Common use of Initial Base Salary Clause in Contracts

Initial Base Salary. Beginning on the Approval Date and continuing ------------------- until the closing of the Company's first acquisition of a business (in any form) (the "First Acquisition Closing Date") Holdings shall pay Executive a base salary ("Base Salary") at the annual rate of $100,000. The Base Salary shall be payable in accordance with the ordinary payroll practices of Holdings but in no event less often than monthly in arrears.