Document:

EX-10.2

EXHIBIT 10.2

GUARANTY

(for Master Repurchase Agreement)

THIS GUARANTY is made as of June 23, 2006 (as amended, modified or supplemented from time to
time, this “Guaranty”) by NEW CENTURY FINANCIAL CORPORATION (the “Guarantor”) in
favor of UBS REAL ESTATE SECURITIES INC. (the “Buyer”). Capitalized terms used but not
defined herein are defined in the Master Repurchase Agreement referred to below.

R E C I T A L S

	A.	 	New Century Mortgage Company, a California corporation, NC Asset Holding, L.P., a Delaware
limited partnership, Home123 Corporation, a California corporation, New Century Credit
Corporation, a California corporation (collectively, the “Sellers”, and each
individually, a “Seller”), the Guarantor and the Buyer, have entered into a Master
Repurchase Agreement, dated as of June 23, 2006 (together with all Transaction
Request/Confirmations with respect thereto, the “Master Repurchase Agreement”) and a
Pricing Side Letter, dated as of June 23, 2006 (the “Pricing Side Letter”), pursuant
to which the Buyer is providing a repurchase facility to the Sellers for repurchase
transactions for certain Purchased Assets (the “Repurchase Facility”), subject to the
conditions thereof.

	B.	 	As a condition precedent to the Buyer providing the Repurchase Facility to the Sellers
pursuant to the Master Repurchase Agreement, the Guarantor is required to execute and deliver
this Guaranty to the Buyer.

	C.	 	The Guarantor hereby confirms, acknowledges and agrees that (i) the execution and delivery by
it of this Guaranty is a condition precedent to the Buyer providing the Repurchase Facility to
the Sellers pursuant to the Master Repurchase Agreement, and (ii) the transactions
contemplated by the Master Repurchase Agreement and the other Repurchase Documents support
sound and valid business considerations which are expected to benefit the Guarantor and its
affiliates (including the Sellers, who are owned, directly or indirectly, 100% by the
Guarantor) for reasons which include, but are not limited to, providing an economical source
of working capital and liquidity from which the Sellers and their affiliates may conduct their
current mortgage loan acquisition and securitization activities.

	D.	 	The principal legal documents evidencing the Mortgage Loans will be held by Deutsche Bank
National Trust Company, as custodian (the “Custodian”) on behalf of the Buyer pursuant
to a Custodial Agreement, dated as of June 23, 2006 (the “Custodial Agreement”, and,
together with the Master Repurchase Agreement and the Pricing Side Letter, the “Guaranteed
Agreements”) among the Custodian, the Sellers and the Buyer.

	E.	 	Under the Guaranteed Agreements, the Sellers have various monetary and other obligations and
liabilities which benefit the Sellers and/or the Buyer, all of which are being collectively
referred to as the “Guaranteed Obligations.”

THEREFORE, to induce the Buyer to enter into the Master Repurchase Agreement, and in
consideration thereof, the Guarantor unconditionally guarantees and agrees as follows:

Section 1. GUARANTY. With respect to each Transaction and all Transactions
outstanding from time to time, the Guarantor absolutely, unconditionally and irrevocably,
guarantees, to the Buyer the full and prompt payment and performance of each and all Guaranteed
Obligations as and when due and payable, including, without limitation, payment and performance of
the indemnities and reimbursement obligations as set forth in the Guaranteed Agreements. The
Guarantor agrees that, no later than the close of business on the Business Day following a failure
in payment or performance when due of any or all Guaranteed Obligations, it will pay to the Buyer
the full amount of, or perform in full, such Guaranteed Obligations. All payments under this
Guaranty shall be made to the Buyer in lawful money of the United States of America at the address
of the “UBS Cash Account” designated in the Master Repurchase Agreement, or to such other account
as the Buyer may designate in writing. Any amount payable under this Guaranty not paid when due,
and any judgment for such an amount and interest thereon, shall bear interest from the due date or
such judgment date, respectively, until such amount and interest thereon are paid in full. The
Guarantor agrees to pay such interest on demand. All Guaranteed Obligations will be paid and
performed by the Guarantor without counterclaim, deduction, defense, deferment, reduction, or
set-off.

Section 2. GUARANTOR REPRESENTATIONS AND WARRANTIES. The Guarantor represents and
warrants to the Buyer as of the date of this Guaranty:

A. Execution and Delivery and Binding Nature of Guaranty. This Guaranty has
been duly executed and delivered by or on behalf of the Guarantor. This Guaranty constitutes
legal, valid, and binding obligations of the Guarantor, enforceable in accordance with its
terms against the Guarantor, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and general equitable principles.

B. Accurate Information. All information in any financial statement,
certificate, or other document, and all other information previously delivered to the Buyer
by or on behalf of the Guarantor in connection with this Guaranty is correct and complete,
and there are no omissions therefrom that result in any such information being incomplete,
incorrect, or misleading as of the date thereof. Since the date of such information, there
has been no net change in the value of the assets, the financial condition of the Guarantor
or any other event or condition with respect to the Guarantor that materially and adversely
affects (i) the likelihood of performance by the Guarantor of this Guaranty; (ii) the ability
of the Guarantor to perform this Guaranty or (iii) the legality, validity, or binding nature
of this Guaranty.

C. No Approvals, etc. No approval, authorization, bond, consent, certificate,
franchise, license, permit, registration, qualification, or other action or grant by or
filing with any governmental authority or other person is required in connection with the
execution, delivery, or performance (other than performance which is not yet due) by the
Guarantor of this Guaranty.

D. No Conflicts. The execution, delivery, and performance by the Guarantor of
this Guaranty will not conflict with, or result in a violation of or a default under, any
applicable law, ordinance, regulation, or rule (federal, state, or local); any judgment,
order, or decree of any arbitrator, other private adjudicator, or governmental authority to
which the Guarantor is a party or by which the Guarantor or any of the assets or property of
the Guarantor is bound; or any agreement, document, or instrument to which the Guarantor is a
party or by which the Guarantor or any of the assets or property of the Guarantor is bound.

E. Solvency. After giving effect to this Guaranty, the Guarantor is solvent.
As used in the preceding sentence, “solvent” means, with respect to any person, that at the
time of determination:

	 	(i)	 	the fair value of its assets, both at fair
valuation and at present fair saleable value, is in excess of the total
amount of its liabilities, including, without limitation, contingent
claims; and

	 	(ii)	 	it is then able and expects to be able to pay
its debts as they mature; and

	 	(iii)	 	it has capital sufficient to carry on its
business as conducted and as proposed to be conducted.

Contingent liabilities (such as litigation, guaranties and pension plan liabilities) shall
be computed at the amount which, in light of all the facts and circumstances existing at the
time, represents the amount which can reasonably be expected to become an actual or matured
liability.

F. No Proceedings. There are no proceedings or investigations pending, or to
the Guarantor’s best knowledge, threatened, before any court, regulatory body, administrative
agency, or other governmental instrumentality having jurisdiction over the Guarantor or its
respective properties: (i) asserting the invalidity of this Guaranty or (ii) seeking any
determination or ruling that might materially and adversely affect the performance by the
Guarantor of its obligations under, or the validity or enforceability of, this Guaranty.

Section 3. GUARANTOR’S COVENANTS. Until the Guaranteed Obligations are performed in
full, the Guarantor agrees that, unless the Buyer otherwise agrees in writing in the Buyer’s sole
and absolute discretion:

A. Information and Statements. The Guarantor shall furnish to the Buyer such
financial information concerning the Guarantor and the assets, business, financial condition,
operations, property and prospects of the Guarantor as the Buyer reasonably requests from
time to time.

B. Keeping Informed About the Sellers and the Transaction. The Guarantor
understands the Guaranteed Obligations and has had access to information about the financial
condition of each of the Sellers and the ability of each of the Sellers to perform the
Guaranteed Obligations. The Guarantor assumes responsibility for acquiring and maintaining
all necessary information concerning the financial condition of each of the Sellers, and any
and all endorsers and other guarantors of any instrument or document evidencing all or any
part of the Guaranteed Obligations, and of all other circumstances bearing upon the risk of
nonpayment of the Guaranteed Obligations or any part thereof that diligent inquiry would
reveal, and the Guarantor hereby agrees that the Buyer shall have no duty to advise it of
information known to the Buyer regarding such conditions or circumstances.

Section 4. REMEDIES. If the Guarantor fails to promptly perform its obligations under
this Guaranty, the Buyer may from time to time, and without first requiring performance by any of
the Sellers or exhausting any or all rights or powers, bring any action at law or in equity or both
to compel the Guarantor to perform its obligations hereunder, and to collect in any such action
compensation for all loss, cost, damage, injury and expense sustained or incurred by the Buyer as a
direct or indirect consequence of the failure of the Guarantor to perform its obligations together
with interest thereon.

Section 5. RIGHTS OF BUYER. The Guarantor authorizes the Buyer, without giving notice
to the Guarantor or obtaining the Guarantor’s consent and without affecting the liability of the
Guarantor, from time to time to and in accordance with the terms of the Guaranteed Agreements: (a)
renew or extend all or any portion of any Seller’s obligations under the Guaranteed Obligations or
any of the Guaranteed Agreements; (b) declare all sums owing to the Buyer under the Guaranteed
Obligations and the Guaranteed Agreements due and payable upon the occurrence of an Event of
Default (as defined in the Master Repurchase Agreement) under the Guaranteed Agreements; (c) make
changes in the dates specified for payments of any sums payable in periodic installments under the
Guaranteed Obligations or any of the Guaranteed Agreements; (d) otherwise modify the terms of any
of the Guaranteed Agreements; (e) release, substitute or add any one or more guarantors of the
Sellers’ obligations under the Guaranteed Obligations or the Guaranteed Agreements; (f) apply
payments received by the Buyer from any of the Sellers to any obligations of the Sellers to the
Buyer, in such order as the Buyer shall determine in its sole discretion, whether or not any such
obligations are covered by this Guaranty; (g) assign this Guaranty in whole or in part to any
permitted assignee of the Master Repurchase Agreement; and (h) assign, transfer or negotiate all or
any part of the indebtedness guaranteed by this Guaranty.

Section 6. GUARANTOR’S WAIVERS. The Guarantor waives: (a) any defense based upon any
legal disability or other defense of any of the Sellers, any other guarantor or other person, or by
reason of the cessation or limitation of the liability of any of the Sellers from any cause other
than full payment of all sums payable under the Guaranteed Obligations or any of the Guaranteed
Agreements; (b) any defense based upon any lack of authority of the officers, directors, partners
or agents acting or purporting to act on behalf of the Sellers or any principal of any of the
Sellers or any defect in the formation of any of the Sellers or any principal of any of the
Sellers; (c) any defense based upon the application by any of the Sellers of the proceeds of the
repurchase transactions for purposes other than the purposes represented by the Sellers to the
Buyer or intended or understood by the Buyer or the Guarantor; (d) any and all rights and defenses
arising out of an election of remedies by the Buyer; (e) any defense based upon the Buyer’s failure
to disclose to the Guarantor any information concerning the Sellers’ financial condition or any
other circumstances bearing on the Sellers’ ability to pay all sums payable under the Guaranteed
Obligations or any of the Guaranteed Agreements; (f) any defense based upon any statute or rule of
law which provides that the obligation of a surety must be neither larger in amount nor in any
other respects more burdensome than that of a principal; (g) any defense based upon the Buyer’s
election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of
Section 1111(b)(2) of the Federal Bankruptcy Code or any successor statute; (h) any defense based
upon any borrowing or any grant of a security interest under Section 364 of the Federal Bankruptcy
Code; (i) any right of subrogation, any right to enforce any remedy which the Buyer may have
against any of the Sellers and any right to participate in, or benefit from, any security for the
Guaranteed Obligations or the Guaranteed Agreements now or hereafter held by the Buyer; (j)
presentment, demand, protest and notice of any kind, including, without limitation, any right to
require a proceeding first against any Seller, other than the Guarantor, any other entity or person
obligated in relation to the Guaranteed Obligations or any party thereof; and (k) the benefit of
any statute of limitations affecting the liability of the Guarantor hereunder or the enforcement
hereof. The Guarantor agrees that the performance of any act or any payment which tolls any
statute of limitations applicable to the Guaranteed Obligations or any of the Guaranteed Agreements
shall similarly operate to toll the statute of limitations applicable to the Guarantor’s liability
hereunder.

Section 7. GUARANTOR’S WARRANTIES. The Guarantor warrants and acknowledges that: (a)
the Buyer would not enter into the Master Repurchase Agreement but for this Guaranty; (b) there are
no conditions precedent to the effectiveness of this Guaranty, nor does the execution or delivery
of this Guaranty conflict with any other documents or instruments to which the Guarantor is a
party; (c) it has established adequate means of obtaining from sources other than the Buyer, on a
continuing basis, financial and other information pertaining to the Sellers’ financial condition
and the Sellers’ activities relating thereto and the status of the Sellers’ performance of
obligations under the Guaranteed Agreements, and it agrees to keep adequately informed from such
means of any facts, events or circumstances which might in any way affect its risks hereunder and
the Buyer has made no representation to it as to any such matters; (d) its most recent financial
statements previously delivered to the Buyer are true and correct in all respects, have been
prepared in accordance with generally accepted accounting principles consistently applied (or other
principles acceptable to the Buyer) and fairly present its financial condition as of the respective
dates thereof, and no material adverse change has occurred in its financial condition since the
respective dates thereof; and (e) it has not and will not, without the prior written consent of the
Buyer, sell, lease, assign, encumber, hypothecate, transfer or otherwise dispose of all or
substantially all of its assets, or any interest therein, other than in the ordinary course of its
business.

Section 8. BANKRUPTCY OF THE SELLER. In any bankruptcy or other proceeding in which
the filing of claims is required by law, the Guarantor shall file all claims which the Guarantor
may have against any of the Sellers relating to any indebtedness of such Seller to the Guarantor
and shall assign to the Buyer all rights of the Guarantor thereunder. If the Guarantor does not
file any such claim, the Buyer, as attorney-in-fact for the Guarantor, is hereby authorized to do
so in the name of the Guarantor or, in the Buyer’s discretion, to assign the claim to a nominee and
to cause proof of claim to be filed in the name of the Buyer’s nominee. The foregoing power of
attorney is coupled with an interest and cannot be revoked. The Buyer or its nominee shall have
the right, in its reasonable discretion, to accept or reject any plan proposed in such proceeding
and to take any other action which a party filing a claim is entitled to do. In all such cases,
whether in administration, bankruptcy or otherwise, the person or persons authorized to pay such
claim shall pay to the Buyer the amount payable on such claim and, to the full extent necessary for
that purpose, the Guarantor hereby assigns to the Buyer all of the Guarantor’s rights to any such
payments or distributions; provided, however, the Guarantor’s obligations hereunder
shall not be satisfied except to the extent that the Buyer receives cash by reason of any such
payment or distribution. If the Buyer receives anything hereunder other than cash, the same shall
be held as collateral for amounts due under this Guaranty. If all or any portion of the
obligations guaranteed hereunder are paid or performed, the obligations of the Guarantor hereunder
shall continue and shall remain in full force and effect in the event that all or any part of such
payment or performance is avoided or recovered directly or indirectly from the Buyer as a
preference, fraudulent transfer or otherwise under the Bankruptcy Code or other similar laws,
irrespective of (a) any notice of revocation given by the Guarantor prior to such avoidance or
recovery, or (b) full payment and performance of all of the indebtedness and obligations evidenced
and secured by the Guaranteed Agreements.

Section 9. REINSTATEMENT IN CERTAIN CIRCUMSTANCES. If at any time any payment of any
of the Sellers’ Obligations is rescinded or must be otherwise restored or returned upon the
insolvency, bankruptcy or reorganization of any of the Sellers or otherwise, the obligations of the
Guarantor hereunder with respect to such payment shall be reinstated as though such payment had
been due but not made at such time.

Section 10. NO WAIVER, REMEDIES CUMULATIVE. No failure or delay on the part of the
Buyer in exercising any right or remedy hereunder or under any of the Repurchase Documents and no
course of dealing between the Guarantor or any of the Sellers, on the one hand, and the Buyer, on
the other hand, shall operate as a waiver thereof, nor shall any single or partial exercise of any
right or remedy hereunder or under any of the Repurchase Documents preclude any other or further
exercise thereof or the exercise of any other right or remedy hereunder or thereunder. The rights
and remedies expressly provided herein and in the Repurchase Documents are cumulative and not
exclusive of any rights or remedies which the Buyer would otherwise have. No notice to or demand
on the Guarantor not required hereunder or under any other Transaction Document in any case shall
entitle the Guarantor to any other or further notice or demand in similar or other circumstances or
constitute a waiver of the rights of the Buyer to any other or further action in any circumstances
without notice or demand.

Section 11. ADDITIONAL, INDEPENDENT OBLIGATIONS. This Guaranty is a continuing
guaranty of payment and not of collection and cannot be revoked by the Guarantor and shall continue
to be effective with respect to any indebtedness referenced in Section 1 hereof arising or created
after any attempted revocation hereof. The obligations of the Guarantor hereunder shall be in
addition to and shall not limit or in any way affect the obligations of the Guarantor under any
other existing or future guaranties unless said other guaranties are expressly modified or revoked
in writing. This Guaranty is independent of the obligations of the Sellers under the Guaranteed
Obligations and the Guaranteed Agreements. The Buyer may bring a separate action to enforce the
provisions hereof against the Guarantor without taking action against any Seller or any other party
or joining any other party as a party to such action.

Section 12. ATTORNEYS’ FEES; ENFORCEMENT. If any attorney is engaged by the Buyer to
enforce or defend any provision of this Guaranty, or any of the Guaranteed Agreements, or as a
consequence of any Event of Default under the Guaranteed Agreements, with or without the filing of
any legal action or proceeding, the Guarantor shall pay to the Buyer, immediately upon demand, all
attorneys’ fees and costs incurred by the Buyer in connection therewith, together with interest
thereon from the date of such demand until paid at the rate of interest applicable to the principal
balance of the Guaranteed Obligations as specified therein.

Section 13. RULES OF CONSTRUCTION. The defined term “Sellers” as used herein shall
include the Sellers and any other person at any time assuming or otherwise becoming primarily
liable for all or any part of the obligations of the Sellers under the Guaranteed Obligations and
the Guaranteed Agreements. The term “person” as used herein shall include any individual,
company, trust or other legal entity of any kind whatsoever. If this Guaranty is executed by more
than one person, the term “Guarantor” shall include all such persons. When the context and
construction so require, all words used in the singular herein shall be deemed to have been used in
the plural and vice versa. All headings appearing in this Guaranty are for convenience only and
shall be disregarded in construing this Guaranty.

Section 14. AMENDMENTS, ETC. No amendment or waiver of any provision of this
Guaranty, nor consent to any departure by the Guarantor herefrom, shall be effective unless the
same shall have been consented to in writing by the Buyer.

Section 15. GOVERNING LAW. This Guaranty shall be governed by, and construed in
accordance with, the laws of the State of New York, except to the extent preempted by federal laws.
The Guarantor and all persons and entities in any manner obligated to the Buyer under this
Guaranty consent to the jurisdiction of any federal or state court within the State of New York
having proper venue and also consent to service of process by any means authorized by New York or
federal law.

Section 16. SEVERABILITY. If any provision of this Guaranty shall be determined by a
court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be
deemed severed from this Guaranty and the remaining parts shall remain in full force as though the
invalid, illegal or unenforceable portion had never been part of this Guaranty.

Section 17. ADDITIONAL PROVISIONS. Such additional terms, covenants and conditions as
may be set forth on any exhibit executed by the Guarantor and attached hereto which recites that it
is an exhibit to this Guaranty are incorporated herein by this reference.

Section 18. WAIVER OF RIGHT TO TRIAL BY JURY; SUBMISSION TO NEW YORK JURISDICTION.

(a) EACH PARTY TO THIS GUARANTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION

(i) ARISING UNDER THE GUARANTEED AGREEMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR
FUTURE MODIFICATION THEREOF OR

(ii) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO
OR ANY OF THEM WITH RESPECT TO THE GUARANTEED AGREEMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY
OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE
TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT
ANY PARTY TO THIS GUARANTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO
TRIAL BY JURY.

(b) The Guarantor hereby irrevocably and unconditionally:

(i) TO THE EXTENT PERMITTED BY LAW, SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS GUARANTY AND THE REPURCHASE DOCUMENTS, OR FOR RECOGNITION AND
ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE PERSONAL JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

(ii) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE
EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY
SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN
INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

(iii) AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY
MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL),
POSTAGE PREPAID, TO ITS ADDRESS SET FORTH UNDER ITS SIGNATURE BELOW OR AT SUCH OTHER ADDRESS OF
WHICH THE BUYER SHALL HAVE BEEN NOTIFIED; AND

(iv) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION.

[Remainder of page left intentionally blank]

1

IN WITNESS WHEREOF, the Guarantor has executed this Guaranty as of the date appearing
on the first page of this Guaranty.

NEW CENTURY FINANCIAL

CORPORATION, as Guarantor

By: Brad A. Morrice

Name: Brad A. Morrice

Title: President

By: Kevin Cloyd

Name: Kevin Cloyd

Title: Executive Vice President

2EX-10.1

P. H. Glatfelter Company

Summary of Non-Employee Director Compensation

(effective May 1, 2006)

	 	 	 	 	 	 	 	 	 
	Type	 	Frequency	 	Amount
	Board Retainer (1)
	 	Annually
	 	$	27,000	 
	Committee chairperson retainer
	 	Annually
	 	 	5,000	 
	Board retreat
	 	Annually
	 	 	2,000	 
	Board meetings
	 	Per meeting
	 	 	1,500	 
	Committee meetings
	 	Per meeting
	 	 	1,000	 
	Other: Restricted Stock Units (2)
	 	Annually
	 	 	15,500	 

	 	(1)	 	Annual retainer two-thirds of which will consist of shares of Glatfelter common stock
and one-third in cash.

	 	(2)	 	Restricted stock units with a grant-date value of $15,500 vesting ratably over a
three year period.

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