1. | Amendment. Effective January 16, 2016, the Executive agrees to a reduction of 30% of the Base Salary as stated in Section 3; 3.1 of the Employment Agreement. All severance payments including Change of Control and termination without cause will continue to be calculated using the Base Salary of $180,000 CDN per annum as stated in the Employment Agreement and will not be impacted by any reduction under this Amendment. |
2. | No Other Waiver or Amendment. Except as expressly modified herein, all terms and provisions of the Agreement shall remain unchanged and in full force and effect. This Amendment shall not be deemed to prejudice any rights or remedies which any Party may now have or may have in the future under or in connection with the Agreement or any of the instruments or agreements referred to therein, as the same may be amended, restated or otherwise modified. |
3. | Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the province of British Columbia and the federal laws of Canada applicable therein, which shall be deemed to be the proper law hereof. The Parties hereby attorn to and submit to the jurisdiction of the courts of British Columbia. |
4. | Counterparts. This Amendment may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and such counterparts shall together constitute one and the same instrument. |
5. | Legal Advice. Executive acknowledges this Amendment has been prepared by the Company and that the Executive has had sufficient time to review this Amendment thoroughly, including enough time to obtain independent legal advice concerning the interpretation and effect of this Amendment prior to their execution. By signing this Amendment, Executive represents and warrants that he has read and understood this Amendment and that he executes them of his own free will and act. |
SIGNED, SEALED AND DELIVERED by in the presence of:
/s/ Joy Ferguson |
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/s/ Sean Fallis
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Witness
Joy Ferguson |
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Sean Fallis
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Name
Suite 1908, 925 West Georgia Street |
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Address
Vancouver, British Columbia V6C 3L2 |
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Executive Assistant |
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Occupation
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