Document:

clgl_ex1017.htm

Exhibit 10.17

 

 

Strictly Private & Confidential

October 9, 2013

James D. Davidson

3501 Lago De Talavera

Wellington, Fl 33467

Re:           California Gold Corp. – James D. Davidson

Settlement and Release Agreement

Dear James:

This letter is to acknowledge that (i) California Gold Corp. (the “Company”) has agreed to issue to James D. Davidson  (“Davidson”) 3,600,000 restricted shares of its common stock, $0.001 par value per share, as settlement in full (the “Settlement Shares”) of all obligations and fees owed Davidson by the Company, totaling $36,000, with respect to the consulting agreements between Davidson and the Company  dated January 28, 2012 and January 28, 2013 (the “Consulting Agreements”); (ii) upon receipt of the Settlement Shares by Davidson, the Company shall be deemed by Davidson to have paid and fully satisfied all debts and obligations to Davidson with respect to the Consulting Agreements; (iii) Davidson agrees, upon receipt of the Settlement Shares, to completely release and forever discharge the Company (together with the Company’s present, future and former officers, directors, shareholders, partners, principals,  members, employees, agents, servants, attorneys, parents, subsidiaries, affiliates or other representatives, heirs, executors, administrators, successors and assigns (collectively, the “Released Parties”)), of and from any and all past, present or future claims, demands, obligations, actions, causes of action, rights, damages, costs, loss of services, expenses and compensation which Davidson now has, or which may hereafter accrue or otherwise be acquired by Davidson, on account of, or in any way growing out or relating to the Consulting Agreements; and (iv) Davidson agrees, contingent upon receipt of the Settlement Shares, not to initiate or voluntarily participate in any legal action, charge or complaint against any of the Released Parties with respect to the Consulting Agreements or any other matter.

Additionally, Davidson hereby covenants and agrees, except as provided herein, not to (a) offer, sell, contract to sell, grant any option to purchase, hypothecate, pledge or otherwise dispose of or (b) transfer title to (a “Prohibited Sale”) any of the Settlement Shares or any other Company shares owned by Davidson (together, the “Shares”) during the period commencing on the execution date of this letter agreement and ending on the 6-month anniversary of the execution date (the “Lockup Period”), without the prior written consent of the Company.  Notwithstanding the foregoing, Davidson shall be permitted from time to time during the Lockup Period, without the prior written consent of the Company, as applicable, (i) to engage in transactions in connection with the undersigned’s participation in the Company’s stock option plan, (ii) to transfer all or any part of the Shares to any family member, for estate planning purposes, or to an affiliate thereof (as such term is defined in Rule 405 under the Securities Exchange Act of 1934, as amended), provided that such transferee agrees in writing with the Company to be bound hereby, or (iii) to participate in any transaction in which holders of the common stock of the Company participate or have the opportunity to participate pro rata, including, without limitation, a merger, consolidation or binding share exchange involving the Company, a disposition of the common stock in connection with the exercise of any rights, warrants or other securities distributed to the Company’s stockholders, or a tender or exchange offer for the common stock, and no transaction contemplated by the foregoing clauses (i), (ii) or (iii) shall be deemed a Prohibited Sale for purposes of this  Agreement.

 

4515 Ocean View Blvd  Suite 305  La Canada, CA 91011

Phone:  818-542-6891   Fax: 818-249-7024

 

  

  

  

 

We thank you for your consideration.

 

Very truly yours,

California Gold Corp.

/s/ James D. Davidson

Name: James D. Davidson

Title: President

 

 

ACCEPTED AND AGREED to on this 9th day of October, 2013

/s/ James D. Davidson

James D. Davidson

 

4515 Ocean View Blvd  Suite 305   Phone:  818-542-6891  Fax: 818-249-7024clgl_ex1018.htm

Exhibit 10.18

 

 

 

 

Strictly Private & Confidential

October 9, 2013

George Duggan

c/o Incorporated Communications Services

4515 Ocean View Blvd., Suite 305

La Canada, CA 91011

Re:            California Gold Corp. – George Duggan

Settlement and Release Agreement

Dear George:

This letter is to acknowledge that (i) California Gold Corp. (the “Company”) has agreed to issue to George Duggan  (“Duggan”) 4,500,000 restricted shares of its common stock, $0.001 par value per share, as settlement in full (the “Settlement Shares”) of all obligations owed Duggan by the Company, totaling $45,000, with respect to the consulting agreements between Duggan and the Company  dated January 17, 2012 and January 17, 2013 (the “Consulting Agreements”); (ii) upon receipt of the Settlement Shares by Duggan, the Company shall be deemed by Duggan to have paid and fully satisfied all debts and obligations to Duggan with respect to the Consulting Agreements; (iii) Duggan agrees, upon receipt of the Settlement Shares, to completely release and forever discharge the Company (together with the Company’s present, future and former officers, directors, shareholders, partners, principals,  members, employees, agents, servants, attorneys, parents, subsidiaries, affiliates or other representatives, heirs, executors, administrators, successors and assigns (collectively, the “Released Parties”)), of and from any and all past, present or future claims, demands, obligations, actions, causes of action, rights, damages, costs, loss of services, expenses and compensation which Duggan now has, or which may hereafter accrue or otherwise be acquired by Duggan, on account of, or in any way growing out or relating to the Consulting Agreements; and (iv) Duggan agrees, contingent upon receipt of the Settlement Shares, not to initiate or voluntarily participate in any legal action, charge or complaint against any of the Released Parties with respect to the Consulting Agreements or any other matter.

We thank you for your consideration.

 

Very truly yours,

California Gold Corp.

/s/ James D. Davidson

Name: James D. Davidson

Title: President

ACCEPTED AND AGREED to on this ___ day of October, 2013

/s/ George Duggan

George Duggan

 

4515 Ocean View Blvd  Suite 305  La Canada, CA 91011

Phone:  818-542-6891   Fax: 818-249-7024clgl_ex1019.htm

Exhibit 10.19

 

 

OPTION SURRENDER AGREEMENT

 

TO:            CALIFORNIA GOLD CORP. (THE “COMPANY”)

RE:             SURRENDER OF OPTIONS

 

The undersigned holder of non-qualified stock options (the “Company Options”) to acquire shares of common stock of the Company, par value $0.001, granted pursuant to the 2007 Stock Option Plan (the “Plan”), agrees to surrender each Company Option set forth on Exhibit A hereto (the “Surrendered Options”). The undersigned has determined to surrender the Surrendered Options, each of which has an exercise price substantially greater than the current trading price of the Company’s common stock, in order to assist the Company in attracting and retaining talented executives and employees in the future.

 

Without requiring any further action on the part of the undersigned, and notwithstanding any terms of the grant agreement(s) evidencing the Surrendered Options (the “Grant Agreement”) to the contrary, the undersigned hereby irrevocably elects to surrender the Surrendered Options immediately upon the execution of this agreement by the undersigned.

 

In connection with the surrender of the Surrendered Options, the undersigned represents and warrants to the Company that (a) he is the beneficial and registered owner of the Surrendered Options, which are free and clear of all liens, charges, encumbrances and any other rights of others; (b) he has good and sufficient power, authority and right to enter into and deliver this agreement and to transfer the legal and beneficial title and ownership of the Surrendered Options to the Company, free and clear of all liens, charges and encumbrances; (c) he has duly executed and delivered this agreement and it constitutes a valid and legally binding obligation on him or her, enforceable against him in accordance with its terms; (d) there is no contract, option or any other right of another binding upon or which at any time in the future may become binding upon him to sell, transfer, assign, pledge, charge, mortgage or in any other way dispose of or encumber any of the Surrendered Options other than pursuant to the terms of this agreement; and (e) the undersigned has not been promised, nor has he received nor will he receive, any cash or any grants of equity awards relating to shares of Company common stock in exchange or consideration for the surrender of the Surrendered Options.

 

In the event of a conflict between the terms of this agreement and the Plan or the applicable Grant Agreement, the provisions of this agreement shall control.

 

The undersigned acknowledges that he or she has read this agreement, understands it and voluntarily accepts its terms. The undersigned further acknowledges that this agreement is executed voluntarily and without any duress or undue influence on the part of or on behalf of the Company.

This agreement shall be governed and construed in accordance with the laws of the State of New York, without regard to conflicts of laws thereof. This agreement may be executed in counterparts, each of which shall be an original, with the same effect as if the signatures affixed thereto were upon the same instrument.

 

This agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, permitted assigns and legal representatives.

 

	
DATED as of the 7th day of November, 2013.

 

 

 

_____________________________

[Name of Option Holder]

 

	
 

CALIFORNIA GOLD CORP.

 

_____________________________

James D. Davidson

Chief Executive Officer

Accepted by the Company on this 7th day of November, 2013.

 

 

  

  

  

 

EXHIBIT A

 

SURRENDERED OPTIONS

	  	  	  
	

 

Date of Grant

 

	

 

Number

 

	

 

Exercise Price

 

	  	  	

 

$0.09/share

 

	  	  	  
	  	  	  

 

  

  

  

 

Schedule of Persons who Surrendered Options

 

	
Name

	
Number of Options Surrendered

	
Michael Baybak

	
2,000,000

	
James D. Davidson

	
1,000,000

	
George Duggan

	
1,000,000

	
Barry Honig

	
2,000,000

	
Ed Karr

	
2,000,000

	
Feliciano Leon

	
1,000,000

	
Rob Rainer

	
1,000,000

	
Total

	
10,000,000

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