Currency of Salary
Exhibit 10.47
Schedule of Executive Compensation
Effective January 1, 2006, and pursuant to the annual review of base salary compensation approved by the Compensation Committee of the Company’s Board of Directors, base salaries for its named executive officers were increased to the amounts shown in the table below:
| Name | Position | Currency of | Revised Annual Base Salary Effective January 1, 2006 | |||
| Dr. David Fyfe | Chief Executive Officer | U. S. Dollars | 480,690 | |||
| Daniel Abrams (1) | Chief Financial Officer | British Pounds | 187,775 | |||
| Michael Black (2) | Vice-President Finance | British Pounds | 106,000 | |||
| Dr. Jeremy Burroughes | Chief Technical Officer | British Pounds | 159,805 | |||
| Dr. SB Cha (3) | Vice-President, Commercial | U. S. Dollars | 280,000 | |||
| Dr. Scott Brown | Vice-President, Research | British Pounds | 164,743 | |||
| Stephen Chandler (4) | Vice-President, Legal and Intellectual Property | British Pounds | 200,619 |
| (1) | Mr. Abrams ceased to be an employee of the Company effective June 30, 2006 |
| (2) | Mr. Black became a named executive officer effective July 3, 2006 and the salary shown was effective from that date |
| (3) | Dr. Cha entered into a new employment agreement with us effective February 1, 2006 and the salary shown was effective from that date. |
| (4) | Mr. Chandler ceased to be a named executive officer effective December 31, 2006 |
Effective January 1, 2007, and pursuant to the annual review of base salary compensation approved by the Compensation Committee of the Company’s Board of Directors, the base salary for one named executive officer was increased to the amount shown in the table below:
| Name | Position | Currency of | Revised Annual Base Salary Effective January 1, 2007 | |||
| Jim Veninger | Vice-President, Technology Development | British Pounds | 160,000 |
