AMENDING AGREEMENT NO. 1
EXHIBIT 4.2
AMENDING AGREEMENT NO. 1
THIS AGREEMENT made the 6th day of January , 2005.
BETWEEN:
(“Oncolytics”)
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XXXXXX X. XXXX, M.D.
(“Xxxx”)
WHEREAS Oncolytics and Xxxx entered into a Services Agreement dated the 16th day of October, 2001 (the “Services Agreement”);
AND WHEREAS the parties wish to amend the Services Agreement;
NOW THEREFORE the parties agree as follows:
Section 1 – Amendments
The Services Agreement is hereby amended by replacing Schedule ”B” with the following:
“RETAINER AND EXPENSES
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(1) |
For the period commencing January 1, 2005 and ending December 31, 2005, Oncolytics shall pay Xxxx an annual retainer of US$103,000, payable in equal monthly installments of US$8,583.33 on the last day of each month. |
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(2) |
Oncolytics shall reimburse Xxxx for all reasonable out-of-pocket expenses including travel expenses, incurred by Xxxx in performing the Services. |
COMPENSATION FOR REDUCED SERVICES
If the Services are reduced pursuant to Section 10(2), the compensation payable by Oncolytics to Xxxx shall be based upon a daily fee of US$1,500, together with reimbursement
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for reasonable out-of-pocket expenses, including travel expenses, incurred by Xxxx in performing the Reduced Services. Any expenses to be incurred in excess of US$500 are to be approved in advance by Oncolytics.”
Section 2 - Effective Date
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(1) |
This Amending Agreement shall be effective from and after January 1, 2005. |
(2) In all other respects the parties confirm that the Services 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/ Xxxx Xxxx
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Xxxx Xxxx |
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Chief Financial Officer |
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/s/ Xxxxx X. Xxxx |
/s/ Xxxxxx X. Xxxx |
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WITNESS |
XXXXXX X. XXXX, M.D | |
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