Common use of Annual Deferred Compensation Clause in Contracts

Annual Deferred Compensation. In addition to the Base Salary, during the Term, the Company shall pay to the Executive an annual deferred compensation payment (a “Deferred Compensation Payment”) in the amount of $56,000. The Deferred Compensation Payment shall be paid each year during the Term at the end of the calendar year and shall be prorated for the 2005 calendar year for the period from January 1, 2005 through the end of the Term. In the event this Agreement or the Executive’s employment is terminated, the Executive shall not be entitled to any Deferred Compensation Payment for such year or any subsequent period.

Annual Deferred Compensation. In addition to the Base Salary, during the Term, the Company shall pay to the Executive an annual deferred compensation payment (a “Deferred Compensation Payment”) in the amount of $56,00070,000. The Deferred Compensation Payment shall be paid each year during the Term at the end of the calendar year and shall be prorated for the 2005 calendar year for the period from January 1, 2005 through the end of the Term. In the event this Agreement or the Executive’s employment is terminated, the Executive shall not be entitled to any Deferred Compensation Payment for such year or any subsequent period.