The Executive’s initial annual base salary is Four Hundred Eighty Thousand Dollars ($480,000). Such amount may be increased from time to time in the sole discretion of the Compensation Committee of the Board (such amount, as may be so increased, is hereafter referred to as the “Base Salary”), and shall be payable in 26 equal bi-weekly installments or, if different, the Company’s regular payroll schedule, prorated for any partial employment month.