Common use of Compensation Deferrals Clause in Contracts

Compensation Deferrals. If at any time and from time to time a Deferred Amount of compensation shall be payable by the Company to, or accrue to the benefit of, Employee, the Deferred Amount shall, in lieu of being then paid to Employee, be deferred to later payment by the Company to Employee in accordance with the terms of this Agreement. As of each Deferral Date throughout the term of this Agreement, Employee's Deferral Account shall be credited with an amount equal to the Deferred Amount. In the case of the lapsing of restrictions relating to restricted stock which constitute a Deferred Amount, the shares of common stock as to which restrictions lapse shall be credited to Employee's Deferral Account, and all subsequent dividends and other distributions with respect to such shares, whether in cash, securities or other property, shall, in lieu of being distributed to Employee, be credited to Employee's Deferral Account at the time of any such distribution.