Common use of Stock-Based Awards Clause in Contracts

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("Equity Incentive Plan"). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "Initial Grant Options") to purchase 37,500 common shares of beneficial ownership of the Company, par value $.001 ("Common Shares"). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his death, (iv) his becoming Permanently Disabled (as defined herein), or (v) the Company's failure to renew this Agreement. Executive will forfeit all vested and unvested Initial Grant Options if he is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he voluntarily terminates his employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("“Equity Incentive Plan"”). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "“Initial Grant Options"”) to purchase 37,500 125,000 common shares of beneficial ownership of the Company, par value $.001 ("“Common Shares"”). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his her death, (iv) his her becoming Permanently Disabled (as defined herein), or (v) the Company's ’s failure to renew this Agreement. The Executive will forfeit all vested and unvested Initial Grant Options if he she is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he she voluntarily terminates his her employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("Equity Incentive Plan"). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "Initial Grant Options") to purchase 37,500 468,750 common shares of beneficial ownership of the Company, par value $.001 ("Common Shares"). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his death, (iv) his becoming Permanently Disabled (as defined herein), or (v) the Company's failure to renew this Agreement. Executive will forfeit all vested and unvested Initial Grant Options if he is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he voluntarily terminates his employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established Company shall establish and maintain the 2002 Equity Incentive Plan ("Equity Incentive Plan"). Under the Original AgreementThe Company agrees that, on the closing of the 144A Offering, the REIT granted the Executive will receive an initial grant of options (the "Initial Grant Options") to purchase 37,500 120,000 common shares of beneficial ownership of the Company, par value $.001 ("Common Shares"). The Initial Grant Options will have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his death, (iv) his becoming Permanently Disabled (as defined herein), or (v) subject to Compensation Committee approval, the Company's failure to renew this Agreement. Executive will forfeit all vested and unvested Initial Grant Options if he is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he voluntarily terminates his employment with the Company for any reason. The exercise price of the Initial Grant Options shall be $10 per share, except to the extent otherwise required for the Initial Grant Options to be treated as ISO's (as defined below). Executive shall be eligible to receive future option grants as recommended determined by the Chief Executive OfficerPresident, subject to review and approval by the Compensation Committee. The Initial Grant Options will meet the qualifications of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code" and "ISO" respectively) to the fullest extent possible and thereafter, they will be treated as stock options that do not meet the terms of Code Section 422 ("NQSO").

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("“Equity Incentive Plan"”). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "“Initial Grant Options"”) to purchase 37,500 common shares of beneficial ownership of the Company, par value $.001 ("“Common Shares"”). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his death, (iv) his becoming Permanently Disabled (as defined herein), or (v) the Company's ’s failure to renew this Agreement. The Executive will forfeit all vested and unvested Initial Grant Options if he is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he voluntarily terminates his employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("Equity Incentive Plan"). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "Initial Grant Options") to purchase 37,500 common shares of beneficial ownership of the Company, par value $.001 ("Common Shares"). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his death, (iv) his becoming Permanently Disabled (as defined herein), or (v) the Company's failure to renew this Agreement. The Executive will forfeit all vested and unvested Initial Grant Options if he is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he voluntarily terminates his employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("Equity Incentive Plan"). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "Initial Grant Options") to purchase 37,500 468,750 common shares of beneficial ownership of the Company, par value $.001 ("Common Shares"). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his death, (iv) his becoming Permanently Disabled (as defined herein), or (v) the Company's failure to renew this Agreement. The Executive will forfeit all vested and unvested Initial Grant Options if he is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he voluntarily terminates his employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("Equity Incentive Plan"). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "Initial Grant Options") to purchase 37,500 125,000 common shares of beneficial ownership of the Company, par value $.001 ("Common Shares"). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his her death, (iv) his her becoming Permanently Disabled (as defined herein), or (v) the Company's failure to renew this Agreement. Executive will forfeit all vested and unvested Initial Grant Options if he she is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he she voluntarily terminates his her employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("Equity Incentive Plan"). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "Initial Grant Options") to purchase 37,500 150,000 common shares of beneficial ownership of the Company, par value $.001 ("Common Shares"). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his death, (iv) his becoming Permanently Disabled (as defined herein), or (v) the Company's failure to renew this Agreement. The Executive will forfeit all vested and unvested Initial Grant Options if he is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he voluntarily terminates his employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("Equity Incentive Plan"). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "Initial Grant Options") to purchase 37,500 150,000 common shares of beneficial ownership of the Company, par value $.001 ("Common Shares"). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his death, (iv) his becoming Permanently Disabled (as defined herein), or (v) the Company's failure to renew this Agreement. Executive will forfeit all vested and unvested Initial Grant Options if he is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he voluntarily terminates his employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("“Equity Incentive Plan"”). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "“Initial Grant Options"”) to purchase 37,500 468,750 common shares of beneficial ownership of the Company, par value $.001 ("“Common Shares"”). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his death, (iv) his becoming Permanently Disabled (as defined herein), or (v) the Company's ’s failure to renew this Agreement. The Executive will forfeit all vested and unvested Initial Grant Options if he is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he voluntarily terminates his employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.

Stock-Based Awards. (a) 2002 EQUITY INCENTIVE PLAN OPTION GRANTS. The REIT has established the 2002 Equity Incentive Plan ("Equity Incentive Plan"). Under the Original Agreement, on the closing of the 144A Offering, the REIT granted the Executive an initial grant of options (the "Initial Grant Options") to purchase 37,500 125,000 common shares of beneficial ownership of the Company, par value $.001 ("Common Shares"). The Initial Grant Options have an exercise price of $10.00 per share and a term of ten (10) years and will vest and become exercisable with respect to 25% of the underlying Common Shares on the one-year anniversary of the date of grant and 6.25% of the underlying Common Shares on the last day of each fiscal quarter thereafter until fully vested; provided, however, that the Executive will be 100% vested in the Initial Grant Options upon (i) a Change in Control (as defined herein), (ii) a termination by the Company without Cause (as defined herein), (iii) his her death, (iv) his her becoming Permanently Disabled (as defined herein), or (v) the Company's failure to renew this Agreement. The Executive will forfeit all vested and unvested Initial Grant Options if he she is terminated at any time for Cause, and will forfeit all unvested Initial Grant Options if he she voluntarily terminates his her employment with the Company for any reason. The Executive shall be eligible to receive future option grants as recommended by the Chief Executive Officer, subject to review and approval by the Compensation Committee.