Common use of Increase in Base Salary Clause in Contracts

Increase in Base Salary. On November 4, 2004, on November 4, 2005 and on November 4, 2006, the Executive’s Base Salary shall be increased by a percentage which shall equal the greater of 3% or the percentage increase in the consumer price index for the New York-Northern New Jersey-Long Island, NY-NJ-CT metropolitan area, as reported by the United States Department of Labor, for the 12-month period ended the immediately preceding October 31. 4. Paragraphs (b) through (e) of Section 3.1 of the Agreement is hereby amended and restated in their entirety to read as follows: (b) a disability insurance policy providing $15,000 in monthly benefits commencing six months after a disability which prevents the Executive from performing the ordinary and necessary functions and duties of his employment; provided that the premium therefor shall not exceed the usual and customary rates charged by underwriters for such a policy for a person of the Executive’s age in good health. The amount of such policy shall be reduced to $7,500 commencing December 31, 2006. At the option of the Executive and in the place of the disability policy, the Company shall pay the cash equivalent of the premium for such policy to the Executive to be used by the Executive to pay such premium; (c) an automobile allowance of $2,150 per month, which shall be reduced to $1,075 per month commencing December 31, 2006; (d) an annual life insurance premium allowance of $35,000, which shall be reduced to $17,500 commencing December 31, 2006, payable in two installments in June and February of each year of the Employment Term hereof; (e) through December 31, 2006, continued use of the same Company car and driver which the Executive is using as of the date of this Agreement; and 5. Clause (ii) of the first sentence of the second paragraph of Section 5 is hereby amended and restated in their entirety to read as follows:

Increase in Base Salary. On November 41, 20042006, on November 41, 2005 2007 and on November 41, 20062008, the Executive’s Base Salary shall be increased by a percentage which shall equal the greater of 3% or the percentage increase in the consumer price index for the New York-Northern New Jersey-Long Island, NY-NJ-CT metropolitan area, as reported by the United States Department of Labor, for the 12-month period ended the immediately preceding October 31. 4. Paragraphs (b) through (e) of Section 3.1 of the Agreement is hereby amended and restated in their entirety to read as follows: (b) a disability insurance policy providing $15,000 in monthly benefits commencing six months after a disability which prevents the Executive from performing the ordinary and necessary functions and duties of his employment; provided that the premium therefor shall not exceed the usual and customary rates charged by underwriters for such a policy for a person of the Executive’s age in good health. The amount of such policy shall be reduced to $7,500 commencing December 31, 20062007. At the option of the Executive and in the place of the disability policy, the Company shall pay the cash equivalent of the premium for such policy to the Executive to be used by the Executive to pay such premium; (c) an automobile allowance of $2,150 per month, which shall be reduced to $1,075 per month commencing December 31, 20062007; (d) an annual life insurance premium allowance of $35,000, which shall be reduced to $17,500 commencing December 31, 20062007, payable in two installments in June and February of each year of the Employment Term hereof; (e) through December 31, 20062007, continued use of the same Company car and driver which the Executive is using as of the date of this Agreement; and 5. Clause (ii) of the first sentence of the second paragraph of Section 5 is hereby amended and restated in their entirety to read as follows: