1Base Salary. The Company shall pay the Executive a Base Salary in an amount which shall be established from time to time by the Board of Directors of the Company or the Board's designee; provided, however, that the Executive's Base Salary may be decreased by the Board (other than during a Window Period) as part of a program that is applicable equally (as a percentage of base salary) to all executives of the Company and is determined by the Board to be necessary and appropriate in light of the Company's then financial condition. Base Salary shall be paid to the Executive in equal semi-monthly installments throughout the year, consistent with the normal payroll practices of the Company. The annual Base Salary shall be reviewed at least annually following the Effective Date of this Agreement, while this Agreement is in force, to ascertain whether, in the judgment of the Board or the Board's designee, such Base Salary should be increased, based primarily on the performance of the Executive during the year and on the then current rate of inflation. If so increased, the Base Salary as stated above shall, likewise, be increased for all purposes of this Agreement.
Appears in 6 contracts
Samples: Employment and Change in Control Agreement (R&b Falcon Corp), Employment and Change in Control Agreement (R&b Falcon Corp), Employment and Change in Control Agreement (R&b Falcon Corp)
