SCHEDULE OF AMENDMENTS TO COMPENSATION ARRANGEMENTS FOR EXECUTIVE OFFICERS
Exhibit 10.50
SCHEDULE OF AMENDMENTS TO COMPENSATION ARRANGEMENTS FOR EXECUTIVE OFFICERS
1. 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 executive officers were increased to the amounts shown in the table below:
| Name | Position | Currency of Salary | Revised Annual Base Salary Effective January 1, 2006 | |||
| Dr. David Fyfe | Chief Executive Officer | U. S. Dollars | 480,690 | |||
| Daniel Abrams | Chief Financial Officer | British Pounds | 187,775 | |||
| Dr. Jeremy Burroughes | Chief Technical Officer | British Pounds | 159,805 | |||
| Dr. SB Cha (1) | Vice-President, Commercial | U. S. Dollars | 280,000 | |||
| Dr. Scott Brown | Vice-President, Research | British Pounds | 164,743 | |||
| Stephen Chandler | Vice-President, Legal and Intellectual Property | British Pounds | 200,619 |
| (1) | Dr. Cha entered into a new employment agreement with us effective February 1, 2006 and the salary shown was effective from that date. |
2. Overseas Benefits Agreement with Dr. David Fyfe
The Company has noted that Dr. David Fyfe’s Employment Agreement was amended in August 2004 to change its expiration date from August 2005 to August 2007. Dr. Fyfe’s Overseas Benefits Agreement covers his assignment to the United Kingdom and this agreement terminates three months after the Company notifies Dr. Fyfe that his assignment to the United Kingdom is terminated. For the avoidance of doubt, and notwithstanding the provision in the Overseas Benefits Agreement for that agreement to expire in August 2005, the Company has confirmed to Dr. Fyfe that, as was the intention of both Dr. Fyfe and the Company in August 2004, the Overseas Benefits Agreement was extended to be coterminous with his Employment Agreement at that time.
