Common use of Deferred Compensation Agreement Clause in Contracts

Deferred Compensation Agreement. The Company agrees to pay $41,750 per year, payable in substantially equal monthly installments on the first day of each month (the "Deferred Compensation Payments") to the Director (or if the Director dies, to his beneficiary as provided in Section 4(a) of the Agreement) during the Term (as hereinafter defined).

Deferred Compensation Agreement. The Company agrees to pay an annual amount of $41,750 per year167,000, payable in substantially equal monthly installments on the first day of each month (the "Deferred Compensation Payments") to the Director (or or, if the Director dies, to his beneficiary as provided in Section 4(a) of the this Agreement) during the Term (as hereinafter defined).