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Unassociated Document

    EXHIBIT
      10.2

    

    STOCK
      PURCHASE AGREEMENT

    

    THIS
      STOCK PURCHASE AGREEMENT ("Agreement") is made as of the 24th
      day of
      February, 2006, by and between Island Residences Club, Inc (“IRCI”), an
      individual, and/or their assignees (“Purchaser”) on the one hand and DTLL, Inc
      and/or its assignees (“DTL”), an individual (“Seller”), on the other
      hand.

     

    For
      and
      in consideration of the mutual premises and covenants herein contained, the
      parties hereto agree as follows:

     

    1.  Purchase
      and Sale of Securities.

     

    1.1  Sale
      and Issuance of Securities.
      Subject
      to the terms and conditions of this Agreement, Purchaser agrees to purchase
      at
      the Closing (defined in Section 1.3), and the Company agrees to cause DTL to,
      and DTL agrees to, sell, transfer and assign to Purchaser at the Closing, Four
      Hundred Thousand (400,000) shares (the “Shares”) of the common stock, $.01 par
      value per share (“Common Stock”), of DTLL, Inc., a Minnesota corporation
      (“DTLL”). 

     

    1.2  Purchase
      Price.
      The
      purchase price for the Shares to be paid at the Closing (the “Purchase Price”)
      shall be Four Hundred Thousand (400,000) shares of common stock of Grand Sierra
      Resorts Corporation (“GSR”). The purchase price shall be paid at a closing in
      the form of Four Hundred Thousand (400,000) GSR common shares. 

     

    1.3  Closing.
      

     

    (a)  The
      purchase and sale of the Shares shall take place on or before February
      28th,
      2006,
      at such time and place as shall be mutually agreed upon between Purchaser and
      the Company (the " Closing"). 

     

    (b)  At
      the
      Closing, Purchaser shall deliver to DTL, the Purchase Price of the Secured
      Note
      as payment in full. 

     

    (c)  At
      the
      Closing, DTL shall deliver to Purchaser an endorsed certificate, signature
      guaranteed, for the Shares along with instruments satisfactory to Purchaser
      to
      ensure the effective and efficient transfer of the Shares to Purchaser, such
      as
      a legal opinion of the Company’s or DTL’s counsel and a letter of instruction to
      the transfer agent of DTLL. 

     

    (d)  Purchaser,
      the Company and DTL shall deliver to the other party any other documents and
      instruments that the other party or its counsel reasonably
      requests.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (e)  Notwithstanding
      anything to the contrary contained in this Agreement, Purchaser’s obligations
      under this Agreement are conditioned upon Purchaser’s satisfaction of its legal
      due diligence investigation of DTLL. Seller’s obligations under this agreement
      are conditioned upon Seller’s satisfaction of its legal due diligence
      investigation of the transaction on or before closing on February 28, 2006.
      

     

    2.  Representations
      and Warranties of the Company.
      Except
      as noted in the financial statements identified in Section 2.6, DTLL’s
      filings with the Securities and Exchange Commission, or the Schedule of
      Exceptions attached hereto, each of the Company and DTL, jointly and severally,
      hereby represents and warrants to Purchaser that:

     

    2.1  Organization;
      Good Standing; Qualification and Corporate Power.

     

    (a)  The
      Company, DTL and DTLL are corporations duly organized, validly existing and
      in
      good standing under the laws of the State of Minnesota and each has all
      requisite corporate power and authority to carry on its business as now
      conducted and as proposed to be conducted. The Company, DTL and DTLL are each
      duly qualified to transact business and each is in good standing in each
      jurisdiction in which the failure so to qualify would have a material adverse
      effect on its business or properties.

     

    (b)  Each
      of
      the Company and DTL has all requisite legal and corporate power and authority
      to
      execute and deliver this Agreement, to sell the Shares and to carry out and
      perform its obligations under the terms of this Agreement and to consummate
      the
      transactions contemplated hereby. All necessary corporate action has been taken
      by the Company and DTL with respect to the execution, delivery and performance
      by the Company and DTL of this Agreement and the consummation of the
      transactions contemplated hereby.

     

    2.2  Capitalization
      and Voting Rights.
      

     

    (a)  Common
      Stock.
      The
      authorized capital of DTLL, immediately prior to the Closing, consists of One
      Hundred Million (100,000,000) shares of capital stock, of which Fifty Million
      (50,000,000) shares are designated as Common Stock, $0.01 par value per share.
      Thirteen Million Five Hundred Twenty Five Thousand Six Hundred Ninety Three
      (13,525,693) shares of Common Stock will be issued and outstanding immediately
      prior to the Closing. Other than the Common Stock, no other shares of capital
      stock are issued or outstanding. The Shares sold, transferred and assigned
      to
      Purchaser hereunder shall represent approximately 2.7% of DTLL’s issued and
      outstanding Common Stock.

     

    (b)  Derivative
      Securities; Voting Agreements.
      Except
      as set forth in Schedule
      2.2(b),
      immediately
      prior to the Closing, there will be no outstanding options, warrants, rights
      (including conversion or preemptive rights) or agreements for the purchase
      or
      acquisition from DTLL of any shares of its capital stock. DTLL is not a party
      nor subject to any agreement or understanding of any kind, and, to the Company's
      and DTL’s knowledge, there is no agreement or understanding of any kind between
      any individual, corporation, partnership, limited liability company,
      association, trust or other entity or organization, including a government
      or
      political subdivision or an agency or instrumentality thereof (a “Person”),
      which affects or relates to the acquisition, disposition or voting or giving
      of
      written consents with respect to any security of DTLL.

     

    
      
        
        

      

      
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    2.3  Subsidiaries;
      Interests of the Company.
      DTLL
      has no subsidiaries and does not currently own or control, directly or
      indirectly, any interest in any other Person. DTLL, on or before closing, shall
      form a new wholly owned subsidiary, the be named “RotateBlack Real Estate
      Ventures”.

     

    2.4  Authorization.
      This
      Agreement has been duly authorized, executed and delivered by the Company and
      DTL and constitutes the legal, valid and binding obligations of the Company
      and
      DTL, enforceable in accordance with its terms, subject to (i) applicable
      bankruptcy, insolvency, reorganization and moratorium laws, (ii) other laws
      of
      general application affecting the enforcement of creditors' rights generally
      and
      general principles of equity, (iii) the discretion of the court before which
      any
      proceeding therefor may be brought and (iv) the limitation by federal or state
      securities laws or by public policy of rights to indemnification.

     

    2.5  Valid
      Issuance of Common Stock.
      The
      Shares, when issued, sold and delivered in accordance with the terms of this
      Agreement for the consideration expressed herein, will be duly and validly
      issued, fully paid, and nonassessable, will not have been issued in violation
      of
      any preemptive right of stockholders or rights of first refusal, and Purchaser
      will have good title to the Shares, free and clear of all liens, security
      interests, pledges, charges, encumbrances and stockholder
      agreements.

     

    2.6  Financial
      Statements; Contracts.
      Each of
      the Company and DTL has made available to Purchaser the audited balance sheet
      of
      DTLL as of December 31, 2004, and the related statements of operations and
      cash
      flows for the year ended December 31, 2004, its unaudited balance sheet dated
      September 30, 2005 and the related unaudited Statements of Operation and Cash
      Flows for the nine months ended September 30, 2005 (the "Financial Statements").
      The Financial Statements are complete and correct and (i) fairly present the
      financial condition and results of operations of DTLL as of the dates and during
      the periods indicated therein, subject to adjustments necessary in accordance
      with generally accepted accounting principles (“GAAP”) and, in the case of
      interim financial statements, year-end adjustments, (ii) except as noted
      therein, have been prepared in accordance with GAAP applied on a consistent
      basis throughout the periods involved and (iii) are in accordance with the
      books
      and records of DTLL. 

     

    2.7  Governmental
      Consents.
      No
      consent, approval, order, or authorization of, or registration, qualification,
      designation, declaration or filing with, any federal, state, local or provincial
      governmental authority on the part of DTLL, the Company or DTL is required
      in
      connection with the consummation of the transactions contemplated by this
      Agreement. DTLL has complied (and in carrying out its business DTLL will be
      in
      compliance) with all laws, ordinances and regulations applicable to it and
      its
      business, which the failure to comply with would, either individually or in
      the
      aggregate, have a material adverse effect upon DTLL. DTLL has obtained all
      material federal, state, local and foreign governmental licenses and permits
      material to and necessary in the conduct of its business, such licenses and
      permits are in full force and effect, no material violations are or have been
      recorded in respect of any such licenses or permits, and no proceeding is
      pending or, to the best of the Company’s or DTL’s knowledge, threatened to
      revoke or limit any thereof. There are no consents or waivers from such
      governmental authorities necessary for the consummation of the transactions
      contemplated by this Agreement.

     

    
      
        
        

      

      
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    2.8  Litigation.
      Except
      as set forth in Schedule
      2.8,
      (i) there is no action, suit, proceeding or investigation pending or, to
      the Company's or DTL’s knowledge, threatened against DTLL or, to the knowledge
      of the Company or DTL after due inquiry, its officers (nor, to the Company's
      or
      DTL’s knowledge, is there any reasonable basis therefor); (ii) DTLL (or, to the
      knowledge of the Company or DTL, any of its officers after due inquiry) is
      not a
      party or subject to the provisions of any order, writ, injunction, judgment,
      or
      decree of any court or government agency or instrumentality (other than those
      of
      general applicability); and (iii) there is no action, suit, proceeding or
      investigation involving DTLL or, to the knowledge of the Company or DTL after
      due inquiry, its officers which such parties intend to initiate.

     

    2.9  Compliance
      with Other Instruments.
      Neither
      DTLL, the Company nor DTL is in violation or default of any provisions of its
      Certificate of Incorporation or Bylaws, as amended, or of any instrument,
      judgment, order, writ, decree, or contract to which it is a party or by which
      it
      is bound or of any provision of Federal or state statute, rule or regulation,
      license, or permit applicable to it, the violation or default of which would
      have a material adverse effect on DTLL, the Company or DTL. The execution,
      delivery, and performance of this Agreement and the consummation of the
      transactions contemplated hereby will not result in any such violation or be
      in
      conflict with or constitute, with or without the passage of time and giving
      of
      notice, either a default under any such provision, instrument, judgment, order,
      writ, decree, or material contract or an event which results in the creation
      of
      any lien, charge, or encumbrance upon any assets of DTL, the Company or DTL.
      Neither the Company nor DTL has any knowledge of any termination or material
      breach or anticipated termination or material breach by the other parties to
      any
      material contract or commitment to which DTLL is a party or to which any of
      its
      assets is subject. To the Company's and DTL’s knowledge, there are no warranty
      claims or other uninsured claims against DTLL under completed contracts which
      might involve a material monetary liability which is not reserved against in
      the
      Financial Statements.

     

    2.10  Title
      to Property and Assets.
      DTLL
      has good and marketable title to its property and assets free and clear of
      all
      mortgages, liens, loans and encumbrances, except (i) such encumbrances and
      liens
      which arise in the ordinary course of business and do not materially impair
      DTLL’s use of such property or assets, (ii) liens for taxes, assessments and
      governmental charges not yet due and payable, (iii) liens in connection with
      workers’ compensation, unemployment insurance or other similar obligations and
      (iv) statutory mechanics, material liens or other like liens arising in the
      ordinary course of business not yet due and payable. With respect to the
      property and assets it leases, DTLL is in compliance in all material respects
      with such leases and, to the Company’s and DTL’s knowledge, holds a valid
      leasehold interest free of any liens, claims, or encumbrances. All DTLL 's
      properties and assets are, in all material respects, in good operating and
      usable condition, subject to normal wear and tear.

     

    
      
        
        

      

      
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    2.11  Intellectual
      Property.
      

     

    (a)  As
      used
      herein, the term “Intellectual Property Right” means any trademark, service
      mark, trade name, invention, patent, trade secret, copyright, know-how
      (including any registrations or applications for registration of any of the
      foregoing) or any other similar type of proprietary intellectual property right,
      in each case which is used or held for use or otheDTLise necessary in connection
      with the conduct of the business of DTLL. DTLL owns, free and clear of all
      liens
      and encumbrances, all Intellectual Property Rights necessary in connection
      with
      the conduct of its business and has the right to use the foregoing without
      the
      payment of any royalty.

     

    (b)  DTLL
      has
      not been sued nor charged in writing with or been a defendant in any claim,
      suit, action or proceeding relating to its business that has not been finally
      terminated prior to the date hereof and that involves a claim of infringement
      by
      DTLL of any Intellectual Property Right of any other Person. No Intellectual
      Property Right is subject to any outstanding order, judgment, decree,
      stipulation or agreement restricting the use thereof by DTLL or restricting
      the
      licensing thereof by DTLL to any Person. DTLL has not entered into any agreement
      to indemnify any other Person against any charge of infringement of any
      Intellectual Property Right.

     

    (c)  DTLL
      has
      taken all reasonable precautions to protect and maintain the confidentiality
      of
      all proprietary processes, research and development results and other know-how
      of DTLL, the value of which to DTLL is contingent upon maintenance of the
      confidentiality thereof. All employees and consultants of DTLL have executed
      DTLL’s standard form of confidentiality agreement. 

     

    2.12  Compliance
      with Laws; No Defaults.
      

     

    (a)  DTLL
      is
      not in violation of any provisions of any law or regulation or in violation
      of
      any judgment, injunction, order or decree binding upon or applicable to DTLL,
      except for violations that have not had and would not reasonably be expected
      to
      have, individually or in the aggregate, a material adverse effect on
      DTLL.

     

    (b)  Neither
      DTLL nor any officer, director or employee of DTLL has made any payment of
      funds
      of DTLL, or purchased any property with funds of DTLL, in a manner prohibited
      by
      law and no funds of DTLL or property purchased with the funds of DTLL have
      been
      set aside to be used for any payment prohibited by law. DTLL has not made,
      offered or agreed to offer anything of value to any government official,
      political party or candidate for political office (or any person that DTLL
      knows
      or has reason to know will offer anything of value to any such person) in
      violation of the Foreign Corrupt Practices Act of 1977, as amended.

     

    
      
        
        

      

      
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    (c)  DTLL
      is
      not in default, nor has it been notified by any other party that it is in
      default, under any material contract, and, to the best knowledge of DTLL, no
      other party to any such contract is in default thereunder. DTLL has not received
      notice that any party to any material contract intends to cancel or terminate
      any such agreement.

     

    2.13  Commissions/Finders'
      Fees.
      There
      is no investment banker, broker, finder or other intermediary which has been
      retained by or is authorized to act on behalf of the Company or DTL who might
      be
      entitled to any fee or commission from Purchaser, DTLL or any of their
      respective affiliates upon consummation of the transactions contemplated by
      this
      Agreement. 

     

    2.14  Tax
      and Other Liabilities.
      All
      taxes required by law which are due and payable by DTLL have been paid; all
      taxes DTLL is obligated to withhold from amounts owing to any employee or third
      party have been withheld; and all tax returns and reports required by law to
      have been filed by DTLL have been duly filed and reflect the amounts due and
      paid. There are in effect no waivers of applicable statutes of limitations
      with
      respect to any taxes, governmental charges, duties, imports, levies or fees
      for
      any year and DTLL has not agreed to any extension of time with respect to any
      tax assessment or deficiency. The tax returns of DTLL have not been and are
      not
      being audited by the Internal Revenue Service for any of DTLL’s tax periods. No
      tax liens have been asserted against any of DTLL’s assets, and any potential
      assessment or any additional taxes for periods for which returns have been
      filed
      is not expected to exceed the recorded liability therefor.

     

    2.15  Securities
      Act.
      Neither
      the registration of any security under the Securities Act or the securities
      laws
      of any state is required in connection with the issuance, execution and delivery
      of the Shares in the manner contemplated hereunder.

     

    2.16  Government
      Consents.
      The
      execution, delivery and performance by the Company and DTL of this Agreement
      and
      the transactions contemplated hereby require no action by or in respect of,
      or
      filing with, any governmental authority other than (a) compliance with the
      applicable requirements of the Securities Act; and (b) compliance with any
      state
      securities or Blue Sky Laws that, individually or in the aggregate, could not
      reasonably be expected to have a material adverse effect on the
      Company.

     

    3.  Representations
      and Warranties of Purchaser.
      Purchaser represents and warrants to the Company that:

     

    3.1  Organization;
      Good Standing; Qualification and Corporate Power.

     

    (a)  Purchaser
      is a limited liability company duly organized, validly existing and in good
      standing under the laws of the State of Michigan and has all requisite power
      and
      authority to carry on its business as now conducted and as proposed to be
      conducted. Purchaser is duly qualified to transact business and is in good
      standing in each jurisdiction in which the failure so to qualify would have
      a
      material adverse effect on its business or properties.

     

    
      
        
        

      

      
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    (b)  Purchaser
      has all requisite legal and corporate power and authority to execute and deliver
      this Agreement, to purchase the Shares and to carry out and perform its
      obligations under the terms of this Agreement and to consummate the transactions
      contemplated hereby. All necessary limited liability company action has been
      taken by Purchaser with respect to the execution, delivery and performance
      by
      Purchaser of this Agreement and the consummation of the transactions
      contemplated hereby.

     

    3.2  Authorization.
      This
      Agreement has been duly authorized, executed and delivered by Purchaser and
      constitutes the legal, valid and binding obligations of Purchaser, enforceable
      in accordance with its terms, subject to (i) applicable bankruptcy, insolvency,
      reorganization and moratorium laws, (ii) other laws of general application
      affecting the enforcement of creditors' rights generally and general principles
      of equity, (iii) the discretion of the court before which any proceeding
      therefor may be brought and (iv) the limitation by federal or state securities
      laws or by public policy of rights to indemnification.

     

    3.3  Commissions/Finders'
      Fees.
      There
      is no investment banker, broker, finder or other intermediary which has been
      retained by or is authorized to act on behalf of Purchaser who might be entitled
      to any fee or commission from the Company or its affiliates upon consummation
      of
      the transactions contemplated by this Agreement.

     

    3.4  Purchase
      Entirely for Own Account; No Public Solicitation.
      This
      Agreement is made with Purchaser in reliance upon Purchaser’s representation to
      the Company that, and Purchaser hereby represents that, the Shares will be
      acquired for investment for Purchaser's own account, not as a nominee or agent,
      and not with a view to the resale or distribution of any part thereof. Purchaser
      has no present intention of selling, granting any participation in, or
      otheDTLise distributing the Shares acquired by Purchaser. Purchaser has no
      contract, undertaking, agreement or arrangement with any Person to sell or
      transfer, or grant any participation to such Person or to any third Person,
      with
      respect to the Shares to be acquired by Purchaser. Purchaser is not
      participating in this transaction as a result of or subsequent to (i) any
      advertisement, article, notice or other communication published in any
      newspaper, magazine or similar media or broadcast over television, radio or
      the
      Internet or (ii) any seminar or meeting whose attendees have been invited by
      any
      general solicitation or general advertising.

     

    3.5  Disclosure
      of Information.
      Purchaser has received and has carefully reviewed a copy of DTLL’s Form 10-K for
      the year ended December 31, 2004 (including all of the exhibits thereto), DTLL’s
      Financial Statements, DTLL’s Form 10-Q for the quarter ended September 30, 2005
      and DTLL’s current reports on Form 8-K. Purchaser has had an opportunity to
      discuss DTLL’s business, management and financial affairs with qualified
      representatives of DTLL’s management and to ask questions about DTLL’s business
      and prospects. Purchaser understands that such discussions, as well as the
      written information issued by the Company, were intended to describe the aspects
      of DTLL’s business which it believes to be material and all such questions have
      been answered to Purchaser’s satisfaction.

     

    
      
        
        

      

      
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    3.6  Restricted
      Securities.
      Purchaser understands that the Shares have not been registered under the
      Securities Act. The purchase and sale of the Shares pursuant to this Agreement
      is being made pursuant to appropriate exemptions from the registration and
      prospectus requirements of the securities rules. Purchaser understands that
      the
      Shares are a “restricted security” under applicable federal and state securities
      laws.

     

    3.7  Accredited
      Investor.
      Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of
      Regulation D promulgated under the Securities Act and is an investor familiar
      with the types of risks inherent in the acquisition of the Shares. By reason
      of
      Purchasers’ knowledge and experience in financial and business matters in
      general, and investments of this type in particular, Purchaser is capable of
      evaluating the merits and risks of an investment in the Shares, and can afford
      to bear such risks, including the risks of losing the entire investment.

     

    4.  Miscellaneous.

     

    4.1  Survival
      of Warranties.
      The
      representations, warranties and covenants of the Company, DTL and Purchaser
      contained in or made pursuant to this Agreement shall survive the Closing;
      provided that the representations and warranties of the Company and DTL
      contained in Sections 2.6, 2.7, 2.8, 2.9, 2.11, 2.12, 2.13, 2.14 and 2.16 shall
      survive for a period of two years (it being understood that all other
      representations and warranties shall survive for the applicable statute of
      limitations).

     

    4.2  Successors
      and Assigns.
      The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and assigns; provided that
      neither the Company nor DTL may assign, delegate or otheDTLise transfer any
      of
      its rights or obligations under this Agreement without the consent of Purchaser.
      Except as provided under this Section 5, neither this Agreement nor any
      provision hereof is intended to confer upon any Person other than the parties
      hereto any rights or remedies hereunder. 

     

    4.3  Governing
      Law.
      This
      Agreement shall be governed by and construed under the laws of the State of
      Illinois, without regard to principles of conflicts of laws and rules of such
      state.

     

    4.4  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.

     

    4.5  Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    
      
        
        

      

      
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    4.6  Notices.
      Unless
      otheDTLise provided, any notice required or permitted under this Agreement
      shall
      be given in writing and shall be deemed effectively given (i) upon personal
      delivery to the party to be notified, (ii) four (4) days after deposit with
      the
      United States Post Office, by registered or certified mail, postage prepaid,
      or
      (iii) one day after deposit with a reputable overnight courier service and
      addressed to the party to be notified at the address indicated for such party
      on
      the signature page hereof, or at such other address as such party may designate
      by ten (10) days' advance written notice to the other parties, with a copy
      for
      Purchaser to April Frisby, Weed & Co and Seller DTL to Arnstein Lehr.

     

    4.7  Entire
      Agreement; Amendments and Waivers.
      This
      Agreement constitutes the full and entire understanding and agreement among
      the
      parties with regard to the subjects hereof. Any term of this Agreement may
      be
      amended and the observance of any term of this Agreement may be waived (either
      generally or in a particular instance and either retroactively or
      prospectively), only with the written consent of the Company, DTL and Purchaser.
      Any amendment or waiver effected in accordance with this Section 5.7 shall
      be binding upon each holder of any securities purchased under this Agreement
      at
      the time outstanding, each future holder of all such securities, and the Company
      and DTL.

     

    4.8  Severability.
      If one
      or more provisions of this Agreement are held to be unenforceable under
      applicable law, such provision shall be excluded from this Agreement and the
      balance of the Agreement shall be interpreted as if such provision were so
      excluded and shall be enforceable in accordance with its terms.

     

    4.9  Expenses.
      Each
      party to this Agreement shall pay all costs and expenses incurred by such party
      with respect to the negotiation, execution, delivery and performance of this
      Agreement and the ancillary documents.

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date first
      above written.

     

    
      
        	 	 	 
	 	PURCHASER:
	 	 
	 	Island
                Residences Club, Inc
	 
 	 
 	 
 
	 	By:  	/s/ Graham
                Bristow
	 	
                 

                 

              	
                
Its:
                Director/CEO
	 	 

      

      
        	 	 	 
	 	SELLER:
	 	 
	 	DTLL,
                Inc
	 
 	 
 	 
 
	 	By:  	/s/ John
                Paulsen
	 	
                
Name:
                John Paulsen, CEO
	 	 

      

    

     

    

    
      
        
        

      

      
        -10-Exhibit 10.44

                   Employment Contract of Richard A. Thibault

                              Employment Agreement

      This "Agreement", made this 10th day of March 2006 but effective as of
January15, 2006 ("Effective Date") by and between Daleco Resources Corporation,
a Nevada corporation with its principal place of business at 120 North Church
Street, West Chester, Pennsylvania 19380 ("Company") and Richard A. Thibault, La
Gioconda 4344, Apartment 152, Las Condes, Santiago, Chile ("Employee").

                                   WITNESSETH:

      WHEREAS, the Company desires to employ Employee and Employee desires to be
employed by the Company as the Vice President-Minerals upon the terms and
conditions set forth herein; and

      WHEREAS, Employee is desirous of being employed by the Company as the Vice
President-Minerals upon the terms and conditions set forth herein; and

      WHEREAS, the Employee and Company desire to reduce the terms of Employee's
employment with the Company to a written contract.

      NOW THEREFORE, in consideration of the premises and mutual covenants
contained herein and intending to be legally bound hereby, the parties hereto
agree as follows:

      1. Incorporation by Reference. The parties hereto incorporate by reference
the Witnesseth section as though same were set forth at length herein.

                                       4
<PAGE>

      2. Employment.

            (a) The Company hereby employs Employee as the Vice
President-Minerals. Employee shall report directly to the Chief Executive
Officer ("CEO") and shall perform such duties as are customarily performed by a
person holding the position of Vice President in businesses similar to those
engaged in by the Company and shall, in addition, render such other reasonable
services as may be assigned to him from time to time by the CEO or his designee
within Employee's scope of experience, training and expertise.

            (b) Employee hereby agrees to be employed as Vice President-Minerals
of the Company for the term hereof as set forth below. Employee agrees that he
shall at all times faithfully and to the best of his ability, perform all of the
duties that may reasonably be requested of him within his scope of experience,
training and expertise pursuant to the terms of this Agreement.

            (c) The Company represents and warrants to Employee that this
Agreement has been duly and validly authorized and executed by and on behalf of
the Company and that it constitutes the lawful, valid and binding obligation of
the Company.

            (d) The Employee represents and warrants to the Company that he is
free to accept employment hereunder and that he has no prior or existing
obligations, commitments or restraints of any kind that would in any way hinder
or interfere with his acceptance of, or the full performance of, his employment
hereunder. When executed, this Agreement will constitute the lawful, valid and
binding obligation of Employee.

                                       5
<PAGE>

            (e) During his employment with the Company, Employee shall devote
not less than 50% of his working time, to the performance of his
responsibilities hereunder in a manner which will faithfully and diligently
further the business and interest of the Company. During his employment with the
Company, Employee may not be employed by or otherwise provide any services in
exchange for compensation to any other company, except for BGC-AVOT Ingenieria,
LTDA ("Employee's Private Business") unless he obtains prior written
authorization from the Company's CEO. Subject to and consistent with the
provisions of Article 7 below, Employee, during and while employed by the
Company, may not provide any services to or receive any compensation from any
competitor or potential competitor of the Company, except for assignments in
connection with Employee's Private Business consistent with the provisions of
Article 7 below.

      3. Term.

            (a) Unless earlier terminated in accordance with Paragraph 5 below,
this Agreement shall continue for an initial period of one (1) year from the
Effective Date ("Initial Term"). After the expiration of the Initial Term, and
subject to the termination provisions set forth herein, this Agreement will
automatically be extended for successive one (1) year terms ("Subsequent Terms")
provided that neither party has given written notice to the other of his/its
intent not to renew not less than ninety (90) days prior to the respective
renewal date.

      4. Compensation.

                                       6
<PAGE>

            (a) Salary. During the Employee's employment hereunder, the Company
shall pay to the employee an annual salary of not less than One-Hundred Thousand
United States Dollars ($US100,000). The Employee's salary and other benefits
shall be reviewed annually by the Board of Directors of the Company and with
Employee. The salary shall be paid in equal periodic installments in accordance
with the Company's salary practices. The salary payment shall not in any way
limit or reduce any other obligation of the Company hereunder, and no other
compensation, benefit or payment hereunder shall in any way limit or reduce the
obligation of the Company to pay Employee's salary hereunder.

            (b) Stock Options. At the time of execution of this Agreement, the
Employee shall be granted options to purchase Five Hundred Thousand shares
(500,000) of Common Stock ("Stock") at a price equal to the average of the
closing bid and ask price of the Stock for the five trading days immediately
preceding the Effective Date ("Options").

      The Options shall vest 50% on the first anniversary of the Effective Date,
25% on the second anniversary of the Effective Date and 25% on the third
anniversary of the Effective Date; however, vesting shall be accelerated in the
event of Employee's death, disability, involuntary termination without cause (as
defined below), or upon a change in control (defined as the acquisition of
fifty-one percent (51%) of the issued and outstanding Stock of the Company by
any party) without giving effect to future dilution through the exercise of any
outstanding options, warrants or the conversion of preferred stock into Common
Stock. The Options granted hereunder shall not be exercisable after the earlier
of: (i) the expiration of seven (7) years from the Effective Date, or (ii) two
(2) years from the date the Employee ceases to be employed by the Company.

                                       7
<PAGE>

            (c) Expenses. During the term of Employee's employment hereunder,
the Employee shall receive reimbursement from the Company for all reasonable
expenses incurred by the Employee in the performance of his duties hereunder,
including, by way of example and not limitation, travel and living expenses
while away from home on business at the request of or in the service of the
Company, provided that such expenses are incurred and accounted for in
accordance with the standard policies and procedures established, from time to
time, by the Company for reimbursement of expenses.

            (d) Other Benefits. The Employee shall be entitled to participate in
the same manner as other officers of the Company in such life insurance,
medical, dental, disability, pension, retirement plans and other programs as may
be established by the Company, from time to time, for the benefit of its
officers. Except as provided elsewhere herein, nothing herein shall affect the
Company's right to amend, modify or terminate any retirement or other benefit
plan at any time for any reason.

      5. Termination of Employment. This Agreement and the Employee's employment
hereunder may be terminated only under the following circumstances during the
term of this Agreement.

            (a) Termination by Employee. Employee may terminate his employment
with the Company for any reason after one (1) year from the Effective Date by
giving the Company not less than 90 days prior notice of his intent to terminate
his employment. In the event of the termination of this Agreement by the
Employee, the Company shall be required to pay Employee only those amounts due
and owing to Employee pursuant to this Agreement prorated to the date of
Employee's voluntary termination and Employee shall not be entitled to the
benefits of Paragraph 6(c) below. Notwithstanding the foregoing to the contrary,
should the Employee's notice of voluntary termination result from the imposition
of additional duties and/or requirements outside the normal course of Employee's
duties, expertise or training of a person holding Employee's position, then
Employee shall be entitled to those benefits to which he would be entitled had
his termination been an involuntary termination without cause ("Forced
Resignation").

                                       8
<PAGE>

            (b) Death. The Employee's employment hereunder shall terminate upon
his death.

            (c) Disability. If (i) as a result of the Employee's incapacity due
to physical or mental illness, the Employee shall have been unable to perform
his duties hereunder for a period of four (4) consecutive months during the term
hereof, and (ii) within 90 days after written notice of termination is given by
the Company to the Employee (which may occur at or after the end of such four
(4) month period) the Employee shall not have returned to the performance of his
duties hereunder on the basis described herein, then the Company may terminate
the Employee's employment hereunder.

            (d) "Cause" for the purposes of this Agreement, shall include the
Company's good faith belief that the Employee has engaged in: willful
misconduct, fraud, misappropriation, embezzlement, gross negligence,
self-dealing, dishonesty, misrepresentation, any felony or misdemeanor, material
violation of any Company policy or any provisions of this Agreement (i.e.,
confidentiality, ethics, harassment/discrimination, violence, substance or
alcohol abuse) unsatisfactory performance or incompetence. "Cause" also shall
include Employee's inability to perform the essential functions of his job, for
any reason, for a period of time set forth in (c) above, and any other
circumstances which, under applicable law, would give the Company the right to
terminate Employee, with such termination being deemed to be for cause.

                                       9
<PAGE>

      6. Compensation Upon Termination of Employment.

            (a) During any period that Employee fails to perform his duties
hereunder as a result of incapacity due to physical or mental illness
("disability period"), the Employee shall continue to receive his full salary
together with all benefits then in effect and which have been granted to
Employee; provided, however, that any payments made to the Employee during the
disability period shall be reduced by the sum of the amount, if any, payable to
the Employee under any disability benefit plans of the Company.

            (b) If the Employee's employment is terminated for cause under
paragraph 5(d) above, the Company shall pay the Employee his full salary through
the termination date plus all expense reimbursements outstanding, if any, and
the Company shall have no further obligations whatsoever to the Employee under
this Agreement, except as may be expressly provided elsewhere herein.

            (c) If the Employee's employment is terminated by the Company prior
to the scheduled expiration of the Initial Term or any Subsequent Terms, or if
by Forced Resignation, other than for cause, then Employee shall be entitled to
receive payments of his salary and a performance bonus (if any has been awarded)
for the balance of the Initial Term under the terms set forth in this Agreement,
plus all accrued and unpaid benefits (including all health and welfare benefits
in which Employee was a participant in accordance with their terms).
Additionally, all Options shall become fully vested in Employee. Finally,
Employee shall be paid a severance payment equal to two (2) times the Employee's
salary then in effect.

                                       10
<PAGE>

            (d) The termination of Employee's employment either by Employee or
by the Company, whether with or without Cause, shall not release Employee from
Employee's obligations and restrictions under Paragraph 7 of this Agreement.

            (e) Regardless of the reason for the termination of Employee's
employment, whether by Employee or the Company, whether with or without Cause,
whether or not due to Employee's death, Employee (or his estate) will receive
pay for any days actually worked by Employee prior to the termination of his
employment.

            (f) Regardless of the reason for the termination of Employee's
employment, whether by Employee or the Company, whether with or without Cause,
whether or not due to Employee's death, Employee (or his estate) shall not be
eligible for any Company-paid benefits subsequent to the termination of his
employment. In particular, and by way of example only, Employee's eligibility to
continue to participate in Company's group health plan pursuant to COBRA shall
be at his sole expense effective on the first day of the month following the
month to which his employment terminates, subject to COBRA's eligibility
requirements and other terms, conditions, restrictions and exclusions as
applicable.

      7. Restrictions on Competition and Non-Disclosure.

            (a) Non-Disclosure of Information.

                  (1) Employee shall not, directly or indirectly, disclose to
any person or entity for any reason, or use for his own personal benefit, any
Confidential Information (as defined below) either during his employment with
the Company or following termination of that employment for Cause for a period
of three years after termination of this Agreement;

                                       11
<PAGE>

                  (2) Employee shall, at all times take all precautions
necessary to protect from loss or disclosure by him of any and all documents or
other information containing, referring to or relating to such Confidential
Information. Upon termination of his employment with the Company for any reason,
whether voluntary or involuntary, the Employee shall promptly return to the
Company any and all documents or other tangible property containing, referring
to or relating to such Confidential Information, whether prepared by him or
others.

                  (3) Notwithstanding any provision to the contrary in this
Paragraph 7, this paragraph shall not apply to information which has become part
of the public domain or is otherwise publicly disclosed through no fault or
action of the Employee. If Employee has reason to believe that he may be legally
required to disclose Confidential Information, he shall give the Company
reasonable notice prior to disclosure so that it may seek to protect the
confidentiality of such information.

                  (4) For purposes of this Agreement "Confidential Information"
means any information relating in any way to the business of the Company
disclosed to or known to the Employee as a consequence of, result of, or through
the Employee's employment by the Company which consists of technical and
non-technical information about the Company's production, processes, programs,
concepts, forms, business methods, data, any and all financial and accounting
data, marketing, customers, customer lists, and services and information
corresponding thereto acquired by the Employee during the term of the Employee's
employment by the Company. Confidential Information shall not include any of
such items which are published or are otherwise part of the public domain or
freely available from trade sources or otherwise.

                                       12
<PAGE>

            (b) Disclosure of Works and Inventions/Assignment of Patents.

                  (1) Employee shall maintain such records of his work as the
Company may direct from time to time. Employee shall promptly disclose to the
Company, in writing, any and all copyrightable works, including software, and
any and all discoveries, inventions, technological innovations and improvements,
whether patentable or not (whether it be a machine, process, apparatus, article,
composition, design, software, writing or other thing) conceived or made by
Employee, solely or jointly, during the period of his employment with the
Company, whether or not authorized, conceived or made during working hours or
with the Company's equipment or facilities, which relates in any manner to the
existing or contemplated business of the Company. Unless otherwise waived in
writing by the Company, all such copyrightable works (including software),
discoveries, inventions, technological innovations and improvements shall be the
exclusive property of the Company with respect to any and all countries in the
world and Employee shall assign and hereby does assign all right, title and
interest thereto the Company or its nominee.

                  (2) Employee, both during his employment and thereafter, shall
cooperate fully with the Company in taking all actions and measures necessary
for the Company to acquire and perfect its ownership of all such property.
Whenever required to do so by the Company, Employee shall execute any and all
applications, assignments or other instruments which the Company shall deem
necessary to apply for and obtain Letters Patent or copyrights of the United
States or any foreign country or to otherwise protect the Company's interest
therein. Such obligations shall continue beyond the termination of employment
with respect to works, inventions, discoveries and improvements authorized,
conceived, made or reduced to practice by Employee during the period of
employment, and shall be binding upon Employee's assigns, executors,
administrators and other legal representatives. In conformance with Company
policy from time to time, Employee shall be reimbursed by the Company for
reasonable expenses incurred by Employee in connection with his obligations
under this Section 8(b), subject to Employee's furnishing adequate documentary
evidence to substantiate such expenses.

                                       13
<PAGE>

                  (3) Employee agrees that in the event of publication by
Employee of written or graphic materials, the Company will retain and own all
rights in said materials, including right of copyright.

            (c) Restrictions on Competition.

                  (1) The Company recognizes that Employee is an internationally
recognized consultant through Employee's Private Business and that he may or may
not be contacted or retained by other parties dealing in minerals, mines, gas
transmission or other businesses in which the Company is presently or may be
engaged in the future. The Employee agrees to use that degree of care, as would
a consultant of his reputation and standing in dealing with a conflict and
potential conflict of interest. Should Employee believe or feel that a conflict
or potential conflict exists, he shall take such steps and actions to remove
himself from any such conflict or potential conflict and report same to the
Company.

                                       14
<PAGE>

                  (2) Employee agrees that during his employment with the
Company he shall not, directly or indirectly: (i) other than as a
partner-consultant of Employee's Private Business, any of which activities will
be promptly made known to the Company, solicit the trade of or trade with, or
otherwise do business with, any customer or prospective customer of the Company
or any direct or indirect competitor of the Company; or (ii) for one year
following the termination of his employment with the Company, Employee shall
not, directly or indirectly, solicit the trade of or trade with, any customer or
prospective customer of the Company on behalf or for the benefit of any direct
or indirect competitor of the Company.

                  (3) Employee agrees that during his employment with the
Company and for a period of one (1) year following the termination of Employee's
employment with the Company, Employee shall not, directly or indirectly, solicit
or induce, or attempt to solicit or induce, any employee of the Company to leave
the Company for any reason whatsoever or hire any employee of the Company.

                  (4) During his employment with the Company, Employee shall not
take any action which might divert from the Company any opportunity which would
be within the scope of any present or contemplated future business of the
Company.

                                       15
<PAGE>

                  (5) In the event of the sale or other disposition of all or
substantially all of the Company's assets or capital stock, Employee agrees to
use his best efforts, in good faith, to assist the purchaser during the
transition phase for a period of up to 12 months at Employee's then current
compensation level plus fifty percent. Employee acknowledges, however, that
nothing contained herein shall be binding upon or otherwise require the
purchaser of the Company's assets or capital stock to continue the employment of
Employee after such purchase and sale.

                  (6) The provisions set forth in Paragraph 7 of this Agreement
shall survive the termination of Employee's employment with the Company, or the
expiration of this Agreement, as the case may be, and shall continue to be
binding upon Employee and Employer in accordance with their respective terms.

                  (7) Employee recognizes and acknowledges that the services to
be rendered by him hereunder are of a special and unique character and that the
restrictions on Employee's activities contained in this Agreement are required
for the Company's reasonable protection. Employee agrees that if he shall breach
paragraph 7 of this Agreement, the Company will be entitled, if it so elects, to
institute and prosecute proceedings at law or in equity to obtain damages with
respect to such breach or to enforce the specific performance of this Agreement
by Employee or to enjoin Employee from engaging in any activity in violation
hereof.

                                       16
<PAGE>

      8. Dispute Resolution

            (a) All disputes, claim or controversies ("claims") arising out of
or in connection with Employee's employment and/or termination of employment,
except as set forth in subparagraph 9(j) below, shall exclusively be submitted
to final and binding arbitration before a single arbitrator, in accordance with
the then current American Arbitration Association ("AAA") National Rules for the
Resolution of Employment Disputes ("AAA Rules").

            (b) Employee's duty to arbitrate covers, but is not limited to: any
claims relating to or arising out of Employee's employment with and/or
termination of employment by the Company and/or any of its related and/or
affiliated companies; any claims for unpaid or withheld wages, severance,
benefits, bonuses, commissions and/or other compensation of any kind, any claims
arising under the Employee Retirement Income Security Act; any claims for
attorneys' fees, costs or expenses; any claims of discrimination and/or
harassment based on age, sex, race, religion, color, creed, disability,
handicap, citizenship, national origin, ancestry, sexual orientation, or any
other factor protected by Federal, State or Local law (such as the Age
Discrimination in Employment Act, 29 U.S.C. ss.621 et. Seq., Title VII of the
Civil Rights Act of 1964, as amended, or the Americans with Disabilities Act);
any claims for retaliation and/or any whistleblower claims; any claims for
emotional distress or pain and suffering; and/or any other statutory or common
law claims, now existing or hereinafter recognized, known or unknown, including,
but not limited to, breach of contract, libel, slander, fraud, wrongful
discharge, promissory estoppel, equitable estoppel and misrepresentation.

                                       17
<PAGE>

            (c) The decision of the arbitrator shall be in writing and set forth
the findings and conclusion upon which the decision is based. The decision of
the arbitrator shall be final and binding and may be enforced under the terms of
the Federal Arbitration Act (9 U.S.C. Section 1 et. Seq.). Judgment upon the
award may be entered, confirmed and enforced in any Federal or state court of
competent jurisdiction.

      9. Miscellaneous.

            (a) Notices. Any notice required hereby shall be in writing, shall
be effective upon receipt, may be sent by facsimile transmission, E-Mail or
original document by hand delivery, overnight courier or certified mail, return
receipt requested, postage prepaid to the address set forth below. The original
of any notice sent by facsimile transmission or E-mail shall be delivered to the
addressee by the close of the business day next following the date of the
facsimile or E-mail transmission or in the case of international delivery, the
close of the third business day following the date of the facsimile or E-mail
transmission. All notices shall be sent to:

      If to the Company:

                        Daleco Resources Corporation
                        120 North Church Street
                        West Chester, PA 19380
                        FAX NO: 610-429-0818
                        ATTN: Gary J. Novinskie
                        E-Mail: gnovinskie@netreach.net

                                       18
<PAGE>

      With a copy to:

                        Ehmann, Van Denbergh & Trainor, P.C.
                        Two Penn Center Plaza, Suite 220
                        1500 John F. Kennedy Boulevard
                        Philadelphia, PA 19102
                        FAX NO: 215-851-9820
                        ATTN:  C. Warren Trainor
                        E-Mail: CWTrainor@evt.net

      If to Employee:

                        Richard A. Thibault
                        La Gioconda 4344
                        Apartment 152
                        Las Conde Santiago, Chile
                        FAX NO: 56-2-228-7500
                        E-Mail: rickthibault@bgcavol.cl

      Any party may change its address for notice by giving the other party ten
(10) days notice of such change.

            (b) Validity. Any term or provisions of this Agreement which is
invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the validity or enforceability of any terms or provisions
thereof.

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

            (d) Modification. This Agreement sets forth the entire agreement and
understanding of the parties concerning the subject matter hereof and supersedes
all prior agreements and understandings between the parties hereto. This
Agreement may not be amended or modified except by written instrument executed
by the parties hereto.

                                       19
<PAGE>

            (e) Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the Commonwealth of Pennsylvania without giving
effect to conflict of laws provisions and without the aid of any canon, custom
or rule of law requiring construction against the drafting person.

            (f) Binding Effect. The terms and provisions of this Agreement shall
be binding upon and shall inure to the benefit of the parties hereto, their
heirs, successors and assigns. Neither party may assign, convey or transfer the
rights or obligations contained herein unless such obligations, assignment,
conveyance or transfer is consented to by the other, which consent shall not be
unreasonably denied, or such assignment, transfer or conveyance is pursuant to a
testamentary transfer or otherwise by operation of law.

            (g) Headings. Headings in this Agreement are included herein for
convenience only and shall not constitute a part of this Agreement for any other
purpose or be given any substance effect.

            (h) Authorship. This Agreement shall be conclusively deemed to have
been jointly prepared and authored by the parties hereto and their
representatives and no ambiguity shall be construed against any party hereto
based on such authorship.

                                       20
<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

Attest:                                 Daleco Resources Corporation

/s/ Jody Spencer                        By: /s/ Stephen V. Benediktson
---------------------------------          -------------------------------------
    Secretary                                   Stephan V. Benediktson
                                                Chief Executive Officer

                                        Employee

                                        /s/ Richard A. Thibault [SEAL)
                                        ----------------------------------------
                                            Richard A. Thibault

                                       21

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