Increase in Salary. Effective upon the Company raising not less than an aggregate of $15,000,000 in private and/or public equity or debt financing, the Executive's Base Salary will be increased to an annualized rate of $425,000 to be paid periodically in accordance with the Company's normal payroll practices and be subject to the usual, required employee withholdings.
Increase in Salary. For each six (6) months in which the Executive serves as President & Chief Operating Officer for any part of such month, an additional $5,000 payment of salary, payable in accordance with the Company’s normal payroll policies and procedures.
Increase in Salary. Effective upon the Company successfully completing Phase I clinical trails, Executive's Base Salary will be increased to an annualized rate of $225,000 to be paid periodically in accordance with the Company's normal payroll practices and be subject to the usual, required withholding.
Increase in Salary. Depending on the Company’s financial condition, Employee may be eligible to receive increases in Employee’s Base Salary each calendar year, by an amount that accounts for change in cost of living and inflation, if any, and Employee may be eligible to receive annual merit increases warranted by Employee’s performance as determined by the Board in its sole, but reasonable, discretion. The Company, in determining any merit increases in Employee’s Base Salary, shall consider factors including but not limited to: (i) Employee’s attainment of one or more performance objectives or benchmarks; (ii) the Company’s attainment of one or more performance objectives or benchmarks; or (iii) the application of performance factors for the Company and for individual performance. The specific criteria for determining any such merit increases in Employee’s Base Salary shall be mutually determined by and between Employee and the Board or its Chairman by no later than January 31st of the applicable year. Nothing contained herein shall be deemed to grant Employee any right to future salary increases, except as expressly set forth herein, and a salary increase in one year shall not automatically entitle Employee to salary increases in subsequent years.
Increase in Salary. The Company will increase Employee’s salary to $250,000 per year when the Company receives $10 million of non-dilutive and non-refundable deposits for licensing fees.
Increase in Salary. For each month in which the Executive serves as the Interim President and Chief Executive Officer for any part of such month, an additional $10,000 payment of salary, payable in accordance with the Bank’s normal payroll policies and procedures. Notwithstanding the foregoing, a minimum of $50,000 shall be paid in the aggregate under this section.
Increase in Salary. It is hereby acknowledged that the Salary payable under this Agreement shall be reviewed and renegotiated to such higher salary amount as agreed upon, at the request of either Party not less than annually during the continuance of this Agreement and, in the event that the Parties cannot agree, then the Salary shall be increased on an annual basis by the greater of (i) 10% or (ii) the percentage which is the average percentage of all increases to management salaries and fees within the Company during the previous 12-month period. Any dispute respecting either the effectiveness or magnitude of the Salary hereunder shall be determined by arbitration in accordance with Article "9" hereinbelow.
