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GRANT AGREEMENT BY AND AMONG LEO FREEDMAN FOUNDATION AND THE BOWERS MUSEUM OF CULTURAL ART JUNE 29, 1992 In consideration of the mutual agreement set forth herein, reliance upon said agreements, and other good and valuable consideration, this Grant Agreement ("Grant") is executed by and among Ellis Stern and Sharon Jaquith as Trustees of the Leo Freedman Foundation, UDT dated 1/6/89 ("Donors") and Charles W. Bowers Museum Corporation (the "Museum Corporation") for the museum building and premises commonly referred to as The Bowers Museum of Cultural Art and located at 2002 North Main Street, Santa Ana, California 92706-2776 (the "Museum Premises"). FIRST: Donors agree and hereby promise irrevocably to pay the sum of $1,000,000 to the Museum Corporation, with the first installment of not less than $ 166,666.67 to be payable on or before August 31, 1992, with annual installments of not less than $166,666.67 to be payable on or before December 31, 1993, December 31, 1994, December 31, 1995, December 31, 1996, and December 31, 1997. At Donors' discretion, this grant may be paid in larger installments to be determined by Donors, and this grant shall not bear interest on any unpaid balance. SECOND: At Donors' discretion, this grant may be paid in cash, in marketable securities, in marketable real property (including undivided interests thereof), or partly in each; provided, however, that if any portion of this grant is paid in marketable securities or marketable real property (including undivided interests thereof), the value thereof shall be determined on the date of each such contribution to the Museum Corporation. The Museum Corporation acknowledges that if any portion of this grant is paid in marketable real property, Donors will be required to obtain a qualified appraisal of such property to substantiate the amount of the charitable deduction for federal income tax purposes. The Museum Corporation agrees that the value of such property shall be the value as set forth in said qualified appraisal for purposes of satisfying this grant. THIRD: The Museum Corporation agrees to accept and utilize this grant, and all proceeds therefrom, subject to the terms of this Grant and not to seek interest with respect to any unpaid balance of this grant. FOURTH: The Museum Corporation agrees to name the Galleria ("Galleria") at the Museum Premises the "Leo Freedman Foundation Galleria" for as long as the Museum Corporation operates the Museum Premises; the Museum Corporation further agrees that the Galleria shall now and forever by known solely by that name. The Museum Corporation further agrees to operate and maintain the Galleria for as long as the Museum Corporation operates the Museum Premises.