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DIRECTORS' COMPENSATION ON TERMINATION AGREEMENT

Termination Agreement

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This Termination Agreement involves

SMARTIRE SYSTEMS INC

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Title: DIRECTORS' COMPENSATION ON TERMINATION AGREEMENT
Date: 2/9/2005
Industry: Scientific and Technical Instr.     Sector: Technology

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Exhibit 4.8

 

DIRECTORS' COMPENSATION ON TERMINATION AGREEMENT

THIS AGREEMENT dated the 3rd day of February, 2005 (the "Agreement Date")

BETWEEN:

JOHNNY CHRISTIANSEN, businessman, of Spurvestien 24, 3189 Horten,

Norway

(the "Director")

OF THE FIRST PART

AND:

SMARTIRE SYSTEMS INC., a company duly incorporated pursuant to the

laws of the Province of British Columbia, having an office at 150 -

13151 Vanier Place, Richmond, British Columbia, V6V 2J1

("SmarTire" or the "Company")

OF THE SECOND PART

 

A. The Director was elected or appointed as a director of SmarTire on or about

August 14, 2003;

B. SmarTire has a current policy on board remuneration under which the director

is being remunerated;

C. SmarTire and the Director wish to ensure the Director is properly remunerated

in the event of certain circumstances as set forth herein.

THEREFORE, in consideration of the mutual covenants and premises contained

herein, and payment of $10, the receipt and sufficiency of which is hereby

acknowledged, the parties covenant and agree as follows:

1. DEFINITIONS

1.1 In this Amendment Agreement, the following terms have the meaning as

ascribed below:

 

<PAGE>

(a) "Acquisition" means an acquisition of substantially all of SmarTire

or of substantially all assets of SmarTire by a party not an

Affiliate of SmarTire prior to completion of the acquisition;

(b) "Affiliate" means a director, officer, wholly or partially owned

subsidiary or 10% or greater shareholder of SmarTire, or a company

controlled by such person or any party acting in conjunction with

such person;

(c) "Hostile Takeover" means a Takeover that the directors of SmarTire

recommend to shareholders to reject in a management circular;

(d) "Merger" means a merger by SmarTire with


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