VIREXX MEDICAL CORP.
0000
Xxxxx Xxxx
Xxxxxxxx,
Xxxxxxx, Xxxxxx
X0X
0X0
September
23, 2007
Gemini
Partners Corporate Finance C.C. (“Gemini”)
and Mr.
Erich Bam
000
Xxxxxxxxx Xxxxx
Xxxx
Xxxxxxxxx, XX X0X 0X0
Dear Mr.
Bam:
This
letter agreement confirms that ViRexx Medical Corp. (“ViRexx”) hereby agrees
that Gemini shall be engaged to provide the services of Xxxxx Bam, as Interim
Chief Operating Officer of ViRexx on the following terms and
conditions:
|
Term:
|
Fifteen
full-time days ending October 12, 2007, thereafter, on a per diem
basis as required by the Chief Executive
Officer.
|
|
Remuneration:
|
For
the first fifteen days, remuneration shall be $24,000 payable on signing
this letter agreement and receipt of an invoice therefor. Any
time thereafter a per diem rate of $1,600 (CAD) shall be paid against
invoice.
|
|
Recruitment
Fee:
|
$60,000
is payable to Gemini in two equal instalments of $30,000 each on
October 15, 2007 and on November 15,
2007.
|
|
Bonus:
|
Regardless
of the form of financing, subject to board and participating shareholder
approval, Gemini shall be entitled to a number of warrants or options
based on a negotiated percentage of all units sold pursuant to the
financing.
|
|
Computer:
|
ViRexx
will acquire a new laptop computer for exclusive use by Xxxxx
Bam. When he is no longer interim Chief Operating Officer or
working for ViRexx in any other capacity, he shall have the option of
purchasing the computer at its depreciated
value.
|
|
Duties:
|
Gemini
shall ensure that Xxxxx Bam performs his duties in a manner similar to
other chief operating officers in similar companies and in accordance with
the terms of a formal consulting agreement to be signed in due
course.
|
If you
are in agreement with the contents of this letter, please sign in the space
provided below for your signature.
Yours
truly,
/s/Xxxxxxx
X. XxXxxxxx
Xxxxxxx
X. XxXxxxxx
Chairman
of the Compensation Committee
I have
read and understood the contents of this Letter Agreement and agree with the
terms contained herein.
GEMINI
PARTNERS CORPORATE
FINANCE
C.C.
Per:______/s/
Xxxxx Bam_______________ _______/s/
Xxxxx Bam___________
for and on behalf of R.J.H.
Xxxxxxxxx
XXXXX BAM
