Amendment to Employment Agreement between Midas Gold Corp. and Darren Morgans (CFO)
This amendment updates the employment terms for Darren Morgans, Chief Financial Officer of Midas Gold Corp. Effective September 1, 2019, his position shifts to a four-day workweek with a pro-rated salary of $15,666.66 CAD per month, with the option to return to full-time by mutual agreement. He remains eligible for an annual incentive of up to 35% of his actual salary. For termination and change of control provisions, "Salary" now refers to the full-time salary. Both parties have agreed to these changes in writing.
Exhibit 10.27
September 1, 2019
Darren Morgans
Dear Darren
Subject: Amendment to Employment Agreement
I am writing to formalise our verbal agreement related to amendments to your Employment Agreement (“Agreement”) dated August 1, 2011. Schedule “A” of your Agreement will be amended as follows:
1. | Employment Position |
Chief Financial Officer (“CFO”). Commencing September 1, 2019 to position will be based on 4 days per week. The position may revert back to full time as the need arises and at our mutual agreement.
2. | Salary |
The Employee’s current gross monthly salary is $19,583.33 (CAD) on a full-time basis (“Full-time Salary”). Commencing September 1, 2019, the Employee’s gross monthly salary for 4 days per week will be pro-rated to $15,666.66 (CAD) (“Pro-rated Salary”) for as long as the Employee is working 4 days per week.
3. | Annual Incentive Plan Entitlement |
The Employee is entitled to receive up to 35% of the actual annual salary paid during the relevant year under the terms of the Employer’s Annual Incentive Plan.
7. & 8. Without Cause Termination & Termination Following Change of Control
The term “Salary” is replaced with “Full-Time Salary”.
If you are in agreement with the above changes, please sign and return in the below space.
Yours truly,
MIDAS GOLD CORP.
/s/ Stephen Quin | |
Stephen Quin | |
Chief Executive Officer | |
I accept the above-mentioned changes.
/s/ Darren Morgans | |
Darren Morgans | |
Chief Financial Officer | |