Common use of Options Granted to Parent Employees and Independent Directors Clause in Contracts

Options Granted to Parent Employees and Independent Directors. If at any time or from time to time, in connection with an Equity Incentive Plan, a stock option granted for REIT Shares to a Parent Employee or Independent Director is duly exercised: (i) the Parent shall, as soon as practicable after such exercise, make or cause to be made directly or indirectly a Capital Contribution to the Partnership in an amount equal to the exercise price paid to the Parent 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 4.05(a)(i) hereof, the Parent shall be deemed to have contributed directly or indirectly to the Partnership, as a Capital Contribution, in consideration of an additional Limited Partner Interest (expressed in and as additional Partnership Units), an amount equal to the Value of a Common REIT Share as of the date of exercise multiplied by the number of Common 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 Parent shall be treated as having made a cash contribution to the Partnership equal to the amount described in Section 4.05(a)(ii) hereof.

Options Granted to Parent Employees and Independent Directors. If at any time or from time to time, in connection with an Equity Incentive Plan, a stock option granted for Common REIT Shares to a Parent Employee or Independent Director is duly exercised: (i) the The Parent shall, as soon as practicable after such exercise, make or cause to be made directly or indirectly a Capital Contribution to the Partnership in an amount equal to the exercise price paid to the Parent by such exercising party in connection with the exercise of such stock option. (ii) Notwithstanding (and in lieu of) the amount of the Capital Contribution actually made pursuant to Section 4.05(a)(i) hereof, the Parent shall be deemed to have contributed directly or indirectly to the Partnership, as a Capital Contribution, in consideration of an additional Limited Partner Interest (expressed in and as additional Partnership Units), an amount equal to (i) the Value of a Common REIT Share as of the date of exercise exercise, multiplied by (ii) the number of Common REIT Shares then being issued in connection with the exercise of such stock option. (iii) An equitable Percentage Interest adjustment The General Partner shall be made in which cause the Partnership to issue to the Parent shall be treated as having made or a cash contribution to the Partnership Subsidiary of Parent that number of OP Units equal to the amount number of Common REIT Shares then being issued in connection with the exercise of such stock option, as described in Section 4.05(a)(ii) hereof.