During the first year of the Term, the Company shall pay to Employee an annual base salary (the “ Base Salary ”) of $325,000. For each successive twelve-month period during the Term, commencing with the twelve-month period beginning on January 1, 2017, the Company shall pay to Employee a Base Salary of no less than 3% above the then existing Base Salary for the prior year. The Base Salary shall be payable in accordance with the normal payroll procedures of the Company. The Base Salary shall be reviewed by the Board of Directors of the Company (the “ Board ”) not less than once each fiscal year.