Common use of Payments of Current Compensation Clause in Contracts

Payments of Current Compensation. The payment of Executive's Annual Salary shall be made in semi-monthly installments on the then prevailing paydays of the Company. Any payment for Incentive Compensation will be made as dictated by the Compensation Committee of the Board of Directors, when such committee is formed, but subject to minimum incentive compensation as specified in 6.2, and payment will be made in one lump sum concurrently with payments made to others in senior management. Incentive Compensation payment, however, must be made on or before the March 15th which follows each calendar year during the term of this Agreement. All payments are subject to the customary withholding tax and other employment taxes as required with respect to compensation paid to an employee.