Document:

Letter Agreement dated as of August 11, 2005

 Exhibit 10.20 
  
 

 
  
 August 11, 2005 
  
 Mr. Daniel A. Gunther 
  
 Ottawa, Ontario, Canada 
  
 Dear Dan, 
  
 On behalf of VeriChip Corporation (the “Company”), I am pleased to extend an offer to you to join the Company as its President, effective June 10, 2005. 
  
 In such position, you would be reporting directly to the Chief Executive Officer of VeriChip
Corporation. You would be based out of the Company’s Ottawa office but will be required to travel to the VeriChip corporate headquarters in Delray Beach, Florida on occasion. Other travel will be required based on business requirements.

  
 Your initial base salary will be at an annual rate equal to C$210,000 (less
applicable payroll taxes and withholding) In addition to this annual base salary, you will be eligible for an annual incentive compensation of up to C$300,000 that will be calculated based upon the achievement of corporate objectives. Both the base
salary and incentive compensation will be reviewed on an annual basis. 
  
 The
incentive compensation will be based on a combination of total revenue, number of VeriChip enabled hospitals obtained in 2005 and minimum EBITDA objectives. Attached is Schedule A which defines the incentive (bonus) compensation plan. The incentive
compensation will be paid on March 1, 2005 upon approval of our Year End audit for the VeriChip business unit. 
  
 The Board has approved granting you an option to acquire two hundred and fifty thousand (250,000) shares of VeriChip’s common stock, at price per share equal to
US$1.65 (the “Option”). The Option will vest one-third per year starting on the first anniversary of your first day of employment. The Option is governed by an option plan, and more specific details, rules and provisions are contained in
that plan and in the grant letter you will receive. 
  
 You will also be entitled
to participate in other employee benefits that are generally available for similarly situated employees to include stock purchase plan, company-paid health insurance, etc. More information on your employment is contained in the Company’s
employee handbook, a copy of which is available to you. 
  

 1690 S. Congress Avenue    .    Suite
200    .    Delray Beach, FL 33445 
 Phone 561.805.8000     ".     Fax 561.805.8001 

 Proprietary Information and Inventions 
  
 A. The Company is engaged in a continuous program of research, design, development, production, marketing and servicing with
respect to its business and that as part of your engagement by the Company, you are (or may be) expected to make new contributions and inventions of value to the Company. 
  
 B. The Company and its affiliates possess, and will continue to possess, information that has been created, discovered or
developed by, or otherwise become known to, the Company and/or its affiliates (including, without limitation, information created, discovered, developed, or made known by you during the period of or arising out of your engagement by the Company,
whether before of after the date hereof) or in which property rights have been or may be assigned or otherwise conveyed to the Company or its affiliates. Such information, whether such information has commercial value in the business in which the
Company or its affiliates are engaged, shall be treated by you as confidential. All such information if hereinafter called “Proprietary Information”, which term, as used herein, shall also include, but shall not be limited to, systems,
processes, formulas, data, functional specifications, computer programs, blueprints, know-how, improvements, discoveries, designs, inventions, techniques, marketing plans, strategies, forecasts, new products, unpublished financial statements,
budgets, projections, licenses, prices, costs and customer and supplier lists; provided, however, that the term “Proprietary Information” shall not include any of the foregoing which is in the public domain other than by breach hereof.

  
 C. All existing lists of customers of the Company and its
affiliates, and all lists of customers of the Company and its affiliates developed during the course of your engagement by the Company, are and shall be the sole and exclusive property of the Company or the respective affiliate, and you neither have
nor shall have any right, title, or interest therein; such lists of customers are and must continue to be confidential; such lists of customers are not readily accessible to competitors of the Company or its affiliates; and the Company’s and
its affiliates’ present and future business relationship with their customers is and will continue to be a of a type which normally continues unless interfered with by others. 
  
 Ownership of Proprietary Information- All Proprietary Information shall be the sole property of the Company or the respective
affiliate, and the Company and its affiliates shall be the sole owner of all copyrights, trademarks and other rights in connection therewith (the “Intellectual Property”). You hereby assign to the Company any rights you may have or acquire
in such Proprietary Information and the Intellectual Property. You hereby acknowledge that all Proprietary Information is and must continue to be confidential and that the same is not readily accessible to competitors of the Company or its
affiliates. At all times, both during the term of your engagement with the Company and after any termination, you agree to keep in strictest confidence and trust all Proprietary Information and you will not use nor disclose any Proprietary
Information without the prior written consent of the Company, except as may be necessary in the ordinary course of performing your duties as an employee of the Company. 
  
 Disclosure of Inventions- You agree to promptly disclose to the Company (or any persons designated by it) all discoveries,
developments, designs, improvements, inventions, blueprints, formulas, processes, techniques, computer programs, strategies, know-how and data, whether or not patentable or registerable under copyright or similar statutes, made or conceived or
reduced to practice or learned by you, either alone or jointly with others, during the period of your engagement that are related to the business of the Company, result from tasks assigned to you by the Company or result from the use of premises or
property (including computer systems and engineering facilities) owned, leased or contracted for by the Company (all such discoveries, developments, designs, improvements, inventions, 

  

 1690 S. Congress Avenue    .    Suite
200    .    Delray Beach, FL 33445 
 Phone 561.805.8000     ".     Fax 561.805.8001 

 
formulas, processes, techniques, computer programs, strategies, blueprints, know-how, and date are hereinafter referred to as “Inventions”). You
also agree to promptly disclose to the Company, and the Company hereby agrees to receive all such disclosures in confidence, all other discoveries, developments, designs, improvements, inventions, formulas, processes, techniques, computer programs,
strategies, blueprints, know-how and data, whether or not patentable or registerable under copyright or similar statutes, made or conceived or reduced to practice or learned by you, either alone or jointly with others, during the period of your
engagement for the purpose of determining whether they constitute “Inventions”, as defined above. 
  
 Ownership of Inventions- All Inventions shall be the sole property of the Company or its respective affiliate, and the Company or its affiliates shall be the sole owner of all patents, copyrights,
trademarks and other rights in connection therewith. You hereby assign to the Company any rights you may have or acquire in such Inventions. You shall assist the Company in every proper way as to all such Inventions (but at the Company’s
expense) to obtain and, from time to time, enforce patents, copyrights, trademarks, and other rights and protections relating to said Inventions in and all countries, and to that end, you will execute all documents for use in applying for and
obtaining such patents, copyrights, trademarks and other rights and protections on and enforcing such Inventions, as the Company may desire, together with any assignments thereof to the Company or persons designated by it. Your obligation to assist
the Company in obtaining and enforcing patents, copyrights, trademarks and other rights and protections relating in such Inventions in any and all countries shall continue beyond any termination of your employment, by the Company shall compensate
you at a reasonable rate after your termination for time actually spent by you at the Company’s request on such assistance. In the event the company is unable, after reasonable effort, to secure your signature on any document or documents
needed to apply for or prosecute any patent, copyright, or other right or protection relating to an Invention, for any reason whatsoever, you hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as your
agent and attorney-in-fact, to act for and on your behalf to execute and file any such application or applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights or similar protections
thereon with the same legal force and effect as if executed by you and you hereby ratify, affirm and approve all such lawfully permitted act accordingly. 
  
 Agreement Not to Solicit Customers- During the course of your engagement and for a period of one (1) year following the termination thereof, you agree
not to, directly or indirectly, as owner, officer, director, stockholder, partner, associate, consultant, manager, advisor, representative, employee, agent, creditor or otherwise, attempt to solicit or in any other way disturb or service any person,
firm or corporation that has been a customer, employee or vendor of the Company or any of its current or future affiliates at any time or times within one (1) year prior to any termination of your engagement with the Company, whether or not you
had direct responsibility for a contact with such customer, employee or vendor. 
  
 Remedies- You acknowledge that a remedy at law for any breach or threatened breach of the provisions of this letter would be inadequate and, therefore, agree that the Company shall be entitled to injunctive relief in addition
to any other available rights and remedies in case of any such breach or threatened breach; provided, however, that nothing contained herein shall be construed as prohibiting the Company from pursuing any other remedies available for any such breach
or threatened breach. Moreover, any breach of this letter shall 

  

 1690 S. Congress Avenue    .    Suite
200    .    Delray Beach, FL 33445 
 Phone 561.805.8000     ".     Fax 561.805.8001 

 
allow the Company or its affiliates to terminate any agreement, including any bonus or commission agreement and any option agreement or grant.
Notwithstanding the foregoing, any accrued salary and vacation pay that has been actually accrued date of any termination of engagement shall remain due and payable. Moreover, no termination shall affect any rights any employee has under the
Consolidated Omnibus Budget Reconciliation Act (COBRA). 
  
 Interpretation- It is the desire and intent of the parties hereto that the provisions of this letter shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which
enforcement is sought. Accordingly, if any particular provision of this letter shall be adjudicated to be invalid or unenforceable, such provision shall be deemed amended to delete therefrom the portion thus adjudicated to be invalid or
unenforceable, such deletion to apply only with respect to the operation of such provision in the particular jurisdiction in which such adjudication is made. In addition, if any one or more of the provisions contained in this letter shall, for any
reason, be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

  
 Please note that this letter is an offer to join the Company; it is not an
employment agreement and your employment is at-will. 
  
 On behalf of the Company,
I would like to convey our excitement at the prospect of your joining us for what we are certain will be a rewarding and successful future together. 
  
 Should you have any questions or comments regarding the foregoing, please feel free to telephone me at (561) 805-8006. 
  

	
	 Very truly yours,

	
	/s/    KEVIN
MCLAUGHLIN        
	 Kevin McLaughlin
 Chief Executive Officer

  

	
	 Agreed and accepted:

	
	/s/    DANIEL A. GUNTHER        
	Daniel A. Gunther

  

 1690 S. Congress Avenue    .    Suite
200    .    Delray Beach, FL 33445 
 Phone 561.805.8000     ".    Fax 561.805.8001 

 Schedule “A” 
 Incentive Compensation Plan 
 Daniel A. Gunther 
  
 In addition to your base salary, we are pleased to offer you the following Incentive
Compensation for the Fiscal Quarters ended September 30, 2005 and December 31, 2005. The terms and conditions of the Incentive Compensation are set forth on the attached document entitled Senior Management Incentive Compensation Plan (the
“Plan”) and terms defined therein have the same meaning in this schedule. I would appreciate it if you would review this Schedule and the Plan, sign both of them and return the copies to me by August 19, 2005. 
  
 This incentive plan will be paid in two portions: 
  

	a)	Operating Performance for Canadian Subsidiaries 

  
 Your Incentive Compensation will be based on the percentage (%) increase in VeriChip’s Revenue from Canadian Subsidiaries (specifically the former companies -
eXI Wireless Inc. and Instantel Inc.) for the Fiscal Quarter over same quarter of the previous year and will be calculated based on the following schedule. For the purposes of this plan, the combined revenues from the Canadian Subsidiaries for each
of the quarters ended September 30, 2004 and December 31, 2004 are US$5,000,000. 
  
 This incentive compensation is subject to achieving a minimum EBITDA margin of 20%. If this minimum is not achieved, the incentive compensation will be reduced to the point that this margin is achieved. 
  

					
	 Performance Targets -
 Quarterly
Revenue
 Increase (%)

	  	 Incentive Compensation
 (gross C$)

	  	 Total Incentive
Compensation at maximum
 levels (gross C$)

	 Up to 0%
	  	nil	  	nil
	 0%tol0%
	  	up to $35,000	  	$35,000
	 10% to 20%
	  	up to $45,000	  	$80,000
	 20% to 30%
	  	up to $55,000	  	$135,000
	 more than 30%
	  	incentive compensation
to be determined as
required	  	 

  

	b)	Registration of Hospitals for VeriChip Implanted Solution 

  
 For each hospital that becomes registered for VeriChip Implanted Solution during the quarter you will be entitled to the incentive compensation specified in the following
table: 
  

							
	 Performance Target -
 Number of
Hospitals
 Registered

	  	Incentive Compensation per
Hospital (gross C$)

	  	Total Incentive
Compensation at maximum
levels (gross C$)

	 Up to 8
	  	 	nil	  	 	nil
	 9 to 11
	  	$	1,000	  	$	11,000
	 12 to 15
	  	$	1,667	  	$	25,000
	 more than 15
	  	 
 	incentive compensation to
be determined as required	  	 	 

  
 For the sake of clarity, as of the end
of second quarter, June 30, 2005 there were a total of two registered VeriChip Implanted Solutions hospitals; Deaconess and Hackensack. 
  
 I truly look forward to working with you to achieve these performance targets. 
  

	
	 Sincerely,

	
	/s/    KEVIN H.
MCLAUGHLIN        
	 Kevin H. McLaughlin
 Chief Executive Officer

  
 I have reviewed the Senior Management
Incentive Campensation Schedule above and agree to be bound by it. 
  

					
			
	 Aug 11/05
	 	 	 	/s/    DANIEL A. GUNTHER        
	 Date
	 	 	 	Daniel A. Gunther

  

 1690 S. Congress Avenue    .    Suite
200    .    Delray Beach, FL 33445 
 Phone 561.805.8000     ".     Fax 561.805.8001Executive Agreement dated as of February 1, 2000

 Exhibit 10.21 
  
 EXECUTIVE AGREEMENT 
  
 THIS AGREEMENT made as of the 1st day of February, 2000, 
  
 BETWEEN: 
  
 EXI TECHNOLOGIES INC., a corporation governed by the laws of Canada, having its registered office at 1500 – 1055 West Georgia Street,
Vancouver, British Columbia, V6E 4N7 
  
 (the
“Corporation”) 
  
 OF THE FIRST PART 
  
 AND: 
  
 MALIK TALIB, Executive, of 875 Greenwood Road, West Vancouver, British Columbia, V7S 2X8 
  
 (“Talib”) 
  
 OF THE SECOND PART 
  
 WHEREAS: 
  
 (A) The Corporation and Talib have agreed that Talib will be employed as President; 
  
 (B) The Corporation and Talib have agreed to enter into this Agreement to set out the terms
and conditions relating to Talib’s employment by the Corporation; 
  
 NOW
THEREFORE, in consideration of the premises and covenants set out in this Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 
 1. Definitions 
  
 In this Agreement, unless there is something in the subject matter or context inconsistent therewith, the following words and phrases will
have the respective meanings set forth in this section: 
  
 (a)
“affiliates” means affiliated bodies corporate within the meaning of the Canada Business Corporations Act, as amended or re-enacted from time to time; 
  
 (b) “Agreement” means this Agreement as the same may be supplemented or amended from time to time by an
instrument or instruments in writing executed by the parties hereto; 
  
 (c) “Board” means the board of directors of the Corporation; 

 (d) “Business” means the research, development, manufacture, distribution and marketing
of wireless technologies, including radio tagging which uses radio frequency identification technology; 
  
 (e) “hereof”, “herein”, “hereto” and “hereunder” and similar expressions mean and
refer to this Agreement and not to any particular portion hereof; and 
  
 (f) “$” means lawful money of Canada. 
  
 2. Duties
and Commencement of Employment 
  
 (a) The Corporation hereby
confirms Talib’s appointment as its President. Talib will perform the duties described in Schedule A hereto and will undertake such additional responsibilities as are determined by the Board from time to time and as are appropriate for
such position or consistent with the types of duties described in the said Schedule. 
  
 (b) Talib will devote such of his time, attention, energy and best efforts to his employment by the Corporation as may be necessary to ensure, and will not, without the written consent of the Corporation, after the
commencement of employment and during the term of his employment, engage in the rendering of such services or in any other business activity (whether or not such business activity is pursued for gain, profit or other pecuniary advantage) that could
interfere with the satisfactory performance of his duties and responsibilities described in Schedule A. Provided that Talib complies with his obligations pursuant to the foregoing provisions of this §2(b), the Corporation acknowledges that
such provisions will not prevent him from expending a reasonable amount of his time on the activities of community and similar non-profit organizations. 
  
 3. Talib’s Compensation 
  
 Talib will receive as President, a base salary of $175,000 per year (the “Salary”) less such deductions as are required to be made by law. The Salary will be
reviewed annually during the term of his employment and, following such review and in the sole discretion of the Board, may only be maintained at the amount in effect at the time of such review or increased. In each year of the term of Talib’s
employment, the Salary will be paid in twenty-four approximately equal instalments on the 15th and last days of each month. The salary will be paid to Talib as if his employment commenced February 1, 2000. 
  
 4. Bonus 
  
 Talib will be entitled to a bonus, payable in cash or shares of the Corporation, which shall be payable to him on or before May 31st of
each year commencing 2001. The amount and form of the bonus shall be determined by the Board in its total discretion taking into account the financial performance of the Corporation and such other factors as the Board considers relevant. 

 
 5. Non-Competition and Non-Solicitation 
  
 If Talib ceases to be employed by the Corporation for any reason, Talib will not, for a
period of two years, in any manner whatsoever 
  

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 (a) enter into, carry on, or be engaged in, connected with or interested in any aspect of the Business in
North America, 
  
 (b) solicit or contact, for the purpose of
solicitation, any person that is a customer or active prospect of the Corporation or its subsidiaries at the date you cease to be an employee for the purpose of selling or supplying, whether directly or indirectly, any product or service that
competes with or is similar to the Business, 
  
 (c) solicit or
contact, for the purpose of solicitation, any employee of the Corporation or its subsidiaries for employment or any other engagement. 
  
 6. Confidentiality 
  
 6.1 In this §6, “Corporation” means the Corporation and/or its affiliates and “Confidential Information” means any information (including, without limitation, any formula, pattern, device,
plan, process, or compilation of information) which 
  
 (a) is,
or is designated to be, used in the business of the Corporation, or results from its research or development activities and which information was developed by the Corporation or by Talib in connection with research and development activities of the
Corporation which Talib worked on or is working on with or for the Corporation, and 
  
 (b) either 
  
 (i) is private or
confidential in that either it is not generally known or available to the public or is identified by the Corporation by notation thereon or other sufficient means to be Confidential Information, or 
  
 (ii) relates to an Invention (as defined in §6.1(c)). 
  
 “Confidential Information” includes, without limiting the
generality of the foregoing, the following: 
  
 (c) all
proprietary information licensed to or acquired, used or developed by the Corporation or by Talib in connection with the research and development activities of the Corporation on which Talib worked or is working with or for the Corporation,
including but not restricted to information in respect of laboratory procedures and techniques, chemical compositions and processes and other scientific strategies and concepts, designs, know-how, formulas, processes, research data and proprietary
rights in the nature of trade secrets, copyrights, patents, trademarks and industrial designs (collectively, the “Inventions”), and 
  
 (d) all information relating to the Corporation’s business, and to all other aspects of the Corporation’s structure, personnel, and operations,
including financial information, marketing, advertising and commercial strategies, customer and supplier lists, agreements and contractual records, correspondence, and any other information, records, files, drawings, tapes, documents, tools and data
that may not be generally known. 
  

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 6.2 Talib will not, without the prior written consent of the Corporation: 
  
 (a) use any Confidential Information, or disclose any Confidential
Information or remove or aid in the removal of Confidential Information or any communications, property or material which relates to Confidential Information from the premises of the Corporation other than as is necessary to perform Talib’s
employment duties to the Corporation; 
  
 (b) permit, and will
take all reasonable precautions necessary or prudent to prevent, communications, property or material containing or referring to Confidential Information from being disclosed to or discovered, used or copied by any third party, other than as is
necessary to perform Talib’s employment duties to the Corporation; 
  
 whether such communication, property, or material containing, referring to, or relating to Confidential Information was received by Talib after or before the date of this Agreement. 
  
 6.3 Talib will promptly disclose to the Corporation any and all Inventions, whether
patentable or not, relating to or arising from the Corporation’s research and development activities on which Talib worked or is working with or for the Corporation. 
  
 6.4 All right, title and interest in and to Confidential Information is and will remain the property of the Corporation. Talib hereby
transfers, assigns and quit-claims Talib’s entire right to and interest in all Inventions to and in favour of the Corporation. 
  
 6.5 Talib and Talib’s personal representatives will at any and all times after the date of this Agreement, whenever requested to do so by the Corporation and at the
expense of the Corporation, and whether or not then in the employ of the Corporation, do all such acts and things, execute and deliver all such applications, papers, assignments and other writings and participate in all such proceedings, whether
litigious or otherwise, as are properly and reasonably required to vest fully in the Corporation or its nominees title to all Inventions and to enable the Corporation or its nominees to apply for, obtain, maintain and enforce, in Canada and in all
or any other countries, patents relating to Inventions or any portion thereof. 
  
 6.6 The Corporation is not by this Agreement obligated to file any patent application nor to continue the prosecution of any patent application filed nor to maintain or enforce any patent. 
  
 6.7 At any time when so requested, Talib will deliver to the Corporation all records, files,
drawings, tapes, equipment, materials and other documents of whatever kind and any copies thereof (including personal notes or memoranda) which contain or in any way relate to any Confidential Information and which are in Talib’s possession or
control. 
  
 7. Injunctive Relief 
  
 Talib acknowledges and agrees that, without prejudice to any and all other rights of the
Corporation, in the event of Talib’s violation or attempted violation of any of the covenants contained in this Agreement, an injunction or any other like remedy will be the only effective remedy to protect the Corporation’s rights and
property as set out herein and that an interim 

  

 -4- 

 
injunction may be granted immediately on the commencement of any suit and this sentence shall not be construed so as to be in derogation of any other remedy
which the Corporation may have in the event of such violation or attempted violation. In order to obtain such relief, it shall not be necessary for the Corporation to establish irreparable harm which cannot be satisfied by an award of damages.

  
 8. Vacation and Statutory Holidays 
  
 Talib will be entitled to 4 weeks’ vacation with pay per year to be scheduled by mutual
agreement between Talib and the Corporation. Talib will also be entitled to paid statutory holidays in accordance with the Corporation’s policies from time to time. 
  
 9. Benefits 
  
 Talib will receive those benefits that are generally provided to the employees of the Corporation in accordance with its policies relating thereto from time to time.

  
 10. Reimbursement for Expenses 
  
 Talib will be reimbursed by the Corporation for all expenses actually and properly incurred
by him in connection with the performance of his duties under this Agreement consistent with the Corporation’s policies relating thereto from time to time. Talib will furnish to the Corporation statements and vouchers for all such expenses as
and when required by and to the satisfaction of the Corporation. 
  
 11.
Termination 
  
 11.1 Subject to §11.2, Talib may terminate this
Agreement at any time, by giving 90 days’ written notice to such effect to the Corporation. 
  

	11.2	(a) At any time before 4:00 p.m. on May 15, 2001, Talib may, by giving notice to the Corporation, terminate this Agreement on 30 days’ written notice whereupon the
Corporation will pay to Talib in 12 consecutive monthly instalments on the last day of each month after the month in which this Agreement was terminated, an amount equal to the aggregate of Talib’s salary paid in the 12 consecutive months
before the month in which this Agreement was terminated. 

  
 (b) Talib will be entitled to receive during the period that payments are to be received by Talib pursuant to §11.2(a) those benefits that are generally provided to employees of the Corporation in accordance with its policies relating
thereto from time to time provided that, in lieu thereof, the Corporation may pay to Talib an amount equal to the cost of such benefits to the Corporation during the 12 consecutive months before the month in which this Agreement was terminated.

  
 (c) Upon the giving by Talib of the notice contemplated by
§11.2(a) and subject to regulatory approval, the Corporation will seek to amend the terms of any options to acquire securities of the Corporation previously issued and outstanding to Talib so that 
  

 -5- 

 (i) the options will terminate on the later of 
  
 (A) the day that the last payment is made to Talib pursuant
to §11.2(a), and 
  
 (B) the day on which
Talib ceases to be a director of the Corporation, 
  
 (ii) on or
before the day on which the options terminate pursuant to §11.2(c)(i), Talib may exercise in full any options previously granted to him without regard to unexpired vesting periods. 
  
 11.3 The Corporation may, at any time, without prior notice to Talib, or the payment of any compensation in lieu of notice, forthwith
terminate this Agreement and Talib’s employment by the Corporation for cause. 
  
 11.4 The Corporation may terminate this Agreement and Talib’s employment by giving one year’s written notice to such effect or paying to Talib in lieu of notice an amount equal to the aggregate of Talib’s salary paid in the
12 consecutive months before the month in which this Agreement was terminated. Upon termination of this Agreement pursuant to this §11.4 Talib shall have no rights to further benefits from the Corporation. 
  
 11.5 If this Agreement is terminated, Talib will, notwithstanding such termination, forthwith
upon termination and from time to time thereafter, deliver to the Corporation all records and documents including, without limitation, all operating records, books of accounts and ancillary documents maintained with respect to the business and
affairs of the Corporation and/or any affiliate thereof which are then in the possession or control of Talib. 
  
 12. Service as Director and Officer 
  
 Talib acknowledges that, to the extent that he serves as a director of the Corporation or as a director or officer of any of its affiliates, he will do so without any additional remuneration pursuant to the terms of this Agreement but will
be entitled to receive a suitable indemnity from the Corporation and any such affiliate or subsidiary. Talib will be deemed to have resigned as an officer and, if applicable, as a director of the Corporation, and as a director and officer of any of
its affiliates, contemporaneously with the termination of this Agreement and will, immediately upon request by the Corporation, sign any and all documents necessary to give effect to such resignations. 
  
 13. Notices 
  
 Any notice in writing required or permitted to be given in respect of this Agreement will be deemed to have been sufficiently given and
delivered if personally delivered to the party by hand at the address specified in this §13 or at such other address as may be specified from time to time by either of the parties hereto by written notice in the manner required by this
§13. 
  

 -6- 

	 	(a)	if to the Corporation: 

  
 Suite 100, 13551 Commerce Parkway 
 Richmond,
B.C. 
  
 Attention: Chief Executive Officer 
  
 with a copy to: 
  
 Lang Michener Lawrence & Shaw 
 1500 - 1055 West Georgia Street 
 Vancouver,
B.C. 
  
 Attention: John Stark 
  

	 	(b)	if to Talib: 

  
 875 Greenwood Road 
 West Vancouver, B.C.

 V7S 2X8 
  
 Any such notice will be conclusively deemed to have been received on the day of actual delivery. 
  
 14. Severability 
  
 If any covenant, provision or restriction contained in this Agreement is found to be void or unenforceable in whole or in part, it will not affect or impair the validity
of any other covenant, provision or restriction and, without limitation, each of the covenants, provisions and restrictions contained herein are hereby declared to be separate and distinct covenants, provisions and restrictions. 
  
 15. Survival 
  
 The provisions of §5, §6 and §11.5 will survive the termination of this Agreement and Talib’s employment for any reason
whatsoever. 
  
 16. Governing Law and Attornment 
  
 This Agreement will be construed and interpreted in accordance with the laws of the Province
of British Columbia and the parties hereto hereby irrevocably attorn to the jurisdiction of the Courts of the Province of British Columbia for the purposes of any legal or equitable suit, action or proceeding relating to this Agreement. 

 
 17. Arbitration 
  
 17.1 Any dispute between the parties in respect of the interpretation of this Agreement or any matter to be agreed upon under this Agreement
or otherwise arising under this Agreement will be submitted for determination by a single arbitrator appointed and acting pursuant to the Commercial Arbitration Act of the Province of British Columbia (the “Act”). 
  

 -7- 

 17.2 Except as specifically provided in this §17, an arbitration hereunder shall be conducted in accordance with the
Act. The arbitrator will fix a time and place in Vancouver, British Columbia for the purpose of hearing the evidence and representations of the parties, all of which will be in camera, and he will preside over the arbitration and determine all
questions of procedure not provided for under the Act or this §17. After hearing any evidence and representations that the parties may submit, the arbitrator shall make a decision and reduce the decision to writing and deliver one copy thereof
to each of the parties. The decision shall be kept confidential by the parties except as required by applicable securities laws. The decision of the arbitrator will be made within 45 days after his appointment. The expense of the arbitration shall
be paid as specified in the decision. The parties agree that the award of the single arbitrator shall be final and binding upon each of them and shall not be subject to appeal. 
  
 18. Entire Agreement 
  
 This Agreement contains the whole understanding of the parties and supersedes and replaces all oral or written representations or prior agreements and cannot be amended,
modified or supplemented in any respect except by subsequent written agreement signed by both of the parties hereto. 
  
 Talib acknowledges that he has 
  
 (a) read and understands the terms of this Agreement; and 
  
 (b) received, or has declined the opportunity to receive, independent legal advice prior to the execution of this Agreement. 
  
 19. Enurement 
  
 This Agreement will enure to the benefit of and be binding upon the parties hereto and upon the heirs, executors, administrators and legal
personal representatives of Talib and the successors and assigns of the Corporation and Corpanada. 
  
 IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written. 
  
 EXI TECHNOLOGIES INC. 
  

			
		
	 Per:
	 	 /s/ Zahir Abji

	 	 	Authorized Signatory
		
	 Per:
	 	 /s/ Karim Khoja

	 	 	Authorized Signatory

  

 -8- 

					
	Signed, Sealed and Delivered by MALIK TALIB in the presence of:	  	)	 	 
	 	  	 )
	 	 
	 	  	 )
	 	 
			
	  

	  	 )
	 	 /s/ Malik Talib

	Witness (Signature)	  	 )
	 	 MALIK TALIB

	 	  	 )
	 	 
	 	  	 )
	 	 
			
	  

	  	 )
	 	 
	Name (please print)	  	 )
	 	 
	 	  	 )
	 	 
	 	  	 )
	 	 
			
	  

	  	 )
	 	 
	Address	  	 )
	 	 
	 	  	 )
	 	 
	 	  	 )
	 	 
			
	  

	  	 )
	 	 
	City, Province	  	 )
	 	 

  

 -9-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}]]