Common use of Options Granted to Independent Directors Clause in Contracts

Options Granted to Independent Directors. If at any time or from time to time, in connection with the Stock Incentive Plan, a stock option granted to an Independent Director is duly exercised: (i) the Company shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership in an amount equal to the exercise price paid to the Company by such exercising party in connection with the exercise of such stock option. (ii) Notwithstanding the amount of the Capital Contribution actually made pursuant to Section 4.4(a)(i) hereof, the Company shall be deemed to have contributed to the Partnership as a Capital Contribution, in consideration of an additional Limited Partner Interest (expressed in and as additional Partnership Common Units), an amount equal to the Value of a REIT Share as of the date of exercise multiplied by the number of REIT Shares then being issued in connection with the exercise of such stock option. (iii) An equitable Percentage Interest adjustment shall be made in which the Company shall be treated as having made a cash contribution equal to the amount described in Section 4.4(a)(ii) hereof.

Options Granted to Independent Directors. If at any time or from time to time, in connection with the Stock Incentive Option Plan, a stock option granted to an Independent Director is duly exercised: (i) the Company General Partner shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership in an amount equal to the exercise price paid to the Company General Partner by such exercising party in connection with the exercise of such stock option. (ii) Notwithstanding the amount of the Capital Contribution actually made pursuant to Section 4.4(a)(i4.4(b)(i) hereof, the Company General Partner shall be deemed to have contributed to the Partnership as a Capital Contribution, in consideration of an additional Limited Partner Interest (expressed in and as additional Partnership Common Units), an amount equal to the Value of a REIT Share as of the date of exercise multiplied by the number of REIT Shares then being issued in connection with the exercise of such stock option. (iii) An equitable Percentage Interest adjustment shall be made in which the Company General Partner shall be treated as having made a cash contribution equal to the amount described in Section 4.4(a)(ii4.4(b)(ii) hereof.

Options Granted to Independent Directors. If at any time or from time to time, in connection with the Stock Incentive Plan, a stock option granted to an Independent Director is duly exercised: (i) the Company General Partner shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership in an amount equal to the exercise price paid to the Company General Partner by such exercising party in connection with the exercise of such stock option. (ii) Notwithstanding the amount of the Capital Contribution actually made pursuant to Section 4.4(a)(i4.4(b)(i) hereof, the Company General Partner shall be deemed to have contributed to the Partnership as a Capital Contribution, in consideration of an additional Limited Partner Interest (expressed in and as additional Partnership Common Units), an amount equal to the Value of a REIT Share as of the date of exercise multiplied by the number of REIT Shares then being issued in connection with the exercise of such stock option. (iii) An equitable Percentage Interest adjustment shall be made in which the Company General Partner shall be treated as having made a cash contribution equal to the amount described in Section 4.4(a)(ii4.4(b)(ii) hereof.