Effective as of July 1, 2017 Executive will be entitled to receive a base salary (“ Base Salary ”) of $300,000.  Executive will receive a three percent (3%) annual salary increase in each subsequent year that this Agreement remains in effect (i.e., effective July 1, 2018, Executive’s salary will be $309,000, effective July 1, 2019, Executive’s salary will be $318,270).