REIT Shares. In the event such Contributor has not made a Valid Election to receive cash or OP Units, such Contributor shall receive from the REIT a number of REIT Shares equal to such Contributor’s Contribution Consideration; provided, that to the extent the payment in the form of REIT Shares to such Contributor would result in a violation of the Ownership Limits, such Contributor shall receive (x) the maximum number of REIT Shares that would not result in such a violation of the Ownership Limits, and (y) that number of OP Units equal to the remaining number of REIT Shares not received as a result of the application of the foregoing clause (x) unless the Board of Directors of the REIT excepts such Person from the Ownership Limits.
Appears in 6 contracts
Samples: Contribution Agreement (Silver Bay Realty Trust Corp.), Contribution Agreement (Silver Bay Realty Trust Corp.), Contribution Agreement (Silver Bay Realty Trust Corp.)
