Exhibit 10.4
MANAGEMENT AGREEMENT
THIS AGREEMENT made as of and to have effect from the 1st day of December, 2006
BETWEEN:
GREEN GOLD INCORPORATED, a company duly incorporated under the laws of the State
of Nevada, having its registered office at Suite 1415, 000 Xxxx 0xx Xxxxxx, Xxxx
Xxxxx, Xxxxx, 00000, XXX (hereinafter called the "Company")
OF THE FIRST PART
AND:
CALDERAN VENTURES LTD. of Suite 204 - 000 Xxxx 00xx Xxxxxx, Xxxxxxxxx, X.X., X0X
0X0 (hereinafter called the "Consultant")
OF THE SECOND PART
WHEREAS the Company is a publicly reporting issuer who intends to list its
shares for trading on the NASD Over the Counter Bulletin Board; and
WHEREAS the Company wishes to engage the Consultant as Consultant and the
Consultant has agreed to be engaged by the Company on the terms and conditions
hereinafter set forth.
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and
of the covenants and agreements hereinafter contained, the parties hereto have
agreed as follows:
1. DUTIES AND DEVOTION OF TIME
1.01 The Consultant will provide the services of Xxxxx X. Xxxxxx ("Xxxxxx") as
President of the Company, therefore the term Consultant shall refer to
Xxxxxx and/or Calderan Ventures Ltd. It is acknowledged and agreed by the
Consultant that the work of the Consultant is and will be that of an
independent consultant and of such a nature that regular hours may be
impossible and the Consultant may not work a full eight hours per day and
a full five days per week. It is also anticipated that there will be
certain evenings, Saturdays, Sundays and holidays during which the
Consultant will be required to work. The work of the Consultant is of an
advisory and supervisory nature and accordingly the Consultant agrees
that the consideration herein set forth will be in full and complete
satisfaction for the Consultant's work and services, no matter how or
when performed, and the Consultant hereby releases the Company from any
claims for overtime pay or compensation whatsoever which the Consultant
might have by reason of any existing or future legislation or otherwise.
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1.02 During the term of this agreement, the Consultant will be responsible
for, but not limited to:
a) consulting on the identification, review, negotiation, acquisition
and maintenance of oil and gas property interests;
b) consulting on the planning of exploration and development;
c) locating and securing financing;
d) consulting on the negotiating of some contracts;
e) consulting on the hiring of personnel;
f) consulting on regulatory compliance;
g) liaising with corporate counsel, auditors and transfer agents;
h) conducting shareholder meetings for prospective shareholders;
i) attending to market maintenance; and
j) responding to shareholder and stock broker communications and
inquiries.
1.03 In conducting its duties under this agreement, the Consultant will report
to the Company's Board of Directors.
2. TERM
2.01 The effective date of this agreement is the date set out above and the
engagement of the Consultant hereunder will from such date continue for a
period of five (5) years or until terminated in accordance with the terms
and provisions of this agreement.
3. REMUNERATION
3.01 The Consultant will faithfully, honestly and diligently provide the
services to the Company as set out above in consideration of which the
Company will pay to the Consultant a monthly fee (the "Monthly Fee")
equal to the sum of:
a) US$10,800.00, payable in cash or common shares at the discretion of
the Consultant.
3.02 The Company will also issue to the Consultant a total of 960,000 common
shares of its common stock payable on a quarterly basis over 12 quarters
(3 years). The first tranche of 80,000 common shares will be payable on
February 28th, 2007 with subsequent issuances of 80,000 common shares
being payable on each of May 31st, August 31st and November 30th each
year. These shares shall be issued under such terms as is approved by the
Directors of the Company and that are acceptable to such regulatory
authorities having jurisdiction.
3.03 The Consultant acknowledges that it is an independent contractor, and as
such is solely responsible for the payment or remittance of all
deductions, taxes and assessments relating to this engagement, and agrees
to save the Company harmless from all liability therefrom.
4. AMENDMENT OF REMUNERATION PAYABLE
4.01 The remuneration payable to the Consultant may be altered from time to
time during the term of this agreement by mutual agreement between the
parties in writing, executed by the parties hereto.
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5. REIMBURSEMENT FOR EXPENSES
5.01 The Consultant and its employees, agents and representatives will be
reimbursed for all reasonable out-of-pocket expenses incurred thereby in
or about the execution of the Company's engagement. Any expense above the
amount of $5000 will be pre-approved by the Company.
6. INTERRUPTION OF COMPANY'S BUSINESS
6.01 If during the term of this agreement the Company discontinues or
interrupts the operations of its business for a period of six months,
then this agreement will automatically terminate without liability on the
part of either of the parties hereto.
7. NOTICE
7.01 Any notice to be given under this agreement will be in writing and will
be deemed to have been given if delivered to, or sent by prepaid
registered post addressed to, the respective addresses of the parties
appearing on the first page of this agreement (or to such other address
as one party provides to the other in a notice given according to this
paragraph). Where a notice is given by registered post, it shall be
conclusively deemed to be given and received on the fifth day after its
deposit in a Canada post office at any place in Canada.
8. CONFIDENTIAL INFORMATION
8.01 The parties hereto acknowledge and agree that the Consultant by virtue of
engagement with the Company will have access to confidential and secret
information and therefore the Consultant agrees that during the term of
this agreement and on termination or expiry of the same, for any reason
whatsoever, it will not divulge or utilize to the detriment of the
Company any such confidential or secret information so obtained.
9. TERMINATION OF AGREEMENT
9.01 Notwithstanding any other provision herein, it is understood and agreed
by and between the parties hereto that the Consultant may terminate this
agreement in its entirety by giving the Company not less than 60 days'
written notice of such intention to terminate
9.02 The Company may terminate this agreement in its entirety without cause by
delivering to the Consultant notice of termination in writing and paying
to the Consultant a severance fee as liquidated damages and in lieu of
notice equal to:
a) 6 multiplied by
b) the Monthly Fee paid or payable hereunder for the last whole month
preceding the date of such termination,
and the Consultant does hereby agree that such notice and severance fee
is sufficient compensation in lieu of notice and damages, and that the
Company will not be liable to pay any further monies, notwithstanding
that such termination of the engagement may be without cause. The
expression "such further monies" will include, without restricting the
generality of the foregoing, holidays, holiday pay, Canada Pension Plan
contributions and any or all other monies arising out of the engagement
of the Consultant.
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9.03 This agreement shall terminate on the occurrence of the death of the
Consultant, or in the event of his inability to perform his duties for a
period of 180 consecutive days, unless the Consultant is granted a leave
of absence by the Company
10. INDEPENDENT ACTIVITIES
10.01 Except as expressly provided in paragraph 10.02 hereto, the Consultant
shall have the free and unrestricted right to independently engage in and
receive the full benefit of any and all business endeavours of any sort
whatsoever, whether or not competitive with the endeavours contemplated
herein, without consulting the Company or inviting or allowing the
Company to participate therein. The Consultant shall not be under any
fiduciary or other duty to the Company which will prevent it from
engaging in or enjoying the benefits of competing endeavours.
10.02 The Consultant shall not, directly or indirectly, acquire nor be a
director, officer, control person, consultant or employee of any
corporation or other entity that has acquired or will acquire an interest
in oil or natural gas properties without the prior consent of the
majority of the directors of the Company. Where the directors of the
Company have considered and declined to acquire an interest in any oil or
natural gas property, such consent shall be deemed to have been given.
11. MISCELLANEOUS
11.01 This Agreement shall enure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns.
11.02 This Agreement shall be governed by and construed in accordance with the
laws of the Province of British Columbia and the State of Nevada which
shall be deemed to be the proper law hereof.
11.03 All rights and remedies of either party hereunder are cumulative and are
in addition to, and shall not be deemed to exclude, any other right or
remedy allowed by law. All rights and remedies may be exercised
concurrently.
11.04 Should any part of this Agreement be declared or held invalid for any
reason, such validity shall not affect the validity of the remainder
which shall continue in full force and effect and be construed as if this
Agreement had been executed without the invalid portion and it is hereby
declared the intention of the parties hereto that this Agreement would
have been executed without reference to any portion which may, for any
reason, be hereafter declared or held invalid.
11.05 No condoning, excusing or waiver by any party hereto of any default,
breach or non-observance by any other party hereto at any time or times
in respect of any covenant, proviso or condition herein contained shall
operate as a waiver of that party's rights hereunder in respect of any
continuing or subsequent default, breach or non-observance, or so as to
defeat or affect in any way the rights of that party in respect of any
such continuing or subsequent default, breach or non-observance, and no
waiver shall be inferred from or implied by anything done or omitted to
be done by the party having those rights.
11.06 This Agreement may not be modified or amended except by an instrument in
writing signed by the parties hereto or by their successors or permitted
assigns.
11.07 The titles of headings to the respective paragraphs of this Agreement
shall be regarded as having been used for reference and convenience only.
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11.08 Time shall be of the essence in this Agreement.
11.09 This Agreement may be executed in several parts in the same form and such
parts as so executed will together constitute one original agreement, and
such parts, if more than one, will be read together as if all the signing
parties hereto had executed one copy of this Agreement.
11.10 This Agreement constitutes the entire agreement between the parties
hereto and supersedes all prior agreements and understandings, oral or
written, by and between any of the parties hereto with respect to the
subject matter hereof.
11.11 This agreement may not be assigned by the Company without the prior
written consent of the Consultant. The parties hereto agree that the
Consultant may assign this agreement to a corporation (in this paragraph,
the "Assignee") provided that the Assignee shall, prior to and as a
condition precedent to such assignment, deliver to the Company its
covenant with and to the Company that:
a) it will, at all times during the remaining term of this agreement,
be wholly-owned by Xxxxx X. Xxxxxx;
b) to the extent of the assignment, it agrees to be bound by the
terms and conditions of this agreement as if it had been an
original party thereto; and
c) it will subject any further assignment of the interest acquired to
the restrictions contained in this paragraph.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day
and year first above written.
The Common Seal of Green Gold Incorporated )
was hereunto affixed in the presence of )
)
)
______________________________________ ) C/S
Xxxxxx X. Xxxxxxxx, Director
The Common Seal of Calderan Ventures Ltd. )
was hereunto affixed in the presence of )
)
)
______________________________________ ) C/S
Xxxxx X. Xxxxxx, President
