Share Redemption Program. Non-Vested Shares shall not be eligible for redemption by the Company under any circumstances unless approved by the Board. Within 60 days from vesting of the Shares of Restricted Stock, the Company will redeem, and Recipient will transfer to the Company, 50% of such Vested Shares of Restricted Stock, with the amount of the cash payment per Share determined based on the then most recent Board-approved net asset value of the Shares (which shall not be more than six months old). Any Vested Shares of Restricted Stock that are not required to be redeemed in accordance with the preceding sentence are referred to herein as the “Retained Vested Shares.” Retained Vested Shares shall not be eligible for redemption under the Company’s share redemption program unless the Company has satisfied all outstanding redemption requests from other stockholders, provided that (a) this restriction may be waived in certain situations, such as upon a change of control of the Company, as determined by the Conflicts Committee of the Board and (b) notwithstanding the foregoing, within 60 days after November 1, 2024, the Company shall be required to redeem, and the holder will transfer to the Company, any remaining outstanding Retained Vested Shares, separate and outside of any general stockholder share redemption program, at the then most recent Board-approved net asset value per Share (which shall not be more than six months old), provided that such outstanding Shares are owned or controlled by ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, ▇▇. or the estate of ▇▇▇▇▇ ▇. ▇▇▇▇, and provided further that pursuant to this clause (b) the Company shall only be required to redeem that number Retained Vested Shares which, when added to any previously redeemed Retained Vested Shares owned or controlled by ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, ▇▇. or the estate of ▇▇▇▇▇ ▇. ▇▇▇▇, does not exceed two-thirds of the total number of Retained Vested Shares.
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Sources: Advisory Agreement (Pacific Oak Strategic Opportunity REIT, Inc.), Restricted Stock Agreement (Pacific Oak Strategic Opportunity REIT, Inc.)
Share Redemption Program. Non-Vested Shares shall not be eligible for redemption by the Company under any circumstances unless approved by the Board. Within 60 days from vesting of the Shares of Restricted Stock, the Company will redeem, and Recipient will transfer to the Company, 50% of such Vested Shares of Restricted Stock, with the amount of the cash payment per Share determined based on the then most recent Board-approved net asset value of the Shares (which shall not be more than six months old). Any Vested Shares of Restricted Stock that are not required to be redeemed in accordance with the preceding sentence are referred to herein as the “Retained Vested Shares.” Retained Vested Shares shall not be eligible for redemption under the Company’s share redemption program unless the Company has satisfied all outstanding redemption requests from other stockholders, provided that (a) this restriction may be waived in certain situations, such as upon a change of control of the Company, as determined by the Conflicts Committee of the Board and (b) notwithstanding the foregoing, within 60 days after November 1, 2024, the Company shall be required to redeem, and the holder will transfer to the Company, any remaining outstanding Retained Vested Shares, separate and outside of any general stockholder share redemption program, at the then most recent Board-approved net asset value per Share (which shall not be more than six months old), provided that such outstanding Shares are owned or controlled by ▇C▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, ▇▇. or the estate of ▇P▇▇▇▇ ▇. ▇▇▇▇, and provided further that pursuant to this clause (b) the Company shall only be required to redeem that number Retained Vested Shares which, when added to any previously redeemed Retained Vested Shares owned or controlled by ▇C▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, ▇▇. or the estate of ▇P▇▇▇▇ ▇. ▇▇▇▇, does not exceed two-thirds of the total number of Retained Vested Shares.
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