Document:

Unassociated Document

    EXHIBT
      10.1

     

    EMPLOYMENT
      AGREEMENT

     

    This
      Employment Agreement,
      by and
      between Wits Basin Precious Minerals Inc., a Minnesota corporation (the
“Company”),
      and
      William B. Green (the “Executive”)
      is
      entered into as of the 19th day of February, 2007 (the “Effective
      Date”).

     

    INTRODUCTION

     

    A. The
      Company desires to employ Executive, and Executive desires to be employed by
      the
      Company, to serve as the Company’s President of Asia Operations pursuant to the
      terms and conditions of this Agreement.

     

    AGREEMENT

     

    Now,
      Therefore,
      in
      consideration of the foregoing, and for other good and valuable consideration
      the receipt and sufficiency of which is hereby acknowledged, the Company and
      Executive, each intending to be legally bound, hereby agree as
      follows:

     

    1. Employment.
      Subject
      to all of the terms and conditions of this Agreement, the Company hereby agrees
      to employ Executive, and Executive hereby accepts such employment and agrees
      to
      serve the Company with undivided loyalty and to the best of his ability.
      Executive shall report to and take direction from the Company’s Board of
      Directors and Chief Executive Officer. 

     

    2. Term.
      Unless
      terminated earlier by either party with one year written notice of termination
      to the other party, Executive’s employment shall commence on the Effective Date
      and shall continue for a period of three years from the Effective Date (the
      “Term”).

     

    3. Duties.
      The
      Executive shall serve as the Company’s President of Asia Operations and shall
      perform, subject to the direction of the Company’s Chief Executive Officer (the
“CEO”)
      and
      Board of Directors (the “Board”),
      duties as may be from time to time directed by the CEO and Board. The Executive
      shall devote substantially all of his business time, attention and energies
      to
      the business and affairs of the Company and shall use his best efforts to
      advance the best interests of the Company and shall not during the Term be
      actively engaged in any other business activity, whether or not such business
      activity is pursued for gain, profit or other pecuniary advantage, that will
      interfere with the performance by the Executive of his duties hereunder or
      the
      Executive’s availability to perform such duties or that will adversely affect,
      or negatively reflect upon, the Company. 

     

    4. Compensation.

     

    (a) Base
      Salary.
      In
      consideration for Executive’s services under this Agreement, the Company hereby
      agrees to pay Executive a base salary of $10,000 per month during the Term
      (the
“Base
      Salary”).

     

    (b) Benefits.
      During
      the Term, Executive shall be entitled to the employee benefits as provided
      by
      the Company to its management team. The Company reserves the right, in its
      sole
      discretion, to alter the terms of such benefits at any time and from time to
      time.

     

    (c) Reimbursement.
      The
      Company shall provide Executive a $10,000 advance to be used toward reasonable
      out-of-pocket business expenses incurred by Executive (“Expenses”)
      on the
      Company’s behalf, and further agrees to reimburse Executive for such additional
      Expenses incurred during the Term that are in excess of such advance, including,
      without limitation Expenses relating to:

     

    (i) Executive’s
      lap-top computer, phone, office and office equipment;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (ii) Leasing
      expenses (or equivalent reimbursement of reasonably monthly costs or payments
      incurred by Executive) relating to a vehicle;

     

    (iii) Leasing
      expenses relating to housing, and housing related expenses, each as reasonably
      agreed by Executive and the Company,
      including,
      if applicable, Executive’s annual leasehold expenses relating to such housing;
      notwithstanding the foregoing, in the event the Company terminates Executive’s
      employment during the term of any annual leasehold, it hereby agrees to
      reimburse Executive for the remainder of such annual leasehold;

     

    (iv) Reasonable
      expenses related to Executive’s relocation to and from Hong Kong, and within
      Asia as necessary in the determination of the Company, including reasonable
      expenses to establish residency in Hong Kong;

     

    (v) Travel
      expenses between the United States and Asia, as necessary in the determination
      of the Company;

     

    (vi) In
      addition to health insurance coverage as provided in Section 2(b) above, if
      reasonably available, equivalent international coverage; and

     

    (vii) Cost
      of
      tax advice and preparation resulting from Executive’s compensation abroad
      pursuant to the terms of this Agreement, including costs of such advice
      resulting from residing in multiple overseas jurisdictions.

     

    Notwithstanding
      the foregoing, Executive must properly account to the Company all such expenses
      in accordance with the rules and regulations of the Internal Revenue Service
      under the Internal Revenue Code of 1986, as amended, and in accordance with
      any
      standard policies of the Company relating to reimbursement of business expenses
      as such policies exist or may be implemented in the future. 

    

    (d) Stock
      Options.
      On the
      Effective Date, the Company shall grant Executive a stock option (the
“Option”)
      to
      purchase 2,500,000 shares of the Company’s common stock, par value $0.01 per
      share (the “Common
      Stock”),
      at an
      exercise price equal to $0.43 per share, the Fair Market Value (as defined
      below) of the Common Stock on the date of grant, such option to vest as follows,
      provided Executive remains an employee of the Company at the time of such
      vesting:

     

    (i) The
      Option shall vest with respect to 1,000,000 shares at such time Executive
      relocatesto Hong Kong and establishes a home office in Hong Kong on behalf
      of
      the Company;

     

    (ii) The
      Option shall vest with respect to 500,000 shares on the earlier of (i) the first
      anniversary of the Effective Date, (ii) the achievement of a
      milestone, as determined by the Board of Directors, or (iii) the termination
      of
      Executive's employment with the company; and

     

    (iii) The
      Option shall vest with respect to the remaining 1,000,000 shares at the earlier
      of (i) such time the Company achieves certain performance criteria established
      by the Board of Directors, the achievement of which shall be determined by
      the
      Board of Directors, and (ii) the third anniversary of the Effective
      Date.

     

    
      
        
        

      

      
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    Upon
      termination of Executive’s employment with the Company, for any reason or no
      reason, Executive’s rights to any portion of the Option that has not yet vested
      as of the date of such termination shall not vest and all of Executive’s rights
      to such unvested portion of the Option shall terminate. The Option shall have
      a
      term of 10 years from date of grant and the vested Options shall remain
      exercisable for 90 days from the date that the Executive is no longer an
      employee of the Company. In connection with such grant, the Executive shall
      enter into a stock option agreement which will memorialize the foregoing vesting
      schedule and other terms described in this Section 4(d) and provide additional
      standard option provisions. For purposes of this Agreement, “Fair
      Market Value”
shall
      mean (a) if the Common Stock is traded on an exchange or is quoted on The Nasdaq
      Global Market, Nasdaq Capital Market or the OTC Bulletin Board, then the closing
      or last sale prices, respectively, reported for the date of grant; (b) if the
      Common Stock is traded in the over-the-counter market, then the average of
      the
      closing bid and asked prices reported on the date of grant; or (c) if the Common
      Stock is not publicly traded, the fair market value of such stock will be
      determined by the Board, acting in good faith utilizing customary business
      valuation criteria and methodologies (without discount for lack of marketability
      or minority interest).

    

    5. Confidentiality.
      Except
      as specifically permitted by an authorized officer of the Company or by written
      Company policies, Executive will not, either during or after his employment
      by
      the Company, use Confidential Information (as defined below) for any purpose
      other than the business of the Company or disclose it to any person who is
      not
      also an executive of the Company unless authorized by the Board. When
      Executive’s employment with the Company ends, Executive will promptly deliver to
      the Company all records and any compositions, articles, devices, apparatuses
      and
      other items that disclose, describe, or embody Confidential Information,
      including all copies, reproductions, and specimens of the Confidential
      Information in Executive’s possession, regardless of who prepared them and will
      promptly deliver any other property of the Company in Executive’s possession,
      whether or not Confidential Information. As used in this Section 5,
“Confidential Information” means information that is not generally known and
      that is proprietary to the Company or that the Company is obligated to treat
      as
      proprietary, including information known by Executive prior to the Effective
      Date. Any information that Executive reasonably considers Confidential
      Information, or that the Company treats as Confidential Information, will be
      presumed to be Confidential Information (whether the Executive or others
      originated it and regardless of how the Executive obtained it).

     

    6. Non-Solicitation
      and Non-Competition.
      Executive agrees that, during the Term and for a
      period
      of one (1) year beyond the Term, Executive will not, without the prior written
      consent of the Company, directly or indirectly, do or commit any of the
      following acts: 

     

    (a) Induce,
      entice, hire or attempt to hire, employ or otherwise contract with any employee
      or independent contractor of the Company; provided, that Executive may contract
      with independent contractors for matters that are not related to the business
      activities of the Company. 

     

    (b) Induce,
      or attempt to induce any employee or independent contractor of the Company
      to
      leave the employ or cease doing business with the Company. 

     

    (c) Induce,
      or attempt to induce, any customer, supplier, vendor or any other person to
      cease doing business with the Company. 

     

    
      
        
        

      

      
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    (d) Induce
      or
      attempt to induce any individual to violate any agreement with the Company.
      

     

    Executive
      further agrees that, during the Term of this Agreement and for a period of
      one
      (1) year beyond the Term, he will not, without the prior written consent of
      the
      Company, directly or indirectly, render services, advice or assistance to any
      corporation, person, organization or other entity which engages in the mining
      business, or engage in any such activities in any capacity whatsoever,
      including, without limitation, as an employee, independent contractor, officer,
      director, manager, beneficial owner, partner, member or shareholder (other
      than
      being a shareholder of a corporation required to file periodic reports with
      the
      Securities and Exchange Commission under Section 13 or 15(d) of the Securities
      Exchange Act of 1934, as amended, where the shareholder’s total holdings are
      less than three percent (3%)).

     

    7. Dispute
      Resolution.
      Any
      dispute arising out of or related to Executive’s employment with the Company or
      this Agreement or any breach or alleged breach hereof shall be exclusively
      decided by binding arbitration before a single arbitrator in a mutually
      convenient location pursuant to and in accordance with the rules of the American
      Arbitration Association. The arbitrator shall have the power and authority
      to
      issue temporary and permanent awards of injunctive and equitable relief.
      Attorneys fees in each case shall be paid to the prevailing party by the
      non-prevailing party. Executive irrevocably waives Executive’s right, if any, to
      have any disputes between Executive and the Company arising out of or related
      to
      Executive’s employment with the Company or this Agreement decided in any
      jurisdiction or venue other than by binding arbitration pursuant to the terms
      hereof. The promises by the Company and Executive to arbitrate, which the
      parties agree can be a less expensive and quicker way to resolve disputes than
      litigating them in court or before other agencies or tribunals, constitutes
      adequate, reasonable and sufficient mutual consideration for the enforcement
      of
      this Agreement. 

     

    8. General
      Provisions.

     

    (a) Successors
      and Assigns.
      This
      Agreement is binding on and inures to the benefit of the Company’s successors
      and assigns, all of which are included in the term the “Company” as it is used
      in this Agreement; provided,
      however,
      that
      the Company may assign this Agreement only in connection with a merger,
      consolidation, assignment, sale or other disposition of substantially all of
      its
      assets or business.

     

    (b) Amendment.
      This
      Agreement may be modified or amended only by a written agreement signed by
      both
      the Company and Executive.

     

    (c) Governing
      Law.
      The laws
      of Minnesota will govern the validity, construction, and performance of this
      Agreement, without regard to any choice of law or conflict of law rules and
      regardless of the location of any arbitration under this Agreement.

     

    (d) Construction.
      Wherever possible, each provision of this Agreement will be interpreted so
      that
      it is valid under the applicable law. If any provision of this Agreement is
      to
      any extent invalid under the applicable law, that provision will still be
      effective to the extent it remains valid. The remainder of this Agreement also
      will continue to be valid, and the entire Agreement will continue to be valid
      in
      other jurisdictions.

     

    (e) No
      Waiver.
      No
      failure or delay by either the Company or Executive in exercising or enforcing
      any right or remedy under this Agreement will waive any provision of the
      Agreement. Nor will any single or partial exercise by either the Company or
      Executive of any right or remedy under this Agreement preclude either of them
      from otherwise or further exercising these rights or remedies, or any other
      rights or remedies granted by any law or any related document.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (f) Captions.
      The
      headings in this Agreement are for convenience only and shall not affect this
      Agreement’s interpretation.

     

    (g) References.
      Except
      as otherwise required or indicated by the context, all references to Sections
      in
      this Agreement refer to Sections of this Agreement.

     

    (h) Entire
      Agreement.
      This
      Agreement supersedes all previous and contemporaneous oral negotiations,
      commitments, writings, and understandings between the parties concerning the
      matters in this Agreement. In the case of any conflict between the terms of
      this
      Agreement and any other agreement, writing or understanding, this Agreement
      will
      control.

     

    (i) Notices.
      All
      notices and other communications required or permitted under this Agreement
      shall be in writing and shall be hand delivered or sent by registered or
      certified first class mail, postage prepaid, and shall be effective upon
      delivery if hand delivered, or three days after mailing if mailed to the
      addresses stated below. These addresses may be changed at any time by like
      notice:

     

    
      	
              If
                to the Company:

            	
              Wits
                Basin Precious Minerals Inc.

              900
                IDS Center, 80 South Eighth Street

              Minneapolis,
                MN 55402-8773

            
	 	 
	
              If
                to Executive:

            	
              William
                B. Green

              4424
                Carver Woods, Suite 102

              Cincinnati,
                OH 45242

               

              With
                a copy to Mr. Green at the office of the Company in Hong Kong, as
                applicable.

            

    

     

    (j) Counterparts.
      This
      Agreement may be executed in any number of counterparts, all of which taken
      together shall constitute one agreement binding on all parties. Each party
      shall
      become bound by this Agreement immediately upon signing any counterpart,
      independently of the signature of any other party. In making proof of this
      Agreement, however, it will be necessary to produce only one copy signed by
      the
      party to be charged.

     

    Signature
      Page Follows

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned Executive and the Company have executed this
      Agreement effective as of the Effective Date.

    
      	 	 	 
	 	
              Wits
                Basin Precious Minerals Inc.

              
                a
                  Minnesota corporation

              

            
	 
 	 
 	 
 
	
            	By  	/s/
              Stephen D King
	 	
              
Its:
              CEO

    

    

    
      	 	 	 
	
            	       	
              /s/
                William B Green

            
	 	
              

              William
                B. Green

            

    

     

    
      Signature
        Page of Employment Agreement between

      Wits
        Basin Precious Minerals Inc. and William GreenUnassociated Document

    EXHIBIT
      10.2

     

    Wits
      Basin Precious Minerals Inc.

    Stock
      Option Agreement

    (Non-Statutory)

    

    This
      Stock Option Agreement is made and entered into as of the 19th
      day of
      February, 2007, between William B. Green (“Optionee”)
      and
      Wits Basin Precious Minerals Inc., a Minnesota corporation (the “Company”).

    

    1. Grant
      of Option; Purchase Price.
      Subject
      to the terms and conditions herein set forth, and in consideration of Optionee’s
      agreement to serve as the Company’s President of Asia Operations, the Company
      hereby irrevocably grants to Optionee the right and option (the “Option”)
      to
      purchase all or any part of an aggregate of 2,500,000 shares of common stock,
      $.01 par value, of the Company (the “Shares”),
      at a
      price per Share of $0.43 (the “Exercise
      Price”),
      which
      is equal to the fair market value of the Company’s common stock on the date of
      grant, as determined by the Board of Directors in its discretion.

    

    2. Exercise
      and Vesting of Option.
      The
      Option shall be exercisable only to the extent that all, or any portion thereof,
      has vested in the Optionee. Except as provided herein in paragraph 2, the
      Options shall vest in Optionee as follows (the date of each such event is
      hereinafter referred to singularly as a “Vesting
      Date”
and
      collectively as “Vesting
      Dates”):

    

    (a) The
      Option shall vest with respect to 1,000,000 shares at such time Executive
      relocates to Hong Kong and establishes a home office in Hong Kong on behalf
      of
      the Company;

    

    (b) The
      Option shall vest with respect to an additional 500,000 shares on the earlier
      of
(i) the
      first anniversary of the Effective Date, (ii) the achievement of a milestone,
      as determined by the Board of Directors, or (iii) the termination of Executive's
      employment with the company; and

    

    (c) The
      Option shall vest with respect to the remaining 1,000,000 shares at the earlier
      of (i) such time the Company achieves certain performance criteria established
      by the Company’s Board of Directors, with such achievement determined by the
      Board of Directors, each in its sole discretion, and (ii) the third anniversary
      of the date hereof.

    

    Notwithstanding
      the foregoing, in the event of an acquisition of the Company through the sale
      of
      substantially all of the Company’s assets and the consequent discontinuance of
      its business, or through a merger, consolidation, exchange, reorganization,
      reclassification or extraordinary dividend resulting in shareholders of the
      Company immediately prior to the effective time of such transaction holding,
      immediately afterwards, less than 50% of the outstanding voting power of the
      resulting entity, or through a divestiture or liquidation of the Company
      (collectively referred to as a “Change
      in Control”),
      all
      or any portion of the Option remaining unvested hereunder shall become
      immediately exercisable, whether or not such portion of the Option had become
      exercisable prior to the Change in Control; provided
      that,
      the
      Company’s consummation of a merger or other transaction with Easyknit
      Enterprises Holdings Limited and/or its affiliates shall not constitute a Change
      in Control under the terms of this Agreement. The Company’s Board of Directors
      may restrict the rights of or the applicability of this Section 2 to the extent
      necessary to comply with Section 16(b) of the Securities Exchange Act of 1934,
      the Internal Revenue Code or any other applicable law or regulation. This Option
      shall not limit in any way the right or power of the Company to make
      adjustments, reclassifications, reorganizations or changes of its capital or
      business structure or to merge, exchange or consolidate or to dissolve,
      liquidate, sell or transfer all or any part of its business or
      assets.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. Termination
      of Employment.
      In the
      event that the Optionee ceases to be employed by the Company, for any reason
      or
      no reason, with or without cause, prior to any Vesting Date, that part of the
      Option scheduled to vest on such Vesting Date, and all parts of the Option
      remaining unvested as of such Vesting Date, shall not vest and all of Optionee's
      rights to and under such non-vested parts of the Option shall
      terminate.

     

    4. Term
      of Option.
      To the
      extent vested, and except as otherwise provided in this Agreement, the Option
      shall be exercisable for ten (10) years from the date hereof; provided,
      however,
      that in
      the event Optionee ceases to be employed by the Company, for any reason or
      no
      reason, with or without cause, Optionee or Optionee’s legal representative shall
      have ninety (90) days from the date of such termination of Optionee’s position
      as an employee to exercise any part of the Option vested pursuant to Section
      2
      of this Agreement. Upon the expiration of such ninety (90) day period, or,
      if
      earlier, upon the expiration date of the Option as set forth above, the Option
      shall terminate and become null and void.

     

    5. Manner
      of Exercise.
      Subject
      to the terms and conditions of this Agreement, the Option may be exercised
      by
      written notice to the Company. Such notice shall state the election to exercise
      the Option and the number of Shares in respect of which it is being exercised,
      and shall be signed by the person or persons so exercising the Option. Such
      notice shall be accompanied by payment in cash of the full Exercise Price of
      such Shares, in which event the Company shall deliver a certificate or
      certificates representing such Shares as soon as practicable after the notice
      shall be received. Any such notice shall be deemed given when received by the
      Company pursuant to Section 10 hereof. All Shares that shall be purchased upon
      the exercise of the Option as provided herein shall be fully paid and
      non-assessable.

     

    If
      at the
      time of exercise of all or any portion of the Option, the Company determines
      that under applicable law and regulations it could be liable for the withholding
      of any federal or state tax upon exercise or with respect to a disposition
      of
      any Shares acquired upon exercise of the Option, the Company may withhold any
      portion of the Shares necessary, in its discretion, to satisfy the payment
      obligations.

     

    6. Adjustment.
      In the
      event of any recapitalization, stock dividend, stock split, combination of
      shares or other such change in the Company’s common stock, the number of Shares
      subject to this Option shall be adjusted in proportion to the change in
      outstanding shares of common stock. In the event of any such adjustments, the
      Exercise Price of the Option and the shares of common stock issuable pursuant
      to
      the Option shall be adjusted as and to the extent appropriate, in the discretion
      of the Board of Directors, to provide Optionee the same relative rights before
      and after such adjustment.

     

    7. Change
      of Control.
      In the
      event of a Change of Control (as defined in Section 2 hereof), the Board of
      Directors shall be authorized, in its sole discretion, to take any and all
      action it deems equitable under the circumstances, including but not limited
      to
      any one or more of the following:

     

    (a) providing
      that the Option shall terminate and Option shall receive, in lieu of any Shares
      he would have been entitled to receive under the Option, such stock, securities
      or assets, including cash, as would have been paid to Optionee had he exercised
      the Option immediately prior to such Change of Control (with appropriate
      adjustment for the Exercise Price, if any);

     

    (b) providing
      that Optionee shall receive, with respect to each Share issuable pursuant to
      any
      or all vested portions of this Option as of the effective date of any such
      Change of Control, at the determination of the Board of Directors, cash,
      securities or other property, or any combination thereof, in an amount equal
      to
      the excess, if any, of the fair market value of such Shares, as determined
      in
      the discretion of the Board of Directors, on a date within ten days prior to
      the
      effective date of such Change of Control over the Exercise Price or other amount
      owed by Optionee, if any, and that such Option shall be cancelled, including
      the
      cancellation without consideration of all options that have an Exercise Price
      below the per share value of the consideration received by the Company in the
      Change of Control transaction; or 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (c) providing
      that all or any unvested portion of this Option, as of the effective date of
      such Change in Control transaction, shall be void and deemed terminated, or,
      in
      the alternative, for the acceleration or waiver of any vesting provision of
      the
      Option.

     

    The
      Company’s Board of Directors may restrict the rights of or the applicability of
      this Section 7 to the extent necessary to comply with Section 16(b) of the
      Securities Exchange Act of 1934, the Internal Revenue Code or any other
      applicable law or regulation. 

    

    8. Rights
      of Option Holder.
      Optionee, as holder of the Option, shall not have any of the rights of a
      shareholder with respect to the Shares covered by the Option except to the
      extent that one or more certificates for such Shares shall be delivered to
      him
      or her upon the due exercise of all or any part of the Option.

    

    9. Transferability.
      No part
      of the Option may be transferred, pledged or assigned by Optionee (except,
      in
      the event of Optionee’s death, by will or the laws of descent and distribution),
      or pursuant to a qualified domestic relations order as defined by the Code
      or
      Title I of the Employee Retirement Income Security Act, or the rules thereunder,
      and the Company shall not be required to recognize any attempted assignment
      of
      such rights by Optionee. Notwithstanding the preceding sentence, the Option
      (or
      any portion thereof) may be transferred by Optionee to Optionee’s spouse,
      children, grandchildren or parents (collectively, the “Family Members”), to
      trusts for the benefit of Family Members, to partnerships or limited liability
      companies in which Family Members are the only partners or shareholders, or
      to
      entities exempt from federal income taxation pursuant to Code Section 501(c)(3).
      During Optionee’s lifetime, the Option may be exercised only by him, by his
      guardian or legal representative or by the transferees as permitted by the
      preceding sentence.

     

    10. Securities
      Law Matters.
      Optionee acknowledges that the Shares to be received by Optionee upon exercise
      of the Option may have not been registered under the Securities Act of 1933
      or
      the Blue Sky laws of any state (collectively, the “Securities
      Acts”).
      If
      such Shares have not been so registered, Optionee acknowledges and understands
      that the Company is under no obligation to register, under the Securities Acts,
      the Shares received by Optionee or to assist Optionee in complying with any
      exemption from such registration if Optionee should at a later date wish to
      dispose of the Shares. Optionee acknowledges that if not then registered under
      the Securities Acts, the Shares shall bear a legend restricting the
      transferability thereof, such legend to be substantially in the following
      form:

     

    

    “The
      shares represented by this certificate have not been registered or qualified
      under federal or state securities laws. The shares may not be offered for sale,
      sold, pledged or otherwise disposed of unless so registered or qualified, unless
      an exemption exists or unless such disposition is not subject to the federal
      or
      state securities laws, and the Company may require that the availability or
      any
      exemption or the inapplicability of such securities laws be established by
      an
      opinion of counsel, which opinion of counsel shall be reasonably satisfactory
      to
      the Company.”

    

    11. Optionee
      Representations.
      Optionee hereby represents and warrants that Optionee has reviewed with
      Optionee’s own tax advisors the federal, state, and local tax consequences of
      the transactions contemplated by this Agreement. Optionee is relying solely
      on
      such advisors and not on any statements or representation of the Company or
      any
      of its agents. Optionee understands that Optionee will be solely responsible
      for
      any tax liability that may result to Optionee as a result of the transactions
      contemplated by this Agreement. The Option, if exercised, will be exercised
      for
      investment and not with a view to the sale or distribution of the Shares to
      be
      received upon exercise thereof.

     

    
      
        
        

      

      
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    12. Breach
      of Agreements.
      In the
      event that Optionee materially breaches the terms of any confidentiality,
      noncompete agreement or other agreement entered into with the Company or any
      affiliate thereof, whether such breach occurs before or after termination of
      Optionee’s employment with the Company, the Board of Directors in its discretion
      may immediately terminate all rights of Optionee under this Option without
      notice of any kind.

    

    13. Notices.
      All
      notices and other communications provided in this Agreement will be in writing
      and will be deemed to have been duly given when received by the party to whom
      it
      is directed at the following addresses:

     

    
      	
              If
                to the Company:

               

              Wits
                Basin Precious Minerals Inc.

              900
                IDS Center, 80 South Eighth Street

              Minneapolis,
                MN 55402-8773

              Attn:
                Chief Executive Officer

            	
              If
                to Optionee:

               

              William
                B. Green

              4424
                Carver Woods, Suite 102

              Cincinnati,
                OH 45242

            

    

    

    14. General.
      

    

    (a) The
      Company shall at all times during the term of the Option reserve and keep
      available such number of Shares as will be sufficient to satisfy the
      requirements of this Option Agreement. 

    

    (b) Nothing
      herein expressed or implied is intended or shall be construed as conferring
      upon
      or giving to any person, firm, or corporation other than the parties hereto,
      any
      rights or benefits under or by reason of this Agreement.

    

    (c) Each
      party hereto agrees to execute such further documents as may be necessary or
      desirable to effect the purposes of this Agreement.

    

    (d) This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed an original, but all of which shall constitute one and the same
      agreement.

    

    (e) This
      Agreement, in its interpretation and effect, shall be governed by the laws
      of
      the State of Minnesota applicable to contracts executed and to be performed
      therein.

    

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

    
      	 	 	 
	
              OPTIONEE:

            	
              WITS
                BASIN PRECIOUS MINERALS INC.

            
	 
 	 
 	 
 
	
              /s/
                William B Green

            	By:  	/s/
              Stephen D King
	
              

              Name:
                William B. Green

            	
              

              By:
                Its:
                CEO

            

    

     

    
      
        
        

      

      
        4

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