Initially. Executive's base salary shall be $250,000.00 per annum (the "Base Salary"), which salary shall be payable in regular installments in accordance with the Company's general payroll practices and shall be subject to customary withholding. Executive's Base Salary shall be reviewed at least annually by the Compensation Committee of the Board and shall be subject to adjustment, but not reduction, as they shall determine based on among other things, market practice and performance. In addition, during the Employment Term, Executive shall be entitled to participate in certain of the Company's long term incentive programs established currently or in the future by the Company for which officers of the Company then at Executive's level are generally eligible (including, but not limited to, stock option, restricted stock, performance unit/share plans or long-term cash plans).
Initially. ITA will operate the Hardware (as defined in Section 4.2) and provide Operations Services from its (***) facility. Galileo may hereafter request that ITA provide Operations Services from an additional location(s). In such event, ITA will prepare a proposal to Galileo for the establishment of such additional location(s), which will include the anticipated schedule and cost thereof.
Initially the Employer shall pay the Employee a salary at a rate of $89,278.08 per annum. The Employer shall have the right to increase or decrease this salary from time to time in accordance with the salary payment practices of the Employer. The Board of Directors shall review the Employee's salary at least annually and may increase or decrease the Employee's base salary if it determines in its sole discretion that an increase or decrease is appropriate.
Initially. 1.00% per annum for the Class IO-1 Certificates. Through the Interest Accrual Period relating to the February 2003 Distribution Date, the Class IO-1 Certificates will bear interest on the Class Notional Amount at a variable rate per annum equal to the lesser of (i) 1.00% and (ii) the excess, if any, of (a) the Weighted Average Net Mortgage Rate for such Interest Accrual Period over (b) the Class A-2 Pass-Through Rate. After the February 25, 2003 Distribution Date, the Class IO-1 Certificates shall not be entitled to any distributions of interest.
Initially. 1.875% ; and
Initially. Beginning on the Effective Date and continuing through February 28, 2013, Tenant shall pay annual Fixed Rent of Sixty Thousand Three Hundred and 00/100 Dollars ($60,300.00), to Landlord, in advance, in equal monthly installments of Five Thousand Twenty-Five and 00/100 Dollars ($5,025.00) on the first day of each calendar month during the Term.
Initially. Following the execution and delivery of this Agreement, for a period of time not to exceed six (6) months, Employee shall (i) serve as President of Employer and shall perform such duties and responsibilities as are consistent with that of President, and consistent with the duties and responsibilities performed by Employee while President of Silicon Valley Test & Repair, Inc., a California corporation; (ii) assist Employer with finding, hiring and educating a new President of Employer; and (iii) work a minimum of forty (40) hours per week, at least twenty-four (24) hours of which must be at Employer's principal place of business.