Common use of Employment Compensation Clause in Contracts

Employment Compensation. As compensation for the services to be rendered by the Executive during the Employment Period, subject to the conditions herein stated, the Corporation agrees to pay to the Executive all of the following: (i) BASE SALARY. Beginning October 30, 1998 and until the expiration of the Employment Period, the Corporation shall pay to the Executive a base salary (the "Base Salary") at a minimum rate of $500,000 per year, payable in weekly or bi-weekly installments as nearly equal as may be practicable or otherwise in accordance with the Corporation's customary payroll practices for its executives generally. Executive's Base Salary shall be reviewed annually during the Employment Period and may be increased at the Corporation's discretion. This Agreement shall not be deemed abrogated or terminated if the Corporation, in its discretion, shall determine to increase the compensation of the Executive for any period of time or if the Executive shall accept such increase; but, nothing herein shall be deemed to obligate the Corporation to make any such increase.