The Company shall pay to the Executive for the performance of his duties under this Agreement an initial base salary of $ 350,000 U.S. dollars per year (the “ Base Salary ”), payable in accordance with the Company’s normal payroll practices. Thereafter, the rate of the Executive’s Base Salary will be reviewed and adjusted as appropriate in accordance with the Company’s regular compensation review practices. Effective as of the date of any such increase, the Base Salary so increased shall be considered the new Base Salary for all purposes of this Agreement.