Annual Base Compensation. The Company shall pay to Executive for any and all services that Executive may render to the Company an annual base compensation of Six Hundred Fifty Thousand Dollars ($650,000), payable in equal installments on the Company’s regular payroll dates. The Compensation Committee of the Management Committee of the Company shall review Executives annual base compensation after the end of each calendar year commencing with the year ended December 31, 2005 in light of additional responsibilities which may be assumed by Executive, the result of operations and prospects of the Company, the compensation being paid to other persons holding similar positions with comparable companies and such other factors as it deems relevant; provided, however, that no such raise in compensation will be effective unless approved by the Company’s members acting through the Compensation Committee of the Board of Directors of GLR (“Member Approval”). Following each such review, and subject to Member Approval, the annual base compensation of Executive may be increased but may not be decreased below its then existing level.
Appears in 4 contracts
Samples: Executive Employment Agreement (G&l Realty Corp), Executive Employment Agreement (G&l Realty Corp), Executive Employment Agreement (G&l Realty Corp)