Common use of Equity Grant Clause in Contracts

Equity Grant. The REIT shall, as of the date of the initial trading of the REIT's common stock in connection with its initial public offering, grant the Executive 30,000 restricted shares of the REIT's common stock (the "Restricted Stock"). The Restricted Stock shall be granted to the Executive under the Company's 2004 Incentive Award Plan (the "Incentive Plan"). Subject to the Executive's continued employment with the Company, the Restricted Stock shall vest in three equal installments on January 1, 2005, January 1, 2006 and January 1, 2007. Consistent with the foregoing, the terms and conditions of the Restricted Stock shall be set forth in a restricted stock agreement (the "Restricted Stock Agreement") to be entered into by the Company and the Executive which shall evidence the grant of the Restricted Stock.

Equity Grant. The REIT shall, as of the date of the initial trading of the REIT's common stock in connection with its initial public offering, grant the Executive 30,000 73,333 restricted shares of the REIT's common stock (the "Restricted Stock"). The Restricted Stock shall be granted to the Executive under the Company's 2004 Incentive Award Plan (the "Incentive Plan"). Subject to the Executive's continued employment with the Company, the Restricted Stock shall vest in three equal installments on January 1, 2005, January 1, 2006 and January 1, 2007. Consistent with the foregoing, the terms and conditions of the Restricted Stock shall be set forth in a restricted stock agreement (the "Restricted Stock Agreement") to be entered into by the Company and the Executive which shall evidence the grant of the Restricted Stock.

Equity Grant. The REIT shall, as of the date of the initial trading of the REIT's common stock in connection with its initial public offering, grant the Executive 30,000 126,667 restricted shares of the REIT's common stock (the "Restricted Stock"). The Restricted Stock shall be granted to the Executive under the Company's 2004 Incentive Award Plan (the "Incentive Plan"). Subject to the Executive's continued employment with the Company, the Restricted Stock shall vest in three equal installments on January 1, 2005, January 1, 2006 and January 1, 2007. Consistent with the foregoing, the terms and conditions of the Restricted Stock shall be set forth in a restricted stock agreement (the "Restricted Stock Agreement") to be entered into by the Company and the Executive which shall evidence the grant of the Restricted Stock.

Equity Grant. The REIT shall, as of the date of the initial trading of the REIT's common stock in connection with its initial public offering, grant the Executive 30,000 66,667 restricted shares of the REIT's common stock (the "Restricted Stock"). The Restricted Stock shall be granted to the Executive under the Company's 2004 Incentive Award Plan (the "Incentive Plan"). Subject to the Executive's continued employment with the Company, the Restricted Stock shall vest in three equal installments on January January 1, 2005, January 1, 2006 and January 1, 2007. Consistent with the foregoing, the terms and conditions of the Restricted Stock shall be set forth in a restricted stock agreement (the "Restricted Stock Agreement") to be entered into by the Company and the Executive which shall evidence the grant of the Restricted Stock.