Common use of Time-Vested Performance Equity Award Clause in Contracts

Time-Vested Performance Equity Award. At the beginning of each year of the Term of Employment beginning with the year ending December 31, 2018, Executive shall be granted an annual award of time-vested equity in the form of long term incentive plan units of the Operating Partnership (“LTIPs”) (the “Annual LTIP Award”). The number of LTIPs to be issued pursuant to the Annual LTIP Award shall be determined by dividing an amount no less than $200,000 by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding the date of grant of such LTIP award. In addition, as of January 1, 2018, Executive shall be granted a pro-rated Annual LTIP Award for the 2017 stub period from the Effective Date through December 31, 2017, with the number of LTIPs granted to be determined based on the pro-rated dollar amount of the Annual LTIP Award, divided by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding (but not including) January 1, 2018. Each Annual LTIP Award (except the prorated award granted on January 1, 2018 for the 2017 stub period) will vest and become nonforfeitable in three equal installments on the effective date of each anniversary of grant, subject to provisions set forth in Sections 3(f) and 5 of this Agreement. The prorated award granted on January 1, 2018 for the 2017 stub period will vest and become nonforfeitable as follows: (i) the first installment on December 31, 2018 in the amount of one-third (1/3) of the 2017 stub period award and (ii) the second and third installments on the second and third anniversary of the Effective Date, respectively, in the amount of one-third (1/3) of the 2017 stub period award, in each case subject to provisions set forth in Sections 3(f) and 5 of this Agreement.

Time-Vested Performance Equity Award. At the beginning of each year of the Term of Employment beginning with the year ending December 31, 2018, Executive shall be granted an annual award of time-vested equity in the form of long term incentive plan units of the Operating Partnership (“LTIPs”) (the “Annual LTIP Award”). The number of LTIPs to be issued pursuant to the Annual LTIP Award shall be determined by dividing an amount no less than $200,000 50,000 by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding the date of grant of such LTIP award. In addition, as of January 1, 2018, Executive shall be granted a pro-rated Annual LTIP Award for the 2017 stub period from the Effective Date through December 31, 2017, with the number of LTIPs granted to be determined based on the pro-rated dollar amount of the Annual LTIP Award, divided by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding (but not including) January 1, 2018. Each Annual LTIP Award (except the prorated award granted on January 1, 2018 for the 2017 stub period) will vest and become nonforfeitable in three equal installments on the effective date of each anniversary of grant, subject to provisions set forth in Sections 3(f) and 5 of this Agreement. The prorated award granted on January 1, 2018 for the 2017 stub period will vest and become nonforfeitable as follows: (i) the first installment on December 31, 2018 in the amount of one-third (1/3) of the 2017 stub period award and (ii) the second and third installments on the second and third anniversary of the Effective Date, respectively, in the amount of one-third (1/3) of the 2017 stub period award, in each case subject to provisions set forth in Sections 3(f) and 5 of this Agreement.

Time-Vested Performance Equity Award. At the beginning of each year of the Term of Employment beginning with the year ending December 31, 2018, Executive shall be granted an annual award of time-vested equity in the form of long term incentive plan units of the Operating Partnership (“LTIPs”) (the “Annual LTIP Award”). The number of LTIPs to be issued pursuant to the Annual LTIP Award shall be determined by dividing an amount no less than $200,000 600,000 by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding the date of grant of such LTIP award. In addition, as of January 1, 2018, Executive shall be granted a pro-rated Annual LTIP Award for the 2017 stub period from the Effective Date through December 31, 2017, with the number of LTIPs granted to be determined based on the pro-rated dollar amount of the Annual LTIP Award, divided by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding (but not including) January 1, 2018. Each Annual LTIP Award (except the prorated award granted on January 1, 2018 for the 2017 stub period) will vest and become nonforfeitable in three equal installments on the effective date of each anniversary of grant, subject to provisions set forth in Sections 3(f) and 5 of this Agreement. The prorated award granted on January 1, 2018 for the 2017 stub period will vest and become nonforfeitable as follows: (i) the first installment on December 31, 2018 in the amount of one-third (1/3) of the 2017 stub period award and (ii) the second and third installments on the second and third anniversary of the Effective Date, respectively, in the amount of one-third (1/3) of the 2017 stub period award, in each case subject to provisions set forth in Sections 3(f) and 5 of this Agreement.

Time-Vested Performance Equity Award. At the beginning of each year of the Term of Employment beginning with the year ending December 31, 2018, Executive Service Provider shall be granted an annual award of time-vested equity in the form of long term incentive plan units of the Operating Partnership (“LTIPs”) (the “Annual LTIP Award”). The number of LTIPs to be issued pursuant to the Annual LTIP Award shall be determined by dividing an amount no less than $200,000 by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding the date of grant of such LTIP award. In addition, as of January 1, 2018, Executive Service Provider shall be granted a pro-rated Annual LTIP Award for the 2017 stub period from the Effective Date through December 31, 2017, with the number of LTIPs granted to be determined based on the pro-rated dollar amount of the Annual LTIP Award, divided by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding (but not including) January 1, 2018. Each Annual LTIP Award (except the prorated award granted on January 1, 2018 for the 2017 stub period) will vest and become nonforfeitable in three equal installments on the effective date of each anniversary of grant, subject to provisions set forth in Sections 3(f) and 5 of this Agreement. The prorated award granted on January 1, 2018 for the 2017 stub period will vest and become nonforfeitable as follows: (i) the first installment on December 31, 2018 in the amount of one-third (1/3) of the 2017 stub period award and (ii) the second and third installments on the second and third anniversary of the Effective Date, respectively, in the amount of one-third (1/3) of the 2017 stub period award, in each case subject to provisions set forth in Sections 3(f) and 5 of this Agreement.

Time-Vested Performance Equity Award. At the beginning of each year of the Term of Employment beginning with the year ending December 31, 2018, Executive shall be granted an annual award of time-vested equity in the form of long term incentive plan units of the Operating Partnership (“LTIPs”) (the “Annual LTIP Award”). The number of LTIPs to be issued pursuant to the Annual LTIP Award shall be determined by dividing an amount no less than $200,000 175,000 by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding the date of grant of such LTIP award. In addition, as of January 1, 2018, Executive shall be granted a pro-rated Annual LTIP Award for the 2017 stub period from the Effective Date through December 31, 2017, with the number of LTIPs granted to be determined based on the pro-rated dollar amount of the Annual LTIP Award, divided by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding (but not including) January 1, 2018. Each Annual LTIP Award (except the prorated award granted on January 1, 2018 for the 2017 stub period) will vest and become nonforfeitable in three equal installments on the effective date of each anniversary of grant, subject to provisions set forth in Sections 3(f) and 5 of this Agreement. The prorated award granted on January 1, 2018 for the 2017 stub period will vest and become nonforfeitable as follows: (i) the first installment on December 31, 2018 in the amount of one-third (1/3) of the 2017 stub period award and (ii) the second and third installments on the second and third anniversary of the Effective Date, respectively, in the amount of one-third (1/3) of the 2017 stub period award, in each case subject to provisions set forth in Sections 3(f) and 5 of this Agreement.