Common use of Amount Deferred Clause in Contracts

Amount Deferred. Subject to the limitation herinafter set forth in this paragraph, the Employee hereby agrees to defer receiving from Combined any bonus(es) (other than Combined’s usual Christmas bonus) in the amount of $2,000 or more which may become payable to the Employee during the period from the date of this agreement to December 31, 1981. The amount deferred hereunder shall not exceed 20% of the Employee’s aggregate compensation paid to him during the year ending on December 31, 1981 or $25,000, whichever limitation is reached first. In the event that the Employee becomes entitled to receive a bonus(es) in excess of such limitation, Combined shall release for payment to the Employee the excess portion of such bonus(es). The amount deferred under this Agreement, together with interest credited in accordance with paragraph 2 of this Agreement, is hereinafter referred to as the “proceeds.”

Amount Deferred. Subject to the limitation herinafter hereinafter set forth in this paragraph, the Employee hereby agrees to defer receiving from Combined any bonus(es) (other than Combined’s usual Christmas bonus) in the amount of $2,000 or more which may become payable to the Employee during the period from the date of this agreement to December 31, 19811982 (Accumulation Period). The amount deferred hereunder shall not exceed 20% of the Employee’s aggregate compensation paid to him during the year ending on December 31, 1981 1982 or $25,00030,000, whichever limitation is reached first. In the event that the Employee becomes entitled to receive a bonus(es) in excess of such limitation, Combined shall release for payment to the Employee the excess portion of such bonus(es). The amount deferred under this Agreement, together with interest credited in accordance with paragraph 2 of this Agreement, is hereinafter referred to as the “proceeds”.”