Document:

Exhibit
                      10.1 

                  
	 	
                    PRECISION
                      OPTICS CORPORATION 

                  
	 	
                    22
                      EAST BROADWAY 

                  
	 	
                    GARDNER,
                      MASSACHUSETTS
                      01440-3338 

                  
	 	
                    Telephone
                      978 / 630-1800 

                  
	 	
                    Telefax
                      978 /
                      630-1487 

                  

          

        

      

      

      
        	 	POC26-0287 
	 	September 15, 2006 
	Michael T. Pieniazek 	 
	13 Rutland Terrace 	 
	Worcester, Massachusetts
                01609 	Confidential 
	 	 
	Dear Mr. Pieniazek: 	Sent by: E-mail:
                mtpieniazek@yahoo.com  

      
       

    I
      am
      pleased to offer you the position of Vice President and Chief Financial Officer
      of Precision Optics Corporation, reporting directly to me, President and Chief
      Executive Officer and Joseph N. Forkey, Executive Vice President and Chief
      Scientific Officer.

     

    If
      you
      accept our offer, we would like you to start as soon as your schedule permits.
      This position is scheduled to be on a five-day per two-week basis with
      flexibility as required by commitments and as worked out with your supervisors.
      Annual work days to be 130 work days. Your initial salary will be at the rate
      of
      $62,500 per year, less applicable deductions, payable in accordance with the
      regular payroll practices of the Company. Any days worked beyond the nominal
      5
      days or 40 hours per two-week period must be approved in advance by company
      management and will be at a daily rate of $480 per day. Five vacation days
      and
      six holidays will be paid per year for an aggregate of 11 paid absences per
      year. At the end of a 90-day period, a performance appraisal will be prepared
      and discussed with you. 

    

    Employee
      stock options are granted at the discretion of management and are subject to
      all
      applicable Government regulations. You will receive an initial stock option
      grant for 125,000 shares of common stock vested over 5 years in 6 equal
      installments beginning on your day of hire and continuing annually on the
      anniversary date. These stock options will be priced as of the closing price
      on
      your day of hire. 

     

    During
      your employment, you will be eligible to participate in general on a pro rata
      basis in all benefit plans made available by the Company from time to time
      to
      employees generally, subject to plan terms and generally applicable Company
      policies.

     

    We
      currently have a tuition reimbursement plan, an excellent medical insurance
      package including Blue Cross/Blue Shield Blue Care Elect Preferred Value Plus
      or
      an HMO Blue New England, life insurance at one times your salary (to a maximum
      of $120,000), short and long term disability, and dental insurance. The Company
      currently pays 80% of the premium for insurance and the employee pays the
      remaining 20% in pre-tax dollars (except for disability insurance which is
      post
      tax dollars). This percentage split of costs may fluctuate as insurance costs,
      which are wholly unpredictable, fluctuate. In addition, you will be given the
      opportunity to participate in our 401(k) savings plan. Please note that
      employees earn vacation hours and holiday hours at pro rata by percent of base
      of 40 hour work week, the rate of full-time employees, and must work a minimum
      of 20 hours per week to be eligible for the Company’s full insurance
      benefits.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      
        	Michael
                T. Pieniazek 	POC26-0287 

      

    

     

    The
      Company is committed to providing a drug-free workplace and has established
      a
      drug-free workplace policy. All employees are required to strictly abide by
      this
      policy as a condition of employment.

    

    You
      will
      be expected to devote your full business time and efforts for the nominal
      five-day per 

    two-week
      basis to the performance of your duties and responsibilities for the Company,
      and to abide by all Company policies and procedures, as in effect from time
      to
      time. As Chief Financial Officer, your overall responsibilities will include
      all
      activities related to all nominal CFO responsibilities of a publicly held,
      Nasdaq traded corporation including full small business “Sarbanes Oxley”
requirements. This will include close interaction with our attorneys and outside
      independent public accountants. Further responsibilities include normal
      day-to-day support to management in financial and administrative policies of
      company operations, and other such duties as you may be assigned from time
      to
      time. 

    

    As
      a
      condition of your employment, you will be required to execute the Company's
      standard "Employee Proprietary Information Agreement".

    

    Please
      note that this letter and your response are not meant to constitute a contract
      of employment for a specific term. This means that, if you accept this offer,
      you will retain the right to terminate your employment at any time and that
      the
      Company will retain a similar right. We do ask, however, that you give two
      weeks' written notice if you decide to resign. The Company will give you
      comparable notice, or pay in lieu of notice, if it initiates
      termination.

    

    In
      accepting this offer, you give us assurance that you have not relied on any
      agreements or representations, express or implied, with respect to your
      employment that are not set forth expressly in this letter.

    

    We
      are
      delighted with the prospects of your joining Precision Optics Corporation and
      look forward to your contributions.

    

    
      	 	Sincerely yours, 
	 	 
	 	/s/ Richard E.
              Forkey 
	 	Richard E. Forkey 
	 	Chairman and Chief Executive
              Officer  

    

     

    REF:pg

    

    Acceptance

     

    I,
      Michael
      T. Pieniazek, hereby
      accept the offer of employment as herein stated. My start date will be
September
      15, 2006.

     

    
      	 	Signature:  /s/
              Michael T. Pieniazek 
	 	 
	 	Date:  September
              15, 2006EXHIBIT
      10.1

    

    

    

    

    

    

    

    September
      21, 2006

    

    

    

    Mr.
      Clyde
      Smith

    #106-1680
      56th
      Street

    Delta,
      B.C. V4L 2L6

    Canada

    

    
      	
            	Re:	
              Offer
                of Employment Letter, dated September 14, 2006 (the “Offer
                Letter”), from Wits Basin Precious Minerals Inc., (the
                “Company”).

            

    

     

    Dear
      Mr.
      Smith:

    

    This
      letter servers to correct an error relating to the vesting of options offered
      to
      you with your acceptance of employment with Wits Basin. The Offer Letter,
      attached as Exhibit
      A,
      under
      Section 2 stated, “You shall be entitled to receive stock options to purchase
      1,500,000 shares of the Company’s Common Stock at a per share price equal to the
      closing sale price of the Company’s Common Stock on the OTC Bulletin Board on
      the Effective Date (the “Standard
      Options”)
      (subject to adjustment for splits and/or other capital restructuring), such
      Standard Options to vest ratably over a five year period commencing on the
      Effective Date.”

    

    It
      was
      intended that the Standard Options would vest as follows: 300,000 vest
      immediately and 300,000 vest each anniversary thereafter (September 15, 2007,
      2008, 2009 and 2010). 

    

    Other
      than as specifically set forth herein, the Offer Letter remains in full force
      and effect without modification.

    

    If
      this
      confirms our mutual understanding, please
      kindly so indicate by executing in the space provided and returning a copy
      to
      me.

    

    

    Signature
      page follows

    

    

    
      
         

      

      
        
          900
            IDS
            Center, 80 South 8th
            Street,
            Minneapolis, MN 55402-8773

          Tel:
            612.349.5277 ·
            Fax:
            612.395.5276 · www.witsbasin.com

        

        
          

        

      

      
         

      

    

     

    
      	 	 	 
	 	Very
              Truly Yours,
	 	 
	 	Wits Basin Precious Minerals Inc.
	 
 	 
 	 
 
	 	By:  	/s/ Stephen
              D. King
	 	 	
              
Stephen
              D. King
	 	Its:	CEO
	 	 	 
	 	 

    

    

    Agreed
      to
      and accepted

    

    /s/
      Clyde
      Smith

    
      
Clyde
      SmithExhibit
      10.1

    AMENDMENT
      TO PLACEMENT AGENCY AGREEMENT

     

    
      	 	September 20,
              2006

    

     

    

    YYYY

    

    Ladies
      and Gentlemen:

     

    The
      undersigned, Adagio Acquisition I, Inc. (the “Company”), has entered into that
      certain Placement Agent Agreement with you (the “Placement Agent”) dated June
      27, 2006 (the “PAA”). Capitalized terms not otherwise defined herein shall have
      their respective meanings as set forth in the PAA.

    

    Both
      the
      Company and the Placement Agent hereby agree to decrease the Minimum Offering
      from 200,000 Shares to 100,000 Shares, at an aggregate offering price of
      $500,000 and to extend the Offering Period
      until
      the earliest of: (i) the sale of the number of Shares constituting the Maximum
      Offering and the over-allotment option; (ii) October 25, 2006, which represents
      90 days from the date of the Memorandum plus an additional 30 days, as permitted
      by the Memorandum; and (iii) the termination of the Offering Period by the
      Company.

    

    In
      all
      other respects, the PAA shall remain unmodified and in full force and effect.
      

    

    If
      the
      foregoing is in accordance with your understanding of our agreement, kindly
      sign
      and return this Agreement, whereupon it will become a binding agreement between
      the Company and the Placement Agent in accordance with its terms.

    

    
      	 	 	 
	 	Very
              truly
              yours,
	 	 
	 	ADAGIO ACQUISITION I, INC.
	 
 	 
 	 
 
	 	By:  	/s/ William
              P. Dioguardi
	 	
              
Name:
              William P. Dioguardi
	 	Title:
              Chief Executive Officer

      	 	 	 
	 	 	 
	 	
              Accepted
                and agreed to this

              20th
                day of September, 2006.

            
	 	 
	 	 
	 	YYYYY
	 
 	 
 	 
 
	 	By:  	/s/ XXXX
	 	
              
Name: YYYYY
	 	Title:
              President

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