Exhibit 10.22
AMENDMENT TO
EMPLOYEE'S STOCK OPTION AGREEMENT
THIS AGREEMENT is made as of the 13th day of February, 1997.
BETWEEN:
IDAHO CONSOLIDATED METALS CORPORATION, a company duly
incorporated under the laws of the Province of British
Columbia, having a place of business at Xxxxx 000, 000 Xxxx
Xxxxxx, Xxxxxxxx, Xxxxx, 00000;
(hereinafter called the "Company")
OF THE FIRST PART
AND:
XXX XXXXX
0000 Xxxxxx Xxx, Xxxxx 000
Xxxxxxx, XX
X0X xX0;
(hereinafter called the "Employee")
OF THE SECOND PART
WHEREAS:
A. The Employee and the Company entered into an Employee Option Agreement made
as of the 17th day of May, 1996 (the "Option Agreement"), a copy of which is
attached hereto, pursuant to which the Employee was granted an option (the
"Option") to purchase all or any portion of 250,000 common shares in the capital
of the Company exercisable at a price of $3.30 per share, on or before the 17th
day of May, 2000;
B. The Employee and the Company wish to amend the Option Agreement from an
exercise price of $3.30 per share to an exercise price of $1.15 per share, and
to further amend the Option Agreement by the cancellation of options so that the
Employee is entitled to purchase 50,000 shares rather than 250,000 shares upon
the terms and conditions hereinafter set forth;
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the
premises and of the covenants and agreements herein contained, the parties
hereto covenant and agree as follows:
1. Paragraph 1 commencing on page 1 of the Option Agreement be deleted in its
entirety and replaced as follows:
"From and including the Agreement Date through to and including the day 4
years from the Agreement Date (the "Termination Date"), the Employee shall
have and be entitled to and the Company hereby grants to the Employee an
Option (the "Option") to purchase all or any portion of 50,000 common
shares without par value in the capital stock of the Company from treasury
at the price of $1.15 per share."
2. Save and except as herein amended, the Option Agreement shall be and remains
in full force and effect on the terms set forth therein.
IN WITNESS WHEREOF the parties have hereunto caused these presents to be
executed effective as of the day and year first above written.
THE COMMON SEAL of IDAHO )
CONSOLIDATED METALS )
CORPORATION was hereunto affixed )
in the presence of: )
)
/s/ Xxxxxxx Xxxxxxx ) c/s
---------------------------------- )
- 2 -
SIGNED, SEALED AND DELIVERED )
by XXX XXXXX in the presence of: )
)
)
Signature of )
Witness: /s/ [Illegible] ) /s/ Xxx Xxxxx
-------------------------- ) ---------------------------------
) XXX XXXXX
Address of )
Witness: 0000 Xxxxxxxx Xx )
-------------------------- )
Richmond, BC )
------------------------------------- )
)
Occupation )
of Witness: Chartered Accountant )
-------------------------- )
