Base Salary. The Company shall not be obligated to pay Executive a base salary.

Base Salary. The Executive shall be entitled to a base salary (“Base Salary”) in the amount of $155,000 per year until such time as the Board of Directors of the Company also promotes the Executive as its CEO, at which time the Base Salary will increase to $200,000 per year, subject to the adjustment by the Board of Directors.

Base Salary. As compensation for services rendered under this Agreement, the Company will pay to Executive a base salary (the "Base Salary") at an initial annualized rate of $500,000, payable in accordance with the normal payroll procedures of the Company. The Base Salary will be increased by two percent 2% each year on the anniversary of the effective date (the "COL Adjustments"). In addition to the COL Adjustments, and at the sole discretion of the Board, Executive's Base Salary may be increased further, but not decreased. The term "Base Salary" as used herein means and refers to the then current base salary, as adjusted from time to time in accordance with this Section 3.1. The Company may deduct from the Base Salary amounts sufficient to cover applicable federal, state, and/or local income tax withholdings and any other amounts which the Company is required to withhold by applicable law.

Base Salary. During the Employment Period, the Executive shall receive an annual base salary (“Annual Base Salary”), which shall be paid at a monthly rate, at least equal to twelve times the highest monthly base salary paid or payable, including any base salary which has been earned but deferred, to the Executive by the Company and its affiliated companies in respect of the twelve-month period immediately preceding the month in which the Change of Control Date occurs. During the Employment Period, the Annual Base Salary shall be reviewed no more than 12 months after the last salary increase awarded to the Executive prior to the Change of Control Date and thereafter at least annually. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term Annual Base Salary as utilized in this Agreement shall refer to Annual Base Salary as so increased. As used in this Agreement, the term “affiliated companies” shall include any company controlled by, controlling or under common control with the Company.

Base Salary. The Executive’s Base Salary under this Agreement shall be at the initial rate of $575,000. The Executive’s Base Salary will be paid by Adtalem in substantially equal bi-weekly installments. The Base Salary will be reviewed annually by the CEO in coordination with the Compensation Committee and upon such review the Base Salary may be increased by the CEO in coordination with the Compensation Committee (but subject to any applicable Adtalem policy, law, or exchange listing requirement); provided, however, the Base Salary under this Agreement, including as subsequently adjusted upwards, may not be decreased thereafter except in the case of an across-the-board percentage reduction in base salaries of executives at the Executive’s level affecting such executives equally. All amounts payable to the Executive under this Agreement will be subject to all required withholding by Adtalem.

Base Salary. As compensation for the services contemplated herein, Employee shall receive a base salary of One Hundred and Twenty Five Thousand and 00/100 Dollars ($125,000) per annum for the first year of this Agreement (“Base Salary”), to be paid in accordance with Company’s then-current payroll practices and policies, which Base Salary shall be increased to One Hundred and Thirty Thousand and 00/100 Dollars ($130,000) per annum effective on the first anniversary of this Agreement, and to One Hundred and Thirty Five Thousand and 00/100 Dollars ($135,000) per annum effective on the second anniversary of this Agreement. The Company shall deduct and withhold all necessary social security and withholding taxes and any other similar sums required by law from any compensation paid to Employee.

Company Performance Bonus: A target bonus based on 25% of Executive’s actual paid out salary during the period will be the basis for calculation (“Bonus Base”). The Company Performance Bonus will be determined by the Compensation Committee calculated upon the Company’s actual performance against financial targets with the percentage (%) of achievement against the targets being used for the actual bonus calculation. As an example, calculation may be x% achievement of financial goals times the Bonus Base will equal Company Performance Bonus (with a minimum payout of 0% percentage and a maximum payout of 125% of Bonus Base).

You will remain eligible to participate in the Company’s annual bonus program, and your target bonus shall remain 85% of your base salary based on both Company performance against objectives as set forth in the Company bonus program and your individual performance. You must remain employed by the Employer through the payout date to receive the payout. For 2024 (paid in 2025), your annual bonus will be prorated based on changes to your base salary during the 2024 plan year.

Each of the two performance factors will have an assigned target level for purposes of the Program. Assuming a “par” performance (i.e., achieving each target level), the weighting of the bonus percentage (applied to Base Salary (as defined below)) is 40% for Life Sales performance, 40% for Annuity Sales performance, and 20% for Company profitability, for an overall par bonus percentage of 100%. The maximum bonus percentage under the Program is 200%. For purposes of the Program, the Base Salary of the Participant is his/her annual base salary for 2022 (prorated for Participants who are not employed by the Company for the entire 2022 performance period from January 1, 2022 through December 31, 2022) as certified by the Committee in its sole discretion.

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.