Deferred Compensation Credits. The Company shall credit $2,250,000 to Employee’s Annual Account as part of the Company Contribution Account pursuant to the Company’s Deferred Compensation Plan (“Additional Company Contribution Account”) on January 1, 2010, provided that Employee is employed on such date (“Grant Date”). The Additional Company Contribution Account, as adjusted under the Deferred Compensation Plan shall be immediately vested on the Grant Date and the Employee shall receive the Additional Company Contribution Account, as adjusted, in accordance with the terms of the Deferred Compensation Plan.
Deferred Compensation Credits. Pursuant to the provisions of Article II and this Article III, a Participant and the Company may, by mutual agreement, provide for deferred and postponed payment of a percentage of the Participant's Compensation which otherwise would be paid during the applicable Plan Year(s) for services to be rendered in such year(s) or for the deferral of specific portions of Compensation, such as Shares to be received as restricted stock or pursuant to the exercise of options granted to the Participant. Deferral elections with respect to such equity awards must be made for all Shares (or options to purchase Shares) granted under a single award, whether or not yet vested or about to vest. All elections to defer Compensation must be made prior to the calendar year during which the Compensation is expected to be earned, or at such other time as may be specified under regulations issued under the Code. With respect to any performance based bonus compensation based on services performed over a period of at least 12 months, an election to defer such compensation must be made no later than 6 months before the end of the performance period. To qualify as performance based bonus compensation, such compensation must meet applicable requirements under Treasury Notice 2005-1 and other applicable Treasury guidance or regulations issued under Code Section 409A. Any election to defer Shares must be made prior to the year in which the right to such Shares becomes vested in the Participant or at such earlier time as may be mandated under applicable federal law in order to defer the taxability of the Compensation associated with such Shares. The Company may, in its discretion, establish and change from time to time a minimum and maximum amount that may be deferred, and all elections shall be made in accordance with procedures established by the Administrative Committee. The Company will credit the deferred Compensation amount agreed to for each Plan Year to the Participant's Account from time to time as the deferred amounts otherwise would have been earned by the Participant. All contributions under this provision to the Accounts of Participants in the Plan, as adjusted for earnings or losses (described below), are referred to as "Deferred Compensation Credits."
Deferred Compensation Credits. The Executive shall be entitled to participate in the Deferred Compensation Plan commencing on the Effective Date. During the Term, and subject to Section 4(b)(ii) of this Agreement, the Company shall make annual credits (each a “Retirement Credit”) to the Executive’s Company Contribution Sub-Account under the Deferred Compensation Plan in the amounts and on the dates set forth in the following schedule, provided that the Executive remains in the employ of the Company and its affiliates through each such date: $43,750 on the Effective Date; $60,000 on the first anniversary of the Effective Date; $60,000 on the second anniversary of the Effective Date; $65,000 on the third anniversary of the Effective Date; $65,000 on the fourth anniversary of the Effective Date; and $70,000 on the fifth anniversary of the Effective Date. Once credited to the Executive’s Company Contribution Sub- Account, the Retirement Credits shall be fully vested at all times. As a condition to receiving the Retirement Credits, the Executive agrees to file an irrevocable payment election for his Company Contribution Sub-Account, in accordance with the terms of the Deferred Compensation Plan, prior to the Effective Date. The Retirement Credits shall not be taken into account in determining any benefits to which the Executive may be entitled under any other retirement, benefit or compensation plan maintained by the Company or its affiliates and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or its affiliates.
