Document:

Lake Victoria Mining Company, Inc.: Exhibit 10.4 - Filed by newsfilecorp.com

April 26, 2011 

Ming Zhu
C103-8620 Jones Road, 
Richmond, B.C. V6Y 1L8

Dear Ming:

Re: Employment Agreement

This letter sets out the terms and conditions upon which Lake
Victoria Mining Company, Inc. (the “Company”) is prepared to employ you.
Please review the terms carefully; should you have any questions, David Kalenuik
or Heidi Kalenuik, would be happy to discuss them with you. By signing this
letter agreement, you are confirming your agreement to the following terms and
conditions.

	1. 	
      Work Hours and
Duties

	 	(a) 	
      You will carry out the duties and responsibilities of the
      position of Chief Financial Officer, as set out in the job description
      attached as Schedule A.

	 	 	 
	 	(b) 	
      You will report directly to the President and
      subsequently the Board of Directors of the Company.

	 	 	 
	 	(c) 	
      Your start date will be April 1, 2011. Your working hours
      will be fairly flexible, due to your responsibilities that involve
      interacting with the Company’s Africa office, but, the Company will expect
      your availability during regular business hours, Monday to Friday,
      excluding statutory holidays on which the Company’s offices are closed and
      your approved vacation days.

	 	 	 
	 	(d) 	
      The operational requirements of the Company may require
      amendment to your job description from time to time. Where practicable,
      you will be consulted prior to any such change being
  made.

Page 1

	2. 	
      Salary and
Benefits

	 	(a) 	
      You are entitled to a one-time bonus in the amount of
      $1,000, subject to all required tax withholdings, statutory and other
      deductions, payable upon signing this Agreement.

	 	 	 
	 	(b) 	
      Your salary will be $90,000 Canadian dollars per year
      (“Salary”).

	 	 	 
	 	(c) 	
      Your Salary will be paid in accordance with the Company’s
      standard salary payment schedule and is subject to source deductions and
      other deductions required to be deducted and remitted under applicable
      provincial or federal laws, for income tax, Canada Pension Plan
      contributions and Employment Insurance.

	 	 	 
	 	(d) 	
      A performance and Salary review will take place annually.
      Your Salary is also subject to review in the event of a material
      alteration of your work duties or transfer to a different position or
      alternative work location.

	 	 	 
	 	(e) 	
      In addition to your Salary, you will be required to
      participate in the benefits specified in the Company’s standard employee
      benefits plan, including Medical Services Plan, extended health insurance
      and dental insurance, long term disability insurance, group life insurance
      and retirement plan (“Employee Benefits”). Your portion of such
      benefits will be deducted from your Salary. Employee Benefits are provided
      in accordance with the formal plan documents or policies and any issues
      with respect to entitlement or payment of benefits under any of the
      Employee Benefits will be governed by the terms of such documents or
      policies establishing the benefits in issue. The Employer reserves the
      unilateral right to revise the terms of the Employee Benefits or to
      eliminate any Employee Benefits altogether.

	 	 	 
	 	(f) 	
      You are eligible for up to five (5) paid sick days per
      calendar year.

	3. 	
      Vacation

	 	(a) 	
      You will be entitled to earn the following annual
      vacation:

	 	(i) 	
      Up to four (4) weeks vacation each year, during your
      first two years of employment;

	 	 	 
	 	(ii) 	
      Up to five (5) weeks vacation each year, during the
      third, fourth and fifth years of your employment; and

	 	 	 
	 	(iii) 	
      Up to five (5) weeks vacation each year you are employed
      thereafter.

	 	(b) 	
      The vacation anniversary date for all employees is March
      31st of each year. You will be eligible for 28 days of paid vacation to
      March 31, 2012.

	 	 	 
	 	(c) 	
      In the event you have requested that the Company grant
      you more paid vacation than you have earned at the time such vacation is
      taken (“Advanced Vacation”), and you resign or your employment is
terminated prior earning the Advanced Vacation, you agree that the Company may
deduct the Advanced Vacation pay from your final cheque.

Page 2

	 	(d) 	
      The timing of your vacation will be subject to approval
      of the Company, acting reasonably.

	 	 	 
	 	(e) 	
      You are encouraged to take your vacation each year so
      that you have an opportunity to rest and maintain a healthy and productive
      lifestyle. Unless the Company specifically agrees otherwise, your vacation
      time will not be cumulative from year to year, and vacation pay for
      vacation earned but not taken will be paid out to you at the end of each
      calendar year.

	4. 	
      Travel and
Expenses

	 	(a) 	
      Your principal place of business in the performance of
      your duties and responsibilities under this Agreement will be in
      Vancouver, British Columbia. You will however engage in such travel and
      spend such time in other places as may be necessary or appropriate in
      furtherance of your duties and responsibilities as determined by the
      Company.

	 	 	 
	 	(b) 	
      You will be reimbursed for all reasonable travelling and
      other expenses actually and properly incurred by you in connection with
      the performance of your duties and responsibilities, in accordance with
      policies formulated by the Company from time to time. For all such
      expenses, you will be required to keep proper accounts and to furnish
      statements and vouchers to the Company within 30 days after the date the
      expenses are incurred. If you are required to use your personal vehicle
      for Company business, the Company will reimburse you for your vehicle
      expenses by paying a “mileage” rate per
kilometer.

	5. 	
      Equipment

The Company will supply all equipment
reasonably necessary for the performance of your duties under this letter
agreement. All such equipment is property of the Company and must be returned to
the Company upon any termination of your employment. This paragraph will survive
any termination of this letter agreement.

	6. 	
      Acknowledgements

	 	 
		
      You acknowledge that:

	 	(a) 	
      you owe a duty of good faith and honesty to the Company
      and that you will well and faithfully serve the Company in harmony with
      its published Code of Ethics, promote its interests and devote the whole
      of your working time, attention and energy to the business and the affairs
      of the Company;

	 	 	 
	 	(b) 	
      you will use your best efforts to perform your employment
      duties competently and efficiently under the direction of the Company;
      and

Page 3

	 	(c) 	
      during your employment, you will be exposed to and will
      have an opportunity to learn and otherwise become aware of Confidential
      Information, and you understand that during or after the termination of
      your employment, you may not use or disclose this Confidential Information
      without the Company’s consent. For the purposes of this letter agreement,
      “Confidential Information” means all non- public information or
      data (whether oral, in writing or in electronic form) concerning the
      Company and its parent, subsidiary and related companies, including but
      not limited to information relating to books of business, ideas,
      techniques, processes, know-how, trade and business secrets, research,
      data, computer software, lists of present and prospective customers, lists
      of suppliers, purchase requirements, commission formulae, sales policies
      and concepts, financial information, business plans, forecasts, market
      strategies, pricing and sales policies and concepts, and confidential
      information belonging to third parties which the Company has an obligation
      to hold in confidence.

The provisions of this paragraph 6 will
survive any termination of this letter agreement.

	7. 	
      Policies

You understand and agree that the
Company maintains or may maintain certain policies that relate to your
employment. These policies include or may include working conditions and general
rules and procedures regarding the Company and its relations with or obligations
to its customers and clients. You agree that the Company has the right to change
these policies from time to time and that, in doing so, the Company will not be
in breach of this letter agreement. You also agree to be bound by all policies,
rules and procedures implemented or maintained by the Company from time to
time.

	8. 	
      Termination

	 	(a) 	
      Your employment with the Company may be terminated at any
      time in the following manner and in the following
  circumstances:

	 	(i) 	
      whenever the Company and you mutually agree in writing to
      terminate this letter agreement;

	 	 	 
	 	(ii) 	
      by you by providing the Company with 8 weeks’
    notice;

	 	 	 
	 	(iii) 	
      by the Company for just cause without notice or any
      payment in lieu of notice with just cause being any breach of 6.(a), (b)
      or (c); if you become bankrupt, commit an act of bankruptcy, file for any
      form of bankruptcy or creditor protection, is adjudicated bankrupt, make a
      proposal to creditors or otherwise seeks any form of bankruptcy or
      creditor protections; if you commit a criminal or securities violation
      that you are subsequently charged and convicted for; and

	 	 	 
	 	(iv) 	
      by the Company without cause upon giving you written
      notice or salary in lieu thereof.

Page 4

	 	(b) 	
      You understand and agree that, if upon termination
      without cause pursuant to section 8(a)(iv) and the Company elects to pay
      salary in lieu of notice, your employment may be terminated immediately.
      In the event that your employment is terminated by the Company without
      cause, you will be entitled to notice, or pay in lieu of notice, or a
      combination of both (“Severance”), as determined by the Company in
      its sole discretion, as follows:

	 	(i) 	
      If you are terminated anytime within the first 365 days
      from the commencement date of this employment agreement with the Company,
      you will be entitled to twelve (12) months Severance;

	 	 	 
	 	(ii) 	
      If you are terminated after completing 12 months of
      employment from the commencement date of this employment agreement, you
      will be entitled to eighteen (18) months Severance;
and

the notice and payment in lieu
provisions set out above are inclusive of and not in addition to any notice or
payment in lieu of notice to which you may be entitled under the Employment
Standards Act, R.S.B.C. 1996, c. 113 and amendments thereto. In no case
shall you receive less notice or payment in lieu of notice than that to which
you are entitled under the Employment Standards Act. If you are entitled
to a greater period of notice or payment in lieu of notice pursuant to the
Employment Standards Act, such notice or payment shall constitute your
full entitlement under this agreement.

	 	(c) 	
      Upon termination of your employment, you will promptly
      return to the Company all Company property and Confidential Information in
      your possession or control pertaining to the business or affairs of the
      Company, including any keys, pass cards, identification cards or other
      property belonging to the Company. The provisions of this paragraph 8(c)
      will survive any termination of this letter agreement.

	 	 	 
	 	(d) 	
      Bonus and Stock Options: The employee will be eligible to
      be issued a bonus based on performance and, additionally, to participate
      in any stock option or other equity compensation plan adopted by Company
      during the term of this Agreement and applicable to other employees at the
      employee’s level (the “Plan”). The number of options, vesting schedule,
      exercise price, and all other terms and conditions of the stock options
      shall be set forth in an option agreement pursuant to the applicable plan
      and shall be commensurate with employee’s position, as determined by the
      Plan Administrator charged with administering the Plan in behalf of the
      Board of Directors, in its sole discretion. The Company may, consistent
      with its obligations under such a plan or plans, amend or discontinue any
      or all stock option plans at any time. Contingent upon employee executing
      this Agreement and as part of the consideration for employee’s services
      and being bound by the obligations set forth herein, the Company will
      grant the employee upon the completion of twelve (12) months of the date
      hereof and annually on the anniversary each and every year that follows,
      during the employee’s continuous employment, upon an annual review, an
      option to purchase additional shares of the Company’s restricted common stock,
which shall be subject to the terms and conditions set forth in this the Stock
Option Agreement(s) attached hereto as Exhibit A. Employee understands and
acknowledges that such option cannot be exercised unless and until the issuance
of the option has been approved by the Company’s Board of Directors.

Page 5

If you are prepared to accept employment with the Company on
these terms, please confirm your acceptance and agreement by signing the
enclosed duplicate copy of this letter where indicated and return one copy to
us.

Yours very truly,

Lake Victoria Mining Company, Inc.

Per: /s/ David Kalenuik

         David Kalenuik, President and
CEO

ACCEPTED AND AGREED TO THIS 15th DAY OF APRIL, 2011. I HAVE
READ AND UNDERSTAND THE TERMS AND CONDITIONS OF EMPLOYMENT SET OUT IN THIS
LETTER AGREEMENT. I HAVE BEEN GIVEN FULL OPPORTUNITY TO CONSULT ANY ADVISORS I
DEEMED NECESSARY.

	 	/s/ Ming Zhu 
	 	Ming Zhu 

Page 6

SCHEDULE A

CHIEF FINANCIAL
OFFICER

Description of Duties and Responsibilities

CFO PRIMARY RESPONSIBILITIES

The Chief Financial Officer (CFO) provides both operational and
programmatic support to the organization. 

Responsible for all financial and fiscal management aspects of
company operations. Provide leadership and coordination in the administrative,
business planning, accounting and budgeting efforts of the company. The CFO
directly reports and assists to the President/Chief Executive Officer (CEO).

Manage the capital request and budgeting processes

Prepare and review Form 8-K, 10-K, and 10-Q filings with the
Securities and Exchange Commission for the main and all Company’s
subsidiaries

Prepare financial statements, financial reports, special
analyses, and information reports

Oversee financial management of foreign operations

Create, coordinate, and evaluate the financial programs and
supporting information systems of the company

Approve and coordinate changes and improvements in automated
financial and management information systems for the company

Oversee Accounts Payable and Accounts Receivable 

Ensure records systems are maintained in accordance with
generally accepted auditing standards

Train the Finance Unit and other staff on raising awareness and
knowledge of financial management matters

Develop and maintain systems of internal controls to safeguard
financial assets of the organization and oversee federal awards and
programs.

Assist in performing all tasks necessary to achieve the
organization's mission 

Supervises assigned personnel, allocates work and makes
decisions regarding employment, performance appraisals, training and
development, salary recommendations, promotions and transfers

Oversees all treasury activities to ensure that all strategies
comply with relevant statutes, regulations, and policies including the Risk
Management Policy guidelines, the Sarbanes-Oxley guidelines, and Treasury
Department procedures, on both Canadian and US exchanges

Ensure that in-depth testing of internal information technology
systems is conducted, as required, to assist other departments improve
information technology usage and capabilities

Assist management in the development of the strategic direction
for and administration of investment, funding, hedging, and liquidity management
strategies 

Financial strategies for mission related assets, including the
pricing and hedging of all assets

- 2 -

Keeps abreast of current market and industry issues,
regulations and policies, and maintains relationships with the dealer community,
regulators and industry trade groups

Communicate Treasury strategies, policy limits, and performance
to Board Committees and senior management 

Communicate a vision for organizational success that motivates
others 

Establishes effective relationships with other senior executives

Contribute to strategic planning, supports corporate
initiatives, and keeps abreast of critical issues in other divisions/groups

Direct and oversee the management in his area of responsibility
including all duties and accountabilities as identified in the yearly
departmental goals and objectives, while effectively managing expenditures and
annual budgets

Keeps abreast of current market and industry issues,
regulations and policies, and maintains relationships within the community, and
industry trade groups

As applicable, ensures the Company is in compliance with
federal regulations and statutes, and applicable internal policies and
procedures to ensure safe and sound business operations, recordkeeping, and the
proper disclosure of required financial, operational, and management
information

Continually strive to update personal awareness, knowledge and
skills in respective areas of expertise. To include, but not limited to, any
required certifications of self or staff

Strives to achieve maximum investor satisfaction within the
guidelines and regulations of the financial industry 

Ensure that employees receive fair treatment and consideration

Assume and execute additional responsibilities as assignedaddendum_no1-oracoandori.htm

 

 

ADDENDUM NO. 1 TO

SHARE EXCHANGE AGREEMENT AND PLAN OF REORGANIZATION

BETWEEN

ORACO RESOURCES, INC. (Nevada corporation),

AND

ORACO RESOURCES, INC. (Canadian Company)

THIS ADDENDUM NO. 1 TO SHARE EXCHANGE AGREEMENT AND PLAN OF REORGANIZATION (“Addendum No. 1”) is made and entered into effective this 28th day of April, 2011, by and among ORACO RESOURCES, INC, a Nevada Corporation (“ORACO”), and ORACO RESOURCES, INC, a Canadian company (“ORI”).

RECITALS

A. On March 7, 2011, ORACO entered into a Share Exchange Agreement and Plan of Reorganization (“Original Agreement”) with ORI, whereby ORACO intends to issue Fifteen Million One Thousand Five Hundred (15,001,500) shares of its common stock in exchange for all of the issued and outstanding Class A Shares of ORI. Pursuant to the terms of the Original Agreement, upon closing, will provide ORACO with the ownership of One Hundred Percent (100%) of ORI, whereby ORI will become a wholly owned subsidiary of ORACO.

B. Subject to the terms and conditions set forth in the Share Exchange Agreement, the Exchange was anticipated to become effective on April 8, 2011.

 

C. As of the date of this Addendum No. 1, the conditions to closing have not been met by all parties.

 

D. ORACO and ORI have determined that they require additional time to complete the conditions set forth in the Original Agreement and it is in the best interest of all the parties to extend the effective date from April 8, 2011 to May 10, 2011

 

NOW, THEREFORE, for and in consideration of the foregoing, and of the mutual covenants, agreements, undertakings, representations and warranties contained herein, the parties hereto agree as follows:

1. The Closing described in Section 2.3 of the Original Agreement is hereby extended from April 8, 2011 to May 10, 2011.

2. The 15,001,500 shares of restricted common stock to be issued in exchange for 100% of the issued and outstanding Class A Shares of ORI as described in Section 2.1 of the Original Agreement shall be issued to the ORI shareholders within 10 days after the effective time.

3. Other than as specifically provided in this Addendum No. 1, all other provisions of the Original Agreement shall remain in full force and effect, the Original Agreement is amended by this Addendum No. 1 constituting the sole and entire agreement between the parties as to the matters contained herein, and superseding any and all conversations, letters and other communications which may have been disseminated by the parties relating to the subject matter hereof, all of which are void and of no effect.

  

1

  

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

Oraco Resources, Inc.

a Nevada corporation

By:                                                                

Name: Steve Subick

Title: President

Oraco Resources, Inc.

a Canadian company

By: /S/Gregg C Johnson                              

Name: Gregg C Johnson

Title: President

 

2

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