Common use of Deferral of Payment Clause in Contracts

Deferral of Payment. a. The Company and Executive acknowledge that the Company does not have sufficient free cash flow to commence a repayment of the Deferred Compensation amounts owed on the date of this Agreement. b. The Company will continue to accrue interest at 8% per annum, compounded monthly on all amounts of Deferred Compensation owing. c. The Company agrees that commencing on April 1, 2014 it will begin equal monthly repayments (principal and interest) of the Deferred Compensation amounts owed to the Executive which has not been converted, over a maximum of 12 months.