Document:

form8k04010910-15.htm

    

    PROPERTY
OPTION AGREEMENT

    

    THIS
AGREEMENT made and entered into as of the 1st day of
April, 2009

    

    BETWEEN:                                American
International Ventures Inc., a company having a mailing address at 4058 Histead
Way, Evergreen, Colorado 80439,

    

    (herein
called the “Optionor”)

    

    OF
THE FIRST PART

    

    

    
      	
              AND:

            	
              Patriot
      Gold Corp., a company having an office at 3651 Lindell Road, Suite D #165,
      Las Vegas, NV  89103

            

    

    

    

    
      	
               
      

            	
              (herein
      called the “Optionee”)

            

    

    

    
      	
               
      

            	
              OF
      THE SECOND PART

            

    

    

    WHERAS the
Optionor has represented that, subject to the NSR (as defined herein), it is the
sole recorded and beneficial owner in and to the property called the Bruner
Patented Claims (the “Property) described in Schedule “A” attached
hereto;

    

    AND
WHEREAS the Optionor, subject to the 1.5% NSR reserved to the Optionor as
described in Schedule B and 2% NSR reserved to Miramar-Orcana (collectively, the
“Reserved NSR”), now wishes to grant to the Optionee the exclusive right and
option to acquire an undivided 100% right, title and interest in and to the
Property on the terms and conditions hereinafter set forth;

    

    NOW
THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises, the
mutual covenants herein set forth herein and the sum of One Dollar ($1.00) of
lawful money of U.S. currency now paid by the Optionee to the Optionor (the
receipt whereof is hereby acknowledged), the Parties hereto do hereby mutually
covenant and agree as follows:

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
              1.

            	
              Definitions

            

    

    

    The
following words, phrases and expressions shall have the following
meanings:

    

    
      	
               
      

            	
              (a)

            	
              “Facilities”
      means all mines and plants, including without limitation, all pits,
      shafts, adits, haulageways, raises and other underground workings, and all
      buildings, plants, facilities and other structures, fixtures and
      improvements, and all other property, whether fixed or moveable, as the
      same may exist at any time in, or on the Property and relating to the
      operator of the Property as a mine or outside the Property if for the
      exclusive benefit of the Property
only;

            

    

    

    
      	
               
      

            	
              (b)

            	
              “Force
      Majeure” means an event beyond the reasonable control of the Opionee that
      prevents or delays it from conducting the activities contemplated by this
      Agreement other than the making of payments referred to in Section 4
      herein. Such events shall include but not be limited to acts of God, war,
      insurrection, action or inaction of governmental agencies reflecting an
      instability in government procedures, or delay in permitting unacceptable
      to both Optionor and Optionee;

            

    

    

    
      	
               
      

            	
              (c)

            	
              “Mineral
      Products” means the commercial end products derived from operating the
      Property as a mine:

            

    

    

    
      	
               
      

            	
              (d)

            	
              “Mining
      Operations” includes:

            

    

    

    
      	
               
      

            	
              (i)

            	
              every
      kind of work done on or with respect to the Property by or under the
      direction of the Optionee during the Option Period or pursuant to an
      approved Work Program; and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              without
      limiting the generality of the foregoing, including all work capable of
      receiving assessment credits pursuant to the Mines and Minerals Act of
      Nevada and the work of assessment, geophysical, geochemical and geological
      surveys, studies and mapping, investigating, drilling, designing,
      examining equipping, improving, surveying, shaft sinking, raising,
      cross-cutting and drifting, searching for, digging, trucking, sampling,
      working and procuring minerals, ores and metals, in surveying and bringing
      any mineral claims to lease or patent, in doing all other work usually
      considered to be prospecting, exploration, development, a feasibility
      study, mining work, milling concentration, beneficiation or ores and
      concentrates, as well as the separation and extraction of Mineral Products
      and all reclamation, restoration and permitting
  activities;

            

    

    

    
      	
               
      

            	
              (e)

            	
              “NSR”
      means that Net Smelter Royalty as defined in Schedule “B” attached
      hereto;

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (f)

            	
              “Option”
      means the option granted by the Optionor to the Optionee to acquire,
      subject to the Reserved NSR to the Optionor, an undivided
      100%  right, title and interest in and to the Property as more
      particularly set forth in Section
4;

            

    

    

    
      	
               
      

            	
              (g)

            	
              “Option
      Period” means the period from the date hereof to: (i) the date at when the
      Optionee has performed its obligations to acquire its 100% interest in the
      Property as set out in Section 4 hereof, or (ii) the termination of this
      Agreement, which ever is earlier.;

            

    

    

    
      	
               
      

            	
              (h)

            	
              “Property”
      means the mineral claims described in Schedule
  “A”;

            

    

    

    
      	
               
      

            	
              (i)

            	
              “Filing
      Fees” means all fees, payments and expenses necessary to keep the patented
      claims in good standing with federal, state and local government entities
      including property taxes;

            

    

    

    
      	
              2.

            	
              Headings

            

    

    

    Any
heading, caption or index hereto shall not be used in any way in construing or
interpreting any provision hereof.

    

    3.           Singular,
Plural

    

    Whenever
the singular or masculine or neuter is used in this Agreement, the same shall be
construed as meaning plural or feminine or body politic or corporate or vice
versa, as the context so requires.

    

    
      	
              4.

            	
              Option

            

    

    

    The
Optionor hereby grants to the Optionee the sole and exclusive right and option
(the “Option”) to earn a 100% interest in the Property , subject to the Reserved
NSR, provided that each of the following conditions are met:

    

    
      	
              (a)

            	
              The
      Optionee paying the sum of $30,000 USD to the Optionor by way of cash, and
      due upon the date both Optionor and Optionee have signed this
      agreement;

            

    

    

    
      	
              (b)

            	
              On
      or before April 1, 2010, the Optionee paying $35,000 USD to the
      Optionor;

            

    

    

    
      	
              (c)

            	
              On
      or before April 1, 2011, the Optionee paying $40,000 U.S to the
      Optionor;

            

    

    

    
      	
              (d)

            	
              On
      or before April 1, 2012, the Optionee paying $45,000 USD to the
      Optionor;

            

    

    

    
      	
              (e)

            	
              On
      or before April 1, 2013, the Optionee paying $50,000 USD to the
      Optionor;

            

    

    

    
      	
              (f)

            	
              On
      or before April 1, 2014, the Optionee paying $55,000 USD to the
      Optionor.

            

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
              (g)

            	
              On
      or before April 1, 2015, the Optionee paying $60,000 USD to the Optionor;
      and

            

    

    

    
      	
              (h)

            	
              On
      or before April 1, 2016, the Optionee paying $1,185,000 USD to the
      Optionor.

            

    

    

    Optionee
can prepay any or all of the above amounts. Upon the Optionee making all of the
payments above (a total of $1,500,000 to Optionor), the Optionee shall be deemed
to have exercised the Option (the “Exercise Date”) and shall be entitled to an
undivided 100% right, title and interest in and to the Property with the full
right and authority to equip the Property for production and operate the
Property as a mine subject to the Reserved NSR.

    

    The
Optionee shall have the right exercisable at any time up to 30 days after
beginning mine construction to buy 1.0% of the Optionor’s 1.5% NSR interest for
USD $500,000. The right to purchase the said NSR interest shall be exercised by
the Optionee providing the Optionor with notice of the purchase accompanied by
payment in the amount of USD $500,000.

    

    The doing
of any act or the incurrence of any cash payments by the Optionee shall not
obligate the Optionee to do any further acts or make any further
payments.

    

    5.           Transfer
of Title

    

    Upon
Optionee’s completion of all requirements to earn a 100 percent interest in the
Property, as stated in Section 4 above, the Optionor will deliver or cause to be
delivered to the Optionee’s solicitors a duly executed transfer of Property in
favor of the Optionee (the “Optionee Transfer”). The Optionee shall be entitled
to record the Optionee Transfer with the appropriate government offices to
effect transfer of legal title of the Property into its own name upon the full
and complete exercise of the Option by the Optionee.

    

    6.           Operations
during Option

    

    At any
time prior to the termination of this Agreement, the Optionee, its servants,
agents and workmen and any persons duly authorized by the Optionee, shall have
the right of access to and from and to enter upon and take possession of and
prospect, explore and develop the Property in such manner as the Optionee in its
sole discretion may deem advisable and shall have the right to remove and ship
therefrom ores, minerals, metals, or other products recovered in any manner
therefrom as needed for metallurgy, bulk sampling and other pre-production
activities, subject to the NSR.  However, prior to (i) the
commencement of any Mining Operations beyond that necessary for a feasibility
study or (ii) the construction of any metallurgical processing plant or recovery
facility not required for a feasibility study, the Optionee must have
purchased the property as described in Section 4.

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    During the
Option Period, Optionor will pay the annual taxes due on the Property and will
bill Optionee for such amount. Payment will be made to Optionor by Optionee
within thirty (30) days from receipt of such invoice.

    

    Prior to
the commencement of any Mining Operations or construction of any metallurgical
processing or recovery facility Optionee shall obtain, and maintain during such
periods of operations or construction, insurance against hazards and risks and
liability to persons and property to the extent and in the manner which the
Optionee reasonably believes is customary for companies in similar business
similarly situated as the Optionee. Such insurance policy shall be with a
financially sound and reputable insurer and shall name the Optionor as an
additional insured. Optionee shall provide a copy of such policy to Optionor
when obtained.

    

    During the
Option Period, all Mining Operations and any metallurgical and ancillary
operations conducted on the Property shall be conducted in accordance with all
applicable federal, state, and local laws and regulations, including The Mines
and Minerals Act of Nevada.

    

    7.           Assignment

    

    During the
Option Term, both parties shall have the right to sell, transfer, assign,
mortgage, pledge its interest in this Agreement or its right or interest in the
Property provided that such assignee shall agree in writing to be bound by the
terms of this Agreement applicable to the assignor.

    

    8.           Termination

    

    This
Agreement shall forthwith terminate in circumstances where:

    

    
      	
              (a)

            	
              The
      Optionee shall fail to comply with any of its obligations hereunder
      including failure to make any of the payments set forth in Section 4,
      subject to Force Majeure, and within 30 days of receipt by the Optionee of
      written notice from the Optionor of such default, the Optionee has
      not:

            

    

    

    
      	
               
      

            	
              (i)

            	
              cured
      such default, or commenced proceedings to cure such default and prosecuted
      same to completion without undue delay;
or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              given
      the Optionor notice that it denies that such default has occurred for
      matters other than the failure to make payments set forth in Section 4 or
      failure to pay the annual taxes due on the
  Property.

            

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    In the
event that the Optionee gives notice that it denies that a default has occurred,
the Opionee shall not be deemed to be in default until the matter shall have
been determined finally through such means of arbitration as stated herein as
such matter has been subjected to by either party; or

    

    
      	
               
      

            	
              (b)

            	
              The
      Optionee gives notice of termination to the Optionor, which it shall be at
      liberty to do at any time after the execution of this Agreement. If and
      when the Optionee elects to terminate this Agreement, at such time the
      Property or the specific project will be returned to the
      Optionor.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Bankruptcy,
      insolvency, reorganization or liquidation proceedings or other proceedings
      or relief under any bankruptcy law or any law for the relief of debtors
      shall be instituted by or against the
Optionee.

            

    

    

    Upon the
termination of this Agreement under this Section 8, the Optionee shall cease to
be liable to the Optionor in debt, damages, claim fees or otherwise, other than
to pay all liabilities referred to in Section 12 and any reclamation
requirements related to its activities on said Property.  All such
reclamation shall be in accordance with all applicable federal, state, and local
laws and regulations, including The Mines and Minerals Act of
Nevada.

    

    Upon
termination of this Agreement under this Section 8, the Optionee shall return
the Property, as listed in Schedule A, to the Optionor by letter and shall
record such instrument indicating termination of this Agreement. Upon receiving
written request from the Optionor, Optionee will return all data received from
Optionor as well as copies of data generated by Optionee during the Option
period. The Optionee shall vacate the Property within a reasonable time after
such termination and relinquishment, but shall have the right of access to the
Property for a period of six months thereafter for the purpose of removing its
chattels, machinery, equipment and fixtures.

    

    9.           Representations
and Covenants of the Optionor

    

    The
Optionor represents and covenants to and with the Optionee, as of this date, as
follows:

    

    
      
        	
                 
      

              	
                (a)

              	
                The
      Optionor is a company duly organized validly existing and in good
      standing under the laws of
Delaware;

              

      

    

    

    
      	
               
      

            	
              (b)

            	
              The
      Optionor has full power and authority to carry on its business and to
      enter into this Agreement and any agreement or instrument referred to or
      contemplated by this Agreement;

            

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (c)

            	
              Neither
      the execution and delivery of this Agreement, nor any of the agreements
      referred to herein or contemplated hereby, nor the consummation of the
      transactions hereby contemplated hereby, nor the consummation of the
      transactions hereby contemplated conflict with, result in the breach of or
      accelerate the performance required by, any agreement to which it is a
      party;

            

    

    

    
      	
               
      

            	
              (d)

            	
              The
      execution and delivery of this Agreement and the agreements contemplated
      hereby will not violate or result in the breach of the laws of any
      jurisdiction applicable or pertaining thereto or of its constating
      documents;

            

    

    

    
      	
               
      

            	
              (e)

            	
              The
      Agreement constitutes a legal, valid and binding obligation of the
      Optionor;

            

    

    

    
      	
               
      

            	
              (f)

            	
              The
      Property is accurately described in Schedule “A”, is in good standing
      under the laws of the jurisdiction in which it is located and is free and
      clear of all liens, charges and encumbrances except those specifically
      listed in the Letter Agreement included as Schedule C of this agreement
      and as stated herein;

            

    

    

    
      	
               
      

            	
              (g)

            	
              The
      Optionor is the sole recorded and beneficial owner of the Property subject
      to the 2% NSR of Miramar and has the exclusive right to enter into this
      Agreement and all necessary authority to transfer its interest in the
      Property in accordance with the terms of this
  Agreement;

            

    

    

    
      	
               
      

            	
              (h)

            	
              No
      Person, firm or corporation has any proprietary or possessory interest in
      the Property other than the Optionor, except those noted in Schedule C
      herein, and no person, firm or corporation is entitled to any royalty or
      other payment in the nature of rent or royalty on any minerals, ores,
      metals or concentrates or any other such products removed from the
      Property except those noted in Schedule C other than the government of the
      state of Nevada pursuant to statute; notwithstanding any Federal, State or
      County royalties or net proceeds tax derived from mining
      operations.

            

    

    

    
      	
               
      

            	
              (i)

            	
              Upon
      request by the Optionee, and at the sole cost of the Optionee, the
      Optionor shall use his best efforts to deliver or cause to be delivered to
      the Optionee copies of all available maps and other documents and data in
      its possession respecting the Property. Nothing will be withheld, hidden,
      or kept from the Optionee, whether the data or information is held or not
      by the Optionor; and

            

    

    

    
      	
               
      

            	
              (j)

            	
              The
      Optionor indemnifies and holds harmless the Optionee from any and all
      suits, judgments, actions, liabilities, whether environmental or other
      that the Optionor is aware of as pending or contemplated prior to this
      agreement.

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    10.           Assignment
of Miramar-Orcana Letter Agreement

    

    Optionor
hereby assigns its Letter of Agreement with Orcana Resources Inc and Miramar
Gold Corporation dated July 16th, 2002,
shown in Schedule C of this agreement, to Optionee and specifically Sections 4
and 5 of Page 1, relating to the buy out of the 2% NSR royalty granted to
Miramar for a total of $500,000 cash or stock. Optionor represents that it has
relinquished all rights and title to all unpatented mining claims within the
area of interest as described in sections 2 and 3 of the Miramar-Orcana Letter
Agreement, and other than the Property, it has no other ownership rights to
mining claims within the area of interest in the Miramar-Orcana
Agreement.  Optionee further understands that the area of interest is
confined solely to the boundaries of mining claims listed within Schedule A of
the present agreement dated April 1, 2009 since neither the Optionor nor
Miramar-Orcana have ownership rights to any mining claims outside this
perimeter.

    

    11.           Representations
and Covenants of the Optionee

    

    The
Optionee represents and covenants to and with the Optionor that:

    

    
      	
               
      

            	
              (a)

            	
              The
      Optionee is a company duly organized validly existing and in good standing
      under the laws of Nevada;

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      Optionee has full power and authority to carry on its business and to
      enter into this Agreement and any agreement or instrument referred to or
      contemplated by this Agreement;

            

    

    

    
      	
               
      

            	
              (c)

            	
              Neither
      the execution and delivery of this Agreement, nor any of the agreements
      referred to herein or contemplated hereby, nor the consummation of the
      transactions hereby contemplated conflict with, result in the breach of or
      accelerate the performance required by, any agreement to which it is a
      party;

            

    

    

    
      	
               
      

            	
              (d)

            	
              The
      execution and delivery of this Agreement and the agreements contemplated
      hereby will not violate or result in the breach of the laws of any
      jurisdiction applicable or pertaining thereto or of its constating
      documents; and

            

    

    

    
      	
               
      

            	
              (e)

            	
              This
      Agreement constitutes a legal, valid and binding obligation of the
      Optionee.

            

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    12.           Indemnity
and Survival of Representation

    

    The
representation Optionor and Optionee hereinbefore set out are conditions on
which the parties have relied in entering into this Agreement and shall survive
the acquisition of any interest in the Property by the Optionee and each of the
parties will indemnify and save the other harmless from all loss, damage, costs,
actions and suits arising out of or in connection with any breach of any
representation, option, covenant, agreement or condition made by them and
contained in this Agreement.

    

    The
Optionor hereby indemnifies and saves harmless the Optionee, and its officers,
directors, employees, consultants, or agents from any liability arising form any
and every kind of work done on or with respect to the Property prior to the
signing of this Agreement (the “Prior Operations”). Without limiting the
generality of the foregoing, Prior Operations includes all work capable of
receiving assessment credits pursuant to The Mines and Minerals Act of Nevada
and the work of assessment, geophysical, geochemical and geological surveys,
studies and mapping, investigating, drilling, designing, examining equipping,
improving, surveying, shaft sinking, raising, cross-cutting and drifting,
searching for, digging, trucking, sampling, working and procuring minerals, ores
and metals, in surveying and bringing any mineral claims to lease or patent, in
doing all other work usually considered to be prospecting, exploration,
development, a feasibility study, mining work, milling, concentration,
beneficiation of ores and concentrates, as well as the separation and extraction
of Mineral Products and all reclamation, restoration and permitting
activities.

    

    The
Optionee hereby indemnifies and saves harmless the Optionor, and its officers,
directors, employees, consultants, or agents from any liability arising form any
and every kind of work done on or with respect to the Property after the signing
of this Agreement (the “Future Operations”). Without limiting the generality of
the foregoing, Future Operations includes all Mining Operations, construction of
any Facilities, and all work capable of receiving assessment credits pursuant to
The Mines and Minerals Act of Nevada and the work of assessment, geophysical,
geochemical and geological surveys, studies and mapping, investigating,
drilling, designing, examining equipping, improving, surveying, shaft sinking,
raising, cross-cutting and drifting, searching for, digging, trucking, sampling,
working and procuring minerals, ores and metals, in surveying and bringing any
mineral claims to lease or patent, in doing all other work usually considered to
be prospecting, exploration, development, a feasibility study, mining work,
milling, concentration, beneficiation of ores and concentrates, as well as the
separation and extraction of Mineral Products and all reclamation, restoration
and permitting activities.

    

    13.           Confidentiality

    

    Except as
required by law, the parties hereto agree to hold in confidence all information
obtained in confidence in respect of the Property or otherwise in connection
with this Agreement other than in circumstances where a party has an obligation
to disclose such information in accordance with applicable securities
legislation or if an acceptable confidentiality agreement has been obtained from
a third party.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    14.           Notice

    

    All
notices, consents, demands and requests ( in this Section 13 called the
“Communication”) required or permitted to be given under this Agreement shall be
in writing and may be delivered personally sent by electronic means or may be
forwarded by first class prepaid registered mail to the parties at their
addresses first above written. Any Communication delivered personally or sent
electronically including email shall be deemed to have been given and received
on the second business day next following the date of sending. Any Communication
mailed as aforesaid shall be deemed to have been given and received on the fifth
business day following the date it is posted, addressed to the parties at their
addresses first above written or to such other address or addresses as either
party may from time to time specify by notice to the other; provided, however,
that if there shall be a mail strike, slowdown or other labor dispute which
might effect delivery of the Communication by mail, then the Communication shall
be effective only if actually delivered. For purposes of this agreement and as a
definition of address the Optionor’s email shall be defined as MGoldst445@aol.com
and the Optionor’s fax number is 303-697-6559. The Optionee’s email shall be
defined as rrkern@charter.net
and the Optionee’s telecopier number is 775-746-0938. Notice will be provided to
each party should their respective email address change.

    

    15.           Further
Assurances

    

    Each of
the parties to this Agreement shall from time to time and at all times do all
such further acts and execute and deliver all further deeds and documents as
shall be reasonably required in order to fully perform and carry out the terms
of this Agreement

    

    16.           Entire
Agreement

    

    The
parties hereto acknowledge that they have expressed herein the entire
understanding and obligation of this Agreement and it is expressly understood
and agreed that no implied covenant, condition, term or reservation, shall be
read into this Agreement relating to or concerning any matter or operation
provided for herein

    

    17.           Proper
Law and Arbitration

    

    This
Agreement will be governed by and construed in accordance with the laws of the
State of Nevada and the laws of the United States of America. The parties hereto
hereby irrevocably attorn to the jurisdiction of the Courts of Nevada. All
disputes arising out of or in connection with this Agreement, or in respect of
any defined legal relationship associated therewith or derived therefrom, shall
be referred to and finally resolved by arbitration under the rules of The
Arbitration Act of Nevada. Each party shall select one arbitrator and the two
arbitrators will select a third arbitrator. The decision of the three (3)
arbitrators shall be binding on the parties.

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    18.           Enurement

    

    This
Agreement will ensure to the benefit of and be binding upon the parties hereto
and their respective successors and permitted assigns.

    

    19.           Payment

    

    All
references to monies herein shall be in US funds unless otherwise specified. The
Optionee shall make payments for the Expenditures incurred by the Optionor no
later than 30 days after the receipt of invoices delivered by the Optionee to do
any acts or make any payments hereunder, and any act or payment or payments as
shall be made hereunder shall not be construed as obligating the Optionee to do
any further act or make any further payment or payments.

    

    20.           Supersedes
Previous Agreements

    

    This
Agreement supersedes and replaces all previous oral or written agreements,
memoranda, correspondence or other communications between the parties hereto
relating to the subject matter hereof.

    

    IN WITNESS WHEREOF the Parties
hereto have duly executed this Agreement effective as of the 1st day of
April, 2009

    

    

    American
International Ventures, Inc.

    

    

    

    Per:  /s/  Myron A.
Goldstein

            Myron
A. Goldstein, Chairman/CFO

    

    Patriot
Gold Corp.

    

    

    

    Per:  /s/ Herb
Duerr

            Herb
Duerr,  President

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
“A”

    List of
patented mining claims and mill sites in the name of American International
Ventures Inc., located in T14M, R37E, Sections 13, 14, 23 and 24, Nye County,
Nevada:

    

    
      	
              Claim
      Name

            	
              Owner

            	
              Min.
      Sur. #

            	
              NMC
      #

            
	
              Paymaster

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Paymaster
      Ext 1

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Paymaster
      Ext

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Defender

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Last
      Chance

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Last
      Chance #1

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Paymaster
      Annex

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Wild
      Horse

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Wild
      Horse 1

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Wild
      Horse 2

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Wild
      Horse 3

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Big
      Henry

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Friday

            	
              AIVN

            	
              4301

            	
              616421

            
	
              Little
      Jim

            	
              AIVN

            	
              4301

            	
              616422

            
	
              Sooy

            	
              AIVN

            	
              4303

            	
              616422

            
	
              Bruner
      Lode

            	
              AIVN

            	
              4303

            	
              616422

            
	
              Annex

            	
              AIVN

            	
              4303

            	
              616422

            
	
              Lucky
      Tiger

            	
              AIVN

            	
              4303

            	
              616422

            
	
              Aura

            	
              AIVN

            	
              4303

            	
              616422

            
	
              Silent
      Friend

            	
              AIVN

            	
              4303

            	
              616422

            
	
              Annex
      Extension

            	
              AIVN

            	
              4303

            	
              616422

            
	
              Climax

            	
              AIVN

            	
              4302A

            	
              616422

            
	
              July

            	
              AIVN

            	
              4302A

            	
              756224

            
	
              Black
      Mule

            	
              AIVN

            	
              4302A

            	
              756224

            
	
              Shale
      Lode

            	
              AIVN

            	
              4302A

            	
              756224

            
	
              Gold
      Knob

            	
              AIVN

            	
              4302A

            	
              756224

            
	
              July
      Millsite

            	
              AIVN

            	
              4302B

            	
              756224

            
	
              Black
      Mule Millsite

            	
              AIVN

            	
              4302C

            	
              756224

            

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
“B”

    

    

    “Net
Smelter Return” shall mean the aggregate proceeds received by the Optionee from
time to time from any smelter or other purchaser from the sale of any ores,
concentrates, metals or any other material of commercial value produced by and
from the Property after deducting from such proceeds the following charges only
to the extent that they are not deducted by the smelter or other purchaser in
computing the proceeds:

    

    
      	
               
      

            	
              (a)

            	
              all
      smelting and refining costs including sampling, assaying, treatment
      charges and penalties including but not limited to, metal losses, incurred
      by the Optionee; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              costs
      incurred by Optionee for handling, transporting, securing and insuring
      Mineral Products from the Property or from a concentrator, whether
      situated on or off the Property, to a smelter, refinery or
      other  purchaser of Mineral Products including, in the case of
      gold or silver concentrates, security costs;
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              ad
      valorem taxes and taxes based upon sales or production, but not income
      taxes, incurred by Optionee; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              marketing
      costs, including sales commissions, incurred by Optionee in selling
      Mineral Products derived from the
Property.

            

    

     

    The
Optionee shall reserve and pay to the Optionor a NSR equal to one and one-half
(1.5%) percent of Net Smelter Return. An additional two (2.0) percent of Net
Smelter Return is due Miramar as mentioned in Section 10 of this agreement and
specifically described in Schedule C as is the buy out of said
royalty.

    

    Payment of
NSR payable to the Optionor hereunder shall be made quarterly within thirty (30)
days after the end of each calendar quarter during which the Optionee receives
Net Smelter Returns in USD dollars or in kind bullion at the discretion of the
Optionor. Within (60) days after the end of each calendar quarter for which the
NSR for such year shall be audited by the Optionee and any adjustments in the
payments of NSR to the Optionor shall be made forthwith after completion of the
audit. All payments of NSR to the Optionor for a calendar year shall be deemed
final and in full satisfaction of all obligations of the Optionee in respect
thereof if such payments or the calculations thereof are not disputed by the
Optionor of the same audited statement. The Optionee shall maintain accurate
records relevant to the determination of the NSR and the Optionor or its
authorized agent, shall be permitted the right to examine such records at all
reasonable times.

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              SCHEDULE
      “C”

            

    

    

    Letter
of Agreement with Orcana Resources Inc and Miramar Gold Corporationex10-11.htm

    EXHIBIT
10.11

    EMPLOYMENT
AGREEMENT

    

         This
Agreement among Charles Moran (the "Executive") and SmartForce PLC, a public
company limited by shares formed under the laws of the Republic of Ireland
("SmartForce PLC") and its wholly-owned subsidiary, SmartForce, a Delaware
corporation ("SmartForce"), is entered into as of June 10, 2002. The
effectiveness of this Agreement is subject to the occurrence of the Closing Date
as that term is defined in the Agreement and Plan of Merger by and among
SmartForce, SkillSoft Corporation and Slate Acquisition Corp. (the "Effective
Date"). If such Agreement and Plan of Merger is terminated prior to the Closing
Date, this Agreement shall be null and void. For purposes of this Agreement, the
term "Company" shall be used to refer to both SmartForce PLC and
SmartForce.

    

         WHEREAS,
the Company desires to employ the Executive and the Executive desires to accept
employment with the Company on the terms and conditions set forth
below;

    

         NOW,
THEREFORE, in consideration of the foregoing recital and the respective
covenants and agreements of the parties contained in this document, the Company
and the Executive agree as follows:

    

         1.   Employment
and Duties. The Executive shall be employed as President and Chief Executive
Officer of the Company effective as of the Effective Date reporting to the Board
of Directors of SmartForce PLC (the "Board"), and assuming and discharging such
responsibilities as are mutually agreed upon by the Executive and the Board
commensurate with such office and position. The Executive shall perform
faithfully the executive duties assigned to him to the best of his
ability.

    

         2.   Base
Salary. In consideration of the Executive's services, the Executive shall be
paid a minimum base salary at the rate of $225,000 per year during the period of
employment (the "Base Salary"), to be paid in installments in accordance with
the Company's standard payroll practices. This Base Salary shall be reviewed for
increases at least annually by the Board on the same basis as the Board shall
review the compensation of other executive officers of the Company.

    

         3.   Bonus.
In addition to the Base Salary, the Executive shall be eligible to receive an
annual performance bonus in the amount determined by the Board(the "Targeted
Bonus") based on performance metrics established by the Board. This Targeted
Bonus shall be reviewed for increases at least annually by the Board on the same
basis as the Board shall review the compensation of other executive officers of
the Company.

    

         4.   At-Will
Employment. The Company and the Executive acknowledge that the Executive's
employment is and shall continue to be at-will, as defined under applicable law.
If the Executive's employment terminates for any reason, the Executive shall not
be entitled to any payments, benefits, damages, awards or compensation other
than as provided by this Agreement, or as may otherwise be available in
accordance with the Company's established employee plans and policies or other
written agreements with the Executive at the time of termination.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

         5.   Benefits;
Expenses. The Executive, together with his spouse and dependent children, shall
be permitted, to the extent eligible, to participate at the Company's expense in
any group medical, dental, life insurance and disability insurance plans, or
similar benefit plans of the Company that are available to other executive
officers in each case pursuant to the terms and conditions of each such plan or
program. The Executive shall also be entitled to four (4) weeks' annual
vacation. Without limiting the generality of the foregoing, the Company shall
reimburse the Executive for all reasonable business and travel expenses actually
incurred or paid by the Executive in the performance of services on behalf of
the Company, in accordance with the Company's expense reimbursement policy as in
effect from time to time.

    

         6.   Voluntary
Termination and Termination for Cause. In the event that the Executive
terminates his employment with the Company voluntarily (other than for Good
Reason, as defined below) or the Company terminates the Executive's employment
for Cause, Sections 6(a), 6(b) and 6(c) below shall apply. For purposes of this
Agreement, termination for "Cause" shall mean (i) any act of personal dishonesty
taken by the Executive in connection with his responsibilities as an employee
which is intended to cause a material personal financial benefit for the
Executive and is intended to cause a material financial detriment to the
Company, (ii) the Executive's conviction of or plea of nolo contendere to a
felony, (iii) a willful act by the Executive which constitutes misconduct and is
injurious to the Company, and (iv) continued willful violations by the Executive
of the Executive's obligations to the Company under this Agreement.

    

              (a)  Covenant
Not to Solicit. Beginning with the effective date of the Executive's voluntary
termination (other than for Good Reason) or termination for Cause and until the
later of (i) one (1) year thereafter or (ii) the date that is two (2) years
after the Effective Date (the "Non-Compete Period"), the Executive agrees that
he will not:

    

                   (i)  solicit,
encourage, or take any other action which is intended to induce any other
employee of the Company to terminate his employment with the Company,
or

                   (ii)
interfere in any manner with the contractual or employment relationship between
the Company and any such employee of the Company.

    

         The
foregoing shall not prohibit the Executive or any entity with which the
Executive may be affiliated from hiring a former employee of the Company,
provided that such hiring results from such employee's affirmative response to a
general recruitment effort carried out through a public solicitation or a
general solicitation.

    

              (b)  Covenant
Not to Compete. During the Non-Compete Period, the Executive agrees that he will
not, directly or indirectly, own, manage, operate, join, control, advise or
participate in, as a shareholder (other than as a shareholder with less than one
percent (1%) of the outstanding stock of a company), officer, manager,
executive, partner, consultant or technical or business advisor (or any foreign
equivalents of the foregoing) any company that derives more than ten percent
(10%) of its revenues from a Restricted Business, or any company or entity
controlling, controlled by or under common control with any company that derives
more than ten percent (10%) of its revenues from a Restricted Business (any such
company, a "Restricted Company"). 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    For the
purposes of this Agreement, the term "Restricted Business" shall mean the
business of developing or selling computer-based training for information
technology professionals, on-line business degrees, or any other interactive
education business in which the Company is then involved.

    

         The
foregoing will not in any way affect the Executive's right to take any of the
foregoing positions if he is involved only in parts of a company that do not
derive any revenues from the Restricted Business.

    

                   (i)  In
the event that the Executive intends to associate with any Restricted Company
during the Non-Compete Period, the Executive must provide information in writing
to the Board of Directors of the Company relating to the business engaged in or
proposed to be engaged in by such Restricted Company. All such current
associations of the Executive are set out in Exhibit A hereto.

    

         In
the event that the Board of Directors authorizes the Executive to engage in such
activity in writing, any activity by the Executive described in the written
information furnished to the Chairman of the Board and so authorized shall be
conclusively deemed not to be a violation of Section 6(a) and (b)
hereof.

    

                   (ii)
The Executive acknowledges that, pursuant to an Agreement and Plan of Merger
among the Company, SkillSoft Corporation ("SkillSoft") and Slate Acquisition
Corp., he is transferring all shares of SkillSoft owned by him and that the
Company will be irreparably injured if the provisions of this Section 6 are not
specifically enforced. If the Executive commits or, in the reasonable belief of
the Company, threatens to commit a breach of any of the provisions of this
Section 6, the Company and each of its subsidiaries and affiliates shall have
the right and remedy, in addition to any other remedy that may be available at
law or in equity, to have the provisions of this Section 6 specifically enforced
by any court having equity jurisdiction together with an accounting for any
benefit or gain by the Executive in connection with any such breach, it being
acknowledged and agreed that any such breach or threatened breach will cause
irreparable injury to the Company and its subsidiaries and that money damages
will not provide an adequate remedy therefor. Such injunction shall be available
without the posting of any bond or other security, and the Executive hereby
consents to the issuance of such injunction.

    

              (c)  The
Executive shall not receive any compensation or benefits under this Agreement on
account of his voluntary termination or termination for Cause. The Executive's
rights under the Company's benefit plans upon such a termination shall be
determined under the provisions of those plans.

    

         7.   Termination
without Cause and Involuntary Termination. If the Executive's employment with
the Company is involuntarily terminated by the Company other than for Cause or
by the Executive for Good Reason (an "Involuntary Termination Event"), Sections
7(a) and 7(b) below shall apply. 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    For
purposes of this Agreement, the term "Good Reason" shall mean (i) without the
Executive's express written consent, the assignment to the Executive of any
duties, or the removal from or reduction or limitation of the Executive's duties
or responsibilities, which in either case is a significant change in the
Executive's position, title, organization level, duties, responsibilities,
compensation and status with the Company; (ii) without the Executive's express
written consent, a substantial reduction of the facilities and perquisites
(including office space and location) available to the Executive immediately
prior to such reduction; (iii) without the Executive's express written consent,
a reduction by the Company in the base salary of the Executive as in effect
immediately prior to such reduction; (iv) without the Executive's express
written consent, a reduction by the Company in the kind or level of employee
benefits to which the Executive is entitled immediately prior to such reduction
with the result that the Executive's overall benefits package is significantly
reduced; (v) without the Executive's express written consent, the relocation of
the Executive to a facility or a location more than twenty (20) miles from the
Executive's then-present work location; (vi) any purported termination of the
Executive by the Company other than for Cause or by reason of the Executive's
death or Disability; (vii) the failure of the Company to obtain the assumption
of this Agreement by any successor as required by Section 12 below; (viii)
without the Executive's express written consent, the granting of options or
other equity, or the modification of the terms of existing options or other
equity, to the Chairman or Chief Strategy Officer of the Company, where the
amount or terms of such grant or modification of options or other equity are
better than the amount or the terms concurrently granted to, or modified for the
benefit of, the Executive or (ix) any material breach by the Company of any term
of this Agreement.

    

              (a)  Severance.
The Company shall, in addition to paying the Executive all amounts accrued by
the Executive on or prior to the date of the Involuntary Termination Event, make
a lump sum payment to him equal to his then base salary plus the then maximum
performance bonus for a period of the greater of (i) one (1) year or (ii) from
the date of the Involuntary Termination Event to the date that is two (2) years
after the Effective Date.

    

              (b)  Stock
Options. Notwithstanding that above Sections 6(a) and 6(b) will otherwise not
apply to the Executive as a result of the Involuntary Termination Event, the
Executive may elect to be bound by above Sections 6(a) and 6(b) in exchange for
continued vesting of the stock options granted to him by the Company for the
period during which such Sections 6(a) and (b) apply (i.e., through the later of
(i) one year following the Involuntary Termination Event or (ii) the date that
is two (2) years after the Effective Date); provided, however, that the
Executive has to notify the Company of said election within thirty (30) days of
such termination. Otherwise, the Executive's stock options will discontinue to
vest immediately upon termination of employment.

    

         8.   Death.
In the event of the Executive's death, except for obligations accrued at such
time, the Company shall have no obligation to pay or provide any compensation or
benefits under this Agreement. The Executive's rights under the Company's
benefit plans in the event of the Executive's death shall be determined under
the provisions of those plans.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

         9.   Disability.
The Company may terminate the Executive's employment for Disability by giving
the Executive thirty (30) days' advance notice in writing. In the event that the
Executive resumes the performance of substantially all of his duties hereunder
before the termination of his employment under this Section 9 becomes effective,
the notice of termination shall automatically be deemed to have been revoked.
Except for such obligations that have accrued prior to the Executive's
Disability, no compensation or benefits will be paid or provided to the
Executive under this Agreement on account of termination for Disability. The
Executive's rights under the Company's benefit plans shall be determined under
the provisions of those plans. For all purposes under this Agreement,
"Disability" shall mean that the Executive, at the time notice is given, has
been unable to substantially perform his duties under this Agreement for a
period of not less than six (6) consecutive months as the result of his
incapacity due to physical or mental illness.

    

         10.  Tax
Provisions. In the event that all or any part of the benefits provided for in
the Agreement, when aggregated with any other payments or benefits received by
the Executive, would (i) constitute "parachute payments" within the meaning of
Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), and
(ii) would be subject to the excise tax imposed by Section 4999 of the Code (the
"Excise Tax"), then the amount of the Executive's benefits to be paid or
delivered hereunder shall be either

    

              (a)  the
full amount of such benefits determined without regard to this Section 10,
or

    

              (b)  such
lesser amount which would result in no portion of such benefits being subject to
the Excise Tax, whichever of the foregoing amounts, taking into account the
applicable federal, state and local income taxes and the Excise Tax, results in
the receipt by the Executive on an after-tax basis, of the greatest amount of
benefits, notwithstanding that all or some portion of such benefits may be
taxable under Section 4999 of the Code. Unless the Company and the Executive
otherwise agree in writing, any determination required under this paragraph
shall be made in writing by the Company's independent public accountants (the
"Accountants") whose determination shall be conclusive and binding upon the
Executive and the Company for all purposes. For purposes of making the
calculations required by this paragraph, the Accountants may make reasonable
assumptions and approximations concerning applicable taxes and may rely on
reasonable, good faith interpretations concerning the application of Sections
280G and 4999 of the Code. The Company and the Executive shall furnish to the
Accountants such information and documents as the Accountants may reasonably
request in order to make a determination under this paragraph. The Company shall
bear all costs the Accountants may reasonably incur in connection with any
calculations contemplated by this paragraph.

    

         11.  Proprietary
Information Agreement. In connection with commencement of the Executive's
employment with the Company, the Executive will sign the Company's standard
executive proprietary information agreement, provided that its provisions, if
any, concerning non-solicitation and non-competition shall be deleted in favor
of the provisions herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

         12.  Successors.
The Company shall require any successor or assignee, in connection with any
sale, transfer or other disposition of all or substantially all of the assets or
business of SmartForce PLC, whether by purchase, merger, consolidation or
otherwise, expressly to assume and agree to perform the Company's obligations
under this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession or assignment had taken
place. In such event, the term SmartForce PLC as used in this Agreement, shall
mean SmartForce PLC as defined above and any successor or assignee to the
business and assets which by reason hereof becomes bound by the terms and
provisions of this Agreement.

    

         13.  Confidentiality.
Except as required by applicable laws, neither party shall disclose the contents
of this Agreement without first obtaining the prior written consent of the other
party, provided, however, that (i) the Executive may disclose this Agreement to
his attorney, financial planner and tax advisor if such persons agree to keep
the terms hereof confidential and (ii) the Company may disclose this Agreement
if its counsel advises that it is required to do so under applicable
law.

    

         14.  Arbitration.
Any claim, dispute or controversy arising out of this Agreement, the
interpretation, validity or enforceability of this Agreement or the alleged
breach thereof shall be submitted by the parties to binding arbitration before
the American Arbitration Association in Nashua, New Hampshire; provided,
however, that this arbitration provision shall not preclude either party from
seeking injunctive relief from any court having jurisdiction with respect to any
disputes or claims relating to or arising out of this Agreement or Executive's
conduct as an officer, director or employee of the Company. All costs and
expenses of arbitration, excluding attorneys' fees, shall be paid by the
Company. The arbitrator shall have the power to award attorneys' fees where
provided by statute or rule. The arbitrator shall be neutral, and shall issue
all decisions in writing. Judgment may be entered on the award of the
arbitration in any court having jurisdiction.

    

         15.  Governing
Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New Hampshire applicable to agreements made and to be
performed entirely within such state.

    

         16.  Integration.
This Agreement, any written agreements or other documents evidencing matters
referred to herein and any written Company existing plans that are referenced
herein represent the entire agreement and understanding between the parties as
to the subject matter hereof and thereof and supersede all prior or
contemporaneous agreements as to the subject matter hereof and thereof, whether
written or oral. No waiver, alteration, or modification, if any, of the
provisions of this Agreement shall be binding unless in writing and signed by
duly authorized representatives of the parties hereto.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

        

     17.  Notices.
Notices and all other communications contemplated by this Agreement shall be in
writing and shall be deemed to have been duly given when personally delivered or
when mailed by U.S. registered or certified mail, return receipt requested and
postage prepaid. In the case of the Executive, mailed notices shall be addressed
to him at the home address that he most recently communicated to the Company in
writing. In the case of the Company, mailed notices shall be addressed to its
corporate headquarters, and all notices shall be directed to the attention of
its Secretary.

    

         18.  No
Mitigation. In the event the Executive's employment with the Company terminates,
the Executive shall not be required to mitigate damages or the amount of any
payment provided under this Agreement by seeking other employment or otherwise,
nor shall the amount of any payment provided under this Agreement be reduced by
any compensation earned by the Executive as a result of employment by another
employer or by retirement benefits after such termination, or
otherwise.

    

         19.  Waiver.
If either party should waive any breach of any provisions of this Agreement, he
or it shall not thereby be deemed to have waived any preceding or succeeding
breach of the same or any other provision of this Agreement.

    

         20.  Counterparts.
This Agreement may be executed in counterparts, which together will constitute
one instrument.

    

    

    

    

                      [Remainder
of page intentionally left blank]

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXECUTIVE                                                        SMARTFORCE
PLC

    

    By: /s/
Charles E.
Moran                                         By: /s/ Gregory M.
Priest

        ------------------------------------                               
---------------------------

                                                                           Name: Gregory M
Priest

                                                                           Title: President &
CEO

    

                                                                         SMARTFORCE

    

                                                                         By: /s/ Gregory M.
Priest

                                                                        
 ---------------------------

                                                                         Name: Gregory M.
Priest

                                                                         Title: President
& CEO

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    December
23, 2008

     

    Charles
Moran

     

    SkillSoft
Corporation

     

    107
Northeastern Boulevard

     

    Nashua,
NH  03062

     

    

     

    Dear
Chuck:

    

    To ensure
compliance with Section 409A of the Internal Revenue Code of 1986, as amended,
SkillSoft Public Limited Company, incorporated in the Republic of Ireland (the
“Company”), and you hereby agree to amend the employment agreement dated as of
June 10, 2002 by and between SmartForce PLC (as a predecessor to the Company),
SmartForce (as predecessor to SkillSoft Corporation, its subsidiary), and you
(the “Employment Agreement”) as follows:

    

    
      	
              1.  

            	
              Section
      3 is amended by inserting at the end the
  following:

            

    

     

    “The
Company will pay any bonus due to the Executive between January 1 and June 30 of
the year following the year in which the services were rendered, unless the
bonus program specifically provides for a different payment schedule that
complies with Section 409A.”

    

    
      	
              2.  

            	
              Section
      5 is amended by inserting at the end the
  following:

            

    

     

    “To
receive reimbursement or have expenses paid, the Executive must submit all
required substantiation no later than the 30th day following the later of the
date the Executive incurred the expense or the date such documentation related
to the expense was first available to the Executive.  The Company will
reimburse the Executive for expenses that fit its policy no later than the end
of the month following the month in which it receives such
substantiation.”

     

    
      	
              3.  

            	
              Section
      7(a) is amended by inserting at the end the
  following:

            

    

     

    “Payment
of any accrued amounts shall not be accelerated in a manner that would subject
them to extra taxation under Section 409A(a)(2) of the Code but shall instead be
paid in accordance with their terms.  The lump sum severance shall be
paid as provided in Section 21.”

     

    
      	
              4.  

            	
              Section
      9 is amended by inserting after the third sentence the
      following:

            

    

     

    “Payment
of any accrued amounts shall not be accelerated in a manner that would subject
them to extra taxation under Section 409A(a)(2) of the Code but shall instead be
paid in accordance with their terms.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              5.  

            	
              Section
      10 is amended by inserting after the first sentence the
      following:

            

    

     

    “If
necessary to carry out the preceding sentence, amounts payable under this
Agreement will be reduced or eliminated as follows, as determined by the
Company, in the following order:  (i) nonacceleration of any stock
options whose exercise price is at or above the fair market value of the stock
as determined in the discretion of the Board’s Compensation Committee (taking
into account, as appropriate, the proceeds that would be received in connection
with the event covered by Section 4999) (“Underwater Options”), (ii) the
payments due under Section 7(a) above, (iii) nonacceleration of any stock
options other than Underwater Options, and (iv) any vesting or distribution of
restricted stock or restricted stock units.  Within each category
described in clauses (i), (iii), and (iv), reductions or eliminations shall be
made in reverse order beginning with vesting or distributions that are to be
paid the farthest in time from the date of event covered by Section
4999.”

     

    
      	
              6.  

            	
              Section
      21 is added to read as follows:

            

    

     

    “Tax
Considerations.  Any payments due under this Agreement shall be
reduced by any amounts that the Company is required to withhold under applicable
law.  The Executive acknowledges that this Agreement is intended to
comply, to the extent applicable, with the provisions of Section 409A of the
Internal Revenue Code of 1986, as amended (“Section 409A”) and shall, to the
extent practicable, be construed in accordance with such
section.  Terms defined in this Agreement have the meanings given such
terms under Section 409A if and to the extent required to comply with Section
409A.  If and to the extent any portion of any payment, compensation
or other benefit provided to the Executive in connection with the Executive’s
separation from service (as defined in Section 409A) is determined to
constitute “nonqualified deferred compensation” within the meaning of Section
409A and the Executive is a “specified employee” as defined in Section
409A(a)(2)(B)(i), as determined by the Company in accordance with its procedures
and Treasury Regulation 1.409A-1(i)(6)(i), by which determination the Executive
hereby agrees to be bound, such portion of the payment, compensation or other
benefit shall not be paid before the earlier of (i) the day that is six months
plus one day after the date of separation from service or (ii) ten (10) days
after the Executive’s date of death (either, the “New Payment
Date”).  The aggregate of any payments that would otherwise have been
paid to the Executive during the period between the date of separation from
service and the New Payment Date shall be paid to the Executive in a lump sum on
such New Payment Date, and any remaining payments will be paid on their original
schedule.  For purposes of this Agreement, each amount to be paid or
benefit to be provided will be construed as a separate identified payment for
purposes of Section 409A, and any payments that are due within the “short term
deferral period” as defined in Section 409A will not be treated as deferred
compensation unless applicable law requires otherwise.  Neither the
Company nor the Executive has the right to accelerate or defer the delivery of
any such payments or benefits except to the extent Section 409A specifically
permits or requires such acceleration or deferral.  

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
the foregoing, to the extent that this Agreement or any payment or benefit
hereunder is determined not to comply with Section 409A, then neither the
Company, its Board, nor any of its designees, agents, or employees will be
liable to the Executive or any other person for any actions, decisions, or
determinations made under the Agreement or for any resulting adverse tax
consequences.”

     

    Except as
modified by this letter or by other intervening amendments, all other terms and
conditions of the Agreement shall remain in full force and
effect.  This letter may be executed in counterparts, each of which
shall be deemed to be an original, and all of which shall constitute one and the
same document.

     

    
      
        	 	SKILLSOFT PUBLIC LIMITED
      COMPANY	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Jerald
      A. Nine	 
	 	 	Jerald
      A. Nine	 
	 	 	Chief
      Operating Officer	 
	 	 	 	 

      

    

    
       

      
        
          	 	SKILLSOFT CORPORATION (FORMERLY
      SMARTFORCE)	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Jerald
      A. Nine	 
	 	 	Jerald
      A. Nine	 
	 	 	Chief
      Operating Officer	 
	 	 	 	 

        

      

       

    

    
    

    
 

    
      
        
          
            	Acknowledged
      and agreed:	 
	 	 	 
	
                    By:
      

                  	/s/ Charles
      E. Moran	 
	 	Charles
      E. Moran	 
	 	 	 
	 Date	December
      23, 2008

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}]]