Common use of Base Salary and Adjusted Salary Clause in Contracts

Base Salary and Adjusted Salary. In consideration for Employee’s services hereunder and the restrictive covenants contained herein, Employee shall be paid an annual base salary of $408,000 for the 2007 Fiscal Year, subject to adjustment pursuant to Section 2(l) hereof (the “Base Salary”), payable in accordance with the Company’s customary payroll practices. Notwithstanding the foregoing, Employee’s annual Base Salary may be increased at anytime and from time to time to levels greater than the levels set forth in the preceding sentence at the discretion of the Board of Directors of the Company to reflect merit or other increases. In lieu of cash increases to the Base Salary, commencing with the 2004 Fiscal Year and continuing for each Fiscal Year thereafter through 2006, Employee has been awarded shares of restricted stock of the Company, as follows: (i) 2004 — 1,500 shares; (ii) 2005 — 2,000 shares; and 2006 — 2,500 shares. Similar deferrals in lieu of cash increases in Base Salary may be made for 2007 and/or future Fiscal Years during the term of this Agreement, in the discretion of the Compensation Committee of the Board of Directors. For the purposes of this Agreement, the term “Adjusted Salary” means (x) with respect to the 2004 Fiscal Year, the Base Salary plus the value (determined as described below) of the shares of restricted stock initially granted to Employee in lieu of a cash increase to Base Salary for such year, and (y) with respect to the 2005 Fiscal Year and each Fiscal Year thereafter during the term of this Agreement, the greater of (1) the Adjusted Salary for the immediately preceding Fiscal Year or (2) the sum of the Base Salary plus the value (determined as described below) of the shares of restricted stock granted to Employee for such Fiscal Year. For the purposes of this Section, the value of shares of restricted stock shall be the value, determined at the closing price of the Company’s shares on the New York Stock Exchange (“NYSE”) as of the date of grant of the restricted stock award (or if the NYSE is not open for business on such date of grant, then on the next regular business day on which the NYSE is open for business). Based on the foregoing formula, Employee’s Adjusted Salary for 2006 was $505,525, which was determined as reflected on Schedule 2(a) hereto, which Schedule also sets forth an example of how such Adjusted Salary amount would be computed for future years. The Base Salary and Adjusted Salary for each Fiscal Year shall become effective as of January 1 of such Fiscal year. Employee’s Base Salary for any Fiscal Year after 2007 shall remain as set for the 2007 Fiscal Year unless the Board of Directors increases such Base Salary and the Adjusted Salary shall be determined each Fiscal Year in the manner described above. The term “Fiscal Year” as used herein shall mean each period of twelve (12) calendar months commencing on January 1st of each calendar year during the Employment Period and expiring on December 31st of such year.

Base Salary and Adjusted Salary. In consideration for Employee’s services hereunder and the restrictive covenants contained herein, Employee shall be paid an annual base salary of $408,000 331,500 for the 2007 Fiscal Year, subject to adjustment pursuant to Section 2(l) hereof (the “Base Salary”), payable in accordance with the Company’s customary payroll practices. Notwithstanding the foregoing, Employee’s annual Base Salary may be increased at anytime and from time to time to levels greater than the levels set forth in the preceding sentence at the discretion of the Board of Directors of the Company to reflect merit or other increases. In lieu of cash increases to the Base Salary, commencing with the 2004 Fiscal Year and continuing for each Fiscal Year thereafter through 2006, Employee has been awarded shares of restricted stock of the Company, as follows: (i) 2004 — 1,500 shares; (ii) 2005 — 2,000 shares; and 2006 — 2,500 shares. Similar deferrals in lieu of cash increases in Base Salary may be made for 2007 and/or future Fiscal Years during the term of this Agreement, in the discretion of the Compensation Committee of the Board of Directors. For the purposes of this Agreement, the term “Adjusted Salary” means (x) with respect to the 2004 Fiscal Year, the Base Salary plus the value (determined as described below) of the shares of restricted stock initially granted to Employee in lieu of a cash increase to Base Salary for such year, and (y) with respect to the 2005 Fiscal Year and each Fiscal Year thereafter during the term of this Agreement, the greater of (1) the Adjusted Salary for the immediately preceding Fiscal Year or (2) the sum of the Base Salary plus the value (determined as described below) of the shares of restricted stock granted to Employee for such Fiscal Year. For the purposes of this Section, the value of shares of restricted stock shall be the value, determined at the closing price of the Company’s shares on the New York Stock Exchange (“NYSE”) as of the date of grant of the restricted stock award (or if the NYSE is not open for business on such date of grant, then on the next regular business day on which the NYSE is open for business). Based on the foregoing formula, Employee’s Adjusted Salary for 2006 was $505,525429,025, which was determined as reflected on Schedule 2(a) hereto, which Schedule also sets forth an example of how such Adjusted Salary amount would be computed for future years. The Base Salary and Adjusted Salary for each Fiscal Year shall become effective as of January 1 of such Fiscal year. Employee’s Base Salary for any Fiscal Year after 2007 shall remain as set for the 2007 Fiscal Year unless the Board of Directors increases such Base Salary and the Adjusted Salary shall be determined each Fiscal Year in the manner described above. The term “Fiscal Year” as used herein shall mean each period of twelve (12) calendar months commencing on January 1st of each calendar year during the Employment Period and expiring on December 31st of such year.of

Base Salary and Adjusted Salary. In consideration for Employee’s services hereunder and the restrictive covenants contained herein, Employee shall be paid an annual base salary of $408,000 459,000 for the 2007 Fiscal Year, subject to adjustment pursuant to Section 2(l) hereof (the “Base Salary”), payable in accordance with the Company’s customary payroll practices. Notwithstanding the foregoing, Employee’s annual Base Salary may be increased at anytime and from time to time to levels greater than the levels set forth in the preceding sentence at the discretion of the Board of Directors of the Company to reflect merit or other increases. In lieu of cash increases to the Base Salary, commencing with the 2004 Fiscal Year and continuing for each Fiscal Year thereafter through 2006, Employee has been awarded shares of restricted stock of the Company, as follows: (i) 2004 — 1,500 shares; (ii) 2005 — 2,000 shares; and 2006 — 2,500 3,000 shares. Similar deferrals in lieu of cash increases in Base Salary may be made for 2007 and/or future Fiscal Years during the term of this Agreement, in the discretion of the Compensation Committee of the Board of Directors. For the purposes of this Agreement, the term “Adjusted Salary” means (x) with respect to the 2004 Fiscal Year, the Base Salary plus the value (determined as described below) of the shares of restricted stock initially granted to Employee in lieu of a cash increase to Base Salary for such year, and (y) with respect to the 2005 Fiscal Year and each Fiscal Year thereafter during the term of this Agreement, the greater of (1) the Adjusted Salary for the immediately preceding Fiscal Year or (2) the sum of the Base Salary plus the value (determined as described below) of the shares of restricted stock granted to Employee for such Fiscal Year. For the purposes of this Section, the value of shares of restricted stock shall be the value, determined at the closing price of the Company’s shares on the New York Stock Exchange (“NYSE”) as of the date of grant of the restricted stock award (or if the NYSE is not open for business on such date of grant, then on the next regular business day on which the NYSE is open for business). Based on the foregoing formula, Employee’s Adjusted Salary for 2006 was $505,525576,030, which was determined as reflected on Schedule 2(a) hereto, which Schedule also sets forth an example of how such Adjusted Salary amount would be computed for future years. The Base Salary and Adjusted Salary for each Fiscal Year shall become effective as of January 1 of such Fiscal year. Employee’s Base Salary for any Fiscal Year after 2007 shall remain as set for the 2007 Fiscal Year unless the Board of Directors increases such Base Salary and the Adjusted Salary shall be determined each Fiscal Year in the manner described above. The term “Fiscal Year” as used herein shall mean each period of twelve (12) calendar months commencing on January 1st of each calendar year during the Employment Period and expiring on December 31st of such year.Salary

Base Salary and Adjusted Salary. In consideration for Employee’s services hereunder and the restrictive covenants contained herein, Employee shall be paid an annual base salary of $408,000 856,800 for the 2007 Fiscal Year, subject to adjustment pursuant to Section 2(l) hereof (the “Base Salary”), payable in accordance with the Company’s customary payroll practices. Notwithstanding the foregoing, Employee’s annual Base Salary may be increased at anytime and from time to time to levels greater than the levels set forth in the preceding sentence at the discretion of the Board of Directors of the Company to reflect merit or other increases. In lieu of cash increases to the Base Salary, commencing with the 2004 Fiscal Year and continuing for each Fiscal Year thereafter through 2006, Employee has been awarded shares of restricted stock of the Company, as follows: (i) 2004 — 1,500 3,000 shares; (ii) 2005 — 2,000 4,000 shares; and 2006 — 2,500 5,000 shares. Similar deferrals in lieu of cash increases in Base Salary may be made for 2007 and/or future Fiscal Years during the term of this Agreement, in the discretion of the Compensation Committee of the Board of Directors. For the purposes of this Agreement, the term “Adjusted Salary” means (x) with respect to the 2004 Fiscal Year, the Base Salary plus the value (determined as described below) of the shares of restricted stock initially granted to Employee in lieu of a cash increase to Base Salary for such year, and (y) with respect to the 2005 Fiscal Year and each Fiscal Year thereafter during the term of this Agreement, the greater of (1) the Adjusted Salary for the immediately preceding Fiscal Year or (2) the sum of the Base Salary plus the value (determined as described below) of the shares of restricted stock granted to Employee for such Fiscal Year. For the purposes of this Section, the value of shares of restricted stock shall be the value, determined at the closing price of the Company’s shares on the New York Stock Exchange (“NYSE”) as of the date of grant of the restricted stock award (or if the NYSE is not open for business on such date of grant, then on the next regular business day on which the NYSE is open for business). Based on the foregoing formula, Employee’s Adjusted Salary for 2006 was $505,525, which was determined as reflected on Schedule 2(a) hereto, which Schedule also sets forth an example of how such Adjusted Salary amount would be computed for future years. The Base Salary and Adjusted Salary for each Fiscal Year shall become effective as of January 1 of such Fiscal year. Employee’s Base Salary for any Fiscal Year after 2007 shall remain as set for the 2007 Fiscal Year unless the Board of Directors increases such Base Salary and the Adjusted Salary shall be determined each Fiscal Year in the manner described above. The term “Fiscal Year” as used herein shall mean each period of twelve (12) calendar months commencing on January 1st of each calendar year during the Employment Period and expiring on December 31st of such year.the