SETTLEMENT AGREEMENT
This Settlement Agreement (“Agreement”), made this 24th day of August, 2007, by and on behalf of the
following entities: (i) Eiger Technology Inc. (“Eiger” or the “Company”), a public company listed on the Toronto
Stock Exchange (“AXA”); and (ii) Gerry Racicot (“Racicot”), the former President and Chief Executive Officer
of Eiger. Eiger and Racicot are referred to collectively as the “Parties.” <?xml:namespace prefix = o ns =
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WHEREAS Racicot has retired from all offices and his directorship of Eiger following sixteen (16) years
of service with the Company;
AND WHEREAS the Parties to this Agreement desire to settle the terms of Racicot’s retirement
package;
AND WHEREAS due to cash flow issues faced by the Company, Racicot and the Company deferred
the payment of certain obligations owed by the Company to Racicot’s management services company, 1040614
Ontario Ltd. for services provided;
AND WHEREAS the Parties wish to make arrangements for the satisfaction of such deferred
obligations;
NOW, THEREFORE, in consideration of the recitals, the mutual covenants and agreements contained
herein, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties
agree as follows:
1. Retirement Date
The effective date of Racicot’s retirement from the Company is April 18 , 2007 (the
“Retirement Date”).
2. Retirement Payment
The Company has agreed to pay Racicot a retirement payment valued at five hundred thousand
dollars ($500,000) of which ninety six thousand dollars ($96,000) has been paid by way of the
Company transferring to Racicot 960,000 Newlook Industries Corp.’s common shares it owns
at a deemed price of $.10 per share. The Company will also pay Racicot four hundred and four
thousand dollars ($404,000) for past services in cash. Two payments of two hundred and two
thousand dolla