Annual Deferred Compensation. The reference in Section 3(b) of the Agreement to $170,000 shall be a reference to $337,500.
Annual Deferred Compensation. In addition to the Base Salary, during the Term, the Company shall pay to the Executive an annual deferred compensation payment (a “Deferred Compensation Payment”) in the amount of $70,000. The Deferred Compensation Payment shall be paid each year during the Term at the end of the calendar year and shall be prorated for the 2005 calendar year for the period from January 1, 2005 through the end of the Term. In the event this Agreement or the Executive’s employment is terminated, the Executive shall not be entitled to any Deferred Compensation Payment for such year or any subsequent period.
Annual Deferred Compensation. In addition to the Base Salary, during the Term, the Company shall pay to the Executive an annual deferred compensation payment (a “Deferred Compensation Payment”) in the amount of $170,000. The Deferred Compensation Payment shall be paid each year during the Term at the end of the calendar year and shall be prorated for the 2005 calendar year for the period from January 1, 2005 through the end of the Term. In the event this Agreement or the Executive’s employment is terminated (x) by the Company for Cause or (y) by the Executive other than for Cause, the Executive shall not be entitled to any Deferred Compensation Payment for such year or any subsequent period. In the event this Agreement or the Executive’s employment is terminated (x) by the Company other than for Cause, or (y) by the Executive for Cause, the Executive’s right with respect to a Deferred Compensation Payment for the year in which such termination occurs shall be governed by Section 4.
Annual Deferred Compensation. In order to provide an incentive for Xx. Xxxxxxx to continue serving as President and to fulfill his term of office under this contract, the University shall accrue on behalf of Xx. Xxxxxxx the following annual deferred compensation amounts: Contract Year Ending Annual Deferred Compensation Accrual July 31, 2017 $25,000 July 31, 2018 $50,000 July 31, 2019 $75,000 July 31, 2020 $100,000 July 31, 2021 $125,000 Each annual deferred compensation accrual amount shall accrue and vest on July 31 of each applicable contract year; provided that, in each case, Xx. Xxxxxxx continues to serve as President through and including the applicable vesting date. The University’s promise to pay the accrued and vested deferred compensation amounts under this Article VI.B is an unfunded and unsecured obligation of the University to pay such amounts. The University in its sole discretion may elect to set aside and invest funds to meet its obligation hereunder, but any such set aside remains the general assets and property of the University and subject to the University’s creditors. Any set aside is not funding for the benefits, and does not create a trust fund for Xx. Xxxxxxx or his designated beneficiaries. Neither Xx. Xxxxxxx nor his designated beneficiaries may sell, assign, transfer, pledge, encumber, or otherwise convey the right to receive payment under this Article VI.B, and such amounts in advance of actual payment to Xx. Xxxxxxx or his beneficiaries are not subject to their creditors; provided that such amounts as may otherwise become payable hereunder may be paid in accordance with a domestic relations order meeting such requirements as the court may determine.
