AND IT IS FURTHER UNDERSTOOD. AND AGREED that the Releasor does hereby agree to indemnify and save harmless the Releasee against any and all liability, taxes, penalties, interest, demands, costs or expenses that it may hereinafter incur, suffer, or be required to pay, in excess of the amounts withheld in connection with the payments to the Releasor, by way of statutorily required deductions to Revenue Canada, Taxation (on account of Income Tax and Canada Pension) or to Human Resources Development Canada (on account of Employment Insurance Benefit repayment), attributable to the sums paid pursuant to the Employment Agreement. AND THE Releasor hereby confirms that he has had an opportunity to obtain independent legal advice with respect to the signing of this Release and has had independent legal advice with respect to the form of this Release and further confirms that he is executing this Release voluntarily and with a full understanding of its terms. DATED at the City of Winnipeg, in the Province of Manitoba, this day of , SIGNED, SEALED AND DELIVERED ) in the presence of:) ) ____________________) )
AND IT IS FURTHER UNDERSTOOD. AND AGREED that this release is contractual and not a mere recital.
AND IT IS FURTHER UNDERSTOOD. AND AGREED that for the consideration expressed herein, if Mackenzie commences any proceedings against any other person, company or other legal entity, which proceedings are in consequence of or in any way arise out of or are in any way connected with Mackenzie's role as an employee, director and/or officer of any Member of the Pine Valley Group up to and including December 31, 2003, and that other person, company or other legal entity claims against the Pine Valley Group or any Member of the Pine Valley Group in respect of Mackenzie's claim, then Mackenzie will indemnify and save harmless the Pine Valley Group and each Member of the Pine Valley Group in respect of any such claim or liability in respect thereof; AND IT IS FURTHER UNDERSTOOD AND AGREED that for the consideration expressed herein, no Member of the Pine Valley Group will make any further claim or take any proceedings whatsoever, which claim or proceedings are in consequence of or in any way arise out of or are in any way connected with Mackenzie's role as an employee, director and/or officer of any Member of the Pine Valley Group at any time up to and including December 31, 2003, against Mackenzie or any other person, company or other legal entity which might result in a claim for contribution, indemnity or otherwise in respect of the subject matter of this Mutual Settlement and Release;
AND IT IS FURTHER UNDERSTOOD. AND AGREED that for the consideration expressed herein, if any Member of the Pine Valley Group commences any proceedings against any other person, company or other legal entity, which proceedings are in consequence of or in any way arise out of or are in any way connected with Mackenzie's role as an employee, director and/or officer of any Member of the Pine Valley Group up to and including December 31, 2003, and that other person, company or other legal entity claims against Mackenzie in respect of the such claim by a Member of the Pine Valley Group, then the Pine Valley Group will indemnify and save harmless Mackenzie in respect of any such claim or liability in respect thereof; AND IT IS FURTHER UNDERSTOOD AND AGREED that the settlement expressed herein shall not constitute or be construed as an admission of liability by any Member of the Pine Valley Group or Mackenzie; AND IT IS FURTHER UNDERSTOOD AND AGREED that the Shares are subject to trading restrictions imposed under securities laws and stock exchange policies applicable to Pine Valley Mining Corporation as a reporting issuer in British Columbia having its Common shares listed for trading on the TSX Venture Exchange, and that the certificates representing the Shares will bear legends describing such restrictions; AND FURTHER FOR THE CONSIDERATION AFORESAID, the Pine Valley Group and Mackenzie hereby acknowledge and agree that the facts relating to the events with respect to which this Mutual Settlement and Release is given may prove to be different from the facts as they are now understood or believed to be by the Pine Valley Group and Mackenzie. The Pine Valley Group and Mackenzie hereby accept and assume the risk of the facts being different and agree that this Mutual Settlement and Release shall be in all respects enforceable and not subject to termination, rescission or variation by reason of any discovery or revelation of any difference in facts; AND FURTHER FOR THE CONSIDERATION AFORESAID, each Member of the Pine Valley Group and Mackenzie hereby represents, warrants and acknowledges to the other parties hereto that this Mutual Settlement and Release has been executed voluntarily after having received independent legal advice; AND IT IS FURTHER UNDERSTOOD AND AGREED that, notwithstanding any of the foregoing, nothing in this Mutual Settlement and Release will have the effect of limiting, or be interpreted as being a waiver by Mackenzie of, all or any part of Mackenzie's: (i) rights in his c...
AND IT IS FURTHER UNDERSTOOD. AND AGREED that the covenants, conditions and agreements herein contained are binding of the parties hereto, their successors, assigns and legal representatives.
