Document:

Unassociated Document

    To:  Brigus
Gold Corp.

     

    And to:
Brigus Gold ULC

    

    Each
of:

    Suite
502, 2000 Barrington Street

    Halifax,
Nova Scotia

    B3J
3K1

    Canada

    Attention:  Wade
Dawe

    By Email:
wdawe@lineargoldcorp.com

     

    

    August 3,
2010

     

     

    RE:           Extensions
under Consent Letter (as defined below)

     

    We refer
to:

     

    
      	
               
      

            	
              (a)

            	
              the
      Project Facility Agreement dated as of February 20, 2009, (as amended,
      restated, renewed or otherwise modified from time to time, including,
      without limitation, pursuant to Deferral Consents dated 28 September 2009,
      30 December 2009 and 25 February 2010) among Apollo Gold Corporation (now
      Brigus Gold Corp, being the “Borrower”), as borrower,
      Macquarie Bank Limited (“MBL”) and RMB Australia
      Holdings Limited (“RMB”) (together “Financiers”), as
      financiers and RMB Resources Inc. (the “Agent”), as agent and
      security agent for and on behalf of the Financiers (the “PFA”);
    and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Consent Letter issued with respect to the PFA by the Financiers and the
      Agent to the Borrower and Linear Gold Corp. (now Brigus Gold ULC, being
      “Linear”) dated 9
      March 2010 (the “Consent
      Letter”).

            

    

     

    Terms and
expressions defined in the PFA or the Consent Letter (or defined therein by
reference to another agreement) shall have the same meaning when used in this
letter unless otherwise defined.  All references to the Borrower’s
undertakings referred to herein are to those undertakings set forth in the
Consent Letter.

     

    
      	
              1.

            	
              Extension with respect to
      Consent Letter Deliverables

            

    

     

    
      	
               
      

            	
              (a)

            	
              Pursuant
      to the terms of the Consent Letter:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Borrower agreed to complete the Technical Review of the Project, in a form
      and substance satisfactory to the Financiers, including (i) finalization
      of a new resource model (the “Resource Model”) and
      Life of Mine Plan (the “LOMP”); (ii)
      determination of appropriate cut off grades for the open pit and
      underground resources; and (iii) optimisation of the open pit and
      underground mine planning, by no later than 31 May 2010 (paragraph (g) of Borrower’s
      undertakings); and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      - 2 -

       

       

    

    
      	
               
      

            	
              (ii)

            	
              the
      Borrower agreed to deliver a revised Cashflow Model to the Agent, for
      review and approval by the Agent (acting on the instructions of the
      Financiers), that otherwise satisfied the requirements of the PFA, by no
      later than 31 May 2010 (paragraph (h) of Borrower’s
      undertakings) (such Cashflow Model, together with the Technical
      Review of the Project, the LOMP and the Resource Model, being the “Deliverables”).

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Borrower provided each of these Deliverables to the Financiers prior to 30
      April 2010.  However, the Financiers determined that these
      Deliverables were not in a form and substance satisfactory to the
      Financiers or, where relevant, compliant with the Consent Letter and the
      PFA.  However, the Financiers acknowledge that these
      Deliverables are works in progress and additional time will be beneficial
      to continue the dialogue and technical effort between the Financiers and
      the Borrower and each of the parties' respective consultants to allow for
      completion of this work and presentation of the Deliverables in a form and
      substance satisfactory to the Financiers and, where relevant, compliant
      with the Consent Letter and the
PFA. 

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Borrower has requested, and the Financiers have agreed, to extend the date
      for delivery of the Deliverables to 30 September 2010, subject to the
      conditions that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Borrower delivers on a weekly basis, and the Financiers are satisfied
      with, evidence of the continued progress in relation to each of the
      Deliverables;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Borrower appoints an appropriately qualified geologist (which may be an
      employee of the Borrower or an external consultant appointed by the
      Borrower, who in either case must be satisfactory to the Financiers) who
      will be responsible for the content and preparation of the Technical
      Review, the LOMP and the Resource
Model;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              upon
      delivery on or before 30 September 2010, the Deliverables are in a form
      and substance satisfactory to the Financiers and, where relevant,
      compliant with the Consent Letter (as amended by this letter) and the
      terms, conditions and requirements of the
PFA;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              during
      the period from the date of this letter to 30 September 2010, the Borrower
      delivers on a weekly basis an update to the Financiers and the Financiers’
      consultants, Golder Associates Pty Ltd., detailing the progress and the
      steps that it is taking to complete the Technical Review and finalise the
      preparation of the LOMP and the Resource Model so that upon delivery, the
      Technical Review, the LOMP, the Resource Model and the Cashflow Model will
      be in a form and substance satisfactory to the Financiers and appropriate
      for the purposes of analysing the Project’s debt capacity;
    and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      
        - 3 -

         

         

      

    

    
      	
               
      

            	
              (v)

            	
              on
      or before 30 September 2010, the Borrower delivers a Corporate Budget that
      satisfies the requirements of the PFA for the period 1 October 2010 to 31
      December 2010.

            

    

     

    
      	
              2.

            	
              Repayment
      Schedule and equity raising

            

    

     

    
      	
               
      

            	
              (a)

            	
              Pursuant
      to section 5(b) of the Consent Letter, the parties agreed to a new
      Repayment Schedule (the “Consent Letter Repayment
      Schedule”), which provided for, inter alia, the
      following payments:

            

    

     

    
      	
              Repayment
      Date

            	
              Repayment
      Amount

            
	
              The
      earlier of 30 September 2010 and the date on which the proceeds from any
      one or more equity raisings following the Transaction Completion Date
      equals US$10,000,000 (the “Scheduled $10m
      Repayment”)

            	
              US$10,000,000

            
	
              31
      December 2010

            	
              US$5,000,000

            
	
              31
      March 2011 – 31 March 2013 with the Repayment Dates to be agreed between
      the Borrower and the Agent by no later than 30 September 2010 to reflect
      the Cashflow Model that is approved by the Agent.  In the
      absence of agreement between the Borrower and the Agent by 30 September
      2010, the Secured Moneys shall be due and payable on 31 December
      2010.

            	
              US$35,000,000

            

    

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Borrower has announced an equity financing at a price per share of
      Cdn$1.40 with expected gross proceeds of between Cdn$12.0 and Cdn$14.0
      million in a press release issued by the Borrower on July 16, 2010 (the
      “Equity
      Financing”).  Notwithstanding the Equity Financing, the
      Borrower has requested that the Financiers agree to an extension of the
      Scheduled $10m Repayment, on the terms set out
  below.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      
        - 4 -

         

         

      

    

    
      	
               
      

            	
              (c)

            	
              On
      19 July 2010, the Borrower delivered an interim Cashflow Model (the “Interim Cashflow Model”)
      to the Financiers.  The Borrower has requested that the
      Financiers agree that the following interim Repayment Schedule (the “Interim Repayment
      Schedule”), which is based on the Interim Cashflow Model, replace
      the Consent Letter Repayment Schedule until such time that a Repayment
      Schedule, based on the Cashflow Model that has been delivered in
      accordance with paragraph 1 above and approved by the Financiers (the
      “Approved Cashflow
      Model”), is available and can be used to determine a final
      Repayment Schedule.

            

    

     

    
      	
              Repayment
      Date

            	
              Repayment
      Amount

            
	
              30
      September 2010

            	
              US$0

            
	
              31
      December 2010

            	
              US$5,000,000

            
	
              31
      March 2011

            	
              US$4,090,000

            
	
              30
      June 2011

            	
              US$4,090,000

            
	
              30
      September  2011

            	
              US$4,090,000

            
	
              31
      December 2011

            	
              US$4,090,000

            
	
              31
      March 2012

            	
              US$4,090,000

            
	
              30
      June 2012

            	
              US$4,090,000

            
	
              30
      September 2012

            	
              US$4,090,000

            
	
              31
      December 2012

            	
              US$4,090,000

            
	
              31
      March 2013

            	
              US$4,077,822.49

            

    

     

     

    
      	
               
      

            	
              (d)

            	
              As
      requested by the Borrower, the Financiers agree that the Consent Letter
      Repayment Schedule be replaced by the Interim Repayment Schedule subject
      to the terms and conditions set out
below:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Equity Financing is closed on or before 30 July 2010 with no material
      adverse change to the expected price per share or gross proceeds to be
      received from the Equity Financing;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      
        - 5 -

         

         

      

    

    
      	
               
      

            	
              (ii)

            	
              the
      proceeds of the Equity Financing, net of fees payable to the underwriters
      of the Equity Financing, must be deposited into the Proceeds Account of
      the Borrower;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Borrower delivers the Deliverables, including, the final Cashflow Model,
      to the Financiers by 30 September 2010, as required by, and in accordance
      with the conditions set out in paragraph 1
  above;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      Interim Repayment Schedule will be subject to review and amendment by the
      Financiers and will be replaced by a final Repayment Schedule (“Final Repayment
      Schedule”) that is determined by the Financiers and is in a form
      and substance satisfactory to the Financiers once the Approved Cashflow
      Model is received and approved by the Financiers in accordance with
      paragraph 1 above.  The Final Repayment Schedule will be based
      on the Approved Cashflow Model;

            

    

     

    
      	
               
      

            	
              (v)

            	
              the
      Financiers note that the Interim Cashflow
Model:

            

    

     

    
      	
               
      

            	
              (A)

            	
              assumes
      a gold price that is different from  the assumed gold price that
      the Lenders have approved in previous Cashflow Models in accordance with
      clause 11 of the PFA; and

            

    

     

    
      	
               
      

            	
              (B)

            	
              has
      made technical assumptions that are different from the Financiers’ current
      understanding of the Project.  These differences will need to be
      addressed to the Financiers’ satisfaction in the Technical Review with any
      required changes being reflected in the Approved Cashflow Model;
      and

            

    

     

    
      	
               
      

            	
              (vi)

            	
              the
      Borrower undertakes that, if the Approved Cashflow Model incorporates a
      contemplated equity raising in order to ensure compliance with the
      financial undertakings specified in clause 9.24 of the PFA, the Borrower
      will use its best endeavours to raise additional equity and to pay the net
      proceeds of such equity raising into the Proceeds Account as contemplated
      by the Approved Cashflow Model.

            

    

     

    For the
avoidance of doubt, if any of these conditions are not met, the Consent Letter
Repayment Schedule will apply.  The Financiers also note that, in
accordance with the terms of the Consent Letter,  the Standstill End
Date will occur on 30 September 2010 and nothing in this letter amends the
Standstill End Date nor waives any of the Financiers’ rights upon the occurrence
of the Standstill End Date.

    

    
      	
              3.

            	
              Management of the Borrower and
      Project Completion

            

    

     

    Further
to their obligations under the PFA and Consent Letter, and in particular
pursuant to Schedule 4 of the PFA, the Borrower undertakes to keep the
Financiers informed of anticipated changes in corporate and site management and
the proposed appointment of new personnel to management positions on an ongoing
basis in contemplation of achievement of Project Completion in accordance with
the requirements of the PFA and the Consent Letter.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      
        - 6 -

         

         

      

    

    
      	
              4.

            	
              General

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      consents and agreements set forth in Sections 1 to 3 above will be
      effective upon receipt by the Agent of
      an executed counterpart copy of this letter, signed by the Borrower and
      Linear, acknowledging and agreeing to the terms and conditions outlined in
      this letter.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Save
      as expressly set out in this letter, nothing in this letter shall be
      deemed to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              be
      an amendment to the terms of any Transaction Document, including the
      Consent Letter;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              be
      a waiver of or consent by the Agent or the Financiers to any breach or
      potential breach (present or future) of any provision of the Transaction
      Documents, including the Consent
Letter;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              be
      a waiver of an Event of Default, potential Event of Default or Review
      Event;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              prejudice
      or adversely affect any right, power, authority, discretion or remedy
      arising under any Transaction Document, including the Consent Letter;
      or

            

    

     

    
      	
               
      

            	
              (v)

            	
              discharge,
      release or otherwise affect any liability or obligation arising under any
      Transaction Document, including the Consent
  Letter,

            

    

     

    and the
Agent and the Financiers otherwise reserve all of their rights under the
Transaction Documents, including the Consent Letter.

     

    
      	
               
      

            	
              (c)

            	
              Pursuant
      to clause 16.4 (“Costs
      and Expenses”) of the PFA,
      the Borrower shall reimburse the Financiers for the amount of all
      reasonable costs and expenses (including legal fees of external counsel)
      incurred by the Financiers in connection with this
  letter.

            

    

     

    
      	
               
      

            	
              (d)

            	
              This
      letter shall constitute a Transaction Document for the purpose of the
      PFA.

            

    

     

    
      	
               
      

            	
              (e)

            	
              This
      letter constitutes the entire agreement and understanding of the parties
      with respect to the subject matter of this letter, and supersedes all oral
      communications and prior writings with respect
  thereto.

            

    

     

    
      	
               
      

            	
              (f)

            	
              This
      letter may be signed in any number of counterparts, and this has the same
      effect as if the signatures on the counterparts were on a single copy of
      this letter.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      
        - 7 -

         

         

      

    

    
      	
               
      

            	
              (g)

            	
              This
      letter shall be governed by and construed in accordance with the laws of
      the Province of Ontario and the laws of Canada which are applicable in the
      Province of Ontario.

            

    

     

    Please
indicate your acceptance of the terms and conditions contained in this letter by
countersigning the copy of this letter where indicated below.

     

    [Signature
page to follow on next following page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      - 8 -

    
      	
              SIGNED FOR RMB
      RESOURCES INC. IN ITS CAPACITY AS AGENT by Rick
    Winters

            	
              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

            	
               

               

               

               

                   /s/ Rick
      Winters                                                 
      

              Signature
      of Rick Winters

               

            

    

     

     

    
      	
              SIGNED FOR RMB
      AUSTRALIA HOLDINGS LIMITED, IN ITS CAPACITY AS FINANCIER by Greg
      Gay

            	
              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

            	
               

               

               

               

                  
      /s/ Greg Gay    
                                                       

              Signature
      of Greg Gay

               

               

            

    

     

     

    
      	
              SIGNED FOR MACQUARIE BANK
      LIMITED, IN ITS CAPACITY AS FINANCIER by its duly appointed
      attorneys under power of attorney dated _______________

            	
              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

            	
               

               

               

              ______________________________________

              Signature
      of Attorney

               

               

              ______________________________________

              Signature
      of Attorney

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      
        - 9 -

         

         

      

    

    ACCEPTED
AND AGREED THIS _____________, 2010

     

    
      	
              BRIGUS
      GOLD CORP.

            
	
              By:

            	
              /s/
      Wade Dawe

            
	 
      	
              Per:

            	 
      

    

     

     

    
      	
              BRIGUS
      GOLD ULC.

            
	
              By:

            	
              /s/
      Wade Dawe

            
	 
      	
              Per:Unassociated Document

    BRIGUS
GOLD CORPORATION

    2000
Barrington Street

    Suite
501, Cogswell Tower

    Halifax,
Nova Scotia, Canada B3J 3K1

    

    July 31,
2010

    

    Timothy
G. Smith

    8953
Jackpine Drive

    Helena,
MT 59602

    

    Re: Consulting Agreement

    

    Dear
Tim:

    

    This
letter formalizes discussions regarding your being hired as a consultant with
Brigus Gold Corporation (“Brigus”) through October 31, 2010 and the termination
of your employment as of July 31, 2010 and for the payment of your Severance
Payment (as defined below) pursuant to the terms of your Employment Agreement,
dated February 24, 2004 (the “Employment Agreement”).   Brigus
and you agree as follows:

     

    
      	
               
      

            	
              1.

            	
              For
      the period from August 1, 2010 until October 31, 2010 (the “Consulting
      Period”), you agree to act as a consultant to assist with the transition
      of your duties to a new Chief Operating Officer, and perform such duties
      as Brigus reasonably requests to assist in such
    transaction.

            

    

     

    
      	
               
      

            	
              2.

            	
              Your
      employment shall be terminated at 5:00 p.m. (Eastern time) on July 31,
      2010 (the “Effective Time”) (unless such employment shall be earlier
      terminated in the manner set forth in the Employment
      Agreement.

            

    

     

    
      	
               
      

            	
              3.

            	
              Brigus
      shall pay you as follows:

            

    

     

     (i)  In
consideration for your consulting services, Fifty Thousand Dollars ($50,000)
(the “Consulting
Payment”), payable in three (3) equal installments of $16,666.66 (or
$16,666.67 with respect to the last payment) for the months of August, September
and October, with the payment to be made on the first day of each
month;

     

    (ii) a
lump sum payment of Two Hundred Thousand Dollars ($200,000) (the “Severance Payment”)
to you at or prior to November 1, 2010; and

     

     (iii)
a lump sum payment of $16,994.40 (the “Insurance Payment”),
which amount represents twelve (12) months of premium payments for continued
health care and life insurance coverage (medial and vision), dental, long term
disability and life insurance coverage as such coverage is in effect as of July
31, 2010; provided, however, Brigus shall
not have any obligation to pay the Insurance Payment if you terminate your
employment prior to July 31, 2010 for any reason.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              4.

            	
              The
      Parties agree that the Severance Payment shall be deemed to represent all
      amounts owing to you under the Employment Agreement (including, without
      limitation, pursuant to Sections 6(e), 6(f) and 6(g) thereof) or
      otherwise, less applicable withholdings and
  deductions.

            

    

     

    
      	
               
      

            	
              5.

            	
              Notwithstanding
      anything to the contrary in this letter agreement, Brigus’s obligations
      hereunder shall be subject to the condition that you first execute a
      mutually agreeable severance agreement and mutual release substantially in
      the form attached hereto as Exhibit
A.

            

    

     

    This
agreement (i) may be executed in counterparts, all of which shall be considered
one and the same agreement, (ii) contains the entire agreement between the
parties with respect to the matters covered hereby, (iii) may only be modified
or amended by written instrument executed by each party hereto and (iv) shall be
governed by Colorado law.

     

    
      
        	 	      
                Very
      truly yours,

              	 
	 	 	 
	 	BRIGUS
      GOLD CORPORATION	 
	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Melvyn
      Williams	 
	 	 	Name: 
      Melvyn Williams	 
	 	 	Title:    Chief
      Financial Officer	 
	 	 	 	 

      

    

    

    
      
        	 	Confirmed,
      acknowledged and agreed	 
	 	as
      of the date first set forth above:	 
	 	 	 
	 	 	 	 
	
                 

              	
                 

              	/s/ Timothy
      G. Smith	 
	 	 	      
                Timothy
      G. Smith

              	 
	 	 	 	 

      

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      Exhibit
A

    

     

    
      Form of Severance Agreement
and Mutual Release

    

     

    
      SEVERANCE
AGREEMENT & MUTUAL RELEASE

       

      This
SEVERANCE AGREEMENT AND MUTUAL RELEASE (this “Agreement”) is made by and
between (i) Timothy G. Smith (the “Officer”) and (ii) Brigus Gold
Corporation (the “Company”).  The
Company and the Officer are referred to herein collectively as the “Parties” and individually as a
“Party.”

       

      RECITALS

       

      WHEREAS,
this Agreement sets forth below, among other things, the terms and conditions of
(i) the termination of the Officer’s employment with the Company, (ii) the
Officer’s provision of consulting services, (iii) an amicable settlement and a
full accord and satisfaction of all existing and all potential claims and
disputes between the Officer and the Company and, (iv) subject to satisfaction
of the terms and conditions set forth in this Agreement, the payment to the
Officer by the Company of $200,000 in connection with the termination of his
employment (the “Severance
Amount”) and a lump sum payment of $16,994.40 representing twelve months
of certain insurance costs (the “Insurance Amount”);
and

       

      WHEREAS,
in order to accomplish the foregoing, the Parties are willing to enter into this
Agreement.

       

      NOW
THEREFORE, in consideration of the mutual promises and undertakings contained
herein, the sufficiency of which is acknowledged by the Parties, the Parties to
this Agreement, intending to be legally bound, agree as follows:

       

      TERMS

       

      
        	
                1.

              	
                TERMINATION
      OF EMPLOYMENT; SEVERANCE

              

      

       

      (a)           The
Parties hereby agree that the Officer shall be terminated at 5:00 p.m. (Eastern
time) on July 31, 2010 (the “Effective Time”) (unless such
employment shall be earlier terminated in the manner set forth in the Employment
Agreement dated February 15, 2004 (the “Employment Agreement”) among
the Officer, the Company and Montana Tunnels Mining, Inc. (“MTMI”)).

       

      (b)           The
Company hereby agrees to pay the Severance Amount  and the Insurance
Amount to the Officer on or prior to November 1, 2010; provided, however, the Company
shall not have any obligation to pay the Severance Amount or Insurance Amount if
(i) the Company terminates the Officer’s employment for cause (as defined in the
Employment Agreement) prior to July 31, 2010 or (ii) the Officer terminates his
employment prior to the Effective Time.  The Parties agree that the
Severance Amount and Insurance Amount, subject to Section 1(b), shall be deemed
to represent all amounts owing to the Officer under the Employment Agreement
(including, without limitation, pursuant to Sections 6(e), 6(f) and 6(g)
thereof) or otherwise, less applicable withholdings and deductions (the “Severance Payment”), and
Officer agrees that no further amounts are owing to him by the Company or any
Affiliate (as defined below) thereof under the Employment Agreement or otherwise
(other than the Consulting Payment described below).  The Severance
Payment shall be in check form and delivered to the Officer or direct deposited
to an account designated by the Officer on or prior to the November 1,
2010.

       

      (b)           Any
stock option granted to the Officer and outstanding as of October 31, 2010 (or
such earlier date as the Severance Payment is made) shall remain exercisable
until the earlier to occur of (i) its normally scheduled expiration date, (ii)
the first anniversary following the Effective Time or (iii) the first
anniversary following such date as the Severance Payment is made (in the case of
(i) and (ii), notwithstanding the terms of any option plan or agreement pursuant
to which such options were granted).

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

         

      

      
        	
                2.

              	
                CONSULTING
      SERVICES

              

      

       

      (a) For
the period from August 1, 2010 until October 31, 2010 (the “Consulting Period”), Officer
shall act as a consultant to assist with the transition of his duties to a new
Chief Operating Officer and, in connection therewith, shall perform such duties
as Brigus reasonably requests to assist in such transaction.

       

      (b) In
consideration for the foregoing consulting services, the Company shall pay
Officer an aggregate fee equal to $50,000 (the “Consulting Payment”), which
shall be payable in three equal installments of $16,666.66 each (or $16,666.67
with respect to the last payment) for the months of August, September and
October, with the payment to be made on the first day of each
month.

       

      
        	
                3.

              	
                OFFICER
      RELEASE

              

      

       

      (a)           Effective
upon receipt of the Severance Payment and in consideration thereof and for other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Officer, individually and on behalf of the Officer’s
successors, heirs, subrogees, assigns, principals, agents, partners, associates,
attorneys, and representatives, voluntarily, knowingly, and intentionally
releases, remises, waives, acquits, and discharges the Company and its
predecessors, successors, parents, subsidiaries, Affiliates (as defined below),
and assigns and each of their respective officers, directors, principals,
shareholders, agents, attorneys, insurers, representatives, and employees, from
any and all actions, causes of action, claims, demands, losses, damages, costs,
expenses, judgments, liens, indebtedness, liabilities, and attorneys’ fees
(including, but not limited to any claims of entitlement for attorneys’ fees
under any contract, statute, or rule of law allowing a prevailing party or
plaintiff to recover attorneys’ fees), of every kind and description from the
beginning of time through the date hereof (the “Released
Claims”).  The term “Affiliate” in this Agreement
shall mean, with respect to any Person (as defined in Section 2(d) of this
Agreement), a Person that, directly or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with
such Person or is an officer, director, holder of 10% or more of the outstanding
equity securities of such Person, or the parent, spouse or lineal descendant of
any of the foregoing.

       

      (b)           The
Released Claims include, but are not limited to, those which arise out of,
relate to, or are based upon: (i) the Officer’s employment with the Company or
any Affiliate thereof (including, without limitation, MTMI) or the termination
thereof; (ii) statements, acts, or omissions by the Parties, whether in their
individual or representative capacities; (iii) express or implied agreements
between the Parties and claims under any severance plan (except as provided
herein); (iv) any stock or stock option grant agreement, or plan (except as
provided herein); (v) all federal, state, and municipal statutes, ordinances,
and regulations, including, but not limited to, claims of discrimination based
on race, age, sex, disability, whistleblower status, public policy, or any other
characteristic of Officer under the Age Discrimination in Employment Act, the
Older Workers Benefit Protection Act, the Americans and Disabilities Act, the
Fair Labor Standards Act, the Equal Pay Act, Title VII of the Civil Rights Act
of 1964 (as amended), the Family and Medical Leave Act, the Employee Retirement
Income Security of 1974, the Rehabilitation Act of 1973, the Worker Adjustment
and Retraining Notification Act, the Employment Relations Act of 1999, or any
other federal, state, or municipal law prohibiting discrimination or termination
for any reason; (vi) state and federal common law; (vii) the Employment
Agreement and (viii) any claim which was or could have been raised by the
Officer, including any claim that this Agreement was fraudulently
induced.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

         

      

      (c)           This
Agreement and the Released Claims include claims of every nature and every kind,
whether known or unknown, suspected or unsuspected, past or
present.  The Officer hereby acknowledges that he may hereafter
discover facts different from, or in addition to, those which the Officer now
knows or believes to be true with respect to this Agreement, and the Officer
agrees that this Agreement and the release contained herein shall be and shall
remain effective in all respects, notwithstanding such different or additional
facts or the discovery thereof.

       

      (d)           The
Officer hereby covenants and warrants that the Officer has not assigned or
transferred  to any Person any portion of any claims which are
released, remised, waived, acquitted, and discharged in this Section
2.  The term “Person” in this Agreement
shall mean any individual, corporation (including any non-profit corporation),
general partnership, limited partnership, limited liability partnership, limited
liability limited partnership, joint venture, estate, trust, cooperative,
foundation, society, political party, union, company (including any limited
liability company or joint stock company), firm or other enterprise,
association, organization or other entity, and any United States federal, state
or local, or any supra-national or non-U.S., government, political subdivision,
governmental, regulatory or administrative authority, instrumentality, agency
body or commission, self-regulatory organization, court, tribunal or judicial or
arbitral body.

       

      (e)           Notwithstanding
anything contained herein, this Agreement shall not extend to or affect, or
constitute a release of, the Officer’s right to sue, claim against or recover
from the Company and shall not constitute an agreement to refrain from bringing,
taking or maintaining any action against the Company in respect of (i) the right
to receive the Consulting Payment or (ii) any corporate indemnity existing by
statute, contract or pursuant to any of the constating documents of the Company
and its subsidiaries provided in the Officer’s favor in respect of his having
acted at any time as an officer executive, employee or consultant of the Company
or any of its subsidiaries or Affiliates.

       

      
        	
                3.

              	
                COMPANY
      RELEASE

              

      

       

      Effective
upon payment of the Severance Payment and in consideration of the execution by
the Officer (the “Releasee”) of this Agreement
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Company hereby voluntarily, knowingly, and
intentionally releases, remises, waives, acquits, and discharges the Releasee
and his successors, Affiliates, and assigns and each of their respective
officers, directors, principals, shareholders, agents, attorneys, insurers,
representatives, and employees, from any and all actions, causes of action,
claims, demands, losses, damages, costs, expenses, judgments, liens,
indebtedness, liabilities, and attorneys’ fees (including, but not limited to
any claims of entitlement for attorneys’ fees under any contract, statute, or
rule of law allowing a prevailing party or plaintiff to recover attorneys’
fees), of every kind and description from the beginning of time through the date
hereof.  Without in any way restricting the generality of the
foregoing, this Section 3 shall apply to all manner of actions, causes of
action, claims or demands directly or indirectly related to or arising out of or
in connection with the Company’s relationship with the Releasee as an officer,
executive, employee, or consultant, as the case may be, of the Company and its
subsidiaries or the cessation of such relationship or relationships immediately
following the Effective Time. Notwithstanding anything contained herein, this
Agreement shall not extend to or affect, or constitute a release of, the
Company’s right to sue, claim against or recover from the Releasee and shall not
constitute an agreement to refrain from bringing, taking or maintaining any
action against the Releasee in respect of (i) the consulting services set forth
in Section 2 above or (ii) any grossly negligent conduct or fraudulent or
criminal behaviour on the part of the Releasee or from any claims which the
Company is not permitted by applicable law to release the Releasee.

       

      
        	
                4. 

              	
                NO
      ADMISSION OF LIABILITY; ENFORCEMENT

              

      

       

      The
Parties agree that nothing contained herein, and no action taken by any Party
hereto with regard to this Agreement, shall be construed as an admission by any
Party of liability or of any fact that might give rise to liability for any
purpose whatsoever.  The releases contained herein do not release any
claims for enforcement of the terms, conditions, or warranties contained in this
Agreement.  The Parties shall be free to pursue any remedies available
to them to enforce this Agreement.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

         

      

      
        	
                5. 

              	
                OFFICER’S
      WARRANTIES

              

      

       

      The
Officer warrants and represents as follows:

       

      (a)           The
Officer has read this Agreement and agrees to the conditions and obligations set
forth in this Agreement.

       

      (b)           The
Officer voluntarily executes this Agreement after having been advised by the
Company to consult with independent legal counsel and after having had
opportunity to consult with independent legal counsel and without being
pressured or influenced by any statement or representation or omission of any
Person acting on behalf of the Company, including, without limitation, the
officers, directors, committee members, employees, agents, and attorneys for the
Company.

       

      (c)           The
Officer has no knowledge of the existence of any lawsuit, charge, or proceeding
against the Company or any of its officers, directors, committee members,
employees, or agents arising out of or otherwise connected with any of the
matters herein released.

       

      (d)           The
Officer has full and complete legal capacity to enter into this
Agreement.

       

      (e)           In
connection with the Officer’s release of claims under the Age Discrimination in
Employment Act, the Officer has had at least twenty-one (21) days in which to
consider the terms of this Agreement.  In the event that the Officer
executes this Agreement in less time, it is with the full understanding that the
Officer was not pressured by the Company or any of its representatives or agents
to take less time to consider the Agreement.  In such event, the
Officer expressly intends such execution to be a waiver of any right the Officer
had to review this Agreement for a full twenty-one (21) days.

       

      (f)           The
Officer understands that this Agreement waives any claim the Officer may have
under the Age Discrimination in Employment Act.  The Officer may
revoke this waiver for up to seven (7) days following the Officer’s execution of
this Agreement.  If the Officer chooses to revoke such waiver, the
Officer must provide written notice to the Senior Vice President - Finance and
Corporate Development and Chief Financial Officer of the Company by hand
delivery and by facsimile within seven (7) calendar days of the Officer’s
execution of this Agreement.  If Officer does not revoke within the
seven (7) day period, the right to revoke is lost.

       

      (g)           The
Officer acknowledges and agrees that, in connection with his acceptance of the
Severance Payment and as a condition precedent to the payment thereof, he will
execute such additional documents and agreements, in a form satisfactory to the
Company, as may be requested by the Company in order to reaffirm the provisions
of this Agreement, including such additional documents to the effect that (if
true) the Officer has been fully and finally paid or provided all wages,
compensation, bonuses, stock, stock options, or other benefits from the Company,
its Affiliates and predecessors which are or could be due to him under the terms
of his Employment Agreement or otherwise.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

         

      

      
        	
                6. 

              	
                CONFIDENTIAL
      INFORMATION

              

      

       

      The Officer shall not use, nor disclose
to any third party, any of the Company’s or its Affiliates’ or predecessors’
business, personnel, or financial information that the Officer learned during
employment with the Company (the “Confidential
Information”).  The Company’s “Confidential Information” shall
include, without limitation, the whole or any portion or phase of any
confidential, proprietary, trade secret, scientific, technical, business, or
financial information, whether pertaining to the Company or its Affiliates or
predecessors, or their clients and customers.  Confidential
Information also shall include but shall not be limited to the following:
designs, methods, strategies, techniques, systems, and processes; software
programs; marketing and business development plans, concepts, or ideas;
know-how; present and prospective customer lists and strategies; supplier lists
and strategies; projects, plans and proposals; technical strategies, concepts,
ideas, or plans; research data, reports, or records; general financial
information about or proprietary to the Company or its Affiliates or
predecessors, including costs, fees, and pricing; personnel or human resources
information; and any and all other trade secrets or proprietary information, and
all concepts or ideas in or reasonably related to the Company’s or its
Affiliates’ or predecessors’ businesses, various products and/or
services.  Confidential Information includes, but is not limited to,
any improvements, modifications, or enhancements thereto, whether or not in
tangible or intangible form, and whether or not subject to copyright or patent
protection.  All such Confidential Information is extremely valuable
and is intended to be kept secret to the Company, its Affiliates and
predecessors, and their customers, is the sole and exclusive property of the
Company, its Affiliates and predecessors, or their customers, and is subject to
the restrictive covenants set forth herein.  Confidential Information
is not limited to information designated or marked as such through use of such
words as “classified,” “confidential” or “restricted.”  The Officer
agrees not to provide or disclose to any Person, firm, or corporation any of the
Company’s Confidential Information.  The Officer hereby expressly
acknowledges that any breach of this Section 6 shall be deemed a material breach
of this Agreement entitling the Company to immediate injunctive relief, damages,
attorneys’ fees and all other remedies available hereunder and under the
law.

       

      
        	
                7. 

              	
                NON-SOLICITATION

              

      

       

      (a)           The
Officer agrees that, beginning upon the execution of this Agreement and for a
period of one (1) year after the Consulting Period, the Officer shall not engage
in the following conduct, either directly or indirectly, on the Officer’s own
behalf or on behalf of, or in conjunction with, any Person, unless otherwise
agreed to in advance and in writing by the Company:

       

      
        	
                 
      

              	
                i.

              	
                hire,
      solicit, induce, recruit or encourage any of the Company’s or any of its
      Affiliate’s employees, consultants or business relations to leave their
      employment or terminate their relationship with the Company or any of its
      Affiliates; or

              

      

       

      
        	
                 
      

              	
                ii.

              	
                enter
      into an agreement to do any of the
foregoing.

              

      

       

      (b)           The
Officer acknowledges that the covenants contained in this Section 7, including
those related to duration, geographic scope, and the scope of prohibited
conduct, are reasonable and necessary to protect the legitimate interests of the
Company.  The Officer further acknowledges that he is an executive and
management level employee as referenced in C.R.S. 8-2-113(2)(d) and that
the covenants contained in this Section 7 are necessary to protect, and
reasonably related to the protection of, the Company’s Confidential Information
and trade secrets, to which the Officer has been exposed.

       

      (c)           The
Officer hereby expressly acknowledges that any breach of this Section 7 shall be
deemed a material breach of this Agreement entitling the Company to immediate
injunctive relief, damages, attorneys’ fees and all other remedies available
hereunder and under the law.

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

         

      

      
        	
                8. 

              	
                NON-DISPARAGEMENT

              

      

       

      The
Officer agrees not to make to any Person any statement that disparages or
reflects negatively on the Company, their predecessors, successors, parents,
subsidiaries, Affiliates, or assigns or any of their respective officers,
directors, principals, shareholders, agents, attorneys, board members, or
employees, including, but not limited to, statements regarding the Company’s
financial condition, employment practices, or business practices.  The
Officer hereby expressly acknowledges that a breach of this Section 8 shall be
deemed a material breach of this Agreement entitling the Company to immediate
injunctive relief, damages, attorneys’ fees and all other remedies available
hereunder and under the law.

       

      
        	
                9. 

              	
                RETURN
      OF PROPERTY AND INFORMATION

              

      

       

      The
Officer represents and warrants that, upon the termination of his employment, he
will return to the Company any and all property, documents, software, and files,
including any documents (in any recorded media, such as papers, computer disks,
copies, photographs, maps, transparencies, and microfiche) that relate in any
way to the Company or the Company’s business.  The Officer agrees
that, to the extent that he possesses any files, data, or information relating
in any way to the Company or the Company’s business on any personal computer, he
will either delete those files, data, or information (and will retain no copies
in any form) or allow a representative of the Company to remove such files,
data, or information from his personal computer.  The Officer also
will return any tools, equipment, calling cards, credit cards, access cards or
keys, any keys to any filing cabinets, vehicles, vehicle keys, and all other
property in any form upon execution this Agreement.

       

      
        	
                10. 

              	
                SEVERABILITY

              

      

       

      If any
provision of this Agreement is held illegal, invalid, or unenforceable, such
holding shall not affect any other provisions hereof.  In the event
any provision is held illegal, invalid, or unenforceable, such provision shall
be limited so as to effect the intent of the Parties to the fullest extent
permitted by applicable law.  Any claim by the Officer against the
Company shall not constitute a defense to enforcement by the
Company.

       

      
        	
                11. 

              	
                ENTIRE
      AGREEMENT

              

      

       

      This
Agreement constitutes the entire agreement between the Parties with respect to
the subject matter contained herein.  This Agreement supersedes any
and all prior oral or written promises or agreements between the Parties,
including the Employment Agreement.  To the extent of any conflict
between the provisions of the Employment Agreement and this Agreement, the
provisions of this Agreement shall govern. The Officer acknowledges that the
Officer has not relied on any promise, representation, or statement other than
those set forth in this Agreement.  This Agreement cannot be modified
except in writing signed by all Parties.

       

      
        	
                12. 

              	
                VENUE
      AND APPLICABLE LAW

              

      

       

      This
Agreement shall be interpreted and construed in accordance with the laws of the
State of Colorado, without regard to its conflicts of law
provisions.  Venue and jurisdiction shall be in the federal or state
courts in Denver, Colorado.  If a Party is required to initiate an
action in court to enforce this Agreement, the prevailing Party shall be
entitled to its costs and attorneys’ fees from the other Party, to the extent
such costs and fees are related to the enforcement of this
Agreement.

       

      
        	
                13. 

              	
                COUNTERPARTS

              

      

       

      This
Agreement may be executed in identical counterparts, which, when considered
together, shall constitute the entire agreement among the Parties.

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      [The
remainder of this page is intentionally left blank]

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

         

      

      IN WITNESS WHEREOF, the
parties have hereby executed this Agreement effective as of the ___ day of
_______, 2010.

       

      

      
        
          	
                   

                	 	 	
                	 
	
                  Timothy
      G. Smith

                	 	 	
                   

                	 
	
                   

                	 	 	
                   

                	 

        

      

      

      

         

        
          	STATE OF
      [MONTANA]	)
	 	 
	 	) ss.
	 	 
	COUNTY OF
      [____________]	)

        

      

      

       

      The foregoing instrument was
acknowledged before me this ______ day of _________, 2010, by
__________________.

       

       

      Witness my hand and official
seal.

       

       

      My commission expires
____________________.

       

      

      
        
          	 	
                	 
	 	 	 	 
	
                  [SEAL]

                	 	 	 
	 	 	 	 
	 	 	Notary
      Public	 
	 	 	 	 

        

      

      

      
        
           

        

        
          10

          
            

          

        

        
           

      

       

      BRIGUS
GOLD CORPORATION

       

      

      ____________________________________________________________

       

      By:
_________________________________________________________

       

      Title:
________________________________________________________

       

      
        

           

          
            	STATE OF
      COLORADO	)
	 	 
	 	) ss.
	 	 
	COUNTY OF
      DENVER	)

          

        

      

      

       

      The foregoing instrument was
acknowledged before me this ______ day of, 2010, by
___________________________________, as ____________________ for Brigus Gold
Corporation.

       

       

      Witness my hand and official
seal.

       

       

      My commission expires
____________________.

       

      
        

        
          
            	 	
                  	 
	 	 	 	 
	
                    [SEAL]

                  	 	 	 
	 	 	 	 
	 	 	Notary
      Public	 
	 	 	 	 

          

           

          
            
               

            

            
              11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]