As compensation for Executive’s performance of Executive’s duties hereunder, Company shall pay to Executive an initial Base Salary of $750,000 per year, payable in accordance with the normal payroll practices of the Company, less required deductions for state and federal withholding tax, social security and all other employment taxes and payroll deductions. The Base Salary shall be reviewed for increases but not decreases by the Compensation Committee of the Board (the “ Compensation Committee ”) in good faith, based upon Executive’s performance and the Company’s pay philosophy, not less often than annually. The term “ Base Salary ” shall refer to the Base Salary as may be in effect from time to time.