Common use of PRE-TERMINATION Clause in Contracts

PRE-TERMINATION. The Corporation shall pay Employee a salary (payable in accordance with the Corporation's usual payment practices, but not less frequently than monthly) for his services under this Agreement beginning at an annual rate from the date hereof of Four Hundred Thousand Dollars ($400,000.00). Employee's annual salary may not be decreased but may be adjusted upward at any time by the Board of Directors of the Corporation. Compensation to Employee hereunder shall be prorated for any partial employment period. Employee shall also participate in the executive incentive bonus plan and in any other bonus arrangement mutually agreed between Employee and Corporation.