Common use of Reduction in Base Salary Clause in Contracts

Reduction in Base Salary. Subject to the provisions of Paragraph 2 below, Employee's Base Salary commencing effective as of January 1, 1997 and continuing for the shorter of either (referred to as the "Reduction Period") (A) the term of Employee's employment, or (B) December 31, 1997, the cash payment of the Employee Base Salary shall be paid at the rate of the annual sum of One Hundred Thousand ($100,000) (the "Payment Rate"); thereafter, the rate of payment of the Employee's Base Salary cash payment shall return to the amount otherwise provided in the Employment Agreement without regard to this Amendment. During the Reduction Period, the difference between the Employee's Base salary and the Payment Rate ("Deferred Payment") shall be accrued on the books of the Company as a valid and owing current obligation. The Deferred Payment shall be payable by the Company to the Employee upon expiration of the term f Employee's employment. The Board of Directors of the Company may, but is not obligated to, increase the Base Salary prior to expiration of the Reduction Period if, in its sole discretion, it deems such to be reasonable and appropriate.

Reduction in Base Salary. Subject to the provisions of Paragraph 2 below, Employee's Base Salary commencing effective as of January 1, 1997 and continuing for the shorter of either (referred to as the "Reduction Period") (A) the term of Employee's employment, or (B) December 31, 1997, the cash payment of the Employee Base Salary shall be paid at the rate of the annual sum of One Hundred Thousand ($100,000135,000) (the "Payment Rate"); thereafter, the rate of payment of the Employee's Base Salary cash payment shall return to the amount otherwise provided in the Employment Agreement without regard to this Amendment. During the Reduction Period, the difference between the Employee's Base salary Salary and the Payment Rate ("Deferred Payment") shall be accrued on the books of the Company as a valid and owing current obligation. The Deferred Payment shall be payable by the Company to the Employee upon expiration of the term f of Employee's employment. The Board of Directors of the Company may, but is not obligated to, increase the Base Salary prior to expiration of the Reduction Period if, in its sole discretion, it deems such to be reasonable and appropriate.