EXHIBIT 6.7
SEPARATION AGREEMENT
BETWEEN: AND:
Xxxxxxx Xxxxxx ("CM") Axion Spatial Imaging, Ltd. ("Company")
0000 Xxxxxxxxx Xx. An Alberta Company
Xxxxxxxxx, XX X0X 0X0
1.0 On the resignation of CM on the 30th November 1999, the
company has agreed to the following severance compensation.
2.0 The company recognizes that CM has held the position of CEO
since September 1996 and has not received a salary for his efforts.
3.0 In recognition of the services rendered the company agrees to
xxxxx XX a stock option of 400,000 shares of Axion Inc. at $.25 USD
per share (see attached stock option agreement for details). The
first time the company files a form S-8 with the SEC the company
agrees to register the shares.
4.0 In return for compensation of $5,000 USD per month, payable on
the first of each month starting December 1st 1999 and ending
November 1st 2000 (twelve payments) CM agrees to act as a
consultant to the President and New CEO for this period of one
year.
5.0 The payment will be payable to Martech Industries.
6.0 The company agrees to pay CM's shareholders loan to Axion Inc.
out by the end of the year 2000. Expenses that were incurred and
invoiced during 1999 will be paid as soon as possible. Any amounts
owing after April 30th 2000 bearing interest at 10% per annum.
7.0 The company acknowledges that CM may be required to travel as
part of his consulting duties. Where the company is notified in
writing and gives prior written approval to the expense then the
company undertakes to be solely responsible for payment of listed
expenses.
8.0 By signing this agreement CM acknowledges that he is in full
agreement with this separation agreement and will not hold the
company or Axion Spatial Imaging Ltd. responsible for any further
compensation; unless CM can produce documentation that shows add-
itional shareholder loans were made by CM to the company over and
above existing amounts, in which case they will be paid as per 6.0
above.
9.0 The company agrees to pay CM legal fees that result from
actions taken as an officer or on behalf of the companies since
August 1995; as covered in the articles of Axion Spatial Imaging
Inc. 10.0 Both parties agree that a signed fax copy of this
agreement by both parties is legal and binding.
Axion Spatial Imaging, Inc. Xxxxxxx Xxxxxx
/s/ Xxx Xxxxxxx /s/ Xxxxxxx Xxxxxx
By: ________________________ ______________________
Authorized Representative Signature
Nov 24 Nov 24
Dated____________________, 1999 Dated__________________,1999
