While you are employed by the Company, the Company will pay you a base salary at the rate of $410,000 per year (the “Base Salary”). Your Base Salary will be paid in accordance with the usual payroll practices of the Company. While you are employed by the Company, your Base Salary will be reviewed from time to time for possible adjustment by the compensation committee of the Board.
Annual Base Salary. “Annual Base Salary” means an Executive Participant’s annual rate of base salary, as in effect on the Executive Participant’s Termination Date.
Base Salary Compensation. You will receive, as a guaranteed base salary for your full-time employment, annual compensation of Two Hundred Fifty Thousand Dollars ($250,000) for the Term. Your annual base compensation will be reviewed annually by the Compensation Committee, but in no event shall it be less than $250,000. Your base compensation will be paid in accordance with the Company’s standard payroll practices as in effect from time to time, but in no event less frequently than monthly.
Base Salary Deferrals. A Participant’s election to defer Base Salary is subject to the following requirements:
Annual Salary Account. An Account to record the aggregate amount of a Participant’s Salary deferred pursuant to the provisions of Article IV of the Plan in respect of a Plan Year, as from time to time adjusted to reflect any and all Equivalents attributable to such Deferred Salary Amount.
a reduction in Executive’s annual Base Salary from such Executive’s annual Base Salary then in effect;
(d) Annual Base Salary means the annual base salary of the Employee as at the Date of Termination.
i. Base Salary shall mean Employees then current annual Base Salary.
SECTION # “Monthly Base Salary” means a Participant’s Annual Base Salary, divided by 12.
Not later than March 31 of each contract year, the Compensation Committee shall evaluate and determine the amount of any increase to the President and CEO’s annual base salary. Any increases to the President and CEO’s annual base salary determined by the Compensation Committee shall be effective on January 1 of the then running contract year and the increased annual base salary shall become the President and CEO’s new contractual annual base salary.
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