COMPENSATION; EXECUTIVE BENEFIT PLANS. 3.1 The Company shall pay to Executive a base salary (the “Base Salary”) at an annual rate of (i) $325,000 for the period effective from the Effective Date through December 31, 2010, and (ii) $350,000 for the period from January 1, 2011 through the remainder of the Term, which Base Salary shall be subject to increase, but not decrease, at the discretion of the Board. The Base Salary shall be payable in installments throughout the year in the same manner and at the same times the Company pays base salaries to similarly situated executive officers of the Company, but in any event, no less frequently than monthly.
COMPENSATION; EXECUTIVE BENEFIT PLANS. 3.1 The Company shall pay to Executive a base salary at an annual rate of $250,000 during each fiscal year of this Agreement. The base salary shall be payable in installments throughout the year in the same manner and at the same times the Company pays base salaries to other executive officers of the Company. In the event that Executive's employment is terminated pursuant to Section 2(e) or Section 2(f), above, the Company shall continue to pay Executive's then-current base salary for a period of 12 months following the effective date of such termination.
COMPENSATION; EXECUTIVE BENEFIT PLANS. 4.1 The Company shall pay to Executive a base salary at an annual rate of $200,000 ($220,000 if promoted to Chief Executive Officer) during the term of this Agreement ("BASE SALARY"). The Base Salary shall be payable in installments throughout the year in the same manner and at the same times the Company pays base salaries to other executive officers of the Company. In the event that Executive's employment is terminated pursuant to Sections 3.1 (b), (c), (e), (f) or (g), above, Executive or Executive's estate shall continue to receive Executive's Base Salary plus the Bonus, if any, applicable for achieving "target" objectives and shall be entitled to continued participation in the Company Executive Benefit Plans (as defined below) for a period of six (6) months. Executive shall also receive payment for all approved expenses for which he has not been reimbursed pursuant to Section 4.4. Notwithstanding the foregoing, the Company shall not be obligated to pay Executive any amounts hereunder following the termination of Executive's employment pursuant to Section 3.1 (c), (e), (f) or (g), above, from and after any time that Executive accepts an employment or consulting position with any person or entity that is determined to be a competitor of the Company.
COMPENSATION; EXECUTIVE BENEFIT PLANS. 3.1 The Company shall pay to Executive a base salary at an annual rate of (i) $172,000 during the period from Effective Date and continuing until such time as Executive is devoting his full-time efforts to the Company and is no longer performing the Transition Services, and thereafter at rate of $212,000 through the one-year anniversary of the Effective Date; and (ii) 232,000 for the period commencing after the one-year anniversary of the Effective Date and for the remaining term of this Agreement. The base salary shall be payable in installments throughout the year in the same manner and at the same times the Company pays base salaries to other executive officers of the Company. In the event that Executive's employment is terminated pursuant to SECTION 2(E), above, the Company shall continue to pay Executive's then-current base salary for the remaining term of this Agreement, without regard to any employment of Executive by a third party.
COMPENSATION; EXECUTIVE BENEFIT PLANS. 3.1 The Company shall pay to Executive a base salary (the "BASE SALARY") at an annual rate of (i) $250,000 for the period effective from January 1, 2008 through December 31, 2008, (ii) $275,000 for the period from January 1, 2009 through December 31, 2009, and (iii) $300,000 for the period from January 1, 2010 through December 31, 2010, which Base Salary shall be subject to increase, but not decrease, at the discretion of the Board. The Base Salary shall be payable in installments throughout the year in the same manner and at the same times the Company pays base salaries to similarly situated executive officers of the Company, but in any event, no less frequently than monthly. As soon as practicable following the Effective Date, the Company shall pay to Executive a lump sum cash payment in an amount equal to the difference between (x) the Base Salary for the period from January 1, 2008 through the Effective Date and (y) the amount of base salary actually paid to Executive for such period.
COMPENSATION; EXECUTIVE BENEFIT PLANS. 3.1 The Company shall pay to Executive a base salary at an annual rate of $275,000 during each fiscal year of this Agreement, subject to adjustment on an annual basis by the Board. The base salary shall be payable in installments throughout the year in the same manner and at the same times the Company pays base salaries to other executive officers of the Company. In the event that Executive's employment is terminated pursuant to SECTION 2(E), above, the Company shall continue to pay Executive's then-current base salary for a period of 12 months following the effective date of such termination, and Executive shall retain only those options described in SECTION 3.4, below, that have vested prior to the effective date of such termination. Notwithstanding the foregoing, the Company shall not be obligated to pay Executive any amounts hereunder following the termination of Executive's employment pursuant to SECTION 2(E), above, from and after any time that Executive accepts an employment or consulting position with any person or entity that is determined by the Board, in the exercise of its reasonable discretion, to be a competitor of the Company.
COMPENSATION; EXECUTIVE BENEFIT PLANS. 4.1 The Company shall pay to Executive a base salary at an annual rate of $180,000 during each fiscal year of this Agreement (“Base Salary”), subject to adjustment on an annual basis. The Base Salary shall be payable in installments throughout the year in the same manner and at the same times the Company pays base salaries to other executive officers of the Company. In the event that Executive’s employment is terminated pursuant to Section 3.1(e) or (f), above, Executive shall continue to receive Executive’s Base Salary and shall be entitled to continued participation in the Company Executive Benefit Plans (as defined below) for a period of six (6) months. Notwithstanding the foregoing, the Company shall not be obligated to pay Executive any amounts hereunder following the termination of Executive’s employment pursuant to Section 3.1(e) or (f), above, from and after any time that Executive accepts an employment or consulting position.
COMPENSATION; EXECUTIVE BENEFIT PLANS. 3.1 Within 30 business days following the Effective Date, the Company shall make available to the Executive "Advance Funds" up to the amount of $30,000 through cash payment or expense reimbursements directly related to and to assist with the Executive's costs incurred in relocation of his personal residence to Los Angeles or Orange County, California. All expenses to be covered by such Advance Funds must be submitted to the Company for prior approval. All such related Advance. Funds(s) shall remain outstanding for the Term. Should the Executive remain employed through the entire Term, the Advance Funds shall be additional compensation to Executive and need not be repaid by Executive. Should the Executive resign without Good Reason or be terminated for Cause during the Term, then any amounts otherwise due Executive upon such termination shall be retained by the Company and offset against such Advanced Funds, and the remaining balance of such Advanced Funds will be repayable by the Executive to the Company within six months of termination.
COMPENSATION; EXECUTIVE BENEFIT PLANS. 3.1 The Company shall pay to Executive a base salary at an annual rate of one hundred ninety thousand dollars ($190,000.00) during each fiscal year of this Agreement, subject to upward adjustment on an annual basis by the CEO. The base salary shall be payable in installments throughout each year in the same manner and at the same times the Company pays base salaries to other executive officers of the Company. In the event that Executive's employment terminates pursuant to Section 2(e) or (f), above, the Company shall continue to pay Executive's then-current base salary for a period of 9 months following the effective date of such termination, and Executive shall retain only those options described in Section 3.4, below, that have vested prior to the effective date of such termination. Notwithstanding the foregoing, the Company shall not be obligated to pay Executive any amounts hereunder following the termination of Executive's employment pursuant to Section 2(e) or (f), above, from and after any time that Executive accepts an employment or consulting position with any person or entity that is determined by the CEO, in the exercise of his reasonable discretion, to be a competitor of the Company.
COMPENSATION; EXECUTIVE BENEFIT PLANS. 3.1 The Company shall pay to Executive a base salary at an annual rate of $350,000 during each fiscal year of this Agreement. In addition, as a signing bonus, the Company will pay Executive $100,000 upon execution of this Agreement, and an additional $25,000 on the last day of each of the first 4 quarters of the term. The base salary will be subject to annual review beginning at the end of the first year of the term, and may be increased (but not decreased) for subsequent years. Notwithstanding the foregoing, in the event that annual gross revenue of the Company for any completed fiscal year is less than $30,000,000, the Board may adjust the base salary (including a decrease in such base salary) in its sole discretion. The base salary shall be payable in installments throughout the year in the same manner and at the same times the Company pays base salaries to other executive officers of the Company.
