Common use of Compensation of the Executive Clause in Contracts

Compensation of the Executive. (i) During the Active Period, the compensation shall be the amount fixed by the Board of Directors of the Company from time to time; (ii) During the Retirement Period, the amount payable shall be at the rate of $25,000 per year annum for a period of ten (10) years, payable in equal monthly installments of $2,083.33, with the first payment to be made on the 1st day of the next month following the month in which the last to occur of the following events: (a) Executive has attained the age of 70 years; or (b) if Executive's employment and active service has been extended by the Company beyond Executive attaining the age of 70 years, from the date of termination of such active service; (iii) During the Active Period the Company shall provide Executive with the following benefits (the “Benefits”): (a) group health care and insurance benefits as generally made available to the Company’s senior management; and (b) such other insurance benefits obtained by the Company and made generally available to the Company’s senior management; and (iv) During the first five (5) years of the Retirement Period the Company shall provide Executive with the following Benefits: group health care and life insurance benefits as generally made available to the Company’s senior management. Upon the expiration of such five-year period, Executive shall be entitled to all applicable COBRA benefits.