Central Garden & Pet Company Nonqualified Deferred Compensation AgreementNonqualified Deferred Compensation Agreement • December 8th, 2005 • Central Garden & Pet Co • Wholesale-miscellaneous nondurable goods
As of June 19, 2002, Executive shall have a deferred compensation bookkeeping account, which shall be maintained as a liability of the Company. Executive may elect to defer his salary and bonus at such times and in such amounts as determined by the Compensation Committee of the Board of Directors in its sole discretion, and until an election is made, the lesser of all or $150,000 of any future bonus payable to Executive shall be deferred hereunder Deferrals hereunder shall be subject to appropriate tax withholding requirements and shall be credited to the deferred compensation account. This arrangement is unfunded and Executive is a general unsecured creditor of Employer with respect to the amounts credited hereunder. Executive may not alienate, assign or encumber his interest hereunder.
