The Company shall pay Executive an initial annual base salary at the monthly rate of $22,916.66 (equivalent to an annual rate of $275,000), payable in substantially equal periodic installments, in accordance with the Company’s standard payroll practices and applicable law (the “Base Salary”). Executive’s Base Salary will be reviewed periodically by the Compensation Committee of the Board of Directors (the “Committee”) and may be adjusted based on Executive’s performance and any compensation review conducted by the Committee. Such review will be based upon both individual and Company performance.