Company shall pay Eighty-Three Thousand, Three Hundred and Thirty-Three Dollars ($83,333.00) per month, less applicable taxes, deductions and withholdings as required by law, such amount to be paid in accordance with the Company’s normal payroll cycle beginning on the first pay period after the Effective Date of this Agreement and continuing until the Retirement Date, or until Executive’s employment is terminated pursuant to Section 6. These payments shall be reported to the Internal Revenue Service (“IRS”) on appropriate forms and to other appropriate taxing authorities as required.