AMENDING AGREEMENT NO. 1
EXHIBIT 4.8
AMENDING AGREEMENT NO. 1
THIS AGREEMENT made the 3rd day of December, 2007,
BETWEEN:
(“Oncolytics”)
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XXXX XXX XXXXXXXXXX
(“Xxxxxxxxxx”)
WHEREAS Oncolytics and Xxxxxxxxxx entered into an Employment Agreement dated the 12th day of January 12, 2007 (the “Employment Agreement”);
AND WHEREAS the parties wish to amend the Employment Agreement;
NOW THEREFORE the parties agree as follows:
Section 1 - Amendments
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(1) |
The Employment Agreement is hereby amended as follows: |
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(a) |
Section 3(1) is amended to increase the annual salary to TWO HUNDRED TWENTY-FIVE THOUSAND (US $225,000) UNITED STATES DOLLARS per annum exclusive of bonuses, benefits and other compensation, payable in equal installments of EIGHTEEN THOUSAND SEVEN HUNDRED FIFTY (US $18,750) UNITED STATES DOLLARS on the last day of each month. |
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(b) |
Section 4 is amended to increase the payment in lieu of employment benefits to a total value of TWENTY-FIVE THOUSAND SEVEN HUNDRED FIFTY-FIVE (US $25,755) UNITED STATES DOLLARS annually. |
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(c) |
Schedule ”A” is amended by replacing the last sentence with the following: |
“The Employee shall perform the employment duties on a part-time basis for three-quarters (314) of normal working hours and days which on the average shall be 39 weeks per year.”
Section 2 - Effective Date
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(1) |
This Amending Agreement shall be effective from and after November 1, 2007. |
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(2) |
In all other respects the parties confirm that the Employment Agreement, as amended, shall remain in full force and effect. |
IN WITNESS WHEREOF the parties have executed this Agreement as of the day and year first above written.
Per: /s/ X. Xxxxxxxx
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[Name] Xxxxxxxx |
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[Title] CEO |
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Per: /s/ D.A. Ball
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[Name] Xxxx Xxxx |
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[Title] CFO |
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/s/ T. Xxxx Xxxxxxxxxx |
/s/ Xxxx Xxx Xxxxxxxxxx |
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WITNESS |
XXXX XXX XXXXXXXXXX |
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