The Company agrees to pay the Executive a base salary (“Base Salary”) at an annual rate of. Five hundred fifty thousand dollars ($550,000.00) The Board may adjust the Base Salary annually on each anniversary of the Effective Date (provided that no decrease shall result in a Base Salary less than the 50 th percentile of comparable peer companies based on independent consultant report retained by the Company). With respect to services since the Executive’s start date of August 26, 2015 (and in lieu of any other Base Salary for 2015), the Executive shall be paid $250,000 on March 1, 2016 (the “2015 Compensation”).  The Base Salary shall be paid in periodic installments in accordance with the Company’s regular payroll practices.