AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT made effective the 18th day of August, 2009
BETWEEN:
Upstream Biosciences Inc., a company incorporated under the laws of the Province of British Columbia, having its head office at 000-000 Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0;
(the "Company")
AND:
Xxxxxxx Xxxxx,
(the "Employee")
WHEREAS the Company and the Employee have agreed to amend the terms of the Employment Agreement, dated March 1st, 2006 (the “Employment Agreement”), to correct a mistake in the severance provisions at paragraph 4.4 of the said agreement which provided for the payment of severance in the event that the Employee was terminated by the Company for cause or in the event that the Employee terminated the Employment Agreement by his resignation, and on the terms and conditions contained herein;
IN CONSIDERATION of the mutual agreements in this Amendment and subject to the terms and conditions specified in this Amendment, the parties agree as follows:
1. All capitalized terms not specifically defined herein have the meanings ascribed to them in the Employment Agreement.
2. Article 4 of the Employment is hereby deleted and replaced in its entirety by the following:
4. Termination
4.1 Employee's Right to Terminate for any Reason. The Employee may terminate this Agreement and his or her employment for any reason:
| (a) |
at any time upon providing 14 days advance notice in writing to the Company; or | |
| (b) |
upon a material breach or default of any term of this Agreement by the Company, but only if the Employee has first given written notice of such breach or default to the Company and the Company has failed to rectify it within a period of 30 days following receipt of such notice. |
The Company shall be obliged to pay the Salary, and any Bonuses earned and accrued but not paid, due up to the date of termination, with such payment to be made within 30 days of the date of termination. Bonuses partially earned but not yet payable as of the date of termination shall be payable.
4.2 Company's Right to Terminate for Cause. The Company may terminate this Agreement and the Employee's employment for Cause at any time on written notice to the Employee.
The date of termination will be the date specified in the written notice and may be, in the sole discretion of the Company, the same day the notice is given to the Employee, or such later date as the Company may decide. The Company shall be obliged to pay the Salary, and any
