COMPENSATION AND BENEFITS Base Salary. As compensation for her services hereunder and in consideration of the Executive’s other agreements hereunder, during the Employment Term, the company shall pay the Executive an initial base salary, payable in equal installments in accordance with Company payroll procedures, at an annual rate of $410,000 (initial base salary). The base shall automatically increase to an annual rate of $420,000 in base pay after the initiation of revenue. The base pay is subject to review by the Board of Directors of the Company (the “ Board ”) from time to time for increase but not decrease.
Appears in 2 contracts
Samples: Employment Agreement (Hoverink Biotechnologies, Inc.), Employment Agreement (Hoverink Biotechnologies, Inc.)
COMPENSATION AND BENEFITS
Base Salary. As compensation for her services hereunder and in consideration of the Executive’s other agreements hereunder, during the Employment Term, the company shall pay the Executive an initial base salary, payable in equal installments in accordance with Company payroll procedures, at an annual rate of $410,000 430,000 (initial base salary). The base shall automatically increase to an annual rate of $420,000 493,000 in base pay after the initiation of revenue. The base pay is subject to review by the Board of Directors of the Company (the “ Board ”) from time to time for increase but not decrease.
Appears in 2 contracts
Samples: Employment Agreement (Hoverink Biotechnologies, Inc.), Employment Agreement (Hoverink Biotechnologies, Inc.)
