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This Note
Amendment Agreement (this “ Agreement ”) is made
as of this 20 th day of April 2008, by and between
Oncothyreon Inc., formerly known as Biomira Inc., (the “
Company ”) and Linda Pestano (“ Employee
”).
WHEREAS, Employee
has executed that certain Promissory Note, dated November 8,
2006 (the " Note ”), in an original principal amount
of US$66,889, in favor of the Company;
WHEREAS, Employee
and the Company entered into a Security Agreement dated
November 8, 2006 (the “ Security Agreement
”) and a General Security Agreement dated November 8,
2006 (the “ General Security Agreement ” and
together with the Security Agreement, the “ Security
Agreements ”) pursuant to which Employee pledged her
Pledged Securities, as such term is defined in the Security
Agreement, as collateral for her obligations under the Note;
and
WHEREAS, Employee
and the Company desire to extend the maturity of the Note as an
incentive to Employee to continue employment with the Company;
and
WHEREAS, Employee
and the Company have considered the current market interest rates
as compared to the rates at the time the Note was executed and
agree that the reasonable interest rate on the Note is still 5.0%
per annum.
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