Common use of Deferred Bonus Clause in Contracts

Deferred Bonus. (i) The Executive shall be entitled to receive a deferred bonus (any full or partial payment hereunder, the “Deferred Bonus”), which shall accrue at the rate of $500,000.00 per year, accruing monthly for each calendar month of employment hereunder at the rate of $41,666.66 per month; provided that as of the date hereof the Company will credit the Executive with an amount equal to the difference between the deferred bonus accrued in 2011 prior to the date hereof pursuant to the Prior Employment Agreement and the portion of the Deferred Bonus that would have accrued during such period had this Agreement been entered into on January 1, 2011. Any amount accrued under this Section 3(c), together with any amount accrued under the Prior Employment Agreement with respect to the 2011 calendar year prior to the date hereof, has been or will be, as applicable, credited to a notional Deferred Bonus account (the “Deferred Bonus Account”). No interest or other earnings will accrue on the Deferred Bonus Account.

Deferred Bonus. (i) The Executive shall be entitled to receive a deferred bonus (any full or partial payment hereunder, the “Deferred Bonus”), which shall accrue at the rate of $500,000.00 400,000.00 per year, accruing monthly for each calendar month of employment hereunder at the rate of $41,666.66 33,333.33 per month; provided that as of the date hereof the Company will credit the Executive with an amount equal to the difference between the deferred bonus accrued in 2011 prior to the date hereof pursuant to the Prior Employment Agreement and the portion of the Deferred Bonus that would have accrued during such period had this Agreement been entered into on January 1, 2011. Any amount accrued under this Section 3(c), together with any amount accrued under the Prior Employment Agreement with respect to the 2011 calendar year prior to the date hereof, has been or will be, as applicable, credited to a notional Deferred Bonus account (the “Deferred Bonus Account”). No interest or other earnings will accrue on the Deferred Bonus Account.