Common use of Grant of Deferred Stock Clause in Contracts

Grant of Deferred Stock. On the IPO Date, the Executive shall be granted shares of deferred stock in accordance with the Deferred Stock Grant Agreement attached hereto as Exhibit B. Notwithstanding the foregoing, (i) if a Change in Control occurs prior to the IPO Date, the Executive shall be entitled to receive, in lieu of the deferred stock grant described in Exhibit B, a cash lump-sum payment within 15 days after the Change in Control equal to $1,000,000; and (ii) if neither the IPO Date nor a Change in Control has occurred on or prior to December 31, 1997, the Executive shall be entitled to receive, in lieu of the deferred stock grant described in Exhibit B, a cash lump-sum payment within 15 days after the delivery of the valuation opinion described in Section 6(b) equal to $1,000,000, but only if such valuation opinion is equal to or greater than $300,000,000.