stock. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Maximum Number of Shares</U>.&nbsp;&nbsp;&nbsp;&nbsp;The maximum aggregate number of shares of
Stock that may be issued pursuant to the exercise of Awards is 500,000, subject to increases and adjustments as provided in Article VII. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000">5.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Forfeitures</U>.&nbsp;&nbsp;&nbsp;&nbsp;If any Option granted hereunder expires or terminates for any reason without having been exercised in full, the shares of Stock subject thereto shall
again be available for issuance of an Award under this Plan. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ARTICLE VI.&nbsp;&nbsp;&nbsp;&nbsp;EXERCISE OF OPTIONS
</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise</U>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations described in
this Plan, an Option may be exercised in whole or in part at such times and in compliance with such requirements as the Committee shall determine. An Option shall be treated as exercised hereunder on the date that the Company accepts tender of the
exercise price of an Option. </FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6 </FONT></DIV>


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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Method of
Payment</U>.&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided by the Agreement, payment of the Option price shall be made in cash or, to the extent approved by the Committee, Stock that was acquired prior to the exercise of the Option, other
consideration acceptable to the Committee, or a combination thereof. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Federal
Withholding Tax Requirements</U>.&nbsp;&nbsp;&nbsp;&nbsp;Upon exercise of an Option or receipt of a Stock Award, a Participant shall, upon notification of the amount due and prior to or concurrently with the delivery of the shares, pay to the
Company amounts necessary to satisfy applicable federal, state and local withholding tax requirements or shall otherwise make arrangements satisfactory to the Company for such requirements. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6.4&nbsp;&nbsp;&nbsp;&nbsp;<U>Stockholder Rights</U>.&nbsp;&nbsp;&nbsp;&nbsp;No Participant shall have any rights as a stockholder with respect to shares subject to Options
prior to the exercise thereof and payment of the Option price therefor. Participants shall have all rights as stockholders through the grant of a Stock Award on the date that the shares of Stock are transferred to the Participant, subject to the
restrictions on transferability set forth in Section 4.2. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance and Delivery of
Shares</U>.&nbsp;&nbsp;&nbsp;&nbsp;Shares of Stock issued pursuant to Stock Awards or the exercise of Options hereunder shall be delivered to Participants by the Company (or its transfer agent) as soon as administratively feasible after a
Participant exercises an Option hereunder, or is granted a Stock Award, and executes any applicable stockholder agreement or agreement, containing at least the representations and warranties described in Section 8.2, that the Company requires at the
time of exercise. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ARTICLE VII.&nbsp;&nbsp;&nbsp;&nbsp;ADJUSTMENT UPON CORPORATE CHANGES </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">7.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments to Shares</U>.&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares of Stock with respect to
which Awards hereunder may be granted and which are the subject of outstanding Awards, and the exercise price of Options granted hereunder, shall be adjusted as the Committee determines in its sole discretion to be appropriate, in the event that:
</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(a)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">the Company or an Affiliate effects one or more stock dividends, stock splits, reverse stock splits, subdivisions, consolidations or other similar events;
</FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(b)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">the Company or an Affiliate engages in a transaction to which section 424 of the Code applies; or </FONT></DIV> </TD></TR></TABLE> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(c)</FONT></DIV></TD>
<TD WIDTH="1%" VALIGN="top"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">there occurs any other event which in the judgment of the Committee necessitates such action; </FONT></DIV> </TD></TR></TABLE> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">provided, however, that if an event described in paragraph (a) or (b) occurs, the Committee shall make adjustments to the limits on Awards specified in Article
IV that are proportionate to the modifications of the Stock that are on account of such corporate changes. Notwithstanding the foregoing, the Committee may not modify the Plan or the terms of any Awards then outstanding or to be granted hereunder to
provide for the issuance under the Plan of a different class of stock or kind of securities. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">7.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Substitution of Awards on Merger or Acquisition</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Committee may grant Awards in substitution for stock awards, stock options, stock appreciation rights or similar awards
held by an individual who becomes an employee of the Company or an Affiliate in connection with a transaction to which section 424(a) of the Code applies. The terms of such substituted Awards shall be determined by the Committee in its sole
discretion, subject only to the express limitations on Awards contained herein. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">7.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Certain
Transactions</U>.&nbsp;&nbsp;&nbsp;&nbsp;Upon a merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation of the Company, as a result of which the stockholders of the Company receive cash, stock or other
property in exchange for their shares of Stock (but not a public offering of Stock by the Company), and the Company is not the surviving entity (even though it may survive as a subsidiary corporation), the Participant shall have the right
immediately prior to any such merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation to fully exercise his or her Options in whole or in part, without regard to any vesting requirements and provided
further that such Options shall be converted into stock incentive awards of an acquiring corporation. Notwithstanding the foregoing, a portion of the acceleration of vesting described in this Section shall not occur with respect to an Option to the
extent such acceleration of vesting would cause the Participant or holder of such Option to realize less income, net of taxes, after deducting the amount of excise taxes that would be imposed pursuant to section 4999 of the Code, than if accelerated
vesting of that portion of the Option did not occur. This limitation shall not apply (i) to the extent that the Company, an Affiliate or the acquirer is obligated to indemnify the Participant or holder for such excise tax liability under an
enforceable &#147;golden parachute&#148; indemnification agreement, or (ii) the shareholder approval described in Q&amp;A 7 of Prop. Treas. Reg. &#167; 1.280G-1 issued under section 280G of the Code is obtained to permit the acceleration of vesting
described in this Section (applied as if the shareholder approval date was the date of the change in control). The amount and price of such converted options shall be determined by adjusting the amount and price of the Options granted hereunder in
the same proportion as used for determining the number of shares of stock of the acquiring corporation the holders of the Stock receive in such merger, consolidation, acquisition of property or stock, separation or reorganization. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">7.4&nbsp;&nbsp;&nbsp;&nbsp;<U>No Adjustment Upon Certain Transactions</U>.&nbsp;&nbsp;&nbsp;&nbsp;The issuance by the Company
of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services rendered, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon
conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, outstanding Awards. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">7.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Fractional Shares</U>.&nbsp;&nbsp;&nbsp;&nbsp;Only whole shares of Stock may be acquired through an Award.
Any amounts tendered in the exercise of an Option remaining after the maximum number of whole shares have been purchased will be returned to the Participant. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ARTICLE VIII.&nbsp;&nbsp;&nbsp;&nbsp;COMPLIANCE WITH LAW AND REGULATORY APPROVAL </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000">8.1&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.&nbsp;&nbsp;&nbsp;&nbsp;No Award shall be exercisable, no Stock shall be issued, no certificates for shares of Stock shall be delivered, and no payment shall be made under this Plan
except in compliance with all federal or state laws and regulations (including, without limitation, withholding tax requirements), federal and state securities laws and regulations and the rules of all securities exchanges on which the
Company&#146;s securities may be listed, or national securities associations through which the Company&#146;s securities may be quoted, and until the Company has obtained such consent or approval as the Committee may deem advisable from any
regulatory bodies having jurisdiction over such matters. The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any certificate issued to evidence shares of Stock pursuant to an Award may bear such legends and
statements as the Committee upon advice of counsel may deem advisable to assure compliance with federal or state laws and regulations. </FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">8 </FONT></DIV>


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 <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">8.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations by Participants</U>.&nbsp;&nbsp;&nbsp;&nbsp;As a condition to the issuance
of a Stock Award or the exercise of an Option, the Company may require a Participant to represent and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or
distribute such shares, if, in the opinion of counsel for the Company, such representation is required by any relevant provision of the laws referred to in Section 8.1. At the option of the Company, a stop transfer order against any shares of Stock
may be placed on the official Stock books and records of the Company, and a legend indicating that the Stock may not be pledged, sold or otherwise transferred unless an opinion of counsel was provided (concurred in by counsel for the Company) and
stating that such transfer is not in violation of any applicable law or regulation may be stamped on the certificate evidencing such Stock in order to assure exemption from registration. The Committee may also require such other action or agreement
by the Participants as may from time to time be necessary to comply with federal or state securities laws. This provision shall not obligate the Company or any Affiliate to undertake registration of Options or Stock hereunder. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ARTICLE IX.&nbsp;&nbsp;&nbsp;&nbsp;GENERAL PROVISIONS </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">9.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Unfunded Plan</U>.&nbsp;&nbsp;&nbsp;&nbsp;This 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 contractual obligations that may be
created hereunder. 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. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">9.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules of Construction</U>.&nbsp;&nbsp;&nbsp;&nbsp;Headings are given to the articles and sections of this Plan solely as a convenience to facilitate reference. The
masculine gender when used herein refers to both masculine and feminine. 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. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">9.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>.&nbsp;&nbsp;&nbsp;&nbsp;The internal laws of the State of Maryland shall apply
to all matters arising under this Plan, except to the extent that Maryland law is preempted by federal law. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">9.4&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance With Section 16 of the Exchange Act</U>.&nbsp;&nbsp;&nbsp;&nbsp;With respect to persons subject to liability under section 16 of the Exchange Act, transactions under this Plan are intended to
comply with all applicable conditions of Rule 16b-3 (or successor provisions) under the Exchange Act. To the extent any provision of this Plan or action by Committee fails to so comply, it shall be deemed null and void to the extent permitted by law
and deemed advisable by the Committee. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">9.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment;
Termination</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Board may amend or terminate this Plan at any time; provided, however, an amendment that would have a material adverse effect on the rights of a Participant under an outstanding Award is not valid with
respect to such Award without the Participant&#146;s consent, and provided, further, that the stockholders of the Company must approve, in general meeting before the effective date thereof, any amendment that changes the number of shares in the
aggregate which may be issued pursuant to Awards granted under this Plan, except pursuant to Article VII. Generally, stockholder approval shall not be required for amendments to this Plan pursuant to Section 3.1 hereof intended to benefit the
administration of this Plan, for amendments necessitated by changes in legislation or administrative rules governing this Plan, or for amendments that the Board deems necessary to obtain or maintain favorable tax, securities exchange or regulatory
treatment of this Plan for future Participants. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">9.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Date of
Plan</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Original Plan was originally effective December 17, 1993, was approved by the stockholders of the Company thereafter, and was amended on November 24, 1998, October 1, 1999, April 29, 2000 and February 13, 2001.
This amendment and restatement shall be effective on May 30, 2002. Awards may be granted hereunder at any time after the adoption of this or any other amendment to the Plan which increases the number of shares of Stock available for Awards.
</FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">9 </FONT></DIV>


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 <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">IN WITNESS WHEREOF, the undersigned officer of the Company has executed this instrument, pursuant to authorization of the
Board, on this the<U> 2nd </U>day of<U> August&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2002, but to be effective as provided in Section 9.6. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
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<TD VALIGN="top" COLSPAN="3" WIDTH="43%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">JDN R<SMALL>EALTY</SMALL> C<SMALL>ORPORATION</SMALL></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="16"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="3%"> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="43%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;J<SMALL>OHN</SMALL> D. H<SMALL>ARRIS</SMALL>,
J<SMALL>R</SMALL>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> <HR NOSHADE COLOR="#000000" ALIGN="left"></TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="43%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Name:&nbsp;&nbsp;&nbsp;&nbsp;John D. Harris, Jr.</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its: &nbsp;&nbsp;&nbsp;&nbsp;</B><B><I>Chief Financial Officer</I></B><B></B></FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">10 </FONT></DIV>

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