Scott Langille Employment Agreement of April 15, 2006 Agreement Amendments of December 18, 2006
Xxxxx
Xxxxxxxx Employment Agreement of April 15, 2006
Agreement
Amendments of December 18, 2006
| 1) |
Section
6.2 currently reads:
"
ViRexx will grant to Xxxxxxxx an option to purchase one hundred
and fifty
thousand (150,000) common shares
of ViRexx at an option exercise price per share equal to the closing
price
of ViRexx's common shares on the Toronto
Stock Exchange on the date this Agreement becomes effective (the
"Stock
Option"), subject to the provisions of
ViRexx's stock options agreement and all applicable regulations
and laws.
The one hundred and fifty thousand (150,000)
Options shall vest in equal 1/3 amounts over a three (3) year period
as
follows:
|
10-Apr-07 50,000
10-Apr-08 50,000
10-Apr-09 50,000
|
Section6.2
revised to read:
"
ViRexx will grant to Xxxxxxxx an option to purchase one
hundred and fifty thousand (150,000) common shares of ViRexx at an
option exercise price per share equal to the closing price of
ViRexx's
common shares on the Toronto Stock Exchange on December 14, 2006
(the
"Stock Option"), subject to the provisions of ViRexx's stock
options agreement and all applicable regulations and laws. The
one hundred
and fifty thousand (150,000) Options shall vest in equal 1/3
amounts over
a three (3) year period as
follows:
|
14-Dec-06 50,000
14-Dec-07 50,000
14-Dec-08 50,000
| 2) |
Section
10.3 currently reads:
"ViRexx
may, at its option, terminate Xxxxxxxx'x employment pursuant
to this
Agreement in its sole discretion for
any reason, without cause, upon providing Xxxxxxxx with one (1)
year's
notice or payment in lieu thereof, which shall
be inclusive of all notice required pursuant to the Employment
Standards
Code, Alberta. If ViRexx terminates Xxxxxxxx'x
employment without just cause and provides him with the above
described
notice, or pay in lieu of notice, Xxxxxxxx
agrees that he will no further claims against ViRexx. All benefits
and
allowances set out in Article 5,Article
6 and Article 7 above shall cease as of Xxxxxxxx'x last day of
work,
subject to any conversion rights available to Xxxxxxxx
under Virexx group benefit plan. If notice is given to xxxxxxxx
by ViRexx
and such notice contemplates that Xxxxxxxx
will remain at ViRexx to perform his duties until the notice
period ends,
Xxxxxxxx shall be given reasonable time
to conduct a new job search and engage in interviews with prospective
employers."
|
|
Section
10.3 revised to read:
"ViRexx
may, at its option, terminate Xxxxxxxx'x employment pursuant
to this
Agreement in its sole discretion for
any reason, without cause, upon providing Xxxxxxxx 12 months
payment of
current salary which shall be inclusive
of all notice required pursuant to the Employment Standards Code,
Alberta.
Medical benefits will continue for
90 days after termination. If terminated, ViRexx will reimburse
Xxxxxxxx
for all relocation expenses back to Ontario If
ViRexx terminates Xxxxxxxx'x employment and provides him with
12 months
payment of current salary + relocation expenses,
Xxxxxxxx agrees that he will have no further claims against
ViRexx.
|
| 3) |
New
Section: Home Office
Xxxxxxxx
will work out of home office located in Elora Ontario 2 of every
4 weeks
per month. The company will pay for return
flights to Toronto 2 per month. Where possible Xxxxxxxx will
coordinate
flights to home office with Investor Relations work
in Toronto and New York to save on travel costs. The company
will
reimburse all costs associated with
Xxxxxxxx
maintaining his condominium in Edmonton (which replaces hotel
and meal
costs - see attached analysis), as
well as the costs of setting up and maintaining a home office
in Ontario
(for example purchase of a fax machine, direct
phone line, long distance costs etc.). The company will reimburse
Xxxxxxxx
for the transport of his vehicle back to
Ontario for use while at home office.
|
| 4) |
New
Section: Revised Bonus for 2007
Xxxxxxxx'x
current project bonus of 20% of current salary will be
increased to 25% of currently salary for 2007
Agreement
Amendments Accepted:
|
Xxxxx
Xxxxxxx Xxxxx
Xxxxxxxx
18-Dec-06 18-Dec-06
