Document:

EXHIBIT 4.8

 

THE SECURITIES REPRESENTED BY THIS WARRANT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE APPLICABLE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION, AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE
REQUIREMENTS OF SUCH ACT AND THE APPLICABLE SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION.

 

THIS WARRANT IS ONE A SERIES OF WARRANTS
BEING ISSUED BY THE COMPANY PURSUANT TO THE TERMS AND CONDITIONS OF THE COMPANY’S CONFIDENTIAL TERM SHEET DATED DECEMBER
20, 2011.

 

Form of Series C Warrant to Purchase Common
Stock

  

	

Warrant to Purchase An Aggregate of ______
shares

of Common Stock

	 	Date of Issuance: _______________, 201_

 

 

FOR VALUE RECEIVED,
SIMPLEPONS, INC., a Delaware corporation formerly known as IFLI Acquisition Corp. (the “Company”), promises
to issue in the name of, and sell and deliver to ____________________ (the "Holder") a certificate or certificates
for an aggregate of __________ shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”),
upon payment by the Holder of $1.00 per share (the “Exercise Price”), with the Exercise Price being subject
to adjustment in the circumstances set forth below.

 

1.       Exercise of Warrant

 

(A)    Exercise Period.
The Holder may exercise this Warrant, in whole or in part (but not as to fractional shares), at any time and time to time commencing
on the date hereof and ending at 5:00 p.m., Eastern Time, on _____________________, 201_ (the “Exercise Period”).

 

(B)    Exercise Procedure.

 

(i)      This Warrant will be deemed to
have been exercised at such time as the Company has received all of the following items (the “Exercise Date”):

 

(a)       a completed Exercise Agreement,
in the form attached hereto as Exhibit 1, executed by the Holder (the “Purchaser”); and

 

(b)      a certified check or other immediately
available funds payable to the Company in an amount equal to the sum of the product of the Exercise Price multiplied by the number
of shares of Common Stock being purchased upon such exercise.

 

(ii)     Certificates for the shares of
Common Stock purchased upon exercise of this Warrant will be delivered by the Company to the Purchaser within ten (10) business
days after the Exercise Date. Unless this Warrant has expired or all of the purchase rights represented hereby have been exercised,
the Company will prepare a new Warrant representing the rights formerly represented by this Warrant that have not expired or been
exercised. The Company will, within such ten (10) day period, deliver such new Warrant to the Holder at the address set forth in
this Warrant.

  

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(iii)     The shares of Common Stock issuable
upon the exercise of this Warrant will be deemed to have been transferred to the Purchaser on the Exercise Date, and the Purchaser
will be deemed for all purposes to have become the record holder of such Common Stock on the Exercise Date.

 

(iv)     The issuance of certificates for
shares of Common Stock upon the exercise of this Warrant will be made without charge to the Purchaser for any issuance tax in respect
thereof or any other cost incurred by the Company in connection with such exercise and related transfer of the shares; provided,
however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the
issuance and delivery of any certificate or instrument in a name other than that of the Holder of this Warrant, and that the Company
shall not be required to issue or deliver any such certificate or instrument unless and until the person or persons requiring the
issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company
that such tax has been paid.

 

(v)     Unless the Company shall have registered
the shares of Common Stock underlying this Warrant, the shares of Common Stock issuable upon the exercise of this Warrant will
be “restricted securities” as that term is defined in the Securities Act of 1933. The Company may insert the following
or similar legend on the face of the certificates evidencing shares of Common Stock if required in compliance with state securities
laws:

 

"These securities have not been
registered under any state securities laws and may not be sold or otherwise transferred or disposed of except pursuant to an effective
registration statement under any applicable state securities laws, or an opinion of counsel satisfactory to counsel to the Company
that an exemption from registration under any applicable state securities laws is available."

 

(C)     Fractional Shares.
The Company shall not be required to issue fractions of shares of Common Stock on the exercise of this Warrant. The Company shall
not be obligated to issue any fractional share interests or fractional warrant interests upon the exercise of this Warrant, nor
shall it be obligated to issue scrip or pay cash in lieu of fractional interests, provided, however, that if a holder exercises
all the Warrants held of record by such holder, the Company shall at its option (i) eliminate the fractional interests by rounding
any fraction up to the nearest whole number of shares or (ii) within 30 days after the Exercise Date, deliver to the Purchaser
a check payable to the Purchaser, in lieu of such fractional share, in an amount equal to the value of such fractional share as
determined by the closing price of the Company’s Common Stock as reported on the principal exchange on which the Company’s
Common Stock is then traded, as of the close of business on the Exercise Date.

 

2.      Effect of Reorganization,
Reclassification, Consolidation, Merger or Sale

 

(A)       Recapitalization or Reclassification
of Common Stock. In case the Company shall at any time prior to the exercise of this Warrant, or the expiration
of the Exercise Period, whichever first occurs, effect a recapitalization or reclassification of such character that its Common
Stock shall be changed into or become exchangeable for a larger or smaller number of shares, then, upon the effective date thereof,
the number of shares of Common Stock that the Holder of this Warrant shall be entitled to purchase upon exercise hereof shall be
increased or decreased, as the case may be, in direct proportion to the increase or decrease in such number of shares of Common
Stock by reason of such recapitalization or reclassification, and the Exercise Price of such recapitalized or reclassified Common
Stock shall, in the case of an increase in the number of shares, be proportionately decreased and, in the case of a decrease in
the number of shares, be proportionately increased.

  

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(B)       Consolidation, Merger or
Sale. . In case the Company shall at any time prior to the exercise of this Warrant, or the expiration of the Exercise
Period, whichever first occurs, consolidate or merge with any other corporation (unless the Company shall be the surviving entity)
or transfer all or substantially all of its assets to any other corporation preparatory to a dissolution (collectively, the "Fundamental
Transaction"), then the Company shall, as a condition precedent to such transaction, provide notice to the Holder of not
less than ten (10) of days prior to the closing and/or effective date of such Fundamental Transaction during which time the Holder
shall have the right to exercise this Warrant pursuant to its terms. To the extent not exercised, this Warrant and any right to
acquire shares of the Company's Common Stock will automatically expire on the closing date and/or effective date of such Fundamental
Transaction.

 

(C)       Notice of Adjustment.
Whenever the number of shares of Common Stock purchasable upon exercise of this Warrant shall be adjusted as provided herein, the
Company shall file with its corporate records a certificate of its Chief Financial Officer setting forth the computation and the
adjusted number of shares of Common Stock purchasable hereunder resulting from such adjustments, and a copy of such certificate
shall be mailed to the Holder. Any such certificate or letter shall be conclusive evidence as to the correctness of the adjustment
or adjustments referred to therein and shall be available for inspection by the holders of the Warrants on any day during normal
business hours.

 

3.      Registration Rights.
The Company intends to file a registration statement with the Securities and Exchange Commission covering the shares of Common
Stock underlying this Warrant so as to permit the public resale thereof. The Company will pay all costs associated with the registration
statement and use its reasonable best efforts to have the registration statement declared effective as soon as practicable. The
ultimate timing of the filing of the registration statement is in the Company’s sole discretion.

 

4.      Company’s Right to Call
this Warrant. Subject to the terms and conditions set forth herein, during the Exercise Period, upon thirty (30) days prior
written notice to the Holder (each, a “Call Notice”) if (i) the last sale price of the Company’s Common
Stock as reported on the over the counter market or the principal exchange on which it might be then listed equals or exceeds $2.00
per share for five (5) consecutive trading days, and (ii) there is an effective registration statement covering the resale of the
shares of Common Stock underlying the Series C Warrants, the Company shall have the right to call any or all of the Warrant at
a call price of $0.01 per underlying share (the "Call Price"). Warrant holders shall have the period from the
date of the Call Notice, which shall be delivered to the Holder pursuant to Section 8 hereof, until 5 p.m., Eastern time, on the
thirtieth (30) day following the Call Notice (the "Call Date") to exercise the Warrant pursuant to the terms hereof.
Any Warrants which have been called but remain unexercised by the Call Date shall automatically terminate and no longer entitle
the Holder to exercise such Warrant or to receive any consideration therefor, other than the Call Price. For any Warrants which
are not exercised by the Call Date, the Company shall promptly as possible following the Call Date pay the Call Price to the Holder
of any Warrants which have been called and not exercised.

 

5.      Reservation of Common Stock.
The Company will at all time reserve and keep available such number of shares of Common Stock as will be sufficient to permit the
exercise in full of this Warrant. Upon exercise of this Warrant pursuant to its terms, the Holder will acquire fully paid and non-assessable
ownership rights of the Common Stock, free and clear of any liens, claims or encumbrances except as otherwise provided herein.

 

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6.      No Stockholder Rights or Obligations.
This Warrant will not entitle the Holder hereof to any voting rights or other rights as a stockholder of the Company. Until the
shares of Common Stock issuable upon the exercise of this Warrant are recorded as issued on the books and records of the Company’s
transfer agent, the Holder shall not be entitled to any voting rights or other rights as a stockholder; provided, however,
the Company uses its best efforts to ensure that, upon receipt of the Exercise Agreement and payment of the Exercise Price, the
appropriate documentation necessary to effectuate the exercise of the Warrant and the issuance of the Common Stock is accomplished
as expeditiously as possible. No provision of this Warrant, in the absence of affirmative action by the Holder to purchase Common
Stock, and no enumeration in this Warrant of the rights or privileges of the Holder, will give rise to any obligation of such Holder
for the Exercise Price or as a stockholder of the Company.

 

7.      Transferability. Subject
to the terms hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant
with a properly executed Assignment in the form of Exhibit 2 hereto at the principal offices of the Company. This Warrant and the
underlying shares of Common Stock may not be offered, sold or transferred except in compliance with the Securities Act of 1933,
and any applicable state securities laws, and then only against receipt of an agreement of the person to whom such offer or sale
or transfer is made to comply with the provisions of this Warrant with respect to any resale or other disposition of such securities;
provided that no such agreement shall be required from any person purchasing this Warrant or the underlying shares of Common
Stock pursuant to a registration statement effective under the Securities Act of 1933. The Holder of this Warrant agrees that,
prior to the disposition of any security purchased on the exercise hereof other than pursuant to a registration statement then
effective under the Securities Act of 1933, or any similar statute then in effect, the Holder shall give written notice to the
Company, expressing his intention as to such disposition. Upon receiving such notice, the Company shall present a copy thereof
to its securities counsel. If, in the sole opinion of such counsel, which such opinion shall not be unreasonably withheld, the
proposed disposition does not require registration of such security under the Securities Act of 1933, or any similar statute then
in effect, the Company shall, as promptly as practicable, notify the Holder of such opinion, whereupon the Holder shall be entitled
to dispose of such security in accordance with the terms of the notice delivered by the Holder to the Company.

 

8.      Miscellaneous

 

(A)      Notices. Any notices,
requests or consents hereunder shall be deemed given, and any instruments delivered, two days after they have been mailed by first
class mail, postage prepaid, or upon receipt if delivered personally or by facsimile transmission, as follows:

  

	If to the Company:	 	SIMPLEPONS, INC.
	 	 	220 Congress Park Drive, Suite 304
	 	 	Delray Beach, FL 33445 
	 	 	 
	If to the Holder: 	 	To the address and/or facsimile of
	 	 	Holder as recorded in the records
	 	 	of the Company.

 

except that any of the foregoing may from time
to time by written notice to the other designate another address which shall thereupon become its effective address for the purposes
of this paragraph.

 

(B)      Entire Agreement.
This Warrant, including the exhibits and documents referred to herein which are a part hereof, contain the entire understanding
of the parties hereto with respect to the subject matter and may be amended only by a written instrument executed by the parties
hereto or their successors or assigns. Any paragraph headings contained in this Warrant are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Warrant.

 

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(C)      Governing Law. This
Warrants shall be construed in accordance with the laws of the State of Florida, without and application of the principles of conflicts
of laws. If it becomes necessary for any party to institute legal action to enforce the terms and conditions of this Agreement,
and such legal action results in a final judgment in favor of such party ("Prevailing Party"), then the party
or parties against whom said final judgment is obtained shall reimburse the Prevailing Party for all direct, indirect or incidental
expenses incurred, including, but not limited to, all attorney's fees, court costs and other expenses incurred throughout all negotiations,
trials or appeals undertaken in order to enforce the Prevailing Party's rights hereunder. Any suit, action or proceeding with respect
to this Warrant shall be brought in the state or federal courts located in Palm Beach County in the State of Florida. The parties
hereto hereby accept the exclusive jurisdiction and venue of those courts for the purpose of any such suit, action or proceeding.
The parties hereto hereby irrevocably waive, to the fullest extent permitted by law, any objection that any of them may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any judgment
entered by any court in respect thereof brought in Palm Beach County, Florida, and hereby further irrevocably waive any claim that
any suit, action or proceeding brought in Palm Beach County, Florida, has been brought in an inconvenient forum.

 

IN WITNESS WHEREOF,
this Warrant has been duly executed and the corporate seal affixed hereto, all as of the day and year first above written.

 

	 	SIMPLEPONS, INC.
	 	 	 
	 	 By:   	 
	 		Brian S. John, President 

 

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EXHIBIT
1

 

EXERCISE
AGREEMENT

 

	To:	 	Dated: 	 

 

The undersigned record Holder, pursuant to
the provisions set forth in the within Warrant, hereby subscribed for and purchases   shares of Common Stock covered by
such Warrant and hereby makes full cash payment of $  for such shares at the Exercise Price provided by such Warrant.

  

	 		                 (Signature)
	 	 	 
	 	 	 
	 	 	(Print or type name)
	 	 	 
	 	 	 
	 	 	 (Address)
	 	 	 
	 	 	 
	 	 	 

 

NOTICE: The signature of this Exercise
Agreement must correspond with the name as written upon the face of the within Warrant, or upon the Assignment thereof, if applicable,
in every particular, without alteration, enlargement or any change whatsoever.

 

    	

    	 

    

 

EXHIBIT
2

 

ASSIGNMENT

 

FOR VALUE RECEIVED,  _____________________________, the undersigned
Holder hereby sell, assigns, and transfer all of the rights of the undersigned under the within Warrant with respect to the number
of shares of Common Stock issuable upon the exercise of such Warrant set forth below, unto the Assignee identified below, and does
hereby irrevocable constitute and appoint   to effect such transfer of rights on the books of the Company, with full power
of substitution:

 

	Number of Shares

Name of Assignee 	 	Address of Assignee	 	of
                                                                                                  Common Stock
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

	 	 	 	 	 
	Dated:	 	 	 	 
	(Signature of Holder) 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 (Print or type name)	 	 	 

 

NOTICE: The signature of this Exercise
Agreement must correspond with the name as written upon the face of the within Warrant, or upon the Assignment thereof, if applicable,
in every particular, without alteration, enlargement or any change whatsoever.

 

CONSENT OF ASSIGNEE

 

I HEREBY CONSENT to abide by the terms and
conditions of the within Warrant.

 

	 	 	 	 	 
	Dated:	 	 	 	 
	(Signature of Assignee)	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 (Print or type name)Exhibit 4.4

 

THIRD AMENDED AND RESTATED DISTRIBUTION REINVESTMENT PLAN

Behringer Harvard Multifamily REIT I, Inc.

Adopted March 19, 2012

 

Behringer Harvard Multifamily REIT I, Inc., a Maryland corporation (the “Company”), has adopted this third amended and restated distribution reinvestment plan (the “Plan”), administered by the Company or an unaffiliated third party (the “Administrator”), as agent for participants in the Plan (“Participants”), on the terms and conditions set forth below.

 

1.                                      ELECTION TO PARTICIPATE.  Subject to the terms hereof, any purchaser of shares of common stock of the Company, par value $.0001 per share (the “Shares”), may become a Participant by making a written election to participate on such purchaser’s Subscription Agreement at the time of subscription for Shares.  Any stockholder who has not previously elected to participate in the Plan may so elect at any time by completing and executing an authorization form obtained from the Administrator or any other appropriate documentation as may be required by the Administrator.  Participants generally are required to have the full amount of their cash distributions (other than “Designated Special Distributions” as defined below) with respect to all Shares owned by them reinvested pursuant to the Plan.  However, the Administrator shall have the sole discretion, upon the request of a Participant, to accommodate a Participant’s request for less than all of the Participant’s Shares to be subject to participation in the Plan.

 

2.                                      DISTRIBUTION REINVESTMENT PLAN.  The Administrator will receive all cash distributions (other than “Designated Special Distributions” as defined below) paid by the Company with respect to Shares of Participants (collectively, the “Distributions”).  Participation will commence with the next Distribution payable after receipt of the Participant’s election pursuant to Paragraph 1 hereof, provided it is received at least ten days prior to the last day of the month to which such Distribution relates.  Subject to the preceding sentence, regardless of the date of such election, a holder of Shares will become a Participant in the Plan effective on the first day of the month following such election, and the election will apply to all Distributions attributable to such month and to all months thereafter.  As used in this Plan, the term “Designated Special Distributions” shall mean those cash or other distributions designated as Designated Special Distributions by the Board of Directors of the Company (the “Board”).

 

3.                                      GENERAL TERMS OF PLAN INVESTMENTS.  The Administrator will apply all Distributions subject to this Plan, as follows:

 

(a)                                 Prior to the termination of the Company’s initial public offering (including the distribution reinvestment plan portion thereof, as shares may be reallocated between it and the primary offering) (the “Initial Offering”) of the Shares reserved for issuance under the Plan pursuant to the Company’s registration statement on Form S-11 (File No. 333-148414), as thereafter amended or supplemented (the “Registration Statement”), the Administrator will invest Distributions in Shares at a price equal to the following, regardless of the price per Share paid by the Participant for the Shares in respect of which the Distributions are paid: (1) prior to the first the valuation of the Shares conducted by the Board or a committee thereof (as opposed to a valuation that is based solely on the offering price of securities in the most recent offering)  (the “Initial Board Valuation”) under the Company’s valuation policy, as such valuation policy is amended from time to time (the “Valuation Policy”), 95% of the current estimated value per Share (the “Valuation”) as determined in accordance with the Valuation Policy; or (2) on or after the Initial Board Valuation, 100% of the current Valuation.  No advance notice of pricing pursuant to this Paragraph 3(a) shall be required.

 

(b)                                 After termination of the Initial Offering, the Administrator will invest Distributions in Shares that may (but are not required to) be supplied from either (i) Shares registered with the Securities and Exchange Commission (the “Commission”) pursuant to an effective registration statement for Shares for use in the Plan (a “Future Registration”) or (ii) Shares purchased by the Administrator for the Plan in a secondary market (if available) or on a national stock exchange (if listed) (collectively, the “Secondary Market”) and registered with the Commission for resale pursuant to the Plan.  Shares registered in a Future Registration that are not purchased by the Administrator in the Secondary Market will be issued at a price equal to 100% of the current Valuation.  Shares purchased on the Secondary Market as set forth in (ii) above will be purchased at the then-prevailing market price, and the average price paid by the Administrator for all such purchases for a single Distribution will be utilized for purposes of determining the purchase price for Shares purchased under the Plan on such investment date; however,

 

 

in no event will the purchase price for Shares purchased under the Plan be less than 100% of the market price for Shares on such investment date.  Shares acquired by the Administrator on the Secondary Market or registered in a Future Registration for use in the Plan may be at prices lower or higher than the per Share price that will be paid for the Shares purchased for the Plan pursuant to the Initial Offering and any subsequent offering.  If the Administrator acquires Shares in the Secondary Market for use in the Plan, the Administrator shall use reasonable efforts to acquire Shares for use in the Plan at the lowest price then reasonably available.  However, the Administrator does not in any respect guaranty or warrant that the Shares so acquired and purchased by the Participants in the Plan will be at the lowest possible price.  Further, irrespective of the Administrator’s ability to acquire Shares in the Secondary Market or the Company’s ability to complete a Future Registration for shares to be used in the Plan, neither the Administrator nor the Company is in any way obligated to do either.  No advance notice of pricing pursuant to this Paragraph 3(b) shall be required.

 

(c)                                  Regardless of the pricing determined pursuant to Paragraphs 3(a) and 3(b) above, the Board may determine, from time to time, in its sole discretion, the price at which the Administrator will invest Distributions in Shares.  No advance notice of pricing pursuant to this Paragraph 3(c) shall be required unless the new price so determined varies more than 5% from the pricing that would have resulted pursuant to Paragraphs 3(a) and 3(b) above, as applicable, with respect to any Distribution reinvestment if the Board had not so determined a new price, in which case the Company shall deliver a notice regarding the new price to each Participant at least 30 days’ prior to the effective date of the new price.

 

(d)                                 No selling commissions or dealer manager fees will be paid for Shares purchased pursuant to the Plan.

 

(e)                                  For each Participant, the Administrator will maintain an account that shall reflect for each month the Distributions received by the Administrator on behalf of such Participant.  A Participant’s account shall be reduced as purchases of Shares are made on behalf of such Participant.

 

(f)                                   Distributions shall be invested in Shares by the Administrator promptly following the payment date with respect to such Distributions to the extent Shares are available for purchase under the Plan.  If sufficient Shares are not available, any such funds that have not been invested in Shares within 30 days after receipt by the Administrator will be distributed to the Participants.  Any interest earned on such accounts will be paid to the Company and is and will become the property of the Company.

 

(g)                                  The purchase of fractional shares, computed to four decimal places, is a permissible and likely result of participation in the Plan.  The ownership of the Shares shall be reflected on the books of the Company or its transfer agent.

 

(h)                                 A Participant will not be able to acquire Shares under the Plan to the extent that such purchase would cause the Participant to exceed the ownership limits set forth in the Company’s charter, as amended, unless exempted by the Board.

 

(i)                                     The Shares issued under the Plan will be uncertificated until the Board determines otherwise.

 

4.                                      DISTRIBUTION OF FUNDS.  In making purchases for Participants’ accounts, the Administrator may commingle Distributions attributable to Shares owned by Participants and any additional payments received from Participants in respect of the purchase of Shares.

 

5.                                      ABSENCE OF LIABILITY.  Neither the Company nor the Administrator shall have any responsibility or liability as to the value of the Shares, any change in the value of the Shares acquired for the Participant’s account, or the rate of return earned on, or the value of, the interest-bearing accounts in which Distributions are invested.  Neither the Company nor the Administrator shall be liable for any act done in good faith, or for any good faith omission to act, including, without limitation, any claims of liability (a) arising out of the failure to terminate a Participant’s participation in the Plan upon such Participant’s death prior to receipt of notice in writing of such death and the expiration of 15 days from the date of receipt of such notice and (b) with respect to the time and the prices at which Shares are purchased for a Participant.

 

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6.                                      SUITABILITY.

 

(a)                                 Each Participant shall notify the Administrator in the event that, at any time during his or her participation in the Plan, there is any material change in the Participant’s financial condition or inaccuracy of any representation under the Subscription Agreement for the Participant’s initial purchase of Shares.

 

(b)                                 For purposes of this Paragraph 6, a material change shall include any anticipated or actual decrease in net worth or annual gross income or any other change in circumstances that would cause the Participant to fail to meet the suitability standards set forth in the Company’s then current prospectus, as supplemented, for the offering of Shares under this Plan.

 

7.                                      REPORTS TO PARTICIPANTS.  Within 60 days after the end of each fiscal quarter, the Administrator will deliver to each Participant a statement of account describing, as to such Participant, the Distributions received during the quarter, the number of Shares purchased during the quarter, the per Share purchase price for such Shares and the total Shares purchased on behalf of the Participant.  Each statement shall also advise the Participant that, in accordance with Paragraph 6 hereof, the Participant is required to notify the Administrator in the event that there is any material change in the Participant’s financial condition or if any representation made by the Participant under the Subscription Agreement for the Participant’s initial purchase of Shares becomes inaccurate.  Tax information regarding a Participant’s participation in the Plan will be sent to each Participant by the Company or the Administrator at least annually.

 

8.                                      NO DRAWING.  No Participant shall have any right to draw checks or drafts against the Participant’s account or give instructions to the Company or the Administrator except as expressly provided herein.

 

9.                                      TAXES.  The reinvestment of Distributions under the Plan does not relieve Participants of any taxes that may be payable as a result of those Distributions and their reinvestment pursuant to the terms of this Plan.

 

10.                               TERMINATION.

 

(a)                                 A Participant may terminate or modify his participation in the Plan at any time by written notice mailed to the Administrator.  To be effective for any Distribution, such notice must be received by the Administrator at least ten days prior to the last day of the month to which such Distribution relates.

 

(b)                                 Prior to the listing of the Shares on a national stock exchange, a Participant’s transfer of Shares will terminate participation in the Plan with respect to such transferred Shares as of the first day of the month in which such transfer is effective, unless the transferee of such Shares in connection with such transfer demonstrates to the Administrator that such transferee meets the requirements for participation hereunder and affirmatively elects participation by delivering an executed authorization form or other instrument required by the Administrator.

 

(c)                                  The Administrator may terminate a Participant’s individual participation in the Plan, and the Company may suspend or terminate the Plan itself, at any time by ten days’ prior written notice to a Participant, or to all Participants, as the case may be.

 

(d)                                 After termination of the Plan or termination of a Participant’s participation in the Plan, the Administrator will send to each Participant (i) a statement of account in accordance with Paragraph 7 hereof, and (ii) a check for the amount of any Distributions in the Participant’s account that have not been invested in Shares.  Any future Distributions with respect to such former Participant’s Shares made after the effective date of the termination of the Participant’s participation in the Plan will be sent directly to the former Participant or to such other party as the Participant has designated pursuant to an authorization form or other documentation satisfactory to the Administrator.

 

11.                               STATE REGULATORY RESTRICTIONS.  The Administrator is authorized to deny participation in the Plan to residents of any state that imposes restrictions on participation in the Plan that conflict with the general terms and provisions of this Plan.

 

12.                               NOTICE.  Any notice or other communication required or permitted to be given by any provision of this Plan shall be in writing and, if to the Administrator, addressed to Behringer Harvard Investment Services, P.O. Box 219768, Kansas City, MO 64121-9768, or such other address as may be specified by the Administrator by written notice to all Participants.  Notices to a Participant may be given by letter addressed to the Participant at the Participant’s last address of record with the Administrator, delivered by electronic means to any address specified by the Participant, or given by including such information in a Current Report on Form 8-K or in the Company’s annual

 

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or quarterly reports, all publicly filed with the Commission.  Each Participant shall notify the Administrator promptly in writing of any change of address.

 

13.                               AMENDMENT.  The terms and conditions of this Plan may be amended or supplemented by the Company at any time, including but not limited to an amendment to the Plan to substitute a new Administrator to act as agent for the Participants, by delivering an appropriate notice to each Participant at least 30 days prior to the effective date of the amendment or supplement.  Such amendment or supplement shall be deemed conclusively accepted by each Participant except those Participants from whom the Administrator receives written notice of termination prior to the effective date thereof.

 

In the event that the Plan is amended pursuant to this Paragraph 13 or suspended pursuant to Paragraph 10(c) hereof, each Participant shall remain a Participant in the Plan receiving cash distributions during such period that the Plan is suspended or the Shares cannot otherwise be distributed hereunder, unless the Participant terminates his participation in accordance with the procedures set forth under Paragraph 10(a) above.  Once such suspension or other inability to distribute Shares hereunder ceases, the Participant will then receive Shares hereunder.

 

14.                               GOVERNING LAW.  This plan and participant’s election to participate in the plan shall be governed by the laws of the State of Maryland.  The foregoing choice of law shall not restrict the application of any state’s securities laws (including the standards contained in the Statement of Policy Regarding Real Estate Investment Trusts adopted by the North American Securities Administrators Association on May 7, 2007) to the sale of shares to its residents or within such state.

 

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