ADDENDUM TO EMPLOYMENT AGREEMENT
THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this "AGREEMENT") is made this 12th day
of October, 2004.
BETWEEN:
GAMMACAN, LTD., a body corporate with an address of Xxx Xxxxxx 00, Xxxxx
Xxxxxx, Xxxxxx (the "COMPANY")
AND:
Xx. Xxx X. Xxxxxx an individual currently residing at 00 Xxxxxxxxx Xx.
Xxxxx Xxxxxxxx, Xxxxxx
(the "EXECUTIVE")
A. The Executive and the Company have entered into Employment Agreement dated as
of August 17, 2004, a copy of which is attached as Exhibit A hereto (the
"ORIGINAL AGREEMENT"); B. The Company and the parent company of the Company,
GammaCan International Inc. (the "PARENT COMPANY"), wish to appoint the
Executive as the CEO of the Parent Company, in addition to Executive's position
as the CEO of the Company; C. The Executive and the Company wish to formally
record the terms and conditions upon which the Executive will serve as the CEO
of the Parent Company, and each of the Company and the Executive have agreed to
the terms and conditions set forth in this Agreement, as evidenced by their
execution hereof.
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and
the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:
1. From and after the date hereof Executive shall serve as the CEO of the
Parent Company.
2. Unless specifically provided otherwise hereunder, the terms of the
Original Agreement (including, without limiting the generality of the
aforesaid, the provisions of Articles 4 and 5 thereto) shall apply to
service of the Executive as CEO of the Parent Company, mutatis mutandis.
3. For the avoidance of doubt, it is hereby clarified that upon termination
of the original Agreement for any reason whatsoever, Executive shall
immediately cease his position as the CEO of the Parent Company.
4. Executive will not be entitled to any compensation for his position as the
CEO of the Parent Company other than the salary and additional
compensation to which he is entitled pursuant to the Original Agreement.
5. As a condition for the agreement of the Executive to serve as the CEO of
the Parent Company, and pursuant to the terms of Section 1.1 of the
Original Agreement, the Parent Company shall execute and deliver to the
Executive on the date hereof an Indemnity Agreement in the form attached
in Exhibit B hereto.
6. Except as otherwise specifically stated herein, the Original Agreement
shall remain in full force and effect.
IN WITNESS WHEREOF the parties hereto have executed this Agreement effective as
of the date and year first above written.
GAMMACAN, LTD.
Per: /s/ XXX X. XXXXXX /s/ XXX X. XXXXXX
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Name: Xxx X. Xxxxxx XX. XXX X. XXXXXX
Title: CEO
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WE APPROVE AND AGREE:
GAMMACAN INTERNATIONAL, INC.
Per: /s/ XXXXX XXXXXXXX
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Name: Xxxxx Xxxxxxxx
Title: President and CEO
