Latest prospectus contains a termination clause. Not sure if this has been in previous ones or not.
I don't think a prospectus is supposed to be an employment contract? At least they see the writing on the wall.
Termination and Change of Control Benefits
Dr. Isa Odidi and Dr. Amina Odidi
The employment agreement with each of Dr. Isa Odidi and Dr. Amina Odidi (collectively the “Odidis”), by virtue of it being a fixed-term agreement with automatic renewal provisions, effectively provides for payments to the Odidis following termination of the employment agreement unless the agreement has been terminated in accordance with its terms. As a result, if either of the Odidis had been terminated on the last business day of the Company’s most recently completed fiscal year, it is estimated that an amount of up to approximately C$2.2 million would be payable to each of the Odidis, which is the amount that would have been payable through to September 30, 2022, at each of the Odidis’ current annual base salary level. Given their nature as fixed term employment agreements, if notice is properly provided to not renew the agreement following the term ending September 30, 2022, then the amount payable upon termination to the Odidis will decrease to the point where no amount would be payable upon termination as at September 30, 2022. Any termination of the employment of the Odidis must be undertaken by and is subject to the prior approval of the Board. There are no payments applicable under the employment agreements of the Odidis relating to a change of control of the Company.
Andrew Patient
If Andrew Patient’s employment agreement is terminated without cause, Mr. Patient shall be entitled to three months’ base salary, plus six weeks’ base salary for every full year of service, up to a combined maximum of twelve months. If such termination occurs within six months of a change of control of the Company, Mr. Patient shall be entitled to thirteen months’ base salary, plus six weeks’ base salary for every full year of service, up to a combined maximum of eighteen months.
My opinions are just my own opinions. As always I encourage all to do their own due diligence and fact checking before buying or selling any security.
BTJ
