Common use of Salary Options Clause in Contracts

Salary Options. For services rendered by Employee during the term of this Agreement, Employee shall be paid a base salary payable monthly, at an annual rate of CAD$225,000 during the term, subject, during the second and the third years of the term and for subsequent years, if any, to annual review and increase of salary and options at the sole discretion of the board of directors of the Company, taking into account, among other things, individual performance and general business conditions. The base salary shall be payable in U.S. dollars, converted at the U.S. dollar exchange rate A) of 0.86 until March 31, 2007; and B) posted by the Bank of Canada on April 1st of each subsequent year, for each period of time during the term, that commences on April 1st and ends on March 31st.