Common use of Base and Incentive Compensation Clause in Contracts

Base and Incentive Compensation. During the term of this Agreement, beginning July 1, 2003, Company agrees to pay Employee a base salary (the "Base Salary") at the annual rate of $250,000.00, less withholdings. If employed in the second and third years under this Agreement, Company will provide Employee with a cost-of-living increase in an amount not to exceed five (5%) percent of Employee's previous year's base salary in each of the second and third years of employment. Employee shall not be entitled to or receive a director's fee for his services on the Board during the term of his employment at Company.