Common use of Basic Remuneration Clause in Contracts

Basic Remuneration. The Corporation shall employ the Executive at an annual salary to be determined periodically by the Board (the "Base Salary"), payable regularly in accordance with the Corporation's practices applicable to other senior executives (less applicable source deductions, if any). The performance of the Executive will be reviewed periodically by the Board, and, at the sole option of the Board, the Base Salary of the Executive may be increased; provided, however, that the Board shall be under no obligation to increase the Base Salary at the time of any such review. The Base Salary shall also be reviewed by the Board periodically for possible increases according to the criteria applied generally by the Board to such potential increases for management personnel and may be increased in such manner at the discretion of the Board. The Base Salary does not include any bonus or incentive payments. The Board may introduce such payments in its discretion. As of the Effective Date, the Base Salary is $150,000 per annum, provided that if, as and when the Parent completes an equity financing for an amount in excess of $10,000,000 (the “Threshold Equity Financing”), the Base Salary shall automatically increase to $180,000 per annum effective retroactive to the first day of the month in which the Threshold Equity Financing is completed.