The Company shall pay the Executive a salary at the annual rate of $1,200,000 ("Base Salary"), payable in accordance with the normal payroll procedures of the Company in effect from time to time.  The Executive's Base Salary shall be reviewed for increase at least annually by the Board pursuant to its normal performance review policies for "executive officers" (as defined under the rules of the New York Stock Exchange).  The Company or the Board may from time to time, in its sole and absolute discretion, increase the Base Salary by any amount it determines to be appropriate.  Base Salary shall not be reduced after any increase.  The term "Base Salary" as utilized in this Agreement shall refer to the Executive's annual base salary as then in effect.