Exhibit 4.7 DIRECTORS' COMPENSATION ON TERMINATION AGREEMENT THIS AGREEMENT dated the 3rd day of February, 2005 (the "Agreement Date") BETWEEN: MARTIN GANNON, businessman, of 1275 Post Road, Fairfield, Connecticut, USA, 06824 (the "Director")Directors' Compensation on Termination Agreement • February 9th, 2005 • Smartire Systems Inc • Industrial instruments for measurement, display, and control • British Columbia
