Document:

Unassociated Document

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT (the “AMENDMENT”) is made as of the 6th day of April, 2011 (the “Effective Date”), and shall hereby constitute an amendment to the Executive Employment Agreement, dated as of July 1, 2008 (the AGREEMENT”), between DBA Distribution Services, Inc., with a place of business at 701 Cottontail Lane, Somerset, NJ 08875 (the “Company”), and James C. Eagen, an individual residing at 157 Cokesbury Rd., Lebanon, NJ 08833 (the “Executive”).

RECITALS

WHEREAS, the Executive and the Company entered into the Agreement, effective July 1, 2008, and Executive is currently employed by the Company under the Agreement; and

WHEREAS, pursuant to Section 6.5 of the Agreement, the Company and the Executive may amend the Agreement by further agreement, in writing, fully executed by each of the parties; and

WHEREAS, the parties desire to enter into this Amendment, which Amendment shall amend and the Agreement and be effective as of the date first set forth above; and

NOW THEREFORE, in consideration of the foregoing, the mutual and dependent promises hereinafter set forth, and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged by the parties, intending to be legally bound, do hereby agree as follows:

 

	
  

	
1.

	
Amendments.

	
  

	
a.

	
Term  Section 2.0 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

2.         Term.  Subject to earlier termination pursuant to Section 5 of this Agreement, this Agreement and the employment relationship hereunder shall continue from the Effective Date until March 31, 2013; provided, however, that commencing on March 31, 2013 and on each anniversary thereafter (each an "Extension Date"), the Term shall be automatically extended for an additional one-year period, if, at least ninety (90) days prior to the next Extension Date, the Executive provides to the Company written notice of his desire to extend the Term (the "Executive Notice"); unless either:  (i) within ten (10) days of receiving the Executive Notice; or (ii) at least ninety (90) days prior to the next Extension Date; the Company provides notice to the Executive of its desire not to extend the Term, in either of which case, the Term shall not be deemed extended.  As used in this Agreement, the "Term" shall refer to the period beginning on the Effective Date and ending on the date the Executive's employment terminates in accordance with this Section 2 or Section 5.  In the event that the Executive's employment with the Company terminates, the Company's obligation to continue to pay all base salary, as adjusted, and other benefits then accrued shall terminate except as may be provided for in Section 5 of this Agreement.

 

  

  

  

 

	
  

	
b.

	
Duties and Title  Section 3.0 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

3.0           Duties and Title.

3.1           Title.  The Company shall employ the Executive to render exclusive and full-time services to the Company and its affiliates.  The Executive shall serve in the capacity of VP of Operations – Eastern Region and shall report directly to Chief Executive Officer of the Company (the "CEO") or such other person as the CEO shall designate.

 

3.2           Duties.  The Executive will have responsibilities and will perform such executive duties commensurate with the position of VP of Operations as may be assigned by the CEO, including the oversight of the Company’s Newark/Somerset operations.  The Executive will devote all his full working-time and attention to the performance of such duties and to the promotion of the business and interests of the Company and its affiliates.  The Executive shall not be precluded from engaging in community and civic activities, the focus of which is not primarily political, provided that such activities, either individually or in the aggregate, do not give rise to a conflict of interest with the Company or otherwise materially interfere with the Executive's performance.

 

	
  

	
c.

	
Compensation and Benefits by the Company  Section 4.0 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

4.0           Compensation and Benefits by the Company. As compensation for all services rendered pursuant to this Agreement, the Company shall provide the Executive the following during the Term:

4.1           Base Salary.  The Company will pay to the Executive an annual base salary of $208,000, payable in accordance with the customary payroll practices of the Company ("Base Salary").

 

4.2           Participation in Employee Benefit Plans.  The Executive shall be entitled, if and to the extent eligible, to participate in all of the applicable benefit plans of the Company, which may be available to other senior executives of the Company, on the same terms as such other executives.  The Company may at any time or from time to time amend, modify, suspend or terminate any employee benefit plan, program or arrangement for any reason without Executive's consent if such amendment, modification, suspension or termination is consistent with the amendment, modification, suspension or termination for other employees of the Company.

 

  

2

  

 

4.3           Vacation.  The Executive shall be entitled to four (4) weeks of paid vacation to be scheduled so as not to disrupt or interfere with management of the business.  Executive shall not be entitled to payment for unused vacation days.

 

4.4           Expense Reimbursement.  The Executive shall be entitled to receive reimbursement for all appropriate business expenses incurred by him in connection with his duties under this Agreement in accordance with the policies of the Company as in effect from time to time.

 

4.5           Stock Options.  During the Term, the Executive shall be eligible to receive grants of stock options under the Radiant Logistics, Inc. 2005 Incentive Stock Plan.

 

	
  

	
2.

	
Continuing Effect of Agreement. The Agreement shall continue in full force and effect as amended herein.

	
  

	
3.

	
Counterparts.  This Agreement may be executed in one or more copies, each of which shall be deemed an original.  This Agreement may be executed by facsimile signature and each party may fully rely upon facsimile execution; this agreement shall be fully enforceable against a party which has executed the agreement by facsimile.

 

IN WITNESS WEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first set forth above.

	 	
COMPANY:

	 	 	 	 
	
 

	 	
DBA DISTRIBUTION SERVICES, INC.

	 	 	 	 
	 	 	By:    	/s/ Todd Macomber
	 	 	 	Name: Todd Macomber
	 	 	 	Title: Treasurer/Secretary

 

	 	
EXECUTIVE:

	 	 	 	 
	 	 	 	/s/ James C. Eagen 
	 	 	 	James C. EagenUnassociated Document

Exhibit 10.1

 

AMENDMENT NO. 3 TO

AMENDED AND RESTATED

ENGAGEMENT AGREEMENT

 

This Amendment No. 3 (the “Amendment”) dated April 7, 2011, to that certain  Amended and Restated Engagement Agreement (the “Agreement”) effective as of the 1st day of January, 2009, as amended on July 19, 2010, between Capital Gold Corporation, a Delaware Corporation having an office at 76 Beaver Street, 14th Floor, New York, NY 10005 (hereinafter referred to as the “Company”), and Scott Hazlitt (hereinafter referred to as “Executive”) amends Exhibit A to the Agreement, the Agreement Regarding Change in Control.

 

Pursuant to Section 10 of Exhibit A of the Agreement, Company and Executive hereby agree to amend the Agreement, effective on the date hereof, as follows:

1.           Section 3(a).                                Section 3(a) of Exhibit A to the Agreement relating to change in control payments is hereby amended in its entirety as follows:

 

(a)  Executive shall be entitled to a lump sum payment payable at the sole election of Gammon Gold Inc. (“Gammon”) in common shares of Gammon or in cash (the “Change of Control Payment”); provided, however, that Gammon shall make such Change of Control Payment in cash if the Toronto Stock Exchange (the “TSX”) does not approve such payment in Gammon common shares, and in either case, such Change of Control Payment shall be made no later than June 8, 2011, unless extended by the mutual agreement of the parties in an amount equal $1,364,236, which is the sum of:

 

(i)  three times the Executive’s base salary in effect on the date of the Change in Control or, or if greater, as in effect immediately prior to the date of termination; plus

 

(ii)  three times the Executive’s bonus award for the year immediately preceding the year of the Change in Control.

 

If such Change of Control Payment is to be made in Gammon common shares, the number of Gammon common shares to be paid to Executive shall be determined by dividing the total cash value of the payment set forth in (i) and (ii) above by the volume weighted average price of Gammon common stock on the New York Stock Exchange for the five trading days immediately preceding the closing date of the merger (the “Merger”) between Gammon and the Company (or at such other price as is required by the TSX), and the shares shall be delivered in book-entry form and shall be available to Executive for immediate trading on the due date or as soon as practicable thereafter.  Such shares shall be delivered to Executive electronically, provided that Executive has provided Gammon with all necessary broker instructions at least three business days before the payment date.  Gammon shall use its reasonable best efforts to ensure that Executive is not provided with any material non-public information, other than as necessary to perform the services contemplated hereunder.  Such Gammon common stock shall be registered and freely tradable under applicable Canadian and United States securities Laws.

 

The amount payable under this paragraph (a) shall be inclusive of the amounts, if any, to which the Executive would otherwise be entitled by law and shall be in addition to (and not inclusive of) any amount payable under any written agreement(s) directly between the Executive and the Company or any of its subsidiaries.

 

In the event of Executive’s death or Permanent Disability during the Transition Period, the Change in Control Payment shall be paid to Executive’s heirs or legal representative, or in the case of disability to Executive or Executive’s designee.

 

 

 

 

 

2.           Transition Services.  The Company hereby offers, and Executive hereby accepts, employment with the Company or its successor following the closing of the Merger (the “Closing”) for a transition period of 60 days (the “Transition Period”) as follows:

 

(a) Executive will receive the same base fee during the Transition Period from the Company on the same payment schedule as received immediately prior to the Closing.

 

(b) Executive will perform such services in good faith, consistent with Executives prior duties, as Gammon and/or the Company may reasonably request.

 

(c) Should Gammon and / or the Company or either of their successors desire to retain Executive for further ad hoc services beyond the Transition Period, Executive shall be paid $1,200 per each day that Executive performs any such services, not subject to hourly pro-ration, provided, however, that Executive shall not be obligated to provide any such ad hoc services.

 

(d) It is expressly understood that the Change of Control Payment shall be made following the 60 day Transition Period, and shall not be further tolled by ad hoc services performed under subsection (c) above.

 

3.           Good Reason Termination.  The parties stipulate and agree that Executive has terminated his employment for “Good Reason”, as defined in the Agreement, and is entitled to all Change in Control Benefits payable under the Agreement, subject only to deferral in the payment described in Section 1 hereof until June 8, 2011.

 

4.           Mutual Drafting.  This Amendment is the joint product of Executive and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

5.           No Other Amendments; Governing Law; Counterparts.  Except as specifically set forth in this Amendment, there are no other amendments to the Agreement and the Agreement shall remain unmodified and in full force and effect.  This Amendment shall be governed by and construed in accordance with the internal laws of the State of New York without regard to conflict of laws provisions.  This Amendment may be executed in one or more counterparts.  In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

[Signature page follows.]

 

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment to the Agreement as of the date first set forth above.

 

	 	
CAPITAL GOLD CORPORATION

	 
	 	 	 
	 	
By:

	
/s/ Christopher M. Chipman

	 
	 	
Name:

	
Christopher M. Chipman

	 
	 	
Title:

	
Chief Financial Officer

	 

	 	
EXECUTIVE

	 
	 	 	 
	 	
By:

	
Scott Hazlitt

	 
	 	
Name:

	
Scott Hazlitt, individually

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