"deferred compensation" is problematic for all the reasons stated above. I would further argue it is no a legally enforceable at ALL. Parties in a contract need to surrender something real and get something real. In our world, that is equity or cash. If you are not formally incorporated then draft up a quick "memo of understanding" ... "we intend to incorporate soon and when we do Mrs. X gets 2% of the stock ... " I've done docs like that in the past. I can take a look, but models and forms are on the net.