THIS EMPLOYMENT AGREEMENT dated for reference November 1, 2005.
FORBES MEDI-TECH INC., a company having an office at Suite 200 - 750 West Pender Street, Vancouver, B.C. V6C 2T8
SUSAN BEN-OLIEL, an individual residing at 2983 West 41st Avenue
Vancouver, BC V6N 3C8
A The employee has experience in the area of Legal and Patent work;
B. The Company wishes to employ the Employee as a Lawyer, Patent Agent, and the Employee wishes to provide services to the Company in such capacity;
THEREFORE in consideration of the recitals, the following covenants and the payment of one dollar made by each party to the other, the receipt and sufficiency of which are acknowledged by each party, the parties agree on the following terms:
The Company hereby confirms the employment of the Employee in the position of Lawyer, Patent Agent (the "Position"), and the Employee accepts such employment and agrees to carry out the duties and responsibilities specified herein or otherwise required for the Position to the best of his or her abilities and in accordance with the terms and conditions of this Agreement.
DUTIES AND RESPONSIBILITIES
Initial Duties The Employee shall, pursuant to this Agreement, perform all duties customarily performed by a Lawyer, Patent Agent, in a business similar to the Company's business.
Position may evolve or vary The Employee understands and agrees that the above noted duties and responsibilities, and the Employee's Position, may evolve or vary from time to time over the course of the Employee's employment to deal with changing business conditions, corporate expansion or reorganization, and/or an evolving regulatory environment, and consents to such reasonable variations in such duties and responsibilities, and in the Position, as may reasonably be required by the Company from time to time as a result.
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The Company shall not be deemed to have waived the right to require the Employee to perform any duties hereunder by assigning the Employee to any other duties or services or by assigning another individual to perform the duties of the Employee.
Best Efforts The Employee shall use his or her best efforts to promote the interests of the Company and will perform faithfully, honestly and efficiently and in the best interest of the Company in carrying out such responsibilities.
Full-Time Position The Position is a full-time position, and accordingly the Employee shall devote his or her full business time to the business and affairs of the Company.
Reporting The Employee shall report directly to the Senior Vice President, Corporate Development and / or such other persons(s) as the Board of Directors shall direct from time to time.
Rules and Regulations The Employee will, subject to the terms of this Agreement, comply promptly and faithfully with the Company's reasonable instructions, directions, requests, rules, policies and regulations, and the Employee acknowledges and agrees that the Company may, acting reasonably, modify such rules, policies and regulations from time to time to deal with new or changing circumstances.
REMUNERATION AND BENEFITS
Annual Base Salary Commencing November 1, 2005 the Employee shall be paid an annual base salary of $145,000 per annum (the "Annual Base Salary"), exclusive of bonuses, benefits and other compensation, payable in equal bi-monthly instalments in arrears, on the fifteenth day and last days of each month. Should the fifteenth or last day of any month not be a business day, the Employee's salary otherwise due on such date shall be paid to the Employee on the immediately preceding business day.
Annual Base Salary Increases The Annual Base Salary of the Employee will be reviewed on an annual basis and, subject to factors such as the financial and operational performance of the Company and the performance of the Employee in carrying out his or her responsibilities hereunder, such Annual Base Salary may be increased. Should the Company increase the Employee's Annual Base Salary, then the Company may, at its option, require the Employee to execute a new form of Employment Agreement with the Company to reflect such increase. Additionally, and in further consideration of any increase in the Employee's Annual Base Salary or other compensation, the Company reserves the right to make other modifications and alterations to this Employment Agreement including, but without limitation, alterations to provisions relating to confidentiality, trade secrets, inventions and non-competition.