Common use of Salary, Compensation, Incentives and Benefits Clause in Contracts

Salary, Compensation, Incentives and Benefits. (a) During the period of Executive Employment, the Company shall pay to Executive a salary (“Salary”), to be fixed by the President, from time to time, during that period. In no event, however, shall Executive’s Salary be less than the compensation presently received by Executive. Currently and as of the date of this Agreement, Executive is paid an annual compensation of one hundred thousand dollars ($100,000) and in addition, a bonus incentive package. However, at the discretion of the President, the President can elect to compensate Executive with three times the value of any salary withheld in stock options or can accrue one half of the salary in the form of a note with five (5%) percent annual interest. The bonus incentive package will hereafter conform to the provisions of Paragraph 4(b) below. Executive shall be in accordance with the Company’s normal payroll schedule. In addition, to all other remuneration provided for in this Agreement, if Executive serves at any time as a Director, Executive shall be entitled to receive at the discretion of the Company, Company Subsidiaries or affiliate a Director’s fee for such services. Salary and compensation payments shall be subject to withholding and other applicable taxes. Annual Salary increases are to be based upon a percentage of the increase in annual revenues of the Company as further set forth hereinafter.

Salary, Compensation, Incentives and Benefits. (a) During the period of Executive Employment, the Company shall pay to Executive a salary (“Salary”), to be fixed by the President, from time to time, during that period. In no event, however, shall Executive’s Salary be less than the compensation presently received by Executive. Currently and as of the date of this Agreement, Executive is paid an annual compensation of one two hundred thousand dollars ($100,000200,000) and in addition, a bonus incentive package. However, at the discretion of the President, the President can elect to compensate Executive with three times the value of any salary withheld in stock options or can accrue one half of the salary in the form of a note with five (5%) percent annual interest. The bonus incentive package will hereafter conform to the provisions of Paragraph 4(b) below. Executive shall be in accordance with the Company’s normal payroll schedule. In addition, to all other remuneration provided for in this Agreement, if Executive serves at any time as a Director, Executive shall be entitled to receive at the discretion of the Company, Company Subsidiaries or affiliate a Director’s fee for such services. Salary and compensation payments shall be subject to withholding and other applicable taxes. Annual Salary increases are to be based upon a percentage of the increase in annual revenues of the Company as further set forth hereinafter.