1Amount; Adjustments Sample Clauses

1Amount; Adjustments. Subject to the provisions of Article 3 of this Agreement, during the Term Company shall pay Employee a “Base Salary” of $390,000 on an annualized basis or such higher annual rate as may from time to time be approved by the Board. Upon the achievement of certain performance measures, and subject to review and approval by the Compensation Committee of the Board, the Base Salary shall increase as follows: ​ (A) $25,000 increase if the Company has two consecutive quarters of sales revenue each totaling at least $10 million; ​ (B) $25,000 increase if the Company achieves net breakeven cash flow over a 12- month period; and ​ (C) $35,000 increase upon the effectiveness of the listing of the Company on The Nasdaq Global Select Market, The Nasdaq Global Market or The Nasdaq Capital Market. ​ The Base Salary shall be reviewed by the Board annually for potential additional adjustment on the basis of performance; and Employee shall be eligible, at the Board’s sole discretion, for annual merit and incentive-based salary increases consistent with Company’s procedures, policies and practices. If Employee’s Base Salary is increased from time to time during the Term, the increased amount shall become the Base Salary for the remainder of the Term and any extensions of the Term and for as long thereafter as required pursuant to Article 3 as applicable, subject to any subsequent increases. ​