Hourly Compensation. During the Term, the Company shall compensate Executive for each hour devoted by Executive to the business of the Company at the rate of $200 per hour. Executive shall prepare and deliver to the Company an invoice by the 10th day of each month providing a general description of the time devoted by Executive during the preceding month to the business of the Company. The Company shall pay to Executive the amount indicated on such invoice as being due to Executive within 15 days after receipt thereof. The Board will review the hourly rate at least annually and may, in its sole discretion, increase it to reflect performance, but at no time shall the Company reduce Executive's hourly rate below $200.
Appears in 2 contracts
Sources: Executive Agreement (Rodriguez Marcos & Sonya Nance Childrens Trust No 2), Executive Agreement (Cafe Odyssey Inc)