The Company shall pay to the Executive an annual salary (the “ Base Salary ”) of $1,000,000, which shall increase to $1,050,000 effective July 2, 2017, and which shall further increase to $1,100,000 effective July 2, 2018, in each case less applicable withholdings and deductions. The Base Salary will be payable in substantially equal installments in accordance with the Company’s regular payroll practices as established from time to time. Any portion of the Base Salary that has been earned between the Effective Date through the date of this Agreement and that has not been paid by the date of this Agreement shall be paid in the first payroll cycle occurring after the date of this Agreement.