Repurchase of Stock of Advisor. Immediately upon termination of this Amended Agreement for any reason, the Advisor shall have the right to repurchase any shares of outstanding common stock of the Advisor (“Advisor Common Stock”) and any units of the Advisor’s operating company (“Advisor Units”) held by the Company at a price equal to the Average VWAP of the Advisor Common Stock for the ten (10) consecutive trading days immediately preceding the date such repurchase option is exercised. Such repurchase rights shall terminate on the two-year anniversary of the termination of this Amended Agreement. All shares of Advisor Common Stock or Advisor Units held by the Company upon the termination of this Amended Agreement shall be encumbered with Advisor’s repurchase right, even if the Company transfers such Advisor Common Stock or Advisor Units prior to the termination of the Advisor’s repurchase right. Notwithstanding anything to the contrary in this Amended Agreement, the Advisor may assign its repurchase rights pursuant to this Section 12.7 to any Person without consent of the Company.
Appears in 4 contracts
Samples: Advisory Agreement, Advisory Agreement (Braemar Hotels & Resorts Inc.), Advisory Agreement (Ashford Hospitality Prime, Inc.)
