Document:

ex10_5.htm

Exhibit 10.5

CONSULTING AND PROFESSIONAL SERVICES AGREEMENT

(Independent Contractor)

This CONSULTING AND PROFESSIONAL SERVICES AGREEMENT (the “Agreement”) is entered into as of June 30, 2011, by and between J2 MINING VENTURES LIMITED (“Consultant”), and TITAN IRON ORE CORP, incorporated in the State of Nevada (the “Company”).

In consideration of the mutual promises set forth herein, the sufficiency of which is hereby acknowledged by each of the parties hereto, the parties hereby agree as follows:

1.           Consulting Services.  Consultant hereby agrees to provide and perform for the benefit of the Company certain geological, engineering, marketing and project management services (each individually, a “Service” and collectively, the “Services”), as may be requested by the Company from time to time, and the Company hereby hires and engages Consultant to provide and perform the same. The services are anticipated to be provided by Consultant in Tucson, Arizona and at mining exploration properties owned or controlled by the Company.

 

2.           Fees and Expenses.  For the services hereunder, subject to any applicable regulatory approvals, the Company will pay to Consultant a monthly fee of US$8,000.

 

In addition to any fees that may be payable to Consultant hereunder, the Company will promptly reimburse Consultant from time to time within thirty (30) days of receipt of detailed invoice, for all reasonable travel and other out-of-pocket expenses incurred in performing the services hereunder, which are approved by the Company.

3.           Term of Agreement.  The term of this Agreement shall commence as of the date first set forth above, and is expected to continue through the end of calendar year 2011, and will automatically renew on a yearly basis unless terminated by either party, and provided further, that nothing contained herein shall in any way prevent the Company from terminating this Agreement earlier at its sole discretion at any time, with or without cause.  If the Company exercises its right to terminate this Agreement, it shall only be obligated to pay Consultant for the fees actually earned by Consultant in performing the Services up to the time that such right of termination is exercised and effective.

4.           Billing for Services.  Consultant shall submit itemized invoices to the Company each month in which services are performed for the fees earned pursuant to this Agreement during the previous month, and for any costs or expenses previously authorized by the Company.  Such invoices shall include a breakdown of the Services provided to the Company, on a project by project and property by property basis, the number of days worked during such time period for such Services, an itemization of all such costs and expenses, and any other information that the Company may request.  The Company shall make payment for all such charges incurred in accordance with the terms of this Agreement and properly reflected in such invoice to the Consultant within ten (10) business days after the receipt of each invoice.

5.           Independent Contractor Status.  The relationship of Consultant to the Company is that of an independent contractor, and nothing herein shall be construed or deemed as creating any other relationship.  Without limiting the foregoing, the relationship between the parties hereto shall not be deemed to be that of an employer-employee, joint venture, or partnership.  As an independent contractor, Consultant shall have the sole responsibility for paying taxes, workers compensation, employee benefits (if any), and all similar obligations, and shall be charged with performing the Services in the way that Consultant deems the most feasible or desirable.

  

1

  

 

6.           Confidential Information and Work for Hire.  Consultant and the Company hereby acknowledge and agree that in connection with the performance of the Services set forth herein, Consultant shall be provided with or shall otherwise be exposed to or receive certain confidential and/or proprietary information of the Company or of third parties and may develop certain products, services, methods, know-how, procedures, formulae, processes, specifications, and information of a similar nature that relate to the Services rendered hereunder.  Consultant therefore agrees to maintain and preserve the secrecy and confidentiality of any and all proprietary and business secret or confidential information and data.  In the course of performing the Services hereunder Consultant may develop certain processes, formulations, inventions, data, reports, records, information, prototypes, know-how, designs, drawings, schematics, manuals, ideas, or other products or materials, including ideas that may be protectable under intellectual property laws (all of the foregoing collectively referred to herein as “Work Product”).  Consultant acknowledges that all Work Product created by it during the term of this Agreement or which relates to the Services performed hereunder shall be the property of the Company, and Consultant hereby agrees to take all actions requested by the Company in order to vest ownership of the Work Product in them.  Should the Company seek intellectual property protection for any Work Product, Consultant agrees to execute any documents and take any actions reasonably requested by them to effectuate the same, all at no additional cost.

 

7.           Audit and Records.  Consultant shall keep accurate records and books of account showing all charges, disbursements, and expenses made or incurred by Consultant in the performance of the Services.  The Company shall have the right, upon reasonable notice, to audit at any time up to one year after payment of its final invoice, the direct costs, expenses, and disbursements made with respect to the performance of the Services.

8.           Title to Materials and Equipment.  All materials and equipment furnished by the Company and all materials and equipment the cost of which shall be reimbursed to Consultant by the Company hereunder are to be and remain the sole property of the Company and are to be returned within thirty (30) days of the expiration or earlier termination of this Agreement, or within ten (10) days after written demand, whichever first occurs.

9.           Assignability.  This Agreement shall be binding upon and inure to the benefit of the parties, their legal representatives, successors, and assigns.  This Agreement may not be assigned, transferred, conveyed, or encumbered, whether voluntarily or by operation of law, by Consultant without the prior written consent of the Company (which may be granted or withheld in its sole and absolute judgment).

10.         Notices, Etc.  All notices, demands, and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile or similar transmission) and mailed (by certified mail, return receipt requested), sent, or delivered (including by way of overnight courier service), (i) if to Consultant, to:

 

 J2 Mining Ventures Limited

 3040 N. Campbell Ave, Suite 110

 Tucson, Arizona 85719

 

 or (ii) if to the Company, to:

 Digital Yearbook Inc.

 4320 – 196 Street, S. W., #111

 Lynwood, Washington 98036

 

 

or, as to each party, to such other person and/or at such other address or number as shall be designated by such party in a written notice to the other party.  All such notices, demands, and communications shall be effective when sent; provided, however, that if sent by facsimile transmission, notices, demands, and other communications shall be confirmed by same day certified mail, return receipt requested.

11.         Amendments, Etc.  No modification, amendment, or waiver of any provision of this Agreement shall be effective unless the same shall be in writing and signed by each of the parties hereto.  Any waiver of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which given.

12.         Entire Agreement.  This Agreement constitutes the entire understanding and agreement between the parties and supersedes all previous understandings, agreements, communications, and representations, whether written or oral, concerning the treatment of information and other matters to which this Agreement relates.

 

  

2

  

 

13.         No Waiver; Remedies.  No failure on the part of any party hereto to exercise, and no delay in exercising, any right, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

14.         Severability.  Any provision of this Agreement which is prohibited, unenforceable, or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability, or non-authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability, or legality of such provision in any other jurisdiction.

15.         Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the state of Arizona.  Each party hereby consents to the laying of venue for any action under this contract with the Superior Court for Pima County, Arizona, and, for such purposes, each of the parties hereby consents to the jurisdiction of such court.

16.         Captions.  The captions contained in this Agreement are for convenience only and shall not affect the construction or interpretation of any provisions of this Agreement.

17.         Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument.  One or more counterparts of this Agreement may be delivered via telecopier with the intention that they shall have the same effect as an original executed counterpart hereof.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.

	 	

J2 MINING VENTURES LIMITED

	 
	 	 	 	 
	
 

	
By: 

	   /s/ John R. Hedges	 
	 	 	 	 
	 	Name:	         John R. Hedges	 
	 	 	 	 
	 	 	 	 
	 	 TITAN IRON ORE CORP.	 
	 	 	 	 
	 	By:	

   /s/ Andrew Bodkey

	 
	 	 	 	 
	 	Its:	   CEO	 

 

 

 

 3ex10_6.htm

Exhibit 10.6

 

AFFILIATE STOCK PURCHASE AGREEMENT

 

 

This Affiliate Stock Purchase Agreement (this “Agreement”), is made as of the 28th of June, 2011, by and between Ohad David as to 74,000,000 shares, Ruth Navon as to 74,000,000 shares and Service Merchant Corp. as to 12,950,000 shares (the “Sellers”) and the purchasers listed on Schedule “A” hereto, each of which is referred to herein as a “Purchaser” and collectively as the “Purchasers”.

 

RECITALS

 

WHEREAS, the Sellers collectively are the owners of 160,950,000 restricted shares of common stock, of Titan Iron Ore Corp. (formerly Digital Yearbook Inc.), a Nevada corporation (the “Company”) in the proportions set out above;

 

WHEREAS, the Sellers propose to sell to each Purchaser the number of restricted shares of common stock specified next to such Purchaser’s name in Schedule “A” hereto (the “Purchased Shares”), on the terms set forth herein for a total of 18,000,000 shares; and

 

WHEREAS, upon Closing (as defined below) the Sellers will surrender the remaining 142,950,000 restricted shares of common stock of the Company for cancellation.

 

In consideration of the premises, representations, warranties and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

	
1.

	
PURCHASE AND SALE

 

1.1           The Sellers hereby agree to sell, assign, transfer and deliver to each Purchaser, and each Purchaser hereby agrees to purchase from the Sellers, the Purchased Shares at a purchase price per share of US $0.0001 for an aggregate purchase price of US $1,800 (the “Purchase Price”) payable on the Closing Date (as defined below).

 

1.2           Closing.  The closing (“Closing”) of the transactions contemplated hereby will occur on or before the 30th day of June, 2011 (the “Closing Date”).

 

	
2.

	
REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

2.1           The Sellers jointly and severally warrant, covenant and represent to each Purchaser with the intention of inducing each Purchaser to enter into this Agreement that:

 

	
  

	
(a)

	
immediately prior to and at the Closing, the Sellers shall be the legal and beneficial owner of the Purchased Shares and on the Closing Date, the Sellers shall transfer to each Purchaser the Purchased Shares free and clear of all liens, restrictions, covenants or adverse claims of any kind or character;

 

	
  

	
(b)

	
the Sellers have the legal power and authority to execute and deliver this Agreement and all other documents required to be executed and delivered by the Sellers hereunder and to consummate the transactions contemplated hereby; and

 

  

  

  

 

	
  

	
(c)

	
each Seller is, or has been during the past ninety (90) days, an officer, director, 10% or greater shareholder or “affiliate” of the Company, as that term is defined in Rule 144 promulgated under the United States Securities Act of 1933, as amended (the “Securities Act”);

 

	
  

	
(d)

	
immediately upon closing, no Seller shall be indebted to the Company and the Company shall not be indebted to any of the Sellers; and

 

	
  

	
(e)

	
immediately upon closing, the Sellers shall surrender the remaining 142,950,000 restricted shares of common stock of the Company directly to the Company for cancellation.

 

	
3.

	
REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

 

3.1           Each Purchaser represents and warrants to the Seller that each Purchaser:

 

	
  

	
(a)

	
has the legal power and authority to execute and deliver this Agreement and to consummate the transactions hereby contemplated;

 

	
  

	
(b)

	
understands and agrees that offers and sales of any of the Purchased Shares prior to the expiration of a period of one year after the date of completion of the transfer of the Purchased Shares (the “Restricted Period”) as contemplated in this Agreement shall only be made in compliance with the safe harbour provisions set forth in Regulation S, or pursuant to the registration provisions of the Securities Act or pursuant to an exemption therefrom, and that all offers and sales after the Restricted Period shall be made only in compliance with the registration provisions of the Securities Act or an exemption therefrom; and

 

	
  

	
(c)

	
is acquiring the Purchased Shares as principal for its own account, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalisation thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in the Purchased Shares.

 

The foregoing representations and warranties are inserted for the exclusive benefit of the Purchasers and may be waived in all or in part by the Purchasers by notice in writing to the sellers.

 

	
4.

	
MISCELLANEOUS

 

4.1           The parties hereto acknowledge that they have obtained independent legal advice with respect to this Agreement and acknowledge that they fully understand the provisions of this Agreement.

 

4.2           Unless otherwise provided, all dollar amounts referred to in this Agreement are in United States dollars.

 

4.3           There are no representations, warranties, collateral agreements, or conditions concerning the subject matter of this Agreement except as herein specified.

 

  

-2-

  

 

4.4           This Agreement will be governed by and construed in accordance with the laws of the State of Nevada. The parties hereby irrevocably attorn to the exclusive jurisdiction of the courts of Nevada with respect to any legal proceedings arising from this Agreement.

 

4.5           The representations and warranties of the parties contained in this Agreement shall survive the closing of the purchase and sale of the Purchased Shares and shall continue in full force and effect for a period of three years.

 

4.6           This Agreement may be executed in several counterparts, each of which will be deemed to be an original and all of which will together constitute one and the same instrument.

 

4.7           Delivery of an executed copy of this Agreement by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Agreement as of the date set forth on page one of this Agreement.

 

Each of the parties hereto has executed this Agreement to be effective as of the day and year first above written.

 

By the Sellers:

 

 

	/s/ Ohad David 	 	/s/ Ruth Navon  
	Ohad David 	 	Ruth Navon

 

 

SERVICE MERCHANT CORP.

 

 

 

	Per: 	 	 
	 	Authorized Signatory	 

 

By the Purchasers:

	
J2 Mining Ventures Ltd.

c/o Grant Thornton Limited

Kensington Chambers,

46/50, Kensington Place,

St Helier, Jersey, JE1 1ET

Channel Islands, United Kingdom

	
J2 MINING VENTURES LTD.

 

         /s/ John Hedges

Per:  Authorized Signatory

	  	  
	
Andrew A. Brodkey

4960 N. Camino Antonio

Tucson, Arizona USA 85718

	
/s/ Andrew A. Brodkey

	  	  
	
Jodi Henderson

7033 E Calle Betelgeux

Tucson Arizona 85710

	
/s/ Jodi Henderson

 

  

-3-

  

 

	
Frank Garcia

1239 E. Camino Diestro

Tucson, Arizona 85737

	
/s/ Frank Garcia

	  	  
	
Harold Gardner

22604 S. 215th Street

Queen Creek, Arizona 85242

	
/s/ Harold Gardner

	  	  
	
David Hackman

8120 E. Sabino Drive

Tucson, Arizona USA 85750

	
/s/ David Hackman

	  	  
	
Ronald Richman

5545 N. Via Umbrosa

Tucson, Arizona USA 85750

	
/s/ Ronald Richman

	  	  
	
Susan Skirvin

2525 N. Tucson Blvd. #15

Tucson, Arizona 85716

	
/s/ Susan Skirvin

 

  

-4-

  

 

SCHEDULE A

 

	
 

Name of Purchaser

	
 

Number of Shares

	
J2 Mining Ventures Ltd.

	
7,200,000

	
Andrew A. Brodkey

	
6,000,000

	
Jodi Henderson

	
1,000,000

	
Frank Garcia

	
1,000,000

	
Harold Gardner

	
1,000,000

	
David Hackman

	
800,000

	
Ronald Richman

	
800,000

	
Susan Skirvin

	
200,000

	
TOTAL

	
18,000,000

 

 

 -5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}]]