Not less than once every fiscal year, you will be eligible to receive a long-term incentive (LTI) award of 300% your Base Salary, which utilizes the Fair Market Value share price (as defined in the Incentive Plan) (FMV price) on the grant date. The award may be composed of one or more of the following: stock options (Options), restricted stock units (RSUs), performance share units (PSUs), and/or other form of equity authorized by the Incentive Plan to be awarded. The ratio of the various forms of equity (meaning the percentage of the award provided as, for example, Options versus RSUs) shall be in the complete discretion of the Board and may vary from award to award.
All such awards shall vest in accordance with the terms of the Incentive Plan unless modified by either (x) the terms of this Agreement; or (y) the terms of the individual award.
|4. || |
The provisions of Article 5, under the heading Stock Ownership Guidelines shall be deleted in their entirety with the following replaced in their stead:
You agree to adhere to and abide by the Companys Share Ownership Policy, as the same may be approved and amended on one or more occasions by the Board of Directors or any committee to which the Board may delegate authority for such policy.
|5. || |
The whole of the termination provisions contained at Article 6 of the Employment Agreement are deleted, with the following replaced in their stead:
Your employment may cease under any of the following five (5) circumstances.
These termination provisions will apply throughout your employment with Company regardless of any changes to your salary, benefits, position title, or job responsibilities.
Notwithstanding anything in this Agreement, Company guarantees that you will at all times receive your minimum entitlements under the governing employment standards legislation in force at the time of your termination from employment.
You may resign from your employment by giving us not less than four (4) weeks written notice.
At Companys sole option, Company may waive the obligation for you to work in active employment during the period following the tendering of such notice of resignation. If Company elects to exercise its option to waive the obligation to work during the notice of resignation period, then you agree to be placed on garden leave without advancing the argument of constructive dismissal. Alternatively, the Company may elect to immediately terminate your employment and provide you with only the minimum statutory requirements required in consideration of the termination of ones employment.