Document:

Exhibit
10.1

	
  7961 Shaffer
  Parkway Ÿ Suite 5 Ÿ
  Littleton, CO USA 80127

  	
  

  	
  Telephone:  (720) 981-1185 Ÿ
  Facsimile:  (720) 981-1186

  

 

July 6, 2006

Carl
Pescio

Janet Pescio

Greg Hryhorchuk

Robert Lipsett

305-595
Howe Street

Vancouver, B.C.

V6C 2T5

Binding Letter of Intent for Proposed Merger
Transaction

The
purpose of this binding letter of intent (the “LOI”) is to set out the material terms for the proposed merger
of:

(a)                                  the Nevada properties and related assets of
Vista Gold Corp. (“Vista”) as
described on Schedule A hereto (collectively, the “Vista Assets”); with

(b)                                 the Nevada properties and related assets of
Carl and Janet Pescio (together, the “Pescios”)
and Greg Hryhorchuk (“Greg”) and
Robert Lipsett (“Robert”)
(together, “G & R”) as
described on Schedule B hereto (collectively, the “Pescio/G & R Assets”).

It
is anticipated that the proposed merger will be completed as part of a plan of
arrangement (the “Arrangement”)
under the Business Corporations Act (Yukon) and this LOI is intended to provide
a basis for the preparation of a definitive arrangement and merger agreement
(the “Arrangement and Merger Agreement”).
This LOI constitutes a binding agreement of the parties which will be
enforceable by and against each of the parties hereto in accordance with its
terms.

1.             Proposed
Transaction

Subject
to the terms and conditions of this LOI, the parties agree that the combination
of the Vista Assets and the Pescio/G & R Assets will be completed
substantially as follows:

(a)                                  Vista will take the steps necessary to
marshall all of the Vista Assets to its wholly-owned subsidiary, Vista Gold
Holdings Inc. (“NevadaCo”), or
subsidiaries wholly-owned by NevadaCo.

(b)                                 Vista will amend its authorized capital to
create a new class of common shares.

(c)                                  On a concurrent basis:

(i)                                     Vista will transfer all of its shares of
NevadaCo to a newly-formed Nevada company (“Newco”)
in return for shares of Newco having a value equal to the value of the Vista
Assets;

 

 

(ii)                                  the Pescios will transfer all of the Pescio/G &
R Assets owned by them to a newly-formed limited liability company of which
Newco is the sole member in return for (A) shares of Newco having a value
equal to the value of the Pescio/G & R Assets transferred by the
Pescios, less US$15 million (the “Note Amount”),
and (B) a promissory note (the “Note”)
from Newco for US$15 million; 

(iii)                               G & R will transfer their interests
in the Pescio/G & R Assets to Newco in return for shares of Newco
having a value equal to the value of the interests of G & R in the
Pescio/G & R Assets transferred to Newco; and

(iv)                              Newco will complete an equity financing which
will raise not less than US$40 million at a price per common share of not less
than US$5. Upon completion of such financing, Newco will repay all amounts owing
under the Note.

The number of shares of
Newco constituting the Note Amount will be equal to the quotient of:

(A)                              $15 million, divided by

(B)                                the greater of:

(1)                                  US$5; or

(2)                                  the price per common share of the equity
financing contemplated by section 1(c)(iv) above.

For purposes of the foregoing, the parties
acknowledge their agreement that the total 
value of the Vista Assets is equal to 1.5 times the value of the
Pescio/G & R Assets and therefore, that Vista will receive 60% of the
total consideration issued by Newco in connection with the transfers described
in sections 1(c)(i), (ii) and (iii) above and the Pescios and G &
R, collectively, will receive the remaining 40% of such consideration. In
addition, the parties acknowledge their mutual desire to structure these
transactions so that the value attributable to each common share of Newco upon
issuance to Vista, the Pescios and G & R is not less than US$5.

Assuming a value of US$5 per share, the
parties contemplate that upon completion of the transactions contemplated
hereby that the shareholdings of Newco would be as follows:

1.                                       Vista or its shareholders – 22.5 million
shares;

2.                                       Pescios – 9 million shares and US$15 million
Note;

3.                                       Greg – 1.5 million shares;

4.                                       Robert – 1.5 million shares.

The parties also acknowledge that Newco may
issue warrants and/or options to current holders of Vista warrants and options.
To the extent such Newco warrants or

 2
 

 

 

options are issued, the number of securities
issued by Newco at the Closing (as defined below) to the Pescios and G &
R will be increased so that their combined interest in Newco will be 40% on a
fully-diluted basis (less the Note Amount and excluding any shares issued as
part of the financing described in section 1(c)(iv) above).

(d)                                 Each shareholder of Vista will exchange their
common shares of Vista for common shares of Newco and new common shares of
Vista on an agreed exchange ratio. The parties acknowledge that Vista may, in
its discretion, choose to not to distribute a portion of the common shares of Newco
to fund a reserve to address any tax liabilities associated with the
transactions contemplated by this LOI.

(e)                                  The common shares of Newco will be listed and
posted for trading on the Toronto Stock Exchange concurrently with, and on the
American Stock Exchange as soon as commercially practicable after, the
completion of the transactions contemplated by sections 1(c) and (d) above
(collectively, the “Closing”). 

(f)                                    If Newco is required as part of the financing
described in section 1(c)(iv) or within 12 months of the Closing to
register for resale shares in the United States, then Newco will include for
registration and subsequent resale 35% of the total number of shares of Newco
acquired by the Pescios, G & R and Newco will use its best efforts to
keep the registration statement and/or prospectus effective and available for
use, subject to the following limitations:

(i)                                     for a period of 60 days after the date that
investors that acquire shares as part of the financing described in section
1(c)(iv) are permitted to sell such shares under the registration
statement, the Pescios and G & R will not sell any shares;

(ii)                                  during the period ending 12 months after the
Closing, the Pescios, G & R will not sell pursuant to the registration
statement, in aggregate, more than 20% of the total number of shares acquired
by the Pescios and G & R (as a group);

(iii)                               each of the Pescios and G & R will
use his or her best efforts to cause any disposition of shares by any of them
to be effected in a manner that does not cause a significant negative impact on
the trading price of the shares of Newco;

(iv)                              during the period ending 12 months after the
Closing, the Pescios and G & R will not in any calendar month sell
pursuant to the registration statement shares representing, in aggregate, more
than 1% of the issued and outstanding shares of Newco; and

(v)                                 the Pescios and G & R will comply
with the policies of Newco related to the trading of shares by directors,
officers and other insiders of Newco for a period ending 12 months after the
Closing (or for such longer period as such policies may apply to such parties
as insiders of Newco).

 3
 

 

 

(g)                                 The Pescios will be entitled to all payments
whenever made with respect to amounts due and payable before Closing to the
Pescios pursuant to the Pescio/G & R Assets. To the extent that such
amounts are paid to Newco after Closing, Newco will hold such monies for and on
behalf of Pescios and forthwith pay such monies over to Pescios.

The parties acknowledge that, to the extent
possible, the parties will discuss and negotiate, in good faith, any changes
which are identified to the foregoing structure that minimize the amount of tax
payable by any of the Pescios, Greg, Robert, Vista or its shareholders as a
result of the completion of the transaction.

2.             Conditions of Closing

The obligations of the parties under this LOI are subject to the
following conditions:

(a)                                  execution and delivery of a definitive
Arrangement and Merger Agreement, containing terms and conditions satisfactory
to all parties, acting reasonably;

(b)                                 receipt, prior to the execution and delivery
of the definitive Arrangement and Merger Agreement, of all necessary approvals
from the board of directors of Vista and its independent committee, including a
specific determination by the board of directors of Vista that the completion
of the transactions contemplated by this LOI is in the best interests of Vista
or its shareholders notwithstanding any tax liabilities that may be triggered
by, or otherwise arise in connection with, such transactions;

(c)                                  completion to the satisfaction of the
applicable parties, prior to the execution and delivery of the definitive
Arrangement and Merger Agreement, of due diligence investigations by Vista
(with respect to the Pescio/G & R Assets) and the Pescios, Robert and
Greg (with respect to the Vista Assets);

(d)                                 receipt of all necessary approvals, consents
and waivers from courts, shareholders, regulatory authorities, and other third
parties; and

(e)                                  a determination, prior to the execution and
delivery of the definitive Arrangement and Merger Agreement, by the Pescios and
Robert and Greg are satisfied in their sole discretion (based on advice of tax
counsel) that (i) the transactions contemplated by this LOI constitute a
tax-free (except for cash received by the Pescios) transaction under Section 351
of the United States Internal Revenue Code (“Code”),
and (ii) no tax liability or withholding tax liability is incurred by any
party under Sections 897 or 1445 of the Code as a result of any of the
transactions contemplated by this LOI. 

The conditions described in sections 2(b), (c) and
(e) may be waived by the applicable parties in their sole discretion. 

3.             Arrangement
and Merger Agreement

The
Arrangement and Merger Agreement will contain terms, conditions, representations,
warranties, covenants and indemnities which are customary for transactions such
as those contemplated by this LOI. The parties expect that the Arrangement and
Merger Agreement will be executed and delivered within 45 days after the date
hereof and they will each use commercially reasonable efforts to complete,
execute and deliver the Arrangement and Merger Agreement within such timeframe.

 4
 

 

 

4.             Confidentiality
Agreeement

Each
of the parties agrees that this LOI and all documents executed and actions
undertaken in connection with this LOI shall be covered by and subject to the
terms of the confidentiality agreement effective March 23, 2006 (the “Confidentiality Agreement”) among Vista,
Century Nevada Inc. and Carl Pescio. Each of Janet Pescio, Greg and Robert
acknowledges that he has read the terms of the Confidentiality Agreement and
agrees to be bound by the provisions of the Confidentilaty Agreement as if he
or she, as the case may be, was an original party to the Confidentiality
Agreement. 

5.             Expenses

Each
of Vista, the Pescios, Greg and Robert shall be responsible for payment of
their own expenses, including legal and accounting fees, in connection with the
transactions contemplated hereby, whether or not such transactions are
completed.

6.             Exclusivity
Agreement

Each
of the parties to this LOI agree that it will not, directly or indirectly,
through any representative or otherwise, solicit or entertain offers from,
negotiate with or in any manner encourage, discuss, accept or consider any
proposal from any other person relating to a transaction similar in nature to
the transactions contemplated in this LOI (or otherwise involving the sale of
all or any substantial part of the Pescio/G & R Assets) until the date
(the “Release Date”) which is the earlier
of:

(a)                                  45 days after the date hereof; and

(b)                                 the date on which the parties execute and deliver the
Arrangement and Merger Agreement.

In
addition to the foregoing, between the date hereof and the Release Date, if any
party receives any unsolicited offer or proposal, or has actual knowledge of
any unsolicited offer or proposal, relating to any of the above, such member
shall immediately notify the other parties of the details thereof, including
the identity of the party making such offer or proposal and the specific terms
of such offer or proposal.

7.             Public
Announcement

Vista
and each other party to this LOI agrees that, subject to the need to comply
with applicable laws relating to timely disclosure of material information,
neither of them will make any public announcements or other public disclosure
regarding the transactions contemplated by this LOI without first giving the
other party a reasonable opportunity to review and comment upon the contents of
such announcement or other disclosure.

8.             Termination
of this Letter of Intent

This
LOI and, subject to Section 9 below, the obligations of the parties
hereunder shall terminate on the Release Date unless the parties hereto agree
otherwise in writing.

9.             Governing
Law

This
LOI shall be governed by and construed under the laws applicable in the State
of Nevada.

 5
 

 

 

10.          Survival

The
parties agree that the provisions of sections 4, 5 and 6 shall survive any
termination of this LOI.

11.          Acceptance
of LOI

This
LOI shall be open for acceptance until 5:00 p.m. (Vancouver time) on July 7,
2006. If not accepted in writing prior to that time, this LOI shall be
considered withdrawn and null and void.

	
   

  	
  Yours truly,

  
	
   

  	
   

  
	
   

  	
  VISTA
  GOLD CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael
  Richings

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Michael Richings

  
	
   

  	
   

  	
  President

  

 

Agreed to and accepted this 6th day of July, 2006

	
  /s/ Carl Pescio

  	
   

  
	
  Carl Pescio

  
	
   

  
	
  Agreed to and
  accepted this  6th day of July,
  2006

  
	
   

  
	
   

  
	
  /s/ Janet Pescio

  	
   

  
	
  Janet Pescio

  
	
   

  
	
  Agreed to and
  accepted this  7th day of July,
  2006

  
	
   

  
	
   

  
	
  /s/ Greg
  Hryhorchuk

  	
   

  
	
  Greg Hryhorchuk

  
	
   

  
	
  Agreed to and
  accepted this  7th day of July,
  2006

  
	
   

  
	
   

  
	
  /s/ Robert
  Lipsett

  	
   

  
	
  Robert Lipsett

  

 

 6
 

 

 

Schedule A

List of Vista
Assets

 7
 

 

 

Vista Gold Corp.

Nevada Properties

As of June 13,
2006

1.              Hycroft
Mine Property, Humboldt and Pershing counties, as held by Hycroft
Resources & Development, Inc., with its mineral claims, equipment
and other assets on site. Approximately 20 patented and 588 unpatented lode
claims (the unpatented lode claims are described in Appendix A of “Technical
Report – Vista Gold Corp., Hycroft Mine, Winnemucca, Nevada, USA,” dated January 25,
2006, by Mine Development Associates) plus approximately 700 newly located or
soon to be located unpatented lode claims.

2.              Wildcat
Property, Pershing County, consisting of 4 patented and 74
unpatented lode claims as shown in Appendix A of “Technical Review, Wildcat
Project, Esmeralda County (sic),
Nevada,” dated November 11, 2003, by Mine Development Associates.

3.              Mountain
View Project, Washoe County, consisting of 127 unpatented lode
claims as described in Appendix B of “Resource Estimate Report for the Mountain
View Project, Nevada, USA,” dated December 17, 2002, by Snowden Mining
Industry Consultants.

4.              Hasbrouck
Project, Esmeralda County, consisting of 22 patented and 61
unpatented lode claims as described in Appendix A of “Technical Report,
Hasbrouck Project, Esmeralda County, Nevada, USA,” dated August 29, 2003,
by Mine Development Associates.

5.              Three
Hills Project, Esmeralda County, consisting of 15 unpatented lode
claims as described in Appendix A of “Technical Review, Three Hills Project,
Esmeralda County, Nevada,” dated August 29, 2003, by Mine Development
Associates.

6.              Maverick
Springs Project, Elko and White Pine counties, consisting of 86
unpatented lode claims as described in Appendix B of “Resource Estimate Report
for the Maverick Springs Project, Nevada, USA,” dated December 17, 2002,
by Snowden Mining Industry Consultants.

7.              F.W.
Lewis, Inc. Properties, see attached spreadsheet listing of
mineral claims.

 8
 

 

 

F.W. Lewis, Inc. Patented Claims*

	
  County

  	
   

  	
  Mining District

  	
   

  	
  No. of Claims

  	
   

  
	
  Churchill

  	
   

  	
  Desert

  	
   

  	
  1

  	
   

  
	
  Churchill

  	
   

  	
  Fairview

  	
   

  	
  19

  	
   

  
	
  Churchill

  	
   

  	
  Table Mountain

  	
   

  	
  9

  	
   

  
	
  Churchill

  	
   

  	
  Wonder

  	
   

  	
  71

  	
   

  
	
  Douglas

  	
   

  	
  Topaz Lake

  	
   

  	
  9

  	
   

  
	
  Elko

  	
   

  	
  Alleghany

  	
   

  	
  5

  	
   

  
	
  Elko

  	
   

  	
  Railroad

  	
   

  	
  2

  	
   

  
	
  Elko

  	
   

  	
  Salmon River (Contact)

  	
   

  	
  154

  	
   

  
	
  Elko

  	
   

  	
  Unorganized (Comet
  Clover Group)

  	
   

  	
  9

  	
   

  
	
  Elko

  	
   

  	
  Wyoming Mining

  	
   

  	
  2

  	
   

  
	
  Esmeralda

  	
   

  	
  Cuprite

  	
   

  	
  2

  	
   

  
	
  Esmeralda

  	
   

  	
  Goldfield

  	
   

  	
  13

  	
   

  
	
  Esmeralda

  	
   

  	
  Lone Mountain

  	
   

  	
  1

  	
   

  
	
  Esmeralda

  	
   

  	
  Montezuma

  	
   

  	
  6

  	
   

  
	
  Esmeralda

  	
   

  	
  Paymaster

  	
   

  	
  1

  	
   

  
	
  Esmeralda

  	
   

  	
  Silver Peak

  	
   

  	
  5

  	
   

  
	
  Esmeralda

  	
   

  	
  Tonopah

  	
   

  	
  1

  	
   

  
	
  Eureka

  	
   

  	
  Eureka

  	
   

  	
  3

  	
   

  
	
  Lander

  	
   

  	
  Amador (Smokey Valley)

  	
   

  	
  1

  	
   

  
	
  Lander

  	
   

  	
  Battle Mountain

  	
   

  	
  8

  	
   

  
	
  Lander

  	
   

  	
  Lewis

  	
   

  	
  2

  	
   

  
	
  Lyon

  	
   

  	
  Mason (Yerington)

  	
   

  	
  25

  	
   

  
	
  Mineral

  	
   

  	
  Gold Range

  	
   

  	
  4

  	
   

  
	
  Mineral

  	
   

  	
  Mountain View

  	
   

  	
  5

  	
   

  
	
  Mineral

  	
   

  	
  Santa Fe

  	
   

  	
  4

  	
   

  
	
  Mineral

  	
   

  	
  Simon Bell

  	
   

  	
  5

  	
   

  
	
  Mineral

  	
   

  	
  Sunny Jim

  	
   

  	
  3

  	
   

  
	
  Mineral

  	
   

  	
  Whiskey Flat

  	
   

  	
  2

  	
   

  
	
  Nye

  	
   

  	
  Fairplay

  	
   

  	
  4

  	
   

  
	
  Nye

  	
   

  	
  Hot Creek

  	
   

  	
  2

  	
   

  
	
  Nye

  	
   

  	
  Mammoth

  	
   

  	
  1

  	
   

  
	
  Nye

  	
   

  	
  Ray

  	
   

  	
  6

  	
   

  
	
  Nye

  	
   

  	
  Stonewall

  	
   

  	
  7

  	
   

  
	
  Nye

  	
   

  	
  Troy

  	
   

  	
  2

  	
   

  
	
  Pershing

  	
   

  	
  Arabia

  	
   

  	
  3

  	
   

  
	
  Pershing

  	
   

  	
  Seven Troughs

  	
   

  	
  3

  	
   

  
	
  Pershing

  	
   

  	
  Umknown (Black Eagle)

  	
   

  	
  5

  	
   

  
	
  Washoe

  	
   

  	
  Comstock

  	
   

  	
  1

  	
   

  
	
  White Pine

  	
   

  	
  3 mi N of Hamilton

  	
   

  	
  2

  	
   

  
	
  White Pine

  	
   

  	
  Duck Creek

  	
   

  	
  2

  	
   

  
	
  White Pine

  	
   

  	
  Ellison

  	
   

  	
  1

  	
   

  
	
  White Pine

  	
   

  	
  Emigrant Springs
  (Hamilton)

  	
   

  	
  1

  	
   

  
	
  White Pine

  	
   

  	
  Hamilton

  	
   

  	
  109

  	
   

  
	
  White Pine

  	
   

  	
  Newark

  	
   

  	
  2

  	
   

  
	
  White Pine

  	
   

  	
  Pinto

  	
   

  	
  1

  	
   

  
	
  White Pine

  	
   

  	
  Robinson

  	
   

  	
  10

  	
   

  
	
  White Pine

  	
   

  	
  Silver Canyon

  	
   

  	
  7

  	
   

  
	
  White Pine

  	
   

  	
  Warm Springs

  	
   

  	
  2

  	
   

  
	
  F.W.
  Lewis, Inc. Unpatented Claims*

  	
   

  	
   

  	
   

  
	
  Lander

  	
   

  	
  Battle Mountain

  	
   

  	
  387

  	
   

  
	
  White Pine

  	
   

  	
  Hamilton

  	
   

  	
  165

  	
   

  

*                    Note:
Does not include Lewis claims at Hycroft

 9
 

 

 

Schedule B

List of Pescio/G & R Assets

	
  1.

  	
   

  	
  Cobb Creek

  	
   

  	
  Staccato Gold

  
	
  2.

  	
   

  	
  Dixie Flats

  	
   

  	
  Staccato Gold

  
	
  3.

  	
   

  	
  Long Peak

  	
   

  	
  Placer
  Dome/Staccato

  
	
  4.

  	
   

  	
  Wild Horse

  	
   

  	
  Senator Minerals

  
	
  5.

  	
   

  	
  Dome

  	
   

  	
  Senator Minerals

  
	
  6.

  	
   

  	
  Rock Horse

  	
   

  	
  Available

  
	
  7.

  	
   

  	
  Switch

  	
   

  	
  Mill City/Minterra

  
	
  8.

  	
   

  	
  Six Mile

  	
   

  	
  Mill
  City/Minterra

  
	
  9.

  	
   

  	
  North Carlin

  	
   

  	
  Mill
  City/Minterra

  
	
  10.

  	
   

  	
  North Mill Creek

  	
   

  	
  Mill
  City/Minterra

  
	
  11.

  	
   

  	
  Elder Creek

  	
   

  	
  Mill
  City/Minterra

  
	
  12.

  	
   

  	
  Nad

  	
   

  	
  Mill
  City/Minterra

  
	
  13.

  	
   

  	
  Tusk

  	
   

  	
  Mill
  City/Minterra

  
	
  14.

  	
   

  	
  Toy

  	
   

  	
  Mill
  City/Minterra

  
	
  15.

  	
   

  	
  Eden

  	
   

  	
  Mill
  City/Minterra

  
	
  16.

  	
   

  	
  Elliot Dome

  	
   

  	
  Mill
  City/Grandview

  
	
  17.

  	
   

  	
  Pony Creek

  	
   

  	
  Mill
  City/Grandview

  
	
  18.

  	
   

  	
  Golden Cloud

  	
   

  	
  Minterra

  
	
  19.

  	
   

  	
  Pipeline South

  	
   

  	
  Minterra

  
	
  20.

  	
   

  	
  East Whistler

  	
   

  	
  Minterra

  
	
  21.

  	
   

  	
  Santa Renia

  	
   

  	
  Duncan Park

  
	
  22.

  	
   

  	
  South Silver Cloud

  	
   

  	
  Duncan Park

  
	
  23.

  	
   

  	
  Rock Creek

  	
   

  	
  Duncan Park

  
	
  24.

  	
   

  	
  Elephant

  	
   

  	
  Duncan Park

  
	
  25.

  	
   

  	
  Dixie Creek

  	
   

  	
  Frontier Pacific

  
	
  26.

  	
   

  	
  Illipah

  	
   

  	
  Golden Cycle

  
	
  27.

  	
   

  	
  Beowawe

  	
   

  	
  Atna/Prospector
  Res.

  
	
  28.

  	
   

  	
  HMD

  	
   

  	
  Tornado

  
	
  29.

  	
   

  	
  NT Green

  	
   

  	
  Tornado

  
	
  30.

  	
   

  	
  Goodwin

  	
   

  	
  Tornado

  
	
  31.

  	
   

  	
  Wilson Peak

  	
   

  	
  Tornado

  
	
  32.

  	
   

  	
  West Whistler

  	
   

  	
  Tornado

  
	
  33.

  	
   

  	
  Ocelot

  	
   

  	
  Medallion

  
	
  34.

  	
   

  	
  Hot Creek

  	
   

  	
  Undisclosed
  Company A

  
	
  35.

  	
   

  	
  Sno

  	
   

  	
  Company A

  
	
  36.

  	
   

  	
  Mountain Springs

  	
   

  	
  Company A

  
	
  37.

  	
   

  	
  Clipper

  	
   

  	
  Company A

  
	
  38.

  	
   

  	
  Red Mountain

  	
   

  	
  Company A

  
	
  39.

  	
   

  	
  Dune

  	
   

  	
  Company A

  
	
  40.

  	
   

  	
  Tonka

  	
   

  	
  Company A

  
	
  41.

  	
   

  	
  Woodruff

  	
   

  	
  Company A

  
	
  42.

  	
   

  	
  Triple Creek

  	
   

  	
  Company A

  
	
  43.

  	
   

  	
  Divide

  	
   

  	
  Company A

  
	
  44.

  	
   

  	
  Walti

  	
   

  	
  Tornado

  
	
  45.

  	
   

  	
  Dry Hills

  	
   

  	
  Tornado

  
	
  46.

  	
   

  	
  Marr

  	
   

  	
  Tornado

  

 

 10
 

 

 

	
  47.

  	
   

  	
  Galconda

  	
   

  	
  Tornado

  
	
  48.

  	
   

  	
  Horseshoe Basin

  	
   

  	
  Tornado

  
	
  49.

  	
   

  	
  Brock

  	
   

  	
  Tornado

  
	
  50.

  	
   

  	
  Stargo

  	
   

  	
  Tornado

  
	
  51.

  	
   

  	
  N. Battle Mountain

  	
   

  	
  Tornado

  
	
  52.

  	
   

  	
  S. Lone Mountain

  	
   

  	
  Tornado

  
	
  53.

  	
   

  	
  West Cortez

  	
   

  	
  Company B

  

 

 11Exhibit 10.71

EMPLOYMENT
AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is
entered into on the 26th day of
June 2006 (the “Execution Date”) between Bulldog
Technologies, Inc. (the “Company”), a Nevada corporation, with
offices at 11120 Horseshoe Way, Suite 301, Richmond, British Columbia,
Canada V7A 5H7, and Paul G. Harrington
(the “Executive”), an individual, currently residing at 1 Liberty Place,
Washington Crossing, Pennsylvania 18977, U.S.A.

RECITALS

WHEREAS, effective as of July 1, 2006 (the “Effective
Date”), the Company desires to engage the Executive to serve in the role of
President and Chief Executive Officer of the Company; and

WHEREAS,
the Executive and the Company wish to formally record the terms and conditions
upon which the Executive will be employed by the Company and that each of the
Company and the Executive have agreed to the terms and conditions set forth in
this Agreement, as evidenced by their execution hereof.

ARTICLE 1.

CONTRACT FOR SERVICES

1.1           Engagement of
Executive. Subject to earlier termination of the Agreement as herein
provided, the Company agrees to employ the Executive in accordance with the
terms and provisions hereof.

1.2           Term. Unless
terminated earlier in accordance with the provisions hereof, the term of
employment under this Agreement shall commence as of July 1, 2006 and
shall continue until June 30, 2007 (the “Term”).

1.3           Exclusive Service.
The Executive agrees to faithfully, honestly and diligently serve the
Company and to devote the Executive’s time, attention and best efforts to
further the business and interests of the Company during the period of this
Agreement to the exclusion of all other employment unless specifically
authorized by the Company.

1.4           Duties. The
Executive’s services hereunder shall be provided on the basis of the following
terms and conditions:

(a)           reporting directly to the Board of
Directors of the Company, the Executive shall serve the Company as the
President and Chief Executive Officer or in such other capacity as may be
assigned during the Term;

(b)           the Executive shall be responsible
for setting the overall corporate direction for the Company, including
establishing and maintaining budgets for the Company and ensuring the Company
has adequate capital for its production, marketing and general corporate
activities;

(c)           the Executive shall be responsible
for preparing the agenda for all meetings of the Company’s Board of Directors;

(d)           the Executive shall faithfully,
honestly and diligently serve the Company and cooperate with the Company and
utilize maximum professional skill and care to ensure that all services
rendered hereunder are to the satisfaction of the Company, acting reasonably,
and the Executive shall provide any other services not specifically mentioned
herein, but which by reason of the Executive’s capability the Executive knows
or ought to know to be necessary to ensure that the best interests of the
Company are maintained;

(e)           the Executive shall assume, obey,
implement and execute such duties, directions, responsibilities, procedures,
policies and lawful orders as may be determined or given from time to time by
the Company; and

(f)            the Company shall report the results
of the Executive’s duties hereunder as may from time to time.

 

 

ARTICLE 2.

COMPENSATION

2.1           Salary. For
services rendered by the Executive during the Term, the Executive shall be paid
a salary, payable in equal monthly installments at the end of the month or as
otherwise agreed to by the Company, at an annual rate of US$150,000, together
with any annual bonuses (payable in cash and/or common shares in the capital of
the Company) as may be determined and awarded by the Company’s Board of
Directors. Such salary shall be reviewed every six (6) months and may be
increased at the sole discretion of the Company’s Board of Directors taking
into account, among other things, individual performance and general business
conditions.

2.2           Bonus. In addition to
the salary as set forth in Section 2.1, the Executive shall be eligible to
earn a bonus equal to 100% of his salary based on reasonable performance goals
to be mutually set by the Executive and the Board of Directors within thirty
(30) days of the commencement of Executive’s employment. Notwithstanding the
aforementioned, the Company shall guarantee the payment of 50% of the bonus as
set forth herein upon completion of the Term (the “Guaranteed Bonus”).

2.3           Benefits. The
Executive shall be entitled to participate in all employee benefit plans
offered by the Company to its employees, subject to the terms and conditions of
such employee benefit plans. These benefit plans may be altered, amended, or
discontinued by the Company from time to time. The policy documents of such
benefit plans shall determine benefit entitlement.

2.4           Expenses. The
Executive will be reimbursed by the Company for all reasonable business
expenses incurred by the Executive in connection with his duties within
previously approved budgets upon submission of a monthly statement of expenses.

2.5           Car Allowance. The Company
shall also provide the Executive with an allowance of $500 per month, net of
taxes.

2.6           Options. The
Executive shall be entitled to participate in any of the Company’s stock option
plan on such terms as may be determined by the Company’s Board of Directors in
its sole discretion. On the Execution Date, the Company shall grant to you an
option to acquire 500,000 shares of the Company’s common stock (the “Optioned
Shares”) pursuant to the Company’s 2004 Stock Option Plan and as further
evidenced by a separate stock option agreement. The Optioned Shares shall be
exercisable at a price equal to the closing price of the Company’s common stock
on the Execution Date. The Optioned Shares shall vest as follows: (i) 240,000
shares of the Optioned Shares shall vest ratably over 12 months, beginning on July 1,
2006, at the rate of 20,000 Optioned Shares per month, and (ii) 260,000
shares of Optioned Shares vesting over 24 months beginning July 1, 2007,
where 10,834 shares shall vest monthly over 23 months and 10,818 shall vest on August 1
2009.

2.7           Vacation. The
Executive shall initially be entitled to three (3) weeks of vacation
during the Term. Upon any renewal of the Agreement, and upon terms and
conditions as established by the Company and consistently applied for its other
salaried executives, an increase in the Executive’s vacation provision shall be
reviewed by the Board of Directors at the beginning of any renewal period.

2.8           Deductions. The Executive
acknowledges that all payments by the Company in respect of the services
provided by the Executive shall be net of all amounts which the Company as
employer is required to deduct or withhold from salary or other payments to an
executive in accordance with statutory requirements (including, without
limitation and where applicable, U.S. federal and state income tax, U.S. social
security and medicare, employee contributions and unemployment insurance
contributions).

ARTICLE 3.

CONFIDENTIALITY AND
NON-COMPETITION

3.1           Maintenance of
Confidential Information. The Executive acknowledges that in the course of
employment hereunder the Executive will, either directly or indirectly, have
access to and be entrusted with information (whether oral, written or by
inspection) relating to the Company or its respective affiliates, associates or
customers (the “Confidential Information”). For the purposes of this Agreement,
“Confidential Information” includes, without limitation, any and all
Developments (as defined herein), trade secrets, inventions, innovations,
techniques, processes, formulas, drawings, designs, products, systems,
creations, improvements, documentation, data, specifications, technical
reports, customer lists, supplier lists, distributor lists, distribution
channels and methods, retailer lists, reseller lists, employee 

 

 

information, financial information, sales or marketing plans,
competitive analysis reports and any other thing or information whatsoever,
whether copyrightable or uncopyrightable or patentable or unpatentable. The
Executive acknowledges that the Confidential Information constitutes a
proprietary right, which the Company is entitled to protect. Accordingly the
Executive covenants and agrees that during the Term and thereafter until such
time as all the Confidential Information becomes publicly known and made
generally available through no action or inaction of the Executive, the
Executive will keep in strict confidence the Confidential Information and shall
not, without prior written consent of the Company in each instance, disclose,
use or otherwise disseminate the Confidential Information, directly or
indirectly, to any third party.

3.2           Exceptions.
The general prohibition contained in Section 3.1 against the unauthorized
disclosure, use or dissemination of the Confidential Information shall not
apply in respect of any Confidential Information that:

(a)           is available to the public generally
in the form disclosed;

(b)           becomes part of the public domain
through no fault of the Executive;

(c)           is already in the lawful possession
of the Executive at the time of receipt of the Confidential Information; or

(d)           is compelled by applicable law to be
disclosed, provided that the Executive gives the Company prompt written notice
of such requirement prior to such disclosure and provides assistance in
obtaining an order protecting the Confidential Information from public
disclosure.

3.3           Developments.
Any information, technology, technical data or any other thing or documentation
whatsoever which the Executive, either by himself or in conjunction with any
third party, has conceived, made, developed, acquired or acquired knowledge of
during the Executive’s employment with the Company or which the Executive,
either by himself or in conjunction with any third party, shall conceive, make,
develop, acquire or acquire knowledge of (collectively, the “Developments”)
during the Term or at any time thereafter during which the Executive is
employed by the Company that is related to the business of designing and
supplying security systems for the cargo transit and supply chain industry
shall automatically form part of the Confidential Information and shall become
and remain the sole and exclusive property of the Company. Accordingly, the
Executive does hereby irrevocably, exclusively and absolutely assign, transfer
and convey to the Company in perpetuity all worldwide right, title and interest
in and to any and all Developments and other rights of whatsoever nature and
kind in or arising from or pertaining to all such Developments created or
produced by the Executive during the course of performing this Agreement,
including, without limitation, the right to effect any registration in the
world to protect the foregoing rights. The Company shall have the sole,
absolute and unlimited right throughout the world, therefore, to protect the
Developments by patent, copyright, industrial design, trademark or otherwise
and to make, have made, use, reconstruct, repair, modify, reproduce, publish,
distribute and sell the Developments, in whole or in part, or combine the
Developments with any other matter, or not use the Developments at all, as the
Company sees fit.

3.4           Protection of
Developments. The Executive does hereby agree that, both before and after
the termination of this Agreement, the Executive shall perform such further
acts and execute and deliver such further instruments, writings, documents and
assurances (including, without limitation, specific assignments and other
documentation which may be required anywhere in the world to register evidence
of ownership of the rights assigned pursuant hereto) as the Company shall
reasonably require in order to give full effect to the true intent and purpose
of the assignment made under Section 3.3 hereof. If the Company is for any
reason unable, after reasonable effort, to secure execution by the Executive on
documents needed to effect any registration or to apply for or prosecute any
right or protection relating to the Developments, the Executive hereby
designates and appoints the Company and its duly authorized officers and agents
as the Executive’s agent and attorney to act for and in the Executive’s behalf
and stead to execute and file any such document and do all other lawfully
permitted acts necessary or advisable in the opinion of the Company to effect
such registration or to apply for or prosecute such right or protection, with
the same legal force and effect as if executed by the Executive.

3.5           Non-Competition. The
Executive covenants and agrees that while employed by the Company and for a
period of six (6) months thereafter, the Executive will not, without the
express written consent of the Company in each instance, either individually or
in partnership or jointly or in conjunction with 

 

 

any person as principal, agent, investor, shareholder, director,
officer, employee, consultant or in any other manner whatsoever, carry on or be
engaged in, lend money to, guarantee the debts or obligations of or permit the
Executive’s name or any part thereof to be used or employed by any person or
persons (including, without limitation, any individual, firm, association,
syndication, company, corporation or other business enterprise) engaged in or
concerned with or interested in any business or any part thereof which is the
same as or competitive with that of the Company anywhere in Canada. For the
purposes of this Section 3.5, businesses the same as or competitive with
the Company are those businesses that supply security systems for the cargo
transit or supply chain industry.

3.6           Non-Solicitation.
The Executive covenants and agrees with the Company that during the term hereof
and for a period of six (6) months thereafter, the Executive will not:

(a)           contact, for the purpose of
soliciting any business that is competitive with that carried on by the
Company, any person who is a customer or client of the Company; or

(b)           initiate contact with any employee of
the Company for the purpose of offering him or her employment with any person
other than the Company.

3.7           Fiduciary
Obligation. The Executive declares that the Executive’s relationship to the
Company is that of fiduciary, and the Executive agrees to act towards the
Company and otherwise behave as a fiduciary of the Company.

3.8           Remedies. The
parties to this Agreement recognize that any violation or threatened violation
by the Executive of any of the provisions contained in this Article 3 will
result in immediate and irreparable damage to the Company and that the Company
could not adequately be compensated for such damage by monetary award alone. Accordingly,
the Executive agrees that in the event of any such violation or threatened
violation, the Company shall, in addition to any other remedies available to
the Company at law or in equity, be entitled as a matter of right to apply to
such relief by way of restraining order, temporary or permanent injunction and
to such other relief as any court of competent jurisdiction may deem just and
proper.

3.9           Reasonable
Restrictions. The Executive agrees that all restrictions in this Article 3
are reasonable and valid, and all defenses to the strict enforcement thereof by
the Company are hereby waived by the Executive.

ARTICLE 4.

TERMINATION

4.1           Termination For
Cause. This Agreement may be terminated at any time by either party,
without notice, for cause. In addition to any common law definition of “cause,”
“just cause” or other similar term, and in no way limiting such common law
definition, for the purposes of this Agreement, “cause” also means that the
Executive shall have:

(a)           committed an intentional act of
fraud, embezzlement or theft in connection with the Executive’s duties or in
the course of the Executive’s employment with the Company;

(b)           intentionally and wrongfully damaged
property of the Company, or any of its respective affiliates, associates or
customers;

(c)           intentionally or wrongfully disclosed
any of the Confidential Information;

(d)           made material personal benefit at the
expense of the Company without the prior written consent of the management of
the Company;

(e)           accepted shares or options or any
other gifts or benefits from a vendor without the prior written consent of the
management of the Company;

(f)            fundamentally breached any of the
Executive’s material covenants contained in this Agreement; or

(g)           willfully and persistently, without
reasonable justification, failed or refused to follow the lawful and proper
directives of the Company specifying in reasonable detail the alleged failure
or refusal and after a reasonable opportunity for the Executive to cure the
alleged failure or refusal. For the purposes of this Agreement, an act or
omission on the part of the Executive shall not be deemed 

 

 

“intentional,” if it was due
to an error in judgment or negligence, but shall be deemed “intentional”
if done by the Executive not in good faith and without reasonable belief that
the act or omission was in the best interests of the Company, or its respective
affiliates, associates or customers.

4.2           Severance for
Termination With Cause. If the Company terminates the Executive’s
employment for cause, then the Company will not be obligated to pay the
Executive any severance payments or provide any notice whatsoever to the
Executive. The Company will not be required to issue any Compensation Shares
after the date of the termination of the Executive’s employment for cause.

4.3           Termination
Without Cause. Either the Executive or the Company may terminate the
Executive’s employment without cause, upon the notice set out below:

(a)           the Executive may resign upon giving
to the Company one (1) month prior written notice. On receipt of this
notice of resignation, the Company may elect to pay the Executive one (1) months
base salary in the sole discretion of the Board of Directors; and

(b)           the Company may terminate the
Executive’s employment at any time without cause upon providing to the
Executive six (6) months’ notice, or payment of six (6) months base
salary in lieu of notice, plus an additional one (1) months’ notice or one
(1) months’ base salary for each year of employment the Executive has
completed with the Company, where said notice or payment upon termination as
provided for herein shall not exceed twelve (12) months upon any termination.

4.4           Limitation of
Damages. It is agreed that in the event of termination of employment,
neither the Company, nor the Executive shall be entitled to any notice, or
payment in excess of that specified in this Article 4.

4.5           Applicable
Legislation. If the Employment Standards
Act (British Columbia) or other applicable legislation should
provide for a period of notice that is greater than that set out in this Article 4,
the Company shall comply with that legislation and the Executive shall be entitled
to receive the notice of termination as prescribed therein.

4.6           Return of
Materials. Within three (3) days of any termination of employment
hereunder, or upon any request by the Company at any time, the Executive will
return or cause to be returned any and all Confidential Information and other
assets of the Company (including all originals and copies thereof), which “assets”
include, without limitation, hardware, software, keys, security cards and
backup tapes that were provided to the Executive either for the purpose of
performing the employment services hereunder or for any other reason. The
Executive acknowledges that the Confidential Information and the assets are
proprietary to the Company, and the Executive agrees to return them to the
Company in the same condition as the Executive received such Confidential
Information and assets.

4.7           Email Account.
The Executive acknowledges and agrees that the email address and email account
given by the Company is to be used for work related correspondence. The
Executive further acknowledges and agrees that all information or messages that
are created, sent, received or stored on the Company’s email system, including
any such information or messages created, sent, received or stored under the
Executive’s email account, are at all times the sole property of the Company. Upon
any termination of the Executive’s employment hereunder and at all times
thereafter, the Company will not be obligated to forward any of the emails to
the Executive.

ARTICLE 5.

CHANGE OF CONTROL

5.1           As used in this Article 5,
a “Change of Control” shall have occurred when:

(a)           any person, corporation, company or
other entity or combination of any such persons, corporations, companies or
other entities acquires or becomes the beneficial owner of, directly or
indirectly, whether through the acquisition of previously issued and
outstanding voting securities or of voting securities which have not been
previously issued, or any combination thereof or any other transaction having a
similar effect, a sufficient number of securities of the Company to affect
materially the control of the Company or 50% or more of the voting securities
of the Company;

(b)           any resolution is passed or any
action or proceeding is taken with respect to the liquidation, dissolution or
winding-up of the Company;

 

 

(c)           50% or more of the issued and
outstanding voting securities of the Company become subject to a voting trust;

(d)           the Company consolidates or merges
with or into, amalgamates or enters into a statutory arrangement with any other
corporation, company or other entity (other than a wholly-owned or majority
controlled subsidiary of the Company);

(e)           the Company sells, leases or
otherwise disposes of property or assets aggregating more than 50% of the
consolidated assets of the Company measured by book or fair market value,
whether pursuant to one or more transactions;

(f)            any person, corporation, company or
other entity not part of existing management of the Company or any person,
corporation, company or other entity not controlled by the Company or any
affiliate of the Company, enters into any arrangement to provide all or
substantially all the management services to the Company; or

(g)           the Company enters into any
transaction or arrangement which would have the same or similar effect as the
transactions referred to in Sections 5.1(b), 5.1(c), 5.1(d), 5.1(e), or 5.1(f) above.

5.2           If a Change in
Control occurs for a period of six (6) months following the date of the
Change of Control, and the Executive’s duties as set for the in Section 1.4
are diminished as a result of the Change in Control, the Executive shall have
the right to elect that the Change of Control is a termination of his
employment by the Company which shall be deemed to be termination of the
Executive’s employment without cause by the Company. If the Executive notifies
the Company of this election in writing, or in the event that the Company shall
terminate the Executive’s employment without cause during such period of six (6) months
following the date of the Change of Control, the Executive shall be entitled to
receive and the Company shall pay to the Executive a severance payment equal to
one year’s salary and the acceleration of vesting of any unvested stock options
granted pursuant to Section 2.5 of the Agreement. The payments set out in
this Section 5.2 are in addition to any other rights provided hereunder
with respect to termination of the Executive’s employment without cause. Notwithstanding
the aforementioned, the maximum severance payment available to the Executive
pursuant to this Section 5.2 and/or an event of termination without cause
as provided for in Section 4.3 shall be no more than one (1) year in
the aggregate. If the Executive does not elect termination, this Agreement will
continue in full force and effect in accordance with its terms.

ARTICLE 6.

NOTICES

6.1           Notices. All
notices required or allowed to be given under this Agreement shall be made
either personally by delivery to or by facsimile transmission to the address as
hereinafter set forth or to such other address as may be designated from time
to time by such party in writing:

(a)           in the case of the Company, to:

      Bulldog Technologies
Inc.

      11120 Horseshoe Way

      Suite 301

      Richmond, British Columbia

      Canada V7A 5H7

      Attention: Heather Thomas

      Facsimile: 604-271-8654

(b)           and in the case of the Executive, to
the Executive’s last residence address known to the Company.

6.2           Change of
Address. Any party may, from time to time, change its address for service
hereunder by written notice to the other party in the manner aforesaid.

 

 

ARTICLE 7.

GENERAL

7.1           Entire Agreement.
As of from the date hereof, any and all previous agreements, written or oral
between the parties hereto or on their behalf relating to the employment of the
Executive by the Company are null and void. The parties hereto agree that they
have expressed herein their entire understanding and agreement concerning the
subject matter of this Agreement and it is expressly agreed that no implied
covenant, condition, term or reservation or prior representation or warranty
shall be read into this Agreement relating to or concerning the subject matter
hereof or any matter or operation provided for herein.

7.2           Further
Assurances. Each party hereto will promptly and duly execute and deliver to
the other party such further documents and assurances and take such further
action as such other party may from time to time reasonably request in order to
more effectively carry out the intent and purpose of this Agreement and to
establish and protect the rights and remedies created or intended to be created
hereby.

7.3           Waiver. No
provision hereof shall be deemed waived and no breach excused, unless such
waiver or consent excusing the breach is made in writing and signed by the
party to be charged with such waiver or consent. A waiver by a party of any
provision of this Agreement shall not be construed as a waiver of a further
breach of the same provision.

7.4           Amendments in
Writing. No amendment, modification or rescission of this Agreement shall
be effective unless set forth in writing and signed by the parties hereto.

7.5           Assignment.
Except as herein expressly provided, the respective rights and obligations of
the Executive and the Company under this Agreement shall not be assignable by
either party without the written consent of the other party and shall, subject
to the foregoing, inure to the benefit of and be binding upon the Executive and
the Company and their permitted successors or assigns. Nothing herein expressed
or implied is intended to confer on any person other than the parties hereto
any rights, remedies, obligations or liabilities under or by reason of this
Agreement.

7.6           Severability.
In the event that any provision contained in this Agreement shall be declared
invalid, illegal or unenforceable by a court or other lawful authority of
competent jurisdiction, such provision shall be deemed not to affect or impair
the validity or enforceability of any other provision of this Agreement, which
shall continue to have full force and effect.

7.7           Headings. The
headings in this Agreement are inserted for convenience of reference only and
shall not affect the construction or interpretation of this Agreement.

7.8           Number and
Gender. Wherever the singular or masculine or neuter is used in this
Agreement, the same shall be construed as meaning the plural or feminine or a
body politic or corporate and vice versa where the context so requires.

7.9           Time. Time
shall be of the essence of this Agreement.

7.10         Governing Law.
This Agreement shall be construed and interpreted in accordance with the laws
of the Province of British Columbia and the federal laws of Canada applicable
therein, and each of the parties hereto expressly attorns to the jurisdiction
of the courts of the Province of British Columbia.

7.11         Inurement.
This Agreement is intended to bind and inure to the benefit of the Company, its
successors and assigns, and the Executive and the personal legal
representatives of the Executive.

 

 

IN WITNESS WHEREOF the parties hereto have executed
this Agreement effective as of the date and year first above written.

	
  

  	
   

  	
  Bulldog Technologies, Inc

  	
   

  	
  Paul G. Harrington

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ John Cockburn

  	
   

  	
  By:

  	
   

  	
  /s/ Paul G. Harrington

  
	
   

  	
   

  	
  Director

  	
   

  	
   

  	
   

  	
  Paul G. Harrington

  
	
   

  	
   

  	
  Chairman and Founder

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Robin Wald

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Robin Wald

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CTO and Acting CEO

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Director

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Brett Millar

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Brett Millar

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Director

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Steven Flores

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Steven Flores

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Director

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