Luby’s shall pay to Executive a fixed annual base salary of Five Hundred Thousand Dollars ($500,000) (the “ Base Salary ”) for each year of the Term. The Base Salary, less amounts required to be withheld under applicable laws, shall be payable in equal, semi-monthly installments on the fifteenth (15th) day and last day of each calendar month or at such other times as in accordance with Luby’s then-current payroll practices if not consistent with payment on the fifteenth (15th) day and last day of each calendar month. All payments shall be subject to the deduction of payroll taxes, income tax withholdings, and similar deductions and withholdings as required by law or authorized by Executive. The Base Salary may be modified at any time by the Board of Directors or an authorized committee thereof with the written consent of Executive.