Common use of Deferred Compensation Benefits Clause in Contracts

Deferred Compensation Benefits. 1.1 Commencing on the first Business Day of any Compensation Period, and continuing on the first Business Day of each of the following months until the end of such Compensation Period, the Company shall pay Executive a Monthly Executive Deferred Compensation Benefit under this Agreement. The Monthly Executive Deferred Compensation Benefit shall be computed according to the following formula: Monthly Executive Deferred Compensation Benefit = VF (AF (S/M)) where "S" equals the sum of all of the amounts paid to Executive as Salary during Executive's last 60 months of employment with the Company (or, if Executive was an employee of the Company for less than 60 months, during all of Executive's months of employment with the Company), "M" is the number of months in the period of consecutive months used in the computation of S, "AF" is Executive's Accrual Factor, and "VF" is Executive's Vesting Factor.