Document:

Till Capital Ltd. - Exhibit 4.5  - Filed by newsfilecorp.com

EXECUTIVE EMPLOYMENT AGREEMENT 

THIS AGREEMENT IS MADE effective the 1st day
of December, 2012. 

BETWEEN: 

  
    
      
        GOLDEN PREDATOR CORP., as parent company of GOLDEN PREDATOR
          MINES US INC. 

        (hereinafter called the “Company”) 

      

    

  

OF THE FIRST PART, 

  
    
      
        - and - 

        JANET LEE-SHERIFF 

        (hereinafter called the “Executive”) 

      

    

  

OF THE SECOND PART. 

            WHEREAS
the Company is engaged in the business of locating, acquiring and exploring
natural resource mineral properties; 

             AND
WHEREAS the Executive is willing to serve the Company in the capacity and on
the terms and conditions herein provided; 

NOW THEREFORE IT IS HEREBY AGREED AS FOLLOWS: 

	1. 	
      DEFINITIONS

	 	 
	1.1 	
      In this Agreement the following terms shall have the
      following meanings:

	 	(a) 	
      “Agreement” means this agreement as it may be
      amended or supplemented from time to time; and the expressions “hereof”,
      “herein”, “hereto”, “hereunder”, “hereby” and similar expressions refer to
      this agreement and unless otherwise indicated, references to “Sections” or
      “Parts” are references to sections or parts in this Agreement;

	 	 	 	 
	 	(b) 	
      “Board” means the board of directors of the
      Company;

	 	 	 	 
	 	(c) 	
      “Cause” means:

	 	 	 	 
	 		(i) 	
      the failure or refusal of the Executive to perform his
      duties and responsibilities at an acceptable level or standard, or to
      comply with the Company’s policies and procedures as instituted from
      time-to-time, provided that the Executive has been provided written notice
      of such failure and has not corrected its behaviour within 30 calendar
      days of receiving such notice and provided further that the Executive
      shall only be entitled to correct his behaviour pursuant to such notice on
      a one- time basis. For purposes of clarity, any subsequent failure or
      refusal to perform his duties and responsibilities at an acceptable level
      or standard will not require written notice of such failure
      by the Company and corresponding opportunity for the Executive to correct
  the behaviour;

2 

	 	(ii) 	
      any dishonesty on the part of the Executive affecting the
      Company;

	 	 	 
	 	(iii) 	
      the conviction of the Executive for an indictable offence
      or for any crime involving moral turpitude, fraud or
    misrepresentation;

	 	 	 
	 	(iv) 	
      excessive use of alcohol or illegal drugs by the
      Executive interfering with the performance of his obligations under this
      Agreement and the failure to participate fully in any employee assistance
      program offered by the Company;

	 	 	 
	 	(v) 	
      any willful and intentional act on the part of the
      Executive having the effect of materially injuring the reputation,
      business or business relationships of the Company;

	 	 	 
	 	(vi) 	
      any material breach (not covered by any of the above (i)
      through (v) above) of any of the provisions of this Agreement;
  and

	 	 	 
	 	(vii) 	
      any other act or omission which at law would entitle the
      Company to terminate this Agreement.

	 	(d) 	
      “Change of Control” means a transaction or series
      of transactions whereby directly or indirectly:

	 	 	 	 
	 		(i) 	
      any person or combination of persons obtains a sufficient
      number of securities of the Company to affect materially the control of
      the Company; for the purposes of this Agreement, a person or combination
      of persons holding shares or other securities in excess of the number
      which, directly or following conversion thereof, would entitle the holders
      thereof to cast 25% or more of the votes attaching to all shares of the
      Company which may be cast to elect directors of the Company, shall be
      deemed to be in a position to affect materially the control of the
      Company;

	 	 	 	 
	 		(ii) 	
      the Company shall consolidate or merge with or into,
      amalgamate with, or enter into a statutory arrangement with, any other
      person (other than a subsidiary of the Company) or any other person (other
      than a subsidiary of the Company) shall consolidate or merge with or into,
      or amalgamate with or enter into a statutory arrangement with, the
      Company, and, in connection therewith, all or part of the outstanding
      voting shares shall be changed in any way, reclassified or converted into,
      exchanged or otherwise acquired for shares or other securities of the
      Company or any other person or for cash or any other property;

	 	 	 	 
	 		(iii) 	
      the Company shall sell or otherwise transfer, including
      by way of the grant of a leasehold interest (or one or more of its
      subsidiaries shall sell or otherwise transfer, including by way of the
      grant of a leasehold interest), property or assets (A) aggregating more
      than 50% of the consolidated assets (measured by either book value or fair
      market value) of the Company and its subsidiaries as at the end
      of the most recently completed financial year of the Company or (B) which
      during the most recently completed financial year of the Company
      generated, or during the then current financial year of the Company are
      expected to generate, more than 50% of the consolidated operating income
      or cash flow of the Company and its subsidiaries, to any other person or
      persons (other than the Company or one or more of its subsidiaries);
  or

3 

	 	(iv) 	
      there occurs a change in the composition of the Board,
      which occurs at a single meeting, or a succession of meetings occurring
      within 6 months of each other, of the shareholders of the Company, whereby
      such individuals who were members of the Board immediately prior to such
      meeting or succession of meetings cease to constitute a majority of the
      Board without the Board, as constituted immediately prior to such meeting,
      approving of such change.

	 	(e) 	
      “Confidential Information” means information of a
      sensitive nature related to the Company or its business including, but not
      limited to information pertaining to the Company’s costs, sales, income,
      profit, profitability, pricing, salaries or wages, marketing information,
      corporate information and intellectual property. “Confidential
      Information” does not include any information that, through no fault of
      the receiving party:

	 	 	 	 
	 		(i) 	
      is within the Public Domain at the date of its disclosure
      to the receiving party, or subsequently enters the Public Domain (but only
      after it enters the Public Domain); or

	 	 	 	 
	 		(ii) 	
      is or becomes (but only after it
  becomes):

	 	(A) 	
      independently developed by or on behalf of the receiving
      party as shown by documentary evidence; or

	 	 	 
	 	(B) 	
      disclosed to the receiving party by a third party not
      having an obligation of confidence to the proprietor of the information as
      shown by the documentary evidence; or

	 	(iii) 	
      is Residual Information.

	 		
      No combination of information shall be deemed to be
      within any of the above exceptions, whether or not the component parts of
      the combination are within one or more of the exceptions in Sections
      1(e)(i) and (ii), unless the combination itself and its economic value and
      principles of operation are themselves so excepted;

	 	 	 
	 	(f) 	
      “Company” means Golden Predator Corp., as parent
      company of Golden Predator Mines US Inc. a Company governed by the laws of
      Nevada;

	 	 	 
	 	(g) 	
      “Person” means any individual, partnership,
      limited partnership, joint venture, syndicate, sole proprietorship,
      company or Company with or without share capital, unincorporated
      association, trust, trustee, executor, administrator or other legal
      personal representative, regulatory body or agency, government or
      governmental agency, authority or entity however designated or
      constituted;

4 

	 	(h) 	
      “Public Domain” means readily accessible to the
      public in a written publication, and does not include information that is
      only available by substantial searching of the published literature, and
      information the substance of which must be pieced together from a number
      of different publications and/or sources;

	 	 	 	 
	 	(i) 	
      “Residual Information” means general information
      not specified as being confidential in nature by the Company that is in
      tangible form and is retained in memory by the Executive who have had
      access to Confidential Information including ideas, concepts, know-how and
      techniques or business opportunities that have been considered by the
      Company but rejected or unsuccessfully pursued by the Company;

	 	 	 	 
	 	(j) 	
      “Share Option” means any stock option granted
      under a stock option or share purchase plan of the Company;

	 	 	 	 
	 	(k) 	
      “Term” shall have the meaning set forth in Part 2
      below; and

	 	 	 	 
	 	(l) 	
      “Triggering Event” means any one of the following
      events occurring without the express or implied agreement of the
      Executive:

	 	 	 	 
	 		(i) 	
      a change (other than those that are clearly consistent
      with a promotion) in the Executive’s position or duties (including any
      position or duties as a director of the Company), responsibilities
      (including a change in the person or body to whom the Executive reports at
      the date of a Change in Control, except if such person or body is of
      equivalent rank or stature or such change is as a result of the
      resignation or removal of such person or the persons comprising such body,
      as the case may be, and who reports to the Executive), title or office in
      effect immediately prior to a Change in Control;

	 	 	 	 
	 		(ii) 	
      a reduction by the Company or any of its subsidiaries of
      the Executive’s compensation, benefits or any other form of remuneration
      or any change in the basis upon which the Executive’s compensation,
      benefits or any other form of remuneration payable by the Company or its
      subsidiaries is determined or any failure by the Company to increase the
      Executive’s, benefits or other forms of remuneration payable by the
      Company or its subsidiaries in a manner consistent (both as to frequency
      and percentage increase) with practices in effect immediately prior to a
      Change in Control or with practices implemented subsequent to a Change in
      Control with respect to the senior executives of the Company and its
      subsidiaries, whichever is more favourable to the Executive;

	 	 	 	 
	 		(iii) 	
      any failure by the Company or its subsidiaries to
      continue in effect any benefit or stock ownership plan in which the
      Executive was entitled to participate immediately prior to a Change in
      Control, or the Company or its subsidiaries taking any action or failing
      to take any action that would adversely affect the Executive’s
      participation in or reduce its rights or benefits under or pursuant to any
      such plan, or the Company or its subsidiaries failing to increase or
      improve such rights or benefits on a basis consistent with practices in
      effect immediately prior to a Change in Control or with practices implemented subsequent to a
      Change in Control, whichever is more favourable to the
Executive;

5 

	 	(iv) 	
      any breach by the Company of any provision of this
      Agreement;

	 	 	 
	 	(v) 	
      the good faith determination by the Executive that, as a
      result of a Change in Control or any action or event thereafter, the
      Executive’s status or responsibility in the Company or its subsidiaries
      have been diminished or the Executive is being effectively prevented from
      carrying out its duties responsibilities as they existed immediately prior
      to a Change in Control; or

	 	 	 
	 	(vi) 	
      the failure by the Company to obtain, in a form
      satisfactory to the Executive, an effective assumption of its obligations
      hereunder by any successor to the Company, including a successor to a
      material portion of its business.

	2. 	
      TERMS OF EMPLOYMENT

	 	 
	2.1 	
      The Company engages the Executive as the Company’s Vice
      President of Communications and First Nations with effect from the date of
      this Agreement for an initial term of twenty-four (24) months, which term
      will automatically renew for successive one year periods provided that the
      Company has not given the Executive notice in writing of its intention not
      to renew this Agreement (the “Term”) not less than one hundred and eighty
      (180) calendar days prior to the expiration of the Term.

	 	 
	2.2 	
      The Executive shall serve and perform in the capacities
      described in Section 2.1 hereof and shall have such duties,
      responsibilities, and authorities as are designated for such offices
      pursuant to the Bylaws of the Company, and as may be reasonably assigned
      to the Executive from time to time by the Chief Operating Officer. Subject
      to the discretion of the Chief Operating Officer, the Executive shall be
      responsible for, and shall have commensurate authority to oversee the
      following:

	a) 	
      Create, uphold and design, and as approved, implement the
      Company’s overall communications and marketing plan;

	 	 
	b) 	
      Advising the Company’s senior executives on the
      development and implementation of the Company’s corporate mandate, as
      approved by the Board;

	 	 
	c) 	
      Establishing, fostering and maintaining the Company’s
      relations whilst acting as the Company’s primary liaison with First
      Nations, negotiate, oversee implementation of agreements, Socio Economic
      Accord (SEA);

	 	 
	d) 	
      Establishing, fostering and maintaining the Company’s
      relations with governments and government agencies (federal, provincial
      and territorial) and community groups in the Yukon Territory;

	 	 
	e) 	
      Managing the Company’s relations with its present and
      prospective shareholders (both institutional and retail), governments and
      government agencies (federal, provincial and territorial) First Nations,
      and the news media;

6 

	f) 	
      Brand managing the Company’s corporate image consistent
      with its corporate mandate as approved by the Board;

	 	 
	g) 	
      Overall supervision of the Company’s Communication
      Department, including hiring and managing appropriate staff, on a
      cost-effective basis and within approved budgets, to ensure timely
      performance of the Executive’s responsibilities as detailed herein, which
      shall include (i) scheduling and managing the Company’s presence at trade
      shows and other public relations events, (ii) managing the Company’s
      website by ensuring that it is updated as necessary to provide accurate
      disclosure of the Companies activities and is in compliance with
      applicable rules and regulations, (iii) reviewing the Company’s news
      releases, annual reports and other documents to ensure consistency with
      the Company’s mission statement; (iv) managing the dissemination of the
      Company’s new releases; and (v) coordinating the layout, content and
      overall design of the Company’s presentation materials, including
      powerpoint presentations, brochures, booths and similar items;

	 	 
	h) 	
      Making presentations to staff setting out the Company’s
      programs for public relations;

	 	 
	i) 	
      Preparing and circulating for approval quarterly budgets
      for the foregoing;

	 	 
	j) 	
      Performing any and all other duties the Executive shall
      deem necessary or appropriate for the efficient discharging the
      Executive’s duties as Vice-President Communications and First Nations
      Relations ;and

	 	 
	k) 	
      such other responsibilities as may be reasonable assigned
      by the Chief Operating Officer from time to
time.

	2.3 	
      The Executive agrees to devote substantially all of the
      Executive’s available work time, best efforts, abilities, knowledge and
      experience to the faithful performance of the duties, responsibilities,
      and authorities which may be reasonably assigned to the Executive and
      which are consistent with the Executive’s executive offices described
      under Section 2.1, provided the Executive shall not engage in any business
      which is in direct competition with the Company or any subsidiary, and
      provided that the Executive’s other business activities shall not
      interfere with, or prevent the Executive from fulfilling, his obligations
      to the Company hereunder. Notwithstanding the preceding, the Executive
      may, without being in violation of the Executive’s obligations hereunder,
      (i) serve on corporate, civic or charitable boards, or committees which
      are not engaged in business in competition with the Company or any
      subsidiary; (ii) deliver lectures, accept and fulfill speaking
      engagements, teach at educational institutions and seminars and write or
      publish papers, articles or books; and (iii) invest the Executive’s
      personal assets in such form or manner as will not require any material
      services by the Executive in the operation of the entities in which such
      investments are made, provided the Executive shall use his best efforts to
      pursue such activities in such a manner so that such activities shall not
      prevent the Executive from fulfilling his obligations to the Company
      hereunder.

	 	 
	2.4 	
      In connection with the Executive’s employment by the
      Company during the Term, the Executive shall be based and the Executive’s
      services shall be performed at the Company’s principal office in Hayden,
      Idaho, the Company’s office in Whitehorse and Brewery Creek, Yukon Territory or at any office or
      location as agreed to by the Executive and the CEO, save and except for
      reasonable travel required in connection with the Company’s business
      consistent with the Executive’s position as Vice President Exploration of
    the Company.

7 

	3. 	
      REMUNERATION AND
BENEFITS

	3.1 	
      The Company shall pay the Executive, as compensation for
      services rendered by the Executive under this Agreement, a base salary, on
      an annualized basis (the “Annual Base Salary”) of One Hundred and Fifty
      Thousand and No/100 United States Dollars (USD $150,000.00) during the
      Term of this Agreement. The Annual Base Salary shall be subject to all
      appropriate federal and provincial withholding and payroll taxes and shall
      be paid by the Company to the Executive in accordance with the regular
      payroll policies and practices of the Company. The Company ’s compensation
      of the Executive by payments of the Annual Base Salary pursuant to this
      Section 3.1 shall not be deemed exclusive and shall not prevent the
      Executive from participating in any other compensation or benefit plan of
      the Company, nor shall such compensation in any way limit or reduce any
      other obligation of the Company hereunder; and, except to the extent
      specifically set forth herein, no other compensation, benefit or payment
      hereunder shall in any way limit or reduce the obligation of the Company
      to pay the Annual Base Salary to the Executive during the term of this
      Agreement.

	 	 
	3.2 	
      For work in Canada the Executive remuneration will be
      subject to payroll deductions in accordance with applicable Canadian laws,
      and for work in the United States the remuneration will be subject to
      payroll deductions in accordance with applicable American laws. The
      Executive will allocate time between projects as well as record which
      jurisdiction services are being performed in. In the event that the net
      take- home pay as a result of working in Canada is less than take-home
      would be if worked entirely in the United States, Company will top-up the
      Executive’s salary to account for the difference so that the net pay
      remains the same. The Company will assist the Executive with filing any
      required tax returns in Canada and the United States and will cover all
      reasonable costs. The Company will cover any additional tax liabilities on
      annual tax filings that result from the Executive working in multiple
      jurisdictions.

	 	 
	3.3 	
      In addition to the Annual Base Salary set forth in
      Section 3.1 hereof and any other amounts of compensation payable to the
      Executive pursuant to any other provisions of this Agreement, the Company
      may also pay the Executive discretionary annual bonus compensation (the
      “Annual Bonus Compensation”), in the form of cash or shares of the common
      stock of the Company in such amount, if any, determined by the Board, or
      any duly authorized committee thereof, to be proper and appropriate for
      each fiscal year of the Company during the term of this Agreement,
      provided that the Annual Bonus Compensation may not exceed 50% of the
      Annual Base Salary. Such Annual Bonus Compensation shall be based upon
      such factors as the Board, or any duly authorized committee thereof, shall
      deem appropriate and consistent with factors applicable to other executive
      officers of the Company, including (i) the Executive’s contributions to
      the success of the business operations of the Company, its divisions and
      its subsidiaries for each fiscal year of the Company during the term
      hereof; (ii) the Company’s share price performance viewed objectively as
      well as against its peer group within the industry ; (iii) the success of
      the Company’s exploration activities; (iv) the increase in mineral
      reserves to the asset base of the Company, its divisions and its
      Subsidiaries; (iv) the consolidated revenues, expenses and profits of
      the Company, its divisions and its subsidiaries for each
      fiscal year of the Company during the term hereof, as determined in
      accordance with generally accepted accounting principles; ; and (v) the
      general overall economic performance of the Company, its divisions and its
  subsidiaries for each fiscal year of the Company.

8 

	3.4 	
      The Company shall also reimburse the Executive for any
      reasonable out-of-pocket expenses incurred by the Executive in accordance
      with the Company’s standard expense practices. Prior to the reimbursement
      of such expenses, the Company shall require the Executive to prepare a
      summary of the expenses incurred and submit it to the Company together
      with appropriate supporting receipts, invoices, or other documentation
      acceptable to the Company. The Company may make an advance to cover such
      expenses, such advances being repayable to the extent remaining upon
      termination of this Agreement.

	 	 
	3.5 	
      In addition to the Annual Base Salary and any Annual
      Bonus Compensation payable to the Executive hereunder, the Executive shall
      be entitled to participate in the Company’s health, dental, disability and
      life insurance plans (if any) provided that the Executive satisfies the
      eligibility requirements therefor, provided that nothing herein will
      obligate the Company to institute such plans.

	 	 
	3.6 	
      The Executive shall be entitled to a reasonable paid
      vacation of not less than twenty (20) business days each calendar year
      during the Employment Period, exclusive of holidays and weekends, which
      vacation shall be taken by the Executive in accordance with the Company’s
      vacation plans, policies and practices as then in effect and with a view
      to the business requirements of the Company. The Executive shall also be
      entitled to compensation in respect of earned or accrued but unused
      vacation time based on the Executive’s Annual Base Salary.

	 	 
	3.7 	
      During the Term the Company shall provide, at its
      expense, appropriate and adequate office space, furniture, communications,
      stenographic and word-processing equipment, supplies, personnel (including
      as required professional, clerical, support and other personnel) and such
      other facilities and services as shall be suitable to the Executive’s
      position and adequate for the Executive’s use in performing the
      Executive’s duties and responsibilities under this
  Agreement.

	4. 	
      CONFIDENTIAL INFORMATION AND PROPERTY OF THE
      COMPANY

	4.1 	
      The Executive's Obligations as to Confidential
      Information and Materials. Confidential Information, whether in
      written, oral, magnetic, photographic, optical, or other form and whether
      now existing or developed or created during the period of the Executive's
      relationship or engagement with the Company, excepting information
      obtained from general or public sources, is proprietary to the Company and
      is highly confidential in nature. In this regard, the Executive
      acknowledges that damages pursued by an action at law may not be an
      adequate remedy for the Executive’s breach of its obligations under this
      Part 4, and the Executive agrees that the Company shall be entitled to
      equitable remedies including but not limited to interlocutory or permanent
      injunctions, which the Executive agrees not to oppose.

	 	 
	4.2 	
      Use of Company Communication and Documents Storage
      Systems. The Executive shall send and receive all electronic
      communications through, and shall store copies of all documents material
      to the business and affairs of the Company on, the Company’s server in accordance with the Company’s
      information technology policies and procedures as established from
  time-to-time.

9 

	4.3 	
      General Skills. The general skills and Residual
      Information and other experience gained by the Executive during the
      Executive's relationship with the Company, and information within the
      Public Domain or generally known within the industries or trades in which
      the Company competes, is not considered Confidential
Information.

	 	 
	4.4 	
      Preservation of Confidential Information. During
      the Executive's relationship with the Company, the Executive may have
      access to all or a portion of the Confidential Information and, as such,
      will occupy a position of trust and confidence with respect to the
      Company's affairs and business. The Executive will take the following
      steps to preserve the confidential and proprietary nature of the
      Confidential Information:

	 	(a) 	
      Non-Disclosure. The Executive will not at
      any time disclose or otherwise permit any person or entity access to any
      of the Confidential Information other than as required in the performance
      of the Executive's duties to the Company.

	 	 	 
	 	(b) 	
      Prevent Disclosure. The Executive will take
      all reasonable precautions to prevent disclosure of the Confidential
      Information and will follow all the Company's reasonable instructions to
      the Executive in respect of the same.

	 	 	 
	 	(c) 	
      Non-Use. The Executive will not use at any
      time, or otherwise permit any person or entity to use, any of the
      Confidential Information other than as required in the performance of the
      Executive's duties.

	 	 	 
	 	(d) 	
      Return all Materials. Within five business
      days after the termination of the Executive's relationship with the
      Company, for any reason whatsoever, the Executive will deliver to the
      Company all keys and access cards as well as all tangible materials
      embodying the Confidential Information, including, without limitation, any
      documentation, records, listings, notes, data, sketches, drawings,
      memoranda, models, accounts, reference materials, samples,
      machine-readable media and equipment which in any way relate to the
      Confidential Information.

	4.5 	
      Continuation of Confidentiality Obligations. The
      Executive acknowledges and agrees that the obligations set out in this
      Part are to remain in effect for a period of five (5) years following
      termination of the Executive’s relationship with the Company. The
      Executive further acknowledges that the obligations set out in this Part
      are not in substitution for any obligations which the Executive may now or
      hereafter owe to the Company and which exist apart from this Part 4 and do
      not replace any rights of the Company with respect to any such
      obligations.

	 	 
	4.6 	
      Communication of Confidential Information. The
      Executive agrees to communicate to the Company all Confidential
      Information obtained in the course of performing the services.

	 	 
	4.7 	
      Confidentiality and Non-Competition. The Executive
      hereby agrees that he will not at any time during the Term and for a
      period of one year thereafter:

10 

	 	(a) 	
      knowingly interfere with or endeavour to entice away from
      the Company any of the financiers who were active financiers or
      participated in private placements of the Company or its securities during
      the three year period immediately prior to the termination of the
      Contactor’s relationship with the Company;

	 	 	 
	 	(b) 	
      interfere with or knowingly entice away any employee of
      the Company who was an employee of the Company within 120 calendar days of
      the termination of the Executive’s relationship with the
  Company.

	4.8 	
      Notice. If the Executive is required by law, rule,
      regulation, subpoena or regulatory agency or stock exchange rule (“Legal
      Process”) to disclose any Confidential Information, the Executive will
      provide the Company with prompt notice of such requirement, if legally
      practicable, and will use reasonable efforts to obtain confidential
      treatment for any Confidential Information that is required to be
      disclosed prior to making any such disclosure. If, provided that the
      Executive has used reasonable efforts to obtain assurances that
      confidential treatment will be afforded such information, the Executive is
      nonetheless required by Legal Process to disclose any Confidential
      Information, the Executive may only disclose such Confidential Information
      that it is required by law to be disclosed.

	 	 
	4.9 	
      Limitation. The provision of this Part 4 shall not
      prevent the Executive, following the termination of this Agreement, from
      providing his services to other natural resource exploration companies,
      including companies working in the same general area of the Company’s
      mineral properties.

	5. 	
      INTELLECTUAL PROPERTY OF THE COMPANY

	 	 
	5.1 	
      Company’s Rights. The Executive agrees that all
      right, title, and interest in or to any and all of the work product of the
      Executive shall be the property of the Company.

	 	 
	5.2 	
      Disclosure. The Executive agrees to promptly
      disclose to the Company all of the products of the services hereunder and
      to provide all assistance reasonably requested by the Company in the
      preservation of its interests in the same, such as by executing documents
      or testifying. Regardless of whether this Agreement has been terminated,
      the Executive agrees to execute, acknowledge, and deliver any instruments,
      and to provide whatever other assistance is required to confirm the
      ownership by the Company of such rights. Reasonable expenses incurred for
      such assistance shall be paid by the Company. No additional compensation
      shall be paid to the Executive in respect of any of the matters referred
      to in this Section 5.2.

	 	 
	5.3 	
      No Rights. Nothing in this Agreement shall be
      construed to grant to the Executive any express or implied option, license
      or other rights, title or interest in or to the Confidential Information
      or, or obligate either party to enter into any agreement granting any such
      right.

	 	 
	6. 	
      TERMINATION

	 	 
	6.1 	
      Termination. The Company may terminate this
      Agreement in the following circumstances:

11 

	 	(a) 	
      at any time by the Company forthwith, without notice and
      without pay in lieu of notice, for Cause;

	 	 	 
	 	(b) 	
      automatically upon the death of the Executive;

	 	 	 
	 	(c) 	
      automatically in the event the Executive is subject to
      any bankruptcy, insolvency or other similar proceeding;

	 	 	 
	 	(d) 	
      at any time by notice in writing from the Company to the
      Executive if the Executive shall become permanently disabled; for the
      purposes hereof, the Executive shall be deemed to be permanently disabled
      immediately following any period of 180 consecutive calendar days during
      which the Executive is prevented from performing his duties for more than
      90 calendar days in the aggregate by reason of illness or mental or
      physical disability despite reasonable accommodation efforts of the
      Company;

	 	 	 
	 	(e) 	
      in any other case, by (i) the payment by the Company to
      the Executive in a lump sum equal to six months’ Annual Base Salary and
      one-half of the maximum Annual Bonus Compensation (paid in cash, less
      applicable payroll taxes) calculated from the date of termination of his
      employment or at any time following the first year of the Term an amount
      equal to one-half the Annual Base Salary plus one twelfth of the Annual
      Base Salary for each full year of the service since commencement of the
      Term, whichever is greater and (ii) the immediate vesting of any Stock
      Option previously granted to the Executive by the Company or any
      subsidiary of the Company, and the Executive shall be entitled to exercise
      such Stock Option on the terms granted and, notwithstanding any term of
      the stock option plan to the contrary, shall remain exercisable for the
      original term granted and shall not terminate due to the termination of
      the Executive's employment with the Company. In addition, any provisions
      of the Stock Option restricting the number of option shares which may be
      purchased before a particular date shall be waived. The terms of any Stock
      Option agreement shall be deemed amended to reflect the provisions of this
      paragraph (e). The provisions of this paragraph (e) shall be subject to
      applicable securities laws and the rules of any stock exchange on which
      the shares of the Company may be then listed and the receipt of all
      necessary approvals from such securities regulators and exchange, which
      approvals the Company shall use its reasonable commercial efforts to
      obtain in the event of the operation of this paragraph (e). In the event
      that any payment is made to the Executive pursuant to the provisions of
      paragraph (e) the Executive shall not be required in any manner whatsoever
      to mitigate any damages and shall be made regardless of whether the
      Executive seeks or finds alternate employment of any nature whatsoever;
      and

	 	 	 
	 	(f) 	
      by the Executive providing no less than ninety (90)
      calendar days notice in writing to the Company. In the event the Executive
      provides such notice to the Company, the Executive’s employment shall
      terminate on the date the period of such notice expires. In such
      circumstance, the Company may request that the Executive cease duties
      prior to the expiry of the notice period.

	6.2 	
      Effect of Termination. Upon the termination of
      this Agreement pursuant to Sections 6.1(a), (b) (c) or (f), the parties agree that the
      Company’s liability to the Executive shall be limited to all accrued and
      unpaid portions of the Annual Base Salary due up to the date of
      termination as well as any Expenses properly incurred prior to the date of
      termination, less any advances against Expenses not accounted
  for.

12 

	7. 	
      CHANGE OF CONTROL

	 	 
	7.1 	
      Notwithstanding anything to the contrary contained in
      this Agreement, if a Change in Control occurs and if, in respect of the
      Executive, a Triggering Event subsequently occurs within two (2) years of
      the Change in Control, the Executive shall be entitled to elect to
      terminate this agreement with the Company and to receive a payment from
      the Company in an amount equal to the Annual Base Salary and the amount of
      the Annual Bonus Compensation for the previous year (the “Change of
      Control Payment”). This Section 7.1 shall not apply if such Triggering
      Event follows a Change in Control which involves a sale of securities or
      assets of the Company with which the Executive is involved as a purchaser
      in any manner, whether directly or indirectly (by way of participation in
      a Company or partnership that is a purchaser or by provision of debt,
      equity or purchase-leaseback financing).

	 	 
	7.2 	
      The Change of Control Payment provided for in Section 7.1
      is conditional upon the Executive electing to exercise such right by
      notice given to the Company within 120 calendar days of the Triggering
      Event.

	 	 
	7.3 	
      Notwithstanding the provisions contained in Section
      6.1(e) hereof, the Executive shall be entitled to the Change of Control
      Payment if a Triggering Event does not occur but the Executive is
      dismissed from with the Company without Cause within two (2) years of the
      Change in Control. For greater certainty, the Executive shall not be
      entitled to any payment by the Company pursuant to this Section 7.3 if the
      Executive is dismissed from this employment with the Company for Cause.
      The Company shall not dismiss the Executive for any reason unless such
      dismissal is specifically approved by the Board.

	 	 
	7.4 	
      The Change of Control Payment shall be in lieu of all
      other notice or damage claims as regards dismissal or termination of the
      Executive's employment with the Company or any subsidiary of the Company
      after a Change in Control and the arrangements provided for herein shall
      not be considered in any judicial determination of appropriate damages at
      common law for dismissal without Cause, other than as provided for in this
      Agreement.

	 	 
	7.5 	
      In the event that the Executive is entitled to a Change
      of Control Payment, the Executive shall be entitled to continue to
      participate in any benefit package for a period of 12 months after the
      date of the giving of notice by the Executive pursuant to Section 7.2, or
      the dismissal of the Executive's contract pursuant to Section 7.3, as the
      case may be.

	 	 
	7.6 	
      In the event that the Executive is entitled to a Change
      of Control Payment, any Stock Option previously granted to the Executive
      by the Company or any subsidiary of the Company shall become fully vested,
      in which case the Executive shall be entitled to exercise such Stock
      Option on the terms granted and, notwithstanding any term of the stock
      option plan to the contrary, shall remain exercisable for the original
      term granted and shall not terminate due to the termination of the
      Executive's employment with the Company. In addition, any provisions of the
      Stock Option restricting the number of option shares which may be
      purchased before a particular date shall be waived. The terms of any Stock
      Option agreement shall be deemed amended to reflect the provisions of this
      Section 7.6. The provisions of this Section 7.6 shall be subject to
      applicable securities laws and the rules of any stock exchange on which
      the shares of the Company may be then listed and the receipt of all
      necessary approvals from such securities regulators and exchange, which
      approvals the Company shall use its reasonable commercial efforts to
      obtain in the event of the operation of this Section 7.6.

13 

	7.7 	
      Any payment to be made by the Company pursuant to the
      terms of Part 7 shall be paid (i) by the Company in cash in a lump sum
      within five business days of the giving of notice by the Executive
      pursuant to Section 7.2, (ii) within five business days of the termination
      or dismissal from the Executive's employment as referred to in Section
      7.3, or (iii) in such manner as may be agreed to by the Company and the
      Executive. Any such payment shall be calculated, in the case of Section
      7.1 at the date of giving notice pursuant to Section 7.2 and, in the case
      of Section 7.3, at the date of dismissal or termination, as the case may
      be.

	 	 
	7.9 	
      In the event that any payment is made to the Executive
      pursuant to the provisions of Section 7.1 or Section 7.3, as the case may
      be, the Executive shall not be required in any manner whatsoever to
      mitigate any damages. Furthermore, the payment referred to in Section 7.1
      or Section 7.3, as the case may be, shall be made regardless of whether
      the Executive seeks or finds alternate employment of any nature
      whatsoever.

	 	 
	8. 	
      NOTICE

	 	 
	8.1 	
      Unless otherwise permitted by this Agreement, all
      notices, requests, demands and other communications hereunder shall be in
      writing and shall be deemed to have been fully given if personally
      delivered to the party to whom the notice or other communication is
      directed or if mailed by prepaid registered mail on the fifth business day
      after the date on which it is so mailed (provided that if there is an
      interruption in the regular postal service during such period arising out
      if a strike, lockout, work slow-down or similar labour dispute in the
      postal system, all days during which such interruption occurs shall not be
      counted:

Notice to the Company: 

GOLDEN PREDATOR MINES US INC.

11521 North Warren Street 
Hayden, Idaho 
USA 83835 
Attention:
Chief Operating Officer 

Notice to the Executive: 

JANET LEE-SHERIFF 
5494
Fernan Hill 
Coeur d’Alene, ID 83814 

14 

		
      or to such other address as each party may from time to
      time notify the other of in writing. Notices may not be given by
      facsimile.

	 	 
	9. 	
      MISCELLANEOUS

	 	 
	9.1 	
      This Agreement contains the entire understanding and
      agreement between the parties and supersedes all prior communications,
      representations and agreements whether verbal or written between the
      parties with respect to the subject matter hereof. This Agreement may be
      amended or modified only by written instrument signed by all parties
      hereto.

	 	 
	9.2 	
      The rights and obligations of the parties set out under
      Parts 4, 5 and 9 of this Agreement survive the termination of this
      Agreement insofar as is necessary to give full effect to the terms
      hereof.

	 	 
	9.3 	
      The provisions of this Agreement shall be governed by and
      interpreted in accordance with the laws of Idaho. The parties irrevocably
      attorn to the exclusive jurisdiction of the courts of Idaho with respect
      to any legal proceedings arising here from.

	 	 
	9.4 	
      The Company has obtained legal advice concerning this
      Agreement and has requested that the Executive obtain independent legal
      advice with respect to this Agreement. The Executive hereby represents and
      warrants to the Company that it has been advised to obtain independent
      legal advice, and that prior to the execution of this Agreement he has
      obtained independent legal advice or has, in his discretion, knowingly and
      willingly elected not to do so.

	 	 
	9.5 	
      The invalidity or unenforceability of any particular
      provision of this Agreement shall not affect any other provision thereof,
      and this Agreement shall be construed as though such invalid or
      unenforceable provision were omitted.

15 

IN WITNESS WHEREOF the parties have executed this
Agreement with effect from the date first written above. 

GOLDEN PREDATOR CORP. 

           
“/s/ William M. Sheriff” 
Per:
_________________________________
      
Authorized Signatory 

	SIGNED, SEALED AND DELIVERED 	) 	  
	in the presence of 	) 	  
	  	) 	  
	         “/s/ Amanda Lloyd” 	) 	“/s/ Janet Lee-Sheriff” 
	  	) 	 
    
	Witness 	) 	JANET LEE-SHERIFFTill Capital Ltd. - Exhibit 4.6  - Filed by newsfilecorp.com

 

 

Insurance Management Agreement 

 

between 

 

Resource Holdings Ltd. and Resource Re Ltd. 

 

and 

 

Cedar Management Limited 

 

 

Continental Building 
25 Church Street, Hamilton HM 12

Bermuda 

INDEX 

	ARTICLE
      	  	DEFINITIONS
      	2
      
	 	 	 	 
	ARTICLE
      	II
      	APPOINTMENT
      OF MANAGER, PRINCIPALREPRESENTATIVE 	3
      
	 	 	 	 
	ARTICLE
      	Ill
      	SERVICES
      OF THE MANAGER 	3
      
	 	 	 	 
	ARTICLE
      	IV
      	DUTIES
      OF THE COMPANY 	4
      
	 	 	 	 
	ARTICLE
      	V	COMPENSATION
      OF MANAGER 	5
      
	 	 	 	 
	ARTICLE
      	VI
      	TERM
      AND TERMINATION 	5
      
	 	 	 	 
	ARTICLE
      	VII
      	SCOPE
      OF SERVICES 	6
      
	 	 	 	 
	ARTICLE
      	VIII
      	ACTIVITIES
      OF THE MANAGER 	6
      
	 	 	 	 
	ARTICLE
      	IX
      	NOPARTNERSHIP
      	6
      
	 	 	 	 
	ARTICLE
      	X	MISCELLANEOUS
      	7
      

1

This INSURANCE MANAGEMENT AGREEMENT is made on the 15th day of
January, 2013 between: 

	(1) 	
      Resource Holdings Ltd. and Resource Re Ltd. both
      bodies corporate having their principal office at Continental Building, 25
      Church Street, Hamilton HM 12, Bermuda (hereinafter collectively referred
      to as "the Company").

and 

	(2) 	
      Cedar Management Limited a body corporate having
      its principal office at Continental Building, 25 Church Street, Hamilton
      HM 12, Bermuda (hereinafter referred to as "the
  Manager")..

WHEREAS: 

	 	(a} 	
      The Company is incorporated and existing under the laws
      of the Bermuda and under such laws the Company is permitted to engage in
      the business of insurance and/or reinsurance; 

	 	 	     
	 	{b) 	
      The Company desires certain insurance management and
      ancillary services in connection with that business; 

	 	 	     
	 	(c) 	
      The Manager has a proven expertise in the provision of
      those services and is duly licensed in Bermuda to render such services;      

	 	 	     
	 	(d} 	
      The Company and the Manager wish to enter into an
      agreement whereby the Manager will render the Services as defined in
      Article Ill; 

NOW, THEREFORE, in consideration of the mutual agreements
herein contained, the sufficiency of which is hereby acknowledged and in
consideration of the performance by each of the parties hereto of such
agreements on and subject to the terms hereof, it is agreed as follows: 

ARTICLE 1 DEFINITIONS 

In this Agreement: 

	 	{a)	
    "the Board" means the Company's Board of Directors;    

	 	 	 
	 	(b}	
      "the Business" means the Company's insurance and
      reinsurance business; 

	 	 	 
	 	{c) 	
      "the Insurance Act" means The Insurance Act 1978 of
    Bermuda and regulations made under it, as amended from time to time;    

	 	(d)	"the Services" means the services
      set out in Article Ill. 

2

ARTICLE II APPOINTMENT OF MANAGER AND PRINCIPAL
REPRESENTATIVE 

The Company hereby appoints the Manager to manage the Business
and to be the Company's Insurance Manager and Principal Representative for the
purposes of the Insurance Act, and to do all such acts or things as are
reasonably necessary for the efficient operation of the Company in the conduct
of the Business but subject to such directions as the Board makes from time to
time. 

ARTICLE Ill SERVICES OF THE MANAGER 

Subject at all times to the instructions or general supervision
of the Board (including any person appointed or authorized by the Board in
connection with any matter under this Agreement) the Manager will render
insurance management and ancillary services during the term of this Agreement as
follows:- 

	 	(1) 	
      Provide general insurance management services to the
      Company.

	 	 	 
	 	(2) 	
      At the direction of the Board, retain and pay consultants
      to develop and recommend programs of insurance and reinsurance for
      consideration by the officers of the Company. The Manager shall however,
      retain the option to propose for consideration by the Board forms of
      insurance policies and binders for the use of the Company in respect of
      the Business.

	 	 	 
	 	(3) 	
      At the direction of the Board, accept either in whole or
      in part insurance and/or reinsurance on risks in respect of the Business
      offered to the Company upon such terms and conditions and at such premiums
      as the Board may decide.

	 	 	 
	 	(4) 	
      With the permission of the Board, retain and pay for the
      services of any advisers, whether legal, financial, insurance, actuarial,
      investment, accounting or otherwise, who in the reasonable opinion of the
      Manager are necessary for the operation of the Company and/or the conduct
      of the Business.

	 	 	 
	 	(5) 	
      Establish and maintain on behalf of the Company, separate
      from the Manager's other clients and its own books and records,
      underwriting, reinsurance, claims and other records as required under the
      Insurance Act and by any governmental or regulatory authority acting
      pursuant to the Insurance Act; and such books and records as will provide
      a true, complete and current record showing the financial condition of the
      Company at all times in accordance with generally accepted accounting
      principles applicable to the business of insurance and
  reinsurance.

	 	 	 
	 	(6) 	
      Prepare and execute in the name and on behalf of the
      Company any policies and contracts of insurance and reinsurance, binders
      and endorsements in respect of the Business which has been accepted by the
      Company as per the direction of the Board of Directors;

	 	 	 
	 	(7) 	
      Prepare and execute in the name and on behalf of the
      Company any contracts or documents in respect of ancillary services
      relating to the Business which has been accepted by the Company as per the
      direction of the Board of Directors;

	 	 	 
	 	(8) 	
      Prepare and deliver to the Company, as soon as
      practicable at specified intervals and in the form requested by the
      Company, statements of the financial position and results of operations of
      the Company.

3

	 	(9) 	
      Manage the day to day operations of the Company including
      the invoicing and collection of amounts due to the Company, the payment of
      claims against the Company and the deposit and withdrawal of funds in
      connection with the Business. The Manager shall use reasonable endeavors
      in the collection of amounts due to the Company in respect of the Business
      but shall be responsible to the Company only for such amounts which are
      collected. Further, the Manager will open and maintain, in the name of the
      Company, such bank accounts as may be required, and as per the direction
      of the Board of Directors.

	 	 	 
	 	(10) 	
      Notify the Company from time to time on funds of the
      Company available for investment and facilitate investment of such funds
      on behalf of the Company in the manner advised by the Board.

	 	 	 
	 	(11) 	
      Inform the Company promptly of the results or summaries
      of surveys, inspections, computations and similar information and such
      other matters as may be requested by the Company.

	 	 	 
	 	(12) 	
      Use all reasonable endeavors to manage the Business in
      conformity with the laws of Bermuda, and in particular, but without
      limitation to the Insurance Act.

	 	 	 
	 	(13) 	
      Prepare and file annual insurance statements and reports
      with appropriate insurance regulatory agencies, including, without
      limitation, ensuring that the Company is in compliance with all
      requirements of the Bermuda Monetary Authority (except to the extent that
      the Company fails to act on the Manager's written advice in such
      regard).

	 	 	 
	 	(14) 	
      Generally provide such other services usual to insurance
      company management as may be reasonably required by the Company from time
      to time in connection with the Business which the Company is or may
      hereafter by its Memorandum of Association be authorized to undertake. In
      the event that services are required outside the scope of this Agreement,
      such services may be provided but at an additional fee or fees to that
      provided for in Article V and /or the Management Fee
  Addendum.

The Manager will not provide the Company with legal counsel,
investment management or advice, tax advice, auditing or actuarial services
under this Agreement nor any other advice or service which is not expressly
identified in the preceding paragraphs, unless the provision of such additional
advice or service has been mutually agreed in writing in advance by the parties.

ARTICLE IV DUTIES OF THE COMPANY 

The Company, in consideration of the Manager agreeing to
provide the Services, hereby agrees during the term of this Agreement as
follows:- 

	(1) 	
      The Company will provide the Manager with sufficient
      information and instructions to enable the Manager to provide all and any
      of the Services;

	 	 
	(2) 	
      The Company will, where appropriate approve the actions
      of the Manager on behalf of the Company, which are within the scope of
      this Agreement;

	 	 
	(3) 	
      The Company will make all and any decisions on, and
      accept sole responsibility for; investments of the Company and the Company
      will ensure such decisions will not cause a breach under the Insurance Act
      or any other applicable laws;

4

	(4) 	
      The Company will use all reasonable endeavors to observe
      all and any applicable laws and will ensure the Company complies with
      them;

	 	 
	(5) 	
      The Company will promptly act upon any proposal which may
      be submitted to it for approval by the Manager and will promptly comply
      with any request for instructions or information made by the Manager in
      order that the Manager may more efficiently provide all
      and any of the Services;

	 	 
	(6) 	
      The Company will pay the Manager as compensation in full
      for provision of all and any of the Services the annual fee and expenses
      and disbursements in the amount and on the basis set out in Article V of
      this Agreement and/or the Management Fee Addendum;

	 	 
	(7) 	
      Where an officer of the Company has given the Manager
      instructions in person or by telephone, written confirmation of any such
      instructions will be sent to the Manager as soon as possible
      thereafter.

ARTICLE V COMPENSATION OF MANAGER 

The Company shall pay the Manager as full compensation for
provision of all and any of the Services an annual fee outlined in Management
Fee Addendum (attached to this agreement) payable monthly in advance. 

The remuneration of the Manager shall be reviewed on a regular
basis and any amendments will be effective as per agreed by the parties. 

The Company in addition shall pay upon receipt of periodic
invoices from the Manager all reasonable and customary disbursements made by the
Manager in the provision of the Services. Expenses shall include, but not be
limited to, the cost of travel, sustenance and hotel. Disbursements shall
include but not be limited to, telephone, fax, courier, postage, e-mail, and
supplies purchased by the Manager on behalf of the Company and any other funds
advanced to or paid on behalf of the Company by the Manager. 

ARTICLE VI TERM AND TERMINATION 

	(1) 	
      This Agreement shall become effective on the date first
      written above and shall remain in full force and effect thereafter until
      terminated (as hereinafter provided) by either the Company or the Manager
      giving written notice thereof to the other party at least ninety days in
      advance of the date upon which termination is to be effective.

	 	 	 
	(2) 	
      Notwithstanding paragraph (1) above, if one of the
      parties ("the defaulting party"):

	 	 	 
		(a) 	
      fails to discharge any of its obligations and/or
      liabilities as provided herein within ninety days after receiving a
      written notice from the other party calling attention to the fact;
    or

	 	 	 
		(b) 	
      becomes insolvent or suspends payment of its debts or
      enters into any arrangement with its creditors or ceases or threatens to
      cease to carry on its business; or

	 	 	 
		(c) 	
      goes into voluntary liquidation or otherwise has a
      receiver or administrator appointed;

then in any of such cases, the other
party shall thereafter have the right to terminate this Agreement forthwith by
giving written notice to the defaulting party. 

5

	(3) 	
      Termination of this Agreement for any reason shall not
      affect the provisions of Article X paragraph (5) nor any rights or
      obligations of either party which have accrued prior to the effective date
      of termination.

	 	 
	(4) 	
      Upon termination of this Agreement (howsoever
      terminated), the Manager shall make all reasonable efforts to effect an
      orderly transition of all and any of the Company's funds, and all records,
      including those in electronic medium, of the Company's business, and all
      policies and contracts of insurance and reinsurance, binders and
      endorsements, to the Company or to whomsoever the Company may nominate,
      upon written notice to do so from the Company provided that all fees and
      disbursements payable by the Company to the Manager under the terms of
      this agreement are first settled in full.

	 	 
	(5) 	
      Pending such notice, the Manager shall continue to keep
      all of the Company's funds separate from other funds of the Manager or of
      the Manager's other clients. At the Company's discretion any and all
      matters pending at the time of termination shall either be concluded by
      the Manager or turned over to the Company for final disposition. The
      Manager shall also procure the resignation of its employees serving as
      directors and/or officers of the Company.

ARTICLE VII SCOPE OF SERVICES 

The obligations of the Manager hereunder are limited to the
provision of the Services to the Company. In performing its obligations under
this Agreement, the Manager shall act diligently, prudently and with appropriate
skill. The Manager shall not have any other or further obligations or
responsibilities to the Company, including, but not limited to, any obligation
or responsibility for the collectability of any insurance or reinsurance
premiums, the profitability of the Business, the solvency of any person
(including the Company) or the failure of any third party (including any insurer
or reinsurer) to fulfill its obligations, financial or otherwise. 

ARTICLE VIII ACTIVITIES OF THE MANAGER 

The Company acknowledges that the Manager manages other
entities affiliated and unaffiliated with the Manager. The Company agrees that
neither the Manager nor any affiliate of the Manager shall in any way be
restricted from or limited in acting as a manager for other entities or
investing its funds in any entity, including without limitation, any entity
which competes with the Company. In the course of providing, or causing to be
provided, the Services, the Manager may at its own expense employ independent
parties and affiliates of the Manager. The Company agrees to allow Manager to
send an employee or representative of the Manager to attend all of the Company's
board of directors' meetings and shareholder meetings. 

ARTICLE IX NO PARTNERSHIP 

The Company and the Manager are independent contractors and are
not partners or joint ventures with each other, and nothing herein shall be
construed so as to make them such partners or joint venture's or impose any
liability as such on either of them. 

6

ARTICLE X MISCELLANEOUS 

	(1) 	
      This Agreement shall not inure to the benefit of any
      successor in interest of the Manager or the Company nor may either the
      Manager or the Company assign any interest under this Agreement without
      prior written consent of the other.

	 	 
	(2) 	
      If any part of this Agreement shall be adjudged by any
      court of competent jurisdiction to be invalid, such judgment will not
      affect or nullify the remainder of this Agreement and the effect of such
      judgment will be confined to the part immediately involved in the
      controversy adjudged.

	 	 
	(3) 	
      The waiver by either party hereto of any known breach of
      this Agreement, whether in a single instance or repeatedly, shall not be
      construed as a waiver of rights under this Agreement to terminate it
      because of similar or additional breaches. Further, such waiver shall not
      in any manner be construed as a waiver by the other party to strictly
      adhere to the terms and conditions of this Agreement nor as a waiver of
      any claim for damages or other remedy by reason of such breach.

	 	 
	(4) 	
      All notices and other communications relating
      specifically to this Agreement shall be in writing and shall be deemed to
      have been given when delivered by hand, or upon the third day following
      mailings which shall be by recorded or registered mail, postage
    paid:

	 	(i) 	
      if to the Manager, at Continental Building, 25 Church
      street, P.O. Box HM 824, Hamilton HM CX, Bermuda

	 	 	 
	 	(ii) 	
      if to the Company, at Continental Building, 25 Church
      street, P.O. Box HM 824, Hamilton HM CX,
Bermuda.

		
      or, in either case, to such other person and address as
      the party to be notified shall have furnished to the other party in
      writing.

	 	 
	(5) 	
      The Manager shall at all times during the course of this
      Agreement and thereafter (except as may be required to perform the
      Services or by applicable law or by any regulatory or governmental body)
      maintain strict confidentiality with respect to the Company's records and
      the information contained therein.

	 	 
	(6) 	
      The Manager shall be entitled to rely and act upon all
      instructions and information given to it by an officer of the Company by
      telephone (formalized in writing) or by facsimile or other electronic
      means of transmission.

	 	 
	(7) 	
      This Agreement shall be construed and enforced in
      accordance with, and governed by, the laws of Bermuda. The captions in
      this Agreement are included for convenience of reference only and shall
      not limit or otherwise affect the meaning hereof.

	 	 
	(8) 	
      The Company shall indemnify the Manager against all
      actions, proceedings, costs, claims, demands and expenses suffered or
      incurred by the Manager in connection with the provision of the Services
      and the performance by it of its duties hereunder except as shall arise
      from the proven fraud, willful misfeasance, bad faith, negligence or
      reckless disregard of its duties and obligations hereunder.

	 	 
	(9) 	
      The Manager shall indemnify the Company against all
      actions, proceedings, costs, claims, demands and expenses suffered or
      incurred by the Company in connection with the provision of the Services
      and the performance by it of its duties hereunder except as shall arise
      from the proven fraud, willful misfeasance, bad faith, negligence or
      reckless disregard of its duties and obligations hereunder. 

7

	(10) 	
      The liability of the Manager for any loss or damage
      sustained by the Company as a result of any act or omission of Manager
      except as shall arise from the proven fraud, willful misfeasance, bad
      faith, negligence or reckless disregard of its duties and obligations
      shall not exceed an amount equal to the annual fee actually received by
      the Manager under and by virtue of this Agreement. 

	  	     
	(11) 	
      The manager does not act as an insurer for any insured of
      the Company. This Agreement shall not be construed as an insurance policy
      or any contract or agreement of indemnity; it being understood that the
      Manager is in no event under the terms of this Agreement financially
      responsible or liable for the payment or satisfaction of claims, lawsuits
      or any cause of action against the Company or any insured of the Company.
      The payment by the Manager of any funds for the satisfaction of any claim,
      lawsuit, or cause of action against the Company or any insured of the
      Company shall not be considered an undertaking by the Manager to be
  responsible financially or liable for any present or future claims.  

	  	     
	(12) 	
      The Manager shall at all times (except as required by
      law) maintain strict confidentiality with respect to the company's
      records, the information contained therein and the insurance and
      reinsurance activities and plans of the Company. 

	  	     
	(13) 	
      Any dispute or difference arising between the Parties
      with regard to the interpretation of this Agreement or to the rights or
      obligations of any Party or in any manner relating to the subject matter
      of this Agreement shall be referred to a single arbitrator to be appointed
      by the Parties or failing agreement by the Parties such arbitrator to be
      appointed by the auditors of the Company and such arbitration will be held
      in the domicile of incorporation of the Company. 

	  	     
	(14) 	
      No variation of or amendment to this Agreement shall be
      effective unless it is in writing and signed by a duly authorized officer
      of each of the parties hereto. 

	  	     
	(15) 	
      This Agreement may be executed in any number of
      counterparts, each of which shall be an original but all of which shall be
taken together to constitute one and the same instrument

IN WITNESS WHEREOF, each party hereto has caused this
Agreement to be executed in its company name by its authorized representative,
hereunto duly authorized as of the date first written above. 

	Resource Holdings Ltd. 	Resource Re Ltd. 
	Signature: ”/s/ Joseph Taussig” 	Signature: “/s/ Thomas McMahon 
	Name and Position: Joseph Taussig/Director 	Name and Position: Thomas McMahon/Director
      
	Date: Feb. 12, 2014 	Date: Feb. 11, 2014 
	Witness: ”/s/ Michael Jones” 	Witness: “/s/ Joyce Scott”

8

Cedar Management Limited

 

Signature: “/s/ Michael Larkin” 

Name and Position: Michael Larkin/VP 

Date: Feb 11, 2014 

Witness: “/s/ Joyce Scott”

9

MANAGEMENT FEE ADDENDUM 

Pursuant to Article V of the Agreement, during the term of this
Agreement, the Company will pay to the Manager, as compensation for all its
services under this Agreement, a management fee as follows:- 

A fixed annual amount of $25,000 per
year payable quarterly in advance reviewable after six months of operations.
This fixed amount contemplates few insurance contracts and no more than 50
million of equity capital. This fixed amount includes compensation for Thomas
McMahon serving on the board of the Company. 

During any calendar year in which this
Agreement is in affect for less than the entire year, the minimum fee for such
shorter period shall be calculated on the basis of 1/12th of such minimum annual
fee for each calendar month or portion thereof that this Agreement is in affect
during such shorter period. 

All other terms and conditions per the Agreement remain the
same. 

	Resource Holdings Ltd. 	Resource Re Ltd. 
	Signature: ”/s/ Joseph Taussig” 	Signature: “/s/ Thomas McMahon 
	Name and Position: Joseph Taussig/Director 	Name and Position: Thomas McMahon/Director
      
	Date: Feb. 12, 2014 	Date: Feb. 11, 2014 
	Witness: ”/s/ Michael Jones” 	Witness: “/s/ Joyce Scott” 
	  	 
	Cedar Management Limited 	 
	Signature: “/s/ Michael Larkin” 	 
	Name and Position: Michael Larkin/VP 	 
	Date: Feb 11, 2014 	 
	Witness: “/s/ Joyce Scott” 	 

1

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