Document:

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                                                                   EXHIBIT 10.16

                    DIRECTORS' DEFERRED COMPENSATION PLAN OF
                                CFS BANCORP, INC.

                            EFFECTIVE JANUARY 1, 2005

                                KRIEG DEVAULT LLP

                               ONE INDIANA SQUARE

                                   SUITE 2800

                             INDIANAPOLIS, IN 46204

<PAGE>

                                  INTRODUCTION

      The purpose of this Plan and its related Trust is to permit Directors to
defer the receipt and resulting taxation of the Fees to be received for services
as a Director. All benefits payable under this Plan shall be paid solely out of
the Trust assets or from the general assets of the Company.

                                    ARTICLE I

                                   DEFINITIONS

      Whenever the initial letter of the following words or phrases is
capitalized herein, those words and phrases shall have the meanings stated below
unless a different meaning is plainly required by the context:

      1.1.  "Accounting Date" means the last day of each calendar three-month
period (and any other date selected by the Committee).

      1.2.  "Affiliate" means the Company and any other corporation or trade or
business whose employees are treated as being employed by the Company under Code
Sections 414(b), 414(c), 414(m) or 414(o).

      1.3.  "Bank" means Citizens Financial Services, FSB.

      1.4.  "Board" means the Board of Directors of CFS Bancorp, Inc.

      1.5.  "Code" means the Internal Revenue Code of 1986, as amended.

      1.6.  "Committee" means the committee appointed by the Board to administer
            the Plan.

      1.7.  "Company" means CFS Bancorp, Inc.

      1.8.  "Company Stock" means CFS Bancorp, Inc. common voting stock.

      1.9.  "Company Stock Account" means the sub-account under each
Participant's Individual Account to which shares of Company Stock will be
credited as of each Accounting Date.

      1.10. "Company Stock Dividend" means the cash dividend payable with
respect to one (1) share of Company Stock which shall be equal to and payable
under the Plan at the same time as a cash dividend is paid with respect to one
(1) share of Company Stock. Section 3.4 provides for the method by which Company
Stock Dividends will be allocated to a Participant's Company Stock Account.

      1.11. "Director" means any duly elected and serving member of the board of
directors or advisory board of directors of the Company, the Bank or an
Affiliate.

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      1.12. "Effective Date" means the effective date of this Plan, which is
January 1, 2005.

      1.13. "Fair Market Value" means the per share value of a share of Company
Stock, as determined by the Committee in its sole discretion.

      1.14. "Fees" means all fees payable to a Participant for a Plan Year, for
services rendered to the Company, the Bank or an Affiliate as a Director, with
respect to such Plan Year, including cash retainers, fees for attendance at
regularly scheduled board meetings, special meetings called from time to time
and any and all meetings of committees of the board of directors.

      1.15. "Individual Account" means the individual bookkeeping account
maintained for each Participant in accordance with Section 3.1. Such Individual
Account is comprised of whichever of the following sub-accounts are applicable
to a particular Participant: Company Stock Account and Interest Bearing Account.

      1.16. "Interest Bearing Account" means the sub-account under a
Participant's Individual Account to which interest will be credited as of each
Accounting Date.

      1.17. "Participant" means a Director who becomes a Participant pursuant to
Article II of the Plan.

      1.18. "Participation Agreement" means the written agreement between the
Participant and the Company, pursuant to which the Participant elects to defer
receipt of Fees, elects an investment alternative, designates a beneficiary, and
elects the time of distribution of benefits under the Plan.

      1.19. "Plan" means this Directors' Deferred Compensation Plan of CFS
Bancorp, Inc.

      1.20. "Plan Year" means the 12-month period beginning each January 1 and
ending each December 31.

      1.21. "Trust" means the agreement entered into between the Company and the
Trustee pursuant to Article IV.

      1.22. "Trustee" means such independent financial institution as shall be
designated in the Trust to hold in trust any assets of the Plan for the purpose
of providing benefits under the Plan, and shall include any successor to the
Trustee initially designated thereunder.

                                   ARTICLE II

                                  PARTICIPATION

      2.1.  Eligibility. Each Director shall be eligible to participate in the
Plan on its Effective Date, or if later, on or after the date he becomes a
Director.

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      2.2.  Participation and Deferrals. A Director shall become a Participant
by electing, on a Participation Agreement, to defer the receipt of all or any
portion of the Fees he would otherwise receive with respect to a Plan Year,
consistent with Section 2.3.

      2.3.  Participation Agreement. As a condition to the Company's and the
Committee's obligation to withhold and credit deferred Fees for a Participant
under the Plan, the Participant must execute a Participation Agreement on such
forms as shall be prescribed by the Committee.

      (a)   Timing of Execution and Delivery of Participation Agreement. Except
            as provided below, a Participation Agreement must be executed by the
            Participant and the Committee prior to the first day of the Plan
            Year in which the Fees specified in the Participation Agreement will
            be paid. For example, to defer Fees payable in the 2006 Plan Year, a
            Participation Agreement must be executed on or prior to December 31,
            2005. The Participation Agreement may not be amended or revoked
            during the Plan Year.

      (b)   Directors Elected Mid-Year. Notwithstanding subsection (a), a
            non-employee who is elected or appointed to fill a vacancy on the
            Board and who was not a Director on the preceding December 31st may,
            by completing a Participation Agreement, elect to defer Fees for the
            balance of the Plan Year and succeeding Plan Years. In order to
            defer Fees under this subsection (b), the newly elected or appointed
            Director must, within thirty (30) days after such election or
            appointment, execute and deliver a Participation Agreement to the
            Committee, which will be effective for Fees payable on or after the
            date the executed Participation Agreement is delivered to the
            Committee.

      (c)   Modification of Participant Deferral Election. During each December,
            a Participant and the Committee may execute and deliver an amended
            Participation Agreement which increases, decreases, commences or
            terminates the deferral of the Participant's Fees payable after the
            31st day of that December.

                                   ARTICLE III

                            DEFERRALS AND ALLOCATIONS

      3.1.  Establishment of Individual Accounts. The Committee shall establish
and maintain an Individual Account for each Participant, to which the Committee
shall credit the Fees deferred by the Participant pursuant to Article II and
from which the Committee shall debit all amounts paid to the Participant or his
or her designated beneficiary pursuant to Article V.

      3.2.  Accounting. As of each Accounting Date, each Participant's
Individual Account will be adjusted as follows:

      (a)   First, by charging the Individual Account with any distributions
            pursuant to Article V made to or on behalf of the Participant or his
            or her designated beneficiary since the last Accounting Date.

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      (b)   Second, by allocating any Company Stock Dividends which are
            allocable to the Participant's Company Stock Account in accordance
            with Section 3.4.

      (c)   Third, by allocating any interest which is allocable to the
            Participant's Interest Bearing Account in accordance with Section
            3.6.

      (d)   Finally, by crediting the Individual Account with any deferred Fees
            that are to be allocated in accordance with Section 3.7.

      3.3.  Conversion of Deferrals. For deferred Fees that are to be invested
in Company Stock and allocated to the Participant's Company Stock Account on any
Allocation Date, such Account shall be credited with a number of shares of
Company Stock, including fractions thereof, determined by dividing the Fair
Market Value of the Company's common stock on that Accounting Date into the
applicable amount of such deferred Fees to be invested in shares of Company
Stock since the last Accounting Date.

      3.4.  Allocation of Company Stock Dividends to Company Stock Accounts. As
of each Accounting Date, the number of shares of Company Stock, including
fractions thereof, allocated to a Participant's Company Stock Account shall be
credited with any Company Stock Dividends which were paid with respect to such
shares of Company Stock since the preceding Accounting Date. The aggregate
amount of such Company Stock Dividends shall be divided by the Fair Market Value
of the Company Stock as of the Accounting Date specified in the first sentence
of this Section to determine the number of shares of Company Stock, including
fractions thereof, to be credited to the Participant's Company Stock Account.

      3.5.  Changes in Stock. In the event of any change in Company Stock
through stock dividends, split-ups, recapitalizations, reclassifications,
conversions or otherwise, or in the event that other stock shall be converted
into or substituted for the present Company Stock as the result of any merger,
consolidation, reorganization or similar transaction, then the Committee shall
make appropriate adjustment in the aggregate number, price and kind of shares of
Company Stock held in each Individual Account.

      3.6.  Allocation of Interest to Interest Bearing Accounts. The interest
rate to be credited to a Participant's Interest Bearing Account as of each
Accounting Date shall be equal to Forty-Five Percent (45%) of the prime rate as
reported in the Wall Street Journal on the applicable Accounting Date. Interest
shall be compounded on each Accounting Date, based on the amount of the
Participant's Individual Account allocated to the Interest Bearing Account as of
the prior Accounting Date.

      3.7.  Crediting of Deferrals. All amounts deferred by a Participant
pursuant to Article II shall be credited to the Participant's Individual Account
effective as of the Accounting Date immediately following the period in which
the Fees would otherwise have been paid to the Participant had they not been
deferred.

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                                   ARTICLE IV

                             INVESTMENT OF DEFERRALS

      4.1.  Trust and Investments. Each Participant's deferrals under the Plan
shall be credited to the Participant's Individual Account as provided in Section
3.2 and may be invested by the Trustee in accordance with the terms and
conditions of the Trust. The Participant may, upon (i) initial enrollment in the
Plan, and (ii) making any subsequent deferral election, direct that his or her
Individual Account be invested in shares of Company Stock in the Trust, credited
to the Interest Bearing Account, or in a combination of these investments. The
Participant may change his or her investment direction at any time after the
initial election; provided, however, any such change shall relate only to Fees
being deferred in the the Plan Year to which the deferral election which
includes the investment direction relates. Thus, once given, an investment
direction applicable to Fees deferred in a particular Plan Year cannot later be
changed insofar as it relates to such Fees.

      4.2.  Unsecured Contractual Rights. The Plan at all times shall be
unfunded and shall constitute a mere promise by the Company to make benefit
payments in the future. No provision of the Plan shall impose or be deemed to
impose any obligation upon the Company, other than an unsecured contractual
obligation to make a cash payment to Participants and their beneficiaries in
accordance with the terms of the Plan. Benefits payable under the Plan shall be
paid directly by the Trustee from the Trust or by the Company from its general
assets. Notwithstanding any other provision of this Plan, neither a Participant
nor his designated beneficiary shall have any preferred claim on, or any
beneficial ownership interest in, any assets of the Company or any Affiliate
prior to the time benefits are distributed as provided in Article V.

                                    ARTICLE V

                                  DISTRIBUTIONS

      5.1.  Time of Payment of Benefits. All amounts credited to a Participant's
Individual Account shall be distributed for the benefit of a Participant (or his
designated beneficiary) as soon as administratively practicable following the
earlier of (i) the Participant's death, (ii) the date the Participant ceases to
be a Director or (iii) the date elected by the Director.

      5.2.  Method of Payment of Benefits. The balance of a Participant's
Individual Account shall be distributed in a single sum payment unless the
Participant has made an election, at the time of his or her initial deferral
election, to receive the distribution in annual installments over a period of
five (5) years. All shares of Company Stock held in the Company Stock Account at
the time of distribution will be distributed in kind, and all amounts invested
in the Interest Bearing Account at the time of distribution will be distributed
in cash.

      5.3.  Benefit Payment Elections. In order to be effective, a Participant's
election to receive installment payments or to select an earlier distribution
date must be made by delivering a Participation Agreement to the Committee that
includes such elections at the same time as the

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Participant's initial deferral election. If the Participant does not elect to
receive installment payments or if such election is not timely or properly made
under this Section 5.3, the Company shall pay the entire benefit in the form of
a single sum within nine (9) months after the date the Participant first becomes
eligible for the distribution under Section 5.1. If the Participant does not
elect an additional distribution date, or if such election is not timely or
properly made under this Section 5.3, the Company shall pay the benefit at the
time provided in Section 5.1.

      5.4.  Death of a Participant and Beneficiary Designation.

      (a)   Time of Payment. In the event of a Participant's death prior to the
            time his benefits under the Plan are distributed, the balance in his
            Individual Account shall be paid, or begin to be paid, to his
            designated beneficiary within nine (9) months of the date of the
            Participant's death.

      (b)   Designation of Beneficiaries. The Participant may designate a
            primary and contingent beneficiary or beneficiaries on forms
            provided by the Committee, which for this purpose may include the
            Participation Agreement. Such designation may be changed at any time
            for any reason by the Participant. If the Participant fails to
            designate a beneficiary, or if such designation shall for any reason
            be illegal or ineffective, or if the designated beneficiary(ies)
            shall not survive the Participant, his benefits under the Plan shall
            be paid to his estate.

      5.5.  Participant Ceases to be a Director. In the event a Participant
ceases to be a Director prior to the time his benefits under the Plan are
distributed, the balance in his Individual Account shall be paid, or begin to be
paid, within nine (9) months of the Participant's cessation as a Director.

                                   ARTICLE VI

                               PLAN ADMINISTRATION

      6.1.  Administration by the Committee. The Committee shall be responsible
for administering the Plan. Except as the Company shall otherwise expressly
determine, the Committee shall be charged with the full power and the
responsibility for administering the Plan in all its details. No Participant who
is also a member of the Committee shall vote on any matter concerning that
Participant's individual benefit hereunder.

      6.2.  Powers and Responsibilities of the Committee.

      (a)   The Committee shall have all powers necessary to administer the
            Plan, including the power to construe and interpret the Plan
            documents; to decide all questions relating to an individual's
            eligibility to participate in the Plan; to determine the amount,
            manner and timing of any distribution of benefits under the Plan; to
            resolve any claim for benefits in accordance with Section 6.4, and
            to appoint or employ advisors, including legal counsel, to render
            advice with respect to any of the Committee's responsibilities under
            the Plan. Any construction, interpretation,

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            or application of the Plan by the Committee shall be final,
            conclusive and binding on all persons. All actions by the Committee
            shall be taken pursuant to uniform standards applied to all
            similarly situated persons.

      (b)   Records and Reports. The Committee shall be responsible for
            maintaining sufficient records to determine each Participant's
            eligibility to participate in the Plan, and the Fees of each
            Participant for purposes of determining the amount of contributions
            that may be made by or on behalf of the Participant under the Plan.

      (c)   Rules and Decisions. The Committee may adopt such rules as it deems
            necessary, desirable or appropriate in the administration of the
            Plan. All rules and decisions of the Committee shall be applied
            uniformly and consistently to all Participants in similar
            circumstances. When making a determination or calculation, the
            Committee shall be entitled to rely upon information furnished by a
            Participant or beneficiary, the Company or the Company's legal
            counsel.

      (d)   Application and Forms for Benefits. The Committee may require a
            Participant or beneficiary to complete and file with it an
            application for a benefit, and to furnish all pertinent information
            requested by it. The Committee may rely upon all such information so
            furnished to it, including the Participant's or beneficiary's
            current mailing address.

      6.3.  Liabilities. The Committee members shall be indemnified and held
harmless by the Company with respect to any actual or alleged breach of
responsibilities performed or to be performed hereunder in their official
capacities in the administration of the Plan.

      6.4.  Claims Procedure.

      (a)   Filing a Claim. Any Participant or beneficiary under the Plan may
            file a written claim for a Plan benefit with the Committee or with a
            person named by the Committee to receive claims under the Plan.

      (b)   Notice of Denial of Claim. In the event of a denial or limitation of
            any benefit or payment due to or requested by any Participant or
            beneficiary under the Plan ("Claimant"), the Claimant shall be given
            a written notification containing specific reasons for the denial or
            limitation of his benefit. The written notification shall contain
            specific reference to the pertinent Plan provisions on which the
            denial or limitation of his benefit is based.

      (c)   Court Action. No Participant or beneficiary shall have the right to
            seek judicial review of a denial of benefits, or to bring any action
            in any court to enforce a claim for benefits prior to filing a claim
            for benefits or exhausting his rights to review under this Section
            6.4.

      6.5.  Trustee. The Company shall appoint an independent financial
institution to act as Trustee under the Trust Agreement. The Trustee shall serve
at the pleasure of the Company and

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its powers and responsibilities shall be set forth in a written Trust Agreement
between the Company and the Trustee. An amount equal to the amount of
contributions made pursuant to the Plan may be contributed to the Trust and held
by the Trustee in accordance with the terms of the Trust Agreement.

                                   ARTICLE VII

                            AMENDMENT AND TERMINATION

      The Company may amend, suspend or terminate the Plan, in whole or in part,
without the consent of the Committee, Participants, beneficiaries or any other
person, except that no amendment, suspension or termination shall retroactively
impair or otherwise adversely affect (without written consent) the rights of a
Participant or beneficiary which have accrued prior to the date of such action,
as determined by the Committee in its sole discretion. It is noted, however,
that the Participant's benefits under the Plan constitute mere unsecured claims
on the general assets of the Company.

                                  ARTICLE VIII

                               GENERAL PROVISIONS

      8.1.  Governing Law. The Plan shall be construed, regulated and
administered according to the laws of the State of Indiana, without regard to
the choice of law principles thereof, except in those areas preempted by the
laws of the United States of America in which case such laws will control.

      8.2.  Headings and Gender. The headings and subheadings in the Plan have
been inserted for convenience of reference only and shall not affect the
construction of the provisions hereof. In any necessary construction the
masculine shall include the feminine and the singular the plural, and vice
versa.

      8.3.  Participant's Rights; Acquittance. No Participant shall acquire any
right to be retained as a Director by virtue of the Plan, nor, upon his
dismissal, or upon his voluntary termination as a Director shall he have any
right or interest in or to any Plan assets other than as specifically provided
herein.

      8.4.  Spendthrift Clause. No benefit or interest available hereunder will
be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment or garnishment by creditors of the
Participant or the Participant's designated beneficiary, either voluntarily or
involuntarily.

      8.5.  Counterparts. This Plan may be executed in any number of
counterparts, each of which shall constitute but one and the same instrument and
may be sufficiently evidenced by any one counterpart.

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      8.6.  No Enlargement of Rights. Nothing contained in the Plan shall be
construed as a contract of employment between the Company or any Affiliate and
any person, nor shall the Plan be deemed to give any person the right to be
retained in the employ or as a Director or limit the right of the Company to
employ or discharge any person with or without cause.

      8.7.  Limitations on Liability. Notwithstanding any of the preceding
provisions of the Plan, neither the Company, the Committee nor any individual
acting as an employee or agent of the Company shall be liable to any
Participant, Director or beneficiary for any claim, loss, liability or expense
incurred in connection with the Plan, except when the same shall have been
judicially determined to be due to the gross negligence or willful misconduct of
such person.

      8.8.  Incapacity of Participant or Beneficiary. If any person entitled to
receive a distribution under the Plan is physically or mentally incapable of
personally receiving and giving a valid receipt for any payment due (unless
prior claim therefor shall have been made by a duly qualified guardian or other
legal representative), then, unless and until claim therefor shall have been
made by a duly appointed guardian or other legal representative of such person,
the Committee may provide for such payment or any part thereof to be made to any
other person or institution then contributing toward or providing for the care
and maintenance of such person. Any such payment shall be a payment for the
account of such person and a complete discharge of any liability of the Company
and the Plan.

      8.9.  Corporate Successors. The Plan shall not be automatically terminated
by a transfer or sale of assets of the Company or by the merger or consolidation
of the Company into or with any other corporation or other entity
("Transaction"), but the Plan shall be continued after the Transaction only if
and to the extent that the transferee, purchaser or successor entity agrees to
continue the Plan.

      8.10. Evidence. Evidence required of anyone under the Plan may be by
certificate, affidavit, document or other information which the person relying
thereon considers pertinent and reliable, and signed, made or presented by the
proper party or parties.

      8.11. Action by the Company. Any action required of or permitted by the
Company under the Plan shall be by resolution of its Board, or by resolution of
a committee of the Board or by a person or persons authorized by resolution of
the Board or a committee.

      8.12. Severability. In the event any provisions of the Plan shall be held
to be illegal or invalid for any reason, such illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and
endorsed as if such illegal or invalid provisions had never been contained in
the Plan.

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                                   SIGNATURES

      IN WITNESS WHEREOF, the Company has caused this Directors' Deferred
Compensation Plan of CFS Bancorp, Inc. to be established by its officers
hereunder duly authorized, this 20th day of December 2004, but effective as of
January 1, 2005.

                            CFS BANCORP, INC.

                        By: /s/ Thomas F. Prisby
                            ----------------------------------------------------
                            Thomas F. Prisby, President, Chief Executive Officer

                                       11<PAGE>
                                                                   Exhibit 10.16

                               SEVERANCE AGREEMENT

     This Severance Agreement (the "Agreement") is made this 25 day of October,
2004 by and between TLC Vision Corporation (the "Corporation"), a corporation
organized under the laws of the Province of New Brunswick and Elias Vamvakas
(the "Executive"), an individual and resident of the Province of Ontario.

     Whereas, pursuant to an Employment Agreement (the "Employment Agreement")
dated January 1, 1996 (as amended August 14, 1998; January 1, 2001; January 21,
2002 and May 13, 2002) Executive has been employed by the Corporation as its
Chief Executive Officer; and

     Whereas, the Corporation and the Executive deem it to be in their mutual
interest for the Executive to relinquish his role as Chief Executive Officer of
the Corporation in order to assume the position of Chief Executive Officer of
OccuLogix Inc., an affiliate of the Corporation, subject to the terms of this
Agreement.

     Now therefore, the parties hereby agree as follows:

1.   RESIGNATION OF EXECUTIVE. Executive hereby resigns as Chief Executive
     Officer of the Corporation, effective August 13, 2004. Executive shall
     receive his regular compensation through August 31, 2004 and shall be
     entitled to his bonus as set forth in the Employment Agreement, as amended,
     which shall be prorated for the months of January through August 2004.

2.   TERMINATION OF EMPLOYMENT AGREEMENT. The Employment Agreement, as amended,
     is hereby terminated as of August 13, 2004 with the exception that
     Executive shall continue to be bound by the provisions of Sections
     11,12,13,14 and 15 of the Employment Agreement.

3.   CONTINUED SERVICE AS CHAIRMAN OF THE BOARD. Executive shall, subject to the
     continued approval of the Board of Directors, continue to serve as Chairman
     of the Board of the Corporation.

4.   COMPENSATION AS CHAIRMAN. For his service as Chairman of the Board,
     Executive shall be compensated US$100,000 per annum, subject to any
     applicable taxes and withholdings.

5.   GUARANTEE OF SEVERANCE. The Corporation and OccuLogix shall enter into an
     agreement to guarantee a severance benefit to Executive as follows:

     a.   In the event Executive's employment with OccuLogix is terminated
          without just cause at any time prior to August 31, 2006 and OccuLogix
          is unable to provide Executive with a severance benefit at least equal
          to that which Executive would have received pursuant to Section 10(c)
          of the Employment Agreement, the Corporation shall guarantee payment
          of Executive's entire severance.

     b.   In the event Executive's employment with OccuLogix is terminated
          without just cause at any time between September 1, 2006 and August
          31, 2008 and OccuLogix is unable to provide Executive with a severance
          benefit at least equal to that which Executive would have received
          pursuant to Section 10(c) of the Employment Agreement, the Corporation
          shall guarantee payment of a pro-rata portion of Executive's severance
          declining ratably on a monthly basis between September 1, 2006 and
          August 31, 2008.

6.   HEADINGS. The inclusion of headings in this Agreement is for convenience of
     reference only and is not to affect the construction or interpretation
     hereof.

7.   INVALIDITY OF PROVISIONS. Each of the provisions contained in this
     Agreement is distinct and severable and a declaration of invalidity or
     unenforceability of any provision by a court of competent jurisdiction will
     not affect the validity or enforceability of any other provision hereof.

8.   ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between
     the parties pertaining to the subject matter of this Agreement. This
     Agreement supersedes and replaces all prior agreements, written or oral,
     with respect to the Executive's employment by the Corporation and any
     rights which the Executive may have by reason of any such prior agreement
     or by reason of the Executive's prior employment by the Corporation. There
     are no warranties, representations or

                                       85

<PAGE>

     agreements between the parties in connection with the subject matter of
     this Agreement except as specifically set forth or referred to in this
     Agreement. No reliance is placed on any representations, opinion, advice or
     assertion of fact made by the Corporation or its directors, officers and
     agents to the Executive, except to the extent that the same has been
     reduced to writing and included as a term of this Agreement. Accordingly,
     there will be no liability, either in tort or in contract, assessed in
     relation to any such representation, opinion, advice or assertion of fact,
     except to the extent aforesaid.

9.   WAIVER, AMENDMENT. Except as expressly provided in this Agreement, no
     amendment or waiver of this Agreement will be binding unless executed in
     writing by the party to be bound thereby. No waiver of any provision of
     this Agreement will constitute a waiver of any other provision nor will any
     waiver of any provision of this Agreement constitute a continuing waiver
     unless otherwise expressly provided.

10.  GOVERNING LAW. This Agreement will be governed by and construed in
     accordance with the laws of the Province of Ontario.

11.  COUNTERPARTS. This Agreement may be signed in counterparts. Each
     counterpart will constitute an original document and all counterparts,
     taken together, will constitute one and the same instrument. Executed
     counterparts may be delivered by telecopier.

     In witness whereof, the parties hereto have executed this Severance
Agreement as of the 25 day of October, 2004.

                                        /s/ Elias Vamvakas
                                        ----------------------------------------
                                        Elias Vamvakas

                                        /s/ Robert May
                                        ----------------------------------------
                                        Robert May,
                                        General Counsel

                                        /s/ Tina Moroney
                                        ----------------------------------------
                                        Tina Moroney,
                                        Witness

                                       86

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