During the Term, Executive’s minimum annual base salary will be as follows: $500,000 per annum from the Effective Date through December 31, 2016; $525,000 per annum for calendar 2017; $550,000 per annum for calendar 2018; and $575,000 per annum for calendar 2019. The base salary shall be paid in accordance with the Company’s payroll practices and policies then in effect, with any additional increases determined by the Board or the Compensation Committee of the Board (the “ Compensation Committee ”) from time to time (such salary, as increased from time to time, the “ Base Salary ”).