Common use of Deferred Compensation Agreement Clause in Contracts

Deferred Compensation Agreement. The Company agrees to establish and maintain a book reserve (the "Deferred Compensation Account") for the purpose of measuring the amount of deferred compensation payable under this Agreement. Credits shall be made to the Deferred Compensation Account as follows: (a) On each issuance of the Executive's semi-monthly payroll check, (scheduled for the 15th and the last day of each month), during the Executive's continued active employment with the Company, there shall be deducted an amount equivalent to six percent of the Executive's gross compensation for the pay period which will be credited to the Deferred Compensation Account. The first deduction will occur on the Executive's semi-monthly payroll check dated September 30, 1996. The deferral percentage selected by the Executive will also be applied to all normal bonus payments. (b) Commencing on October 30, 1996, and on the last day of each month thereafter during the Executive's continued employment with the Company, there shall be credited to the Deferred Compensation Account (before any amount is credited for the month then ending pursuant to paragraph 1(a)), interest compounded monthly computed at a rate equal to one-twelfth (1/12) of the sum of (a) the average thirty (30) year Treasury Bond rate of interest (as published in the Wall Street Journal for the last day of the preceding month) plus (b) 1.25 percentage points. Quarterly reports which specify the amount credited to the Executive's Deferred Compensation Account during the previous period(amount deferred plus interest) and the then current balance, shall be provided to the Executive. (c) The Deferred Compensation percentage elected in section 1(a) shall be deducted and credited to the Deferred Compensation Account for all compensation paid to the Executive, including bonus and retroactive pay increases. (d) The Executive may terminate participation in the Agreement with respect to the deferral of future compensation at any time. In the event the Executive elects to make such a discontinuance, he or she shall remain eligible to receive the benefits under Section 2 with respect to amounts already deferred. Previously deferred amounts are not payable until retirement, resignation, disability, death or the date specified by the Executive in paragraph 2 (g) (ii). After a discontinuance, Executive may not again elect to participate with respect to future deferrals until a subsequent calendar year. (e) The Deferred Compensation percentage selected in 1(a) shall be in effect for the entire plan year unless participation is terminated. The Executive may not elect to change the percentage until a new plan year commences.

Deferred Compensation Agreement. The Company agrees to establish and maintain a book reserve (the "Deferred Compensation Account") for the purpose of measuring the amount of deferred compensation payable under this Agreement. Credits shall be made to the Deferred Compensation Account as follows: (a) On each issuance of the Executive's semi-monthly payroll check, (scheduled for the 15th and the last day of each month), during the Executive's continued active employment with the Company, there shall be deducted an amount equivalent to six 3 percent of the Executive's gross compensation for the pay period which will be credited to the Deferred Compensation Account. The first deduction will occur on the Executive's semi-monthly payroll check dated September 30, 1996January 31. The deferral percentage selected by the Executive will also be applied to all normal bonus payments. (b) Commencing on October 30February 28, 19961998, and on the last day of each month thereafter during the Executive's continued employment with the Company, there shall be credited to the Deferred Compensation Account (before any amount is credited for the month then ending pursuant to paragraph 1(a)), interest compounded monthly computed at a rate equal to one-twelfth (( 1/12) of the sum of (a) the average thirty (30) year Treasury Bond rate of interest (as published in the Wall Street Journal for the last day of the preceding month) plus (b) 1.25 percentage points. Quarterly reports which specify the amount credited to the Executive's Deferred Compensation Account during the previous period(amount period (amount deferred plus interest) and the then current balance, shall be provided to the Executive. (c) The Deferred Compensation percentage elected in section 1(a) shall be deducted and credited to the Deferred Compensation Account for all compensation paid to the Executive, including bonus and retroactive pay increases. (d) The Executive may terminate participation in the Agreement with respect to the deferral of future compensation at any time. In the event the Executive elects to make such a discontinuance, he or she shall remain eligible to receive the benefits under Section 2 with respect to amounts already deferred. Previously deferred amounts are not payable until retirement, resignation, disability, death or the date specified by the Executive in paragraph 2 (g) (ii). After a discontinuance, Executive may not again elect to participate with respect to future deferrals until a subsequent calendar year.. 2 (e) The Deferred Compensation percentage selected in 1(a) shall be in effect for the entire plan year unless participation is terminated. The Executive may not elect to change the percentage until a new plan year commences. 2.

Deferred Compensation Agreement. The Company agrees to establish and maintain a book reserve (the "“Deferred Compensation Account"”) for the purpose of measuring the amount of deferred compensation payable under this Agreement. Credits shall be made to the Deferred Compensation Account as follows: (a) On each issuance of the Executive's ’s semi-monthly payroll check, (scheduled for the 15th and the last day of each month), during the Executive's ’s continued active employment with the Company, there shall be deducted an amount equivalent to six percent of the Executive's ’s gross compensation for the pay period which will be credited to the Deferred Compensation Account. The first deduction will occur on the Executive's ’s semi-monthly payroll check dated September 30, 1996. The deferral percentage selected by the Executive will also be applied to all normal bonus payments. (b) Commencing on October 30, 1996, and on the last day of each month thereafter during the Executive's ’s continued employment with the Company, there shall be credited to the Deferred Compensation Account (before any amount is credited for the month then ending pursuant to paragraph 1(a)), interest compounded monthly computed at a rate equal to one-twelfth (1/12) of the sum of (a) the average thirty twenty (3020) year Treasury Bond rate of interest (as published in the Wall Street Journal for the last day of the preceding month) plus (b) 1.25 percentage points. Quarterly reports which specify the amount credited to the Executive's ’s Deferred Compensation Account during the previous period(amount period (amount deferred plus interest) and the then current balance, shall be provided to the Executive. (c) The Deferred Compensation percentage elected in section 1(a) shall be deducted and credited to the Deferred Compensation Account for all compensation paid to the Executive, including bonus and retroactive pay increases. (d) The Executive may terminate participation in the Agreement with respect to the deferral of future compensation at any time. In the event the Executive elects to make such a discontinuance, he or she shall remain eligible to receive the benefits under Section 2 with respect to amounts already deferred. Previously deferred amounts are not payable until retirement, resignation, disability, death or the date specified by the Executive in paragraph 2 (g) (ii). After a discontinuance, Executive may not again elect to participate with respect to future deferrals until a subsequent calendar year. (e) The Deferred Compensation percentage selected in 1(a) shall be in effect for the entire plan year unless participation is terminated. The Executive may not elect to change the percentage until a new plan year commences.

Deferred Compensation Agreement. The Company agrees to establish and maintain a book reserve (the "Deferred Compensation Account") for the purpose of measuring the amount of deferred compensation payable under this Agreement. Credits shall be made to the Deferred Compensation Account as follows: (a) On each issuance of the Executive's semi-monthly biweekly payroll check, (scheduled for the 15th and the last day of each month), during the Executive's continued active employment with the Company, there shall be deducted an amount equivalent to six 89 (EIGHTY-NINE) percent of the Executive's gross compensation for the pay period which will be credited to the Deferred Compensation Account. The first deduction will occur on the Executive's semi-monthly biweekly payroll check dated September 30JANUARY 23, 1996. The deferral percentage selected by the Executive will also be applied to all normal bonus payments1998. (b) Commencing on October 30JANUARY 31, 19961998, and on the last day of each month thereafter during the Executive's continued employment with the Company, there shall be credited to the Deferred Compensation Account (before any amount is credited for the month then ending pursuant to paragraph 1(a)), interest compounded monthly computed at a rate equal to one-twelfth (1/12) of the sum of (a) the average thirty (30) year Treasury Bond rate of interest (as published in the Wall Street Journal for the last day of the preceding month) plus (b) 1.25 percentage points. Quarterly reports which specify the amount credited to the Executive's Deferred Compensation Account during the previous period(amount deferred plus interest) and the then current balance, shall be provided to the Executive.the (c) The Deferred Compensation percentage elected in section 1(a) shall be deducted and credited to the Deferred Compensation Account for all compensation paid to the Executive, including bonus and retroactive pay increases. (d) The Executive may elect to defer additional amounts from gross compensation. The additional amounts deferred will approximate the amount withheld biweekly as the Executive's share of OASDI taxes. Deductions of the additional amounts will begin with the Executive's biweekly payroll check after the OASDI wage limit has been reached and continue until the end of the year. i) ____________ Check here for this paragraph to apply. ii) ____________ Additional amount to be deducted. (e) The Executive may terminate participation in the Agreement with respect to the deferral of future compensation at any time. In the event the Executive elects to make such a discontinuance, he or she shall remain eligible to receive the benefits under Section 2 with respect to amounts already deferred. Previously deferred amounts are not payable until retirement, resignation, disability, death disability or the date specified by the Executive in paragraph 2 (g) (ii)death. After a discontinuance, Executive may not again elect to participate with respect to future deferrals until a subsequent calendar year. (ef) The Deferred Compensation percentage selected in 1(a) shall be in effect for the entire plan year unless participation is terminated. The Executive may not elect to change the percentage until a new plan year commences. An election under paragraph shall be in effect until the end of the calendar year unless participation is terminated. (g) All or a portion of the bonuses that an executive receives will be credited to the Executive's Deferred Compensation account. i) _________________ Check here for this paragraph to apply. ii) _________________ This additional percentage of my bonus(es) should be credited to the deferred compensation account. -2-

Deferred Compensation Agreement. The Company agrees to establish and maintain a book reserve (the reserve(the "Deferred Compensation Account") for the purpose of measuring the amount of deferred compensation payable under this Agreement. Credits shall be made to the Deferred Compensation Account as follows: (a) On each issuance of the Executive's semi-monthly payroll check, (scheduled for the 15th and the last day of each month), during the Executive's continued active employment with the Company, there shall be deducted an amount equivalent to six eight percent of the Executive's gross compensation for the pay period which will be credited to the Deferred Compensation Account. The first deduction will occur on the Executive's semi-monthly payroll check dated September 30August 15, 1996. The deferral percentage selected by the Executive will also be applied to all normal bonus payments. (b) Commencing on October September 30, 1996, and on the last day of each month thereafter during the Executive's continued employment with the Company, there shall be credited to the Deferred Compensation Account (before any amount is credited for the month then ending pursuant to paragraph 1(a)), interest compounded monthly computed at a rate equal to one-twelfth (1/12) of the sum of (a) the average thirty (30) year Treasury Bond rate of interest (as published in the Wall Street Journal for the last day of the preceding month) plus (b) 1.25 percentage points. Quarterly reports which specify the amount credited to the Executive's Deferred Compensation Account during the previous period(amount deferred plus interest) and the then current balance, shall be provided to the Executive. (c) The Deferred Compensation percentage elected in section 1(a) shall be deducted and credited to the Deferred Compensation Account for all compensation paid to the Executive, including bonus and retroactive pay increases. (d) The Executive may terminate participation in the Agreement with respect to the deferral of future compensation at any time. In the event the Executive elects to make such a discontinuance, he or she shall remain eligible to receive the benefits under Section 2 with respect to amounts already deferred. Previously deferred amounts are not payable until retirement, resignation, disability, death or the date specified by the Executive in paragraph 2 (g) (ii). After a discontinuance, Executive may not again elect to participate with respect to future deferrals until a subsequent calendar year. (e) The Deferred Compensation percentage selected in 1(a) shall be in effect for the entire plan year unless participation is terminated. The Executive may not elect to change the percentage until a new plan year commences.

Deferred Compensation Agreement. The Company agrees to establish and maintain a book reserve (the "Deferred Compensation Account") for the purpose of measuring the amount of deferred compensation payable under this Agreement. Credits shall be made to the Deferred Compensation Account as follows: (a) On each issuance of the Executive's semi-monthly payroll check, (scheduled for the 15th and the last day of each month), during the Executive's continued active employment with the Company, there shall be deducted an amount equivalent to six twenty percent of the Executive's gross compensation for the pay period which will be credited to the Deferred Compensation Account. The first deduction will occur on the Executive's semi-monthly payroll check dated September 30, 1996August 15,1996. The deferral percentage selected by the Executive will also be applied to all normal bonus payments. (b) Commencing on October September 30, 1996, and on the last day of each month thereafter during the Executive's continued employment with the Company, there shall be credited to the Deferred Compensation Account (before any amount is credited for the month then ending pursuant to paragraph 1(a)), interest compounded monthly computed at a rate equal to one-twelfth (1/12) of the sum of (a) the average thirty (30) year Treasury Bond rate of interest (as published in the Wall Street Journal for the last day of the preceding month) plus (b) 1.25 percentage points. Quarterly reports which specify the amount credited to the Executive's Deferred Compensation Account during the previous period(amount period (amount deferred plus interest) and the then current balance, shall be provided to the Executive. (c) The Deferred Compensation percentage elected in section 1(a) shall be deducted and credited to the Deferred Compensation Account for all compensation paid to the Executive, including bonus and retroactive pay increases. (d) The Executive may terminate participation in the Agreement with respect to the deferral of future compensation at any time. In the event the Executive elects to make such a discontinuance, he or she shall remain eligible to receive the benefits under Section 2 with respect to amounts already deferred. Previously deferred amounts are not payable until retirement, resignation, disability, death or the date specified by the Executive in paragraph 2 (g) (ii). After a discontinuance, Executive may not again elect to participate with respect to future deferrals until a subsequent calendar year. (e) The Deferred Compensation percentage selected in 1(a) shall be in effect for the entire plan year unless participation is terminated. The Executive may not elect to change the percentage until a new plan year commences.

Deferred Compensation Agreement. The Company agrees to establish and maintain a book reserve (the "“Deferred Compensation Account"”) for the purpose of measuring the amount of deferred compensation payable under this Agreement. Credits shall be made to the Deferred Compensation Account as follows: (a) On each issuance of the Executive's semi-monthly ’s biweekly payroll check, (scheduled for the 15th and the last day of each month), during the Executive's ’s continued active employment with the Company, there shall be deducted an amount equivalent to six percent of the Executive's ’s gross compensation for the pay period which will be credited to the Deferred Compensation Account. The first deduction will occur on the Executive's semi-monthly ’s biweekly payroll check dated September 30January 14, 1996. The deferral percentage selected by the Executive will also be applied to all normal bonus payments. (b) Commencing on October 30January 31, 1996, and on the last day of each month thereafter during the Executive's ’s continued employment with the Company, there shall be credited to the Deferred Compensation Account (before any amount is credited for the month then ending pursuant to paragraph 1(a)), interest compounded monthly computed at a rate equal to one-twelfth (1/12) of the sum of (a) the average thirty (30) year Treasury Bond rate of interest (as published in the Wall Street Journal for the last day of the preceding month) plus (b) 1.25 percentage points. Quarterly Semi-annual reports which specify the amount credited to the Executive's ’s Deferred Compensation Account during the previous period(amount period (amount deferred plus interest) and the then current balance, shall be provided to the Executive. (c) The Deferred Compensation percentage elected in section 1(a) shall be deducted and credited to the Deferred Compensation Account for all compensation paid to the Executive, including bonus and retroactive pay increases. (d) The Executive may terminate participation in the Agreement with respect to the deferral of future compensation at any time. In the event the Executive elects to make such a discontinuance, he or she shall remain eligible to receive the benefits under Section 2 with respect to amounts already deferred. Previously deferred amounts are not payable until retirement, resignation, disability, death disability or the date specified by the Executive in paragraph 2 (g) (ii)death. After a discontinuance, Executive may not again elect to participate with respect to future deferrals until a subsequent calendar year. (e) The Deferred Compensation percentage selected in 1(a) shall be in effect for the entire calendar plan year unless participation is terminated. The Executive may not elect to change the percentage until a new plan year commences.