Timing and Form of Distribution. To the extent not forfeited pursuant to Section 3.1, Units shall be exchanged into shares of Common Stock on a one-for-one basis and shall be distributed to the Director within 30 days after the date the Director terminates his or her services as a director of the Company. Any fractional Unit shall be distributed in cash at the same time.
Appears in 2 contracts
Sources: Restricted Unit Agreement (Avalonbay Communities Inc), Restricted Unit Agreement (Avalonbay Communities Inc)