Common use of IPO Units Clause in Contracts

IPO Units. On the Effective Date, the Executive shall be granted $3,750,000 worth of LTIP Units in Morgans Group LLC (for this purpose each unit shall be valued at the offering price of a share of Common Stock shown on the cover of the Company’s IPO Form S-1) in accordance with the Company’s SIP (the “IPO Units”). Such IPO Units shall be evidenced by, and subject to, the unit agreement attached hereto as Exhibit C.

IPO Units. On the Effective Date, the Executive shall be granted $3,750,000 6,500,000 worth of LTIP Units in Morgans Group LLC (for this purpose each unit shall be valued at the offering price of a share of Common Stock shown on the cover of the Company’s IPO Form S-1) in accordance with the Company’s SIP (the “IPO Units”). Such IPO Units shall be evidenced by, and subject to, the unit agreement attached hereto as Exhibit C.