Amendment to the Employment Agreement Entered into March 30, 2007 Between: ALBERTA STAR DEVELOPMENT CORPORATION, a Company duly incorporated under the laws of the Province of Alberta, having an office at Suite 506-675 West Hastings Street, Vancouver,...
Exhibit 4.11 |
| Amendment to the Employment Agreement |
| Entered into March 30, 2007 |
| Between: |
| ALBERTA STAR DEVELOPMENT CORPORATION, a |
| Company duly incorporated under the laws of the Province of Alberta, |
| having an office at Suite 000-000 Xxxx Xxxxxxxx Xxxxxx, Xxxxxxxxx, |
| Xxxxxxx Xxxxxxxx, X0X 0X0 |
| (the “Company”) |
| OF THE FIRST PART |
| And: |
| XXXXXXX XXXXXXXX, Executive of 0000 Xxxxxxx Xxxxxxxx, |
| Xxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0 |
| (“Xxxxxxxx”) |
| OF THE SECOND PART |
| WHEREAS: |
| A. |
The parties wish to amend the above noted Employment Agreement (the “Agreement”) |
THE AMENDMENT:
| 1. |
Xxxxxxxx shall discount his Base Salary from the current level of $350,000 per annum to $180,000 per annum until further notice from the Board of Directors (the “Board”) where upon the Board shall, in its discretion determine any subsequent increase in salary. | |
|
| ||
| 2. |
In consideration for this reduction in Base Salary, the Company agrees to the following: | |
|
|
| a. |
With respect to the calculation of severance under Article 6 and 11 of the Agreement, the Base Salary shall be deemed to be $350,000 and not the reduced Base Salary agreed to pursuant to this amendment. Further, any prorated bonus (which is subject to the Board’s discretion) shall be calculated on the full Base Salary ($350,000) as opposed to the reduced Base Salary. | |
|
| ||
| b. |
The Company agrees to amend Article 6(a)(i) of the Agreement such that the severance payments to Xxxxxxxx shall not be made |
in seven consecutive monthly installments, but rather one lump sum payment, of $204,166.66 within 30 days of the date of termination. Further, the Company shall treat this severance payment as a “Retiring Allowance” as defined by the Income Tax Act and the lump sum payment shall be subject to a 30% withholding tax.
| c. |
The Company agrees to co-operate with Xxxxxxxx to ensure that the payments are made in the most tax effective manner, including payment directly to an RRSP account without withholding tax upon proof of sufficient contribution room with the most current Notice of Assessment from Xxxxxxxx. |
The Parties have amended the Agreement this 1 day of February, 2012.
| /s/ “Xxx Xxxxxxxx” |
| Xxxxxxx Xxxxxxxx |
| Per: | /s/ “Xxxxxx Xxxx” |
| Alberta Star Development Corp. | |
| Authorized Representative | |
Page 2 of 2
