Common use of Base Salary and Profit Share Clause in Contracts

Base Salary and Profit Share. During the Term of Employment, Company shall pay Executive for all services to be rendered as set forth herein, a base salary as determined from time to time by the Compensation Committee, plus an annual bonus award based on the performance of the Company and of the Executive as the Compensation Committee may determine. The base salary shall be payable in periodic installments not less frequently than on a monthly basis. Any bonus award shall be payable annually in the month of January and shall be based on performance for the prior fiscal year. This Agreement shall not be deemed abrogated or terminated if Company, in its discretion, shall determine to modify the base compensation of Executive for any period of time, and Executive accepts the modification, but nothing herein contained shall be deemed to obligate Company to make any increase in base compensation.