Document:

f8k032408ex10_megamedia.htm

    THIS
CONVERTIBLE NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS CONVERTIBLE
NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THESE SECURITIES ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED
OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES
LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. HOLDER SHOULD BE AWARE
THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN
INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION
OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT
ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS.

     

    CONVERTIBLE
NOTE

     

    OF

     

    MEGA
MEDIA GROUP, INC.

     

    No.                       

     

    
      	$
      75,000.00 	
               Made as of
      March _, 2008

            

    

     

                                                                                                             

    WHEREAS,
to provide the Company with additional funds to conduct its business, Tangiers
Investors, L.P., a Delaware limited partnership (the "Holder"),
is willing to purchase from Mega Media Group, Inc., a Nevada corporation
(the “Company”),
and the Company is willing to issue and sell to the Holder, on the terms
and subject to the conditions set forth herein, a Convertible Note in the
principal amount of $75,000, convertible into shares of the Company’s common
stock, par value $0.00 1 per share (the “Common
Stock”),
in accordance with its terms. As further inducement for the Holder to
purchase the aforementioned Convertible Note, the Company is willing to issue to
the Holder shares of its Common Stock as described below.

     

    NOW,
THEREFORE, in consideration of the mutual covenants of the parties hereto, and
for good and valuable consideration the receipt of which is hereby acknowledged,
the parties hereby agree as follows:

     

    The
Company hereby promises to pay to the Holder, or its registered assigns, on
March __, 2010 (the “Maturity
Date”), the principal sum of $75,000 (the “Principal
Amount”), or such lesser amount as shall then equal the outstanding
principal amount hereunder, together with interest on the unpaid principal
balance equal to 9.9%, computed on the basis of the actual number of days
elapsed and a year of 365 days from the date of this Convertible Note unless the
Principal Amount and all interest accrued thereon and all other amounts owed
hereunder are converted, as provided in Section 6 hereof. All payments received
by the Holder hereunder will be
applied first to costs of collection, if any, then to interest and the balance
to principal. Principal and interest shall be payable in lawful money of the
United States of America.

     

     

    
      
        
        

      

      
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    The
Company may at any time, upon at least five (5) days’ advance written notice to
the Holder, prepay in whole or in part the unpaid balance of this Convertible
Note, subject to a prepayment penalty of 30% of the amount prepaid within 6
months of the issuance of this note and 20% at any point thereafter. All
payments will first be applied to the repayment of accrued fees and expenses,
then to accrued interest until all then outstanding accrued interest has been
paid, and then shall be applied to the repayment of principal.

     

    The
following is a statement of the rights of the Holder and the conditions to which
this Convertible Note is subject, and to which the Holder hereof, by the
acceptance of this Convertible Note, agrees:

     

    1.            DEFINITIONS.
The following definitions shall apply for all purposes of this
Convertible
Note:

     

    1.1            “Closing”
means the date on which the purchase and sale of the Convertible
Note occurs, or March ___, 2008.

     

    1.2            “Company”
means the “Company”
as defined above and includes any corporation
which shall succeed to or assume the obligations of the Company under this
Convertible Note.

     

    1.3            “Common
Stock” means the shares of the Company’s common stock,
$0.00 1
par value per share.

     

    1.4           
“Conversion
Price” means the lesser of (i) $.50, or (ii) 70% of the average of the 3
lowest Volume Weighted Average Prices during the 10 Trading Days prior to
Holder’s election to convert.

     

    1.5             
“Conversion
Stock” means Common Stock. The number of shares of Conversion
Stock are subject to adjustment as provided herein.

     

    1.6             
“Convertible
Note” means this Convertible Note.

     

    1.7             
“Holder”
means any person who shall at the time be the registered Holder
of this
Convertible Note.

     

    1.8              
“Registration”
has the meaning set forth in Section 11.

     

    1.9               “Volume
Weighted Average Price” per Common Share means the volume weighted
average price of the Common Shares during any Trading Day as reported in the
“pink sheets” through the Interdealer Trading Quotation System; provided, if
such security is not traded on the over the counter market via the pink sheets,
then the volume weighted average price on the NASDAQ OTCBB; provided
further, that, if such security is not listed or admitted to trading on
the NASDAQ OTCBB, as reported on the principal national security exchange or
quotation system on which such security is quoted or listed or admitted to
trading, or, if not quoted or
listed or admitted to trading on any national securities exchange or quotation
system, the volume weighted average price of the Common Shares during any
Trading Day on the over-the-counter market as reported by Bloomberg LP or a
similar generally accepted reporting service, as the case may
be.

     

     

    
      
        
        

      

      
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    2.
REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants
to Holder that the statements in the following paragraphs of this Section 2 are
all true and complete as of immediately prior to the
Closing:

     

    2.1            Organization,
Good Standing and Qualification. The Company has been duly
incorporated and organized, and is validly existing in good standing, under the
laws of the State of Nevada. The Company has the corporate power and authority
to own and operate its properties and assets and to carry on its business as
currently conducted and as presently proposed to be conducted.

     

    2.2            Due
Authorization. All corporate action on the part of the Company’s
directors
and shareholders necessary for the authorization, execution, delivery of, and
the performance of all obligations of the Company under the Convertible Note has
been taken or will be taken prior to the Closing, and the Convertible Note when
executed and delivered, will constitute, a valid and legally binding obligation
of the Company, enforceable in accordance with its terms, except as may be
limited by (i) applicable bankruptcy, insolvency, reorganization or other laws
of general application relating to or affecting the enforcement of creditor’s
rights generally and (ii) the effect of rules of law governing the availability
of equitable remedies.

     

    2.3            Corporate
Power. The Company has the corporate power and authority
to
execute and deliver this Convertible Note to be purchased by the Holder
hereunder, to issue the Convertible Note and to carry out and perform all its
obligations under the Convertible Note.

     

    2.4            Valid
Issuance. The Convertible Note and the Conversion Shares, when
issued,
sold and delivered in accordance with the terms of this Convertible Note for the
consideration provided for herein, will be duly and validly issued, fully paid
and nonassessable.

     

    2.5            Securities
Law Compliance. Based in part on the representations made
by the
Holder in Section 3 hereof, the offer and sale of the Convertible Note solely to
the Holder in accordance with the terms herein are exempt from the registration
and prospectus delivery requirements of the Securities Act of 1933, as amended
(the “1933
Act”) and the securities registration and qualification requirements of
the currently effective provisions of the securities laws of the states in which
the Holder is a resident based upon the address set forth herein.

     

    2.6            SEC
Reports. The Company has filed all forms, reports, schedules,
registration
statements, proxy statements, and other documents (including any document
required to be filed as an exhibit thereto) required to be filed by the Company
with the Securities and Exchange
Commission (“SEC”)
since                  .
All such required forms, reports, schedules,
registration statements, proxy statements and other documents (including those
that the Company may file subsequent to the date hereof) are referred to herein
as the “SEC
Reports.”
As of their respective dates, the SEC Reports (including any financial
statements or schedules included or incorporated by reference therein) (i) were
prepared in all material respects in
accordance with the requirements of the 1933 Act or the Securities Exchange Act
of 1934, as amended (the “Exchange
Act”), as the case may be, and the rules and regulations of the SEC
thereunder applicable to such SEC Reports and (ii) did not at the time they were
filed (or if amended or superseded by a filing prior to the date of this
Agreement, then on the date of such filing) contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. As of the date hereof, there has not
been any Material Adverse Effect with respect to the Company that would require
disclosure under the Securities Act.

     

     

    
      
        
        

      

      
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    3.
REPRESENTATIONS,
WARRANTIES AND CERTAIN AGREEMENTS  OF
HOLDER. Holder hereby represents and warrants to, and agrees with, the
Company, that:

     

    3.1            Authorization.
This Convertible Note constitutes such Holder’s valid and
legally
binding obligation, enforceable in accordance with its terms except as may be
limited by (i) applicable bankruptcy, insolvency, reorganization or other laws
of general application relating to or affecting the enforcement of creditors’
rights generally and (ii) the effect of rules of law governing the availability
of equitable remedies. Holder represents that such Holder has full power and
authority to enter into this Convertible Note.

     

    3.2            Purchase
for Own Account. The Convertible Note and the shares of the Company’s
Common Stock issuable upon conversion of this Convertible Note (collectively,
the “Securities”)
are being acquired for investment for Holder’s own account, not as a
nominee or agent, and not with a view to the public resale or distribution
thereof within the meaning of the 1933 Act, and such Holder has no present
intention of selling, granting any participation in, or otherwise distributing
the same.

     

    3.3            Disclosure
of Information. Such Holder has received or has had full access to
all the information it considers necessary or appropriate to make an informed
investment decision with respect to the Securities. Such Holder further has had
an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the offering of the Securities and to obtain
additional information (to the extent the Company possessed such information or
could acquire it without unreasonable effort or expense) necessary to verify any
information furnished to such Holder or to which such Holder had access. The
foregoing, however, does not in any way limit or modify the representations and
warranties made by the Company in Section 2.

     

    3.4            Investment
Experience. Such Holder understands that the purchase of the
Securities is highly speculative and involves substantial risk. Such Holder has
such knowledge and experience in financial and business matters that the Holder
is capable of evaluating the merits and risks of its investment in the Company
and has the capacity to protect the Holder’s own interests and the ability to
bear the economic risk of this investment.

     

    3.5            Restricted
Securities. Such Holder understands that the Securities are characterized
as “restricted securities” under the 1933 Act and Rule 144 promulgated
thereunder inasmuch as they are being acquired from the Company in a transaction
not involving a public offering, and that under the 1933 Act and applicable
regulations thereunder such securities may be resold
without registration under the 1933 Act only in certain limited circumstances.
In this connection, such Holder is familiar with Rule 144, as presently in
effect, and understands the resale limitations imposed thereby and by the 1933
Act. Such Holder understands that the Company is under no obligation to register
any of the securities sold hereunder. Such Holder understands that no public
market now exists for any of the Securities and that it is uncertain whether a
public market will ever exist for the Securities.

     

     

    
      
        
        

      

      
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    4.             FURTHER
LIMITATIONS ON DISPOSITION. Without in any way limiting the
representations set forth above, such Holder further agrees not to make any
disposition of all or any portion of the Securities unless and
until:

     

    4.1            there
is then in effect a registration statement under the 1933 Act covering
such
proposed disposition and such disposition is made in accordance with such
registration statement; or

     

    4.2            such
Holder shall have notified the Company of the proposed disposition, and shall
have furnished the Company with a statement of the circumstances surrounding the
proposed disposition, and, at the expense of such Holder or its transferee, with
an opinion of counsel, reasonably satisfactory to the Company, that such
disposition will not require registration of such securities under the 1933
Act.

     

    Notwithstanding
the provisions of paragraphs (a) and (b) above, no such registration statement
or opinion of counsel shall be required: (i) for any transfer of any Convertible
Note or Conversion Stock in compliance with Rule 144 or Rule 144A; (ii) for any
transfer of any Convertible Note or Conversion Stock by an Holder that is a
partnership or a corporation to (A) a partner of such partnership or shareholder
of such corporation, (B) a controlled affiliate of such partnership or
corporation, (C) a retired partner of such partnership who retires after the
date hereof, (D) the estate of any such partner or shareholder; or (iii) for the
transfer by gift, will or in testate succession by any Holder to his or her
spouse or lineal descendants or ancestors or any trust for any of the foregoing;
provided
that in each of the foregoing cases the transferee agrees in writing to
be subject to the terms of this Section 4 to the same extent as if the
transferee were an original Holder hereunder.

     

    5.             LEGENDS.
Such Holder understands and agrees that the certificates evidencing the
Securities will bear legends substantially similar to those set forth below in
addition to any other legend that may be required by applicable law, by the
Company’s Certificate of Incorporation or Bylaws, or by any agreement between
the Company and such Holder:

     

    THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE
STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND
RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT
AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. HOLDERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER
OF THESE SECURITIES MAY REQUIRE
AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE
EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND
ANY APPLICABLE STATE SECURITIES LAWS.

     

     

    
      
        
        

      

      
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    The
legend set forth above shall be removed by the Company from any certificate
evidencing the Securities upon delivery to the Company of an opinion of counsel,
reasonably satisfactory to the Company, that a registration statement under the
1933 Act is at that time in effect with respect to the legended security or that
such security can be freely transferred in a public sale (other than pursuant to
Rule 144 or Rule 145 under the 1933 Act) without such a registration statement
being in effect and that such transfer will not jeopardize the exemption or
exemptions from registration pursuant to which the Company issued the
Securities.

     

    6.             CONVERSION.

     

    6.1            Optional
Conversion by Holder; Prepayment. Upon the request of the Holder,
this Convertible Note may be converted, in whole or in part, into that number of
shares of Common Stock equal to (a) the outstanding principal and accrued
interest under this Convertible Note being converted divided by (b) the
Conversion Price.

     

    6.2            Termination
of Rights. All rights with respect to this Convertible Note shall
terminate upon the issuance of shares of the Conversion Stock upon conversion of
this Convertible Note in its entirety, whether or not this Convertible Note has
been surrendered. Notwithstanding the foregoing, Holder agrees to surrender this
Convertible Note to the Company for cancellation as soon as is possible
following conversion of this Convertible Note in it’s
entirety.

     

    6.3            Issuance
of Conversion Stock. As soon as practicable after conversion of this
Convertible Note, the Company at its expense will cause to be issued in the name
of and delivered to the Holder, a certificate or certificates for the number of
shares of Conversion Stock to which the Holder shall be entitled upon such
conversion (bearing such legends as may be required by applicable state and
federal securities laws in the opinion of legal counsel of the Company, by the
Company’s Certificate of Incorporation or Bylaws, or by any agreement between
the Company and the Holder), together with any other securities and property to
which the Holder is entitled upon such conversion under the terms of this
Convertible Note. Such conversion shall be deemed to have been made, if made
under Section 6.1 or 6.2 above, immediately prior to the close of business on
the date that this Convertible Note shall have been surrendered for conversion,
accompanied by written notice of election to convert. No fractional shares will
be issued upon conversion of this Convertible Note. If upon any conversion of
this Convertible Note(and all other Convertible Notes held by the same Holder,
after aggregating all such conversions), a fraction of a share would otherwise
result, then in lieu of such fractional share the Company will pay the cash
value of that fractional share, calculated on the basis of the applicable
Conversion Price.

     

     

    
      
        
        

      

      
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    7.             DEFAULT;
ACCELERATION OF OBLIGATION. The Company will be deemed to be in default
under this Convertible Note and the outstanding unpaid principal balance of this
Convertible Note, together with all interest accrued thereon, will immediately
become due and
payable in full, without the need for any further action on the part of Holder,
upon the occurrence of any of the following events (each an “Event
of Default”): (a) failure to make payment of principal and interest when
due under this Convertible Note; (b) upon the filing by or against the Company
of any voluntary or involuntary petition in bankruptcy or any petition for
relief under the federal bankruptcy code or any other state or federal law for
the relief of debtors; provided,
however, with respect to an involuntary petition in bankruptcy, such
petition has not been dismissed within ninety (90) days after the filing of such
petition; (c) upon the execution by the Company of an assignment for the benefit
of creditors or the appointment of a receiver, custodian, trustee or similar
party to take possession of the Company’s assets or property; or (d) the Common
Stock shall trade on the Trading Market at a price per share that is $0.02 per
share or lower at any time during the term of this Note (as adjusted for any
stock splits, stock dividends, combinations, subdivisions, recapitalizations or
the like).

     

    8.             REMEDIES
ON DEFAULT; ACCELERATION. Upon any Event of Default, the Holder will
have, in addition to its rights and remedies under this Convertible Note, full
recourse against any real, tangible or intangible assets of the Company, and may
pursue any legal or equitable remedies that are available to Holder, and may
declare the entire unpaid principal amount of this Convertible Note and all
unpaid accrued interest under this Convertible Note to be immediately due and
payable in full.

     

    9.             ADJUSTMENT
PROVISIONS. The number and character of shares of Conversion Stock
issuable upon conversion of this Convertible Note (or any shares of stock or
other securities or property at the time receivable or issuable upon conversion
of this Convertible Note) and the Conversion Price therefor are subject to
adjustment upon occurrence of the following events between the date this
Convertible Note is issued and the date it is converted:

     

    9.1            Adjustment
for Stock Splits, Stock Dividends, Recapitalizations, etc. If the
conversion is made under Section 6.1 or 6.2 above, the Conversion Price of this
Convertible Note and the number of shares of Conversion Stock issuable upon
conversion of this Convertible Note(or any shares of stock or other securities
at the time issuable upon conversion of this Convertible Note) shall each be
proportionally adjusted to reflect any stock dividend, stock split, reverse
stock split, reclassification, recapitalization or other similar event affecting
the number of outstanding shares of Conversion Stock (or such other stock or
securities).

     

    9.2            Adjustment
for Other Dividends and Distributions. In case the Company
shall make or issue, or shall fix a record date for the determination of
eligible Holders entitled to receive, a dividend or other distribution payable
with respect to the capital stock that is payable in (a) securities of the
Company (other than issuances with respect to which adjustment is made under
Section 10.1), or (b) assets (other than cash dividends paid or payable solely
out of retained earnings), then, and in each such case, the Holder, upon
conversion of this Convertible Note at any time after the consummation,
effective date or record date of such event, shall receive, in addition to the
shares of Conversion Stock issuable upon such exercise prior to such date, the
securities or such other assets of the Company to which the Holder would have
been entitled upon such date if the Holder had converted this Convertible Note
immediately prior thereto (all subject to further adjustment as provided in this
Convertible Note).

     

     

    
      
        
        

      

      
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    9.3            Adjustment
for Reorganization, Consolidation, Merger. In case of any reorganization
of the Company (or of any other corporation the stock or other securities of
which are at the time receivable on the conversion of this Convertible Note),
after the date this Convertible Note, or in case, after such date, the Company
(or any such corporation) shall consolidate with or merge into another
corporation or convey all or substantially all of its assets to another
corporation and then distribute the proceeds to its shareholders, then, and in
each such case, the Holder, upon the conversion of this Convertible Note (as
provided in Section 6) at any time after the consummation of such
reorganization, consolidation, merger or conveyance, shall be entitled to
receive, in lieu of the stock or other securities and property receivable upon
the conversion of this Convertible Note prior to such consummation, the stock or
other securities or property to which the Holder would have been entitled upon
the consummation of such reorganization, consolidation, merger or conveyance if
the Holder had converted this Convertible Note immediately prior thereto, all
subject to further adjustment as provided in this Convertible Note, and the
successor or purchasing corporation in such reorganization, consolidation,
merger or conveyance (if other than the Company) shall duly execute and deliver
to the Holder a supplement hereto acknowledging such corporation’s obligations
under this Convertible Note; and in each such case, the terms of the Convertible
Note shall be applicable to the shares of stock or other securities or property
receivable upon the conversion of this Convertible Note after the consummation
of such reorganization, consolidation, merger or conveyance.

     

    10.             NOTICE
OF ADJUSTMENTS. The Company shall promptly give written notice of each
adjustment or readjustment of the Conversion Price or the number of shares of
Conversion Stock or other securities issuable upon conversion of this
Convertible Note. The notice shall describe the adjustment or readjustment and
show in reasonable detail the facts on which the adjustment or readjustment is
based.

     

    11.             PIGGYBACK
REGISTRATION RIGHTS. If the Company decides to register any of its shares
of Common Stock or securities convertible into or exchangeable for Common Stock
under the 1933 Act (a “Registration”)
on a form that is suitable for an offering of shares of Common Stock by
the Company or by third parties and that is not a registration solely to
implement an employee benefit plan on SEC Form S-8 (or successor form), a
registration statement on SEC Form S-4 (or successor form) or a transaction to
which Rule 145 or any other similar rule of the SEC is applicable, the Company
shall give written notice to the Holder of its intention to effect such a
Registration. The Company shall use its commercial best efforts to include all
of the Conversion Shares in such Registration.

     

    12.             MAXIMUM
INTEREST RATE. Notwithstanding anything herein to the contrary, if at any
time the applicable interest rate as provided for herein shall exceed the
maximum lawful rate which may be contracted for, charged, taken or received by
the Holder in accordance with any applicable law (the “Maximum Rate”), the rate
of interest applicable to this Debenture shall be limited to the Maximum Rate.
To the greatest extent permitted under applicable law, the Company hereby waives
and agrees not to allege or claim that any provisions of this Debenture could
give rise to or result in any actual or potential violation of any applicable
usury laws.

     

     

    
      
        
        

      

      
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    13.             RESERVATION
OF STOCK. If at any time the number of shares of Conversion Stock or
other securities issuable upon conversion of this Convertible Note shall not
be
sufficient to effect the conversion of this Convertible Note, the Company will
take such corporate action as may, in the opinion of its counsel, be necessary
to increase its authorized but unissued shares of Conversion Stock or other
securities issuable upon conversion of this Convertible Note as shall be
sufficient for such purpose.

     

    14.             NO
RIGHTS OR LIABILITIES AS STOCKHOLDER. This Convertible Note does not by
itself entitle the Holder to any voting rights or other rights as a stockholder
of the Company. In the absence of conversion of this Convertible Note, no
provisions of this Convertible Note, and no enumeration herein of the rights or
privileges of the Holder, shall cause the Holder to be a shareholder of the
Company for any purpose.

     

    15.             NO
IMPAIRMENT. The Company will not, by amendment of its Certificate of
Incorporation or Bylaws, or through reorganization, consolidation, merger,
dissolution, issue or sale of securities, sale of assets or any other voluntary
action, willfully avoid or seek to avoid the observance or performance of any of
the terms of this Convertible Note, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all such action as
may be necessary or appropriate in order to protect the rights of the Holder
under this Convertible Note against wrongful impairment. Without limiting the
generality of the foregoing, the Company will take all such action as may be
necessary or appropriate in order that the Company may duly and validly issue
fully paid and nonassessable shares of Conversion Stock upon the conversion of
this Convertible Note.

     

    16.             RELEASE.
In consideration of the Company agreeing to pay the Principal Amount plus
interest thereon as set forth above, the Company executing this Agreement and
other undertakings provided for herein, the sufficiency of which are hereby
acknowledged, the Holder, on behalf of itself, its successors, agents,
affiliates, and assigns, does hereby fully, finally and unconditionally release
and forever discharge the Company, its affiliates, subsidiaries, parent
companies or other related companies, and its past and present directors,
officers, agents, representatives, and employees, from and waive and release all
actions, causes of action, lawsuits, appeals, claims, charges, complaints,
debts, obligations, demands, rights, grievances, promises, liability, damages,
costs and/or fees whatsoever in law or equity that the Holder had, now has, or
may have against the Company and its past and present officers, directors,
agents, representatives and employees, arising from or in connection with the
Holder’s investment in, service as an officer in or association in any way with
the Company, enforceable under any local, state or federal statute, regulation
or ordinance, or under the common law of the United States, or of any of the
states.

     

    17.             WAIVERS.
The Company and all endorsers of this Convertible Note hereby waive
notice, presentment, protest and notice of dishonor.

     

    18.             ATTORNEYS’
FEES. In the event any party is required to engage the services of any
attorneys for the purpose of enforcing this Convertible Note, or any provision
thereof, the prevailing party shall be entitled to recover its reasonable
expenses and costs in enforcing this Convertible Note, including attorneys’
fees.

     

     

    
      
        
        

      

      
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    19.             TRANSFER.
Neither this Convertible Note nor any rights hereunder may be assigned,
conveyed or transferred, in whole or in part, without the Company’s prior
written consent,
which the Company may withhold in its sole discretion. The rights and
obligations of the Company and the Holder under this Convertible Note shall be
binding upon and benefit their respective permitted successors, assigns, heirs,
administrators and transferees.

     

                       20.            GOVERNING
LAW; JURISDICTION; VENUE. This Convertible Note shall be governed by and
construed under the internal laws of the State of California as applied to
agreements among California residents entered into and to be performed entirely
within California, without reference to principles of conflict of laws or choice
of laws.

     

                       
21.            HEADINGS.
The headings and captions used in this Convertible Note are used only for
convenience and are not to be considered in construing or interpreting this
Convertible Note. All references in this Convertible Note to sections and
exhibits shall, unless otherwise provided, refer to sections hereof and exhibits
attached hereto, all of which exhibits are incorporated herein by this
reference.

     

    22.            NOTICES.
Unless otherwise provided, any notice required or permitted under
this
Convertible Note shall be given in writing and shall be deemed effectively given
(i) at the time of personal delivery, if delivery is in person; (ii) one (1)
business day after deposit with an express overnight courier for United States
deliveries, or two (2) business days after such deposit for deliveries outside
of the United States, with proof of delivery from the courier requested; or
(iii) three (3) business days after deposit in the United States mail by
certified mail (return receipt requested) for United States deliveries when
addressed to the party to be notified at the address indicated for such party
below:

     

    
      	
              If
      to the Company:

            	 
      
	 	 
	
              If
      to the Holder:

            	
              Tangiers
      Investors, L.P. 

              1446
      Front St. Suite 400 

              San
      Diego, CA 92101 

              Attn:
      Michael Sobeck

            

    

     

     

    23.            AMENDMENTS
AND WAIVERS. Any term of this Convertible Note may be amended, and the
observance of any term of this Convertible Note may be waived (either generally
or in a particular instance and either retroactively or prospectively) only with
the written consent of the Company and the Holder. Any amendment or waiver
effected in accordance with this Section shall be binding upon the Holder, each
future Holder of such securities, and the Company.

     

    24.            SEVERABILITY.
If one or more provisions of this Convertible Note are held to be
unenforceable under applicable law, such provision(s) shall be excluded from
this Convertible Note and the balance of the Convertible Note shall be
interpreted as if such provision(s) were so excluded and shall be enforceable in
accordance with its terms.

     

           
25.            RECITALS.
The parties acknowledge the accuracy of the Recitals and incorporate
the Recitals into and make them a part of this Agreement.

     

    [SIGNATURE
PAGE NEXT]

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    IN
WITNESS WHEREOF, the Company has caused this Convertible Note to be
signed in its name as of the date first above written.

     

    Mega
Media Group, Inc.

     

    By:                                           

     

    Name:                                    
  

     

    Title:                                          

     

     

    AGREED
AND ACKNOWLEDGED: 

     

    THE
HOLDER

     

    TANGIERS
INVESTORS, L.P.

     

    
      By:                                                

       

      Name:  Tangiers
Capital, LLC 

       

      Its:
General Partnerexhibit412.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EMPLOYMENT
AGREEMENT

     

    THIS
AGREEMENT made as at the 1st day of January 2007.

     

     

    BETWEEN:

    VIREXX
MEDICAL CORP. 

    having an
office at the City of Edmonton,

    in the
Province of Alberta,

    

    (hereinafter
called the "Employer"),

     

    OF THE
FIRST PART,

     

    - and
-

     

    ANDREW
STEVENS

    of the
City of Edmonton,

    in the
Province of Alberta,

    

    (hereinafter
called the "Employee"),

     

    OF THE
SECOND PART,

     

    WHEREAS:

     

    
      	
              A.  

            	
              The
      Employee has agreed to terms of employment with the Employer in the
      capacity and position of Vice President of Clinical/Regulatory Department;
      and

            

    

     

    
      	
              B.  

            	
              The
      Employer and the Employee wish to confirm their relationship upon the
      terms and conditions as provided in this
  Agreement.

            

    

     

    NOW THEREFORE THIS AGREEMENT
WITNESSES that in consideration of the mutual covenants and agreements
referred to herein, and the sum of TEN DOLLARS ($10) now paid or to be paid on
behalf of the Employer to the Employee, the receipt and sufficiency of which
consideration is hereby acknowledged, the parties covenant and agree as
follows:

     

     

    ARTICLE
1.         INTERPRETATION

     

    1.1           Number and
Gender

     

    Words
importing the singular number only shall include the plural and vice versa and
words importing the masculine gender shall include the feminine gender and words
importing persons shall include firms and corporations and vice
versa.

     

    1.2           Division

     

    The
division of this Agreement into Articles and Sections forms no part of this
Agreement and shall be deemed to have been inserted and done for convenience
only.

     

    1.3           Headings

     

    The
headings of all the Articles and Sections hereof and the table of contents, if
any, are inserted for convenience of reference only and shall not affect the
construction or interpretation of this Agreement.

     

    1.4           Recitals

     

    All
recitals to this Agreement shall be included in and form part of this
Agreement.

     

    1.5           Continuance of
Agreement

     

    The
provisions of this Agreement shall continue in effect until the final
performance of all the respective obligations set forth herein or until amended
or altered by agreement in writing.

     

    1.6           Agreement
Supersedes

     

    This
Agreement represents a composite of all previous agreements, if any, reached to
date and that hereafter, this Agreement and the Employee Confidentiality
Agreement, a copy of which is annexed hereto as Schedule “B”, are the only
agreements between the parties with respect to the matters contemplated by this
Agreement, and shall supersede and replace any discussion letter or form of
Agreement, oral or written, which may exist as of the date of execution and
delivery of this Agreement.

     

    1.7           Applicable
Law

     

    This
Agreement shall be governed by the laws of the Province of Alberta.

     

    1.8           Schedules

     

    The
following schedules are incorporated into and form part of this
Agreement:

     

    Schedule
"A"                                -
Position Profile

     

    Schedule
"B"                                -
Employee Confidentiality Agreement

     

    Schedule
"B" to this Agreement is referenced in Article 6 and is in full force and effect
when fully executed.

     

    1.9           Effective
Date

     

    Notwithstanding
the date of execution of this Agreement by the Employer and the Employee, this
Agreement shall be deemed for all purposes to be effective as at and from the
1st day of January 2007 (the "Effective Date").

     

    1.10           Severability

     

    In the
event that any provision or part of this Agreement shall be deemed void or
invalid by a court of competent jurisdiction, the remaining provisions or parts
shall be and remain in full force and effect.

     

    1.1           Modification of
Agreement

     

    Any
modification to this Agreement must be in writing and signed by the parties or
it shall have no effect and shall be void.

     

     

    ARTICLE
2.                                EMPLOYMENT

     

    2.1           Employment

     

    The
Employer hereby employs the Employee to be the Employer's Vice President of the
Clinical/Regulatory Department for the purposes of undertaking the duties of and
exercising the powers of that office.  The Employee represents and
warrants to the Employer that the Employee has the required skills and
experience to perform the duties and exercise the responsibilities required of
the Employee as Vice President of the Clinical/Regulatory Department. In
carrying out his duties and responsibilities, the Employee shall comply with all
lawful and reasonable instructions as may be given by the President of the
Employer and shall comply with all government and other professional
requirements, rules, by-laws and regulations.

     

    2.2           Employee's
Undertaking

     

    2.2.1                      The
Employee, in collaboration with the Employer's President and Board of Directors
shall be responsible for such reasonable duties consistent with the position of
Vice President of the Clinical/Regulatory Department as may from time to time be
required or authorized by the President and/or the Board of Directors of the
Employer, without restricting the generality of the foregoing, shall
include:

     

    
      	
              2.2.1.1  

            	
              discharging
      those duties and responsibilities set out in the Position Profile attached
      as Schedule "A", which may be amended from time to time by the Employer,
      so long as those amended duties and responsibilities are consistent with
      the duties of a Vice President of the Clinical/Regulatory Department;
      and

            

    

     

    
      	
              2.2.1.2  

            	
              using
      his best efforts to promote the interests and goodwill of the
      Employer.

            

    

     

    2.2.2                      In
the performance of the responsibilities listed in Section 2.2, the Employee may
under direction of the President of the Corporation delegate or assign duties as
appropriate to staff and external experts/consultants as required provided that
the Employee shall maintain management responsibility over those to whom duties
have been delegated and/or assigned.

     

    
      	
              2.3  

            	
              Time
      Devotion

            

    

     

    The
Employee shall, during the term of this Agreement, devote his full business
time, attention and ability to the affairs of the Employer in furtherance of the
Employer's best interest as is necessary to fulfill his duties
hereunder.  It is understood that the hours of work involved are going
to vary and be irregular and shall include reasonably sufficient hours required
to meet the objectives of employment herein described.

     

    
      	
              2.4  

            	
              Serving the
      Company

            

    

     

    The
Employee shall well and faithfully serve the Employer and use his best efforts
to promote the interests thereof.  In carrying out his duties,
functions and responsibilities, the Employee shall comply with, adhere to,
execute and fulfill all of the Employer's written policies, procedures, rules
and regulations, amended in writing by the Employer from time to
time.  It is understood and agreed to by the Employee that his
assignments, duties, responsibilities and reporting arrangements may be changed
by the Employer in its sole discretion without causing termination of this
Agreement.

     

    
      	
              2.5  

            	
              Business
      Conduct

            

    

     

    The
Employee agrees that in all matters affecting the conduct of the Employer's
business, the Employee shall maintain a standard of conduct which in all
respects meets a reasonable standard of business conduct in the industry in
which the Employer operates.

     

    
      	
              2.6  

            	
              Employer
      Powers

            

    

     

    Subject
always to this Agreement and all applicable laws, the Employer shall have the
power and authority to review all work performed by the Employee and to
determine standards of performance; provided always, that the Employer's
exercise of such power and authority shall be reasonably done in good faith and
be consistent with its prior practice.

     

    
      	
              2.7  

            	
              Responsibility of
      Employee

            

    

     

    The
Employee assumes no responsibility under this Agreement other than to render the
services called for hereunder in good faith.

     

    
      	
              2.8  

            	
              Liability of the
      Employee

            

    

     

    The
Employee will not be liable to the Employer or others except by reason of acts
constituting bad faith, willful misconduct, negligence or reckless disregard of
his duties.

     

    
      	
              2.9  

            	
              Exercise of
      Duties

            

    

     

    At all
times, the Employee shall act on a basis which is fair and reasonable to the
Employer and shall exercise his powers and discharge his duties under this
Agreement honestly, in good faith and in the best interests of the Employer, and
in connection therewith shall exercise that degree of care, diligence and skill
that a reasonably prudent person would exercise in comparable
circumstances.

     

    
      	
              2.10  

            	
              Location

            

    

     

    The
Employee's place of employment shall be at the head office of the Employer
located at 8223 Roper Road, NW, Edmonton, Alberta or such other place as the
Board of Directors directs. Relocation: If the place of employment changes such
that relocation of the Employee is necessary, the Employer shall pay all
reasonable expenses the Employee incurs regarding relocation.

     

    
      	
              2.11  

            	
              Records and
      Materials

            

    

     

    Upon
expiry or termination of the Employee's employment with the Employer, the
Employee shall deliver to the Employer all proprietary information and all
Confidential Information referred to in Article 6, including but not restricted
to all records and materials with respect to the Employer which are in his
possession and/or under his control.

     

    
      	
              2.12  

            	
              No
      Interest

            

    

     

    Nothing
herein shall be construed to give the Employee any interest in the tangible or
intangible assets of the Employer.

     

     

    ARTICLE
3.                                REMUNERATION

     

    
      	
              3.1  

            	
              Compensation of the
      Employee

            

    

     

    Throughout
the term of this Agreement, commencing January 1, 2007, the Employer shall pay
to the Employee a salary, set from time to time by the Board of Directors,
stated as an annualized amount but payable semi-monthly in arrears in equal
monthly installments for each year during the term of the Employee's employment
and commencing on the Effective Date.  The Employee's salary at the
commencement of and throughout the term of this Agreement shall be no less than
ONE HUNDRED THIRTY FIVE
THOUSAND ($135,000.00) DOLLARS Canadian per annum. The Employee's
compensation and performance shall be reviewed by the Board of Directors
annually at least one month prior to each anniversary date of
commencement.  The Employee shall have the right to provide
information to the Board of Directors on all factors relevant to the Board's
decision on any increase in compensation

     

    
      	
              3.2  

            	
              Bonuses

            

    

     

    For each
year of the term of this Employment Agreement and any extension or renewal
thereof, the Employee is eligible to be considered for a bonus to be decided on
by the Board of Directors. The current Compensation Plan calls for a bonus of
20% for this level of employment. Considering that ViRexx is in Development
phase and currently does not have income inflow, Management reserves the right
whether or not to pay this bonus subject to the availability of
cash.

     

    
      	
              3.3  

            	
              Benefits

            

    

     

    The
Employer shall provide the Employee with participation in any benefit programs
as they are made generally available by the Employer to its other employees
including life, disability, health and dental insurance, Alberta Health Care and
Parking.

     

    
      	
              3.4  

            	
              Pension

            

    

     

    The
Employer agrees to make matching annual contributions to the Employee's RRSP up
to a maximum of 3% of the Employee's salary.

     

    
      	
              3.5  

            	
              Stock
      Options

            

    

     

    
      	
              3.5.1  

            	
              The
      Employee will be eligible to participate in the Employer's stock option
      program or plan as may be determined and/or amended from time to time in
      the sole discretion of Employer and as approved by the Board of Directors
      subject to any applicable regulatory or necessary shareholder
      approvals.

            

    

     

    
      	
              3.5.2  

            	
              It
      is hereby acknowledged that any option granted to the Employee shall be
      within the sole discretion of the Board of Directors subject to any
      applicable regulatory or necessary shareholder
  approvals.

            

    

     

    
      	
              3.5.3  

            	
              If
      the Employee's employment is terminated or deemed terminated by the
      Employer pursuant to Section 5.3
      then all unvested options granted to the Employee shall vest immediately
      upon termination and the Employee shall have ninety (90) days from the
      date of termination to exercise his options unless such ninety (90) day
      period is extended by the Board of
Directors.

            

    

     

    
      	
              3.5.4  

            	
              If
      the Employee is terminated or deemed terminated pursuant to Section 5.5,
      all options not yet vested shall be vested immediately upon termination or
      deemed terminated for Good Reason and the stock option exercise period
      will be extended from ninety (90) days to twelve (12)
    months.

            

    

     

    
      	
              3.6  

            	
              Car Allowance and
      Business Expenses

            

    

     

    The
Employee shall be paid a car mileage allowance for longer trips away from
Edmonton and his reasonable business expenses, including business-related mobile
phone charges, shall be reimbursed by the Employer.

     

    
      	
              3.7  

            	
              Additional
      Benefits

            

    

     

    The
Employer shall pay all professional association and development fees and all
course costs which are incurred from time to time by the Employee in maintaining
his professional designations and upgrading and/or continuing his education and
development to improve the performance of his duties.

     

     

    ARTICLE
4.                                VACATION

     

    The
Employee shall be entitled to a period of four weeks' paid vacation per calendar
year.  The Employee will provide the Employer with reasonable written
notice of his intention to take any vacation days.  The Employee shall
be allowed to accumulate one week's vacation per year from the previous year but
at no time shall the Employee be entitled to accumulate unused weeks such that
he has more than five (5) weeks of vacation in any one (1) year.

     

     

    ARTICLE
5.                                TERM
AND TERMINATION

     

    
      	
              5.1  

            	
              Term

            

    

     

    This
Agreement commenced on the Effective Date and shall continue indefinitely unless
terminated earlier.

     

    
      	
              5.2  

            	
              Termination by the
      Employer for Cause

            

    

     

    The Board
of Directors, by majority decision acting reasonably, shall have the right to
terminate the Employee's employment for cause, including, but without
restricting the generality of the foregoing, upon the occurrence of one or more
of the following default events:

     

    
      	
              5.2.1  

            	
              the
      Employee's failure or refusal to comply with policies established from
      time to time by the Board of Directors, provided always that such policies
      are documented in writing and communicated to the Employee and are
      reasonable and consistent with the Employer's best
    interests;

            

    

     

    
      	
              5.2.2  

            	
              the
      Employee's failure or refusal to comply with the directions of the Board
      of Directors or the Board of Directors determine, in their sole
      discretion, that the Employee's performance of his duties under this
      Agreement is unsatisfactory;

            

    

     

    
      	
              5.2.3  

            	
              the
      Employee's fraud, dishonesty or other willful misconduct or the Employee's
      negligence;

            

    

     

    
      	
              5.2.4  

            	
              if
      the Employee engages in any criminal activity or unethical conduct which,
      in the sole discretion of the Employer, is judged to seriously impair the
      Employee's ability to perform his duties hereunder, or would or could
      impair the business reputation of the Employer, including, but not limited
      to, where the Employee is convicted of any indictable criminal
      offence;

            

    

     

    
      	
              5.2.5  

            	
              any
      actual or material breach of the provisions of this
    Agreement;

            

    

     

    
      	
              5.2.6  

            	
              the
      Employee is adjudged bankrupt.

            

    

     

    
      	
              5.3  

            	
              Termination by the
      Employee and the Employer Without Cause or Change of Control of the
      Employees

            

    

     

    5.3.1                      This
Agreement may be terminated by the Employer or the Employee without cause in the
following manner in the specified circumstances:

     

    
      	
              5.3.1.1  

            	
              by
      the Employee on giving ninety (90) days notice in writing to the Employer,
      the Employer may waive the notice in whole or in
  part;

            

    

     

    
      	
              5.3.1.2  

            	
              by
      the Employer on giving one (1) years notice in writing to the Employee or
      payment in lieu of notice inclusive of all benefits except for those
      detailed in the paragraph below;

            

    

     

    5.3.2                      None
of the payments in lieu of notice referred to in 5.3.1.1 and 5.3.1.2 above
include bonus which may be payable, the value of benefits otherwise received
over the same period and any accrued vacation pay, nor do these payments include
any reasonable out placement and relocation assistance from the Employer which
may be agreed upon as a full and final settlement to the Employee.

     

    
      	
              5.4  

            	
              Termination Upon a
      Change of Control by the Employee for Good Reason or by the Employer
      Without Cause

            

    

     

    5.4.1                      “Change of Control” for the
purposes of this Agreement means the occurrence of any one
or more of the following:

     

    
      	
              5.4.1.1  

            	
              a
      change of control of the Employer or of any material subsidiary of the
      Employer;

            

    

     

    
      	
              5.4.1.2  

            	
              the
      closing of a merger, acquisition, sale of securities, amalgamation, plan
      of arrangement, take-over bid, insider bid, issuer bid other than a normal
      course issuer bid, reorganization, exchange of assets or securities, any
      one of which results in a change of voting control of the issued and
      outstanding securities of the Employer and a subsequent election of new
      directors who gain control of the Board of Directors; sale of all or
      substantially all of the assets of the business of the Employer, a proxy
      contest resulting in appointment of new directors who take control of the
      Board of Directors; or any other change which the Board of Directors
      declares to be a Change of Control;
but

            

    

     

    
      	
              5.4.1.3  

            	
              excludes
      internal reorganizations, reverse takeovers (where the Employer remains
      the dominant entity) and transfers among the group of entities controlled
      by a substantial shareholder.

            

    

     

    5.4.2                      “Good Reason” for the purposes
of this Agreement means a material adverse change to the Employee’s terms and
conditions of employment following a Change of Control including but not limited
to:

     

    
      	
              5.4.2.1  

            	
              failure
      by the Employer to maintain the Employee in at least the same or an
      equivalent position which the Employee occupied before the Change in
      Control of the Employer;

            

    

     

    
      	
              5.4.2.2  

            	
              failure
      by the Employer to provide the Employee with compensation benefits equal
      to or greater than the Employee was receiving prior to the Change in
      Control of the Employer;

            

    

     

    
      	
              5.4.2.3  

            	
              relocation
      of Employee’s place of work to a location more than fifty (50) miles from
      it’s location immediately prior to the Change of Control;
    or

            

    

     

    
      	
              5.4.2.4  

            	
              if
      there is any material change in the Employee’s reporting relationships,
      any material reduction in the Employee’s duties, responsibilities or
      authority or any other action that has the effect of a demotion of the
      Employee: to the extent the Change of Control results in the Employer (or
      a successor to the Employer by merger, consolidation or the like),
      continuing in existence as a direct or indirect subsidiary of an acquirer,
      then the Employee shall be considered to have been demoted unless given
      the same or equivalent position, duties and authority in the ultimate
      parent of the acquirer.

            

    

     

    5.4.3                      Notwithstanding
any other provisions hereof, this Agreement may be terminated at any time within
the twelve (12) months following a Change of Control:

     

    
      	
              5.4.3.1  

            	
              by
      the Employee, for Good Reason, on giving sixty (60) days notice in writing
      to the Employer and the Employer may waive the notice in whole or in part;
      or

            

    

     

    
      	
              5.4.3.2  

            	
              by
      the Employer without cause and without
notice.

            

    

     

    5.4.4                      Upon
termination of the Agreement within twelve months following a Change of Control
either by the Employee for Good Reason as provided for in 5.4.2. above or by the
Employer without cause as provided for in 5.4.1 above, the Employee is entitled
to the following severance:

     

    
      	
              5.4.4.1  

            	
              twelve
      (12) months salary inclusive of any bonus payable for the twelve (12)
      month period;

            

    

     

    
      	
              5.4.4.2  

            	
              continuation
      for twelve (12) months of all Benefits except for those detailed in the
      paragraph below;

            

    

     

    
      	
              5.4.4.3  

            	
              immediate
      vesting of all stock options granted to the Employee;
  and

            

    

     

    
      	
              5.4.4.4  

            	
              an
      extension of the Employer's stock option exercise period from ninety (90)
      days to twelve (12) months.

            

    

     

    5.4.5                      The
severance includes the value of any bonus which may be payable but excludes the
value of benefits otherwise received, that is, parking; pension matching; car
allowance and business expenses; additional benefits of Section 3.7; any accrued
vacation pay; out placement and relocation assistance from the
Employer.

     

    5.4.6                      If
the termination does occur as described in 5.4.1 or 5.4.2, each of the salary,
bonus and benefits (“Benefits”) given to the Employee shall be equal to at least
a minimum of what they were for the year immediately prior to the Change of
Control.

     

    
      	
              5.5  

            	
              Termination of the
      Employee for Disability

            

    

     

    If the
Employee suffers from any mental or physical disability or illness which results
in the Employee being unable to substantially perform his duties for a
continuous ninety days or for periods aggregating one hundred and twenty days in
any period of three hundred and sixty five days, the Employer may terminate this
Agreement upon giving the Employee sixty days notice in writing and shall pay to
the Employee six months' salary, the value of benefits otherwise received over
the same period and any accrued vacation pay as full and final settlement to the
Employee.

     

    
      	
              5.6  

            	
              Survival of
      Agreement

            

    

     

    Notwithstanding
the termination of the Employee's employment or the termination of this
Agreement for any reason, Sections 2.2, 7.5 and Article 5 and Article 6 of this
Agreement shall not be deemed to have been terminated and shall continue in full
force and effect.

     

    5.7           Subsidiaries

     

    For the
purposes of this Agreement, employment by a corporation or other equity that is
controlled directly or indirectly by the Employer will be deemed to be
employment by the Employer.  Thus, references in this Agreement to
“Employer” include such corporations, subsidiaries, affiliates or other entities
where appropriate in context.

     

    
      	
              5.8  

            	
              Effect of
      Termination

            

    

     

    Upon
termination of this Agreement, howsoever terminated, the Employee shall be
entitled to receive compensation for services provided under this Agreement
("Earned Compensation"),
up to and including the date of termination.  However, termination of
this Agreement shall not accelerate the payment date of any monies accrued or
accruing to the Employee as a result of any Earned Compensation, or other
compensation, if any, nor shall termination vest in the Employee any right in
connection therewith unless otherwise stipulated herein.

     

    In the
event of termination of this Agreement for any reason provided in Section 5.2, 5.3 or 5.4 all rights and obligations of the
Employer and the Employee shall cease to exist immediately, except that the
Employee's and Employer's obligations under Sections 2.12, 7.5 and Article 5 and Article 6 hereof shall
survive such termination.

     

     

    ARTICLE
6.                                CONFIDENTIAL
INFORMATION AND SOLICITATION

     

    
      	
              6.1  

            	
              Confidential
      Information

            

    

     

    The
Employee shall not, either during the term of his Employment and for a period of
five years thereafter, disclose or cause to be disclosed, to any person, unless
required by law, any secrets or Confidential Information, as defined in Schedule
"B" hereto, concerning the business or affairs or financial position of the
Employer or any company with which the Employer is or may hereafter be
affiliated. This Agreement is governed by the confidentiality provisions as set
forth in Schedule "B".  PROVIDED it is agreed by the Employer that the
Employee shall have the sole discretion to decide how to manage any Confidential
Information and Intellectual Property Rights as between the Employer and the
University of Alberta given that he is employed by both simultaneously as long
as he uses reasonable practices which are consistent with practices of similar
companies.

     

    
      	
              6.2  

            	
              Non-Solicitation

            

    

     

    
      	
              6.2.1  

            	
              In
      this Section 6.2, in the context of any action taken by the Employee, the
      words "directly or
      indirectly" include any
action:

            

    

     

    
      	
              6.2.1.1  

            	
              taken
      by the Employee, for the Employee's own benefit, as the case may
      be;

            

    

     

    
      	
              6.2.1.2  

            	
              taken
      by an "Associate"
      or an "Affiliate"
      (as each term is defined in the Securities Act
      (Alberta)) of the Employee for the benefit of such Associate or
      Affiliate and/or the Employee; or

            

    

     

    
      	
              6.2.1.3  

            	
              otherwise
      taken for the benefit of any person competing with the business of the
      Employer, whether carried out directly by the Employer, or indirectly by
      any Associate, any Affiliate, any joint venture partner or any agent (the
      "Business"), by
      the Employee, whether taken individually or in partnership or jointly or
      in conjunction with any person as principal, agent, consultant, partner,
      trustee, director, officer, employee or shareholder of that person (other
      than a holding of shares listed on a Canadian or United States stock
      exchange that does not exceed 5% of the outstanding shares so
      listed).

            

    

     

    
      	
              6.2.2  

            	
              At
      any time during a period of one (1) year from the Employee ceasing to be
      employed by the Employer for any reason whatsoever (the "Restricted Period"), the
      Employee shall not, without the prior written consent of the Employer
      (which consent may be withheld by the Employer in its absolute and
      unfettered discretion), directly or indirectly, alone or in concert or in
      any manner whatsoever solicit or endeavor to solicit, or induce or
      endeavor to induce, any employee of the Business to leave his or her
      employment with the Employer or any Affiliate of the
    Employer.

            

    

     

     

    ARTICLE
7.                                GENERAL

     

    
      	
              7.1  

            	
              Further
      Acts

            

    

     

    Each of
the parties to this Agreement shall, at the request and expense of the other
party, execute and deliver any further documents and do all acts and things as
that party may reasonably require to carry out the true intent and meaning of
this Agreement.

     

    
      	
              7.2  

            	
              Time

            

    

     

    Time is
of the essence of this Agreement.

     

    
      	
              7.3  

            	
              Parties of
      Interest

            

    

     

    This
Agreement enures to the benefit of and is binding upon the Employer and the
Employee and upon their administrators, legal representative, executor,
successors and permitted assigns as applicable.

     

    
      	
              7.4  

            	
              Assignment

            

    

     

    This
Agreement may not be assigned or transferred in any manner by the
Employee.

     

    
      	
              7.5  

            	
              Employer's
      Property

            

    

     

    The
Employee acknowledges that all items of any and every nature or kind created or
used by the Employee pursuant to the Employee's employment under this Agreement,
or furnished by the Employer to the Employee, and all equipment, automobiles,
credit cards, books, records, reports, files, manuals, literature, Confidential
Information or other materials shall remain and be considered the exclusive
property of the Employer at all times and shall be surrendered to the Employer,
in good condition, promptly on the cessation or termination of the Employee's
employment irrespective of the time, manner or cause of the
termination.

     

     

    ARTICLE
8.                                NOTICE

     

    
      	
              8.1  

            	
              Manner of
      Delivery

            

    

     

    All
notices given under this Agreement shall be deemed to have been duly given only
if personally delivered, mailed by prepaid registered mail, sent by facsimile or
by electronic mail in portable document format ("PDF") addressed as
follows:

     

    TO THE
EMPLOYER:

     

    ViRexx
Medical Corp.

    8223
Roper Road, NW

    Edmonton,
Alberta  T6E 6S4

     

    TO THE
EMPLOYEE:

    Andrew
Stevens

    212
Windermere Drive

    Edmonton,
AB  T6R 2H6

    

    
      	
              8.2  

            	
              When Notices Deemed
      Delivered

            

    

     

    Any
notice personally delivered in the manner set out in Section 8.1 shall be deemed given when personally
delivered or upon receipt of confirmation of delivery of facsimile or electronic
mail and any notice mailed in the manner set out in Section 8.1 shall be deemed to have been received on
the fifth regular business day next following the date of posting.

     

    
      	
              8.3  

            	
              Disruption of Mail
      Service

            

    

     

    In the
event of disruption, or threatened disruption, of regular mail service, all
notices shall be deemed to have been duly given only if personally delivered,
sent by facsimile or electronic mail.

     

    
      	
              8.4  

            	
              Change of
      Address

            

    

     

    Any party
may change his address for notice by giving a notice to that effect pursuant to
this Article 8.

     

    IN WITNESS WHEREOF this Agreement has
been made effective as on the day and year first written above.

     

    
      	 
      	
              VIREXX
      MEDICAL CORP.

            
	 
      	
              Per:

            	 
      
	 
      	
              Per:

            	
              /s/
      Marc Canton

            
	 
      	 
      	 
      
	
              SIGNED,
      SEALED AND DELIVERED in the presence of:

               

              /s/
      Tracy Smith

            	
              )

              )

              )

              )

            	
               

               

               

              /s/
      A. Stevens

            
	
              WITNESS

            	 
      	
              ANDREW
      STEVENS

            

    

    

     

    
      
        
           

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
"A"

     

    POSITION
PROFILE

     

    Job
Description/Duties:

     

    Reporting
to the Chief Executive Officer, the Vice President of the Clinical/Regulatory
Department will be responsible for providing innovative leadership and direction
to Clinical/Regulatory staff while working closely with the Executive Management
team to promote the goals and values of ViRexx including but not limited to the
following duties.

     

    
      	
              ·  

            	
              Manage
      the Clinical/Regulatory Department - responsible for the operational
      policies, objectives and initiatives of the
  Department.

            

    

     

    
      	
              ·  

            	
              Develop
      long and short-term goals and objectives for the Department that support
      the corporate timelines and
objectives.

            

    

     

    
      	
              ·  

            	
              Recruiting,
      training, mentoring, managing and budgeting of the
    Department.

            

    

     

    
      	
              ·  

            	
              Providing
      leadership and direction to staff in the
  department.

            

    

     

    
      	
              ·  

            	
              Responsible
      for the clinical and regulatory affairs of ViRexx Medical
      Corp.

            

    

     

    
      	
              ·  

            	
              Regularly
      evaluating the progress of the department, including reporting such
      progress or deviations to the executive
staff.

            

    

     

    
      	
              ·  

            	
              Ensure
      that all staff in the Clinical/Regulatory Department have a clear
      understanding of what is expected of them and have clearly defined
      role/responsibility statements, goals and objectives; annual performance
      review of individual staff in the
Department.

            

    

     

    
      	
              ·  

            	
              Play
      an active role in the senior management team, support meetings and
      exchange of information relevant for other departments as well as
      promoting teamwork throughout the entire staff of ViRexx Medical
      Corp.

            

    

     

    
      	
              ·  

            	
              Cooperate
      in the identification of appropriate corporate liaisons for ViRexx Medical
      Corp and acquisition of new technology, and the promotion of ViRexx and
      its platform technologies.

            

    

     

    
      	
              ·  

            	
              Actively
      participate in team executive management meetings, planning sessions and
      progress meetings as well as executive marketing and business development
      initiatives.

            

    

     

    
      	
              ·  

            	
              Be
      a liaison with the Oncology and Infectious Diseases Departments, CROs,
      Canadian and foreign drug regulatory agencies, and with clinical
      investigators

            

    

     

    
      	
              ·  

            	
              Work
      with the other departments of ViRexx Medical Corp in the creation of
      document management systems that ensures that ViRexx's scientific
      documents meet regulatory
requirements.

            

    

     

    
      	
              ·  

            	
              Employ
      contemporary management practices in the leadership of the departments,
      showing suitable concern for the well being of the staff as well as the
      needs of the tasks in hand.

            

    

     

    
      	
              ·  

            	
              Act
      as a role model, both internally and externally; upholding the values of
      the company.

            

    

     

    
      
        
           

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
"B"

     

    EMPLOYEE CONFIDENTIALITY
AGREEMENT

     

    THIS
AGREEMENT made as at the ____ day of January 2007 (hereinafter referred to as
the "Agreement").

     

    BETWEEN:

     

    VIREXX MEDICAL
CORP.,

    a
corporation amalgamated pursuant to the

    laws of
Canada

    

    (hereinafter
referred to as "ViRexx")

    

     OF
THE FIRST PART

    

    - and -

    

    

    ANDREW
STEVENS

    of the
City of Edmonton

    in the
Province of Alberta

    

    (hereinafter
referred to as the "Employee")

    

     OF
THE SECOND PART

    

     

    WHEREAS:

     

    
      	
              A.  

            	
              the
      Employee is presently employed, or is about to be employed pursuant to an
      Employment Agreement ("Employment Agreement")
      dated concurrently herewith, by ViRexx in a position of confidence and
      trust and under conditions where he has or may have access to technical,
      confidential and secret information regarding existing or contemplated
      business of ViRexx;

            

    

     

    
      	
              B.  

            	
              the
      Employee recognizes that as a part of the duties of his employment,
      certain ideas and suggestions of interest to ViRexx, conceived or made by
      the Employee while he is retained or employed by ViRexx shall be
      immediately made available to and become the property of ViRexx without
      any further consideration;

            

    

     

    
      	
              C.  

            	
              ViRexx
      desires to receive from the Employee specific covenants relating to the
      non-disclosure of confidential information and ownership of Intellectual
      Property, and the employment contract with the Employee is conditional on
      ViRexx receiving these covenants.

            

    

     

    THEREFORE IN CONSIDERATION of
the premises set forth and the remuneration paid by ViRexx to the Employee, the
parties agree as follows:

     

    1.           Definition of Confidential
Information

     

    1.1                      For
purposes of this Agreement, the term "Confidential Information",
shall mean all information, whether or not reduced to writing and whether or not
patentable or protected by copyright, which the Employee receives, received
access to, conceived or developed, in whole or in part, directly or indirectly,
in connection with the Employee's relationship with ViRexx, and includes, but is
not limited to:

     

    
      	
              1.  

            	
              information
      concerning bioinformatics, medinformatics and cheminformatics software,
      databases and services, including but not limited to, source codes, object
      codes, flowcharts and programs and other materials whatsoever (tangible or
      intangible and machine readable or human
  readable);

            

    

     

    
      	
              2.  

            	
              information
      concerning products and services provided to the global community to
      bridge the gap between biology in vitro (in the test
      tube) and biology in
      silico (in the computer);

            

    

     

    
      	
              3.  

            	
              information
      concerning the handling and analysis of DNA and protein sequence
      data;

            

    

     

    
      	
              4.  

            	
              information
      concerning drug development and development processes, including but not
      limited to, designing optimal drug molecules for treating
      diseases;

            

    

     

    
      	
              5.  

            	
              information
      concerning pre-clinical, analytical and formulation
    services;

            

    

     

    
      	
              6.  

            	
              technology
      developed for high throughput screening of new chemical entities or drug
      levels;

            

    

     

    
      	
              7.  

            	
              discoveries
      relating to, and developments of, patented in-house
      formulations;

            

    

     

    
      	
              8.  

            	
              information
      concerning research, development and commercialization of vaccines and
      antibodies for preventative or therapeutic use including, without
      restriction, those based upon peptide-synthetic carrier protection vaccine
      formulations for infectious
disease;

            

    

     

    
      	
              9.  

            	
              formulations,
      including but not limited to, the development of new formulations for
      existing drugs, assessments of current formulations and the development of
      strategies for formulations of new chemical entities (NCE) and
      biologicals;

            

    

     

    
      	
              10.  

            	
              information,
      drugs, delivery systems, devices or models under a patent, or potential or
      pending patent, whether or not such a patent is in fact obtained or
      expires;

            

    

     

    
      	
              11.  

            	
              test
      results, clinical studies, clinical trial results, and all research
      whatsoever;

            

    

     

    
      	
              12.  

            	
              products
      and devices developed, patents, discoveries, concepts, compilations and
      ideas of any nature whatsoever including, without limitation, the nature
      and results of research and development activities, the software,
      molecular and analytical tools to facilitate research in the fields of
      biology, medicine and pharmaceutical science, and processes, formulas,
      inventions, technology, techniques, computer programs and models, designs,
      drawings, and specifications;

            

    

     

    
      	
              13.  

            	
              production
      processes, marketing techniques and arrangements, marketing materials,
      promotions, demos and publications, mailing lists, purchasing information,
      pricing policies, quoting procedures, financial information, customer and
      prospect names and requirements, Employee, customer, supplier and
      distributor data and other materials or information relating to ViRexx's
      business and activities and the manner in which ViRexx does business,
      including but not limited to the names of drug firms, biotechnology firms,
      contract research organizations (CRO), generic drug manufacturers,
      pharmaceutical companies, pre-clinical clients, principal investigators
      and alliances with whom ViRexx has or may have a business relationship
      with,

            

    

     

    
      	
              14.  

            	
              any
      other materials or information related to, or that is or may be used in,
      the business, trade or activities of ViRexx
  which:

            

    

     

    
      	
              1.  

            	
              are
      not generally known to others engaged in similar business or
      activities;

            

    

     

    
      	
              2.  

            	
              has
      an economic value from not being generally known;
  and

            

    

     

    
      	
              3.  

            	
              is
      the subject of efforts that are reasonable in the circumstances to
      maintain its secrecy; and

            

    

     

    
      	
              15.  

            	
              any
      financial information or information relating to the day to day business
      of ViRexx

            

    

     

    1.2                      For
the purposes of this Agreement, the term “Intellectual Property” shall
mean all copyrights, registered and unregistered trademarks, trade names, logos,
licenses, patent and patent applications, continuations, continuations in part,
trade secrets, computer software, know-how and all other intellectual property
which the Employee creates, invents or of which he becomes aware as a result of
his employment with ViRexx.

     

    1.3           Failure
to mark any of the Confidential Information as confidential, proprietary or
protected shall not affect its status as part of the Confidential Information
under the terms of this Agreement.

     

    1.4           For
purposes of this Agreement, the term "Confidential Information"
shall not include information which:

     

    
      	
               
      

            	
              (i)

            	
              has
      been in the possession of the Employee prior to the date of the
      commencement of the Employee's employment with ViRexx including, without
      limitation, information pertaining to the matters set out in Section 1.1,
      if any;

            

    

     

    
      	
              (ii)

            	
              has
      been publicly available prior to coming into the possession of
      ViRexx;

            

    

     

    
      	
              (iii)

            	
              becomes
      publicly available without a breach by the Employee of:  i) this
      Agreement; ii) any other agreement between the Employee and ViRexx; or
      iii) any lawful duty owed by the Employee to
  ViRexx;

            

    

     

    
      	
              (iv)

            	
              has
      been supplied to the Employee by a third party who is under no obligation
      to ViRexx.

            

    

     

    The
information described in paragraphs 1.3(i) and (iv) above is hereinafter called
the "Employee
Information".

     

    2.           Treatment of
Information

     

    2.1                      The
Employee acknowledges that in his position, or in any other position the
Employee may hold, in and as a result of the Employee's relationship with
ViRexx, the Employee shall, or may be making use of, acquiring or adding to
Confidential Information about certain matters and things which are confidential
to ViRexx and which information is the exclusive property of
ViRexx.

     

    2.2                      As
a material inducement for ViRexx to retain the services of the Employee, the
Employee agrees that during his term as an Employee with ViRexx, and for a term
of five (5) years following the date of expiry or termination of the Employment
Agreement or expiry or termination of any extension or renewal thereof, the
Employee shall not, except with the prior written consent of ViRexx, which
consent may be arbitrarily withheld, or except if the Employee is acting in the
course of his duties on behalf and for the benefit of ViRexx in connection with
ViRexx's business practices and policies, directly or indirectly, disclose,
divulge, reveal, report, publish, transfer or use for any purpose, or cause to
be disclosed, divulged, revealed, reported, published, transferred or used for
any purpose, the Confidential Information which has been obtained, created,
learned or disclosed by, or to, the Employee.

     

    2.3                      Disclosure
of any Confidential Information of ViRexx by the Employee shall not be
prohibited if the disclosure is directly pursuant to a valid and existing order
of a governing court or other governmental body or agency within Canada;
provided, however that:

     

    
      	
               
      

            	
              (i)

            	
              the
      Employee shall first provide immediate written notice to ViRexx of any
      possible or prospective order, or proceeding pursuant to which any order
      may result; and

            

    

     

    
      	
              (ii)

            	
              ViRexx
      shall have been afforded a reasonable opportunity to prevent or limit any
      disclosure.

            

    

     

    3.           Ownership of ViRexx Intellectual
Property and Confidential Information

     

    3.1                      The
Employee agrees that all right, title and interest in any Confidential
Information and any Intellectual Property shall be and shall remain the
exclusive property of ViRexx.

     

    3.2                      The
Employee agrees immediately to disclose in writing to ViRexx all Confidential
Information and any Intellectual Property pertaining to the business of ViRexx
developed in whole or in part by the Employee during the term of the Employee's
relationship with ViRexx and does hereby assign to ViRexx, any right, title or
interest the Employee may have in the Confidential Information and Intellectual
Property.  The Employee agrees to execute any instruments and to do
all other things reasonably requested by ViRexx, in order to vest more fully in
ViRexx, all ownership rights in the Confidential Information and Intellectual
Property.

     

    3.3                      All
Intellectual Property and all Confidential Information shall belong exclusively
to ViRexx and the Employee does hereby transfer any interest he may have in it
and agrees to turn it over to ViRexx including but not limited to all originals
and all copies of any materials, tapes, notes, data reference items, sketches,
drawings, memoranda, hardware, software, disks, records, inventions, technology,
all Intellectual Property and all Confidential Information, in, or that at any
time whatsoever were in, the Employee's possession, power or control, at the
request of ViRexx, or in the absence of a request, on the termination of the
Employee's relationship with ViRexx, howsoever the Employee's termination
occurs, including but not limited to, the Employee's retirement or
death.

     

    4.           Injunctive Relief

     

    4.1                      The
Employee understands and agrees that ViRexx shall suffer irreparable harm in the
event that the Employee breaches any of the Employee's obligations under this
Agreement and that monetary damages shall be inadequate to compensate ViRexx for
the breach.  Accordingly the Employee agrees that, in the event of a
breach or threatened or potential breach by the Employee of any of the
provisions of this Agreement, ViRexx, in addition to and not in limitation of
any other rights, remedies or damages available to ViRexx at law or in equity,
shall be entitled to an interim injunction, interlocutory injunction, and
permanent injunction, in order to prevent or to restrain any such breach by the
Employee, or by any or all of the Employee's partners, co-venturers, ViRexx's
servants, agents, representatives and any and all persons directly or indirectly
acting for, on behalf of, or with the Employee.

     

    5.           Accounting for Profits and
Indemnification

     

    5.1                      The
Employee agrees that if the Employee shall violate any of the Employee's
covenants under this Agreement, ViRexx shall be entitled to an accounting and
repayment of all profits, compensation, royalties, commissions, remunerations or
benefits which the Employee directly or indirectly shall have realized or may
realize relating to, growing out of, or in connection with any violations of
this Agreement.  This remedy shall be in addition to and not in
limitation of any injunctive relief at law or in equity or otherwise under this
Agreement.

     

    5.2                      The
Employee agrees to defend, hold harmless and indemnify ViRexx against and in
respect of:

     

    
      	
               
      

            	
              (i)

            	
              any
      and all losses and damages resulting from, relating or incident to, or
      arising out of any misrepresentation or breach by the Employee of any
      warranty or covenant made or contained in this
  Agreement;

            

    

     

    
      	
              (ii)

            	
              any
      and all actions, suits, proceedings, claims demands, judgments, costs, and
      expenses (including all legal fees, on a solicitor and his own client
      basis), incident to the foregoing.

            

    

     

    6.           Severability

     

    6.1                      In
the event that any provision or part of any provision of this Agreement shall be
deemed to be void or invalid by a court of competent jurisdiction, the remaining
provisions or parts shall be and remain in full force and effect.  The
Employee agrees that the breach or alleged breach by ViRexx of:

     

    
      	
               
      

            	
              (i)

            	
              any
      covenant contained in another agreement (if any) between ViRexx and the
      Employee or;

            

    

     

    
      	
              (ii)

            	
              any
      obligation owed to the Employee by
ViRexx;

            

    

     

    shall not
affect the validity or enforceability of the covenants and agreements of the
Employee set forth in this Agreement.

     

    7.           No Prior
Agreements

     

    7.1                      The
Employee represents to the best of the Employee's knowledge that the Employee's
performance of all the terms of this Agreement do not and shall not breach any
fiduciary or other duty or any covenant, agreement or understanding (including
any agreement relating to any proprietary information, knowledge or data
acquired by the Employee in confidence, trust or otherwise prior to the
Employee's employment by ViRexx) to which the Employee is a party or by the
terms of which the Employee may be bound. The Employee covenants and agrees that
the Employee shall not disclose to ViRexx, or induce ViRexx to use any
proprietary information, knowledge or data belonging to any previous employer or
others.  The Employee further covenants and agrees not to enter into
any agreement or understanding, either written or oral, in conflict with the
provisions of this Agreement.

     

    8.           Employee's Status

     

    8.1                      Nothing
in this Agreement shall be construed as constituting a commitment, guarantee,
agreement or understanding of any kind or nature that ViRexx shall continue to
employ the Employee.  No change of the Employee's duties as an
Employee of ViRexx shall result in, or be deemed to be, a modification of the
terms of this Agreement.

     

    9.           Successors

     

    9.1                      This
Agreement shall be binding on and shall enure to the benefit of ViRexx and the
Employee, and their respective heirs, personal and legal representatives,
successors and assigns.  As used in this Agreement, the term "ViRexx" shall also include any
corporation or entity which is a parent, subsidiary, or affiliate of
ViRexx.  The Employee consents to the enforcement of any and all
provisions of this Agreement by or for the benefit of ViRexx as to any other
corporation or entity regarding any of the Confidential
Information.

     

    10.           Governing Law

     

    10.1                      This
Agreement shall at all times and in all respects be governed by the laws of the
Province of Alberta and all parties hereto shall irrevocably attorn to the
courts of competent jurisdiction of the Province of Alberta.

     

    11.           Notices

     

    11.1                      Any
notice required or permitted to be given to the Employee shall be sufficiently
given if delivered to the Employee personally or if mailed by prepaid registered
mail, sent by facsimile or by electronic mail in portable document format
("PDF") to the
Employee's address last known to ViRexx.

     

    11.2                      Any
notice required or permitted to be given to ViRexx shall be sufficiently given
if delivered personally or if mailed by prepaid registered mail to:

     

    8223 Roper Road, NW

    Edmonton, Alberta

    T6E 6S4

    

    or at
such other address as the Employer may advise the Employee in
writing.

     

    11.3                      Any
notice personally delivered in the manner set out in this Section 11 shall be
deemed given when personally delivered or upon receipt of confirmation of
delivery of facsimile or electronic mail and any notice mailed in the manner set
out in Section 11 shall be deemed to have been received on the fifth regular
business day next following the date of posting.

     

    11.4                      Either
one of the parties may advise the other, in the manner aforesaid, of any change
of address for the giving of notices.

     

    12.           Entire Agreement

     

    12.1                      
It is acknowledged that the parties are parties to an employment agreement to
which this agreement is attached as Schedule "B".  This Agreement and
the employment agreement along with any future agreement respecting options or
warrants contain the entire agreements and understandings by and between ViRexx
and the Employee with respect to the subject matter, and no representations,
promises, agreements or understandings, written or oral, express or implied
shall be valid or binding unless the same is in writing and signed by the party
intended to be bound.  No waiver of any provision of this Agreement
shall be valid unless it is in writing and signed by the party against whom the
waiver is sought to be enforced; moreover, no valid waiver of any provision of
this Agreement shall be deemed a waiver of any other provision of this Agreement
at the time or shall be deemed a valid waiver of the provision at any other
time.

     

    13.           Assignment

     

    13.1                      This
Agreement is assignable by ViRexx without the prior consent of the
Employee.

     

    13.2                      As
this Agreement is personal in nature with respect to the Employee, it is not
assignable by the Employee under any circumstance.

     

    14.           Gender

     

    14.1                      Whenever
the singular is used, it shall be deemed to extend to and include the
plural.  Where one gender is used, it shall include all
genders.

     

    
      
        
           

           

        

         

      

      
         

        
          

        

      

      
         

        
          -  -

        

      

    

    15.           Headings

     

    15.1                      The
headings and other captions in this Agreement are for convenience and reference
only and are not to be construed in any way as additions or limitations of the
covenants and agreements contained in this Agreement.

     

    16.           Effective Date

     

    16.1                      This
Agreement is effective as of the date and year first above mentioned and
indicated herein.

     

    IN WITNESS WHEREOF, ViRexx and the
Employee have duly executed this Agreement, where applicable by their respective
corporate officers hereunto duly authorized.

     

    

    
      	 
      	
              VIREXX
      MEDICAL CORP.

            
	 
      	
              Per:

            	 
      
	 
      	
              Per:

            	
              /s/
      Marc Canton

            

    

    

     

    
      	
              SIGNED,
      SEALED AND DELIVERED in the presence of:

               

              /s/
      Tracy Smith

            	
              )

              )

              )

              )

            	
               

               

               

              /s/
      A. Stevens

            
	
              WITNESS

            	 
      	
              ANDREW
      STEVENS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]