Document:

Exhibit 10.1

 

 

 

 

AMENDED AND RESTATED

SUBSCRIPTION AND SHAREHOLDER AGREEMENT

FOR VN TECH INVESTMENT, LTD. (HK)

 

 

 

 

BETWEEN

 

 

GULFSTREAM CAPITAL PARTNERS, LTD.

 

 

AND

 

 

LUO HONGYE

 

 

AND

 

 

SHENZHEN VN TECHNOLOGIES CO., LTD.

 

 

    	

    	 	

    

 

This Amended and Restated Subscription
and Shareholder Agreement (“Amended Agreement”), dated for reference purposes as of April 22, 2012 is entered
into between Gulfstream Capital Partners, Ltd. (“Gulfstream”), Luo Hongye (“Luo”), and Shenzhen
VN Technologies Co., Ltd., (“VN Tech PRC”). In this Amended Agreement, Gulfstream, Luo and VN Tech are each
referred to as a “Party” and together as the “Parties.”

I.RECITALS

		A.	Luo owns 100% of the stock or other evidence of equity membership of VN Tech PRC.

		B.	VN Tech PRC is a limited liability company organized under the laws of the People’s Republic of China (“PRC”),
with headquarters in Shenzhen. VN Tech PRC has expertise, relationships and contracts to become a leading international manufacturer,
integrator, and applications developer and patent holder for hydrogen and fuel cell power supply systems (“Fuel Cell Systems”).
VN Tech PRC’s other expertise and relationships includes the following:

		a.	Relationships with PRC government ministries whose jurisdiction includes reduction of carbon footprint, development of alternative
fuel sources and development of industrial standards.

		b.	Appointed by the Communications Standards Association of the PRC’s Ministry of Industry and Information Technology (“MIIT”)
to formulate industrial standards for Fuel Cell Systems.

		c.	After the PRC’s Ministry of Science created the Strategic Technology Innovation Alliance of Hydrogen Fuel Cell Power
Industry (“HAFI”), appointed by MIIT as a founding member HAFI, and subsequently elected as Executive Deputy
Secretary-General of HAFI in charge of its day-to-day affairs. PRC Government support of HAFI is expected to include development
of a national research center for the industry, and award of research grants, loan subsidies, and tax deductions associated with
product innovation.

		d.	Relationships with leading companies in the telecommunications industry in the PRC whose needs for uninterruptable power sources
make them excellent candidates as potential users of Fuel Cell Systems, including ZTE Corporation, Huawei Technologies Co., Ltd.,
China Mobile Limited, China Unicom Limited, and China Telecom Corporation Limited.

		C.	Gulfstream is a corporation organized under the laws of the Republic of Seychelles, and is a wholly owned subsidiary of VelaTel
Global Communications, Inc. VelaTel is a corporation organized under the laws of the United States (“US”) (specifically,
Nevada law), with headquarters in San Diego, California. The Series A common stock of VelaTel is publicly traded on the US Over-the-Counter
Bulletin Board Stock Exchange under the symbol “OTCQB:VELA” (“VELA Stock”). VelaTel is in the business
of designing, building, deploying and operating high speed wireless broadband telecommunications networks and related fiber optic
networks in key markets throughout the world.

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		D.	On April 1, 2011, VelaTel and VN Tech PRC entered into a Subscription and Shareholder Agreement (“Original Agreement”)
whereby they would form a series of entities including a Cayman Island parent company (referred to in the Original Agreement as
“NewCo”), a Hong Kong wholly owned subsidiary of NewCo (referred to in the Original Agreement as “HK Co”)
and a PRC wholly owned subsidiary of HK Co that also qualified as a wholly owned foreign enterprise under PRC law (referred to
in the Original Agreement as “WFOE”). The parties have subsequently formed in Hong Kong VN Tech Investment, Ltd. (HK)
(“VN Tech HK”) and are in the process of forming in the Cayman Islands VN Tech Investment, Ltd. (Cayman) (“VN
Tech Cayman”). In light of developments since the Parties entered into the Original Agreement, including the revised
terms set forth in this Amended Agreement, the Parties deem it no longer necessary to form WFOE. Instead, VN Tech PRC will become
the wholly owned subsidiary of VN Tech HK. Gulfstream and Luo shall subscribe to the shares of VN Tech HK pending completion of
the formation of VN Tech Cayman, following which they shall assign those shares to VN Tech Cayman in exchange for equal percentages
of the shares in VN Tech Cayman.

		E.	The Parties enter into this Amended Agreement to define their respective rights and obligations. Upon mutual execution, this
Amended Agreement shall supersede entirely the Original Agreement and any other prior agreements or understandings between the
Parties.

II.DEFINITIONS

Wherever used in this Amended
Agreement, the following terms shall have the following meanings, even if the same term appears in “bold” in
other sections of this Amended Agreement immediately following a reference to such term defined in this section. Any term which
appears in other sections of this Amended Agreement in “bold,” but which is not otherwise defined in this section,
shall have the meaning ascribed by the words or clause immediately preceding such reference to the term in “bold.”

	“Effective Date”	The date this Amended Agreement has been signed by all Parties, or if signatures of different Parties occur on different days, the date of the signature of the last such Party to sign.  The Effective Date shall also constitute “Closing” as that term is commonly understood in transactions of this nature.  All transfers of stock and other formalities described in this Amended Agreement shall be considered contractual obligations subsequent and not conditions precedent to the rights and obligations of the Parties contemplated in this Amended Agreement
	“Entities”	Generic reference to VN Tech Cayman, VN Tech HK or VN Tech PRC, collectively, or to one or more of them. 
	“Fuel Cell Systems”	Generic reference to products patented and/or manufactured by VN Tech PRC, or to other stand-alone electrical power generation or storage media using hydrogen or fuel cells for hydrochemical energy conversion.
	“VN Tech Resources	All of the rights, relationships and contacts VN Tech PRC now has or in the future obtains as described in Recital B.

 

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III.AGREEMENT

		1.	Overview of Transaction

1.1The main business model
to be achieved under this Amended Agreement is the integration, manufacture, sales, marketing and distribution of Fuel Cell Systems
and the development of relevant technology. 

1.2In consideration for their
respective interests in the business model, Luo shall assign to VN Tech HK all of his stock or other equity membership interest
in VN Tech PRC, and VelaTel shall pay Luo on behalf of Gulfstream ten million shares of VELA Stock, which includes five million
shares called for but not yet issued pursuant to the Original Agreement.

1.3The Parties shall use their
reasonable commercial efforts to create, organize, capitalize and register to do business with the Entities, which shall enter
into contractual relationships with each other and/or with one or both Parties in a manner that equitably reflects the respective
equity interests and other rights and obligations of the Parties in the business model, and which structure is designed to comply
with the laws of the jurisdiction(s) to which each of the Parties is subject based on their respective nationalities and operations.

		2.	Transaction Structure – Phases and Goals

2.1The Parties shall use their
reasonable commercial efforts to achieve their respective financial goals in executing the business model in three phases.

2.1.1Phase 1, as described in
the Original Agreement, has been completed. The financial goals intended to be achieved during this Phase include: (i) permitting
VelaTel to fully report the financial results of all Entities as part of VelaTel’s consolidated financial statements, (ii)
permitting VN Tech Cayman and/or VN Tech HK to control, directly or indirectly, the PRC-based assets managed by VN Tech PRC, and
the revenue to be generated from those assets. 

2.1.2In
Phase 2, the Parties shall cooperate for (i) completion of formation of VN Tech Cayman and assignment of the shares of VN Tech
HK to VN Tech Cayman to act as a holding company of VN Tech HK and VN Tech PRC, (ii) a PRC-based subsidiary of VelaTel to qualify
under PRC law to conduct equipment leasing activity and (iii) for local manufacture of Fuel Cell Systems. The Parties contemplate
that VN Tech PRC will hold distribution rights of Fuel Cell Systems for telecommunications customers and markets within the PRC,
and VN Tech HK will hold all other worldwide distribution rights of Fuel Cell Systems. The financial goals intended to be achieved
during Phase 2 include (i) solidifying the goals described in Section 2.1.1 but not fully achieved during Phase 1, and (ii) facilitating
the structure described in Section 2.1.3 in order to achieve the financial goals described in Section 2.1.3.

2.1.3In Phase 3, the Parties
shall cooperate for the operations reported by VN Tech PRC and/or VN Tech HK to be listed on an offshore (non-PRC) based stock
exchange, such as HKSE, NYSE, NASDAQ or London AIM. The financial goals intended to be achieved during Phase 3 include: (i) expanding
the base of equity capital available for expansion of the business, and (ii) permitting the Parties to recapture some or all of
their respective investments. 

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2.2Immediately following the
Effective Date, the Parties shall proceed diligently and cooperatively with all steps necessary or desirable to complete the steps
contemplated to occur during Phase 2.

2.3After completion of the
steps constituting Phase 2, the Parties shall discuss and use their reasonable commercial efforts to agree on the appropriate timing
to proceed with the steps contemplated to occur during Phase 3. 

		3.	Deliverables by the Parties

As soon as practical after the
Effective Date, the Parties shall cooperate to complete the formation of VN Tech Cayman, to issue or transfer all shares of stock
of any of the Entities or the VELA Stock referred to in this Amended Agreement, and to take all other corporate action for appointment
of directors, election of officers, adoption of bylaws needed to reflect the corporate structure and governance of Entities described
in Section 4.

		A.	Corporate Structure and Governance of Entities

		4.	VN Tech Cayman Structure

4.1VN Tech Cayman shall be
established with one class of shares. Upon completion of its formation, Gulfstream shall subscribe to 75% and Luo to 25% of the
shares of VN Tech Cayman, in exchange for assignment of their respective shares in VN Tech HK described in Section 5.1, below.

4.2The Board of Directors
of VN Tech Cayman shall be comprised of five Directors. Gulfstream shall have the right to appoint four Directors and Luo one Director.
Any Director may also serve as an Officer.

4.3Each direct and indirect
equity interest holder of the stock of VN Tech Cayman shall have complied with the registration requirements under applicable foreign
exchange rule or regulation under PRC law, in relation to the transactions contemplated under this Amended Agreement.

		5.	VN Tech HK Structure

5.1VN Tech HK has been established
with one class of shares. In exchange for their respective capital contributions described in Section 1.2, Gulfstream shall subscribe
to 75%, and Luo shall subscribe to 25% of the shares of VN Tech HK. Upon completion of the formation of VN Tech Cayman, Gulfstream
and Luo shall assign their respective shares in VN Tech HK to VN Tech Cayman and shall subscribe to the same percentage of the
shares of VN Tech Cayman, such that the equity interests of Gulfstream and Luo respectively in VN Tech HK shall be co-extensive
with their respective equity interests in VN Tech Cayman.

5.2The Board of Directors
of VN Tech HK shall be comprised of five Directors, who shall be the same as or appointed in the same manner and subject to the
same voting rights as the Directors of VN Tech Cayman.

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		6.	VN Tech PRC Structure

6.1VN Tech PRC has
been established with one class of shares. VN Tech HK shall be the 100% shareholder of VN Tech PRC, such that the equity interests
of Luo and Gulfstream respectively in VN Tech PRC shall be co-extensive with their respective equity interests in VN Tech Cayman
and VN Tech HK.

6.2The Board of Directors
of VN Tech PRC shall be comprised of five Directors, who shall be the same as or appointed in the same manner and subject to the
same voting rights as the Directors of VN Tech HK.

		B.	Business Model

	7.	Revenue and Expense

7.1All contracts, capital
expenditures, operating expenses and revenue in connection with the business contemplated under this Amended Agreement shall flow
through VN Tech PRC or VN Tech HK, depending on the distribution rights from which such revenue originates as described in Section
2.1.2.

7.2VN Tech HK and VN Tech
PRC shall enter into a management service agreement, according to which VN Tech HK will provide marketing, sales and other service
to VN Tech PRC in exchange for compensation and upon other terms to be agreed by the Parties.

7.3VelaTel shall be entitled
to a 10% price discount on Fuel Cell Systems it purchases compared to the lowest price charged to any other telecommunications
network carrier. VelaTel’s discount shall apply to usage by any telecommunications network carrier in which VelaTel has at
least a 25% direct or indirect ownership interest.

	8.	Distribution of Profit

In the event the free cash flow
and/or net operating income generated from the operations of VN Tech PRC and/or VN Tech HK exceeds the amount required for (i)
working capital requirements, (ii) payment of tax or provision therefore, (iii) outstanding loan obligations, and (iv) reserves
for contingent future liabilities, any surplus profits shall (to the extent allowed by applicable law) be distributed to the shareholders
of VN Tech Cayman in full by way of dividends. 

		C.	Other Terms

	9.	Representations and Warranties

9.1Each Party acknowledges
that the other Party has been induced to enter into this Amended Agreement on the basis of and in reliance upon the following representations,
the accuracy of which each Party warrants to the other Party. The rights and remedies of a Party for breach of any warranty by
the other Party shall not be affected by any due diligence investigation made by or on behalf of the Party relying on a representation,
except pursuant to written waiver or release. Where any representation is qualified by the expression "so far as the Party
making the representation is aware" or words having similar effect, such representation shall be deemed to include a statement
that such awareness means both actual knowledge of the Party and also such knowledge which the Party would have had if it had made
reasonable inquiry of all relevant persons. 

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Each Party represents and warrants:

9.2Gulfstream and Vela Tel
are corporations and VN Tech PRC is a limited liability company, and each is duly organized, validly existing and in good standing
under the laws of the country and state described as applicable to such Party in the Recitals, and has all requisite power to own,
lease and operate its properties and to carry on its business as currently conducted and as proposed to be conducted in this Amended
Agreement. No order has been made or petition presented (or pending) or resolution passed for the winding up of Such Party. Such
Party is not insolvent or unable to pay its debts as they fall due.

9.3Such party has all requisite
capacity, power and authority, and has taken all necessary corporate or other actions to enter into this Amended Agreement.

9.4Such party has done or
will promptly do all such further acts, including necessary filings with appropriate governmental authorizes, required in order
to give full force and effect to this Amended Agreement.

9.5The execution, delivery
and performance of this Amended Agreement and the consummation of the transactions contemplated by this Amended Agreement will
not result in any violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either:
(a) a default under any provision, instrument, judgment, order, writ, decree, contract or agreement or (b) an event which results
in the creation of any lien, charge or encumbrance upon any assets of such Party (except as expressly stated in this Amended Agreement)
or the suspension, revocation, forfeiture, or non-renewal of any material permit or license applicable to such Party,.

9.6No broker, finder or investment
banker is entitled to any brokerage, finder's or other fee or commission in connection with the transactions contemplated by this
Amended Agreement based upon arrangements made by or on behalf of such Party. 

Each of Luo and VN Tech PRC, on a joint and
several basis, represents and warrants: 

9.7All information in Recitals
A and B is correct. 

9.8All
information in Schedule 1 attached to this Amended Agreement is complete and correct.

Gulfstream and VelaTel represent and warrant:

9.9All information in Recital
C is correct.

		10.	Indemnification

Each Party agrees to defend, indemnify
and hold harmless the other Party and its successors, permitted assigns, employees, officers, agents, managers, shareholders and
affiliates, from and against any and all losses, deficiencies, liabilities, damages, assessments, judgments, costs and expenses,
including reasonable attorneys’ fees (both those incurred in connection with the defense or prosecution of an indemnity claim
and those incurred in connection with the enforcement of this provision) resulting from or arising out of (i) any failure of the
indemnifying Party to perform or fulfill any undertaking, covenant or agreement applicable to such Party in this Amended Agreement,
and (ii) any material breach of a representation and warranty contained in Section 9 and Schedule 1 of this Amended Agreement and
applicable to the indemnifying Party.

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		11.	Successors and Assigns; Assignment

This Amended Agreement shall be
binding upon and inure to the benefit of and shall be enforceable by the Parties hereto and any of their respective successors,
permitted assigns and affiliates who agree in writing to be bound by the terms of this Amended Agreement. Neither Party may assign
its rights, in whole or in part, under this Amended Agreement without the prior written consent of the other Party, which consent
shall not be unreasonably withheld, provided, no refusal of consent shall be considered unreasonable if the requested assignment
would relieve the assigning Party of any of its duties under this Amended Agreement. Nothing in this Amended Agreement, express
or implied, is intended to confer upon any party other than the Parties to this Amended Agreement, or their respective successors
and assigns, any rights, remedies, obligations, or liabilities under or by reason of this Amended Agreement, except as expressly
provided in this Amended Agreement.

		12.	Notices

All notices and other communications
given or made pursuant to this Amended Agreement shall be in writing and shall be deemed effectively given upon the earlier of
actual receipt or: (i) personal delivery to the Party to be notified; (ii) when sent, if sent by electronic mail or facsimile during
normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business
day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or
(iv) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business
day delivery, with written verification of receipt. All communications shall be sent to the respective Parties at their address
as set forth on the signature page, or to such e-mail address, facsimile number or address as subsequently modified by written
notice given in accordance with this Section. If notice is given to Gulfstream, notice shall also be given to the counsel for VelaTel
to be delivered in the same manner as to Gulfstream at the address, facsimile number or e-mail address immediately below:

Kenneth L. Waggoner

Vice President and General Counsel

VelaTel Global Communications, Inc.

12526 High Bluff Drive, Suite 155

San Diego, California 92130

Facsimile:1 (760) 359-7042

E-Mail:kwaggoner@VelaTelgroup.com

		13.	Governing Law

This Amended Agreement and any
controversy arising out of or relating to this Amended Agreement shall be governed by and construed in accordance with the laws
of Hong Kong, without regard to conflict of law principles that would result in the application of any law other than the laws
of the Hong Kong, as the same apply to agreements executed solely by residents of Hong Kong and wholly to be performed within Hong
Kong.

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		14.	Dispute Resolution

Either Party may, at any time,
deliver to the other Party a dispute notice setting forth a brief description of the issues to be resolved through the dispute
resolution mechanism set forth in this Section. Such dispute notice shall specify the provision or provisions of this Amended Agreement
and the facts or circumstances that are the subject matter of dispute. Immediately following the receipt of a dispute notice, the
Parties shall cause representatives of their respective senior management to meet and seek to resolve the disputed cordially through
informal negotiations. If the Parties’ representatives are unable to resolve the dispute within 20 business days of the receipt
of the dispute notice (or such extended time period as the Parties may agree), then the dispute shall be submitted to the Hong
Kong International Arbitration Center (“HKIAC”) for binding arbitration conducted in English by a single arbitrator.
The dispute(s) shall be resolved pursuant to the United Nations Commission on International Trade Law Arbitration Rules. The award
of the arbitrator shall be final and binding on the Parties and may be enforced in any court of competent jurisdiction.

The Dispute resolution proceedings
contemplated by this Section shall be confidential and private, as permitted by applicable law. To that end, the Parties shall
not disclose the existence, content or results of any proceedings conducted in accordance with this Section and materials prepared
or submitted in connection with such proceedings shall not be admissible in any other legal proceeding; provided, however, that
this confidentiality provision shall not prevent a petition to vacate or enforce an arbitration award and shall not bar disclosure
required by applicable law. The Parties agree that any decision or award resulting from proceedings in accordance with this Section
shall have no preclusive effect in any other matter involving third parties. 

		15.	Attorney Fees

If any action at law or in equity
(including arbitration) is necessary to enforce or interpret the terms of any of this Amended Agreement, the prevailing Party shall
be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such
Party may be entitled. 

		16.	Severability

The invalidity or unenforceability
of any provision hereof shall in no way affect the validity or enforceability of any other provision.

		17.	Non-Competition

The Parties agree that, absent
prior written consent of the other Party, for a period of five years after the termination of this Amended Agreement, neither Party,
nor their respective officers or employees, shall carry on, or engage in, or hold interests in, or be employed by a business which
is the same as, or substantially similar to, or in competition with, the business contemplated under this Amended Agreement.

		18.	Delays or Omissions

No delay or omission to exercise
any right, power or remedy accruing to any Party under this Amended Agreement, upon any breach or default of any other Party under
this Amended Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it
be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default
thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore
or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of either Party of any breach
or default under this Amended Agreement, or any waiver on the part of either Party of any provisions or conditions of this Amended
Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either
under this Amended Agreement or by law or otherwise afforded to either Party, shall be cumulative and not alternative.

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		19.	Entire Agreement

This Amended Agreement constitutes
the full and entire understanding and agreement between the Parties with respect to the subject matter hereof, and any other written
or oral agreement relating to the subject matter hereof existing between the Parties is expressly canceled.

		20.	Counterparts

This Agreement may be executed
in one or more counterparts, each of which shall be deemed to be an original copy of this Amended Agreement and all of which, when
taken together, shall be deemed to constitute one and the same agreement. 

		21.	Titles and Subtitles

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

THE SIGNATURES OF THE PARTIES
APPEAR ON THE FOLLOWING PAGE

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        SHENZHEN VN TECHNOLOGIES CO., LTD.

         

         

         

        By /s/ Luo Hongye

      Luo Hongye, its Chairman

         

        Room 1310

        Overseas Chinese Scholars Venture Building

        Ke Yuan Nan Lu High-Tech Industrial Park

        Shenzhen, China

        Facsimile: +(86) 755 632-9568

        E-Mail: luohongye@vntech.cc
	 	
        GULFSTREAM CAPITAL PARTNERS, LTD.

         

         

         

        By /s/ Colin Tay

     Colin Tay, its Executive Director

         

        4F-1 No. 102 Kuang Fu South Road

        Taipei 106, TAIWAN

        Facsimile + (886) 2 2778-1534

        E-Mail: ctay@velatel.com

	 	 	 
	
         

        LUO HONGYE

         

         

         

        /s/ Luo Hongye

         

        Luo Hongye

         

        Room 1310

        Overseas Chinese Scholars Venture Building

        Ke Yuan Nan Lu High-Tech Industrial Park

        Shenzhen, China

        Facsimile: +(86) 755 632-9568

        E-Mail: luohongye@vntech.cc
	 	 

 

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SCHEDULE 1 TO AMENDED AND RESTATED
SHARE SUBSCRIPTION AGREEMENT

BETWEEN LUO HONGYE (“LUO”),
SHENZHEN VN TECHNOLOGIES CO., LTD. (“VN TECH PRC”),

AND GULFSTREAM CAPITAL PARTNERS, LTD.
(“GULFSTREAM”)

 

REPRESENTATIONS AND WARRANTIES OF LUO AND VN TECH PRC

 

1.             Due Establishment, Agreements and Corporate Power

1.1The
copies of the business license and the articles of association of VN Tech PRC provided to VelaTel on behalf of Gulfstream are
true and complete and have embodied in them or annexed to them a copy of every such supplement agreement or document (if any)
as is required by PRC laws and regulations.

 

2.             Financials

2.1The
accounts of VN Tech PRC for the years 2009-2011 provided to VelaTel on behalf of Gulfstream (“Accounts”) have
been prepared in accordance with the requirements of all relevant PRC law and regulations and generally acceptable accounting
practice and policies applied in the PRC and on a consistent basis and give a true and fair view of the state of affairs of VN
Tech PRC for the period ended December 31, 2011, and make proper provision for all actual liabilities, bad or doubtful debts,
the Taxation in the PRC and proper provision for or contain full particulars in notes of (in accordance with good accounting practice)
all contingent unqualified deferred or disputed liabilities and all capital commitments and all assets or stock which are wholly
or in part lost, obsolete or depreciated in value and all contractual or statutory payment required to be made by VN Tech PRC
to any director, consultant or employee of VN Tech PRC and have consistently applied the bases and policies of accounting in the
audited balance sheet and profit and loss accounts for the two years ended December 31, 2011 and except where specified are not
affected by any extraordinary exceptional or non-recurring item.

2.2The
Accounts truly and fairly reflect the financial position of VN Tech PRC as at December 31, 2011 and truly and fairly disclose all
assets and liabilities of VN Tech PRC as at December 31, 2011.

2.3The
provision for Taxation in the Accounts is sufficient to cover all Taxation assessed or liable to be assessed on VN Tech PRC or
for which VN Tech PRC is then or may then be or become accountable in respect of profits, income earnings, receipts, transfers,
events and transactions up to December 31, 2011.

2.4VN
Tech PRC has duly complied and will continue to duly comply with its obligations to account to the relevant Taxing Authorities
for all amounts for which it is or may become accountable in respect of Taxation.

2.5All
returns, computation and payments in connection with Taxation that should have been made by VN Tech PRC have been made in a timely
manner and on a proper basis and will until Completion continue to be so made.

2.6VN
Tech PRC has exercised its reasonable endeavors to preserve and secure all tax benefits and refunds.

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2.7All
particulars furnished to PRC Taxation Authority and other Taxation Authorities, in connection with the application for any consent
or clearance on behalf of VN Tech PRC or affecting VN Tech PRC fully and accurately disclosed all facts and circumstances material
for the decision of those authorities, and consent or clearance is valid and effective; and any transaction, for which consent
or clearance has previously been obtained, has been carried into effect (if at all) only in accordance with the terms of the relative
application and consent or clearance.

2.8VN
Tech PRC has not taken or omitted to take any action which has had, or might have, the result of altering, prejudicing or in any
way adversely affecting any arrangement or agreement which it has previously negotiated with any Taxation Authorities in the PRC
or any other jurisdiction.

2.9VN
Tech PRC is not, nor expects to become, a passive foreign investment company as described in Section 1297 of the United States
Internal Revenue Code of 1986, as amended.

2.10No
shareholder VN Tech PRC, solely by virtue of its status as shareholder of VN Tech PRC, has personal liability under PRC law for
the debts and claims of VN Tech PRC. There has been no communication from any tax authority relating to or affecting the tax classification
of VN Tech PRC.

2.11VN
Tech PRC has not entered into or been a party to any schemes or arrangements designed partly or wholly for the purpose of it or
any other person avoiding Taxation.

2.12All
assets of VN Tech PRC of a wasting or depreciable nature are stated in the Accounts after deduction of depreciation, and such depreciation
being in amounts sufficient to write down such assets over their respective expected useful economic lives, and unless stated to
the contrary in the Accounts, depreciation is calculated on a straight line basis and a consistent depreciation policy has been
adopted over all assets and there has been no change in the basis and policy of depreciation.

2.13A
consistent accounting policy has been adopted by VN Tech PRC for the two years ended December 31, 2011 and there has been no material
change thereof.

2.14VN
Tech PRC does not hold any security (including any guarantee or indemnity) which is not valid or enforceable against the grantor
thereof in accordance with its terms.

2.15In
relation to all financing arrangements to which VN Tech PRC is a party:

(a)there
has been no contravention of or non-compliance with any provision of any such document;

(b)no
steps for the enforcement of any Encumbrances have been taken or threatened;

(c)there
has not been any alteration in the terms and conditions of any of the said arrangements or facilities all of which are in full
force and effect and Luo and VN Tech PRC are unaware of any circumstances whereby the terms and condition of any facilities might
be prejudiced or which might give rise to any alteration in the terms or conditions of any of the facilities;

(d)nothing
has been done or omitted to be done whereby the continuance of the said arrangements and facilities in full force and effect might
be affected or prejudiced, in particular, as a result of other matters or transactions contemplated in this Amended Agreement;
and

(e)none
of the arrangements is dependent on the guarantee of or on any security provided by a third party.

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2.16The
total amount borrowed by VN Tech PRC:

(a)from
its bankers does not exceed its overdraft facilities; and

(b)from
whatsoever source does not exceed any limitation on borrowing contained in its articles of association or any other deed or document
binding on it.

2.17All
dividends or distributions declared, made or paid by VN Tech PRC have been declared, made or paid in accordance with its articles
of association and PRC law and regulations.

2.18No
part of the amounts included in the Accounts, or subsequently recorded in the books of VN Tech PRC, as owing by any debtors is
overdue by more than two (2) months or the credit period as agreed by VN Tech PRC, or has been released on terms that any debtor
pays less than the full book value of his debt other than discount or allowance in accordance with normal trade practice or has
been written off or has proved to any extent to be irrecoverable or is now regarded by VN Tech PRC as irrecoverable in whole or
in part.

2.19VN
Tech PRC does not have any outstanding commitment for capital expenditure or any agreement or arrangement which is either (i) not
on an arm's length basis or (ii) exceeds US$ 50,000 in the aggregate. There is no outstanding mortgage or charge on the whole or
any part of the undertaking, property or assets of VN Tech PRC.

2.20Since
the date of the Accounts there has been (i) no material adverse change in VN Tech PRC's financial position or prospects, (ii)
the business has operated in the ordinary course and (iii) so far as Luo and VN Tech PRC are aware, no material liabilities (actual,
contingent or disputed) have arisen other than those disclosed in the Accounts and/or those arising in the ordinary course of
business of VN Tech PRC since the date of the Accounts up to the Effective Date.

 

3.             Assets

3.1VN
Tech PRC is the legal owner of and has good and marketable title to all the assets used in its business, save for those subject
to hire-purchase or leasing or rental agreements (if any) as disclosed in the Accounts.

3.2VN
Tech PRC has not created, or granted, or agreed to create or grant, any security interest or other Encumbrance in respect of any
of its fixed assets for the business of VN Tech PRC otherwise than in the ordinary course of its business.

3.3Save
as disclosed in the Accounts, the assets of VN Tech PRC are solely the property of VN Tech PRC and are not subject to any Encumbrance
or any agreement to give or create any Encumbrance including any bill of sale, hire or hire purchase agreement, conditional sale,
credit sale or similar agreement.

3.4Save
for disposals in the ordinary course of its business, the assets of VN Tech PRC have been in its possession or under its control. 

 

4.              Business

4.1The
business of VN Tech PRC is in compliance with and is lawful under PRC law and regulations and all approvals, consents, permits,
licenses and/or any similar authority necessary for the operation of the business of VN Tech PRC and for the business of VN Tech
PRC to comply with PRC law and regulations have been duly obtained and are in force and valid.

    	3

    	 

    

4.2VN
Tech PRC lawfully and validly holds valid approval, licenses or consent issued by the PRC competent authority(ies) necessary to
own, manage, operate, and assign and transfer the VN Tech PRC Resources, and there has not arisen any circumstances that may result
in the temporary or permanent cancellation or termination of such licenses.

4.3VN
Tech PRC has carried on its business in the ordinary and usual course and without having entered into any material transaction,
assumed any material liability or made any material payment not provided for in the Accounts which is not in the ordinary course
of its business or suffered any material adverse interruption or alteration in the nature, scope or manner of its business.

4.4VN
Tech PRC has paid its creditors within the time agreed with such creditors and there are not debts outstanding by VN Tech PRC which
has been due for more than six months.

4.5VN
Tech PRC has not entered into, or agreed to enter into, any capital commitments.

4.6No
unusual trade discounts or other special terms have been incorporated into any contract entered by VN Tech PRC inconsistent with
the previous practice of VN Tech PRC.

4.7There
has been no material deterioration in the financial position or prospects or turnover of VN Tech PRC.

4.8VN
Tech PRC’s compliance with the terms of this Amended Agreement will not:

(a)cause
VN Tech PRC to lose the benefit of any right or privilege it presently enjoys or cause any person who normally does business with
VN Tech PRC not to continue to do so on the same basis as previously does;

(b)relieve
any person of any obligation to VN Tech PRC (whether contractual or otherwise) or enable any person to determine any such obligation
or any right or benefit enjoyed by VN Tech PRC or to exercise any right whether under an agreement with or otherwise in respect
of it;

(c)result
in any present or future indebtedness of VN Tech PRC becoming due or capable of being declared due and payable prior to its stated
maturity;

(d)give
rise to or cause to become exercisable any right of pre-emption;

(e)adversely
affect VN Tech PRC’s relationships with its clients, customers, suppliers or employees;

(f)result
in any revocation or suspension of any licenses permit or consent held by or granted to VN Tech PRC; or

(g)result
in the termination of any contract to which VN Tech PRC is a party. 

 

5.             Litigation

5.1Neither
VN Tech PRC nor any person for whose acts and/or defaults it may be vicariously liable, is at present engaged whether as claimant,
defendant or otherwise in any legal action, proceeding or arbitration which is either in progress or is threatened or is pending
or is being prosecuted for any criminal offence and no governmental or official investigation or inquiry concerning VN Tech PRC
is in progress or pending.

5.2There
are no circumstances likely to lead to any such claim or legal action, proceeding or arbitration (other than as aforesaid) prosecution,
investigation or enquiry.

    	4

    	 

    

5.3No
claims, lawsuits, legal or other proceedings are pending or threatened against VN Tech PRC or its business before any court, arbitration
tribunal, administrative body.  

 

6.              Statutory and legal requirements

6.1VN
Tech PRC has conducted its business in all respects in accordance with all applicable laws and regulations of the PRC and there
is no order, decree or judgment of any court or any governmental agency of the PRC outstanding against VN Tech PRC or which may
have a material adverse effect upon the assets or business of VN Tech PRC.

6.2All
necessary licenses, consents, registrations, permits and authorities (public and private) have been obtained by VN Tech PRC to
enable VN Tech PRC to carry on its business effectively in the PRC and in the manner in which such business is now carried on and
all such licenses, consents, permits and authorities are valid and subsisting and VN Tech PRC knows of no reason why any of them
should be suspended, cancelled or revoked or should not be renewed or reissued upon or prior to their expiry.

6.3VN
Tech PRC has not committed and is not liable for any criminal, illegal, unlawful or unauthorized act or breach of covenant, contract
or statutory duty.

6.4No
key employee or senior management of VN Tech PRC has:

(a)been
convicted of a criminal offence; or

(b)been
disqualified from being a company director.

6.5VN
Tech PRC is not or, to Luo’s and VN Tech PRC’s knowledge, no key employee, senior management, administrators, members
or employees of VN Tech PRC is an OFAC Sanctioned Person (as defined below). To Luo’s and VN Tech PRC’s knowledge,
key employee, senior management, administrators, members or employees are in compliance with, and have not previously violated,
the USA Patriot Act of 2001, and all other applicable United States and PRC anti-money laundering laws and regulations. To the
knowledge of Luo and VN Tech PRC, none of (i) the execution, delivery and performance of this Amended Agreement, or (ii) the consummation
of any transaction contemplated hereby or thereby, or the fulfillment of the terms hereof or thereof, will result in a violation
by the Shareholders or key employee, of any of the OFAC Sanctions or of any anti-money laundering laws of the United States, the
PRC or any jurisdiction.

For the purposes
of this Section 6.5:

(a)“OFAC
Sanctions” means any sanctions program administered by the Office of Foreign Assets Control of the United States Department
of the Treasury (“OFAC”) under authority delegated to the Secretary of the Treasury (the “Secretary”)
by the President of the United States or provided to the Secretary by statute, and any order or license issued by, or under authority
delegated by, the President or provided to the Secretary by statute in connection with a sanctions program thus administered by
OFAC. For ease of reference, and not by way of limitation, OFAC Sanctions programs are described on OFAC’s website at www.treas.gov/ofac.
“

(b)“OFAC
Sanctioned Person” means any government, country, corporation or other entity, group or individual with whom or which
the OFAC Sanctions prohibit a United States Person from engaging in transactions, and includes without limitation any individual
or corporation or other entity that appears on the current OFAC list of Specially Designated Nationals and Blocked Persons (the
“SDN List”). For ease of reference, and not by way of limitation, OFAC Sanctioned Persons other than government
and countries can be found on the SDN List on OFAC’s website at www.treas.gov/offices/enforcement/ofac/sdn.

    	5

    	 

    

(c)“United
States Person” means any United States citizen, permanent resident alien, entity organized under the laws of the United
States (including foreign branches), or any person (individual or entity) in the United States, and, with respect to the Cuban
Assets Control Regulations, also includes any corporation or other entity that is owned or controlled by one of the foregoing,
without regard to where it is organized or doing business.

6.6VN
Tech PRC has not or, to Lou’s and VN Tech PRC’s knowledge, no key employee, senior management, administrators, members
or employees of VN Tech PRC has made, directly or indirectly, any payment or promise to pay, or gift or promise to give or authorized
such a promise or gift, of any money or anything of value, directly or indirectly, to:

(a)any
foreign official (as such term is defined in the FCPA) for the purpose of influencing any official act or decision of such official
or inducing him or her to use his or her influence to affect any act or decision of a governmental authority, or

(b)any
foreign political party or official thereof or candidate for foreign political office for the purpose of influencing any official
act or decision of such party, official or candidate or inducing such party, official or candidate to use his, her or its influence
to affect any act or decision of a foreign governmental authority.

In the case of
both (a) and (b) above in order to assist VN Tech PRC to obtain or retain business for, or direct business to VN Tech PRC, as applicable,
subject to applicable exceptions and affirmative defenses. VN Tech PRC has not or none of VN Tech PRC’s key employee, senior
management, administrators, members or employees has made any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment of funds or received or retained any funds in violation of any law, rule or regulation subject to applicable exceptions
and affirmative defenses.

6.7No
person, not being a director of VN Tech PRC, has any actual or ostensible authority, whether under a power of attorney, agency
agreement or otherwise, to commit VN Tech PRC to any obligation other than an obligation of a nature which it is usual for it to
incur in the ordinary course of its business.

 

7.            Records

7.1All
accounting records, vouchers, invoices, ledgers, contracts and memoranda and all other accounting documents of VN Tech PRC and
records of all transactions thereof are in the possession of VN Tech PRC and have been accurately and properly written up, kept
and maintained in accordance with generally accepted accounting practice in the PRC and together shows a true and fair view of
the affairs and financial position of VN Tech PRC.

7.2Without
prejudice to the generality of Section 7.1, the minute book of directors’ meetings and the minute book of shareholders’
meetings respectively of VN Tech PRC contain full and accurate records of all resolutions passed by the directors and the shareholders
of VN Tech PRC and no resolutions have been passed by either the directors or shareholders of VN Tech PRC which are not recorded
in the relevant minute books.

    	6

    	 

    

7.3All
documents requiring to be filed with any relevant authorities in the PRC by VN Tech PRC have been properly made up, presented,
filed and approved. 

 

8.            Intellectual Property

8.1VN
Tech PRC is the sole legal and beneficial owner of (or applicant for) the Intellectual Property Rights used or held for use in
its business (“VN Tech PRC’s Intellectual Property Rights”), free from all Encumbrances.

8.2The
VN Tech PRC’s Intellectual Property Rights are valid, subsisting and enforceable and nothing has been done or not been done
as a result of which any of them has ceased or might cease to be valid, subsisting or enforceable. In particular:

(a)all
application and renewal fees and other steps required for the maintenance or protection of such rights have been paid on time or
taken;

(b)all
know-how (including trade secrets and confidential information) owned or used by VN Tech PRC has been kept confidential and has
not been disclosed to third parties (other than parties who have signed written confidentiality undertakings in respect of such
information;

(c)no
mark, trade name or domain name identical or similar to any such rights has been registered or is being used by any person in the
same or a similar business to that of VN Tech PRC, in any country in which VN Tech PRC has registered or is using that mark, trade
name or domain name; and

(d)there
are and have been no claims, challenges, disputes or proceedings, pending or threatened, in relation to the ownership, validity
or use of such rights.

8.3There
has been no infringement by any third party of any VN Tech PRC’s Intellectual Property Rights and no such infringement is
current or anticipated.

8.4A
change of Control of VN Tech PRC will not result in the termination of or have any material effect on any VN Tech PRC’s Intellectual
Property Rights.

8.5The
activities of VN Tech PRC (and of any licensee of VN Tech PRC’s Intellectual Property Rights granted by VN Tech PRC) have
not infringed, do not infringe and are not likely to infringe the Intellectual Property Rights of any third party. 

 

9.            VN Tech PRC’s Contracts

9.1All
documents to which VN Tech PRC is a party and other documents owned by or which ought to be in the possession of VN Tech PRC have
been properly stamped (if required) and are in VN Tech PRC's possession.

9.2Save
as disclosed in the Accounts (where such items would be disclosed in the Accounts according to PRC law and regulations and the
generally accepted accounting practices in the PRC), VN Tech PRC is not a party to any agreement, transaction, obligation, commitment,
understanding, arrangement or liability which:

(a)is
known or is likely to result in a loss to VN Tech PRC on completion of performance;

(b)cannot
readily be fulfilled or performed by VN Tech PRC on time without undue or unusual expenditure of money and effort;

    	7

    	 

    

(c)involves
or is likely to involve obligations, restrictions, expenditure or receipts of an unusual, onerous or exceptional nature;

(d)is
a lease or a contract for hire or rent, hire purchase or purchase by way of credit sale or periodical payment;

(e)is
a contract with any trade union or body or organization representing VN Tech PRC's employees;

(f)requires
an aggregate consideration payable by VN Tech PRC in excess of $50,000;

(g)requires
VN Tech PRC to pay any commission, finders’ fee, royalty or the like;

(h)in
any way restricts VN Tech PRC’s freedom to carry on the whole or any part of its business in any part of the world in such
manner as it thinks fit; or

(i)is
in any way otherwise than in the ordinary and proper course of VN Tech PRC’s business.

9.3VN
Tech PRC is not a party to any agreement under which VN Tech PRC or any other party is in default, being a default which is material
in relation to the financial or trading position of VN Tech PRC nor (so far as Luo and VN Tech PRC are aware) are there any circumstances
likely to give rise to such a default. 

 

10.          Insurance

10.1VN
Tech PRC has maintained insurance in respect of all risks and up to an extent that may reasonably be expected of a prudent businessman
operating a business similar to that of VN Tech PRC.

10.2All
insurance policies taken out by VN Tech PRC are valid, binding, in full force and effect and not voidable. There are no circumstances
which might lead to any liability under any such insurance policies being avoided by the insurers or the premiums being increased
and there is no claim outstanding under any such policy nor are there any circumstances likely to give rise to a claim. 

 

11.           Events since January 1, 2012

11.1Since
January 1, 2012:

(a)there
has been no material adverse change in the turnover, financial or trading position or prospects of VN Tech PRC and VN Tech PRC
has entered into transactions and incurred liabilities only in the ordinary course of business;

(b)VN
Tech PRC has not declared, paid or made or is proposing to declare, pay or make any dividend or other distribution;

(c)no
event has occurred which would entitle any third party (with or without the giving of notice) to call for the repayment of indebtedness
prior to its normal maturity date;

(d)the
business of VN Tech PRC has been carried on in the ordinary and usual course and in the same manner (including nature and scope)
as in the past, no fixed asset or stock has been written up nor any debt written off, no stock has notionally depreciated, become
obsolete or lost value and no material change has occurred in the level of stock and no unusual or abnormal contract has been entered
into by VN Tech PRC;

    	8

    	 

    

(e)no
asset of VN Tech PRC has been acquired or disposed of, or has been agreed to be acquired or disposed of, otherwise than in the
ordinary course of business and there has been no disposal or parting with possession of any of its property, assets (including
know-how) or stock in trade or any payments by VN Tech PRC, and no contract involving expenditure by it on capital account has
been entered into by VN Tech PRC, and no liability has been created or has otherwise arisen (other than in the ordinary course
of business as previously carried on);

(f)there
has been no disposal of any asset (including stock) or supply of any service or business facility of any kind (including a loan
of money or the letting, hiring or licensing of any property whether tangible or intangible) in circumstances where the consideration
actually received or receivable for such disposal or supply was less than the consideration which could be deemed to have been
received for Taxation purposes;

(g)no
event has occurred which gives rise to a Taxation liability to VN Tech PRC or deemed (as opposed to actual) income, profits or
gains or which results in VN Tech PRC becoming liable to pay or bear a tax liability directly or primarily chargeable against or
attributable to another person, firm or company;

(h)no
remuneration (including bonuses) or benefit payable to any officer or employee of VN Tech PRC has been increased nor has VN Tech
PRC undertaken any obligation to increase any such remuneration at any future date with or without retrospective effect; and

(i)such
of the book debts shown in the Accounts and all other book debts arising since such time which have been realized since January
1, 2012 have been realized at amounts not less than those shown in the Accounts or, in the case of subsequently arising book debts,
their face amount, and no indication has been received that any debt now owing to VN Tech PRC is bad or doubtful.

  

12.            Employment

12.1No
strikes, lock-outs or other forms of industrial action or trade disputes against or involving VN Tech PRC are known to be ongoing,
pending, threatened or contemplated.

12.2There
is no past, existing, threatened or pending dispute involving VN Tech PRC and any of its employees, and there is no arrangement
between VN Tech PRC and any trade union or organization representing any such employees.

12.3VN
Tech PRC's employment of its employees did not and does not infringe or conflict with or result in any breach of or constitute
a default under any contract to which the relevant employee is a party (including without limitation any agreement between the
relevant employee and any of his / her ex-employers).

12.4VN
Tech PRC has made up-to-date social insurance contributions in respect of all of its employees in accordance with PRC law and regulations.

12.5VN
Tech PRC has complied with all applicable PRC labor law and regulations in respect of each of its employees and none of them will
have any claim against VN Tech PRC in respect of his/her employment by VN Tech PRC.

13.           Environmental

13.1VN
Tech PRC has at all times complied in all respects with all PRC environmental laws, regulations and official guidelines and VN
Tech PRC has not received any notice, warning or communication of any kind stating, alleging, suggesting or otherwise indicating
that a breach of any PRC environmental laws, regulations or official guidelines has occurred or is threatened.

    	9

    	 

    

13.2VN
Tech PRC has applied for, obtained and complied fully with all permits, licenses, authorizations, consents and approvals required
by any PRC environmental laws, regulations or official guidelines ("Environmental Licenses") in respect of its
business or assets. There are no circumstances which could lead to the withdrawal or modification of any Environmental License
or to the shortening of the term of any of them.

13.3VN
Tech PRC has no grounds to believe or suspect and does not believe or suspect that there are any actions, claims, proceedings,
losses, expenses or other liabilities (whether actual or potential) in respect of any PRC environmental laws, regulations or official
guidelines or the terms of any Environmental License for which VN Tech PRC or any of its directors, officers or employees is or
may be held to be liable in relation to its assets or the conduct of its business.

13.4VN
Tech PRC has no grounds to believe or suspect and does not believe or suspect that expenditure (other than in respect of routine
maintenance) will be required in relation to VN Tech PRC’s assets or the conduct of VN Tech PRC’s business in order
to ensure future compliance with any PRC environmental laws, regulations or official guidelines and/or Environmental Licenses including
(but without limitation) any requirements expressed to come into effect at a future date.

 

 

 

 

 

 

 

 

 

10Exhibit 10.1

Spartan Gold Ltd.

 

EMPLOYMENT AGREEMENT

EXECUTIVE DIRECTOR and DIRECTOR

 

Agreement made as
of this 16th day of April, 2012, by and between Marshall Auerback (“Executive”) and Spartan Gold Ltd. (“Spartan”
or, the “Company”).

PREAMBLE

The Board of Directors
of the Company recognizes Executive’s potential contribution to the growth and success of the Company and desires to assure
the Company of Executive’s employment in an executive capacity as Executive Director and Director and to compensate him therefor.
Executive wants to be employed by the Company and to commit himself to serve the Company on the terms herein provided.

NOW, THEREFORE,
in consideration of the foregoing and of the respective covenants and agreements of the parties, the parties agree as follows:

1.Definitions

 

“Benefits”
shall mean all the fringe benefits approved by the Board from time to time and established by the Company for the benefit of executives
generally and/or for key executives of the Company as a class, including, but not limited to, regular holidays, vacations, absences
resulting from illness or accident, health insurance, disability and medical plans (including dental and prescription drug), group
life insurance, and pension, profit-sharing and stock bonus plans or their equivalent.

“Board”
shall mean the Board of Directors of the Company, together with an executive committee thereof (if any), as the same shall be constituted
from time to time.

“Cause”
shall mean (i) gross negligence in the performance of the material responsibilities of the Executive’s office or position,
(ii) willful misconduct in performance and discharge of the Executive’s material duties or that is otherwise materially injurious
to the Company’s business, (iii) conviction of or a plea of no contest to a felony or Executive’s incapacity due to
alcoholism or substance abuse or (iv) a material and intentional breach by Executive of his principal obligations under this Agreement
not remedied within fifteen (15) business days after receipt of written notice from the Company.

    	1

    	 

    
 

“Change of Control”
shall mean the occurrence of one or more of the following four events:

		(1)	Any Person becomes a beneficial owner (as such term is defined in Rule 13d-3 promulgated under
the Exchange Act) directly or indirectly of securities representing 51% or more of the total number of votes that may be cast for
the election of directors of the Company;

		(2)	Within eighteen months after a merger, consolidation, liquidation or sale of assets involving the
Company, or a contested election of a Company director, or any combination of the foregoing, the individuals who were directors
of the Company immediately prior thereto shall cease to constitute a majority of the Board;

		(3)	Within eighteen months after a tender offer or exchange offer for voting securities of the Company,
the individuals who were directors of the Company immediately prior thereto shall cease to constitute a majority of the Board;
or

		(4)	A Reorganization.

		(5)	A sale of all or substantially all of the assets of the Company.

“Executive Director”
shall mean the individual having responsibility to the Board for direction and management of Investor Relations and oversight of
the executive and administration of the Company and who reports and is accountable only to the Board.

“Company”
shall mean Spartan Gold Ltd., a Nevada corporation.

“Competitive
Business Activity” shall mean the exploration, development and sale of gold or other natural resources from the Company’s
properties.

“Director”
shall mean the individual elected by shareholders or designated by the Board from time to time as its Director.

“Disability”
shall mean a written determination by an independent physician mutually agreeable to the Company and Executive (or, in the event
of Executive’s total physical or mental disability, Executive’s legal representative) that Executive is physically
or mentally unable to perform his duties of Executive Director and Director under this Agreement and that such disability can reasonably
be expected to continue for a period of six (6) consecutive months or for shorter periods aggregating one hundred and eighty (180)
days in any twelve-(12)-month period.

“Exchange Act”
shall mean the Securities Exchange Act of 1934.

“Executive”
shall mean Marshall Auerback and, if the context requires, his heirs, personal representatives, and permitted successors and assigns.

“Performance
Year” shall mean each twelve-month period of employment under this Agreement commencing upon the date of this Agreement.

“Person”
shall mean any natural person, incorporated entity, limited or general partnership, limited liability company, business trust,
association, agency (governmental or private), division, political sovereign, or subdivision or instrumentality, including those
groups identified as “persons” in §§ 13(d)(3) and 14(d)(2) of the Exchange Act.

    	2

    	 

    
 

“Reorganization”
shall mean any transaction, or any series of transactions consummated in a 12-month period, pursuant to which any Person acquires
(by merger, acquisition, or otherwise) all or substantially all of the assets of the Company or the then outstanding equity securities
of the Company and the Company is not the surviving entity, the Company being deemed surviving if and only if the majority of the
Board of Directors of the ultimate parent of the surviving entity were directors of the Company prior to its organization.

“Territory”
shall mean any state of the United States and any equivalent section or area of any country in which the Company has revenue-producing
customers or activities.

2.Position, Responsibilities, and Term of Employment.

 

2.01Position. Executive shall serve
as Director, and Executive Director of the Company. In this capacity Executive shall, subject to the bylaws of the Company, and
to the direction of the Board, serve the Company by performing such duties and carrying out such responsibilities as are normally
related to the position of Director and Executive Director in accordance with the standards of the industry in which the Company
carries on its business. The Board shall either vote, or recommend to the shareholders of the Company, as appropriate, that during
the term of employment pursuant to this Agreement: (i) Executive be nominated for election as a director at each meeting of
shareholders held for the election of directors and be nominated for election as Director; (ii) Executive be elected to and
continued in the office of Executive Director of the Company; (iii) Executive be elected to and continued on the Board of
Directors of each wholly-owned subsidiary of the Company, (iv) if the Board or any of the Company’s wholly-owned subsidiaries’
Board of Directors shall appoint an executive committee (or similar committee authorized to exercise the general powers of the
Board), Executive be elected to and continued on such committee; and (v) the Company shall not confer on any other officer
authority, responsibility, powers or prerogatives superior or equal to the authority, responsibility, prerogatives and powers vested
in Executive hereunder.

 

2.02Reporting. Executive, in his capacity
as Executive Director of the Company, will report directly to the Board.

 

2.03Time and Efforts Covenant. Executive
will, to the best of his ability, devote such time and efforts as are necessary to the performance of his duties for the Company
and its wholly-owned subsidiaries.

 

2.04Executive’s Commitment. During
Executive’s employment with the Company, Executive will not undertake or engage in any other employment, occupation or business
enterprise inconsistent with his obligations under this Agreement except for Executive’s service in an executive or board
position with organizations, and their respective subsidiaries and/or affiliates, and/or other companies Executive currently has
ownership, management responsibilities and/or other relationships with, as approved and added to this document in Exhibit B. Subject
to the foregoing, Executive agrees not to acquire, assume, or participate in, directly or indirectly, any position, investment,
or interest in the Territory adverse or antagonistic to the Company, its business or prospects, financial or otherwise, or take
any action towards any of the foregoing. The provisions of this Section shall not prevent Executive from owning shares of any entity
engaging in Competitive Business Activity, so long as such shares (i) do not constitute more than 5% of the outstanding equity
of such competitor, and (ii) are regularly traded on a national securities exchange or quoted for trading by the NASDAQ Stock
Market.

    	3

    	 

    
 

 

2.05Relocation. Executive’s place
of employment will not be located outside the Denver, Colorado area.

 

2.06Post-Employment
Noncompetition and Nonsolicitation Covenant. During the Employment Period and continuing until the six month termination anniversary
thereof, Executive shall not, without the prior written authorization of the Board of Directors of the Company, (i) directly or
indirectly render services of a business, professional or commercial nature (whether for compensation or otherwise) to any person
or entity competitive or adverse to the Company's business welfare, (ii) engage in any activity, whether alone, as a partner, or
as an officer, director, employee, consultant, independent contractor, or stockholder in any other corporation, person, or entity
which is competitive with or adverse to the Company's business welfare, (iii) hire or solicit for hire any of the Company's employees,
prospective employees or consultants (iv) solicit the business of any client of the Company, or any prospective client of the Company
that had been serviced or solicited by the Company during the six (6) months preceding Executive's termination, or (v) enter into
any agreements with any supplier of the Company regarding the sale or distribution of products of the supplier.

 

In the event that
Executive's employment with the Company is terminated by Executive or the Company at any time, for any reason whatsoever, the Company
shall have the right to inform any of Executive's future employers or prospective employers of the existence of this Section 2.06
of the Agreement. This Section 2.06 shall not, however, prevent Executive from investing in securities issued by any such competitive
or adverse corporation provided the holdings thereof by Executive do not constitute more than five percent of any one class of
such securities.

2.07Confidential Information. Executive
shall not disclose or use, or authorize anyone else to disclose or use, at any time, during the Employment Period, any trade secrets
or other confidential information of the Company of which Executive is or becomes informed or aware of prior to or during the Employment
Period, except (i) as may be required for Executive to perform his duties and obligations under this Agreement, (ii) to the extent
such information has been disclosed to Executive by a third party who is not affiliated with the Company or which otherwise becomes
generally available to the public, (iii) information which must be disclosed as a result of a subpoena or other legal process,
provided that the Company is given reasonable notice and an opportunity to obtain a protective order, or (iv) unless Executive
shall first secure the Company's prior written authorization. This paragraph shall survive the termination of this Employment Period,
whether by lapse of time or otherwise, and shall remain in effect and be enforceable against Executive for six months or if Company
trade secrets or confidential information becomes public prior to the time limit. Executive shall execute additional agreements
and confirmations of his obligations to the Company concerning such non-disclosure of Company trade secrets and other confidential
information as the Company may require from time to time, provided that the execution of such additional agreements and confirmations
are (i) reasonable and (ii) are required of all other senior executive employees of the Company under similar circumstances.

    	4

    	 

    
 

 

Executive shall use his
best efforts to prevent the removal of any Confidential Information from the premises of the Company, except as required in his
normal course of employment by the Company. Executive shall use his best efforts to cause all persons or entities to whom any Confidential
Information shall be disclosed by him hereunder to observe the terms and conditions set forth herein as though each such person
or entity was bound hereby.

 

2.08Records, Files. All records, files,
drawings, documents, equipment and the like relating to the business of the Company which are prepared or used by Executive during
the term of his employment under this Agreement shall be and shall remain the sole property of the Company.

 

2.09Equitable Relief. Executive acknowledges
that his services to the Company are of a unique character which gives them a special value to the Company. Executive further recognizes
that material and intentional violations by Executive of any one or more of the provisions of this Section 2 may give rise
to losses or damages for which the Company cannot be reasonably or adequately compensated in an action at law and that such material
and intentional violations may result in irreparable and continuing harm to the Company. Executive agrees that, in addition to
any other remedy which the Company may have at law and equity, including the right to withhold any payment of compensation under
Section 3 of this Agreement, the Company shall be entitled to injunctive relief to restrain any material and intentional violation,
actual or threatened, by Executive of the provisions of Section 2 of this Agreement.

 

2.10(a)Executive agrees promptly
to disclose and deliver to the Company any and all, and hereby assigns, transfers, and sets over to the Company Executive’s
entire and exclusive right, title, and interest, including rights in the nature of patent rights, trademark rights, copyrights,
trade secrets, or design rights, in and to any and all, improvements, inventions, developments, discoveries, works of authorship,
innovations, systems, techniques, ideas, processes, programs, listings, and other things that may be of assistance to the Company,
whether patentable or unpatentable, relating to or arising out of any development, service, or product of, or pertaining in any
manner to the business of, the Company whether conceived, developed, or learned by Executive, alone or with others, during or after
normal business hours, while employed by the Company (collectively, “Work Products”). The foregoing assignment includes,
without limitation, all such rights in the United States of America and throughout the world, and in and to any letters patent,
applications for letters patent, any division, reissue, extension, continuation, or continuation-in-part thereof, or any copyright
or trademark registrations that may be granted and issued for such Work Products. Executive hereby authorizes and requests the
Commissioner of Patents and Trademarks or other appropriate government official to issue any such Letters Patent or registrations
to the Company, its successors, and assigns. It is expressly understood that Work Products does not include any and all, improvements,
inventions, developments, discoveries, works of authorship, innovations, systems, techniques, ideas, processes, programs, listings,
and other things developed for the benefit of Enterprises during normal business hours while Executive is employed by Enterprises.

    	5

    	 

    
 

 

(b)The parties intend that the Company
have the sole and exclusive right, title, and interest in such Work Products and Prior Art. Executive acknowledges and agrees that
all Work Products and Prior Art will be and remain the exclusive property of the Company and that Executive will, upon the request
of the Company, and without further compensation, do all lawful things requested by the Company to ensure the Company’s ownership
of the Work Products and Prior Art, including, without limitation, the execution of all documents requested by the Company to assign
and transfer to the Company and its assigns all of Executive’s right, title, and interest in the Work Products and Prior
Art, if any, and to enable the Company to file and obtain patents, copyrights, and other proprietary rights in the United States
and foreign countries relating to the Work Products and Prior Art. Executive hereby appoints the Company as Executive’s attorney-in-fact
to execute all documents relating to such registrations, applications, and assignments. The provisions of this Section 2.10 will
survive the expiration or termination of this Agreement for any reason.

 

2.11Term. The Company shall employ
Executive, and Executive shall be employed by the Company and shall provide services to the Company upon the terms and conditions
hereinafter set forth. The initial term of Executive's employment with the Company shall continue, unless earlier terminated pursuant
to Section 4 hereof, through December 31, 2012 (the "Employment Period"); provided, however, that after expiration of
the initial term, the Employment Period shall automatically be renewed each January 1 for successive one-year terms unless the
Company or Executive delivers written notice to the other party at least sixty (60) days preceding the expiration of the initial
term or any one-year extension date of the intention not to extend the term of this Agreement.

 

3.Compensation.

 

3.01Annual Compensation. The Company
shall pay to Executive for the services to be rendered hereunder a base salary as shown on Exhibit A hereto (“Annual
Compensation”). There shall be an annual review for merit by the Board and an increase as deemed appropriate to reflect the
value of services by Executive. At no time during his employment with the Company shall Executive’s annual base salary fall
below his Annual Compensation. In addition, if the Board increases Executive’s Annual Compensation at any time during his
employment with the Company, such increased Annual Compensation shall become a floor below which Executive’s compensation
shall not fall at any future time during his employment with the Company and shall become his Annual Compensation.

 

Executive’s salary
shall be payable in periodic installments in accordance with the Company’s usual practice for similarly situated executives
of the Company.

 

3.02Incentive Compensation. In addition
to his Annual Compensation, Executive shall be entitled to receive incentive compensation in such amounts as are determined by
the Board from time to time (“Incentive Compensation”). Incentive Compensation is outlined in Exhibit A. Any Incentive
Compensation which is not deductible in the opinion of the Company’s counsel, under § 162(m) of the Internal Revenue
Code of 1986 shall be deferred and paid, without interest, in the first year or years when and to the extent such payment may be
deducted, Executive’s right to such payment being absolute so long as Executive remains employed by the Company, subject
only to the provisions of Section 2.09.

    	6

    	 

    
 

 

3.03Participating in Benefits. Executive
shall be entitled to all Benefits for as long as such Benefits may remain in effect and/or any substitute or additional Benefits
made available in the future to similarly situated Executives of the Company, subject to and on a basis consistent with the terms,
conditions and overall administration of such Benefits adopted by the Company. Benefits paid to Executive shall not be deemed to
be in lieu of other compensation to Executive hereunder as described in this Section 3.

 

3.04Specific Benefits.

 

During Executive’s employment with the
Company:

 

(a)Executive shall be entitled to four
(4) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Executive.

 

(b)The Company shall provide fully
paid accident and health insurance for Executive and Executive’s spouse and children with limits and extent of coverage no
less than that provided to other executives of the Company.

 

(c)Executive shall be entitled to sick leave benefits during
his employment in accordance with the customary policies of the Company for its executive officers, but in no event less than one
(1) month per year.

 

(d)In addition to the vacation provided pursuant to Section
3.04(a) hereof, Executive shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on
such days on which the New York Stock Exchange is closed to trading.

 

(e)Executive shall be entitled to receive prompt reimbursement
for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Board for the similarly
situated executives of the Company) in performing services hereunder.

 

(f)Executive shall be eligible to participate during his
employment in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or
maintain for its executives generally.

 

(g)The Company shall have the option to maintain and be
the owner and beneficiary of a term life insurance policy payable on Executive’s death with a minimum policy limit of one
million dollars ($1,000,000) and Executive agrees to submit to any physical examination, and otherwise to cooperate in any other
procedures required to obtain such policy.

(h)The Company shall have the option to maintain and be
the owner and beneficiary of a disability insurance policy payable on Executive’s disability with a minimum policy limit
of one million dollars ($1,000,000) and Executive agrees to submit to any physical examination, and otherwise to cooperate in any
other procedures required to obtain such policy.

    	7

    	 

    
 

 

4.Termination.

 

4.01Termination by the Company for Reasons Other Than Cause.
If the Company terminates the employment of Executive and such termination is not for Cause (a “Termination by the Company
for Reasons Other Than Cause”), then, the Company shall pay to Executive an amount equal to Executive’s Annual Compensation
at the time of such termination plus (i) if the termination is during the first three years of this Agreement, the annual cash
portion of the Incentive Compensation that was paid to him in the last Performance Year or (ii) if the termination is after the
first three years of this Agreement, the average of the annual cash portion of the Incentive Compensation that was paid to him
in the last three Performance Years. Such amount shall be paid to Executive in no event later than sixty (60) days after the date
of such termination. To the extent that Executive is not fully vested in Benefits from any pension or any other retirement plan
or program (whether tax qualified or not) maintained by the Company, the Company shall obtain and pay the premium upon an annuity
policy to provide Executive with Benefits as though he had been fully vested on the date that his employment terminated. See Exhibit
A for full disclosure of the compensation.

 

4.02Constructive Discharge. If the Company (a) subjects
Executive to a diminution in his title(s), responsibilities, or in his then current Annual Compensation, (b) fails to comply with
the provisions of Section 3, (c) locates Executive’s place of employment outside the Scottsdale, Arizona area or (d)
engages in any material and intentional breach of the Company’s principal obligations under this Agreement which is not remedied
within fifteen (15) business days after receipt of written notice from the Executive (a “Constructive Discharge”),
Executive may at his option terminate his employment and such termination shall be considered to be a Termination by the Company
for Reasons Other Than Cause.

 

4.03Termination by the Company for Cause. The Company shall
have the right to terminate the employment of Executive for Cause (a “Termination by the Company for Cause”). Effective
as of the date of Termination by the Company for Cause, this Agreement, except for Sections 2.06 through 2.10, shall terminate
and no further payments of the Compensation described in Section 3 (except for such remaining payments of Annual Compensation under
Section 3.01 relating to periods during which Executive was employed by the Company, Benefits which are required by applicable
law to be continued, and reimbursement of expenses incurred prior to such termination under Section 3.04) shall be made.

 

4.04Change of Control. If at any time during Executive’s
employment at the Company there is a Change of Control, Executive may at his option terminate his employment and such termination
shall be considered to be a Termination by the Company for Reasons Other Than Cause. If such Change of Control involves the sale
of the Company for an amount in excess of $100 million dollars, Executive shall be entitled to receive a one-time bonus equal to
two and a half percent (2.5%) of all amounts received by the Company or its shareholders in excess of $100 million dollars.

    	8

    	 

    
 

 

4.05Termination on Account of Executive’s Death. In
the event of Executive’s death during his employment at the Company, the Company shall pay to Executive’s beneficiary
or beneficiaries (or to his estate if he fails to make such a designation) an amount equal to the remainder of his Annual Compensation
for the year in which he died plus a prorated amount of any Incentive Compensation which would have been payable to Executive at
the end of such year.

 

Executive may designate one or more beneficiaries
for the purposes of this Section 4.05 by making a written designation and delivering such designation to an Executive or the Chief
Financial Officer of the Company. If Executive makes more than one such written designation, the designation last received before
Executive’s death shall control.

 

4.06Disability. If Executive shall sustain a Disability,
the Company shall continue to pay to Executive while such Disability continues the full amount of his then current Annual Compensation
for the one-year period next succeeding the date upon which such Disability shall have been so certified as well as a prorated
amount of any Incentive Compensation which would have been paid to Executive at the end of the year. Thereafter, if Executive’s
Disability shall continue, the employment of Executive under this Agreement shall terminate and all obligations of Executive shall
cease and Executive shall be entitled to receive the Benefits, if any, as may be provided by any insurance to which he may have
become entitled pursuant to Section 3.04 as well as the acceleration of the exercise date of any incentive stock options granted
prior to Executive’s Disability.

 

5.Stock Options. Executive will participate in the Company’s
Stock Option Plan, when adopted, and will be eligible to participate at the level of other similarly situated executives in any
future stock incentive plans established by the Company.

 

6.Indemnification. The
Company shall indemnify Executive and hold Executive harmless from and against any claim, loss or cause of action arising
from or out of Executive’s performance as an officer, director or employee of the Company or in any other capacity, including
any fiduciary capacity, in which the Executive serves at the request of the Company to the maximum extent permitted by applicable
law. The Company shall advance to Executive the reasonable costs and expenses of investigating
and/or defending any such claim, subject to receiving a written undertaking from Executive to repay any such amounts advanced to
Executive in the event and to the extent of any subsequent determination by an agency of competent jurisdiction that Executive
was not entitled to indemnification hereunder. In the event that Executive is or becomes a party to any action or proceeding in
respect of which indemnification may be sought hereunder, Executive shall promptly notify the Company thereof. Following such notice,
the Company shall be entitled to participate therein and, to the extent that it may wish, to assume the defense thereof with counsel
satisfactory to Executive in its reasonable judgment. After notice from the Company to Executive of the Company's election to assume
the defense of such Executive, the Company will not be liable to Executive hereunder for any legal or other expenses subsequently
incurred by Executive in connection with the defense thereof other than reasonable costs of investigation. Executive shall not
settle any action or claim against Executive without the prior written consent of the Company except at such Executive's sole cost
and expense.

    	9

    	 

    
 

 

7.Left blank intentionally.

 

8.Miscellaneous.

 

8.01Assignment. This Agreement and the rights and obligations
of the parties hereto shall bind and inure to the benefit of each of the parties hereto and shall also bind and inure to the benefit
of any successor or successors of the Company in a Reorganization, merger or consolidation and any assignee of all or substantially
all of the Company’s business and properties, but, except as to any such successor of the Company, neither this Agreement
nor any rights or benefits hereunder may be assigned by the Company or Executive.

 

8.02At Will Employee. Executive is and will be at all times
be an “at-will employee” and his employment may be terminated by him or by the Company upon sixty (60) days written
notice at any time, for any reason or no reason, with or without cause, subject to the provisions of Section 4.

 

8.03Governing Law. This Agreement shall be construed in
accordance with and governed for all purposes by the laws of the State of Nevada.

 

8.04Interpretation. In case any one or more of the provisions
contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Agreement, but this Agreement shall be construed as
if such invalid, illegal or unenforceable provision had never been contained herein.

 

8.05Notice. Any notice herein
required or permitted to be given shall be in writing and may be sent by hand delivery or registered or certified mail, return
receipt requested, and shall be deemed to have been given: if by hand delivery, on the date of delivery or if mailed, on the date
indicated as the date of delivery or, if refused, on the date of attempted delivery, on the return receipt. For purposes hereof,
the addresses of the parties hereto (until notice of a change thereof is given as provided in this Section 7.05) shall be as follows:

 

	To the Company:	To Executive:
	 	 
	Spartan Gold Ltd.	Marshall Auerback
	13591 N. Scottsdale Rd.	817 Pearl Street
	Suite 233	Denver, CO 80203
	Scottsdale, AZ 85254	 

  

8.06Amendment and Waiver. This Agreement may not be amended,
supplemented or waived except by a writing signed by the party against which such amendment or waiver is to be enforced. The waiver
by any party of a breach of any provision of this Agreement shall not operate to, or be construed as a waiver of, any other breach
of that provision or as a waiver of any breach of another provision.

    	10

    	 

    
 

 

8.07Binding Effect. Subject to the provisions of Section
4 hereof, this Agreement shall be binding on the successors and assigns of the parties hereto.

 

All obligations of Executive with respect to any shares covered
by this Agreement shall, as the context requires, bind Executive’s spouse and the divorce or death of such spouse shall
not vitiate the binding nature of such obligation.

 

8.08Survival of Rights and Obligations. All rights and obligations
of Executive or the Company arising during the term of this Agreement shall continue to have full force and effect after the termination
of this Agreement unless otherwise provided herein.

 

8.09Section Headings. The section headings contained in
this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

 

8.10Entire Agreement. This Agreement contains the entire
understanding, and cancels and supersedes all prior agreements, including any agreement in principle or oral statement, letter
of intent, statement of understanding or guidelines of the parties hereto with respect to the subject matter hereof.

 

In witness whereof, on the date first written
above, the undersigned do hereby agree to the terms contained herein.

 

Spartan Gold Ltd.

  

 

By: /s/ Malcolm Stevens                             

Name: Malcolm Stevens

Title: Chairman

 

 

 

/s/ Marshal Auerback                        

Name:Marshall Auerback

 

 

    	11

    	 

    

Exhibit A

 

Employment Agreement

Between Marshall Auerback and Spartan Gold
Ltd.

 

 

 

Section 3.01Compensation.

 

		(A)	$3,000 per month commencing April 16, 2012 and until the Company enters into its funded Phase 1 exploration activities with
at least $2 million of funding.

		(B)	$75,000 per year commencing after the Company has begun its funded Phase 1 exploration activities with at least $2 million
of funding and until the Company enters into its funded Phase 2 explorations and development activities with at least $5 million
of funding;

		(C)	$100,000 per year commencing after the Company has begun its funded Phase 2 exploration and development activities with at
least $5 million of funding;

		(D)	Incentive Compensation as follows:

		a.	Incentive compensation will be determined by the Board of Directors on a discretionary basis based on profitability and achievement
of company performance goals.

		(E)	If a controlling interest in the Company is sold to a third party, the Executive shall get a bonus as outlined below:

		a.	If a Change of Control involves the sale of the Company for an amount in excess of $100 million dollars, Executive shall be
entitled to receive a one-time bonus equal to two and a half percent (2.5%) of all amounts received by the Company or its shareholders
in excess of $100 million dollars.

		b.	The Executive shall, at his option, have the opportunity to convert the cash payment associated with this bonus, into common
stock of the Company at a conversion rate of the published market price per share as of the date of the Change of Control.

		
	 	 

 

    	12

    	 

    

 

 

		(F)	Termination, based on Section 4 of this Agreement, shall be as follows:

		a.	If the Company has raised $1 million but less than $2 million, under any investment vehicle(s) during the Executive’s
employment, then the following applies:

		 	i.     Termination payment as stated in
Section 4.

		b.	If the Company has raised $2 million but less than $5 million, under any investment vehicle(s) during the Executive’s
employment, then the following applies:

		 	i.     Termination payment at two times
the rate stated in Section 4.

		c.	If the Company has raised $5 million or more, under any investment vehicle(s) during the Executive’s employment, then
the following applies:

		 	i.     Termination payment at three times
the rate stated in Section 4.

 

 

    	13

    	 

    

Exhibit B

 

Employment Agreement

Between Marshall Auerback and Spartan Gold
Ltd.

 

 

Section 2.04Executive’s Commitment.

 

The Executive is also involved in various roles for the following
entities:

 

Sphere Resources, Inc.

 

    	14

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