Document:

ex10-44.htm

    Exhibit
10.44

     

     

    
      
        

        PureDepth
Incorporated

        Limited

      

      

      

      
        Secondment
Agreement

        (Fixed
Term Employment

        in
New Zealand)

        

        for

        

        Andy
Wood

        

        

        September
2008

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      Secondment
Agreement

      
        
          	
                  PARTIES

                

        

      

      

      The
parties to this Agreement are Andy Wood (“Employee”) and PureDepth Incorporated
Limited (a company duly incorporated in New Zealand), (“PureDepth
NZ”).

      

      
        
          	
                  BACKGROUND

                

        

      

      

      
        	
                A.

              	
                The
      parties acknowledge that the Employee is employed as Chief Executive
      Officer by PureDepth, Inc., a corporation organised and existing under the
      laws of Delaware in the United States of America (“PureDepth,
      Inc.”).  PureDepth NZ is an indirect, wholly-owned subsidiary of
      PureDepth Inc.  PureDepth NZ is predominantly responsible for
      research and development of products, control of manufacturing processes
      and market evaluations for PureDepth,
Inc.

              

      

      

      
        	
                B.

              	
                PureDepth,
      Inc. and the Employee are party to an Employment Agreement with an
      effective date of 27 August 2008 (“Master Employment
      Agreement”).

              

      

      

      
        	
                C.

              	
                As
      part of his role as Chief Executive Officer of PureDepth, Inc., the
      Employee is to be seconded to PureDepth NZ for periods of
      time.  During such secondments, the Employee will continue to be
      employed by PureDepth, Inc., but certain conditions under the Master
      Employment Agreement will be suspended for the duration of the
      secondment.

              

      

      

      
        	
                D.

              	
                This
      Agreement contains the terms and conditions which apply to the Employee
      during a secondment, and will be considered to be a fixed term employment
      agreement under New Zealand law.

              

      

      

      
        
          
            	
                    1.

                  	
                    Variation

                  

          

        

      

      

      
        	
                1.1

              	
                If
      the parties agree to make changes to this Agreement it will need to be
      done in writing.

              

      

      

      
        
          
            	
                    2.

                  	
                    Position
      and Duties

                  

          

        

      

      

      
        	
                2.1

              	
                During
      a secondment, the Employee’s position is Chief Executive Officer of
      PureDepth NZ.  The title may only be changed with the agreement
      of the Employee.  The duties in relation to PureDepth NZ will be
      as set out in the First Schedule to this Agreement.  PureDepth
      NZ may need to amend or alter these duties from time to time to reflect
      changing requirements but will consult the Employee before doing
      so.  In addition the Employee will be required to carry out
      duties not specified in the position description but consistent with the
      Employee’s role.

              

      

      

      
        	
                2.2

              	
                During
      a secondment, the Employee’s employment will be based at the place set out
      in the Second Schedule to this Agreement. The Employee may, as a
      reasonable incident of the work, be required to work in other
      locations.

              

      

      

      
        
          
            	
                    3.

                  	
                    Fixed
      Term Employment

                  

          

        

      

      

      
        	
                3.1

              	
                This
      secondment is for a fixed period, and will come to an end in accordance
      with this Agreement.   When this secondment comes to an
      end, the Employee’s fixed term employment with PureDepth NZ will come to
      an end, and all terms of the Master Employment Agreement will continue in
      force.

              

      

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
        	
                3.2

              	
                The
      secondment and therefore employment with PureDepth NZ is for a limited
      duration as the purpose of the secondment is for the Employee to
      personally oversee the implementation of the business plan determined by
      the Board until the 12 month milestone ending on 31  January
      2010.

              

      

      

      
        	
                3.3

              	
                The
      secondment and therefore employment with PureDepth NZ will expire on
      31  January 2010.

              

      

      

      
        	
                3.4

              	
                Nothing
      within this Agreement prevents the Board of PureDepth, Inc. from
      immediately requiring the Employee to attend to or give priority to his
      obligations as Chief Executive Officer of PureDepth, Inc.  If
      the Board of Directors of PureDepth, Inc. and the Employee mutually agree
      that the Employee is to be permanently repatriated to the United States of
      America (or elsewhere) to carry out his role as Chief Executive Officer of
      PureDepth Inc., the secondment, and this Agreement will come to an
      immediate end.

              

      

      

      
        	
                3.5

              	
                The
      parties acknowledge that this secondment is dependent on the Employee
      remaining employed as Chief Executive Officer of PureDepth, Inc., subject
      to the Master Employment Agreement.  If, for any reason, the
      Employee’s employment with PureDepth, Inc. is terminated under clause 8 of
      the Master Employment Agreement, the secondment, and this fixed term
      agreement, will come to an immediate
end.

              

      

      

      
        	
                3.6

              	
                Nothing
      in this Agreement shall prevent the parties, at or before the expiry of
      the agreement, from varying any of its terms, or from entering into a
      subsequent employment agreement provided however that nothing in this
      clause or elsewhere in this Agreement should be interpreted or understood
      to give the Employee any expectation that this Agreement will be renewed,
      or that any subsequent agreement will be entered
  into.

              

      

      

      
        
          
            	
                    4.

                  	
                    Obligations

                  

          

        

      

      

      
        	
                4.1

              	
                PureDepth
      NZ  will act in good faith towards the Employee, providing fair
      and proper treatment in all aspects
    of  employment.

              

      

      

      
        	
                4.2

              	
                The
      Employee agrees to carry out his responsibilities honestly and diligently
      and to the best of his ability during normal working
  hours.

              

      

      

      
        	
                4.3

              	
                The
      Employee agrees not to make any statement or take any actions at any time
      which are intended to or likely to adversely affect PureDepth NZ’s
      business or reputation, or those of its related
  companies.

              

      

      

      
        	
                4.4

              	
                The
      Employee will be required to comply with PureDepth NZ’s rules, policies
      and procedures which may be change from time to time. PureDepth NZ will
      consult with the Employee before any such changes are made, where
      practicable.

              

      

      

      
        
          
            	
                    5.

                  	
                    Hours
      of Work

                  

          

        

      

      

      
        	
                5.1

              	
                The
      Employee’s minimum hours of work shall be not less than 40 hours per week
      to be worked on any days of the week but usually Monday to
      Friday.  Additional hours shall be worked from time to time as
      required by PureDepth NZ in order to meet the demands of the
      position.

              

      

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      
        	
                5.2

              	
                Rest
      periods and meal breaks shall be as agreed but shall be consistent with
      the service requirements of the business as determined by PureDepth
      NZ.

              

      

      

      
        
          
            	
                    6.

                  	
                    Remuneration

                  

          

        

      

      

      
        	
                6.1

              	
                During
      the period of the Secondment, the Employee shall receive the Base Salary
      as set out in the Second Schedule (“Salary”), and any bonus due to the
      Employee pursuant to the Master Employment Agreement
      (“Bonus”).  The Salary and any proportion of the Bonus,
      attributable to the Employee’s work while in New Zealand, are together
      referred to as “Pay”.

              

      

      

      
        	
                6.2

              	
                PureDepth,
      Inc. will pay via Administaff, on behalf of PureDepth Incorporated
      Limited, the net Salary into the employee’s current nominated United
      States bank account, after any Federal tax deductions and/or State tax
      deductions on the same withholding tax basis that has been applied under
      the Master Employment Agreement from 27 August 2008 and will pay any
      Bonus, when and if it falls due, on the same
  basis.

              

      

      

      
        	
                6.3

              	
                PureDepth
      Incorporated Limited will submit to the Inland Revenue in New Zealand
      source deductions required in New Zealand for the employee’s
    .

              

      

      

      
        	
                6.4

              	
                The
      parties and PureDepth, Inc. recognise that the Employee has tax obligation
      in New Zealand and the United States, and will take such steps that are
      required of each of them to ensure
that:

              

      

      

      
        	
                6.4.1.1

              	
                any
      tax paid in New Zealand in respect of the Pay of the Employee is applied
      to and set off against his United States tax Federal and/or State
      obligations at the end of each United States tax year;
  and

              

      

      

      
        	
                6.4.1.2

              	
                the
      net pay (including Pay and any other taxable payment or taxable benefit
      pursuant to the Master Employment Agreement) after all taxes paid in New
      Zealand and the United States is, following the application of tax paid
      referred to in clause 6.4.1.1, the same amount as if the Employee was only
      employed in and only a tax resident of the United States.  This
      may require a party or PureDepth, Inc. to make a payment to the another
      party or PureDepth, Inc.

              

      

      

      
        	
                6.5

              	
                The
      purpose of provisions 6.2 to 6.4 is to ensure that the Employee receives
      no more and no less than the net pay that the Employee would have
      received  had the Employee only worked in and only been a tax
      resident in the United States.

              

      

      

      
        	
                6.6

              	
                For
      the avoidance of doubt, the parties acknowledge that Clauses 4.1 (Base
      Salary) and Clause 5 (Customary Fringe Benefits) of the Master Employment
      Agreement shall be suspended during the term of this Secondment
      Agreement.  Clauses 4.2 (Performance-Based Compensation Bonus)
      and 4.3 (Options) of the Master Employment Agreement will continue to
      apply during the secondment.

              

      

      

      
        	
                6.7

              	
                PureDepth
      NZ will provide medical insurance to the Employee while in New
      Zealand.

              

      

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
        	
                6.8

              	
                PureDepth
      NZ will reimburse the Employee for all actual and reasonable out of pocket
      expenses approved by PureDepth NZ and incurred in the discharge of the
      Employee’s duties and responsibilities.  Receipts and supporting
      vouchers may be required. The Employee will be reimbursed mileage where
      appropriate at the rate prescribed by PureDepth NZ’s policy, which may be
      altered from time to time.  For the duration of the secondment,
      Clause 6 (Business Expenses) of the Master Employment Agreement will be
      suspended.

              

      

      

      
        	
                6.9

              	
                The
      remuneration and additional employment benefits provided under this
      Agreement shall be deemed to fully compensate the Employee for all time
      worked and duties performed under this
  Agreement.

              

      

      

      
        	
                6.10

              	
                The
      Employee agrees that deductions may be made from his remuneration for any
      time lost through default, sickness or bereavement (where there is no sick
      leave or bereavement leave available), or agreed leave without pay, or in
      instances of overpayment.  Any other deductions, other than
      statutory matters such as income tax debts, will require the
      Employee’s  specific written
approval.

              

      

      

      
        	
                6.11

              	
                On
      termination, PureDepth NZ will pay the Employee any outstanding monies
      without undue delay.  If the Employee owes any debts to
      PureDepth NZ at the time of termination, the Employee consents to such
      debts being deducted from any final pay
owing.

              

      

      
        

      

      
        
          
            	
                    7.

                  	
                    Relocation

                  

          

        

      

      

      
        	
                7.1

              	
                PureDepth
      NZ will provide furnished accommodation and a late model lease vehicle for
      the duration of the secondment to a standard reasonably commensurate with
      the position.

              

      

      
        

      

      
        
          
            	
                    8.

                  	
                    Public
      Holidays

                  

          

        

      

      

      
        	
                8.1

              	
                During
      the term of the secondment, the parties will observe public holidays in
      accordance with the Holidays Act 2003 and its amendments.  For
      the purpose of this clause, public holidays shall be New Years Day, Second
      Day of January, Waitangi Day, Good Friday, Easter Monday, ANZAC Day,
      Queen’s Birthday, Labour Day, Christmas Day, Boxing Day and the
      appropriate provincial Anniversary
Day.

              

      

      

      
        	
                8.2

              	
                Due
      to the nature of the role the Employee may occasionally be required to
      work on these days. Where the Employee is required by to work on a public
      holiday and that day is one of the Employee’s usual working days, the
      Employee will be paid relevant daily pay for the time actually worked plus
      half that amount again, and in addition a paid alternative day holiday
      will be able to be taken.

              

      

      

      
        	
                8.3

              	
                When
      the Employee takes an alternative holiday, the Employee will be paid
      relevant daily pay for the day which is taken as the alternative
      holiday.

              

      

      
        

      

      
        
          
            	
                    9.

                  	
                    Annual
      Leave

                  

          

        

      

      

      
        	
                9.1

              	
                The
      Employee is entitled to accrue paid annual holiday in accordance with the
      Holidays Act 2003, and as provided in the Second
      Schedule.    For the avoidance of doubt this holiday
      is in substitution for and not additional to the “paid vacation” referred
      to within clause 5 of the Master Employment
  Agreement.

              

      

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
        	
                9.2

              	
                Annual
      Leave is to be taken in accordance with PureDepth NZ’s leave policy, and
      to be taken at times which will not unreasonably impinge upon the
      performance of the Employee’s duties and responsibilities under this
      Agreement.

              

      

      

      
        	
                9.3

              	
                As
      PureDepth NZ’s offices may close over the Christmas / New Year period, the
      Employee may be required to take a portion of leave during this
      time.  PureDepth NZ will notify the Employee each year what days
      this involves.

              

      

      

      
        	
                9.4

              	
                In
      the event of termination of employment, outstanding annual leave will be
      paid to you.

              

      

      

      
        	
                9.5

              	
                For
      the avoidance of doubt, the paid vacation referred to in Clause 5
      (Customary Fringe Benefits) of the Master Employment Agreement shall not
      apply during the secondment.

              

      

      

      
        	
                9.6

              	
                For
      the avoidance of doubt, nothing in this clause shall be taken or
      understood as implying that the secondment or the fixed term employment
      shall continue for longer than the term described in Clause 3 of this
      Agreement.

              

      

      

      
        
          
            	
                    10.

                  	
                    Entitlement
      to Sick Leave and Bereavement
Leave

                  

          

        

      

      

      
        	
                10.1

              	
                After
      his first six months of current continuous service, the Employee will be
      entitled to sick leave and bereavement leave as provided for in this
      Agreement, at a rate equivalent to what the Employee would have been paid
      had he worked on that day.

              

      

      

      
        	
                10.2

              	
                The
      Employee must notify PureDepth NZ if he intends to take sick leave or
      bereavement leave as early as possible on the day he is intending to take
      as sick leave or bereavement leave.

              

      

      

      
        
          
            	
                    11.

                  	
                    Sick
      Leave

                  

          

        

      

      

      
        	
                11.1

              	
                The
      Employee may take up to 5 days sick leave for each 12 months following his
      first six months of current continuous service if the Employee, Employee’s
      spouse (including de facto partner) or any person who depends on the
      Employee for care is sick or
injured.

              

      

      

      
        	
                11.2

              	
                In
      certain circumstances, the Employee may be required to produce proof of
      sickness or injury.

              

      

      

      
        	
                11.3

              	
                The
      Employee is not entitled to be paid for any sick leave that has not been
      taken before his employment with PureDepth NZ
  ends.

              

      

      

      
        
          
            	
                    12.

                  	
                    Bereavement
      Leave

                  

          

        

      

      

      
        	
                12.1

              	
                The
      Employee may take up to 3 days bereavement leave on the death of a spouse,
      parent, child, brother or sister, grandparent, grandchild or spouse’s
      parent.

              

      

      

      
        	
                12.2

              	
                The
      Employee make take 1 day of bereavement leave on the death of any other
      person if PureDepth NZ accepts that the Employee has  suffered a
      bereavement.

              

      

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      
        
          
            	
                    13.

                  	
                    Parental
      Leave

                  

          

        

      

      

      
        	
                13.1

              	
                PureDepth
      NZ applies the standard provisions of the Parental Leave and Employment
      Protection Act 1987 in respect of parental
  leave.

              

      

      

      
        
          
            	
                    14.

                  	
                    Jury
      Service

                  

          

        

      

      

      
        	
                14.1

              	
                Where
      the Employee is required to undertake Jury Service, the difference between
      the fees (excluding reimbursing payments) paid by the Court and the
      Employee’s normal pay for the period shall be made by PureDepth NZ for a
      maximum of up to five days jury service in any one year, provided that the
      Employee returns to work immediately on any day not actually spent serving
      on a jury, and further provided that the Employee produces the Court
      expenses voucher to PureDepth NZ.

              

      

      

      
        	
                14.2

              	
                The
      Employee should advise PureDepth NZ as soon as practicable if called for
      jury service.

              

      

      

      
        
          
            	
                    15.

                  	
                    Inventions

                  

          

        

      

      

      
        	
                15.1

              	
                Any
      and all inventions, discoveries, developments and innovations in relation
      to PureDepth NZ business concepts conceived by the Employee during the
      term of this Agreement relative to his duties will be the absolute and
      exclusive property of PureDepth NZ.

              

      

      

      
        	
                15.2

              	
                By
      entering into this Agreement, the Employee assigns all right, title, and
      interest in the same to PureDepth
NZ.

              

      

      

      
        	
                15.3

              	
                By
      entry into this Agreement, any and all inventions, discoveries,
      developments and innovations conceived, made or undertaken by the Employee
      prior to the term of this Agreement and utilised by the Employee in
      rendering duties to PureDepth NZ are licensed to PureDepth NZ for use in
      its operations and for an infinite duration. This license is
      non-exclusive, and may be assigned without the Employee’s prior written
      approval by PureDepth NZ to a parent or related company of PureDepth
      NZ.

              

      

      

      
        
          
            	
                    16.

                  	
                    Confidentiality

                  

          

        

      

      

      
        	
                16.1

              	
                The
      Employee acknowledges that, during the term of this Agreement, the
      Employee will have access to and become acquainted with various trade
      secrets, inventions, innovations, processes, information, records and
      specifications owned or licensed by PureDepth NZ and/or its related
      companies and/or used by PureDepth NZ or its related companies in
      connection with the operation of the business including, without
      limitation, PureDepth NZ’s product processes, methods, customer lists,
      accounts and procedures ("Confidential
  Information").

              

      

      

      
        	
                16.2

              	
                The
      Employee agrees that he will not disclose any Confidential Information,
      directly or indirectly, or use any Confidential Information in any manner,
      either during the term of this Agreement or at any time after the
      termination of this Agreement (for whatever reason) except as required in
      the course of this Agreement with PureDepth
NZ.

              

      

      

      
        	
                16.3

              	
                All
      files, records, documents, blueprints, specifications, information,
      letters, notes, media lists, original artwork, creative work, programming
      code, notebooks, and similar items relating to PureDepth NZ, whether
      prepared by the Employee or otherwise coming into the Employee’s
      possession, will also comprise Confidential Information and will
      accordingly be the absolute and exclusive property of PureDepth
      NZ.

              

      

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
        	
                16.4

              	
                The
      Employee will not retain any copies of any Confidential Information
      without PureDepth NZ’s prior written permission.  Upon the
      expiration or earlier termination of this Agreement, or whenever requested
      by PureDepth NZ, the Employee will immediately deliver to PureDepth NZ all
      such Confidential Information in the Employee’s possession or under the
      Employee’s control.

              

      

      

      
        	
                16.5

              	
                The
      Employee further agrees that he will not disclose the terms of this
      Agreement to any person, unless, prior to such disclosure and confirmed in
      writing for the benefit of PureDepth NZ, the relevant person or entity has
      agreed to confidentiality on the same
terms.

              

      

      

      
        	
                16.6

              	
                For
      the avoidance of doubt, the parties acknowledge that clause 10
      (Confidentiality and Proprietary Right) of the Master Employment
      Agreement,  and the Confidentiality Agreement referred to in
      that clause, continue to apply in their entirety during this
      Agreement.

              

      

      

      
        
          
            	
                    17.

                  	
                    Conflicts
      Of Interest

                  

          

        

      

      

      
        	
                17.1

              	
                The
      Employee will not at any time during the term of this Agreement be
      directly or indirectly interested, engaged or concerned in, or assist
      financially or provide management duties to, any business the same as
      PureDepth NZ (with the exception of PureDepth NZ’s related companies),
      whether on the Employee’s own account or as a consultant to or a partner,
      agent, trustee, employee, shareholder, member or director, or as
      beneficiary under a trust, or in any other way whatsoever, without the
      prior written consent of PureDepth
NZ.

              

      

      

      
        	
                17.2

              	
                For
      the avoidance of doubt, the parties acknowledge that Clause 7 of the
      Master Employment Agreement (No Conflict of Interest)continues to apply
      during the term of this Agreement.

              

      

      

      
        
          
            	
                    18.

                  	
                    Right
      To Injunction

                  

          

        

      

      

      
        	
                18.1

              	
                The
      parties to this Agreement acknowledge that the duties to be rendered by
      the Employee and the rights and privileges granted to PureDepth NZ under
      this Agreement are of a special, unique, unusual, and extraordinary
      character which gives them a peculiar value, the loss of which cannot be
      reasonably or adequately compensated by damages in any action at law, and
      the breach by the Employee of any of the provisions of this Agreement will
      cause PureDepth NZ irreparable injury and damage.  The Employee
      expressly agrees that PureDepth NZ will be entitled to injunctive and
      other equitable relief in the event of, or to prevent a breach of any
      provision of this Agreement by the Employee.  Resort to such
      equitable relief, however, will not be construed to be a waiver of any
      other rights or remedies that PureDepth NZ may have for damages or
      otherwise.  The various rights and remedies of PureDepth NZ
      under this Agreement or otherwise will be construed to be cumulative, and
      no one of them will be exclusive of any other or of any right or remedy
      allowed by law.

              

      

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      
        
          
            	
                    19.

                  	
                    Safety,
      Health and Welfare

                  

          

        

      

      

      
        	
                19.1

              	
                If
      the Employee has any concerns about the safety of the workplace, PureDepth
      NZ must be notified as soon as possible, and the parties will discuss ways
      that PureDepth NZ can assist to eliminate, isolate, or minimise any
      hazards.

              

      

      

      
        
          
            	
                    20.

                  	
                    Termination
      of Secondment and Fixed Term
Employment

                  

          

        

      

      

      
        	
                20.1

              	
                Notwithstanding
      the fixed term nature of this Agreement, in the event of termination of
      this secondment during its term, the following conditions will
      apply:

              

      

      

      
        
          	
                  20.1.1

                	
                  Where
      notice is given by either party, it must be in writing and shall be the
      period specified in the Second Schedule (except in the case for
      redundancy) or less by mutual agreement.  If the Employee does
      not give the required notice the equivalent amount of salary will be
      forfeited.

                

        

      

       

      
        
          	
                  20.1.2

                	
                  In
      the event of serious misconduct or gross negligence, termination without
      notice will occur.  PureDepth NZ may suspend the Employee on pay
      pending an investigation into any suspected serious misconduct or gross
      negligence.

                

        

      

       

      
        
          	
                  20.1.3

                	
                  In
      the event that the Employee is unable to properly perform his duties under
      this Agreement by reason of ill-health, accident or otherwise , the
      Employee acknowledges that the secondment, and therefore employment, may
      be terminated.

                

        

      

       

      
        	
                20.2

              	
                Where
      following notice given in accordance with this Agreement PureDepth NZ does
      not require you to work out all or part of the notice period, your
      employment will terminate at an earlier date nominated by us, in which
      case payment in lieu of the balance of the original notice period will be
      made.  In this case the employment will be deemed to have ended
      and all benefits under this Agreement to have ceased on the last day of
      actual performance of work unless we have specifically agreed otherwise in
      writing.

              

      

      

      
        	
                20.3

              	
                For
      the avoidance of doubt, the parties agree that if this Secondment
      Agreement is terminated, the Employee’s employment with PureDepth NZ will
      terminate, and the terms of the Master Employment Agreement will continue
      in force (unless and until the Master Employment Agreement is terminated
      in accordance with its terms).

              

      

      

      
        
          
            	
                    21.

                  	
                    Redundancy

                  

          

        

      

      

      
        	
                21.1

              	
                Notwithstanding
      the fixed term nature of this Agreement, if a redundancy situation occurs,
      the following clauses shall apply.

              

      

      

      
        	
                21.2

              	
                Where,
      either:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                the
      Employee’s position is no longer required,
or

              

      

      

      
        	
                 
      

              	
                (b)

              	
                the
      Employee’s position or its requirements permanently change to such an
      extent that the Employee is unable to fill the position in a manner
      satisfactory to PureDepth NZ, then

              

      

      

      
        	
                 
      

              	
                one
      month’s notice of termination of employment will be
      given.  PureDepth NZ will consult with the Employee with the
      objective of exploring possible alternatives to redundancy. The Employee
      will become redundant (with employment terminated) at the expiry of the
      notice period or such earlier time where the Employer does not require
      notice to be worked out unless the parties have both agreed on another
      alternative.

              

      

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      
        	
                21.3

              	
                In
      any case of restructuring where PureDepth NZ’s business, or any part of
      it, is sold or contracted out, PureDepth NZ will, during negotiations for
      the sale or contracting out, raise with the third party the possibility of
      offering the Employee ongoing employment, including consideration as to
      whether the Employee may transfer on the same terms and conditions of
      employment.

              

      

      

      
        	
                21.4

              	
                In
      the event that the Employee’s employment is terminated for reasons of
      redundancy, no redundancy compensation will be
  paid.

              

      

      

      
        	
                21.5

              	
                For
      the avoidance of doubt, when the Employee’s employment comes to an end by
      operation of this fixed term agreement, this shall not constitute a
      redundancy and the Employee  will not be entitled to notice of
      redundancy, or compensation.

              

      

      

      
        
          
            	
                    22.

                  	
                    Employment
      Relationship Problems

                  

          

        

      

      

      
        	
                22.1

              	
                PureDepth
      NZ will promote mediation as the primary problem solving mechanism under
      this Agreement.

              

      

      

      
        	
                22.2

              	
                Employment
      relationship problems include:

              

      

      

      
        	
                 
      

              	
                ·

              	
                A
      personal grievance

              

      

      
        	
                 
      

              	
                ·

              	
                A
      breach of this Agreement

              

      

      
        	
                 
      

              	
                ·

              	
                A
      dispute over the interpretation, application or operation of this
      Agreement

              

      

      
        	
                 
      

              	
                ·

              	
                Any
      unfair bargaining which leads to this
Agreement

              

      

      
        	
                 
      

              	
                ·

              	
                A
      question about whether or not the Employee is an
  employee

              

      

      
        	
                 
      

              	
                ·

              	
                Arrears
      of wages or holiday pay

              

      

      
        	
                 
      

              	
                ·

              	
                Wrongful
      suspension if the Employee is a non-striking
  employee.

              

      

      

      
        	
                22.3

              	
                If
      the Employee considers that he has an employment relationship problem he
      should advise PureDepth NZ immediately of the existence and nature of the
      problem and let PureDepth NZ  know that the Employee wants
      something done about it.  If the problem is a personal grievance
      this must be raised  within 90 days of the action causing the
      grievance.  In some cases this time can be extended and in some
      cases the Employee may wish to proceed under the Human Rights Act 1993
      instead of the Employment Relations Act 2000.  Once the Employee
      has  alerted PureDepth NZ to the existence of an employment
      relationship problem, the Employee may, if necessary, clarify the nature
      of the problem and the outcomes
sought.

              

      

      

      
        	
                22.4

              	
                The
      parties will then attempt to resolve the matter together.  If
      the parties are unable to do so either party may request assistance from
      the mediation service provided by the Department of Labour.  If
      the parties are still not able to resolve it, either is entitled to apply
      to the Employment Relations Authority (or in certain circumstances the
      Employment Court) to make a decision on the matter.  If either
      party is not happy with a decision of the Employment Relations Authority,
      either party is entitled to apply to the Employment Court within 28 days
      of that decision to have the matter heard
there.

              

      

      

      
        
          
            	
                    23.

                  	
                    Misrepresentation

                  

          

        

      

      

      
        	
                23.1

              	
                In
      entering into this Agreement PureDepth NZ has relied upon the Employee’s
      statements and representations in relation to skills, knowledge and
      history. Should the Employee have provided PureDepth NZ with incorrect
      information or failed to provide information when required, this may be
      regarded as serious misconduct which could lead to
    dismissal.

              

      

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      
        
          
            	
                    24.

                  	
                    Statutory
      Provisions/Governing
Law

                  

          

        

      

      

      
        	
                24.1

              	
                This
      Agreement includes all terms implied by operation of law or incorporated
      by statute or otherwise.

              

      

      

      
        	
                24.2

              	
                The
      laws of New Zealand shall govern this
Agreement.

              

      

      

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      
        Acknowledgement
of Employee 

          
            

          

        

      

      

      By
signing this Agreement, the Employee agrees to accept the secondment, and
employment on the terms and conditions offered above and understands that those
terms become a fixed term employment agreement replacing and superseding all
previous contracts or agreements, save as is expressly provided.

      

      The
Employee acknowledges that before signing this Agreement he was supplied a copy
of it and advised that he was entitled to seek independent advice about the
Agreement.  The Employee also acknowledges that he was given a
reasonable opportunity to seek that advice.

      

      The
Employee understands and acknowledges that this employment is for the period of
the secondment only, and that he has no expectation of ongoing employment with
PureDepth NZ beyond the term of this Agreement, as set out in clause
3.

      

      The
Employee acknowledges that he has not been induced to enter into this Agreement
by oppressive means or undue influence or duress.

      

      The
Employee  also acknowledges that he will undertake to become fully
familiar with the rules, policies and procedures referred to in Clause 4of this
Agreement and accepts that he will observe them fully during the secondment and
employment.

      

      
 

       

      
        
          
            	
                    Signed:

                  	
                    

                      /s/
      Andrew L Wood 

                    

                  	Date:   
      1/8/2009
	 	

                    Andy
      Wood

                  	 

          

        

      

      

       

      

      Signed
for  PureDepth
Incorporated Limited

      

      
         

        
          
            
              	
                    	
                      

                        /s/
      Mark Kalow

                      

                    	Date:   
      1/8/2009
	 	

                      

                        Mark
      Kalow - Director

                      

                    	 

            

          

        

        

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      

      
        First
Schedule 

          
            

          

        

      

      

      
        	
                Position: 

              	
                CHIEF
      EXECUTIVE OFFICER

              

      

      

      
        	
                Reports
      to: 

              	
                The
      Board of Directors

              

      

      

      
        	
                Responsible
      to:

              	
                The
      Board of Directors

              

      

      

      
        	
                Essential
      Relationships:   

              	
                The
      Board of Directors, the Executive Management Team and the PureDepth Inc.,
      including its Directors, shareholders and
  employees.

              

      

      
        

         

        Primary
Functions

      

      
         

        Overall
responsibility for the strategy, operational management and profitability of
PureDepth NZ including but not limited to the following:-

      

      
         

        
          	
                  ·

                	
                  Recommending to the Board the
      business plan and implementing  the business plan determined by the
      Board of Directors;

                

        

      

      
         

        
          	
                  ·

                	
                  Achieving performance targets as
      agreed with the Board of Directors from time to
      time;

                

        

      

      
         

        
          	
                  ·

                	
                  Determining the organizational
      design, resources, and skills required by the business plan; agree with
      the Board and
implement;

                

        

      

      
         

        
          	
                  ·

                	
                  Provide leadership to the senior
      management and the
company;

                

        

      

      
         

        
          	
                  ·

                	
                  Developing and maintaining
      PureDepth NZ’s corporate
culture;

                

        

      

      
         

        
          	
                  ·

                	
                  Taking appropriate steps to
      further the commercial and financial market awareness of the company, it’s
      products and services;

                

        

      

      
         

        
          	
                  ·

                	
                  Determining the company’s cash
      and funding requirements and agree with the Board the plan to
      achieve;

                

        

      

      
         

        
          	
                  ·

                	
                  Maintaining, recruiting, managing
      and developing suitable staff to achieve PureDepth’s
      objectives;

                

        

      

      
         

        
          	
                  ·

                	
                  Ensure adequate control and
      development processes are in place to support the business requirements
      and audit/legal
requirements;

                

        

      

      
         

        
          	
                  ·

                	
                  Ensuring
      compliance with statutory reporting requirements as well as all applicable
      laws;

                

        

      

      
         

        
          	
                  ·

                	
                  Provide regular updates to the
      Board on progress, issues, opportunities,
  etc

                

        

      

      

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      
        Second
Schedule 

          
            

          

        

      

      

      

      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  1

                                	
                                  Name

                                	
                                  Andy
      Wood

                                
	 	 	 
	
                                  2

                                	
                                  Date
      of Commencement of this Agreement

                                	
                                  1
      January 2009

                                
	 	 	 
	
                                  3

                                	
                                  Termination
      of this Agreement

                                	
                                  As
      set out in clauses 3, 20 and 21 of this Agreement

                                
	 	 	 
	
                                  4

                                	
                                  Usual
      Place of Performance of Work

                                	
                                  Auckland

                                
	 	 	 
	
                                  5

                                	
                                  Notice

                                	
                                  One
      month

                                
	 	 	 
	
                                  6

                                	
                                  Remuneration

                                	
                                  Your
      commencing base salary shall be the equivalent of US$250,000 per annum,
      for the period of your fixed term employment (“Base
      Salary”).  This will be paid fortnightly by direct credit to
      your nominated bank account.

                                
	 	 	 
	
                                  7

                                	
                                  Annual
      leave

                                	
                                  4
      weeks per annum

                                
	 	 	 
	
                                  8

                                	
                                  Additional
      Employment Benefits

                                	
                                  Mobile
      Phone

                                  A
      mobile phone will be provided primarily for business
      use.  Reasonable private use is permitted.

                                   

                                  Internet
      Connection

                                  We
      will reimburse you for the reasonable costs associated with maintaining a
      broadband internet connection in your home for the purpose of accessing
      our
server.

                                

                        

                      

                    

                  

                

              

            

          

        

      

      
 

       

      14ex10-45.htm

    Exhibit
10.45

     

    
      PureDepth,
Inc.

      Amendment
No. 1 to Employment Agreement

      Andy
Wood

      

      PureDepth,
Inc. (the “Company”) and Andy Wood (“Employee”) are entering into this Amendment
No. 1 (the “Amendment”) to the Employment Agreement made effective as of August
27, 2008 (the “Initial Agreement”), this 20th of February, 2009.

      

      WHEREAS,
the Board of Directors of the Company has determined that it is in the best
interests of the Company and its stockholders to provide for certain
acceleration of vesting of certain options held by the Employee, as provided
below.

      

      THEREFORE,
the parties agree as follows:

      

      1.           Definitions.  Except
as otherwise defined herein, all capitalized terms shall have the meaning set
forth in the
Agreement.           

      

      2.           Equity.  Section
8.5 of the Initial Agreement is hereby amended and restated in full to read as
follows:

      

      “Termination Without Cause
Following a Change of Control.  If Employee’s employment with
the Company is terminated Without Cause on or within twelve (12) months
following the effective date of a Change of Control (as defined below), then
subject to Employee’s execution of a full general release in a form reasonably
acceptable to the Board, releasing all claims, known or unknown, that Employee
may have against Company and any of its subsidiaries or agents, and such release
has become effective in accordance with its terms prior to the 30th day
following the effective date of such
termination,  then: (a) the Company shall pay to Employee,
in accordance with the Company’s regular payroll schedule, commencing with the
first payroll date occurring at least 30 days following the Termination Date, an
amount equal to Employee’s then effective Base Salary for a period of six (6)
months, payable to Employee in equal installments for the Severance Period;
and (b) Employee shall become vested in 100% of the shares subject to
his Option and any subsequent options to purchase the Company’s common stock
granted to him.”

      

      3.           Application of Section
409A.

       

      (a)           Notwithstanding
anything set forth in the Agreement, as amended hereby (the “Amended Agreement”)
to the contrary, no amount payable pursuant to the Amended Agreement which
constitutes a “deferral of compensation” within the meaning of the Treasury
Regulations issued pursuant to Section 409A of the Code (the “Section 409A
Regulations”) shall be paid unless and until Employee has incurred a “separation
from service” within the meaning of the Section 409A
Regulations.  Furthermore, to the extent that Employee is a “specified
employee” within the meaning of the Section 409A Regulations as of the date of
Employee’s separation from service, no amount that constitutes a deferral of
compensation which is payable on account of Employee’s separation from service
shall paid to Employee before the date (the “Delayed Payment Date”) which is
first day of the seventh month after the date of Employee’s separation from
service or, if earlier, the date of Employee’s death following such separation
from service.  All such amounts that would, but for this Section,
become payable prior to the Delayed Payment Date will be accumulated and paid on
the Delayed Payment Date.

       

       (b)           The
Company intends that income provided to Employee pursuant to the Amended
Agreement will not be subject to taxation under Section 409A of the
Code.  The provisions of the Amended Agreement shall be interpreted
and construed in favor of satisfying any applicable requirements of Section 409A
of the Code.  However, the Company does not
guarantee any particular tax effect for income provided to Employee pursuant to
the Amended Agreement.  In any event, except for the Company’s
responsibility to withhold applicable income and employment taxes from
compensation paid or provided to Employee, the Company shall not be responsible
for the payment of any applicable taxes on compensation paid or provided to
Employee pursuant to the Amended Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      4.           Continuation of Other
Terms.  Except as set forth herein, all other terms and
conditions of the Agreement shall remain in full force and effect.

       

      

      
        	
                /s/
      Mark
      Kalow

              	 
      
	
                Mark
      Kalow

              	 
      
	
                Member,
      Board of Directors

              	 
      
	
                Compensation
      Committee

              	 
      
	 
      	 
      
	
                Date:
      3-10-09

              	 
      
	 
      	 
      
	 
      	 
      
	
                Acknowledged,
      Accepted and Agreed:

              	 
      
	 
      	 
      
	 
      	 
      
	
                /s/
      Andrew L. Wood

              	 
      
	
                Andrew
      L. Wood

              	 
      
	 
      	 
      
	 
      	 
      
	
                Date:
      3-17-09

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