Document:

Xtra-Gold Resources Corp.: Exhibit 10.37 - Filed by newsfilecorp.com

Exhibit 10.37 

CONSULTING AGREEMENT 

     THIS
AGREEMENT is entered into this 1st day of June,
2010 between XTRA-GOLD MINING LIMITED (“XG Mining”) and
XTRA-GOLD EXPLORATION LIMITED (“XGEL”), each being a Ghanaian
company registered under the laws of Ghana, having a registered and head office
at 2 Masalakye Street, Kwabeng, Ghana and BROKTON INTERNATIONAL LTD.
(“Brokton”), a corporation incorporated under the laws of the Turks
and Caicos Islands, having a registered and head office at P.O. Box 150, Design
House, Providenciales, Turks and Caicos Islands, British West Indies. 

     WHEREAS Brokton
possesses the requisite knowledge and experience with respect to the precious
metals industry, mineral exploration and production, including the ability to
provide senior management services to a resource company; 

     AND WHEREAS
James Longshore (“Longshore”) is the sole director, officer and
shareholder of Brokton and is also an officer and director of XG Mining and XGEL
(collectively, the “Companies”); 

     AND WHEREAS
the Companies wish to engage Brokton for the purpose of engaging Longshore’s
consulting services as General Manager of the Companies; 

     NOW
THEREFORE, in consideration of the premises and mutual
covenants contained herein and other good and valuable consideration (the
receipt and sufficiency whereof is hereby acknowledged), the parties covenant
and agree as follows: 

1. Services. 

     (a) Brokton shall provide the
services of Longshore, who shall act as General Manager of the Companies, which
services include, but shall not be limited to, the stewardship of the Companies
and the oversight of their respective exploration activities (the
“Services”). 

     (b) Brokton shall render the Services,
as may be required from time to time, primarily at the Companies’ place of
business or project locations, or at such other place or places as may be
reasonably requested by the Companies. 

     (c) Brokton’s Services on any given
day shall generally be at Brokton’s discretion, but at all times shall be
subject to and dependent upon the needs of the Companies, which rely upon
Brokton to ensure that it devotes sufficient time as is necessary in order to
fulfill the spirit and purpose of this Agreement. 

2. Term. 

     (a) The term of this Agreement
is one year commencing on January 1, 2010 and ending on December 31, 2010 (the
“Term”) unless terminated earlier pursuant to paragraph 4 hereunder. 

     (b) Notice of renewal of the Term (the
“Renewal”) may emanate from either Party provided that unless the Parties
mutually agree in writing, no Renewal shall come into force. The Renewal shall
be agreed upon in writing among the Parties no less than 30 days prior to the
expiration of the Term and shall be made on the same terms and conditions as set
out in this Agreement, unless amended at the time of Renewal, failing which this
Agreement will immediately terminate and be of no further force and effect. 

3. Compensation. 

     (a) Effective January 1, 2010,
Brokton shall be paid a monthly fee of US$10,000 (the “Fees”) for the
Services, in a manner of payment as agreed to by the Parties. 

- 2 - 

     (b) In accordance with Ghanaian law,
the Companies shall withhold 5% of the Fees paid to Brokton and shall submit
same to the Ghana Internal Revenue Services. 

     (c) The Companies acknowledge that
Brokton has been providing the Services since January 1, 2010 which, as of the
date of this Agreement, remain unbilled (the “Unbilled Fees”). 

     (d) Upon execution of this Agreement,
Brokton agrees to submit an invoice for the Unbilled Fees and the Companies
agree to remit payment upon receipt of such invoice. 

     (e) The Companies agree to reimburse
Brokton for all business-related expenses, upon receipt of a report of expenses
incurred by Brokton on behalf of the Companies. 

4. Termination. 

     (a) Either Brokton or the
Companies may terminate this Agreement without reason or cause by first
providing the other Party with one month’s written notice in advance of such
termination or paying the Fees for one month in lieu of such notice. 

     (b) The Companies may terminate this
Agreement, with proof of cause, without providing Brokton with any notice of
termination, if Brokton (i) is convicted of a crime; or (ii) commits fraud or
similar actions against the Companies. 

     (c) Upon termination of this
Agreement, Brokton agrees to deliver to the Companies any and all materials,
work product and information relating to the Services including, but not limited
to, any and all files, reports, correspondence, agreements, analytical work,
equipment and every other matter related thereto. 

5. Exclusivity and Confidentiality. 

     (a) Nothing herein shall be deemed to
require that Brokton provide its Services exclusively to the Companies; provided
however, that Brokton shall be prohibited from direct competition against the
Companies where Brokton may provide similar services to other persons, companies
or entities who are engaged in a business in competition with the Companies
during the Term of this Agreement 

     (b) During the Term and thereafter, in
perpetuity, Brokton shall maintain all matters involving the Companies and the
Services performed by Btrokton in the strictest of confidence, except insofar as
shall be required in order for Brokton to perform the Services hereunder or as
may be authorized in writing by the Companies, or as may come into the public
domain through sources beyond the control of Brokton or the Companies, or as may
be required by law. 

6. Indemnification. In the event of any legal action
commenced by a corporation or an individual with respect to Brokton’s Services
under this Agreement, the Companies hereby agree to indemnify and hold harmless
Brokton from and against all such actions, claims, liabilities, costs and
expenses and the legal fees and disbursements in connection therewith shall be
borne by the Companies; provided that the indemnification provided under this
paragraph shall not be available to the extent of Brokton’s gross negligence,
willful misconduct, violation of applicable statute, rule or regulation, or
under circumstances where applicable law does not permit indemnification. 

7. Ownership of Information. All technical information
and work product, documents or any related data or material with respect to the
Services shall remain the property of the Companies (the “Ownership”) and
Brokton shall have no claim or interest therein whatsoever and the Ownership
shall survive the expiration or earlier termination of this Agreement. 

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8. Assignment. The assignment by any Party of this
Agreement or any of the Services contemplated herein requires the written
consent of all Parties. 

9. Address for Delivery or Notice. Any notice required
under this Agreement shall be made in writing and may be sent by facsimile or
electronically formatted transmission (e-mail) or delivered to the address for
such Party as noted in this Agreement: 

10. Successors. This Agreement shall enure to the
benefit of and be binding upon the Parties hereto and their respective
successors and assigns. 

11. Applicable Law. For all purposes, this Agreement
shall be governed exclusively by and construed and enforced in accordance with
the laws of the Republic of Ghana. 

12. Amendments to Agreement. This Agreement may be
amended from time to time as agreed to in writing among the Parties. Any
amending agreement together with the unamended sections of this Agreement shall
then constitute the entire agreement among the Parties. 

13. Counterparts. This Agreement may be signed by the
Parties hereto in as many counterparts as may be necessary, each of which so
signed counterpart shall be deemed to be an original, and such counterparts
together shall constitute one and the same instrument and notwithstanding the
date of execution shall be deemed to bear the execution date as set forth on the
front page of this Agreement. This Agreement may be executed by facsimile and
such facsimiles shall be deemed original documents. 

14. No Partnership or Agency. The Parties hereto have
not created a partnership and nothing contained in this Agreement shall in any
manner whatsoever constitute any Party as the partner, agent or legal
representative of any other Party, nor create any fiduciary relationship between
them for any purpose whatsoever. No Party shall have any authority to act for or
to assume any obligations or responsibility on behalf of the other Party except
as may be, from time to time, agreed upon in writing between the Parties or as
otherwise expressly provided. 

IN WITNESS WHEREOF
the Parties hereto have executed this Agreement as of the day and year first
above written. 

	) 	XTRA-GOLD MINING LIMITED 
	) 	 
	) 	 
	) 	Per: /s/ Victor
      Nkansa         
	) 	Victor Nkansa Secretary 
	) 	 
	) 	 
	) 	XTRA-GOLD EXPLORATION LIMITED
  
	) 	 
	) 	 
	) 	Per: /s/ Victor
      Nkansa        
	) 	Victor Nkansa Secretary 
	) 	 
	) 	 
	) 	BROKTON INTERNATIONAL LTD. 
	) 	 
	) 	 
	) 	Per: /s/ James
      Longshore          
    
	) 	James Longshore PresidentXtra-Gold Resources Corp.: Exhibit 10.39 - Filed by newsfilecorp.com

Exhibit 10.39

 

June 1, 2010 

Richard W. Grayston 

212 – 9210 Bonaventure Drive SE 

Calgary AB T2J 6S5 

Dear Richard: 

Re: Grant of Nonqualified Stock Options 

We are pleased to advise you that on May 31, 2010, the board of
directors (the “Board”) of Xtra-Gold Resources Corp. (“Xtra-Gold”)
authorized the award to you (sometimes hereinafter referred to as the
“Optionee”) of an option to purchase 63,000 shares of our common stock at
a par value $.001 per share (the “Options”), upon the following terms and
conditions: 

1. The Options are granted to you
in accordance with and subject to the terms and conditions of Xtra-Gold’s 2005
Equity Compensation Plan (the “Plan” or the “Option Plan”). 

2. The Options are granted to you as an officer and director of
Xtra-Gold. 

3. The Options are nonqualified stock options. 

4. The Options have a 35 month term (the “Option
Period”) and may be exercised, in whole or in part, at any time from June 1,
2010, subject to any applicable statutory regulatory hold period and shall
terminate at 5:00 p.m. (Eastern Standard Time) on May 1, 2013 (the “Expiry Date”). 

5. The price at which the Options may be exercised is $1.00 per
share. 

6. The Options are transferable to a nominee as may be
designated by you from time to time and may be exercised, in whole or in part,
during the exercise period, as set forth herein or otherwise in accordance with
the terms and conditions of the Plan. 

CORPORATE OFFICE 

Suite 301, 360 Bay Street, Toronto ON, M5H 2V6 Canada 

	PHONE: (416) 366 4227 	E-MAIL: pzyla@xtragold.com
    
	FAX: (416) 981-3055 	WEB SITE: www.xtragold.com
    

	
Richard W. Grayston
	
	
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June 1, 2010
	

 7. The exercise price and number of underlying shares issuable upon exercise of the Options (the “Option Shares”) are subject to adjustment in accordance with the Plan in the event of stock splits, dividends, reorganizations and
similar corporate events. 

 8. There is no vesting period attached to the Options being granted herein.  For clarity purposes, the Options are fully vested and can immediately be exercised, in whole or in part, at any time from June 1, 2010 to the Expiry Date, subject to any
applicable statutory regulatory hold period. 

	
 	
9. 		
(a) 		
You shall have the right to exercise the Options, in whole or in part, for a period of time as may be set out in the Option Plan referred to in subparagraph 9(g) hereunder or in accordance with securities laws governing Xtra-Gold,
but in no event shall the Options be exercised later than the earlier of (i) the Expiry Date; and (ii) the exercise date contemplated in subparagraphs 9(b), (c), (d) and (e) hereunder.

	
	 	 	 	 
	
 	
 	
(b) 		
In the event of your voluntary termination as an officer and director of Xtra-Gold, all Options granted pursuant to paragraph 2 must be exercised within 90 days from the later termination date of your no longer being an officer
and director of Xtra-Gold (whichever is the later case), failing which the Options will be cancelled.

	
	 	 	 	 
	
 	
 	
(c) 		
In the event of your death during the Option Period, all Options must be exercised by your estate within one (1) year from the date of your death, failing which the Options will be cancelled.

	
	 	 	 	 
	
 	
 	
(d) 		
In the event that you are not re-elected as an officer and/or a director of Xtra-Gold then in such event Xtra-Gold agrees that you may retain 100% of the Options; provided, however that the Options referred to in this subparagraph
must be exercised no later than 90 days following such occurrence, failing which such Options will be cancelled.

	
	 	 	 	 
	
 	
 	
(e) 		
In the event of a change of control of Xtra-Gold (as defined herein), you will have the right to exercise the Options within 90 days following the completion of such change of control. For clarity purposes, a “Change of
Control” shall mean the occurrence of (i) any person, other than an Employee (as such term is used in Section 13(d) and 14(d) of the Exchange Act is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s outstanding securities then having the right to vote at elections of directors; or (ii) (ii) the
individuals who at the commencement date of this Agreement, constitute the Board, cease for any reason to constitute a majority thereof unless the election, or nomination for election, of each new director was approved by a vote of at least
two-thirds of the directors then in office who were directors at the commencement of this Agreement; or (iii) there is a failure to elect two (2) or more candidates nominated by management of the Company to the Board; or (d) the business of the Company is
disposed of by the Company pursuant to a partial or complete liquidation of the Company, a sale of assets (including stock of a subsidiary of our Company) or otherwise.

	

	
Richard W. Grayston
		
- 3 -
	
	
June 1, 2010
	

	
 	
 	
(f) 		
The share certificate or certificates issued as a result of the exercise of Options from time to time shall bear a restrictive legend with respect to the resale of the shares issued in connection therewith. The applicable hold
period shall be six (6) months from the date of issuance of the Option Shares and may only be resold in accordance with Rule 144.

	
	 	 	 	 
	
 	
 	
(g) 		
Xtra-Gold implemented and adopted the Option Plan which implementation and adoption was approved in writing by the Board in June 2005. Xtra-Gold was not required nor did it obtain stockholder approval of the Option Plan.

	
	 	 	 	 
	
 	
 	
(h) 		
The Options shall at all times be subject to the terms of this Option Agreement and the Option Plan.

	

 10. Xtra-Gold provides no assurance that there will be a public market into which you can sell the Option Shares or that you will be able to sell your Option Shares at a profit or at all. 

 11. In order to exercise the Options, you must provide us with written notice that you are exercising all or a portion of such Options. The written notice must specify the number of Option Shares that you are exercising your Options for, and must
be accompanied by the exercise price described in paragraph 5 above. Your Option Shares will be issued to you within approximately one (1) week following our receipt of your exercise notice and cleared funds evidencing payment in full of the
exercise price. 

 12. No rights or privileges of a stockholder of Xtra-Gold are conferred by reason of the grant of the Options to you.  You will have no rights of a stockholder until you have delivered your exercise notice to us and we have received the exercise
price of the Options in cleared funds and Xtra-Gold has delivered a share certificate or certificates to you evidencing the shares arising out of such exercise. 

 13. You understand that the Plan contains important information about your Options and your rights with respect to the Options. The Plan includes (a) terms relating to your right to exercise the Options; (b) important restrictions on your ability
to transfer the Options or Option Shares; and (c) early termination of the Options following the occurrence of certain events, including the termination of your relationship with us. By signing below, you acknowledge your receipt of a copy of the
Plan. By acceptance of your Options by way of execution of this Agreement, you agree to abide by the terms and conditions of this Agreement and the Plan.

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