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EXHIBIT 10(v)
April 16, 1997
Mr. X.X. Xxxxxxx
President
Guardian Timing Services Inc.
000 Xxxxxxxx Xxxxxx Xxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxx
X0X 0X0
Dear Mr. Xxxxxxx,
Further to our conversation over the last serveral weeks, we wish to
confirm our understanding of our agreement as to certain amendments to Schedule
A to a letter of understanding dated December 20, 1995 (the "Letter") relating
to the Bank's entering into an Investment Management Agreement and the possible
acquisition of 100% of the Class B shares of Bearhill Limited.
The second full paragraph of Schedule A currently reads as follows;
"The Option shall be renewable for a three year term at the discretion
of The Bank of Nova Scotia subject to the payment of an option fee
annually, in advance, in accordance with the following schedule
commencing on January 1, 1996.
For the 1996 calender year $25,000
For the 1996 calender year $50,000
For the 1996 calender year $75,000"
It has been agreed that the second full paragraph of Schedule A is
replaced with the following paragraph;
"The Option shall be renewable for a four year term at the discretion
of The Bank of Nova Scotia subject to the payment of an option fee
annually, in advance, in accordance with the following schedule
commencing on April 23, 1996.
For the year commencing April 23, 1996 $25,000
For the year commencing April 23, 1997 $25,000
For the year commencing April 23, 1998 $50,000
For the year commencing April 23, 1999 $50,000"
All other terms of the Letter remain the same.
Page E - 57 of E - 69
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If the above conforms to your understanding of the agreement reached
amongst ourselves, please execute the enclosed duplicate copy of the letter,
and return same to the undersigned.
Yours truly,
The Bank of Nova Scotia
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/s/ Xxxxxx X. Xxxxxx
Agreed and accepted,
/s/ X.X. Xxxxxxx
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Guardian Timing Services, Inc.
/s/ Xxxxxxx Xxxxxxxxx
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InterUnion Financial Corporation
/s/ Xxxxxxxx Xxxxxxx
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Havensight Holdings Corp.
/s/ Xxxxxxxx Xxxxxxx
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Bearhill Limited
Page E - 58 of E - 69
