RENEWAL AND AMENDMENT AGREEMENT
Exhibit
10.68
THIS
AGREEMENT dated the 9th day of August, 2006 (the “Agreement Date”)
BETWEEN:
XXXXXX
XXXXXX,
a
business person with an address at 000 Xxxxxxxxxx Xxxxxx, Xxxxx 000 Xxxx
Xxxx
Xxxxx, XX 00000
(the
“Consultant”)
OF
THE
FIRST PART
AND:
SMARTIRE
SYSTEMS INC.,
a
company duly incorporated pursuant to the laws of the Province of British
Columbia, having an office at 150 - 13151 Xxxxxx Xxxxx, Xxxxxxxx, Xxxxxxx
Xxxxxxxx, X0X 0X0
(“SmarTire“
or the “Company”)
OF
THE
SECOND PART
A. The
Manager and SmarTire entered into a consulting agreement (the “Consulting
Agreement”) dated June 30, 2005 whereby SmarTire engaged the consultant for the
period of one year;
B. SmarTire
and the Consultant wish to renew the terms of the Consulting Agreement on
the
terms and conditions set forth herein.
THEREFORE,
in consideration of the mutual covenants and premises contained herein, and
payment of $10, the receipt and sufficiency of which is hereby acknowledged,
the
parties covenant and agree as follows:
1. |
AMENDMENT
|
1.1 The
following is added to section 3.0 of the Agreement, entitled “Compensation”, and
shall be construed and interpreted in accordance with this Extension and
Amendment Agreement;
1.2 The
Company agrees to pay to the Consultant and the Consultant agrees to accept
consulting fees as follows: commencing on the Effective Date and ending on
the
date of termination of this Agreement, the Company shall pay to the Consultant
monthly as a fee for the Consulting Services an amount equal to US$10,000
(the
“Consulting
Fee”).
The
Company shall pay the Consulting Fee to the Consultant not later than 30
days
following the month in which the relevant Consulting Services were rendered.
The
Consultant is not entitled to any employee benefits. Any stock options in
the
capital of the Company held by the Consultant will remain exercisable for
the
period that this Agreement is in effect and including 90 days after its
termination if the Consultant resigns as a Director.
2. |
TERM
AND EFFECT OF TERMINATION OF
AGREEMENT
|
2.1 This
Renewal is deemed effective as of June 30, 2006 and will continue in force
and
effect for 12 months unless renewed by mutual agreement of both
parties.
3. |
GENERAL
|
3.1 In
all
other respects, the Agreement shall remain in full force and effect.
3.2 This
Agreement will enure to the benefit of and be binding upon the parties and
their
respective successors and permitted assigns.
3.3 This
Agreement will be governed by and construed in accordance with the laws of
British Columbia.
3.4 This
Agreement may be executed in several counterparts, each of which will be
deemed
to be an original and all of which will together constitute one and the same
instrument.
3.5 Except
as
expressly amended by this Agreement, the Consulting Agreement is hereby ratified
and confirmed.
IN
WITNESS WHEREOF the parties have executed this Agreement as of the date first
above written.
SIGNED,
SEALED and DELIVERED by XXXXXX
XXXXXX
in
the presence of:
/s/
Xxxxx Xxxxx
Signature
Xxxxx
Xxxxx
Print
Name
000
Xxxx Xxxxx Xxx
Xxxx
Xxxxx Xx 3340
Address
President
- Petro Plus USA
Occupation
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/s/Xxxxxx
Xxxxxx
XXXXXX
XXXXXX
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Per: /s/
Xxxx Xxxxxxxxxxx
Authorized
Signatory
Title: Chief
Financial Officer