Executive’s base salary during the Initial Term of Employment shall be $800,000.00 per annum (“Base Salary”). The Base Salary shall be subject to all applicable state and federal tax withholdings, payable in semi-monthly installments consistent with the Bank’s normal payroll process. The Base Salary is subject to review at the Board’s discretion and subject to prior review and non-objection by the Federal Housing Finance Agency or any successor agency (“Finance Agency”).