Annualized Base Salary. During the Employment Period, Executive shall receive an annualized base salary payable in accordance with the Company’s normal payroll practices of $350,000 per year, which the Board will review for consideration of an increase on or before each annual anniversary date during the Employment Period and which the Board may, in its sole discretion, increase each year (but not decrease without Executive’s consent, except if salary reduction is imposed on all the employees of the Company as part of a general reduction) (“Base Salary”).
Annualized Base Salary. Executive shall receive an annualized base salary payable in accordance with the Company’s normal payroll practices of Two Hundred and Fifty Thousand U.S. Dollars, ($250,000.00) (gross) for the Initial Period. The Company may, in its sole discretion, increase the Base Salary at any time and may not decrease the Base Salary without Executive’s written consent. Executive Base Salaries are increased in accordance with the Company’s compensation review process and subject to approval by the CEO, subject to adjustment only as provided in this Section 5.1.
Annualized Base Salary. As compensation for services rendered under this Agreement, Executive shall be entitled to receive an annualized base salary (before tax withholdings and other deductions) of $365,000 (“Base Salary”). Executive’s Base Salary shall be reviewed by the Board from time to time and, in the Board’s sole discretion, may be modified (such determined amount as in effect at any time, the “Effective Base Salary”). Executive’s base salary shall be payable in substantially equal installments in accordance with the practice and policies of the Company as may exist from time to time (but no less frequently than monthly).
Annualized Base Salary. Executive shall receive an annualized base salary (“Base Salary”) payable in accordance with the Company’s normal payroll practices of $498,000 through the first anniversary of the Effective Date, and then $520,000 from first anniversary of the Effective Date through the second anniversary of the Effective Date. Thereafter, the Board may, in its sole discretion, increase the Base Salary at any time and may not decrease the Base Salary without Executive’s written consent. Executive’s Base Salary is increased in accordance with the Company’s executive compensation review process and subject to approval by the Company’s Board, subject to adjustment only as provided in this Section 5.1.
Annualized Base Salary. Section 6.1 (Annualized Base Salary) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:
Annualized Base Salary. During the Agreement Period, Executive shall receive an annualized base salary payable in accordance with the Company’s normal payroll practices of $250,000 through the first anniversary of the Effective Date and thereafter at $275,000 per year, subject to adjustment as provided in this Section 5.1 (the “Base Salary”). The Board may, in its sole discretion, increase the Base Salary at any time and may not decrease the Base Salary without Executive’s written consent. If Executive is appointed as CEO, Executive shall receive an annualized Base Salary payable in accordance with the Company’s executive compensation review process and subject to approval by the Company’s Compensation Committee, subject to adjustment only as provided in this Section 5.1. The Board may, in its sole discretion, increase the CEO Base Salary at any time, but may not decrease it without Executive’s written consent.
