The Company shall pay to Executive an annual base salary of Five Hundred Fifty Thousand Dollars ($550,000) (prorated for partial monthly and annual periods), less deductions and withholdings, which base salary shall be paid in accordance with the Company’s normal payroll policies and procedures (the “ Base Salary ”). The Board or the Compensation Committee of the Board (the “ Committee ”) shall conduct annual performance reviews of Executive for merit increases and may, in its sole discretion, increase Executive’s Base Salary from time to time.