1Base Salary. The Company shall pay Employee a base salary of Sixty Thousand US Dollars ($60,000) on an annual basis for the services Employee performs as an employee of the Company and in accordance with the terms of this Agreement. Employee will have the option to defer the base salary the first year to a reduced amount until the Company is in a position to accommodate such salary. Salary shall be paid to Employee at such times as employees of the Company are normally paid salary. Salary payments shall be subject to applicable payroll and other taxes required by law to be withheld. Commencing on the first {36673230;5} anniversary of the Effective Date, Employee's base salary shall be subject to a five percent (5%) increase on an annual basis. The Board may in its sole discretion and subject to such criteria as it determines, provide bonus compensation to the Employee. Except for his salary and the benefits provided below, the Company shall not be required to pay to Employee any other compensation.
Appears in 4 contracts
Samples: Employment Agreement (Elite Performance Holding Corp), Employment Agreement (Elite Performance Holding Corp), Employment Agreement (Elite Performance Holding Corp)
