Document:

Exhibit 10.3 Indemnity Agreement

Exhibit 10.3

INDEMNITY AGREEMENT

THIS INDEMNITY AGREEMENT (this “Agreement”) dated as of January 19, 2016, is made by and between B4MC Gold Mines, Inc., a Nevada corporation (the “Company”), and HENRIK ROUF (“Indemnitee”). 

A.

The Company desires to attract and retain the services of highly qualified individuals as directors, officers, employees and Agents. 

B.

The Company’s Articles of Incorporation (the “Articles”) and bylaws (the “Bylaws”) require that the Company indemnify its directors, and empower the Company to indemnify its officers, employees and Agents, to the fullest extent permitted by law, including the Nevada Revised Statutes (the “NRS”) under which the Company is organized, and the Articles and Bylaws expressly provide that the indemnification provided therein is not exclusive and contemplate that the Company may enter into separate agreements with its directors, officers, and other persons to set forth specific indemnification provisions. 

C.

Indemnitee does not regard the protection currently provided by applicable law, the Company’s governing documents and available insurance as adequate under the present circumstances, and the Company has determined that Indemnitee and other directors, officers, employees, and Agents of the Company may not be willing to serve or continue to serve in such capacities without additional protection. 

D.

The Company desires and has requested Indemnitee to serve or continue to serve as a director, officer, employee, or Agent of the Company, as the case may be, and has proffered this Agreement to Indemnitee as an additional inducement to serve in such capacity. 

E.

Indemnitee is willing to serve, or to continue to serve, as a director, officer, employee, or Agent of the Company, as the case may be, if Indemnitee is furnished the indemnity provided for herein by the Company. 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1.

 Definitions

An “Agent” of the Company means any person who: (i) is or was a director, officer, employee, or other fiduciary of the Company or a Subsidiary of the Company; or (ii) is or was serving at the request or for the convenience of, or representing the interests of, the Company or a Subsidiary of the Company, as a director, officer, employee, or other fiduciary of a foreign or domestic corporation, partnership, joint venture, trust or other enterprise. 

“Expenses” shall be broadly construed and shall include, without limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys, witness, or other professional fees and related disbursements, and other out-of-pocket costs of whatever nature), actually and reasonably incurred by Indemnitee in connection with the investigation, defense, or appeal of a Proceeding or establishing or enforcing a right to indemnification under this Agreement, the NRS, or otherwise, and amounts paid in settlement by or on behalf of Indemnitee, but shall not include any judgments, fines or penalties actually levied against Indemnitee for such individual’s violations of law. The term “Expenses” shall also include reasonable compensation for time spent by Indemnitee for which he is not compensated by the Company or any Subsidiary or third party (i) for any period during which Indemnitee is not an Agent, in the employment of, or providing services for compensation to, the Company or any Subsidiary; and (ii) if the rate of compensation and estimated time involved are approved by the directors of the Company who are not parties to any action with respect to which Expenses are incurred, for Indemnitee while an Agent of, employed by, or providing services for compensation to, the Company or any Subsidiary. 

“Independent Counsel” means a law firm, or a partner (or, if applicable, member) of such a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

1

 “Proceeding” shall be broadly construed and shall include, without limitation, any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed Proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, and whether formal or informal in any case, in which Indemnitee was, is or will be involved as a party or otherwise by reason of: (i) the fact that Indemnitee is or was a director or officer of the Company; (ii) the fact that any action taken by Indemnitee or of any action on Indemnitee’s part while act ing as director, officer, employee, or Agent of the Company; or (iii) the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent of another corporation, partnership, joint venture, trust, employee, benefit plan or other enterprise, and in any such case described above, whether or not serving in any such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses may be provided under this Agreement. 

“Subsidiary” means any corporation or limited liability company of which more than 50% of the outstanding voting securities or equity interests are owned, directly or indirectly, by the Company and one or more of its subsidiaries, and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, Agent or fiduciary. 

Section 2.

Agreement to Serve

(a)

Indemnitee will serve, or continue to serve, as a director, officer, employee, or Agent of the Company or any Subsidiary, as the case may be, faithfully and to the best of his or her ability, at the will of such corporation (or under separate agreement, if such agreement exists), in the capacity Indemnitee currently serves as an Agent of such corporation, so long as Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of the Bylaws or other applicable charter documents of such corporation, or until such time as Indemnitee tenders his or her resignation in writing; provided, however, that nothing contained in this Agreement is intended as an employment agreement between Indemnitee and the Company or any of its subsidiaries or to create any right to continued employment of Indemnitee with the Company or any of its subsidiaries in any capacity. 

(b)

The Company acknowledges that it has entered into this Agreement and assumes the obligations imposed on it hereby, in addition to and separate from its obligations to Indemnitee under the Bylaws, to induce Indemnitee to serve, or continue to serve, as a director, officer, employee, or Agent of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer, employee, or Agent of the Company. 

Section 3.

Indemnification

(a)

Indemnification in Third Party Proceedings. Subject to Section 10 below, the Company shall indemnify Indemnitee to the fullest extent permitted by the NRS, as the same may be amended from time to time (but, only to the extent that such amendment permits Indemnitee to broader indemnification rights than the NRS permitted prior to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any Proceeding, for any and all Expenses, actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement, or appeal of such Proceeding. 

(b)

Indemnification in Derivative Actions and Direct Actions by the Company. Subject to Section 10 below, the Company shall indemnify Indemnitee to the fullest extent permitted by the NRS, as the same may be amended from time to time (but, only to the extent that such amendment permits Indemnitee to broader indemnification rights than the NRS permitted prior to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any Proceeding by or in the right of the Company to procure a judgment in its favor, against any and all Expenses actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement, or appeal of such Proceedings. 

Section 4.

Indemnification of Expenses of Successful Party.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any Proceeding or in defense of any claim, issue, or matter therein, including the dismissal of any action without prejudice, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred in connection with the investigation, defense, or appeal of such Proceeding. 

Section 5.

Partial Indemnification.  If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any Expenses actually and reasonably incurred by Indemnitee in the investigation, defense, settlement, or appeal of a Proceeding, but is precluded by applicable law or the specific terms of this Agreement to indemnification for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 

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Section 6.

Advancement of Expenses.  To the extent not prohibited by law, the Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within 20 days after the receipt by the Company of a statement or statements requesting such advances (which shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice) and upon request of the Company, an undertaking to repay the advancement of Expenses if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. Advances shall be unsecured, interest free and without regard to Indemnitee’s ability to repay the Expenses. Advances shall include any and all Expenses actually and reasonably incurred by Indemnitee pursuing an action to enforce Indemnitee’s right to indemnification under this Agreement, or otherwise and this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. Indemnitee acknowledges that the execution and delivery of this Agreement shall constitute an undertaking providing that Indemnitee shall, to the fullest extent required by law, repay the advance if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. The right to advances under this Section 6 shall continue until final disposition of any Proceeding, including any appeal therein. This Section 6 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 10(b). 

Section 7.

Notice and Other Indemnification Procedures 

(a)

Notification of Proceeding. Indemnitee will notify the Company in writing promptly upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise. 

(b)

Request for Indemnification and Indemnification Payments. Indemnitee shall notify the Company promptly in writing upon receiving notice of nay demand, judgment or other requirement for payment that Indemnitee reasonably believes to the subject to indemnification under the terms of this Agreement, and shall request payment thereof by the Company. Indemnification payments requested by Indemnitee under Section 3 hereof shall be made by the Company no later than 60 days after receipt of the written request of Indemnitee. Claims for advancement of Expenses shall be made under the provisions of Section 6 herein. 

(c)

Application for Enforcement. If the Company fails to make timely payments as set forth in Section 6 or 7(b) above, Indemnitee shall have the right to apply to any court of competent jurisdiction for the purpose of enforcing Indemnitee’s right to indemnification or advancement of Expenses pursuant to this Agreement. In such an enforcement hearing or Proceeding, the burden of proof shall be on the Company to prove by that indemnification or advancement of Expenses to Indemnitee is not required under this Agreement or permitted by applicable law. Any determination by the Company (including its Board of Directors, stockholders or Independent Counsel) that Indemnitee is not entitled to indemnification hereunder shall not be a defense by the Company to the action nor create any presumption that Indemnitee is not entitled to indemnification or advancement of Expenses hereunder. 

(d)

Indemnification of Certain Expenses. The Company shall indemnify Indemnitee against all Expenses incurred in connection with any hearing or Proceeding under this Section 7 unless the Company prevails in such hearing or Proceeding on the merits in all material respects. 

Section 8.

Assumption of Defense.  If the Company shall be requested by Indemnitee to pay the Expenses of any Proceeding, the Company, if appropriate, shall be entitled to assume the defense of such Proceeding, or to participate to the extent permissible in such Proceeding, with counsel reasonably acceptable to Indemnitee. Upon assumption of the defense by the Company and the retention of such counsel by the Company, the Company shall not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, provided that Indemnitee shall have the right to employ separate counsel in such Proceeding at Indemnitee’s sole cost and Expense. Notwithstanding the foregoing, if Indemnitee’s counsel delivers a written notice to the Company stating that such counsel has reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or the Company shall not, in fact, have employed counsel or otherwise actively pursued the defense of such Proceeding within a reasonable time, then in any such event the fees and Expenses of Indemnitee’s counsel to defend such Proceeding shall be subject to the indemnification and advancement of Expenses provisions of this Agreement. 

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Section 9.

Insurance.  To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or Agents of the Company or of any Subsidiary (“D&O Insurance”), Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee, or Agent under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has D&O Insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. 

Section 10.

Exceptions

(a)

Certain Matters. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee on account of any Proceeding with respect to (i) remuneration paid to Indemnitee if it is determined by final judgment or other final adjudication that such remuneration was in violation of law (and, in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in Section 10(d) below); (ii) a final judgment rendered against Indemnitee for an accounting, disgorgement or repayment of profits made from the purchase or sale by Indemnitee of securities of the Company against Indemnitee or in connection with a settlement by or on behalf of Indemnitee to the extent it is acknowledged by Indemnitee and the Company that such amount paid in settlement resulted from Indemnitee’s conduct from which Indemnitee received monetary personal profit pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, or other provisions of any federal, state or local statute or rules and regulations thereunder; (iii) a final judgment or other final adjudication that Indemnitee’s conduct was in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct (but only to the extent of such specific determination); or (iv) on account of conduct that is established by a final judgment as constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or advantage to which Indemnitee is not legally entitled. For purposes of the foregoing sentence, a final judgment or other adjudication may be reached in either the underlying Proceeding or action in connection with which indemnification is sought or a separate Proceeding or action to establish rights and liabilities under this Agreement. 

(b)

Claims Initiated by Indemnitee. Any provision herein to the contrary notwithstanding, the Company shall not be obligated to indemnify or advance Expenses to Indemnitee with respect to Proceedings or claims initiated or brought by Indemnitee against the Company or its directors, officers, employees, or other Agents and not by way of defense, except (i) with respect to Proceedings brought to establish or enforce a right to indemnification under this Agreement or under any other agreement, provision in the Bylaws or Articles or applicable law, or (ii) with respect to any other Proceeding initiated by Indemnitee that is either approved by the Board of Directors or Indemnitee’s participation is required by applicable law. However, indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board of Directors determines it to be appropriate. 

(c)

Unauthorized Settlements. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee under this Agreement for any amounts paid in settlement of a Proceeding effected without the Company’s written consent. Neither the Company nor Indemnitee shall unreasonably withhold consent to any proposed settlement; provided, however, that the Company may in any event decline to consent to (or to otherwise admit or agree to any liability for indemnification hereunder in respect of) any proposed settlement if the Company is also a party in such Proceeding and determines in good faith that such settlement is not in the best interests of the Company and its stockholders. 

(d)

Securities Act Liabilities. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking appearing in and required by the rules and regulations promulgated under the Securities Act of 1933, as amended (the “Act”), or in any registration statement filed with the SEC under the Act. Indemnitee acknowledges that paragraph (h) of Item 512 of Regulation S-K currently generally requires the Company to undertake in connection with any registration statement filed under the Act to submit the issue of the enforceability of Indemnitee’s rights under this Agreement in connection with any liability under the Act on public policy grounds to a court of appropriate jurisdiction and to be governed by any final adjudication of such issue. Indemnitee specifically agrees that any such undertaking shall supersede the provisions of this Agreement and to be bound by any such undertaking. 

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Section 11.

Nonexclusivity; Priority of Payment and Survival of Rights

(a)

The provisions for indemnification and advancement of Expenses set forth in this Agreement shall not be deemed exclusive of any other rights which Indemnitee may at any time be entitled under any provision of applicable law, the Articles, Bylaws, or other agreements, both as to action in Indemnitee’s official capacity and Indemnitee’s action as an Agent of the Company, in any court in which a Proceeding is brought, and Indemnitee’s rights hereunder shall continue after Indemnitee has ceased acting as an Agent of the Company and shall inure to the benefit of the heirs, executors, administrators and assigns of Indemnitee. The obligations and duties of the Company to Indemnitee under this Agreement shall be binding on the Company and its successors and assigns until terminated in accordance with its terms. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

(b)

No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her corporate status prior to such amendment, alteration or repeal. To the extent that a change in the NRS, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Articles, Bylaws, and this Agreement, the parties hereto intend that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, by Indemnitee shall not prevent the concurrent assertion or employment of any other right or remedy by Indemnitee. 

Section 12.

 Term

(a)

This Agreement shall continue until and terminate upon the later of: 

(i)

five years after the date that Indemnitee shall have ceased to serve as a director or and/or officer, employee, or Agent of the Company; or 

(ii)

one year after the final termination of any Proceeding, including any appeal then pending, in respect to which Indemnitee was granted rights of indemnification or advancement of Expenses hereunder. 

(b)

No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against an Indemnitee or an Indemnitee’s estate, spouse, heirs, executors, or personal or legal representatives after the expiration of five years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such five-year period; provided, however, that if any shorter period of limitations is otherwise applicable to such cause of action, such shorter period shall govern. 

Section 13.

 Subrogation.  Except as provided in Section 11(b) above, in the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee (other than against the Fund Indemnitor), who, at the request and Expense of the Company, shall execute all papers required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 

Section 14.

Interpretation of Agreement.  It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law. 

Section 15.

Severability. If any provision of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of the Agreement (including without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to Section 14 hereof. 

5

Section 16.

Amendment and Waiver. No supplement, modification, amendment, or cancellation of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

Section 17.

Notice. Except as otherwise provided herein, any notice or demand which, by the provisions hereof, is required or which may be given to or served upon the parties hereto shall be in writing and, if by telegram, telecopy or telex, shall be deemed to have been validly served, given or delivered when sent, if by overnight delivery, courier or personal delivery, shall be deemed to have been validly served, given or delivered upon actual delivery and, if mailed, shall be deemed to have been validly served, given or delivered three business days after deposit in the United States mail, as registered or certified mail, with proper postage prepaid and addressed to the party or parties to be notified at the addresses set forth on the signature page of this Agreement (or such other address(es) as a party may designate for itself by like notice). If to the Company, notices and demands shall be delivered to the attention of the Secretary of the Company. 

Section 18.

Governing Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Nevada, as applied to contracts between Nevada residents entered into and to be performed entirely within Nevada. 

Section 19.

Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the existence of this Agreement. 

Section 20.

Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction hereof. 

Section 21.

Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, written and oral, between the parties with respect to the subject matter of this Agreement; provided, however, that this Agreement is a supplement to and in furtherance of the Articles, the Bylaws, the NRS, and any other applicable law, and shall not be deemed a substitute therefor, and does not diminish or abrogate any rights of Indemnitee thereunder. 

[Signature page follows]

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IN WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as of the date first above written. 

		
	Company:

	  B4MC GOLD MINES, INC.

By:    /s/ Bennett J. Yankowitz             

         Bennett J. Yankowitz, President

	Indemnitee:

	

        /s/ Henrik Rouf                            

       Henrik Rouf 

	 
	 

7Viscount Systems Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

 

18 January 2016

Yvonne Zheng
Unit 49
6188 Birch St
Richmond, BC
V6Y
0A1

Dear Yvonne:

Re: Offer of Employment

We are pleased to offer you employment with Viscount Systems,
Inc. on the following terms and conditions:

	1. 	
      Position and Duties: You will be employed by Viscount
      Systems, Inc. in the position of Corporate Controller and Principal
      Financial Officer. As Principal Financial Officer, it will be your
      responsibility to certify Canadian and US filings for Accounting Accuracy.
      You will start on 18 January 2016 and continue until terminated as set out
      below.

	 	 
		
      Your responsibilities will include those duties described
      in the attached job description, and such duties and responsibilities as
      Viscount Systems, Inc. may assign to you from time to time (the
      "Services"). You agree to fulfill all the Services in good faith and to
      act at all times in the best interests of Viscount Systems, Inc.

	 	 
		
      You will report to the CEO/President until and if ever a
      CFO is hired.

	 	 
	2. 	
      Hours of Work: You agree to devote the time and effort
      necessary to properly and fully perform the Services in a competent and
      efficient manner. This Agreement will cover all hours worked with a
      minimum of 40 hours required per work week (Sunday to Saturday).

	 	 
		
      As you will be employed in a managerial capacity, you
      will not be entitled to overtime pay.

	4585 Tillicum Street 	 	Page   1 
	Burnaby, British Columbia V5J 5K9 	  	  
	Canada 	Confidential 	  

		
      You may be required to work on a statutory holiday. In
      this event, we ask that you take one paid day off within six months from
      the statutory holiday (a "Lieu Day"). Lieu Days must be scheduled in
      writing with your manager. Lieu Days not used within the six-month period
      or outstanding at the end of your employment shall be forfeited.

	 	 
		
      You will be working at our Burnaby Office.

	 	 
		
      Your work hours will be 9:00 am to 5:30 pm with an unpaid
      half-hour for lunch, unless other arrangements have been made and agreed
      to in writing.

	 	 
	3. 	
      Salary: You will be paid an annual salary of $95,000.00
      which will be recomputed into our bi-weekly pay periods, less statutory
      deductions and withholdings.

	 	 
	4. 	
      Bonus Program: Within 30 days of your hire, you and your
      supervisor will establish short and annual goals which will allow you to
      earn from 0-20% of your base salary in extra compensation. As the
      Company's Controller, those goals will be based on deliverables,
      management reporting programs, establishing financial controls and meeting
      important financial deadlines, rather than revenue or profit
  goals.

	 	 
	5. 	
      Probationary Period: Your first 90 days shall be a
      Probationary period, where your skills, fitness for the position,
      attendance, and work output will be evaluated by your supervisor, and your
      employment may be terminated without notice at any time during that
      period. Near the end of that period, you shall have a review with your
      Supervisor, and a salary adjustment and title change may be made, should
      your performance reflect that.

	 	 
	6. 	
      Benefits: Effective Jan 18 2016, you will be eligible and
      required to participate in the Viscount Systems, Inc. Employee Benefit
      Plan, which may be altered from time to time at the sole discretion of
      Viscount Systems, Inc. The employee paid portion of the plan is the
      premium for Life Insurance, Accidental Death & Dismemberment, and Long
      Term Disability Insurance. Where any benefit is provided through an
      insured plan, the liability of Viscount Systems, Inc. will be limited to
      paying its share of the applicable premium. Employee premiums will be
      deducted from your regular pay cheque. Initials_____

	 	 
	7. 	
      Additional Benefits: The Company will reimburse you
      annually for CGA membership fees, Professional Development courses up to
      $5,000 per year, and any approved Finance or H R conferences that are
      relevant to the business.

	4585 Tillicum Street 		Page   2 
	Burnaby, British Columbia V5J 5K9 	  	  
	Canada 	Confidential 	  

	8. 	
      Vacations and leaves: After one year of service you will
      be entitled to three weeks (15 days) of vacation within each calendar
      year, pro-rated for any partial year of employment, to be scheduled by
      mutual agreement. Vacation Days must be used during the year in which they
      are earned and cannot be banked, rolled-over or paid out. 

	  	
      

	9. 	
      Expenses: With prior written approval, Viscount Systems,
      Inc. will reimburse you for all reasonable out-of-pocket expenses incurred
      furthering the Company's business from time-to-time. You will be
      reimbursed and must account for such expense in accordance with the policy
      or direction of Viscount Systems, Inc. 

	  	
      

	10. 	
      Stock Options:  

	  	
      

	a. 	
      Initial Grant. In connection with the commencement of
      your employment, the Company will recommend that the Board of Directors
      grant you an option to purchase an additional 200,000 shares of the
      Company's Common Stock ("Shares") with an exercise price equal to the fair
      market value on the date of the grant. These option shares will be fully
      vest at issuance and are valid for a period of two (2) years unless
      extended in writing. The option will be an incentive stock option to the
      maximum extent allowed by the tax code and will be subject to the terms of
      the Company's Employee Stock Option Plan dated Jan. 3, 2003 and the Stock
      Option Agreement between you and the Company. 

	b. 	
      Subsequent Option Grants. Subject to the discretion of
      the Company's Board of Directors, you may be eligible to receive
      additional grants of stock options or purchase rights from time to time in
      the future, on such terms and subject to such conditions as the Board of
      Directors shall determine as of the date of any such grant. 

	  	
      

	11. 	
      Work Product: All information, production method, or
      other product generated either in whole or in part by you during the term
      of this Agreement shall remain the sole property of Viscount Systems, Inc.      

	  	
      

	12.  	
      Company Property: 

	  	
      

	a. 	
      General Property: Within 24 hours of the end of your
      employment you will be required to provide Viscount Systems, Inc. with all
      Company property in your possession, including but not limited to customer
      information, contracts, company manuals, reports and documentation whether
      printed, or electronic, equipment whether broken or not, samples, office
      supplies, computers, mobile phones, and vehicles and keys. Initials____      

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	b. 	
      Computer: You will be provided with a company computer or
      laptop. The computer is only to be used for business purposes. Viscount
      Systems, Inc. reserves the right to monitor all electronic files,
      including email residing on, or sent from the computer at any time without
      notice. Personal items are not permitted to be viewed or stored on the
      computer at any time. All repairs, installations and upgrades must be
      performed by Viscount Systems, Inc. The computer is the property of
      Viscount Systems, Inc. and must be returned immediately at the end of your
      employment. If you fail to return the computer at the end of your
      employment, Viscount Systems, Inc. will charge you for the replacement of
      those items. Initials____ 

	 	
      

	13. 	
      Termination of Employment: Your employment may be
      terminated, without further obligation or liability, in accordance with
      one of the provisions below: 

	 	
      

	a. 	
      You may resign from your employment by providing at least
      two weeks' of written notice of resignation; 

	 	
      

	b. 	
      Viscount Systems, Inc. may decide to terminate your
      employment at any time without notice or payment of any kind for cause;
      

	 	
      

	c. 	
      Viscount Systems, Inc. may terminate your employment at
      any time without cause by providing you with the minimum amount of notice
      of termination or pay in lieu of notice required by the B.C. Employment
      Standards Act. Such notice or pay in lieu of notice, or the combination of
      the two, will be full and adequate compensation to you with respect to the
      termination of your employment. 

	 	
      

	14. 	
      Confidentiality: During the course of your employment and
      any time thereafter you agree to keep all information that is confidential
      to Viscount Systems, Inc. confidential. Confidential information includes,
      but is not limited to, trade secrets, production methods, know-how,
      marketing plans and techniques, strategic plans, cost figures, all client
      or customer information (including without limitation their names,
      preferences, financial information, physical and email addresses and
      contact numbers), and all operational procedures. In the event of a
      breach, threatened breach or attempted breach of your duty of
      confidentiality, Viscount Systems, Inc. will be entitled to an injunction
      restraining you from such breach and/or any other remedies available at
      law or equity for such breach or threatened breach. 

	 	
      

	15. 	
      Confidential Information and Invention Assignment
      Agreement: Your acceptance of this offer and commencement of employment
      with the Company is contingent upon the execution, and delivery to an
      officer of the Company, of the Company's Confidential Information and
      Invention Assignment Agreement, which is attached for your review
      and execution (the "Confidentiality Agreement"), prior to your Start
  Date.

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	Canada 	Confidential 	  

	16. 	
      Collection and Use of Personal Information: You
      acknowledge that Viscount Systems, Inc. will collect, use and disclose
      personal information about you for employment and business related
      purposes. You consent to Viscount Systems, Inc. collecting, using and
      disclosing personal information about you, where reasonably necessary for
      security, employment and business purposes in accordance with applicable
      legislation and Viscount Systems Inc.'s Privacy Policy.

	 	
       

	17. 	
      Entire Agreement: This Agreement constitutes the entire
      agreement between you and Viscount Systems, Inc. with respect to the terms
      of your employment. This letter supersedes all prior agreements between
      you and Viscount Systems, Inc.

	 	
       

	18. 	
      Governing Law: This Agreement and its application and
      interpretation will be governed exclusively by the laws of British
      Columbia, and the laws of Canada applicable in British Columbia.

	 	
       

	19. 	
      Independent Legal Advice: You acknowledge that you have
      had the opportunity to obtain independent legal advice regarding this
      Agreement.

We are delighted to be able to extend you this offer and
forward to working with you. You can accept this offer by signing a copy of this
letter and returning it to me by 5:00PM Jan 18 2016. I hope that you decide to
join us. If you have any questions please speak with me directly. 

This letter may not be modified or amended except by a written
agreement, signed by the Company and by you. 

Very Respectfully,

/s/ Scott Sieracki

Scott Sieracki,

  Chief Executive Officer

  Viscount Systems,
  Inc. 

 

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	Canada 	Confidential 	  

  
  

Attachments (4): Job Description 

Confidential Information and Invention Assignment Agreement
Travel Policy Manual 
Ethics Policy manual

By signing below the employee indicates their acceptance of and
agreement to the contents of this letter and any attachments. 

Name:          Yvonne Zheng         

Signature:   /s/ Yvonne Zheng    

  Date:            January 18, 2016     

	4585 Tillicum Street 		Page   6 
	Burnaby, British Columbia V5J 5K9 	  	  
	Canada 	Confidential

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