Document:

Exhibit 4.8

 

CONSULTING AGREEMENT

 

THIS AGREEMENT is made as of the 4th day of June, 2012

 

BETWEEN:

 

OPEL Technologies Inc., a body corporate continued under the laws of the Province of Ontario

 

(hereinafter called the “Company”)

 

AND:

 

Mark Benadiba, an individual resident in the City of Toronto, Ontario

 

(hereinafter called the “Consultant”)

 

                                                                                                                OF THE SECOND PART

 

FOR VALUABLE CONSIDERATION it is hereby agreed as follows:

 

1.                                      The Consultant agrees to provide management and corporate development consulting services during the term of this agreement.  The Consultant shall provide consulting services to the Company in the Capacity of Executive Chairman of the Board of Directors, and the Consultant shall serve the Company (and/or such subsidiary or subsidiaries of the company as the Company may from time to time require) in such consulting capacity or capacities as may from time to time be determined by resolution of the Board of Directors of the Company and shall perform such duties and exercise such powers as may from time to time be determined by resolution of the Board of Directors, as an independent contractor. In providing the services as a consultant pursuant to this agreement, the Consultant shall serve at the pleasure of the Board of Directors of the Company.

 

2.                                      The Consultant shall be appointed as a director of the Company to hold office until the next annual meeting of shareholders and thereafter so long as he is elected by the shareholders of the Company.

 

3.                                      The term of this Agreement shall commence on the date hereof and continue on a month-to-month basis for a term of twelve months, subject to the termination provisions hereof. The base fee for the Consultant’s services hereunder shall be at the rate of CDN$8,400 per month plus applicable HST (currently 13%, for a total of CDN$9,492) (the “Base Fees”), together with any such increments thereto and bonuses (including additional grants of options) as the Board of Directors of the Company may from time to time determine, payable on the 14th day of each calendar month commencing June 14, 2012 or the next business day thereafter if the 14th day falls on a weekend or holiday. In addition, the Company shall grant the Consultant the option to purchase 2,500,000 common shares of the Company, with such options to vest in accordance with the stock option plan, subject to any regulatory required hold periods.  The grant of options shall be subject to the terms of the Stock Option Plan, to the receipt of the approval of the Board of Directors of the Company, availability under the Plan and all required regulatory approvals, including without limitation, the approval of the TSX Venture Exchange.

 

4.                                      The Consultant shall be responsible for:

 

a.              the payment of income taxes and goods and services tax remittances as shall be required by any governmental entity with respect to fees paid by the Company to the Consultant;

b.              maintaining proper financial records of the Consultant, which records will detail,

 

 

amongst other things, expenses incurred on behalf of the Company; and

c.               obtaining all necessary licences and permits and for complying with all applicable federal, provincial and municipal laws, codes and regulations in connection with the provision of services hereunder and the Consultant shall, when requested, provide the Company with adequate evidence of compliance with this paragraph.

 

5.                                      The terms “subsidiary” and “subsidiaries” as used herein mean any corporation or company of which more than 50% of the outstanding shares carrying voting rights at all times (provided that the ownership of such shares confers the right at all times to elect at least a majority of the Board of Directors of such corporation or company) are for the time being owned by or held for the Company and/or any other corporation or company in like relation to the Company and include any corporation or company in like relation to a subsidiary.

 

6.                                      During the term of this Agreement, the Consultant shall provide the consulting services to the Company, and the Consultant shall be available to provide such services to the Company in a timely manner subject to availability at the time of the request.

 

7.                                      The Consultant shall be reimbursed for all traveling and other expenses actually and properly incurred as an agent of the Company in connection with the duties hereunder.  For all such expenses the Consultant shall furnish to the Company an itemized invoice, detailing the expenses incurred, including receipts for such expenses on a monthly basis, and the Company will reimburse the Consultant within fourteen (14) days of receipt of the Consultant’s invoice for all appropriate invoiced expenses.

 

8.                                      The Consultant shall not, either during the continuance of this contract or at any time thereafter, disclose the private affairs of the Company and/or its subsidiary or subsidiaries, or any secrets of the Company and/or subsidiary or subsidiaries, to any person other than the Directors of the Company and/or its subsidiary or subsidiaries or for the Company’s purposes or except as may be necessary or desirable to further the business interests of the Company.  The Consultant shall not, either during the continuance of this contract or at any time thereafter, use, for the Consultant’s own purposes or for any purpose other than those of the Company, any information the Consultant may acquire in relation to the business and affairs of the Company and/or its subsidiary or subsidiaries. This obligation shall survive the expiry or termination of this agreement.

 

9.                                      The Consultant shall well and faithfully serve the Company or any subsidiary as aforesaid during the continuance of this Agreement to the best of the Consultant’s ability in a competent and professional manner and use best efforts to promote the interests of the Company.

 

10.                               Upon expiry or termination of this agreement, the Consultant shall return to the Company any property, documentation or confidential information which is the property of the Company.

 

11.                               This Agreement may be terminated at any time:

 

a.              for any reason without cause upon payment of the remaining fees owing for the balance of the term of this Agreement; and

 

b.              for just cause without notice or payment in lieu of notice and without payment of any fees whatsoever either by way of anticipated earnings or damages of any kind by advising the Consultant in writing.  Just cause shall be defined to include, but is not limited to the following:

 

 

a.              Dishonesty or fraud;

b.              Theft;

c.               Breach of fiduciary duties;

d.              Being guilty of bribery or attempted bribery; or

e.               Gross mismanagement.

 

12.                               In the event this Agreement is terminated for just cause, then at the request of the Board of Directors of the Company, the Consultant shall forthwith resign any position or office that the Consultant then holds with the Company or any subsidiary of the Company.

 

13.                               The services to be performed by the Consultant pursuant hereto are personal in character, and neither this Agreement nor any rights or benefits arising thereunder are assignable by the Consultant without the previous written consent of the Company.

 

14.                               The parties shall indemnify and save each other harmless from and against all claims, actions, losses, expenses, costs or damages of every nature and kind whatsoever which either party, including their respective officers, employees or agents may suffer as a result of the negligence of the other party in the performance or non-performance of this Agreement.

 

15.                               It is expressly agreed, represented and understood that the parties hereto have entered into an arms length independent contract for the rendering of consulting services and that the Consultant is not the employee, agent or servant or the Company.  Further, this agreement shall not be deemed to constitute or create any partnership, joint venture, master-servant, employer-employee, principal-agent or any other relationship apart from an independent contractor and contractee relationship.  Payments made to the Consultant hereunder shall be made without deduction at source by the Company for the purpose of withholding income tax, unemployment insurance payments or Canada Pension Plan contributions or the like.

 

16.                               Any notice in writing or permitted to be given to the Consultant hereunder shall be sufficiently given if delivered to the Consultant personally or mailed by registered mail, postage prepaid, addressed to the Consultant at the last residential address known to the Secretary of the Company.  Any such notice mailed as aforesaid shall be deemed to have been received by the Consultant on the third business day following the date of mailing.  Any notice in writing required or permitted to be given to the Company hereunder shall be given by registered mail, postage prepaid, addressed to the Company at the registered or head office of the Company.  Any such notice mailed as aforesaid shall be deemed to have been received by the Company on the third business day following the date of the mailing.  Any such address for the giving of notices hereunder may be changed by notice in writing given hereunder.

 

17.                               The provisions of this Agreement shall enure to the benefit of and be binding upon the heirs, executors, administrators and legal personal representatives of the Consultant and the successors and assigns of the Company.  For this purpose, the terms “successors” and “assigns” shall include any person, firm or corporation or other entity which at any time, whether by merger, purchase or otherwise, shall acquire all or substantially all of the assets or business of the Company.

 

18.                               The division of this Agreement into paragraphs is for the convenience of reference only and shall not affect the construction or interpretation of this Agreement.  The terms “this Agreement”, “hereof”, “hereunder” and similar expressions refer to this Agreement and not to any particular paragraph or other portion hereof and include any agreement or instrument supplemental or ancillary hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to paragraphs are to paragraphs of this Agreement.

 

 

19.                               Every provision of this Agreement is intended to be severable.  If any term or provision hereof is determined to be illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remainder of the provisions of this Agreement.

 

20.                               This Agreement is being delivered and is intended to be performed in the Province of Ontario and shall be construed and enforced in accordance with, and the rights of both parties shall be governed by, the laws of such Province and the laws of Canada applicable therein.  For the purpose of all legal proceedings this Agreement shall be deemed to have been performed in the Province of Ontario and the courts of the Province of Ontario shall have jurisdiction to entertain any action arising under this Agreement. The Company and the Consultant each hereby attorns to the jurisdiction of the courts of the Province of Ontario provided that nothing herein contained shall prevent the Company from proceeding at its election against the Consultant in the courts of any other province or country.

 

21.                               No amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed by both of the parties hereto. No waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in writing and signed by the party purporting to give the same and, unless otherwise provided in the written waiver, shall be limited to the specific breach waived.

 

IN WITNESS WHEREOF this Agreement has been executed as of the day, month and year first above written.

 

	
 
    	
 
    	
OPEL Technologies Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
{Signed}
    
	
 
    	
 
    	
Per:
    	
 
    
	
 
    	
 
    	
 
    	
Authorized Signing Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
{Signed}
    	
 
    	
{Signed}
    
	
 
    	
 
    	
 
    
	
WITNESS  
    	
 
    	
Mark Benadiba
    
	
 
    	
 
    	
 
    

 

 

AMENDMENT TO CONSULTING AGREEMENT

 

THIS AGREEMENT is made the 10th day of February, 2014

 

BETWEEN:

 

POET Technologies Inc., (formerly OPEL Technologies Inc.), a body corporate continued under the laws of the Province of Ontario

 

(hereinafter called the “Company”)

 

AND:

 

Mark Benadiba, an individual resident in the City of Toronto, Ontario

 

(hereinafter called the “Consultant”)

 

Whereas the parties entered into a consulting agreement dated ·, 2012 (the “Original Agreement”) whereby the Consultant agreed to provide management and corporate development consulting services to the Company in the Capacity of Executive Chairman of the Board of Directors;

 

And Whereas the Consultant wishes to change the terms of his engagement and the Original Agreement;

 

FOR VALUABLE CONSIDERATION it is hereby agreed as follows:

 

1.                                      The Consultant agrees to continue to provide management and corporate development consulting services during the term of this agreement.  The Consultant shall provide consulting services to the Company in the Capacity of Vice Chairman of the Board of Directors rather than as Executive Chairman of the Board of Directors, and the Consultant shall serve the Company (and/or such subsidiary or subsidiaries of the company as the Company may from time to time require) in such consulting capacity or capacities as may from time to time be determined by resolution of the Board of Directors of the Company and shall perform such duties and exercise such powers as may from time to time be determined by resolution of the Board of Directors, as an independent contractor. In providing the services as a consultant pursuant to this agreement, the Consultant shall continue to serve at the pleasure of the Board of Directors of the Company.

 

2.                                      The Consultant shall continue to be appointed as a director of the Company to hold office until the next annual meeting of shareholders and thereafter so long as he is elected by the shareholders of the Company.

 

3.                                      The term of this Agreement shall be effective immediately and continue on a month-to-month basis for a term expiring on December 31, 2014. The base fee for the Consultant’s services hereunder shall be at the reduced rate of CDN$5,000 per month plus applicable HST (currently 13%, for a total of CDN$5,650) (the “Base Fees”), together with any such increments thereto and bonuses (including additional grants of options) as the Board of Directors of the Company may from time to time determine,

 

 

retroactive to January 1, 2014. The fees shall continue to be payable on the 14th day of each calendar month.

 

4.                                      All other terms of the Original Agreement shall continue in full force and effect except where modified by this Amendment to Consulting Agreement.

 

IN WITNESS WHEREOF this Agreement has been executed as of the day, month and year first above written.

 

	
 
    	
 
    	
POET   Technologies Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Per:
    	
/s/ Michel Lafrance
    
	
 
    	
 
    	
 
    	
Michel J. Lafrance, Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Dale Lafrance
    	
 
    	
/s/   Mark Benadiba
    
	
WITNESS
    	
 
    	
Mark   Benadiba
    

 

2Exhibit 4.9

 

MEMORANDUM OF OUTSTANDING — RE: EMPLOYMENT

 

Made in the City of Toronto, in the Province of Ontario, Canada, this 10th day of February, 2014

 

BETWEEN:

 

POET Technologies Inc. (formerly “OPEL Technologies Inc.”), a body corporate continued under the laws of the Province of Ontario

 

(hereinafter called the “Company”)

 

OF THE SECOND PART

 

AND:

 

Peter Copetti residing in the City of Toronto, Ontario

 

(hereinafter called the “Employee”)

 

OF THE SECOND PART

 

WHEREAS, by Consulting Agreement dated June 8th, 2012, the Company engaged the services of Employee to act as Executive Director of the Company for a period of 12 months starting on June 1st, 2012.

 

AND WHEREAS, in May 2013, the Directors have agreed to extend the term of the Agreement for an additional 6 months to November 30, 2013.

 

AND WHEREAS, the Company is effecting changes in management, whereby Employee would terminate his services of Executive Director and commence serving as Executive Chairman and Interim CEO commencing on February 10th, 2014.

 

AND WHEREAS, the Employee will be immediately placed on the Company’s payroll.

 

FOR VALUABLE CONSIDERATION it is hereby agreed as follows:

 

1.                          The Company and Employee agree to negotiate in good faith with a view to concluding and delivering a Definitive Employment Agreement to contain such warranties, representations, conditions and covenants as are satisfactory to each party including the following:

 

	
Position:
    	
 
    	
Executive Chairman and Interim Chief Executive   Officer.
    
	
 
    	
 
    	
 
    
	
Term:
    	
 
    	
Expiring December 31st, 2015.
    
	
 
    	
 
    	
 
    
	
Placement of Employment:
    	
 
    	
Office of the Company currently located at   Suite 501, 121 Richmond Street West, Toronto, ON M5H 2K1 and/or   Copetti’s home office in Toronto, Ontario Canada.
    
	
 
    	
 
    	
 
    
	
Hours of Work:
    	
 
    	
40 hours per week   from Monday to Friday, and such other times as may be required to meet the   requirements of the position - not entitled to overtime regardless of how   many hours worked in any month or year.
    

 

1

 

	
Base Salary:
    	
 
    	
$20,000 per month (or $240,000 per year)   retroactive to January 1st, 2014. For greater certainty, this base   salary shall be payable in lieu of any consulting fees payable under the the   Employees prior Consulting Agreement for the same period.
    
	
 
    	
 
    	
 
    
	
Stock Options:
    	
 
    	
The Executive   shall be eligible for grants of Stock Options (“Options”) when and as   determined by the Board of Directors consistent with the eligibility for, and   grants to, senior executive employees of the Company. The terms and   conditions of any Options will be more fully described in a certain separate   option agreements by and between the Company and the Executive (the “Option   Agreement”). Upon termination for other than cause and death, all of the   Employee’s unvested options will vest immediately and all of the Employee’s   outstanding options will remain in force for a period of 12 months.
    
	
 
    	
 
    	
 
    
	
Annual Bonus:
    	
 
    	
Employee will be   considered on annual basis for a bonus based on a performance matrix to be   later determined by the Compensation Committee and approved by the Board of   Directors. The amount of the bonus will be set in February of the   following year.
    
	
 
    	
 
    	
 
    
	
Paid Vacation:
    	
 
    	
4 weeks per year.
    
	
 
    	
 
    	
 
    
	
Sick Leave:
    	
 
    	
5 days per year.
    
	
 
    	
 
    	
 
    
	
Statutory Holidays:
    	
 
    	
New Year’s Day,   Family Day, Good Friday, Victoria Day, Canada Day, Lord Simcoe Day, Labour   Day, Thanksgiving, Christmas Day, Boxing Day and any other days which may   legislated in the future.
    
	
 
    	
 
    	
 
    
	
Termination:
    	
 
    	
By Employee, at any time and for any reason, upon   4 weeks written notice. By the Company, without notice, at any time, if there is cause to   dismiss. By the Company, at any time and for any   reason, upon written notice and the appropriate Severance Payment(s).
    
	
 
    	
 
    	
 
    
	
Severance Payment:
    	
 
    	
Payment of 12 months of wages.
    
	
 
    	
 
    	
 
    
	
Expenses:
    	
 
    	
Prompt reimbursement for all bonafide expenses   incurred in connection with the duties hereunder subject to the approval of   the Chief Financial Officer.
    
	
 
    	
 
    	
 
    
	
Staff compensation:
    	
 
    	
The Employee will be empowered with the   authority, at his sole discretion, to hire and negotiate compensation packages   for all non-executive personnel under his direct supervision, whose annual   gross individual cash compensation is less than $100,000 and on aggregate   basis for all such personnel does not exceed $450,000 annually. In addition,   the Employee will be empowered with the authority to award annual bonuses for   existing contractors and employees, but not to exceed 35% of base salary.
    

 

2

 

2.                          This agreement and the Definitive Employment Agreement must be submitted to the Compensation Committee of the Company for recommendation and must be submitted to the Board of Directors for approval and ratification.

 

3.                          For greater certainty, the Definitive Employment Agreement will, to the extent possible, be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein.

 

4.                          All notices, documents, requests, demands and other communications required or permitted hereunder, or desired to be given with respect to this Agreement by any party to this Agreement shall be in writing and shall be deemed duly served if delivered in person and left with a secretary or other employee at the relevant address set forth below; or sent by same-day or next-day courier; or sent by facsimile transmission with record of such transmission; or sent by an email which could include an attachment of a standard format electronic document provided a hard copy is sent by regular mail or the recipient acknowledges receipt of said email, to the attention of that party as set forth below:

 

·                  In the case of POET Technologies Inc.:

 

	
Sent to:
    	
 
    	
Michel Lafrance,   Corporate Secretary
    
	
 
    	
 
    	
 
    
	
Email address:
    	
 
    	
mjl@poet-technologies.com
    
	
 
    	
 
    	
 
    
	
Postal address:
    	
 
    	
Suite 501,   121 Richmond Street West, Toronto, Ontario M5H 2K1
    
	
 
    	
 
    	
 
    
	
Fax:
    	
 
    	
(416) 861-0749
    
	
 
    	
 
    	
 
    
	
With a copy to:
    	
 
    	
John O’Donnell,   Solicitor
    
	
 
    	
 
    	
 
    
	
Email address:
    	
 
    	
johnodonnell@stikeman.to
    
	
 
    	
 
    	
 
    
	
Postal address:
    	
 
    	
Stikeman Keeley   Spiegel Pasternack LLP
    
	
 
    	
 
    	
Suite 2300,   200 Front Street West
    
	
 
    	
 
    	
Toronto, Ontario   M5V 3K2
    
	
 
    	
 
    	
 
    
	
Fax:
    	
 
    	
(416) 365-1813
    

 

·                  In the case of Peter Copetti sent to him as follows:

 

	
Email address:
    	
 
    	
copetti@rogers.com
    
	
 
    	
 
    	
 
    
	
Postal address:
    	
 
    	
104 Lord Seaton Road,   Toronto, Ontario, Canada M2P 1K5
    

 

3

 

IN WITNESS WHEREOF this Agreement has been executed as of the day, month and year first above written.

 

	
 
    	
POET TECHNOLOGIES INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Per:
    	
/s/ Michel Lafrance
    
	
 
    	
 
    	
Michel Lafrance, Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
)
    	
Peter Copetti
    
	
 
    	
 
    	
)
    	
 
    
	
 
    	
 
    	
)
    	
 
    
	
/s/   John F. O’Donnell
    	
 
    	
)
    	
 
    
	
Witness
    	
 
    	
)
    	
/s/ Peter Copetti
    

 

4

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