Common use of Grant of Preferred Shares Clause in Contracts

Grant of Preferred Shares. For value received, the Corporation hereby grants to Employee the number of shares of its Preferred Stock, Series A ("Shares"), set forth on Schedule 1, attached hereto and made a part hereof ("Award"). The Shares shall be made available from authorized and unissued Preferred Stock, Series A, of the Company or from shares of Preferred Stock, Series A, held by the Company as treasury stock. The foregoing Award is made subject to the terms and conditions hereinafter set forth. The above Preferred Stock, Series A, is subject to certain redemption, conversion and other rights and restrictions set forth in a Certificate of Determination filed by the Company. The Company shall not issue any Preferred Stock, Series A, unless and until a Certificate of Determination is filed by the Company.