Purchase of Shares Clause Example with 7 Variations from Business Contracts
This page contains Purchase of Shares clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Purchase of Shares. (a) Participants will acquire Shares from the Company under the Plan (the "Plan Shares") at a price equal to the Company's current estimated value per Share or, $25.04 per Share. Following any subsequent valuation of the Shares, the shares issued pursuant to the Plan will be priced at 100% of the most recently determined estimated value per share of the Shares. No selling commissions or dealer manager fees on the Class A, Class D or Class T shares or will be payable with respect to shares purcha...sed pursuant to the Plan. Participants may acquire Shares from the Company under the Plan until the earliest of (a) all the Plan Shares registered in the Initial Offering or any Future Offering are issued, (b) the Initial Offering and any Future Offering of Plan Shares terminate and the Company elects to deregister with the SEC the unsold Plan Shares, or (c) there is more than a de minimis amount of trading in the Shares, at which time any registered Plan Shares then available under the Plan will be sold at a price equal to the fair market value of the Shares, as determined by the Board of Directors by reference to the applicable sales price with respect to the most recent trades occurring on or prior to the relevant Distribution date. Participants in the Plan may also purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares to the extent that any such purchase would cause such Participant to exceed the Aggregate Share Ownership Limit or the Common Share Ownership Limit as set forth in the Charter or otherwise would cause a violation of the Share ownership restrictions set forth in the Charter. (b) Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (a) the Plan Shares which will be registered with the SEC in connection with the Company's Initial Offering, (b) Shares to be registered with the SEC in a Future Offering for use in the Plan (a "Future Registration"), (c) Shares purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange (if listed) (collectively, the "Secondary Market"). (c) Shares purchased in any Secondary Market will be purchased at the then-prevailing market price, which price will be utilized for purposes of issuing Shares in the Plan. Shares acquired by the Company in any Secondary Market or registered in a Future Registration for use in the Plan may be at prices lower or higher than the Share price which will be paid for the Plan Shares pursuant to the Initial Offering. 1 (d) If the Company acquires Shares in any Secondary Market for use in the Plan, the Company shall use its reasonable efforts to acquire Shares at the lowest price then reasonably available for Shares of the class acquired. However, the Company does not in any respect guarantee or warrant that the Shares so acquired and purchased by the Participant in the Plan will be at the lowest possible price. Further, irrespective of the Company's ability to acquire Shares in any Secondary Market or to make a Future Offering for Shares to be used in the Plan, the Company is in no way obligated to do either, but may do so in its sole discretion.View More
Variations of a "Purchase of Shares" Clause from Business Contracts
Purchase of Shares. (a) Participants will acquire Shares from the Company under the Plan (the "Plan Shares") at a price equal to the Company's current estimated value per Share or, $25.04 per Share. Following any subsequent valuation 95% of the Shares, estimated net asset value ("NAV") per share most recently announced by the shares issued pursuant to Company in a public filing with the Commission as of the date the Plan Shares are issued. Participants will be priced acquire Plan Shares at 100% of the most recently... determined estimated value per share of the Shares. No selling commissions or dealer manager fees on the Class A, Class D or Class T shares or will be payable with respect to shares purchased pursuant to the Plan. Participants may acquire Shares from the Company under the Plan such price until the earliest of (a) (i) all the Plan Shares registered in the Initial Offering or any offering of Plan Shares, including any Future Offering Offerings, are issued, (b) the Initial Offering and (ii) all offerings of Plan Shares, including any Future Offering of Plan Shares Offerings, terminate and the Company elects to deregister with the SEC Commission the unsold Plan Shares, or (c) there is more than (iii) the shares of the Company's common stock are listed on a de minimis amount of trading in the Shares, national securities exchange, at which time any registered Plan Shares then available under the Plan will be sold at a price equal to the fair market value of the Shares, as determined by the Company's Board of Directors by reference to the applicable sales price with in respect to the most recent trades occurring on or prior to the relevant Distribution date. date, or (iv) the Company's Board, in its sole discretion, determines for any reason to modify the Plan to provide for a higher or lower price at which Plan Shares may be purchased. Any such price modification may be arbitrarily determined by the Board, or may be determined on a different basis, including but not limited to a price equal to an estimated value per share or the then current net asset value per share, as calculated in accordance with policies and procedures developed by the Board. Participants in the Plan may also purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares to the extent that any such purchase would cause such Participant to exceed the Aggregate Share Ownership Limit or the Common Share Ownership Limit as set forth in the Charter or otherwise would cause a violation of the Share ownership restrictions set forth in the Charter. (b) The estimated NAV per share will not represent the fair value of the Company's assets less liabilities in accordance with U.S. generally accepted accounting principles ("GAAP"), and any such estimated NAV per share is not a representation, warranty or guarantee that: (i) a Stockholder would be able to realize the estimated NAV per share if the Stockholder attempts to sell his or her Shares; (ii) a Stockholder would ultimately realize distributions per share equal to the estimated NAV per share upon the Company's liquidation or sale; (iii) the Shares would trade at the estimated NAV per share on a national securities exchange; or (iv) a third party would offer the estimated NAV per share in an arm's-length transaction to purchase all or substantially all of the Shares. Participants should not rely on the estimated NAV per share as being an accurate measure of the then-current value of the Shares in deciding whether to reinvest distributions pursuant to this Plan. Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (a) the Plan Shares which will be are registered with the SEC Commission in connection with the Company's Initial Offering, public offerings, (b) Shares to be registered with the SEC Commission in a Future Offering for use in the Plan (a "Future Registration"), or (c) Shares of the Company's common stock purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange (if listed) (collectively, the "Secondary Market"). (c) Shares purchased in any Secondary Market will be purchased by the Company at the then-prevailing market price, which price will be utilized for purposes of issuing Shares in the Plan. Shares acquired by the Company in any Secondary Market or registered in a Future Registration for use in the Plan may be at prices lower or higher than the Share price which will be was paid for the Plan Shares pursuant to the Initial Offering. 1 (d) Company's prior public offerings. If the Company acquires Shares in any Secondary Market for use in the Plan, the Company shall use its reasonable efforts to acquire Shares at the lowest price then reasonably available for Shares of the class acquired. available. However, the Company does not in any respect guarantee or warrant that the Shares so acquired and purchased by the Participant in the Plan will be at the lowest possible price. price and such price may not represent the estimated NAV per share of the Shares or the fair value of the Company's assets less liabilities in accordance with GAAP. Further, irrespective of the Company's ability to acquire Shares in any Secondary Market or to make a Future Offering for Shares to be used in the Plan, the Company is in no way obligated to do either, but may and will do so only in its sole discretion. View More
Purchase of Shares. (a) Participants will acquire Plan Shares from the Company under the Plan (the "Plan Shares") at a price equal to the Company's current estimated net asset value per Share or, $25.04 per Share. Following any subsequent valuation of the Shares, the shares issued pursuant to the Plan will be priced at 100% of the most recently determined estimated value ("NAV") per share of the Shares. No selling commissions or dealer manager fees on Class A Shares and the Class A, Class D or Class T shares or wil...l be payable with respect to shares purchased pursuant to the Plan. Participants may acquire Shares from Shares, respectively, most recently disclosed by the Company under in a public filing with the Commission as of the date the Plan Shares are issued. Participants will acquire Plan Shares at such respective prices until the earliest of (a) (i) all the Plan Shares registered in the Initial Offering or and any Future Offering are issued, (b) (ii) the Initial Offering and any Future Offering of Plan Shares terminate and the Company elects to deregister with the SEC Commission the unsold Plan Shares, or (c) there is more than (iii) the shares of the Company's common stock are listed on a de minimis amount of trading in the Shares, national securities exchange, at which time any registered Plan Shares then available under the Plan will be sold at a price equal to the fair market value of the such class of Shares, as determined by the Company's Board of Directors by reference to the applicable sales price with in respect to the most recent trades occurring on or prior to the relevant Distribution date. distribution date, or (iv) the Company's Board, in its sole discretion, determines for any reason to modify the Plan to provide for a higher or lower price at which Plan Shares may be purchased. Any such price modification may be arbitrarily determined by the Board, or may be determined on a different basis, including but 1 not limited to a price equal to an estimated value per share of such class of Shares or the then current NAV per share of such class of Shares, as calculated in accordance with policies and procedures developed by the Board. Participants in the Plan may also purchase fractional Shares so that 100% of the Dividends or Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares to the extent that any such purchase would cause such Participant to exceed the Aggregate Share Ownership Limit or the Common Share Ownership Limit as set forth in the Charter or otherwise would cause a violation of the Share ownership restrictions set forth in the Charter. (b) The estimated NAV per share will not represent the fair value of the Company's assets less liabilities in accordance with U.S. generally accepted accounting principles ("GAAP"), and any such estimated NAV per share is not a representation, warranty or guarantee that: (i) a Participant would be able to realize the estimated NAV per share if the Participant attempts to sell his or her Shares; (ii) a Participant would ultimately realize distributions per share equal to the estimated NAV per share upon the Company's liquidation or sale; (iii) the Shares would trade at the estimated NAV per share on a national securities exchange; or (iv) a third party would offer the estimated NAV per share in an arm's-length transaction to purchase all or substantially all of the Shares. Participants should not rely on the estimated NAV per share as being an accurate measure of the then-current value of the Shares in deciding whether to reinvest distributions pursuant to this Plan. Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (a) the Plan Shares which will be registered with the SEC Commission in connection with the Company's Initial Offering, (b) Shares to be registered with the SEC Commission in a Future Offering for use in the Plan (a "Future Registration"), or (c) Shares of the Company's common stock purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange (if listed) (collectively, the "Secondary Market"). (c) Shares purchased in any Secondary Market will be purchased by the Company at the then-prevailing market price, which price will be utilized for purposes of issuing such Shares in the Plan. Shares acquired by the Company in any Secondary Market or registered in a Future Registration for use in the Plan may be at prices lower or higher than the Share price which will be paid for the Plan Shares pursuant to the Initial Offering. 1 (d) If the Company acquires Shares in any Secondary Market for use in the Plan, the Company shall use its reasonable efforts to acquire Shares at the lowest price then reasonably available for Shares of the class acquired. available. However, the Company does not in any respect guarantee or warrant that the Shares so acquired and purchased by the Participant in the Plan will be at the lowest possible price. price and such price may not represent the estimated NAV per share of the Shares or the fair value of the Company's assets less liabilities in accordance with GAAP. Further, irrespective of the Company's ability to acquire Shares in any Secondary Market or to make a Future Offering for Shares to be used in the Plan, the Company is in no way obligated to do either, but may do so in its sole discretion. View More
Purchase of Shares. (a) Participants will acquire Shares from the Company under pursuant to the Plan (the "Plan Shares") at a price equal to the Company's current estimated value NAV per Share or, $25.04 per Share. Following any subsequent valuation applicable to the class of Shares held by the Participant, calculated as of the Shares, distribution date in accordance with the shares issued pursuant to the Plan will be priced at 100% of the most recently determined estimated value per share of the Shares. Company's ...valuation guidelines. No selling commissions or dealer manager fees on the Class A, Class D or Class T shares or will be payable with respect to shares Shares purchased pursuant to the Plan. Participants may acquire Shares from the Company under the Plan until the earliest of (a) all the Plan Shares registered in the Initial Offering or any Future Offering are issued, (b) the Initial Offering and any Future Offering of Plan Shares terminate and the Company elects to deregister with the SEC the unsold Plan Shares, or (c) there is more than a de minimis amount of trading in the Shares, at which time any registered Plan Shares then available under the Plan will be sold at a price equal to the fair market value of the Shares, as determined by the Board of Directors by reference to the applicable sales price with respect to the most recent trades occurring on or prior to the relevant Distribution date. Participants in the Plan may also purchase fractional Shares so that 100% of the Distributions Dividends will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares to the extent that any such purchase would cause such Participant to exceed the Aggregate Share Ownership Limit or the Common Share Ownership Limit as set forth in the Charter or otherwise would cause a violation of the Share ownership restrictions set forth in the Charter. (b) Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (a) from, as applicable: (i) the Plan Shares which will be registered with the SEC in connection with for issuance pursuant to the Company's Initial Offering, (b) Shares to be registered with the SEC in a Future Offering for use in the Plan (a "Future Registration"), (c) Plan, (ii) Shares purchased by the Company for issuance pursuant to the Plan in a secondary market (if available) or on a stock exchange (if listed) (collectively, the "Secondary Market"). Market"), or (iii) unregistered Shares which have not been registered under the Securities Act of 1933, as amended ("Securities Act"), or the securities laws of any state, and which will be issued in reliance upon exemptions from the registration requirements of the Securities Act and such state securities laws. (c) Shares purchased in any Secondary Market will be purchased at the then-prevailing market price, price for Shares of the class purchased, which price will be utilized for purposes of issuing Shares in the Plan. Shares acquired by the Company in any Secondary Market or registered in a Future Registration for use in the Plan may be at prices lower or higher than the Share price which will be paid for the Plan Shares of that class pursuant to the Initial Offering. 1 Company's continuous public offering or private offering pursuant to a Private Placement Memorandum. (d) If the Company acquires Shares in any Secondary Market for use in issuance pursuant to the Plan, the Company shall use its reasonable efforts to acquire Shares at the lowest price then reasonably available for Shares of the class acquired. However, the Company does not in any respect guarantee or warrant that the Shares so acquired and purchased by the Participant in the Plan will be at the lowest possible price. Further, irrespective of the Company's ability to acquire Shares in any Secondary Market or to make a Future Offering register for Shares to be used in the Plan, the Company is in no way obligated to do either, but may do so in its sole discretion. View More
Purchase of Shares. (a) Participants will acquire Shares from the Company under the Plan (the "Plan Shares") at a price equal to the Company's current estimated value NAV per Share or, $25.04 per Share. Following any subsequent valuation applicable to the class of Shares held by the Participant, calculated as of the Shares, the shares issued pursuant to the Plan will be priced at 100% of the most recently determined estimated value per share of the Shares. distribution date. No selling commissions or dealer manager... fees on the Class A, Class D or Class T shares or up front dealer manager fees on the Class T shares will be payable with respect to shares purchased pursuant to the Plan. Participants may acquire Shares from the Company under the Plan until the earliest of (a) all the Plan Shares registered in the Initial Offering or any Future Offering are issued, (b) the Initial Offering and any Future Offering of Plan Shares terminate and the Company elects to deregister with the SEC the unsold Plan Shares, or (c) there is more than a de minimis amount of trading in the Shares, at which time any registered Plan Shares then available under the Plan will be sold at a price equal to the fair market value of the Shares, as determined by the Board of Directors by reference to the applicable sales price with respect to the most recent trades occurring on or prior to the relevant Distribution date. Participants in the Plan may also purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares to the extent that any such purchase would cause such Participant to exceed the Aggregate Share Ownership Limit or the Common Share Ownership Limit as set forth in the Charter or otherwise would cause a violation of the Share ownership restrictions set forth in the Charter. (b) Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (a) (i) the Plan Shares which will be registered with the SEC in connection with the Company's Initial a Public Offering, (b) (ii) Shares to be registered with the SEC in a Future Offering for use in the Plan (a "Future Registration"), (c) (iii) Shares purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange (if listed) (collectively, the "Secondary Market"). Market") or (iv) Shares which have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state, and which will be issued in reliance upon exemptions from the registration requirements of the Securities Act and state securities laws. (c) Shares purchased in any Secondary Market will be purchased at the then-prevailing market price, price for Shares of the class purchased, which price will be utilized for purposes of issuing Shares in the Plan. Shares acquired by the Company in any Secondary Market or registered in a Future Registration for use in the Plan may be at prices lower or higher than the Share price which will be paid for the Plan Shares of that class pursuant to the Initial Public Offering or Private Offering. 1 (d) If the Company acquires Shares in any Secondary Market for use in the Plan, the Company shall use its reasonable efforts to acquire Shares at the lowest price then reasonably available for Shares of the class acquired. However, the Company does not in any respect guarantee or warrant that the Shares so acquired and purchased by the Participant in the Plan will be at the lowest possible price. Further, irrespective of the Company's ability to acquire Shares in any Secondary Market or to make a Future Offering for Shares to be used in the Plan, the Company is in no way obligated to do either, but may do so in its sole discretion. View More
Purchase of Shares. (a) Participants will acquire Shares from the Company under the Plan (the "Plan Shares") at a price equal to the Company's current estimated value NAV per Share or, $25.04 per Share. Following any subsequent valuation applicable to the class of Shares held by the Participant, calculated as of the Shares, the shares issued pursuant to the Plan will be priced at 100% of the most recently determined estimated value per share of the Shares. distribution date. No selling commissions or dealer manager... fees on the Class A, Class D or Class T shares or will be payable with respect to shares purchased pursuant to the Plan. Participants may acquire Shares from the Company under the Plan until the earliest of (a) all the Plan Shares registered in the Initial Offering or any Future Offering are issued, (b) the Initial Offering and any Future Offering of Plan Shares terminate and the Company elects to deregister with the SEC the unsold Plan Shares, or (c) there is more than a de minimis amount of trading in the Shares, at which time any registered Plan Shares then available under the Plan will be sold at a price equal to the fair market value of the Shares, as determined by the Board of Directors by reference to the applicable sales price with respect to the most recent trades occurring on or prior to the relevant Distribution date. Participants in the Plan may also purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares to the extent that any such purchase would cause such Participant to exceed the Aggregate Share Ownership Limit or the Common Share Ownership Limit as set forth in the Charter or otherwise would cause a violation of the Share ownership restrictions set forth in the Charter. (b) Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (a) (i) the Plan Shares which will be registered with the SEC in connection with the Company's Initial a Public Offering, (b) (ii) Shares to be registered with the SEC in a Future Offering for use in the Plan (a "Future Registration"), (c) (iii) Shares purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange (if listed) (collectively, the "Secondary Market"). Market") or (iv) Shares which have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state, and which will be issued in reliance upon exemptions from the registration requirements of the Securities Act and state securities laws. (c) Shares purchased in any Secondary Market will be purchased at the then-prevailing market price, price for Shares of the class purchased, which price will be utilized for purposes of issuing Shares in the Plan. Shares acquired by the Company in any Secondary Market or registered in a Future Registration for use in the Plan may be at prices lower or higher than the Share price which will be paid for the Plan Shares of that class pursuant to the Initial Public Offering or Private Offering. 1 (d) If the Company acquires Shares in any Secondary Market for use in the Plan, the Company shall use its reasonable efforts to acquire Shares at the lowest price then reasonably available for Shares of the class acquired. However, the Company does not in any respect guarantee or warrant that the Shares so acquired and purchased by the Participant in the Plan will be at the lowest possible price. Further, irrespective of the Company's ability to acquire Shares in any Secondary Market or to make a Future Offering for Shares to be used in the Plan, the Company is in no way obligated to do either, but may do so in its sole discretion. View More
Purchase of Shares. (a) Participants will acquire Plan Shares from the Company under the Plan (the "Plan Shares") at a price equal to the Company's current estimated value $9.9187 per Class A Share or, $25.04 and $9.8298 per Share. Following any subsequent valuation of the Shares, the shares issued pursuant to the Plan will be priced at 100% of the most recently determined estimated value per share of the Shares. No selling commissions or dealer manager fees on the Class A, Class D or Class T shares or will be paya...ble with respect to shares purchased pursuant to the Plan. Participants may acquire Shares from the Company under the Plan Share until the earliest of (a) (i) all the Plan Shares registered in the Initial Offering or and any Future Offering are issued, (b) (ii) the Initial Offering and any Future Offering of Plan Shares terminate and the Company elects to deregister with the SEC Commission the unsold Plan Shares, or (c) there is more than (iii) the shares of the Company's common stock are listed on a de minimis amount of trading in the Shares, national securities exchange, at which time any registered Plan Shares then available under the Plan will be sold at a price equal to the fair market value of the such class of Shares, as determined by the Company's Board of Directors by reference to the applicable sales price with in respect to the most recent trades occurring on or prior to the relevant Distribution date. distribution date, or (iv) the Company's Board, in its sole discretion, determines for any reason to modify the Plan to provide for a higher or lower price at which Plan Shares may be purchased. Any such price modification may be arbitrarily determined by the Board, or may be determined on a different basis, including but not limited to a price equal to an estimated value per share of such class of Shares or the then current net asset value per share of such class of Shares, as calculated in accordance with policies and procedures to be developed by the Board. Participants C-1 in the Plan may also purchase fractional Shares so that 100% of the Dividends or Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares to the extent that any such purchase would cause such Participant to exceed the Aggregate Share Ownership Limit or the Common Share Ownership Limit as set forth in the Charter or otherwise would cause a violation of the Share ownership restrictions set forth in the Charter. (b) Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (a) the Plan Shares which will be registered with the SEC Commission in connection with the Company's Initial Offering, (b) Shares to be registered with the SEC Commission in a Future Offering for use in the Plan (a "Future Registration"), or (c) Shares of the Company's common stock purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange (if listed) (collectively, the "Secondary Market"). (c) Shares purchased in any Secondary Market will be purchased by the Company at the then-prevailing market price, which price will be utilized for purposes of issuing such Shares in the Plan. Shares acquired by the Company in any Secondary Market or registered in a Future Registration for use in the Plan may be at prices lower or higher than the Share price which will be paid for the Plan Shares pursuant to the Initial Offering. 1 (d) If the Company acquires Shares in any Secondary Market for use in the Plan, the Company shall use its reasonable efforts to acquire Shares at the lowest price then reasonably available for Shares of the class acquired. available. However, the Company does not in any respect guarantee or warrant that the Shares so acquired and purchased by the Participant in the Plan will be at the lowest possible price. Further, irrespective of the Company's ability to acquire Shares in any Secondary Market or to make a Future Offering for Shares to be used in the Plan, the Company is in no way obligated to do either, but may do so in its sole discretion. View More
Purchase of Shares. (a) Participants will acquire Plan Shares from the Company under the Plan (the "Plan Shares") at a price equal to the Company's current estimated value $9.0355 per Share or, $25.04 per Share. Following any subsequent valuation of the Shares, the shares issued pursuant to the Plan will be priced at 100% of the most recently determined estimated value per share of the Shares. No selling commissions or dealer manager fees on the Class A, Class D or Class T shares or will be payable with respect to ...shares purchased pursuant to the Plan. Participants may acquire Shares from the Company under the Plan until the earliest of (a) (i) all the Plan Shares registered in the Initial Offering or and any Future Offering are issued, (b) (ii) the Initial Offering and any Future Offering of Plan Shares terminate and the Company elects to deregister with the SEC Commission the unsold Plan Shares, or (c) there is more than (iii) the shares of the Company's common stock are listed on a de minimis amount of trading in the Shares, national securities exchange, at which time any registered Plan Shares then available under the Plan will be sold at a price equal to the fair market value of the such class of Shares, as determined by the Company's Board of Directors by reference to the applicable sales price with in respect to the most recent trades occurring on or prior to the relevant Distribution date. distribution date, or (iv) the Company's Board, in its sole discretion, determines for any reason to modify the Plan to provide for a higher or lower price at which Plan Shares may be purchased. Any such price modification may be arbitrarily determined by the Board, or may be determined on a different basis, including but not limited to a price equal to an estimated value per share of such class of Shares or the then current net asset value per share of such class of Shares, as calculated in accordance with policies and procedures to be developed by the Board. Participants in the Plan may also purchase fractional Shares so that 100% of the Dividends or Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares to the extent that any such purchase would cause such Participant to exceed the Aggregate Share Ownership Limit or the Common Share Ownership Limit as set forth in the Charter or otherwise would cause a violation of the Share ownership restrictions set forth in the Charter. (b) Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (a) the Plan Shares which will be registered with the SEC Commission in connection with the Company's Initial Offering, (b) Shares to be registered with the SEC Commission in a Future Offering for use in the Plan (a "Future Registration"), or (c) Shares of the Company's common stock purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange (if listed) (collectively, the "Secondary Market"). (c) Shares purchased in any Secondary Market will be purchased by the Company at the then-prevailing market price, which price will be utilized for purposes of issuing such Shares in the Plan. Shares acquired by the Company in any Secondary Market or registered in a Future Registration for use in the Plan may be at prices lower or higher than the Share price which will be paid for the Plan Shares pursuant to the Initial Offering. 1 (d) If the Company acquires Shares in any Secondary Market for use in the Plan, the Company shall use its reasonable efforts to acquire Shares at the lowest price then reasonably available for Shares of the class acquired. available. However, the Company does not in any respect guarantee or warrant that the Shares so acquired and purchased by the Participant in the Plan will be at the lowest possible price. Further, irrespective of the Company's ability to acquire Shares in any Secondary Market or to make a Future Offering for Shares to be used in the Plan, the Company is in no way obligated to do either, but may do so in its sole discretion. View More
