Document:

exhibit101.htm

Exhibit 10.1

 

 

 

Memorandum of Understanding

 

This Memorandum of Understanding (“MOU”) is made by and between South American Gold Corp. (“SAGD”) and BMZ, Ltd. Co. (“BMZ”) a private company whose manager is Alan Gilda,

 

Whereas, BMZ  owns and controls the Kelly Project (“Project”) which is further described in Exhibit A,

 

Whereas SAGD seeks to explore and earn-in an eighty percent participating interest in the project,

 

Therefore, MOU and BMZ agree to enter into this MOU and in good faith implement its contemplated terms into a definitive agreement within 180 days of the effective date of this MOU,

 

	
1.  

	
Duration : This agreement will be for 180 days from the date of the effective date and may be extended only upon the written authorization of SAGD and BMZ.

 

	
2.  

	
Authority : Alan Gilda warrants that he has the authority to bind BMZ and any other interests in the Project to the terms of this MOU and contemplated definitive agreement.

 

	
3.  

	
Terms and Conditions : SAGD and BMZ agree that SAGD can earn a eighty percent participating interest in the Project by :

 

	
(a.)  

	
Paying within180 days of the signing of this MOU $5,000 which will be payable in cash or the issuance of restricted shares of SAGD at the market bid price, or the equivalent in restricted preferred shares of SAGD, subject to an subscription agreement signed by BMZ and acceptable to SAGD.

 

	
(b.)  

	
SAGD agrees to an initial work commitment of $5,000 in 2013, and upon mutual agreement of an exploration plan for 2014, an increased work commitment of at least $25,000 is expected for 2014, and $40,000 per year thereafter.

 

	
(c.)  

	
SAGD agrees that work commitment will include consulting services to be provided by Mr. Alan Gilda.

 

	
(d.)  

	
The parties in good faith agree to enter into a definitive agreement with a duration of 10 years, with a work commitment for this period of $350,000 and an annual minimum advance royalty payments of $5,000 per year in cash, common shares or preferred shares, at SAGD’s option, for SAGD to earn a 80% interest in the project. Should a mutually agreed upon definitive agreement not be agreed on and implemented within the effective date of this agreement, the payment referred to above in section (a) shall be non-refundable.

 

	
4.  

	
Effective Date : May 1, 2013.

 

	
5.  

	
SAGD will be responsible for all property maintenance fees, estimated to not exceed $2,200 annually, based on BLM's current annual claim maintenance fee rate.

 

 

 

 

 

 

  

Page 1 of 3

  

 

	
6.  

	
SAGD will pay a 5% Royalty on Net Smelter Return from production on the property up to the first $1 million in revenue from said production, decreasing to a 3% royalty on any production revenues over $1 million per year.  This royalty may be purchased by SAGD at any time for $500,000.

 

	
7.  

	
SAGD may purchase full ownership of the project at any time for a payment of $1 million.

 

For SAGD :

 

 

 

By:  /s/  Raymond DeMotte                                                        

               Raymond De Motte, 

               CEO

 

For  GMRV : 

 

 

 

By: /s/   Alan Gilda                                                                      

               Alan Gilda, Manager.BMZ, Ltd. Co.

 

For  Alan Gilda :

 

 

 

By: /s/  Alan Gilda                                                                        

              Alan Gilda, An Individual

 

 

 

 

 

  

Page 2 of 3

  

 

  

Page 3 of 3

  

 

 

 

 

Exhibit A

 

Kelly Project consists of the following fourteen (14) unpatented lode mining claims located in the Marysville Mining District, Marysville, Montana:

 

	
Claim Name

	 	
LM Recording No.

	  	 	  
	
Kelly I Lode

	 	
MMC 220240

	
Kelly-West Lode

	 	
MMC220241

	
Millennium Silver Lode

	 	
MMC220242

	
Girlie Boy Lode

	 	
MMC 220243

	
St Thomas Lode

	 	
MMC 204579

	
St Luke Lode

	 	
MMC 209878

	
Dowser Lode

	 	
MMC 212172

	
Dowser-East Lode

	 	
MMC 212171

	
Dowser-West Lode

	 	
MMC 222851

	
DW-1

	 	
MMC 222850

	
DW-2

	 	
MMC 222847

	
DW-3

	 	
MMC 222848

	
DW-4

	 	
MMC 222849

	
DW-5

	 	
MMC 220239

 

 

 

 

 

  

A - 1EXB 10.1 - 03.31.2013

Exhibit 10.1

FORM OF RESTRICTED STOCK UNIT AGREEMENT
[         ] GRANT

THIS AGREEMENT, dated as of [                   ], (“Grant Date”) is between MasterCard Incorporated, a Delaware Corporation (“Company”), and you (“Employee”).  Capitalized terms that are used but not defined in this Agreement have the meanings given to them in the 2006 Long Term Incentive Plan (“Plan”).
WHEREAS, the Company has established the Plan, the terms of which Plan, but not the standard terms and conditions of Section 9.4 of such Plan, are made a part hereof; 
WHEREAS, the Human Resources Compensation Committee of the Board of Directors of the Company (“Committee”) has approved this grant under the terms of the Plan;
NOW, THEREFORE, the parties hereby agree as follows:
1.    Grant of Units.
Subject to the terms and conditions of this Agreement and of the Plan, the Company hereby grants to you the number of Units reflected in your grant statement, the terms of which statement are incorporated as a part of this Agreement.  The Units comprising this award will be recorded in an unfunded Units account in your name maintained on the books of the Company (“Account”).  Each Unit represents the right to receive one share of the Company's $0.0001 par value Class A Common Stock (“Common Shares”) under the terms and conditions set forth below.
2.    Vesting Schedule.
(a)    Subject to (b) and (c) below, the interest of the Employee in the Units shall vest on [                   ], conditioned upon the Employee's continued employment with the Company or an Affiliated Employer as of [                   ].  
(b)    In the event that the Employee's employment with the Company or an Affiliated Employer terminates by reason of the Employee's death following the Grant Date, 100 percent of the Employee's then unvested Units shall vest and be payable, as set forth in section 6(b).  In the event the Employee's employment with the Company or an Affiliated Employer terminates due to Disability or Retirement six months or longer after the Grant Date, unvested Units shall continue to vest as if there had been no termination of employment and shall be paid as set forth in section 6(a).  In the event Employee's employment with the Company or an Affiliated Employer terminates for any other reason, unvested Units shall be forfeited.
(c)    In the event that the Employee's employment with the Company or an Affiliated Employer, or successor thereto, is terminated (within the meaning of Code section 409A) without Cause or by the Employee with Good Reason, six months preceding or two years following a Change in Control, 100 percent of the Employee's then unvested Units shall vest upon the later of the Employee's termination date or the Change in Control and be payable in accordance with section 6(c).

1

3.    Transfer Restrictions.
The Units granted hereunder may not be sold, assigned, margined, transferred, encumbered, conveyed, gifted, hypothecated, pledged, or otherwise disposed of and may not be subject to lien, garnishment, attachment or other legal process, except as expressly permitted by the Plan.  
4.    Stockholder Rights.
Prior to the time that Employee's Units vest and the Company has issued Common Shares relating to such Units, Employee will not be deemed to be the holder of, or have any of the rights of a holder with respect to, any Common Shares deliverable with respect to such Units.  Specifically, and without limiting the foregoing, Employee shall not be entitled to dividends or dividend equivalents prior to being issued Common Shares.
5.    Changes in Stock.
In the event of any change in the number and kind of outstanding stock by reason of any recapitalization, reorganization, merger, consolidation, stock split or any similar change affecting the Common Shares (other than a dividend payable in Common Shares) the Company shall make an appropriate adjustment in the number and terms of the Units credited to the Employee's Account as provided in the Plan.
6.    Form and Timing of Payment.
(a)    The Company shall pay within 60 days of the [                   ], vesting date set forth in section 2(a) above, a number of Common Shares equal to the aggregate number of vested Units credited to the Employee as of vesting. 
(b)    In the event of vesting under section 2(b) above due to an Employee's death, payment shall be made within 60 days following death.
(c)    In the event of vesting under section 2(c) above due to termination in connection with a Change in Control, payment shall be made as follows: (i) in the event of termination prior to the Change in Control, within 90 days following the Change in Control; or (ii) in the event of termination after the Change in Control, on the first business day which is at least six months following the termination or at such later date permitted under Code section 409A.
7.    Compliance with Law.
No Common Shares will be delivered to Employee in accordance with section 6 above unless counsel for the Company is satisfied that such delivery will be in compliance with all applicable laws.
8.    Death of Employee.
In the event of the Employee's death, where the death results in vesting and payment of Units under section 2(b) above, payment shall be made to the Employee's estate or beneficiary.
9.    Taxes.
The Employee shall be liable for any and all taxes, including withholding taxes, arising out of this grant or the issuance of the Common Shares on vesting of Units hereunder.  The Company is authorized to 

2

deduct from the total number of Common Shares Employee is to receive on settlement of the Units the total value equal to the amount necessary to satisfy any such withholding obligation at the minimum applicable withholding rate, or to obtain withholdings in any other method permitted by the Plan.  To the extent necessary to meet any obligation to withhold Federal Insurance Contributions Act taxes before settlement of the Units, the Company is authorized to deduct those taxes from other current wages.
10.    Discretionary Nature of Plan.
Employee acknowledges and agrees that the Plan is discretionary in nature and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time.  The grant of Units under the Plan is a one-time benefit and does not create any contractual or other right to receive a grant of Units, other types of grants under the Plan, or benefits in lieu of such grants in the future.  Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the number of Units granted and vesting provisions.
11.    Consent to On-Line Grant and Acceptance.
Employee acknowledges and agrees that, as a term of this grant of Units, any grant, communication, or acceptance of such grant, if applicable, is permitted to be made and processed through the online system operated and maintained for this purpose.  Employee further acknowledges and agrees that execution of any documents through such system shall have the same force and effect as if executed in writing.
12.    Section 409A.
To the extent the Company determines that this agreement is subject to Code section 409A, but does not conform with the requirements of Code section 409A the Company may at its sole discretion amend or replace the agreement to cause the agreement to comply with Code section 409A.  The agreement shall be construed and administered consistent with Code section 409A or an exemption from Code section 409A.
13.    Miscellaneous.
(a)    All amounts credited to the Employee's Account under this Agreement shall continue for all purposes to be a part of the general assets of the Company.  The Employee's interest in the Account shall make the Employee only a general, unsecured creditor of the Company.
(b)    The parties agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement.
(c)    Any notice required or permitted hereunder that is not covered by section 11 above, shall be given in writing and shall be deemed effectively given upon delivery to the Employee at the address then on file with the Company or upon delivery to the Company at 2000 Purchase Street, Purchase, New York 10577, Attn: Group Head, Global Rewards.
(d)    Neither the Plan nor this Agreement nor any provisions under either shall be construed so as to grant the Employee any right to remain in the employ of the Company or an Affiliated Employer.  Neither the Plan nor this Agreement shall interfere with the rights of the Company or an Affiliated Employer, as applicable, to terminate the employment of the Employee and/or take any personnel action affecting the Employee without regard to the effect which such action may have upon the Employee as a recipient or prospective recipient of any benefits under the Plan or this Agreement.   

3

The value of the Units granted hereunder is an extraordinary item of compensation outside the scope of the Employee's employment contract, if any.  As such, the Units granted hereunder are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension, or retirement benefits or similar payments.
(e)    This Agreement, along with the incorporated grant statement, an executed MasterCard LTIP Non-Competition Agreement, and any special provisions for Employee's country of residence or employment, as set forth in the applicable Addendum, constitutes the entire agreement of the parties with respect to the subject matter hereof.

By /s/_______________________________
         Name:
         Title:  

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00216-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00216-of-00352.parquet"}]]