Increases to Base Salary. The Board shall review the Base Salary on not less than an annual basis. The Board, in its sole and absolute discretion, may elect to increase the Base Salary at any time, but shall not ever decrease the Base Salary below its then-current amount. Any increase in the Base Salary shall constitute an amendment to this Agreement solely as to the amount of the Base Salary, without waiver or modification of any other terms or conditions of this Agreement.
Increases to Base Salary. In the event that any other employee of New Surge or any of its subsidiaries receives a base salary in excess of $200,000.00, the Executive's Base Salary shall be increased commensurately so that his Base Salary remains at all times as high or higher than that received by any other employee of New Surge or its subsidiaries. In addition, promptly following each anniversary of the Effective Time (as defined in the Merger Agreement), provided that Executive has elected to continue his employment for the succeeding year, the compensation committee of New Surge's Board of Directors shall review Executive's Base Salary and implement such increase, if any, as it shall determine is reasonable and appropriate; provided, however, that in the event any other employee of New Surge or any of its subsidiaries has received an increase to his or her base salary during the 12-month period preceding such review of Executive's Base Salary, the amount of the increase to Executive's Base Salary shall equal or exceed the amount of the greatest salary increase received by any such other person."
Increases to Base Salary. Executive’s Base Salary will increase upon certain events as described below. Notwithstanding the foregoing, Executive may be entitled to an increase in Base Salary from time to time as determined by the Managing Member. For the purposes of this Agreement, “Target Business Under Management” shall mean lines, classes, categories or programs of property and casualty business, identified solely by the Managing Member, and measured by gross written premium produced or underwritten by a subsidiary of the Company. Business written by United Casualty and Surety Insurance Company (“UC&S”) from another subsidiary of the Company shall only be counted once. For the avoidance of doubt, non-targeted business classes, as defined solely by the Managing Member, placed by a subsidiary of the Company with other carriers, apart from the amount of target business written by such subsidiary of the Company, shall not be included in Target Business Under Management.
Increases to Base Salary. In the event that any other employee of the Company or any of its subsidiaries receives a base salary in excess of $200,000.00, Employee's Base Salary shall be increased commensurately so that his Base Salary remains at all times as high or higher than that received by any other employee of the Company or its subsidiaries. In addition, promptly following each anniversary of the Effective Date during the term of this Agreement, the compensation committee of the Company's Board shall review Employee's Base Salary and implement such increase, if any, as it shall determine is reasonable and appropriate; provided, however, that in the event any other employee of the Company or any of its subsidiaries has received an increase to his or her base salary during the 12-month period preceding such review of Employee's Base Salary, the amount of the increase to Employee's Base Salary shall equal or exceed the amount of the greatest salary increase received by any such other person.
