Common use of Initial Restricted Stock Award Clause in Contracts

Initial Restricted Stock Award. Effective upon execution of this Agreement, the Company shall grant to the Director, within thirty (30) days after the Effective Date, a restricted stock award of 0.71% of the fully-diluted shares of the common stock outstanding on the forty-fifth (45th) day after closing of the initial public offering of shares of the REIT's common stock, excluding shares issued to the underwriters as compensation to the underwriters. Such stock shall be subject to restrictions on transfer by the Director and repurchase by the Company such that the Director shall not be permitted to transfer such shares (other than succession by will or by operation of laws of descent and distribution) and the Company shall have the right to repurchase or recover such shares for the amount of cash paid therefor, if any, if the Director shall resign from his service as Chairman of the Board, provided that such transfer and repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the one-year anniversary date of the issuance of the shares and on each subsequent anniversary of the issuance of the shares that the Director shall remain continuously as the Chairman of the Board of Directors of the Company as of such date.

Initial Restricted Stock Award. Effective upon execution of this Agreement, the Company shall grant to the DirectorExecutive, within thirty (30) days after the Effective Date, a restricted stock award of 0.71% of the fully-diluted shares of the common stock outstanding on the forty-fifth (45th) day after closing of the initial public offering of shares of the REIT's common stock, excluding shares issued to the underwriters as compensation to the underwriters. Such stock shall be subject to restrictions on transfer by the Director Executive and repurchase by the Company such that the Director Executive shall not be permitted to transfer such shares (other than succession by will or by operation of laws of descent and distribution) and the Company shall have the right to repurchase or recover such shares for the amount of cash paid therefor, if any, if the Director Executive shall resign terminate employment from his service as Chairman of the BoardCompany, provided that such transfer and repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the one-year anniversary date of the issuance of the shares and on each subsequent anniversary of the issuance of the shares that the Director Executive shall remain continuously as the Chairman of the Board of Directors an employee of the Company as of such date.

Initial Restricted Stock Award. Effective upon execution of this Agreement, the Company shall grant to the DirectorExecutive, within thirty (30) days after the Effective Date, a restricted stock award of 0.710.34% of the fully-diluted shares of the common stock outstanding on the forty-fifth (45th) day after closing of the initial public offering of shares of the REIT's common stock, excluding shares issued to the underwriters as compensation to the underwriters. Such stock shall be subject to restrictions on transfer by the Director Executive and repurchase by the Company such that the Director Executive shall not be permitted to transfer such shares (other than succession by will or by operation of laws of descent and distribution) and the Company shall have the right to repurchase or recover such shares for the amount of cash paid therefor, if any, if the Director Executive shall resign terminate employment from his service as Chairman of the BoardCompany, provided that such transfer and repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the one-year anniversary date of the issuance of the shares and on each subsequent anniversary of the issuance of the shares that the Director Executive shall remain continuously as the Chairman of the Board of Directors an employee of the Company as of such date.

Initial Restricted Stock Award. Effective upon execution of this Agreement, the Company shall grant to the DirectorExecutive, within thirty (30) days after the Effective Date, a restricted stock award of 0.710.06% of the fully-diluted shares of the common stock outstanding on the forty-fifth (45th) day after closing of the initial public offering of shares of the REIT's common stock, excluding shares issued to the underwriters as compensation to the underwriters. Such stock shall be subject to restrictions on transfer by the Director Executive and repurchase by the Company such that the Director Executive shall not be permitted to transfer such shares (other than succession by will or by operation of laws of descent and distribution) and the Company shall have the right to repurchase or recover such shares for the amount of cash paid therefor, if any, if the Director Executive shall resign terminate employment from his service as Chairman of the BoardCompany, provided that such transfer and repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the one-year anniversary date of the issuance of the shares and on each subsequent anniversary of the issuance of the shares that the Director Executive shall remain continuously as the Chairman of the Board of Directors an employee of the Company as of such date.

Initial Restricted Stock Award. Effective upon execution of this Agreement, the Company shall grant to the DirectorExecutive, within thirty (30) days after the Effective Date, a restricted stock award of 0.710.23% of the fully-diluted shares of the common stock outstanding on the forty-fifth (45th) day after closing of the initial public offering of shares of the REIT's common stock, excluding shares issued to the underwriters as compensation to the underwriters. Such stock shall be subject to restrictions on transfer by the Director Executive and repurchase by the Company such that the Director Executive shall not be permitted to transfer such shares (other than succession by will or by operation of laws of descent and distribution) and the Company shall have the right to repurchase or recover such shares for the amount of cash paid therefor, if any, if the Director Executive shall resign terminate employment from his service as Chairman of the BoardCompany, provided that such transfer and repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the one-year anniversary date of the issuance of the shares and on each subsequent anniversary of the issuance of the shares that the Director Executive shall remain continuously as the Chairman of the Board of Directors an employee of the Company as of such date.

Initial Restricted Stock Award. Effective upon execution of this Agreement, the Company shall grant to the DirectorExecutive, within thirty (30) days after the Effective Date, a restricted stock award of 0.710.12% of the fully-diluted shares of the common stock outstanding on the forty-fifth (45th) day after closing of the initial public offering of shares of the REIT's common stock, excluding shares issued to the underwriters as compensation to the underwriters. Such stock shall be subject to restrictions on transfer by the Director Executive and repurchase by the Company such that the Director Executive shall not be permitted to transfer such shares (other than succession by will or by operation of laws of descent and distribution) and the Company shall have the right to repurchase or recover such shares for the amount of cash paid therefor, if any, if the Director Executive shall resign terminate employment from his service as Chairman of the BoardCompany, provided that such transfer and repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the one-year anniversary date of the issuance of the shares and on each subsequent anniversary of the issuance of the shares that the Director Executive shall remain continuously as the Chairman of the Board of Directors an employee of the Company as of such date.