Common use of Salary Benefits and Bonus Compensation Clause in Contracts

Salary Benefits and Bonus Compensation. 3.1 BASE SALARY. Effective , 200 (the “Effective Date”), as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a “Base Salary” at the rate of Thousand Dollars ($ .00) per annum, payable in equal bi-weekly installments in accordance with Employer’s normal payroll practices. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2009 shall be determined by the Compensation Committee of the Board (the “Compensation Committee”). The Employee’s Base Salary shall be reviewed annually by the Board and the Compensation Committee.