The Company shall pay, or cause to be paid, to Executive a base salary (the “ Base Salary ”) as established by or pursuant to authority granted by the Board. Executive’s initial Base Salary shall be $267,000 per year. The Base Salary shall be reviewed annually by or pursuant to authority granted by the Board in connection with its annual review of executive compensation to determine if such Base Salary should be increased (but not decreased) for the following year in recognition of services to the Company. The Base Salary shall be payable at such intervals in conformity with the Company’s prevailing practice as such practice shall be established or modified from time to time.