As payment for the services to be rendered by Executive as provided in Section 1 and subject to the terms and conditions of Section 2, Luminex agrees to pay to Executive a “ Base Salary ” at the rate of $11,041.67 per each semi-monthly pay period or $265,000 per annum (or such greater amount as may be determined from time to time by the Chief Executive Officer and ratified by the Board of Directors or the Compensation Committee thereof) payable in accordance with the then-current payroll policies of Luminex.