Common use of Initial Option Clause in Contracts

Initial Option. At the time of the initial public offering of the Trust’s common shares of beneficial interest, $0.001 par value, (the “Shares”), the Trust shall grant to Executive an option (the “Initial Option”) to purchase 50,000 Shares, at a price per Share equal to the public offering price of the Shares. The Initial Option shall become exercisable with respect to 1/4 of the Shares on the first anniversary of the date of grant and the remaining 3/4 of the Shares shall become exercisable in increments of 6.25% on the same day as the date of grant of every third month, beginning with the third month that commences after the first anniversary of the date of grant, provided that the Executive is employed by or providing service to the Company or Trust on each such date. All other terms and conditions of the Initial Option shall be governed by the Trust’s standard stock option agreement for such grants.

Initial Option. At the time of the initial public offering of the Trust’s common shares of beneficial interest, $0.001 par value, (the “Shares”), the Trust shall grant to Executive an option (the “Initial Option”) to purchase 50,000 100,000 Shares, at a price per Share equal to the public offering price of the Shares. The Initial Option shall become exercisable with respect to 1/4 of the Shares on the first anniversary of the date of grant and the remaining 3/4 of the Shares shall become exercisable in increments of 6.25% on the same day as the date of grant of every third month, beginning with the third month that commences after the first anniversary of the date of grant, provided that the Executive is employed by or providing service to the Company or Trust on each such date. All other terms and conditions of the Initial Option shall be governed by the Trust’s standard stock option agreement for such grants.

Initial Option. At the time of the initial public offering of the Trust’s common shares of beneficial interest, $0.001 par value, (the “Shares”), the Trust shall grant to Executive an option (the “Initial Option”) to purchase 50,000 75,000 Shares, at a price per Share equal to the public offering price of the Shares. The Initial Option shall become exercisable with respect to 1/4 of the Shares on the first anniversary of the date of grant and the remaining 3/4 of the Shares shall become exercisable in increments of 6.25% on the same day as the date of grant of every third month, beginning with the third month that commences after the first anniversary of the date of grant, provided that the Executive is employed by or providing service to the Company or Trust on each such date. All other terms and conditions of the Initial Option shall be governed by the Trust’s standard stock option agreement for such grants.

Initial Option. At the time of the initial public offering of the Trust’s common shares of beneficial interest, $0.001 par value, (the “Shares”), the Trust shall grant to Executive an option (the “Initial Option”) to purchase 50,000 150,000 Shares, at a price per Share equal to the public offering price of the Shares. The Initial Option shall become exercisable with respect to 1/4 of the Shares on the first anniversary of the date of grant and the remaining 3/4 of the Shares shall become exercisable in increments of 6.25% on the same day as the date of grant of every third month, beginning with the third month that commences after the first anniversary of the date of grant, provided that the Executive is employed by or providing service to the Company or Trust on each such date. All other terms and conditions of the Initial Option shall be governed by the Trust’s standard stock option agreement for such grants.