Compensation and Benefits. As full compensation for all services to be rendered by the Employee to the Company during the Employment Period, the Employee shall receive the following compensation and benefits:
(a) Base Salary. During the Employment Period the Company will pay the Employee an annual base salary of One Hundred Twenty Thousand and No/100 Dollars ($120,000.00) per year (“Base Salary”). All payments of Base Salary will be made in installments according to the Company’s regular payroll practice, prorated monthly or weekly when appropriate, and subject to any withholdings that are required by law.
(b) Signing Bonus. At the inception of the Employment Period the Company will pay the Employee a signing bonus of Twenty Thousand and No/100 Dollars ($20,000.00) as a one-time payment. The payment will be subject to any withholdings required by law.
(c) Quarterly Bonus. During the Employment Period the Company will pay the Employee a minimum guaranteed Quarterly Cash Bonus of 2.5% of the Base Salary, Three Thousand and No/100 Dollars ($3,000.00) per calendar quarter. The Board of Directors, in its sole discretion, may authorize additional cash bonuses to Employee based upon performance criteria set by the Board. All payments of Quarterly Bonus will be made in the first pay period following each calendar quarter-end and according to the Company’s regular payroll practice, prorated monthly or weekly when appropriate, and subject to any withholdings that are required by law.
