Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Tag Oil Ltd. - Exhibit 4.13

	August 17, 2007 
	  
	Mr. Drew Cadenhead 
	c/o TAG Oil Ltd. 
	PO Box 183 
	117 Powderham Street 
	New Plymouth, New Zealand 
	  
	Dear Mr. Cadenhead: 

	Re: 	Termination of Employment

Pursuant to our previous discussions and as we have both agreed
along with the Board of TAG Oil Ltd.’s (the “Company”) support, the Company
needs to make some strategic changes in the management of the Company and, as a
result, your employment with the Company will end effective September 1, 2007.
As a result of the termination of your employment, the Company is prepared to
provide you with the following severance package in recognition of the
contributions you have made to the Company over the past several years and to
assist you in transitioning to new opportunities: 

	1. 	
      Payment for Days Worked. You will be paid your
      regular base salary, up to and including September 1, 2007, less
      applicable statutory deductions.

	 	 
	2. 	
      Vacation Pay. You will be paid for all accrued but
      unused vacation days, up to September 1, 2007, less applicable statutory
      deductions.

	 	 
	3. 	
      Initial Severance Payment. You will be paid the
      sum of CAD$50,000, less applicable statutory deductions. This amount is
      inclusive of any entitlements you may be entitled to receive under either
      British Columbia or New Zealand employment standards
legislation.

	 	 
	4. 	
      Benefits Coverage. The Company will continue your
      health and dental insurance coverage until the completion of the
      consulting period set out below. All other company- sponsored benefits,
      including long term disability insurance coverage, terminate effective
      September 1, 2007. You may have the option to convert your group life
      insurance policy to an individual plan within 31 days from the termination
      of your employment. Questions regarding group life conversion should be
      discussed with Linda Randsley at Southern Cross, who can be reached at 06
      759-9979.

	 	 
	5. 	
      Consulting Period. Following September 1, 2007,
      you agree to provide consulting services to the Company for three months,
      in order to assist with the orderly transition of the Company’s business.
      In exchange, the Company shall pay you the sum of CAD$1,000 per full day
      of work, with a minimum CAD$10,000 payment per month based on ten days of
      work per month. Any days of work required over ten days per month must be
      approved by Garth Johnson in advance. This consulting agreement may be
      extended by mutual agreement for a further three months on the written
      agreement of both parties.

	 	 
	6. 	
      Relocation Expenses. The Company shall reimburse
      you for all reasonable expenses incurred in relation to moving your family
      and possessions from New Zealand to North America, to a maximum amount of
      CAD$30,000. You shall be reimbursed within 30 days of receipt of
      appropriate documentation substantiating such expenses.
  Upon

		
      approval in advance by the Company, certain of these
      costs may be advanced to you or paid directly by the Company.

	 	 
	7. 	
      Final Severance Payment. Upon the completion of an
      orderly transition of duties to Garth Johnson, consisting of (but not
      limited to) transferring records (hard copy and electronic), returning
      assets, liaise, as necessary and as requested by the Company, with
      shareholders, employee’s, ministry officials and joint venture partners
      during the consulting period set out above, the Company on November 30,
      2007 will pay you the sum of CAD$355,600, less applicable statutory
      deductions which, in conjunction with the initial termination payment set
      out above, constitutes a total of 16 months’ salary.

	 	 
	8. 	
      Stock Options. Subject to applicable securities
      legislation, all existing options shall continue to vest until the
      completion of the consulting period and shall be exercisable for a further
      30 days following the expiration of that consulting agreement.

	 	 
	9. 	
      Resignation as Director and Officer. You will resign as a
      director and from any other office you hold at the Company and any of its
      subsidiaries, including without limitation, TAG Oil (NZ) Limited, TAG Oil
      (Canterbury) Limited and Cheal Petroleum Limited. A copy of a resignation
      letter is attached for your signature.

	 	 
	10. 	
      Release of Claims. In exchange for the payments
      set out above, you agree to sign a written release of any and all claims
      you may have against the Company in the form attached to this
    letter.

You may accept this offer by signing this letter and the
enclosed Release and returning them to us before August 24, 2007. We ask that
you carefully consider this offer and seek whatever professional advice you
require. 

By signing this letter below, TAG Oil Ltd. undertakes not to
speak ill of you in any way whatsoever now or hereafter. 

If you have any questions about the content of this letter,
please feel free to contact me at 604-609-3351. 

Again, we want to thank you for the contributions you have made
to the Company and wish you all the best in your future endeavours. 

Yours truly, 

Garth Johnson 
Chief Financial Officer 

/gj 

Enclosures 

Acknowledged and agreed to this __________ day of August, 2007.

	 	 
	Drew CadenheadFiled by Automated Filing Services Inc. (604) 609-0244 - Tag Oil Ltd. - Exhibit 4.14

EXECUTIVE EMPLOYMENT AGREEMENT 

THIS AGREEMENT is dated effective as of the
1st day of September, 2007. 

BETWEEN: 

	 	TAG OIL LTD., a company incorporated
      under the laws of 
	 	British Columbia and having an office at Suite
      1407, 1050 Burrard 
	 	Street, Vancouver, British Columbia V6Z 2S3
  
	 	  
	 	(the “Employer”) 

AND: 

	 	GARTH JOHNSON residing at 1734 Ocean
      Park Road, Surrey, 
	 	British Columbia V4A 3L9 
	 	  
	 	(the “Employee”) 

WHEREAS: 

(A) The Employer is in the business of producing and exploring
for oil and gas; 

(B) The Employer wishes to continue to employ the Employee in
the new position of Chief Executive Officer; and 

(C) The Employee has agreed to continue his employment as Chief
Executive Officer with the Employer on the terms and conditions of employment
herein; 

WITNESSETH that in consideration of the covenants and
agreements herein, and for other good and valuable consideration given by each
party hereto to the other, the receipt and sufficiency of which are hereby
acknowledged by each of the parties, the parties hereby agree as follows: 

PART 1 

INTERPRETATION 

Interpretation 

1.1 For the purposes of this Agreement, except as otherwise
expressly provided herein: 

(a) “this Agreement” means this
Agreement as it may from time to time be supplemented or amended and in effect;

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(b) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole
and not to any particular section, subsection, paragraph or other subdivision or
Schedule; 

(c) the singular of any term includes
the plural and vice versa and the use of any term is equally applicable to any
gender and where applicable a body corporate; 

(d) the word “or” is not exclusive and
the word “including” is not limiting (whether or not non-limiting language such
as “without limitation” or “but not limited to” or other words of similar import
is used with reference thereto); 

(e) except as otherwise provided, any
reference to a statute includes and is a reference to such statute and to the
regulations made pursuant thereto with all amendments made thereto and in force
from time to time, and to any statute or regulations that may be passed which
have the effect of supplementing or superseding such statute or such
regulations; 

(f) the headings to the sections,
subsections and paragraphs of this Agreement are inserted for convenience only
and do not form a part of this Agreement and are not intended to interpret,
define or limit the scope, extent or intent of this Agreement or any provision
hereof;

(g) “Board” means the board of
directors of the Company; and 

(h) “Business” means the acquisition,
exploration and development of oil and gas properties in the SE Asian area any
other material business carried on from time to time by the Company. 

PART 2 

EMPLOYMENT 

Position 

2.1 The Employer agrees to employ the Employee as Chief
Executive Officer, reporting to the Board of the Employer. 

Service 

2.2 During the term of this Agreement, the Employee shall: 

(a) diligently and faithfully serve the
Employer and use his best efforts to promote the best interests of the Employer;
and 

(b) unless prevented by ill health or
injury, devote his working time and attention to the business of the Employer on
a full-time basis. 

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Term 

2.3 The term of this Agreement shall commence on September 1,
2007 and shall continue until it and the Employee’s employment are terminated in
accordance with section 4 or 5 of this Agreement. 

Length of Service 

2.4 The Employee’s original date of hire with the Employer
shall be used for calculating any entitlements based on the Employee’s tenure
with the Employer. 

PART 3 

COMPENSATION 

Compensation and Benefits 

3.1 During the Employee’s employment with the Employer, the
Employer shall pay to the Employee the compensation and provide the benefits as
set out in Schedule A, which sets out completely the compensation and benefits
entitlement of the Employee. 

Business Expenses 

3.2 The Employee shall be reimbursed by the Employer for all
reasonable expenses incurred in connection with his employment, including
business travel, in accordance with the Employer’s policies as established from
time to time.

PART 4 

TERMINATION 

Resignation 

4.1 The Employee may terminate his employment with the Employer
by giving not less than one (1) months’ written notice of resignation. At the
time the Employee provides the Employer with notice of resignation, or at any
time thereafter, the Employer shall have the right to elect to terminate the
Employee’s employment at any time prior to the effective date of the Employee’s
resignation, and upon such election, shall provide to the Employee a lump sum
equal to the Base Salary for the notice period required to be provided by the
Employee pursuant to this section 4.1 or to such proportion of that notice
period that remains outstanding at the time of the election and shall continue
to provide all medical and healthcare benefits that the Employer is permitted or
able to provide under the applicable rules of the relevant plans for the lesser
of the applicable notice period or the period of time that remains outstanding
at the time of the Employer’s election. Upon such election being made by the
Employer, the Employee shall not be entitled to any further Annual Bonus or
vesting of stock options. Upon the effective date of 

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the Employee’s resignation, the Employer shall not be obligated
to make any further payments under this Agreement 

Termination for Cause 

4.2 Notwithstanding any other provision of this Agreement, the
Employer may on written notice to the Employee immediately terminate this
Agreement and the Employee’s employment with the Employer at any time for Cause
(as defined in section 4.3 of this Agreement), without a notice period or pay in
lieu of a notice period or any other form of compensation, severance pay or
damages. 

4.3 For the purposes of this Agreement, “Cause” means the
circumstances if the Employee: 

(a) is adjudicated to be bankrupt, 

(b) is convicted of any indictable
offence; 

(c) commits an act of gross misconduct,
wilful negligence or fraud in respect of the responsibilities or duties required
to be performed under this Agreement, or to be undertaken or required to be
undertaken in accordance with the provisions of this Agreement; or 

(d) engages in any conduct which is
intentional and materially injurious to the Business. 

Termination without Cause 

4.4 The Employer may terminate the employment of the Employee
by providing the Employee in writing with thirty (30) months’ notice, pay in
lieu of such notice or any combination thereof.

Termination by Death or Permanent Incapacity 

4.5 The Employer’s obligation to the Employee and the
Employee’s obligations to the Employer pursuant to this Agreement shall
terminate upon the Employee’s death or permanent incapacity. For the purposes of
this section 4.5, the Employee shall be deemed to have suffered permanent
incapacity when the Employee suffers from any illness or injury that prevents
him from performing his usual employment duties for a period of twelve (12)
consecutive months. Where the employment of the Employee is terminated under
this section 4.5, the Employer shall be under no obligation to provide the
Employee with any further notice of termination or pay in lieu of notice or any
other form of pay or damages. The Employee acknowledges and agrees that given
the nature of the Employer’s business and the critical importance of his
position to the operations of the Employer, it would constitute an unreasonable
accommodation on the part of the Employer to operate without the services of the
Employee for a period in excess of twelve (12) months. Furthermore, the Employee
acknowledges that it would be impractical for the Employer to hire a replacement
for the Employee, unless the replacement is hired on a permanent basis. 

- 5 - 

Directorship and Offices 

4.6 Upon the termination of his employment with the Employer,
the Employee shall immediately resign any directorship or office held in the
Employer or any parent, subsidiary or affiliated companies of the Employer and,
except as provided in this Agreement, the Employee shall not be entitled to
receive any written notice of termination or payment in lieu of notice, or to
receive any severance pay, damages or compensation for loss of office or
otherwise, by reason of the resignation or resignations referred to in this
section 4.6. 

No Additional Payments 

4.7 The Employee acknowledges and agrees that unless otherwise
expressly agreed in writing between the Employee and the Employer, the Employee
shall not be entitled, by reason of his employment with the Employer or by
reason of any termination of such employment, howsoever arising to any
remuneration, compensation or other benefits other than expressly provided for
in this Agreement. 

PART 5 

CHANGE OF CONTROL

Termination by Employer 

5.1 In the event that within the twelve (12) month period
immediately following a Change of Control (as defined in section 5.2 of this
Agreement), any of the following occur: 

(a) the Employee’s employment with the
Employer is terminated, other than for Cause; 

(b) the Employee is placed in a
position of lesser stature than that of President and Chief Executive Officer;
is assigned duties inconsistent with such position or duties which, if
performed, would result in a significant change in the nature or scope of
powers, authority, functions or duties inherent in such position immediately
prior to the Change of Control; is assigned performance requirements or working
conditions which are at variance with the performance requirements and working
conditions in effect immediately preceding the Change of Control; or is accorded
treatment on a general basis that is in derogation of his status as President
and Chief Executive Officer; or 

(c) any requirement of the Employer
that the location at which the Employee performs his principal duties be outside
a radius of twenty-five miles from the location at which the Employee performs
such duties immediately before the Change of Control; 

then, at the Employee’s election, of which the Employee shall
advise the Employer, by notice in writing within ninety (90) days of the Change
of Control event, this Agreement shall be deemed to have been terminated by the
Employer and the Employer will, immediately upon such termination, pay to the
Employee an amount equal to his Base Salary for thirty (30) months. In 

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addition, all options held by the Employee shall vest
immediately and the Employee shall have three months to exercise the options.
The Employer shall continue to provide all medical and health care benefits and
all other benefits that it is permitted or able to provide under the applicable
rules of the relevant plans for a period of three (3) months from the date of
the Employee’s election following a Change of Control. The Employee further
agrees that compensation payable pursuant to this section 5.1 is in lieu of the
severance package payable under section 4.4 of this Agreement and shall be the
maximum compensation to which the Employee is entitled to receive in lieu of
reasonable notice, and the Employer will have no further obligations to the
Employee with respect to the termination of this Agreement or his employment,
including, without limitation, further severance pay or damages. 

Change of Control 

5.2 For the purposes of this agreement, a “Change of Control”
means any of the following: 

(a) any change in the registered
holdings or beneficial ownership of the outstanding common shares of the
Employer which results in a person or a group of persons acting jointly or in
concert, or a person associated or affiliated with any such person or group
(within the meaning of the Business Corporations Act (British Columbia)
as amended) being in position to exercise effective control of the Employer,
which person or group could not previously exercise effective control of the
Employer, which for the purposes of this clause, shall be any such person or
group holding, owning or controlling, directly or indirectly, securities
sufficient to elect directors of the Employer; 

(b) incumbent directors no longer
constituting a majority of the Board of Directors; 

(c) the completion of a merger,
amalgamation, arrangement, business combination or similar transaction with a
person or group of persons that is not associated or affiliated (within the
meaning of the Business Corporations Act (British Columbia) as amended)
with the Employer; or 

(d) the sale, lease or transfer of all
or substantially all of the Employer’s assets. 

PART 6 

CONFIDENTIALITY 

Confidential Information 

6.1 The Employee acknowledges that, by reason of his
arrangement with the Employer, he will have access to Confidential Information,
as hereinafter defined, of the Employer, that the Employer has spent time,
effort and money to develop and acquire. For the purposes of this Agreement any
reference to “Employer” shall mean the Employer and its affiliates and
subsidiaries. The term “Confidential Information” as used in this Agreement
means all trade secrets, proprietary information and other data or information
(and any tangible evidence, record or representation thereof) whether prepared,
conceived or developed by an 

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employee or agent of the Employer (including the Employee) or
received by the Employer from an outside source which is maintained in
confidence by the Employer or the outside source who provided the information in
question. Without limiting the generality of the foregoing, Confidential
Information includes information of the Employer pertaining to: 

(a) any ideas, drawings, maps,
improvements, know-how, research, geological records, drill logs, inventions,
innovations, products, services, sales, scientific or other formulae, core
samples, processes, methods, machines, procedures, tests, treatments,
developments, technical data, designs, devices, patterns, concepts, computer
programs or software, records, data, training or service manuals, plans for new
or revised services or products or other plans, items or strategy methods on
compilation of information, or works in process, or any inventions or parts
thereof, and any and all revisions and improvements relating to any of the
foregoing (in each case whether or not reduced to tangible form) that relate to
the business or affairs of the Employer or that result from its marketing,
research and/or development activities; 

(b) any marketing material, plan or
survey, business plan, opportunity or strategy, development plan or
specification or business proposal; 

(c) financial information, including
the Employer’s costs, financing or debt arrangements, income, profits, salaries
or wages; and 

(d) any information relating to the
present or proposed business of the Employer. 

6.2 The Employee acknowledges that the Confidential Information
is a valuable and unique asset of the Employer and that the Confidential
Information is and will remain the exclusive property of the Employer. 

6.3 The Employee agrees to maintain securely and hold in strict
confidence all Confidential Information received, acquired or developed by him
or disclosed to him as a result of or in connection with his association with
the Employer. The Employee agrees that, both during the term of this Agreement
and after the termination of his arrangement with the Employer, he will not,
directly or indirectly, divulge, communicate, use, copy or disclose or permit
others to use, copy or disclose, any Confidential Information to any person,
except as such disclosure or use is required to perform his duties hereunder.
The obligation of confidentiality imposed by this Agreement shall not
apply to information that appears in issued patents or printed publications,
that otherwise becomes generally known in the industry through no act of the
Employee in breach of this Agreement, or that is required to be disclosed by
court order or applicable law. 

6.4 The Employee understands that the Employer has from time to
time in their possession information belonging to third parties or which is
claimed by third parties to be confidential or proprietary and which the
Employer has agreed to keep confidential. The Employee agrees that all such
information shall be Confidential Information for the purposes of this
Agreement. 

- 8 - 

6.5 For purposes of the copyright laws of the United States of
America, to the extent, if any, that such laws are applicable to any
Confidential Information, it shall be considered a work made for hire and the
Employer shall be considered the author thereof. 

6.6 The Employee represents and warrants that the Employee will
not, to the best of the Employee’s knowledge and belief, use or cause to be
incorporated in any of the Employee’s work product any data software,
information, designs, techniques or know-how which the Employee or the Employer
does not have the right to use. 

6.7 The Employee agrees that documents, copies, records and
other property or materials made or received by the Employee that pertain to the
business and affairs of the Employer, including all Confidential Information
which is in the Employee’s possession or under the Employee’s control are the
property of the Employer and that the Employee will return same and any copies
of same to the Employer immediately upon termination of this Agreement or at any
time upon the request of the Employer. 

Injunctive Relief

6.8 The Employee agrees that, in the event he violates any of
the restrictions referred to in section 6, the Employer shall suffer irreparable
harm and shall be entitled to preliminary and permanent injunctive relief and
any other remedies in law or in equity which the court deems fit. 

PART 7 

GENERAL 

Representations and Warranties of Employee 

7.1 The Employee represents and warrants that the execution
performance of this Agreement will not result in or constitute a default, breach
or violation of any understanding, agreement of commitment, written or oral,
express or implied, to which the Employee is a party. The Employee further
represents and warrants that he has not brought and will not bring with him to
the Employer or the associated companies, and that he has not used and will not
use, while performing his duties for the Employer, any materials or documents of
a former employer or any other person or entity to which he is under a duty not
to disclose. The Employee agrees that, while employed by the Employer, the
Employee shall not breach any obligation, confidence or duty the Employee may
have to a former employer or any other person or entity and the Employee agrees
that the Employee will fulfill all such obligations during the Employee’s
employment with the Employer. 

Counterpart 

7.2 This Agreement and any other writing delivered pursuant to
this Agreement may be executed in any number of counterparts with the same
effect as if all parties to this Agreement or such other writing had signed the
same document and all counterparts will be construed together and will
constitute one and the same instrument. 

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Governing Laws 

7.3 This Agreement shall be governed by and interpreted
exclusively in accordance with the laws of British Columbia, and the courts of
British Columbia shall have the exclusive jurisdiction over this Agreement and
any claim or dispute arising under it. 

Assistance 

7.4 The parties must render all such assistance to one another
as may reasonably be required to enable the provisions of the Agreement
expeditiously to be given effect. All materials and facilities made available by
Company and used by the Consultant for this purpose shall remain the property of
the Company. 

Notice 

7.5 All notices required to be given by any party under this
Agreement shall be in writing and shall be delivered by hand or properly
addressed prepaid registered post or facsimile addressed to a party at its
address set out in this Agreement or such other address as a party may from time
to time designate in writing. 

Any notice given shall be deemed to have been delivered: 

(a) in the case of delivery by ordinary
prepaid registered post, three business days after posting; or 

(b) in the case of transmission by
facsimile, upon receipt by the sender of a transmission report showing
transmission free of error. 

Entire Agreement and Amendments 

7.6 The provisions herein constitute the entire agreement
between the parties and supersede all previous communications, representations
and agreements, whether oral or written, between the parties with respect to the
subject matter hereof. This Agreement may not be amended or modified except by
written instrument signed by the Employer and the Employee. 

Further Assurances 

7.7 Each party shall make, execute and do so cause to be made,
executed or done all necessary agreements, deeds and acts which may be necessary
to protect, secure or otherwise ensure compliance between them with the terms of
this Agreement. 

Enurement 

7.8 This Agreement shall enure to the benefit of and be binding
upon the parties hereto and their respective heirs, executors, administrators,
successors, personal representatives and permitted assigns. 

Assignment of Rights 

- 10 - 

7.9 The Employer shall have the right to assign this Agreement
to another party, including, without limitation, any successor company that
acquires all or substantially all of the Employer’s assets. The Employee shall
not assign his rights under this Agreement or delegate to others any of his
functions and duties under this Agreement without the express written consent of
the Employer which may be withheld in its sole discretion. 

Affiliated Companies 

7.10 The Employee acknowledges and agrees that all of the
Employee’s covenants and obligations to the Employer, as well as the rights of
the Employer under this Agreement, shall run in favour of and shall be
enforceable by the parent, subsidiary and affiliated companies of the Employer.
The Employee acknowledges that notwithstanding references in this Agreement to
the parent, subsidiary and affiliated companies of the Employer, this Agreement
is between the Employee and the Employer and there are no other parties to the
Agreement. The Employee shall have no right to enforce this Agreement against
any party other than the Employer unless this Agreement is assigned to any
entity in accordance with section 7.3 of this Agreement. 

Severability 

7.11 Should any part of this Agreement be declared or held to
be invalid for any reason, the invalidity shall not affect the validity of the
remainder of this Agreement which shall continue in full force and effect and be
construed as if this Agreement had been executed without the invalid portion,
and it is hereby declared the intention of the parties that this Agreement would
have been executed without reference to any portion that may, for any reason, be
hereafter declared or held invalid. 

Survival

7.12 The Employer and the Employee expressly acknowledge and
agree that the provisions of this Agreement, which by their express or implied
terms extend beyond the termination of the Employee’s employment hereunder, or
beyond the termination of this Agreement, shall continue in full force and
effect notwithstanding the termination of the Employee’s employment or the
termination of this Agreement for any reason. 

Employment Standards 

7.13 In the event that the minimum standards in the
Employment Standards Act, R.S.B.C. 1996, c. 113, or any other employment
standards legislation that may be applicable, are more favourable to the
Employee in any respect, including but not limited to the provisions herein in
respect to notice of termination or vacation entitlement, the provisions of the
Employment Standards Act, or such other applicable employment standards
legislation, shall apply. 

Legal Advice 

7.14 The Employee acknowledges that it was recommended to him
by the Employer that he obtain independent legal advice before executing this
Agreement and that by executing this Agreement the Employee represents that he
did obtain independent legal advice. 

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IN WITNESS WHEREOF this Agreement has been executed by
the parties on the 29th day of August, 2007. 

TAG OIL LTD. 

	 Per:	 	 
	 	Authorized Signatory 	 

	SIGNED, SEALED AND DELIVERED by 	) 	  
	GARTH JOHNSON in the presence of: 	) 	  
	  	) 	  
	  	) 	  
	  	) 	 
    
	Witness 	) 	GARTH JOHNSON 
	  	) 	  
	  	) 	  
	Name 	) 	  
	  	) 	  
	  	) 	  
	  	) 	  
	Address 	) 	  
	  	) 	  
	  	) 	  
	  	) 	  
	  	) 	  

- 12 - 

SCHEDULE “A” 

Salary 

The Employer shall pay to the Employee an annual salary of
CDN$150,000 (the “Base Salary”), less applicable statutory deductions,
paid in accordance with the Employer’s usual payroll practices. 

Annual Bonus 

In addition to the Base Salary, the Employee shall be eligible
for a bonus of up to 35% of the Base Salary per annum (“Annual Bonus”). The
recommendation of the Annual Bonus shall be performed by the Employer’s
Compensation Committee and approved by the Board acting reasonably. 

The Employee must be actively employed with the Employer at the
time any Annual Bonus is actually paid in order to be eligible for that Annual
Bonus and the Employee shall not be eligible for any Annual Bonus on a pro-rated
basis or during any period of reasonable notice provided pursuant to this
Agreement. 

Benefits 

A. Employee Benefits 

The Employee shall be eligible to participate in all medical,
dental and insurance benefits offered to executive-level employees of the
Employer. The administration of these benefits is at the sole discretion of the
Employer and any addition, alteration or deletion of such benefits shall not
result in a breach of this Agreement. 

B. Vacation 

The Employee shall be entitled to vacation in accordance with
the Employer’s policies for executive-level employees.

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