Common use of Grant of Deferred Stock Clause in Contracts

Grant of Deferred Stock. Subject to the terms and conditions of The ▇▇▇▇▇▇▇▇ Companies, Inc. 2002 Incentive Plan (the “Plan”), this Agreement, and the Performance-Based Deferred Stock Award Letter, the Company hereby grants an Award to the Participant, effective February 25, 2005 (the “Effective Date”), under which the Participant has the opportunity to earn the right to receive the number of shares of the Common Stock of the Company shown in the Performance-Based Deferred Stock Award Letter. These shares are referred to in the Agreement as “Deferred Stock.” Until the Deferred Stock both vests under the terms of Paragraph 4 and is paid under the terms of Paragraph 5, the Participant shall have no rights as a stockholder of the Company with respect to the Deferred Stock.

Grant of Deferred Stock. Subject to the terms and conditions of The ▇▇▇▇▇▇▇▇ Companies, Inc. 2002 Incentive Plan (the “Plan”), this Agreement, and the Performance-Based Deferred Stock Award Letter, the Company hereby grants an Award to the Participant, effective February 25, 2005 (the “Effective Date”), under which the Participant has the opportunity to earn the right to receive the number of shares of the Common Stock of the Company shown in the Performance-Based Deferred Stock Award Letter. These shares are referred to in the Agreement as “Deferred Stock.” Until the Deferred Stock both vests under the terms of Paragraph 4 and is paid under the terms of Paragraph 5, the Participant shall have no rights as a stockholder of the Company with respect to the Deferred Stock.