Having worked somewhere where I had a large deferred bonus, which I had to walk away from after the company turned hostile very quickly, I'd much, MUCH prefer to get my bonus paid out at the end of each year, vs. having it deferred, even if I have to take a hit on overall comp instead.
You just can't estimate how compatible you and your employer will be 4 years in the future.
You just can't estimate how compatible you and your employer will be 4 years in the future.