Document:

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                        GLOBAL RESOURCE INVESTMENTS LTD.
                               7770 EL CAMINO REAL
                              CARLSBAD, CALIFORNIA
                                      92009

March 18, 2002

Vista Gold Corp.
Suite 5
7961 Shaffer Parkway
Littleton, Colorado
80127

ATTENTION:        RONALD J. MCGREGOR

Dear Sirs:

In respect of the Agency Agreement dated February 1, 2002 (the "Agency
Agreement") and the Debenture Offering (as defined in the Agency Agreement)
provided for therein, we confirm that Vista Gold Corp. ("Vista") and Global
Resource Investments Ltd. ("Global") have agreed to amend the terms of the
escrow of the funds from the Debenture Offering to provide that the funds shall
not be released out of escrow to Vista until the ongoing lawsuit by USF&G has
been dismissed, and to amend the manner in which the Agent's Commission is paid
to the Agent.

Vista and Global agree to amend the Agency Agreement as follows:

1.       Section 2.3 is deleted and replaced with the following:

         "2.3 In consideration of the services performed by the Agent under this
         Agreement, which services shall include:

         (a)      acting as the Company's agent to solicit offers to purchase
         the Debentures;

         (b)      advising the Company with respect to the private placement of
         the Debentures; and

         (c)      co-ordinating and review of the private placement
         documentation and assisting in the preparation of the form of
         subscription agreement (the "Debenture Subscription Agreement") to be
         entered into between the Company and each of the Purchasers;

         the Company agrees to pay to the Agent at the of Closing (as
         hereinafter defined) a commission (the "Agent's Debenture Commission")
         equal to 8% of the gross proceeds received under the Debenture
         Offering, payable in Agent's Units or securities exercisable to acquire
         or convertible into Agent's Units and to use commercially reasonable
         efforts to obtain shareholder approval to the issuance of the
         Agent's Units or other securities issued to the agent in payment of
         the Agent's Debenture Commission.

2.       Section 2.5 is deleted and replaced with the following:

         "2.5 The Debentures will be governed by the terms and conditions set
         out in the certificates representing the Debentures, which will be in a
         form acceptable to the Agent acting reasonably and will provide, among
         other things, that:

         (a)      conversion of the Debentures is subject to the Company having
                  obtained the approval of its shareholders to the issuance of
                  the Warrants and the Debentures, the issuance of the common

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                  shares of the Company (the "Debenture Shares") and Warrants
                  (the "Debenture Warrants") on conversion of the Debentures,
                  and the issuance of the Warrant Shares issuable on the
                  exercise of the Warrants and the Debenture Warrants as
                  required by The Toronto Stock Exchange and any other
                  applicable regulatory authorities (the "Shareholder
                  Approval"), and the Escrowed Proceeds (as defined below in
                  Section 2.6) having been released to the Company in accordance
                  with Section 2.6).

         (b)      if the Shareholder Approval is not obtained at the next Annual
                  Meeting of shareholders of the Company to be held in April
                  2002, the Debentures and all accrued interest shall
                  immediately become due and payable;

         (c)      if  within  6  months  of the  Closing  Date  (i) the  Company
                  has not filed and had accepted a Registration Statement with
                  the United States Securities and Exchange Commission (the
                  "SEC") pursuant to the 1933 Act relating to the Shares,
                  Warrants, Debentures, Debenture Shares, Debenture Warrants,
                  and all Warrant Shares (collectively, the "Securities"), so
                  that the Securities are not subject to any hold period in the
                  United States, or (ii) the Escrowed Proceeds (as defined below
                  in Section 2.6) have not been released to the Company in
                  accordance with Section 2.6, the Debentures and all accrued
                  interest shall, at the option of the holder, immediately
                  become due and payable; and

         (d)      anti-dilution provisions and provision for the appropriate
                  adjustment in the class, number and price of the Shares and
                  Warrants upon the occurrence of certain events, including any
                  subdivision, consolidation or reclassification of the common
                  shares of the Company, payments of stock dividends or the
                  amalgamation or other reorganization of the Company."

3.       Section 2.6 is deleted and replaced with the following:

         "2.6 On closing of the Debenture Offering, the gross proceeds (the
         "Escrowed Proceeds") shall be placed into escrow with an escrow agent
         mutually acceptable to the Company and the Agent acting reasonably and
         shall be held in escrow until a meeting of the shareholders of the
         Company is held to obtain the Shareholder Approval and until the Agent
         has received evidence satisfactory to it, acting reasonably, that the
         USF&G lawsuit has been dismissed. The parties agree that:

         (a)      the funds will be held in escrow until such time as the
                  Shareholder Approval is obtained and the Agent has received
                  evidence satisfactory to it acting reasonably that the USF&G
                  lawsuit has been dismissed. Upon receipt of the Shareholder
                  Approval and the dismissal of the lawsuit, the Agent and the
                  Company will deliver a joint notice to the escrow agent
                  directing it to release the escrowed funds to the Company. The
                  parties hereto agree that for the purposes of Article 4(a) of
                  the Escrow Agreement dated March 7, 2002 between the Agent,
                  the Company and Sun Trust Bank, "Shareholder Approval" shall
                  include each of the requirements set out in this paragraph
                  2.6(a); and

         (b)      if the Shareholder Approval is not obtained at the meeting,
                  the Debentures and all accrued interest will immediately
                  become due and payable and the escrow funds will be returned
                  to the Purchasers of the Debentures."

                                     - 2 -

<PAGE>

Any defined terms in this Agreement shall have the meaning ascribed to them in
the Agency Agreement. The parties agree that all other provisions of the Agency
Agreement remain in full force and effect.

This Agreement may be executed in any number of counterparts and by facsimile,
each of which will be deemed to be an original, and all of which, when taken
together shall be deemed to be one and the same document and notwithstanding
their actual date of execution shall be deemed to be dated as of the date first
above written.

If the above is in accordance with your understanding, please sign and return to
Global a copy of this letter, whereupon this letter and your acceptance shall
constitute a binding agreement between Vista and Global.

GLOBAL RESOURCE INVESTMENTS LTD.

Per:     /s/ KEITH PRESNELL             (CHIEF FINANCIAL OFFICER)
     -------------------------------------------------------------

         Authorized Signatory

The above is hereby agreed to as of the date first above written.

VISTA GOLD CORP.

Per:     /s/ RONALD J. MCGREGOR   (PRESIDENT AND CHIEF EXECUTIVE OFFICER)
     ---------------------------------------------------------------------

         Authorized Signatory

                                       - 3 -QuickLinks
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EXHIBIT 10.32    
  

 
 

CONSULTING AGREEMENT    
  

        THIS CONSULTING AGREEMENT (the "Agreement") is entered into this 17th day of September 2001, by and between ValueClick, Inc., a Delaware corporation
(the "Company"), and Gregory R. Raifman, an individual ("Consultant"). 

 
 

RECITALS    
  

        A.    The
Company is in the business of providing (i) performance-based Internet advertising solutions for advertisers and Web site publishers using
cost-per-click, cost per impression, cost-per-action and cost-per-lead pricing models; (ii) third-party ad serving and
outbound email delivery solutions for online advertisers currently marketed under the "MOJO" brand name and (iii) certain software modules used in the production, trafficking, buying, archiving
and financial planning and billing of offline media currently marketed under the "AdWare" brand name (the "Business"). 

        B.    The
Company desires to engage Consultant, as an independent contractor, to perform the services described in this Agreement and Consultant desires to perform such
services for the Company, in accordance with the terms and conditions set forth in this Agreement. This Agreement is not an employment agreement, nor does there exist any intent between the Consultant
and Company to create an employment relationship. 

 
 

AGREEMENT    
  

        NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the parties agree as follows: 

        1.    Consulting Services.    

        (a)    Duties.    Consultant agrees to render consulting services ("Consulting Services") to the Company for the term
of this Agreement, devoting his best efforts to promote the Company's business interests. Consultant's duties and obligations shall include, without limitation, advising the Company with respect to
corporate development, strategic alliances and other strategic transactions, and such other duties as the Company may from time to time prescribe. Consultant shall report directly to the Company's
Chief Executive Officer, and shall perform those projects and tasks requested by the Company's Chief Executive Officer. Consultant shall utilize due diligence and the highest professional standards of
practice in performing his services for the Company. Consultant shall comply with all applicable laws and the Company's policies and rules, as they may be in effect from time to time, during the term
of this Agreement. 

        (b)    Limited Exclusivity.    During the term of this Agreement, Consultant agrees to devote such time as is
necessary to render the Consulting Services, but in no event shall such time be less than 20% or more than 80% of his professional time. 

        2.    Term.    This Agreement is effective as of the date first set forth above and shall terminate on the first
anniversary hereof unless earlier terminated pursuant to Section 11 below (the "Consulting Period"). Any contrary representations, which may have been made to Consultant, shall be superseded by
this Agreement. This Agreement shall constitute the full and complete agreement between Consultant and the Company on the nature of Consultant's services to be provided to the Company, which may only
be changed in an express written agreement signed by Consultant and a duly authorized officer of the Company. 

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        3.    Fees and Expenses.    

        (a)    Fee.    The Company shall pay Consultant, as compensation for his services, an annual consulting fee of
$250,000 (the "Consulting Fee"), payable monthly by wire transfer or automatic deposit on the last business day of each month during the Consulting Period. 

        (b)    Expenses.    The Company shall reimburse Consultant for reasonable costs and expenses incurred by Consultant in
providing the Consulting Services, in accordance with the Company's expense reimbursement guidelines. 

        4.    Non-Disclosure; Proprietary Information.    As a condition of this Agreement, Consultant will
execute the Company's standard Proprietary Information Agreement, a copy of which is attached hereto as Exhibit A. 

        5.    Conflict of Interest.    It is important that the Consultant avoid conflicts of interest. A typical conflict of
interest is a situation where a Consultant's private interest interferes with his/her loyalty or responsibilities to the Company or raises question about such interference. In the course of performing
any consulting services, if the Consultant is in a situation that may possibly represent a conflict of interest with respect to the Company, the Consultant should immediately divulge such potential
conflict to the Chief Executive Officer or Board of Directors of the Company. 

        6.    Non-Competition.    During the Consulting Period, Consultant shall not without the express prior
written consent of the Company, directly or indirectly, engage in any business or activity, whether as an employee, consultant, partner, principal, agent, representative, equity holder or in any other
individual, corporate or representative capacity (without limitation by specific enumeration of the foregoing), or render any services or provide any advice to any business, activity, person or entity
(other than the Company) involving (i) the Business, or (ii) the Company, provided that this restriction shall not prohibit Consultant from owning any publicly traded stock that
constitutes not more than 1% of the outstanding capital stock of the issuer. 

        7.    Non-Solicitation.    Consultant agrees that during the Consulting Period and for a one
(1) year period after termination of this Agreement, Consultant will not: (i) directly or cause others to solicit, induce, encourage or attempt to solicit or induce any Company employee
to discontinue his or her employment with the Company; (ii) usurp any opportunity of the Company that Consultant becomes aware of during the Consulting Period or which is made available to
Consultant on the basis of Consultant's relationship with the Company; (iii) directly or cause others to solicit or divert or attempt to solicit or divert away from the Company any business or
clients or customers of the Company (collectively "Client"); or (iv) directly or cause others to induce or encourage or attempt to induce or encourage Clients, suppliers, agents or other
persons under contract or otherwise associated or doing business with the Company to reduce or adversely alter any such association or business with the Company. "Client" shall be defined as any
individual or entity for whom the Company has performed services during the six (6) month period prior to the termination of this Agreement. 

        8.    Independent Contractor.    

        (a)  Consultant
shall act in the capacity of an independent contractor with respect to the Company, and not as an employee or authorized agent of the Company. Consultant
shall not have any authority to enter into contracts or binding commitments in the name or on behalf of the Company. Consultant will not use of the Company's logo or marks without prior written
approval, and then such use shall be only for the benefit of the Company and at the direction of the Company. Consultant shall not be, nor represent himself as being, an agent of the Company, and
shall not be, nor represent himself or herself as being authorized to bind the Company. 

        (b)  Consultant
agrees, acknowledges and understands that he shall not have the status of an employee of the Company and shall not participate in any employee benefit plans
or group insurance 

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plans or programs (including, but not limited to salary, bonus or incentive plans, stock option or purchase plans, or plans pertaining to retirement, deferred savings, disability, medical or dental),
even if he is considered eligible to participate pursuant to the terms of such plans. In addition, Consultant understands and agrees that consistent with his independent contractor status, he will not
apply for any government-sponsored benefits intended only for employees, including, but not limited to, unemployment benefits. 

        (c)  Consultant
understands and agrees that he shall not participate in any plans, arrangements, or distributions by the Company pertaining to or in connection with any
pension, stock, bonus, profit-sharing, or other similar benefit program the Company may have for its employees, regardless of whether Consultant is classified as an employee for any other purpose or
is otherwise eligible to participate in such plans. Consultant's exclusion from benefit programs maintained by the Company is a material component of the terms of compensation negotiated by the
parties and is not premised on Consultant's status as a non-employee with respect to the Company. To the extent that Consultant may become eligible for any benefit programs maintained by
the Company (regardless of timing or reason for eligibility), Consultant hereby waives his right to participate in the programs. Consultant's waiver is not conditioned on any representation or
assumption concerning Consultant's legal status as a contractor or employee. 

        (d)  The
Company shall issue Form 1099 records for its payments to Consultant made pursuant to this Agreement. Because Consultant is an independent contractor, he is
solely responsible for all taxes, withholdings, and other similar statutory obligations, including, but not limited to, Workers' Compensation Insurance; and Consultant agrees to defend, indemnify and
hold Company harmless from any and all claims made by any entity on account of an alleged failure by Consultant to satisfy any such tax or withholding obligations. Consultant warrants that he has
sought and obtained independent advice regarding the tax consequences of the payments made pursuant to this Agreement. 

        9.    Consultant's Representations.    Consultant agrees, represents and warrants that: 

        (a)  Consultant's
performance of the Consulting Services or of any term of this Agreement will not breach any agreement or understanding that Consultant has with any other
person or entity and that there is no other contract or duty now in existence inconsistent with the terms of this Agreement; 

        (b)  During
the Consulting Period, Consultant shall not be bound by any agreement, nor assume any obligation, which would in any way conflict with or be inconsistent with the
Consulting Services to be performed by Consultant under this Agreement; 

        (c)  In
performing the Consulting Services, Consultant will not use any confidential or proprietary information of any other person or entity or infringe the intellectual
property rights (including, without limitation, patent, copyright, trademark or trade secret rights) of any other person or entity nor will Consultant disclose to the Company, or bring onto the
Company's premises, or induce the Company to use any confidential information of any person or entity other than the Company or Consultant; 

        (d)  During
the Consulting Period, Consultant will not disclose to the Company, or use, or induce the Company to use, any proprietary information or trade secrets of others.
Consultant represents and warrants that Consultant has returned all property and confidential information belonging to all prior entities for whom Consultant has provided services, including, without
limitation, all files, records, documents, laboratory notebooks, drawings, prototypes, plans, specifications, computer disks, sources codes, manuals, books, forms, receipts, notes, reports, memoranda,
studies, data, calculations, recordings, catalogues, compilations of information, correspondence, and all copies, abstracts, and summaries of the foregoing, instruments, tools, and equipment, and all
other physical items related to the business of the prior entities. Consultant further represents and warrants that Consultant's performance of the terms of this Agreement will not breach any
agreement to keep in confidence proprietary information acquired by Consultant in confidence or in trust prior to or concurrent with 

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this Agreement with the Company. Consultant has not entered into, and agrees not to enter into, any oral or written agreement in conflict with this one; and 

        (e)  Consultant
will abide by all applicable laws and the Company's safety rules in the course of performing the Consulting Services. 

        10.    Indemnification.    Consultant will defend, indemnify and hold the Company harmless against any and all losses,
liabilities, damages, claims, demands, suits, costs and expenses (including, without limitation, reasonable attorneys' fees and court costs) ("Losses") arising or resulting, directly or indirectly,
from (i) Consultant's breach of Section 9 above, (ii) infringement by Consultant's performance of the Consulting Services of any third party intellectual property rights or
(c) any failure (alleged or actual) by Consultant to satisfy any of his tax or withholding obligations. The Company will defend, indemnify and hold the Consultant harmless against any and all
Losses arising or resulting, directly or indirectly, from Consultant's services performed within the scope and ordinary course of the relationship between Consultant and the Company created by this
Agreement except to the extent that such Losses are a
result of Consultant's willful misconduct or gross negligence. The provision of this Section 10 shall not be applicable to Consultant's services as a director of the Company. 

        11.    Termination.    

        (a)  This
Agreement may be terminated at any time upon the mutual written consent of the Company and Consultant. 

        (b)  This
Agreement shall terminate automatically in the event of Consultant's death or Disability (as defined below). 

        (c)  This
Agreement may be terminated at any time by the Consultant upon thirty (30) days' prior written notice to the Company. 

        (d)  This
Agreement may be terminated by the Company upon thirty (30) days' prior written notice to Consultant of his material breach of this Agreement; provided,
however, that if such material breach is capable of being cured, this Agreement shall not terminate if Consultant cures such breach within thirty (30) days of receiving such notice. 

        (e)  In
the event of termination, the Company shall promptly pay Consultant any consulting fees earned but unpaid before termination, as well as expenses reasonably incurred
by Consultant prior to termination, so long as Consultant submits appropriate expense reimbursement requests within thirty days following the date of the termination notice. 

        For
purposes of this Section 11, "Disability" shall mean Consultant's inability, by reason of any physical or mental injury or illness, to perform the consulting services
hereunder for a period in excess of ninety (90) consecutive days. In such event, this Agreement shall be terminated on the last day of such ninety (90) day period. 

        12.    Limitation of Liability.    THE COMPANY SHALL NOT BE LIABLE WITH RESPECT TO ANY SUBJECT MATTER OF THIS
AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, ANY LOSS OF REVENUES
OR PROFITS. 

        13.    Miscellaneous Provisions.    

        (a)    Entire Agreement.    No other agreements, representations or understandings (whether oral or written) which are
not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter of this Agreement. This Agreement and the Proprietary Information Agreement
contain the entire understanding of the parties with respect to 

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the subject matter hereof. This Agreement can only be modified by a subsequent written agreement executed by both parties hereto. 

        (b)  All
notices hereunder shall be in writing and shall be delivered in person or by registered or certified mail, return receipt requested, or sent by a nationally
recognized overnight delivery service or by facsimile to the applicable party at its address set forth below (or at such different address as may be designated by such party by written notice to the
other party). All notices by mail shall be deemed delivered upon receipt. 

To Company:

ValueClick, Inc. 4360 Park Terrace Drive, Suite 100

Westlake Village, California 91361

Telephone: (818) 575-4500

Facsimile: (818) 575-4503

Attn: Corporate Secretary 

To Consultant:

Gregory R. Raifman

268 LaSalle Avenue

Piedmont, California 94610

Telephone: (510) 451-2225

Facsimile: (510) 451-2226 

        (c)    Modifications and Waivers.    No provision of this Agreement shall be modified, waived or discharged unless the
modification, waiver or discharge is agreed to in writing and signed by Consultant and by an authorized officer of the Company. No waiver by either party of any breach of, or of compliance with, any
condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

        (d)    Choice of Law.    The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the State of California without regard to conflict of laws provisions thereof. 

        (e)    Severability.    The parties agree that if one or more provisions of this Agreement are held to be illegal or
unenforceable, such illegal or unenforceable portion(s) shall be limited or excluded from this Agreement to the minimum extent required and the balance of the Agreement shall be interpreted as if such
portion(s) were so limited or excluded and shall be enforceable in accordance with its terms. 

        (f)    No Assignment.    This Agreement and all rights and obligations of Consultant hereunder are personal to
Consultant and may not be transferred or assigned by Consultant at any time. The Company may assign its rights under this Agreement to any entity that assumes the Company's obligations hereunder in
connection with any sale or transfer of all or a substantial portion of the Company's assets to such entity. 

        (g)    Arbitration.    Any dispute or claim arising out of or in connection with this Agreement will be finally
settled by binding arbitration in Los Angeles, California in accordance with the rules of the American Arbitration Association by one arbitrator appointed in accordance with said rules. The Consultant
and the Company shall split the cost of the arbitration filing and hearing fees and the cost of the arbitrator. Each party shall bear its own attorney fees, unless otherwise determined by the
arbitrator. The arbitrator shall apply California law, without reference to rules of conflicts of law or rules of statutory arbitration, to the resolution of any dispute. Judgment on the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or
interim equitable relief, or to compel arbitration in accordance with this paragraph, without breach 

5

 

of this arbitration provision. This Subsection 13(g) shall not apply to any dispute or claim relating to the Proprietary Information Agreement. 

        (h)    Headings.    The headings of the paragraphs contained in this Agreement are for reference purposes only and
shall not in any way affect the meaning or interpretation of any provision of this Agreement. 

        (i)    Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 

        (j)    Survival.    Notwithstanding anything contrary in this Agreement, Consultant agrees that all obligations under
Sections 4-10 and 13(g) of this Agreement shall continue in effect after termination of this Agreement. 

[SIGNATURE
PAGE FOLLOWS] 

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        IN
WITNESS WHEREOF, this Consulting Agreement is entered into on the date first set forth above. 

        CONSULTANT HAS READ THIS AGREEMENT CAREFULLY AND UNDERSTANDS AND ACCEPTS THE OBLIGATIONS WHICH IT IMPOSES UPON CONSULTANT WITHOUT RESERVATION. NO PROMISES OR
REPRESENTATIONS HAVE BEEN MADE TO CONSULTANT TO INDUCE CONSULTANT TO SIGN THIS AGREEMENT. CONSULTANT SIGNS THIS AGREEMENT VOLUNTARILY AND FREELY.

ACCEPTED AND AGREED TO:  

	 	 	 
	ValueClick, Inc. / "Company"	 	Gregory R. Raifman / "Consultant"
	 	 	 

	By:	/s/ Samuel J. Paisley	 	/s/ Gregory R. Raifman
	 	
	 	

	 	 	 	 	 

	Name:	Samuel J. Paisley	 	Name:	Gregory R. Raifman
	 	
	 	 	

	 	 	 	 	 
	Title:	Chief Operating Officer	 	 	 
	 	
	 	 	 

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EXHIBIT 10.32

CONSULTING AGREEMENT

RECITALS

AGREEMENT

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