The Company shall pay the Executive, and the Executive agrees to accept from the Company, in payment for his services to the Company, a gross base salary equal to a per annum amount of $500,000 (the “ Base Salary ”), payable in equal monthly installments in accordance with the Company’s payroll practices. The Base Salary may be adjusted at any time by the Compensation Committee. The Base Salary as adjusted shall be deemed to be the Base Salary for all purposes under this Agreement.