Document:

Unassociated Document

    Exhibit
      10.1

    EMPLOYMENT
      AGREEMENT

    

    This
      Employment Agreement (this “Agreement”),
      between Wits Basin Precious Minerals Inc., a Minnesota corporation (the
“Company”),
      and
      Mark D. Dacko, a Minnesota resident (the “Executive”)
      is
      entered into as of April 10, 2008 (the “Effective
      Date”).

    

    INTRODUCTION

    

    The
      Company desires to continue employing Executive, and Executive desires to
      continue being employed by the Company as the Company’s Chief Financial Officer
      pursuant to the terms of this Agreement.

    

    AGREEMENT

    

    NOW,
      THEREFORE,
      in
      consideration of the foregoing, and for other good and valuable consideration
      the receipt and sufficiency of which is hereby acknowledged, the Company and
      Executive, each intending to be legally bound, hereby agree as
      follows:

    

    1. 
Employment.
      Subject
      to all of the terms of this Agreement, the Company hereby agrees to employ
      Executive, and Executive hereby accepts such employment and agrees to serve
      the
      Company with undivided loyalty and to the best of his ability.

    

    2. 
Term.
      

    

    (a)
      Initial Term. The “Initial
      Term”
of
      the
      Executive’s employment shall commence on the Effective Date and shall continue
      until the earlier of (i) April 9, 2011 or (ii) the date the Executive’s
      employment terminates pursuant to Section 10 hereof. 

    

    (b)
      Additional Term. After the Initial Term, and unless Executive’s employment has
      been terminated pursuant to Section 10 or by either party upon 30-days written
      notice prior to the end of the Initial Term or any Additional Term that such
      party does not wish to extend the Agreement, the term of this Agreement shall
      be
      renewed automatically for successive one-year terms (each an “Additional
      Term”).

    

    3. 
Duties.
      Executive shall report to and take direction from the Company’s Board of
      Directors (the “Board”)
      and
      Chief Executive Officer (the “CEO”).
      Executive shall perform those duties that are usual, customary and in a manner
      reasonably expected of a Chief Financial Officer.

    

    4. 
Compensation.
      During
      the Term, the Executive shall receive the following (collectively, the
“Compensation”):

    

    (a) 
      Base
      Salary. In consideration for Executive’s services under this Agreement, the
      Company hereby agrees to pay Executive a base salary of $11,250 per month during
      the Initial Term (the “Base
      Salary”).

    

    (b) 
      Bonus.
      At the sole discretion of the Compensation Committee of the Board, the Executive
      may receive a semi-annual bonus (for the periods ending June 30 and December
      31)
      based upon his performance on behalf of the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (c) 
      Stock
      Options. On the Effective Date, the Company shall grant the Executive a 10-year
      non-qualified stock option (the “Option”)
      to
      purchase up to 600,000 shares of the Company’s common stock, par value $0.01 per
      share (the “Common
      Stock”),
      such
      Option to vest over three years (provided Executive remains an employee of
      the
      Company at the time of such vesting) as follows:

    

    (i)
      The
      Option shall vest in equal quarterly amounts, with the first 50,000 vesting
      on
      the Effective Date, and with each subsequent 50,000 to vest at the end of each
      subsequent three month period. 

    

    (ii)
      The
      exercise price is to equal to the fair market value of the Common Stock on
      the
      Effective Date. For purposes of this Agreement, “Fair Market Value” shall mean
      (a) if the Common Stock is traded on an exchange or is quoted on The Nasdaq
      Global Market, Nasdaq Capital Market or the OTC Bulletin Board, then the closing
      or last sale prices, respectively, reported for the date of grant; (b) if the
      Common Stock is traded in the over-the-counter market, then the average of
      the
      closing bid and asked prices reported on the date of grant; or (c) if the Common
      Stock is not publicly traded, the fair market value of such stock will be
      determined by the Board, acting in good faith utilizing customary business
      valuation criteria and methodologies (without discount for lack of marketability
      or minority interest).

    

    (iii)
      Upon termination of Executive’s employment with the Company, for any reason or
      no reason, Executive’s rights to any portion of the Option that has not yet
      vested as of the date of such termination shall not vest and all of Executive’s
      rights to such unvested portion of the Option shall terminate. Any vested
      Options shall remain exercisable for one year from the date that the Executive
      is no longer an employee of the Company. 

    

    The
      Executive shall enter into a stock option agreement which will memorialize
      the
      foregoing vesting schedule and other terms described in this Section 4 and
      provide additional standard option provisions, heretofore attached as
Exhibit
      A.

    

    5. 
Benefits.
      During
      the Term, Executive shall be entitled to the employee benefits as provided
      by
      the Company, to include but not limited to: (i) health insurance; (ii) dental
      insurance and (iii) other regular benefit plans enacted by the Company. The
      Company reserves the right, in its sole discretion, to alter the terms of such
      benefits at any time and from time to time.

    

    6. 
Reimbursement.
      The
      Company shall reimburse Executive for reasonable out-of-pocket business expenses
      incurred by Executive (“Expenses”)
      on the
      Company’s behalf. Notwithstanding the foregoing, Executive must properly account
      to the Company all such Expenses in accordance with the rules and regulations
      of
      the Internal Revenue Service under the Internal Revenue Code of 1986, as
      amended, and in accordance with any standard policies of the Company relating
      to
      reimbursement of Expenses as such policies exist or may be implemented in the
      future.

    

    7. 
Confidentiality.
      Except
      as specifically permitted by an authorized officer of the Company or by written
      Company policies, Executive will not, either during or after his employment
      by
      the Company, use Confidential Information (as defined below) for any purpose
      other than the business of the Company or disclose it to any person who is
      not
      also an executive of the Company unless authorized by the Board. When
      Executive’s employment with the Company ends, Executive will promptly deliver to
      the Company all records and any compositions, articles, devices, apparatuses
      and
      other items that disclose, describe, or embody Confidential Information,
      including all copies, reproductions, and specimens of the Confidential
      Information in Executive’s possession, regardless of who prepared them and will
      promptly deliver any other property of the Company in Executive’s possession,
      whether or not Confidential Information. As used in this Section 7,
“Confidential Information” means information that is not generally known and
      that is proprietary to the Company or that the Company is obligated to treat
      as
      proprietary, including information known by Executive prior to the Effective
      Date. Any information that Executive reasonably considers Confidential
      Information, or that the Company treats as Confidential Information, will be
      presumed to be Confidential Information (whether the Executive or others
      originated it and regardless of how the Executive obtained it).

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    8. 
Non-Solicitation.
      Executive agrees that, during the Term (and any Additional Term) and for a
      period of one year from the date Executive’s employment with the Company
      terminates (for any reason or no reason), Executive will not, without the prior
      written consent of the Company, directly or indirectly, do or commit any of
      the
      following acts:

     

    (a)
      Induce, entice, hire or attempt to hire, employ or otherwise contract with
      any
      employee or independent contractor of the Company; provided, that Executive
      may
      contract with independent contractors for matters that are not related to the
      business activities of the Company.

     

    (b)
      Induce or attempt to induce any individual to violate any agreement with the
      Company.

     

    9. 
Dispute
      Resolution.
      Any
      dispute arising out of or related to Executive’s employment with the Company or
      this Agreement or any breach or alleged breach hereof shall be exclusively
      decided by binding arbitration before a single arbitrator in a mutually
      convenient location pursuant to and in accordance with the rules of the American
      Arbitration Association. The arbitrator shall have the power and authority
      to
      issue temporary and permanent awards of injunctive and equitable relief.
      Attorney’s fees in each case shall be paid to the prevailing party by the
      non-prevailing party. Executive irrevocably waives Executive’s right, if any, to
      have any disputes between Executive and the Company arising out of or related
      to
      Executive’s employment with the Company or this Agreement decided in any
      jurisdiction or venue other than by binding arbitration pursuant to the terms
      hereof. The promises by the Company and Executive to arbitrate, which the
      parties agree can be a less expensive and quicker way to resolve disputes than
      litigating them in court or before other agencies or tribunals, constitutes
      adequate, reasonable and sufficient mutual consideration for the enforcement
      of
      this Agreement.

    

    10.            Termination
      of Employment.
      Except
      as expressly provided to the contrary in this section or applicable law,
      Executive’s rights to Compensation shall cease on the date his employment under
      this Agreement terminates.

    

    (a)
      This
      Agreement shall terminate in its entirety immediately upon the death of
      Executive. 

    

    (b)
      The
      Company or Executive may terminate employment under this Agreement at any time,
      with or without Cause (as defined below) with a 30-day written notice of
      termination to the other party. The termination shall be effective as of the
      date specified by the party initiating the termination in a written notice
      delivered to the other party, which date shall not be earlier than the date
      such
      notice is delivered to the other party. 

     

    (c)
      In
      the event that Executive’s employment is terminated at any time without Cause,
      Executive shall be entitled to receive a severance payment equal to Executive’s
      Base Salary over a period of nine (9) months, to be paid over a nine-month
      timeframe pursuant to the Company’s regular payroll procedures. The Company’s
      obligation to pay such severance shall be conditioned upon Executive’s
      compliance with the terms hereof, including, without limitation, Section 8
      hereof. For the purposes of this Agreement, “Cause”
shall
      mean (i) willful misconduct that is injurious to the Company monetarily or
      otherwise, including, but not limited to, misappropriation of funds; (ii)
      conviction of a crime punishable by imprisonment for a term in excess of one
      year; or (iii) continual failure of Executive to correct deficiencies in the
      performance of his duties assigned by the CEO, such deficiencies provided to
      the
      Executive in a written notice with a 30 day correction timeframe. The
      requirement to relocate to a different city, state or country shall not be
      deemed Cause.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (d)
      In
      the event of a change in control, the Executive shall have six months in which
      to voluntarily terminate his employment and 

    receive
      his Base Salary under Section 4(a) of this Agreement for a nine month period,
      to
      be paid over a nine-month timeframe, from the date of the voluntarily
      termination, pursuant to the Company’s regular payroll procedures. 

     

    As
      used
      in this Agreement, “Change in Control” shall mean a change in control which
      would be required to be reported in response to item 6(e) on Schedule 14A of
      Regulation 14A promulgated under the Securities Exchange Act of1934, as amended
      (the “Exchange
      Act”),
      whether or not the Company is then subject to such reporting requirement,
      including, without limitation, if: 

    

    (i)
      any
      person (as such term is used in Sections 13(d) and 14(d) of the Exchange Act,
      including any affiliate or associate as defined in Rule 12(b)-2 under the
      Exchange Act of such person, other than the Company, any trustee or other
      fiduciary holding securities under an employee benefit plan of the Company,
      or
      any corporation owned, directly or indirectly, by the stockholders of the
      Company in substantially the same proportions as their ownership of stock of
      the
      Company) becomes a “beneficial owner” (as defined in 13d-Rule 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 then outstanding
      securities; or 

    

    (ii)
      less
      than a majority of the Board of Directors is comprised of the individuals
      described below; or 

    

    (iii)
      the
      shareholders of the Company (i) approve a definitive agreement to merge or
      consolidate the Company with or into another corporation or other enterprise
      in
      which the holders of outstanding stock of the Company entitled to vote in
      elections of directors immediately before such merger or consolidation hold
      less
      than 50% of the voting power of the survivor of such merger or consolidation
      or
      its parent, or (ii) approve a plan of liquidation; or 

    

    (iv)
      at
      least 90% of the Company’s assets are sold and transferred to another
      corporation or other enterprise that is not a subsidiary, direct or indirect,
      or
      other affiliate of the Company. 

    

    “Board
      of
      Directors”, for purposes of this Section 10(d)(ii), shall mean individuals who
      on the date hereof constituted the Board of the Company, and any new director
      who subsequently was elected or nominated for election by a majority of the
      individuals who on the date hereof constituted the Board of Directors and those
      individuals, if any, who were previously elected or nominated as provided for
      in
      this Section. 

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    11.           
      General
      Provisions.

     

    (a)
      Successors and Assigns. This Agreement is binding on and inures to the benefit
      of the Company’s successors and assigns, all of which are included in the term
      the “Company” as it is used in this Agreement; provided, however, that the
      Company may assign this Agreement only in connection with a merger,
      consolidation, assignment, sale or other disposition of substantially all of
      its
      assets or business.

     

    (b)
      Amendment. This Agreement may be modified or amended only by a written agreement
      signed by both the Company and Executive.

     

    (c)
      Governing Law. The laws of Minnesota will govern the validity, construction,
      and
      performance of this Agreement, without regard to any choice of law or conflict
      of law rules and regardless of the location of any arbitration under this
      Agreement.

     

    (d)
      Construction. Wherever possible, each provision of this Agreement will be
      interpreted so that it is valid under the applicable law. If any provision
      of
      this Agreement is to any extent invalid under the applicable law, which
      provision will still be effective to the extent it remains valid. The remainder
      of this Agreement also will continue to be valid, and the entire Agreement
      will
      continue to be valid in other jurisdictions.

     

    (e)
      No
      Waiver. No failure or delay by either the Company or Executive in exercising
      or
      enforcing any right or remedy under this Agreement will waive any provision
      of
      the Agreement. Nor will any single or partial exercise by either the Company
      or
      Executive of any right or remedy under this Agreement preclude either of them
      from otherwise or further exercising these rights or remedies, or any other
      rights or remedies granted by any law or any related document. 

     

    (f)
      Captions. The headings in this Agreement are for convenience only and shall
      not
      affect this Agreement’s interpretation.

     

    (g)
      References. Except as otherwise required or indicated by the context, all
      references to Sections in this Agreement refer to Sections of this
      Agreement.

     

    (h)
      Entire Agreement. This Agreement supersedes all previous and contemporaneous
      oral negotiations, commitments, writings, and understandings between the parties
      concerning the matters in this Agreement. In the case of any conflict between
      the terms of this Agreement and any other agreement, writing or understanding,
      this Agreement will control.

     

    (i)
      Notices. All notices and other communications required or permitted under this
      Agreement shall be in writing and shall be hand delivered or sent by registered
      or certified first class mail, postage prepaid, and shall be effective upon
      delivery if hand delivered, or three days after mailing if mailed to the
      addresses stated below. These addresses may be changed at any time by like
      notice:

     

     

    
      	If to the Company:  	 	Wits Basin Precious Minerals
              Inc.
	 	 	900 IDS Center, 80 South Eighth
              Street
	
               

            	 	Minneapolis,
              MN 55402-8773

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      
        	If to Executive:	 	Mark D. Dacko
	 	 	 
	
                 

              	 	 

      

       

    

    (j)
      Counterparts. This Agreement may be executed in any number of counterparts,
      all
      of which taken together shall constitute one agreement binding on all parties.
      Each party shall become bound by this Agreement immediately upon signing any
      counterpart, independently of the signature of any other party. In making proof
      of this Agreement, however, it will be necessary to produce only one copy signed
      by the party to be charged.

    

    

    IN
      WITNESS WHEREOF,
      the
      undersigned Executive and the Company have executed this Agreement effective
      as
      of the Effective Date.

     

    
      	 	 	 
	 	
              Wits
                Basin Precious Minerals Inc.

              a
                Minnesota corporation

            
	 
 	 
 	 
 
	 	  	
              /s/ Stephen
                D. King 

            
	 	
              By:
                Stephen D. King    

              Its:
                CEO

            
	 	 
	 	
              /s/
                Mark D. Dacko 

            
	 	Mark D. Dacko

    

     

    
      
         

      

      
        6Unassociated Document

    DEED
      OF AMENDMENT
      is made
      on 31st March 2008

     

    Between

     

    
      	 	
              (1)

            	
              China
                Water and Drinks, Inc., incorporated in the State of Nevada, United
                States
                of America, and having its principal office at Unit 07, 6/F, Concordia
                Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong
                (the
                "Chargor");
                and 

            

    

     

    
      	 	
              (2)

            	
              Goldman
                Sachs International, an unlimited liability company organized and
                existing
                under the laws of England and Wales with its registered office at
                Peterborough Court, 133 Fleet Street, London EC4A, 2BB, England,
                as
                trustee for the Holders (the "Security
                Agent");

            

    

     

    
      	 	
              (3)

            	
              Gain
                Dynasty Investments Limited, incorporated in the British Virgin Islands
                and having its registered office at AMS Trustees Limited, Sea Medaows
                House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola, British
                Virgin Islands (the "Company")

            

    

     

    RECITALS
      

     

    
      	
              (A)

            	
              The
                Chargor has granted a charge over the shares it holds in the Company
                in
                favour of the Security Agent pursuant to a share charge dated 25
                January
                2008 (the “Share
                Charge”).
                

            

    

     

    
      	
              (B)

            	
              The
                parties desire to amend with effect from the date of this Deed (the
                “Effective
                Date”)
                the Share Charge such that at all times no more than 65% of the shares
                held by the Chargor in the Company shall be charged in favour of
                the
                Security Agent.

            

    

     

    NOW
      THE PARTIES AGREE AS FOLLOWS:

     

    
      	
              1

            	
              With
                effect from the Effective Date, the Share Charge shall be amended
                as
                follows:

            

    

     

    
      	 	
              1.1

            	
              by
                deletion of the defined term "Additional Shares" in its entirety
                and its
                replacement with the following definition:

            

      	 	 	 

      	 	 	""Additional
              Shares"
              means such number of shares in the capital of the Company which the
              Chargor owns in the future in addition to the Shares, including, but
              not
              limited to, additional shares issued to the Chargor in connection with
              any
              warrant, option, share split, issue of bonus shares or recapitalisation
              so
              as to ensure that at all times the number of shares charged by this
              Charge
              in favour of the Security Agent shall equate to 65% of the shares in
              the
              capital of the Company owned by the Chargor and all Related Rights
              thereto."; and 

    

     

    
      	 	
              1.2

            	
              by
                deletion of the defined term "Shares" in its entirety and its replacement
                with the following definition: 

            

      	 	 	 

      	 	 	""Shares" means
              32,500 shares of par value US$1.00 which are registered at the date
              of
              this Charge in the name of the Chargor and all warrants, options or
              other
              rights to subscribe for, purchase or otherwise acquire shares of the
              Company held by the Chargor (provided always that the number of Shares
              charged under this Charge in favour of the Security Agent shall not
              exceed
              65% of the number of shares of the Company registered in the name of
              the
              Chargor.".

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              2

            	
              Any
                ancillary documents issued to the Security Agent under the Share
                Charge
                requiring consequential amendment owing to the amendments to the
                Share
                Charge shall be returned to the Chargor upon receipt by the Security
                Agent
                of duly executed replacement documents (satisfactory to the Security
                Agent). 

            

    

     

    
      	
              3

            	
              Each
                of the Chargor and the Company warrant to the Security Agent
                that:

            

    

     

    
      	 	
              3.1

            	
              it
                is a company duly incorporated, validly existing and in good standing
                under the laws of its jurisdiction of
                incorporation;

            

    

     

    
      	 	
              3.2

            	
              it
                has the corporate power to enter into and perform its obligations
                under
                this Deed and has taken all necessary corporate action to authorise
                the
                execution, delivery and performance of this
                Deed;

            

    

     

    
      	 	
              3.3

            	
              this
                Deed is evidence of their valid and binding obligations that are
                enforceable against each of them in accordance with its terms;
                

            

    

     

    
      	 	
              3.4

            	
              no
                application or order has been made for the its winding up, no action
                has
                been taken to seize or take possession of any of its assets;
                

            

    

     

    
      	 	
              3.5

            	
              there
                are no unsatisfied judgements against its and it is able to pay its
                debts
                as they fall due; and

            

    

     

    
      	 	
              3.6

            	
              it
                shall execute all documents and do all acts and things reasonably
                required
                for the purposes of giving effect to this
                Deed.

            

    

     

    
      	
              4

            	
              This
                Deed shall be governed by and construed in accordance with the laws
                of the
                British Virgin Islands and the Parties agree to submit to the jurisdiction
                of the courts of the British Virgin Islands.

            

    

     

    
      	
              5

            	
              This
                Deed may be executed in any number of counterparts and all such
                counterparts taken together shall be deemed to constitute one and
                the same
                instrument.

            

    

     

    This
      Deed has been signed on behalf of the Security Agent and executed as a deed
      by
      the Chargor and the Company and is delivered on the dated specified
      above.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Execution
      Page

     

    Chargor

     

    EXECUTED
      and DELIVERED

    as
      a Deed
      by

    China
      Water and Drinks, Inc.

     

    
      By:         
        

      
        

      
Name:

    Capacity:

    

    in
      the
      presence of:

     

    Witness:
      /s/ Chung, Kai
      Shun              

    Name:
      Chung, Kai Shun

    Address:   
      8/F., Skyline Plaza Hotel

    644
      Tong Fu Rd East, Guangzhou

     

    Company

    

    EXECUTED
      and DELIVERED

    as
      a Deed
      by

    Gain
      Dynasty Investments Limited

    

    By:         

    
      

    

    Name:

    Capacity:

    

    in
      the
      presence of:

     

    
      
        Witness:
          /s/ Chung, Kai
          Shun              

        Name:
          Chung, Kai Shun

        Address:   
          8/F., Skyline Plaza Hotel

        644
          Tong Fu Rd East, Guangzhou

         

      

    

    Security
      Agent

     

    EXECUTED
      by

    Goldman
      Sachs International

     

    By:
      /s/ Buck
      Ratchford             

    Name:
      Buck Ratchford

    Capacity:
      Managing Director

     

    
      
        
        

      

      
        3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]