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ABLEAUCTIONS.COM,
INC.
Suite
454-4111 Hastings Street
Burnaby,
British Columbia V5C 6T7
February
1, 2010
VIA HAND
DELIVERY
Mr. Abdul
Ladha
Dear
Abdul:
This
letter will serve as notice to you that on February 1, 2010 the board of
directors of Ableauctions.com., Inc. (the “Company”) decided to terminate your
employment, including but not limited to your employment as the Company’s Chief
Executive Officer, President, Chief Financial Officer and Secretary, upon the
closing of the share exchange transaction as set forth in that certain Share
Exchange Agreement dated July 17, 2009 by and among the Company, Abdul Ladha,
Hanifa Ladha, Top Favour Limited and the shareholders of Top Favour
Limited. Your termination is expressly conditioned on the closing of
the transaction.
This
termination constitutes a termination without cause in accordance with Article
IV, section 4.2(e) of that certain Employment Agreement dated April 1, 2002
between you and the Company.
Very
truly yours,
/s/ Barrett E. G.
Sleeman___________
Barrett
E. G. Sleeman
/s/ Michael
Boyling_______________
Michael
Boyling
/s/ David
Vogt____________________
Dr. David
Vogt