Common use of Deferred Cash Compensation Clause in Contracts

Deferred Cash Compensation. As of April 15, 2011, Employee is currently owed $7,500.00 in deferred cash compensation by the Company. The parties agree that this deferred compensation shall be paid to Employee by the Company upon completion of an aggregate fund raising of at least $2,000,000. If no such fund raising occurs prior to a Change of Control (as defined in the Company’s 2010 Stock Incentive Plan) of the Company or its dissolution, then the amount of deferred compensation shall be considered an employee payroll debt obligation of the Company.

Deferred Cash Compensation. As of April 15, 2011, Employee is currently owed $7,500.00 in deferred cash compensation by the Company. The parties agree that this deferred compensation shall be paid to Employee by the Company upon completion of an aggregate fund raising of at least $2,000,0002,000,00, beginning on the Effective Date of this Agreement. If no such fund raising occurs prior to a Change of Control (as defined in the Company’s 2010 Stock Incentive Plan) of the Company or its dissolution, then the amount of deferred compensation shall be considered an employee Employee payroll debt obligation of the Company.

Deferred Cash Compensation. As of April 15, 2011, Employee is currently owed $7,500.00 27,499.98 in deferred cash compensation by the Company. The parties agree that this deferred compensation shall be paid to Employee by the Company upon completion of an aggregate fund raising fundraising of at least $2,000,000. If no such fund raising fundraising occurs prior to a Change of Control (as defined in the Company’s 2010 Stock Incentive Plan) of the Company or its dissolution, then the amount of deferred compensation shall be considered an employee payroll debt obligation of the Company.