·
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The
Consultant will be paid $8,500 per month plus a one time issuance of
options to purchase 800,000 common shares of the Company at $0.30 per
share for providing services customary to the position of Chief Financial
Officer.
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o
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The options
will expire the earlier of January 7, 2011 or immediately upon the
Consultant ceasing to act as the Chief Financial Officer of the
Company.
|
·
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The
Consultant will be issued options to purchase 200,000 common shares of the
Company at $0.30 per share as consideration for agreeing to act as a
director of the Company. These options were issued immediately
upon the execution of the Agreement, but will expire the earlier
of:
|
o
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by January 7,
2011;
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o
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if the
Consultant does not provide a consent to act once, and if, duly elected to
the Company’s board of directors;
and
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o
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immediately
upon the Consultant ceasing to act on the Company’s board of
directors.
|
·
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The
Consultant agrees not to exercise any more than 250,000 of all of the
options granted to him pursuant to the agreement in any 90 day period
until October 1, 2009.
|
·
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The
Consultant shall not sell more than 250,000 shares acquired through the
exercise of the options granted to him pursuant to the Agreement in any 90
day period.
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·
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The Agreement
is valid until January 6, 2010, but is automatically renewable absent
notice to terminate from either
party.
|
·
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The Agreement
may be terminated by the Company immediately with cause, and with by
delivery of 7 days written notice without
cause.
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Date: January
8, 2009
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MANTRA VENTURE GROUP
LTD.
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(Registrant)
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By: /s/
Larry Kristof
|
|
President
and Chief Executive Officer
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