During the Term, the Executive’s annual base salary shall be $362,646 (the “Base Salary”) which sum includes the “thirteenth month bonus” (which is payable in accordance with applicable laws of the Republic of Panama).  The Base Salary shall be payable in accordance with the Company’s normal payroll procedures in effect from time to time and may be increased, but not decreased, at the discretion of the Company. The Company shall withhold from the salary to be received by Executive all discounts ordered by law, Tribunals or Authorities and those discounts authorized by Executive, according to Article 161 of the Panama Labor Code.