Common use of REIT Shares Clause in Contracts

REIT Shares. The Allocated Share for each Forward REIT Merger Entity Interest held by a Pre-Formation Participant who is an Accredited Investor shall be distributed in the form of a number of REIT Shares equal to the Allocated Share divided by the IPO Price; provided that, subject to Section 7.02(d), to the extent such distribution of REIT Shares to the holder of the Forward REIT Merger Entity Interests would result in a violation of the restrictions on ownership and transfer set forth in Section 6.3 of the REIT’s charter (the “Ownership Limits”), such holder shall receive (x) the maximum number of whole REIT Shares that would not result in such a violation of the Ownership Limits, and (y) that number of common units of partnership interests in the Operating Partnership (the “OP Units”) equal to the remaining number of REIT Shares not distributed as a result of the application of the foregoing clause (x).

REIT Shares. The Allocated Share for each Forward REIT Merger Entity SPE Equity Interest or portion thereof held by a Pre-Formation Participant who is an Accredited Investor shall be distributed in the form of a number of REIT Shares equal to the applicable portion of such Allocated Share divided by the IPO Price; provided that, subject to Section 7.02(d), to the extent such distribution of REIT Shares to the holder of the Forward REIT Merger Entity SPE Equity Interests would result in such a violation of the restrictions on ownership and transfer set forth in Section 6.3 of the REIT’s charter (the “Ownership Limits”), such holder shall receive (x) the maximum number of whole REIT Shares that would not result in such a violation of the Ownership Limits, and (y) that number of common units of partnership interests in the Operating Partnership (the “OP Units”) equal to the remaining number of REIT Shares not distributed as a result of the application of the foregoing clause (x).