September 1, 2019 Darren Morgans Dear Darren Subject: Amendment to Employment Agreement
Exhibit 10.27
September 1, 2019
Xxxxxx Xxxxxxx
Dear Xxxxxx
Subject: Amendment to Employment Agreement
I am writing to formalise our verbal agreement related to amendments to your Employment Agreement (“Agreement”) dated August 1, 2011. Schedule “A” of your Agreement will be amended as follows:
1. | Employment Position |
Chief Financial Officer (“CFO”). Commencing September 1, 2019 to position will be based on 4 days per week. The position may revert back to full time as the need arises and at our mutual agreement.
2. | Salary |
The Employee’s current gross monthly salary is $19,583.33 (CAD) on a full-time basis (“Full-time Salary”). Commencing September 1, 2019, the Employee’s gross monthly salary for 4 days per week will be pro-rated to $15,666.66 (CAD) (“Pro-rated Salary”) for as long as the Employee is working 4 days per week.
3. | Annual Incentive Plan Entitlement |
The Employee is entitled to receive up to 35% of the actual annual salary paid during the relevant year under the terms of the Employer’s Annual Incentive Plan.
7. & 8. Without Cause Termination & Termination Following Change of Control
The term “Salary” is replaced with “Full-Time Salary”.
If you are in agreement with the above changes, please sign and return in the below space.
Yours truly,
MIDAS GOLD CORP.
/s/ Xxxxxxx Xxxx | |
Xxxxxxx Xxxx | |
Chief Executive Officer | |
I accept the above-mentioned changes.
/s/ Xxxxxx Xxxxxxx | |
Xxxxxx Xxxxxxx | |
Chief Financial Officer | |
