Common use of Annual Salary and Incentive Programs Clause in Contracts

Annual Salary and Incentive Programs. During the employment of Executive, the Company shall pay to Executive an initial base salary at the annual rate of $450,444.75, or an adjusted rate (the “Base Salary”) determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), payable in regular installments in accordance with the Company's customary payroll practices (as in effect from time to time). The Company shall review Executive's Base Salary annually at the time of Executive's performance review discussed below and may, in its sole and absolute discretion, increase Executive's Base Salary in light of Executive's performance, inflation, cost of living, and other factors deemed relevant by the Company; however, Executive's Base Salary may not be decreased below the initial Base Salary without the Executive's prior consent. The Compensation Committee of the Company shall meet with Executive annually to review Executive's performance, objectives and compensation, including salary, bonus and stock options. If the Compensation Committee determines that any adjustments thereto are appropriate it shall direct the Chief Administration Officer to make such adjustments, as it deems appropriate, consistent with this Agreement.

Annual Salary and Incentive Programs. During the employment of Executive, the Company shall pay to Executive an initial base salary at the annual rate of $450,444.75260,000, or an adjusted rate (the “Base Salary”) determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), payable in regular installments in accordance with the Company's customary payroll practices (as in effect from time to time). The Company shall review Executive's Base Salary annually at the time of Executive's performance review discussed below and may, in its sole and absolute discretion, increase Executive's Base Salary in light of Executive's performance, inflation, cost of living, and other factors deemed relevant by the Company; however, Executive's Base Salary may not be decreased below the initial Base Salary without the Executive's prior consent. The Compensation Committee Chief Executive Officer of the Company shall meet with Executive annually to review Executive's performance, objectives and compensation, including salary, bonus and stock options; the Chief Executive Officer shall then meet with the Compensation Committee to discuss the same. If the Compensation Committee determines that any adjustments thereto are appropriate it shall direct the Chief Administration Executive Officer to make such adjustments, as it deems appropriate, consistent with this Agreement.

Annual Salary and Incentive Programs. During the employment of Executive, the Company shall pay to Executive an initial base salary at the annual rate of $450,444.75350,000, or an adjusted rate (the “Base Salary”) determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), payable in regular installments in accordance with the Company's ’s customary payroll practices (as in effect from time to time). The Company shall review Executive's ’s Base Salary annually at the time of Executive's ’s performance review discussed below and may, in its sole and absolute discretion, increase Executive's ’s Base Salary in light of Executive's ’s performance, inflation, cost of living, and other factors deemed relevant by the Company; however, Executive's ’s Base Salary may not be decreased below the initial Base Salary without the Executive's ’s prior consent. The Compensation Committee of the Company shall meet with Executive annually to review Executive's ’s performance, objectives and compensation, including salary, bonus and stock optionsequity awards. If the Compensation Committee determines that any adjustments thereto are appropriate it shall direct the Chief Administration Officer applicable personnel within the Company to make such adjustments, as it deems appropriate, consistent with this Agreement.

Annual Salary and Incentive Programs. During the employment of Executive, the Company shall pay to Executive an initial base salary at the annual rate of $450,444.75305,000, or an adjusted rate (the “Base Salary”) determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), payable in regular installments in accordance with the Company's ’s customary payroll practices (as in effect from time to time). The Company shall review Executive's ’s Base Salary annually at the time of Executive's ’s performance review discussed below and may, in its sole and absolute discretion, increase Executive's ’s Base Salary in light of Executive's ’s performance, inflation, cost of living, and other factors deemed relevant by the Company; however, Executive's ’s Base Salary may not be decreased below the initial Base Salary without the Executive's ’s prior consent. The Compensation Committee of the Company shall meet with Executive annually to review Executive's ’s performance, objectives and compensation, including salary, bonus and stock optionsequity awards. If the Compensation Committee determines that any adjustments thereto are appropriate it shall direct the Chief Administration Officer applicable personnel within the Company to make such adjustments, as it deems appropriate, consistent with this Agreement.

Annual Salary and Incentive Programs. During the employment of Executive, the Company shall pay to Executive an initial base salary at the annual rate of $450,444.75230,000, or an adjusted rate (the “Base Salary”) determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), payable in regular installments in accordance with the Company's customary payroll practices (as in effect from time to time). The Company shall review Executive's Base Salary annually at the time of Executive's performance review discussed below and may, in its sole and absolute discretion, increase Executive's Base Salary in light of Executive's performance, inflation, cost of living, and other factors deemed relevant by the Company; however, Executive's Base Salary may not be decreased below the initial Base Salary without the Executive's prior consent. The Compensation Committee Chief Executive Officer of the Company shall meet with Executive annually to review Executive's performance, objectives and compensation, including salary, bonus and stock options; the Chief Executive Officer shall then meet with the Compensation Committee to discuss the same. If the Compensation Committee determines that any adjustments thereto are appropriate it shall direct the Chief Administration Executive Officer to make such adjustments, as it deems appropriate, consistent with this Agreement.

Annual Salary and Incentive Programs. During the employment of Executive, the Company shall pay to Executive an initial base salary at the annual rate of $450,444.75222,500, or an adjusted rate (the “Base Salary”) determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), payable in regular installments in accordance with the Company's customary payroll practices (as in effect from time to time). The Company shall review Executive's Base Salary annually at the time of Executive's performance review discussed below and may, in its sole and absolute discretion, increase Executive's Base Salary in light of Executive's performance, inflation, cost of living, and other factors deemed relevant by the Company; however, Executive's Base Salary may not be decreased below the initial Base Salary without the Executive's prior consent. The Compensation Committee Chief Executive Officer of the Company shall meet with Executive annually to review Executive's performance, objectives and compensation, including salary, bonus and stock options; the Chief Executive Officer shall then meet with the Compensation Committee to discuss the same. If the Compensation Committee determines that any adjustments thereto are appropriate it shall direct the Chief Administration Executive Officer to make such adjustments, as it deems appropriate, consistent with this Agreement.

Annual Salary and Incentive Programs. During the employment of Executive, the Company shall pay to Executive an initial base salary at the annual rate of $450,444.75325,000, or an adjusted rate (the “Base Salary”) determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), payable in regular installments in accordance with the Company's ’s customary payroll practices (as in effect from time to time). The Company shall review Executive's ’s Base Salary annually at the time of Executive's ’s performance review discussed below and may, in its sole and absolute discretion, increase Executive's ’s Base Salary in light of Executive's ’s performance, inflation, cost of living, and other factors deemed relevant by the Company; however, Executive's ’s Base Salary may not be decreased below the initial Base Salary without the Executive's ’s prior consent. The Compensation Committee of the Company shall meet with Executive annually to review Executive's ’s performance, objectives and compensation, including salary, bonus and stock options. If the Compensation Committee determines that any adjustments thereto are appropriate it shall direct the Chief Administration Officer applicable personel within the Company to make such adjustments, as it deems appropriate, consistent with this Agreement.