Common use of Grant of Deferred Shares Clause in Contracts

Grant of Deferred Shares. Effective as of the date hereof, Holding hereby evidences and confirms its grant to the Grantee, on the terms and conditions of this Award, of the number of shares of Deferred Shares set forth on the signature page hereof, which represent Holding's contractual obligation to deliver one share of the Class A Common Stock, par value $.01 per shares of Holding ("Common Stock") to the Grantee for each Deferred Share Award granted upon the terms and conditions set forth herein. The Deferred Shares granted hereby shall be fully vested upon grant.

Grant of Deferred Shares. Effective as of the date hereof, Holding hereby evidences and confirms its grant to the Grantee, on the terms and conditions of this AwardAward and the Plan, of the number of shares of Deferred Shares set forth on the signature page hereof, which represent Holding's contractual obligation to deliver one share of the Class A Common Stock, par value $.01 per shares of Holding Holding's Common Stock ("Common StockShares") to the Grantee for each Deferred Share Award granted upon the terms and conditions set forth hereinherein and in the Plan. The Deferred Shares granted hereby shall be fully vested upon grant.