Common use of Form of Compensation Clause in Contracts

Form of Compensation. At the end of the Deferral Period, the Company shall have the choice of paying the Executive the deferred Base Salary within thirty (30) calendar days in either (i) a lump sump cash payment, or (ii) in restricted shares of the Company’s common stock (such stock compensation, the “Stock Payment”). The Stock Payment shall be equal in value to the outstanding Base Salary, with such value to be calculated on the basis of the average of the closing price of shares of the Company’s common stock on the thirty (30) calendar days prior to and including December 31, 2011. Such closing prices shall be determined by reference to the closing price of common stock of the Company, as listed on the primary exchange for the trading of the Company’s common stock, or in the absence of such an exchange, as listed on the NASDAQ’s Over the Counter Bulletin Board or any successor thereto.