Document:

tcln8k21010ex10_1.htm

    
      

    

    EXHIBIT
10.1

    
 

    WEBSITE HOSTING AND LICENSE
AGREEMENT

     

    This
WEBSITE HOSTING AND LICENSE AGREEMENT (the “Agreement”) is made and
entered into this 20th day of May, 2008 (the “Effective Date”), by and
between ZZPartners, Inc., a Nevada corporation (“Licensee”), and ZenZuu, Inc.,
a Nevada corporation (“Licensor”).  Licensee
and Licensor may be referred to herein individually as a “Party” and, collectively, as
“Parties.”

     

    RECITALS

     

    WHEREAS, Licensor has
developed and is the sole and exclusive owner of a global social network
database (the “Database”) and an advertising
revenue-sharing model (the “Revenue-Sharing Model”), which
it promotes and markets on Licensor’s Internet website located at www.zenzuu.com (the
“Site,” together with
the Database and the Revenue-Sharing Model, the “Products”);

     

    WHEREAS, Licensor developed
and is the sole and exclusive owner of all know-how and information relating to
the Products, together with all trade secrets, knowledge, technology, software,
means, methods, processes, practices, formulas, instructions, skills,
techniques, procedures, experiences, ideas, designs, drawings, assembly
procedures, computer programs, apparatuses, specifications, data, results and
other material, including manufacturing procedures and test procedures and
techniques, (whether or not confidential, proprietary, patented or patentable),
that Licensor utilizes or later acquires in connection with the operation of
Licensor’s business (“Licensor
Technology”), which Licensor Technology, together with and all
improvements, whether to the foregoing or otherwise, and other discoveries,
developments, inventions, and other intellectual property (whether or not
confidential, proprietary, patented or patentable), industrial rights and other
intellectual property rights related to the Products, including, without
limitation, all (i) patents, reissues of and reexamined patents, and patent
applications, whenever filed and wherever issued, including, without limitation,
continuations, continuations-in-part, substitutes and divisions of such
applications and all priority rights resulting from such applications, (ii)
rights associated with works of authorship, including, without limitation,
copyrights, moral rights, copyright applications and copyright registrations;
(iii) rights associated with trademarks , service marks, trade names, logos,
trade dress, goodwill and the applications for registration and registrations
thereof; (iv) rights relating to the protection of trade secrets and
confidential information; (v) rights analogous to those set forth in this
Recital and any and all other proprietary rights relating to intangible
property, and (vi) divisions, continuations, renewals, reissues and extensions
of the foregoing now existing, hereafter filed, issued or acquired, shall
constitute the “Intellectual
Property Rights” for all purposes of this Agreement; and

     

    WHEREAS, for the mutual
benefit of the Parties, Licensor desires to (i) provide to Licensee certain
website hosting and related services in connection with the operation of the
Site, as described in Article 1 below (collectively, the “Site Services”); and (ii) grant to
Licensee certain exclusive license rights to further develop and Exploit (as
defined below in Section 2.1) the Intellectual Property Rights and/or the
Products, pursuant to the terms and conditions of this Agreement.

     

    AGREEMENT

     

    NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties mutually agree as follows:

     

    

    
      
        
           

        

        
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    ARTICLE
1

    SITE
SERVICES

    

    1.1 Description of
Services.  During the term of this Agreement, Licensor agrees
to provide to Licensee the Site Services, pursuant to the terms and conditions
as set forth in this Agreement, including, without limitation, the Service Level
Agreement attached hereto as Exhibit
A (the “SLA”).  Except as
otherwise expressly set forth herein, Licensor solely shall be responsible for
all methods, means, techniques, sequences and procedures and for coordinating
all portions of the Site Services.  Any change in the scope of the
Site Services shall be made only in writing executed by authorized
representatives of both Parties.  The applicable terms and conditions
of this Agreement will apply to any and all additional services agreed to by the
Parties.  The Site Services will include the following:

     

    (a) Licensor
will be solely responsible for housing, maintaining, supporting and operating
the Site for all functions pertaining to this Agreement.

     

    (b) Licensor
will be solely responsible for maintaining, supporting and developing software
necessary to operate the Site and perform the Site Services
hereunder.

     

    (c) Licensor
will be solely responsible for providing, updating, uploading and maintaining
any and all files, pages, data, works, information and/or materials on, within,
displayed, linked or transmitted to, from or through the Site, including,
without limitation, trade or service marks, images, photographs, illustrations,
graphics, audio clips, video clips, e-mail or other messages, metatags, domain
names, look and feel of the Site, software and text (collectively, the “Content”).  Licensor
shall retain all right, title and interest in and to the Content and all legally
protectable elements, derivative works, modifications and enhancements thereto,
whether or not developed by Licensor, Licensee or any contractor, subcontractor
or agent for either Party.  To the extent that ownership of the
Content does not automatically vest in Licensor by virtue of this Agreement or
otherwise, Licensee agrees to transfer and assign to Licensor all right, title
and interest in and to such Content.  Notwithstanding the foregoing,
Licensor shall comply with requests of Licensee to immediately remove Content
that Licensee deems, in its reasonable discretion, objectionable or
offensive.

     

    (d) Each of
Licensor and Licensee will be solely responsible for designating a system
administrator and maintaining a dedicated database server and related computer
equipment necessary for providing and/or accessing the Site Services, as
applicable.  In the event that additional hardware, firm ware, server
capacity, or equipment becomes necessary (collectively, the “Equipment”) in providing
and/or accessing the Site Services, as applicable, each of Licensor and Licensee
shall be solely responsible for their individual respective costs in acquiring
such Equipment.

     

    (e) Licensor
will upload and obtain all releases, consents and such other arrangements as may
be necessary in operating the Site and providing the Site Services and the
Content as set forth herein.

     

    (f) Licensor
will use its best efforts to ensure that the Site is correctly tuned and
utilized to provide optimal performance and utilization to at least the minimum
performance standards specified in the SLA.

     

    (g) Licensor
will consult with Licensee as necessary to facilitate the performance of the
Site Services as contemplated in this Article 1, including, without limitation,
evaluating the need on an annual basis, or as otherwise agreed to by the
Parties, to redesign the Site to keep it looking fresh and to utilize the latest
technology to drive advertising revenue and increase the number of members
included in the Database.

     

    
      
        
        

      

      
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    (h) Licensor
will provide to Licensee prompt and responsive customer support in connection
with the Site Services and will designate a support representative to Licensee
for the term of this Agreement.  Licensee shall appoint a designated
person as the primary contact for all Site Services to be provided by
Licensor.  Such assistance shall be provided by Licensor to Licensee
without charge.

     

    (i) Except as
otherwise set forth herein, Licensor shall have the exclusive right to manage
all resources used in providing the Site Services as Licensor deems appropriate,
including, without limitation, the right to relocate and substitute computer
equipment, personnel and other resources, and to change computer configurations
and procedures.

     

    ARTICLE
2

     

    LICENSE
GRANT

     

    2.1 Exclusive License
Grant.  Subject to the terms and conditions of this Agreement,
Licensor hereby grants to Licensee, and Licensee hereby accepts, as of the
Effective Date, a perpetual and exclusive right and license: (a) to develop and
Exploit the Intellectual Property Rights and/or the Products in the United
States (the “Territory”)
to increase Database membership within the Territory and generate advertising
revenue in furtherance of the Revenue-Sharing Model; and (b) to use any other
intellectual property rights now held or hereafter acquired or controlled by
Licensor that may be necessary or useful to Licensee in connection with its
Exploitation of the Intellectual Property Rights and/or the Products within the
Territory.  “Exploit,” and any form of such
word, shall mean the making, having made, importation, use or development of the
Intellectual Property Rights and/or the Products.

     

    ARTICLE
3     

     

    CONSIDERATION

     

    3.1 Initial License
Fee.  In consideration of the Services (as defined below in
Section 4.1) to be provided to Licensee and the rights and licenses granted to
Licensee by Licensor under this Agreement, Licensee shall pay to Licensor an
amount equal to One Million Dollars ($1,000,000) (the “Initial License Fee”) in the
aggregate.  The Initial License Fee shall be payable as
follows:  (a) Five Hundred Thousand Dollars ($500,000) on May 23, 2008
via wire transfer of immediately available funds to an account designated by
Licensor; and (b) an aggregate of Five Hundred Thousand Dollars ($500,000) in
installments that each equal twenty percent (20%) of Licensee’s existing cash
balance effective as of the last day of each calendar month, to be paid on or
before the tenth (10th) day
of each calendar month for the preceding calendar month, as applicable, until
such payment is made in full.

     

    3.2 Monthly Royalty Payments
From Net Local Advertising Revenue.

     

    (a) In
addition to the Initial License Fee, Licensee agrees to pay to Licensor
twenty-five percent (25%) of Licensee’s Net Local Advertising Revenue (“Licensee Royalty
Payments”).  Licensee shall determine its Net Local Advertising
Revenue on a monthly basis, with all Licensee Royalty Payments to be made by
Licensee to Licensor on or before the tenth (10th) day
of each calendar month for the preceding calendar month.  “Net Local Advertising Revenue”
shall mean Licensee’s gross advertising revenues derived from its Exploitation
of the Intellectual Property Rights and/or the Products on a local scale, less
commissions equal to fifteen percent (15%) of such gross advertising revenues
payable to members in the Territory that assisted Licensee in generating such
revenues.

     

    
      
        
        

      

      
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    (b) Licensor,
or its duly authorized representative, shall be entitled, at its own expense and
during normal business hours, to conduct an audit of Licensee’s books and
records related to Licensee’s Net Local Advertising Revenue to verify the amount
due to Licensor for each such month.  Any such audit shall be
commenced within thirty (30) days following Licensor’s receipt of the Licensee
Royalty Payment for the applicable calendar month, or such audit right shall be
deemed waived.

     

    3.3 Monthly Royalty Payments
From Gross National Advertising Revenue.

     

    (a) In
consideration for Licensee’s efforts in Exploiting the Intellectual Property
Rights and/or the Products, Licensor agrees to pay to Licensee twenty-five
percent (25%) of Licensor’s Gross National Advertising Revenue (“Licensor Royalty
Payments”).  Licensor shall determine its Gross National
Advertising Revenue on a monthly basis, with all Licensor Royalty Payments to be
made by Licensor to Licensee on or before the tenth (10th) day
of each calendar month for the preceding calendar month.  “Gross National Advertising
Revenue”  shall mean any and all gross advertising revenues
derived from Licensor’s global business operations and/or Licensee’s
Exploitation of the Intellectual Property Rights and/or Products on a national
scale within the Territory, which amounts shall be received directly and
determined by Licensor.

     

    (b)  Licensee,
or its duly authorized representative, shall be entitled, at its own expense and
during normal business hours, to conduct an audit of Licensor’s books and
records related to Licensor’s Gross National Advertising Revenue to verify the
amount due to Licensee for each such month.  Any such audit shall be
commenced within thirty (30) days following Licensee’s receipt of the Licensor
Royalty Payment for the applicable calendar month, or such audit right shall be
deemed waived.

     

    3.4 Taxes.  Licensee
shall be responsible for the payment of any federal, state, local or withholding
taxes, which may apply to the transactions contemplated by this Agreement;
provided, however, Licensor shall be responsible for the payment of any such
taxes in connection with Licensor Royalty Payments.  Under no
circumstances will Licensee be responsible for any franchise-related taxes or
taxes based on Licensor’s gross or net income.

     

    

    ARTICLE
4

     

    SUPPORT
SERVICES

     

    4.1 Support
Services.  Promptly following the Effective Date and throughout
the term of this Agreement, in addition to the Site Services, Licensor agrees to
provide to Licensee certain support services necessary and/or useful for
Licensee’s Exploitation of the Intellectual Property Rights and/or the Products
and the maximization of its Net Local Advertising Revenue (collectively, the
“Support Services,”
together with the Site Services, the “Services”).  Except
as otherwise expressly set forth herein, Licensor solely shall be responsible
for all methods, means, techniques, sequences and procedures and for
coordinating all portions of the Support Services.  Any change in the
scope of the Support Services shall be made only in writing executed by
authorized representatives of both Parties.  The applicable terms and
conditions of this Agreement will apply to any and all additional support
services agreed to by the Parties.  The Support Services will include
the following:

     

    (a) Licensor
will be solely responsible for creating and maintaining applicable terms and
conditions and other features that enable potential advertisers to efficiently
register and purchase advertising (the “Advertising
Procedures”).

     

    
      
        
        

      

      
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    (b) Licensor
will create and maintain a secure, online payment account to directly receive
Gross National Advertising Revenue from advertisers that register for and
purchase national advertising.  Licensor will pay to Licensee the
Licensor Royalty Payments from such account, pursuant to Section
3.3(a).

     

    (c) Licensor
will be solely responsible for tracking registered advertisers and all
advertising revenue that corresponds to each advertiser.  Licensor
further shall collect any and all sales tax attributed to Gross National
Advertising Revenue.

     

    (d) Licensor
shall determine members’ advertising revenue share and make any and all
distributions of such advertising revenue to members, pursuant to its
Revenue-Sharing Model.

     

    (e) Licensor
shall be solely responsible for issuing any and all 1099 tax forms to members
within the Territory that received distributions from Licensor pursuant to the
Revenue-Sharing Model

     

    (f) Licensor
will consult with Licensee and will consider Licensee’s input on an ongoing
basis (i) regarding the Support Services described in Subsections (a) through
(e); and (ii) to further create, develop and/or improve, as applicable, the
Database, the Revenue-Sharing Model and the future business enterprises
model.

     

    4.2 Licensee’s
Obligations.  During the term of this Agreement, Licensee’s
obligations in connection with the Database, the Revenue-Sharing Model and
related matters will include the following:

     

    (a) Licensee
shall be solely responsible for collecting any and all sales tax attributed to
Gross Local Advertising Revenue.

     

    (b) Licensee
shall be solely responsible for issuing any and all 1099 tax forms to members
within the Territory that received commissions from Licensee pursuant to the
member commission program.

     

    (c) Licensee
will create and maintain a secure, online payment account to directly receive
Gross Local Advertising Revenue from advertisers that register for and purchase
local advertising.  Licensee will pay to Licensor the Licensee Royalty
Payments from such account, pursuant to Section 3.2(a).

     

    (d) Licensee
will consult with Licensor and will consider Licensor’s input on an ongoing
basis (i) regarding Licensee’s obligations described in Subsections (a) through
(c); and (ii) to further create, develop and/or improve, as applicable, the
Database, the Revenue-Sharing Model and the future business enterprises
model.

     

    ARTICLE
5

    COMPLIANCE
WITH LAWS

     

    5.1 Compliance.

     

    (a) Licensor
will perform the Services in conformance with applicable federal, state and
local laws, regulations and rules.

     

    (b) Licensee
will Exploit the Intellectual Property Rights and/or the Products in conformance
with (i) applicable federal, state and local laws, regulations and rules; and
(b) standard operating guidelines established by Licensor and conveyed to and
agreed upon by Licensee.

     

    
      
        
        

      

      
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    5.2 No False or Misleading
Statements.  Without limiting the generality of the other
provisions of this Article 5, each Party agrees not to make any false or
misleading statements to or concerning the other Party, including, but not
limited to, the other Party’s performance and commitments, or engage in any
illegal, deceptive, unethical or improper acts in connection with performing its
obligations hereunder.

     

    

    ARTICLE
6

     

    CONFIDENTIAL
INFORMATION; NON-DISCLOSURE

     

    6.1 Confidential
Information.  Each Party may provide to the other certain of
its confidential, proprietary and trade secret business or technical information
in connection with this Agreement (collectively, "Confidential
Information").  Confidential Information includes, but is not
limited to, technical data, know-how, information relating to research,
products, software, services, development, inventions, processes, engineering,
marketing, techniques, clients and their customers, pricing, internal
procedures, business and marketing plans or strategies, finances, employees and
business opportunities disclosed by a Party to the receiving Party, either
directly or indirectly, in any form whatsoever (including, but not limited to,
in writing, in machine readable or other tangible form, orally or visually): (a)
that is a trade secret under applicable law; (b) that has been marked as
"confidential" or "proprietary" or similar legend; (c) whose confidential nature
has been made known by the disclosing Party, orally or in writing, to the
receiving Party; (d) that due to its character and nature, a reasonable person
under like circumstances would treat as confidential; or (e) discussions
relating to such information whether these discussions occur prior to,
concurrent with, or following disclosure of such information.  The
receiving Party will preserve the confidentiality of all Confidential
Information that is provided by the disclosing Party or obtained by the
receiving Party in connection with the Agreement, and shall not, without the
prior written consent of the disclosing Party, disclose or make available to any
person, or use for its own or any other person's benefit, other than as
necessary in connection with this Agreement, any Confidential Information of the
disclosing Party.  The receiving Party shall exercise a commercially
reasonable level of care to safeguard Confidential Information of the other
Party against improper disclosure or use, commensurate with the sensitivity of
such information.  All Confidential Information and the results
derived in any way from Confidential Information will at all times remain the
sole property of the disclosing Party.

     

    6.2 Exclusions.  Information
will not be considered Confidential Information if it is: (a) already available
to the public other than by a breach of this Agreement; (b) rightfully received
from a third party not in breach of any obligation of confidentiality; (c)
independently developed by personnel or agents of one Party without access to
the Confidential Information of the other; or (d) proven to be already known to
the recipient at the time of disclosure.

     

    6.3 Non-Disclosure.  The
receiving Party will not disclose any Confidential Information without the
disclosing Party’s prior written consent, unless such action: (a) is required by
law or regulation, but only to the extent and for the purposes of such law or
regulation; (b) is in response to a valid order of a court or other governmental
body but only to the extent of and for the purposes of such order, and only if
the receiving Party first notifies the disclosing Party of the order and permits
the disclosing Party to seek an appropriate protective order; or (c) is with
written permission of the disclosing Party, in compliance with any terms or
conditions set by the disclosing Party regarding such disclosure.

     

    
      
        
        

      

      
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    6.4 Return.  Upon
termination or expiration of this Agreement for any reason, each Party shall
return to the other Party all Confidential Information of the other Party. The
obligations in this Article 6 will survive any termination of this
Agreement.

     

    ARTICLE
7

     

    INTELLECTUAL
PROPERTY RIGHTS

     

    7.1 Title.  The
Parties hereby acknowledge and agree that Licensor owns any and all right, title
and interest in and to the Intellectual Property Rights and the Products,
subject only to the license granted to Licensee under this Agreement, and
Licensor shall be solely responsible for the Site, the Content and complying
with all applicable laws in providing the Services.

     

    7.2 Ownership of Pre-Existing
Intellectual Property Rights.  The Parties hereby acknowledge
and agree that any Intellectual Property Rights owned by Licensor prior to the
Effective Date shall remain owned by Licensor following the Effective
Date.

     

    7.3 Ownership of Future
Intellectual Property Rights.  The Parties hereby acknowledge
and agree that all right, title and interest in and to any and all intellectual
property rights that arise after the Effective Date and are related to the
Products shall be owned by Licensor, regardless of which Party creates,
discovers or invents the same, and shall constitute “Intellectual Property
Rights” subject to the license rights granted to Licensee
hereunder.

     

    7.4 Disclosure of Additional
Intellectual Property.  The Parties acknowledge and agree that
Licensor shall provide to Licensee written reports summarizing, among other
things, improvements, enhancements, modifications, discoveries, inventions and
additions to the Intellectual Property Rights and/or the
Products.  Such additional intellectual property shall be subject to
the license grants set forth herein at no additional cost to
Licensee.

     

    7.5 Unauthorized Use;
Infringement.  If, at any time after during the term of this
Agreement, Licensee becomes aware of any unauthorized use, or suspected
unauthorized use, of any aspect of the Intellectual Property Rights and/or the
Products, Licensee shall promptly notify Licensor in writing.

     

    7.6 Prosecution of Intellectual
Property Rights. Licensor shall have the sole right, at its cost and
expense, to obtain, prosecute and maintain throughout the world the Intellectual
Property Rights, as applicable.  Licensee shall cooperate fully with
Licensor in the preparation, filing, prosecution, enforcement and maintenance of
the Intellectual Property Rights, as applicable, throughout the
Territory.  Such cooperation includes (a) promptly executing all
papers and instruments and requiring employees to execute such papers and
instruments as reasonable and appropriate so as to enable Licensor to file,
prosecute, enforce and maintain its Intellectual Property Rights in the
Territory; (b) promptly informing Licensor in reasonable detail of any
improvements or modifications of Licensee; and (c) promptly informing Licensor
of any matters of which Licensee may be aware that may affect the preparation,
filing, prosecution or maintenance of any Intellectual Property Rights in the
Territory.  Licensee agrees that it will not take any action that
jeopardizes Licensor’s intellectual property rights or acquire any rights, other
than as set forth herein, in the Intellectual Property Rights and/or the
Products.

     

    7.7 Further Assurances;
Cooperation.  Each Party further agrees to execute, acknowledge
and deliver to the requesting Party such other instruments of conveyance and
transfer and will take such other actions and execute, acknowledge and deliver
such other documents, certifications and further assurances as the requesting
Party may reasonably require in order to: (a) vest more effectively in the
requesting Party any rights transferred hereby, including but not limited to,
obtaining registration or regulatory approval of any rights granted hereunder or
derivative works thereof; or (b) better enable the requesting Party to exercise
the rights acquired by such Party hereunder.  Each of the

     

    
      
        
        

      

      
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    Parties
hereto will cooperate with the other and execute and deliver to the other Party
such other instruments and documents and take such other actions as may be
reasonably requested from time to time by any other Party as necessary to carry
out, evidence and confirm the intended purposes of this
Agreement.  Licensor will not take any action that jeopardizes
Licensee’s rights granted hereunder.  Licensor further will not assert
any rights it now holds or may later acquire against Licensee, and shall be
deemed to have waived the right to assert any claim, for any alleged
infringement in connection with Licensee’s development or Exploitation of the
Intellectual Property Rights and/or the Products.

     

    7.8 Non-Circumvention.  Licensor
shall not at any time following the Effective Date attempt in any manner to
circumvent or adversely affect, whether directly or indirectly, Licensee as it
relates to Licensee’s Exploitation of the Intellectual Property Rights and/or
the Products in the Territory. 

     

    

    ARTICLE
8

     

    REPRESENTATIONS
AND WARRANTIES

     

    8.1 Licensor’s Representations
and Warranties.  Licensor
hereby represents and warrants to Licensee, as of the Effective Date, as
follows:

     

    (a) Licensor
is a corporation duly organized, validly existing, and in good standing under
the laws of the State of Nevada.

     

    (b) The
execution, delivery and performance of this Agreement by Licensor and the
consummation of the transactions contemplated hereby have been duly authorized
by all necessary corporate action.

     

    (c) This
Agreement is a legally valid and binding obligation of Licensor, enforceable in
accordance with its respective terms.

     

    (d) There are
not any orders, judgments, injunctions or directives of any court or any
government agency that would restrain, limit or otherwise interfere with
Licensor’s performance of the Services or any of its obligations
hereunder.

     

    (e) Licensor
further represents and warrants to Licensee that: (i) Licensor is the lawful
owner of the Intellectual Property Rights and the Products, free and clear of
all liens, claims, security interests, charges and encumbrances of any kind, and
has the full legal right to grant to Licensee the license as set forth herein
and in accordance with this Agreement; (ii) there are no claims, litigation or
proceedings pending or threatened against Licensor with respect to the
Intellectual Property Rights and/or the Products, or any component thereof,
alleging infringement of any person’s or entity’s intellectual property rights
(including interference, cancellation or other protest); (iii) there are no
claims, litigation or proceedings pending or threatened alleging infringement of
any intellectual property rights of any person or entity that could impact
Licensor’s ability to grant the license as set forth herein; (iv) Licensor has
no knowledge of any misrepresentations, omissions or other inequitable conduct
that may have an adverse effect on the Intellectual Property Rights and/or the
Products; and (v) to Licensor’s knowledge, neither the performance of the
Services or any of its obligations hereunder, nor the furnishing or Exploitation
of the Intellectual Property Rights and/or the Products, will in any way
infringe or otherwise violate any intellectual property rights, non-disclosure
agreement, or other rights of any third party.

     

    (f) Licensor
has no knowledge of any intellectual property rights other than its Intellectual
Property Rights that may be necessary or useful to Exploit the
Products.

     

    
      
        
        

      

      
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    (g) Licensor
has not filed any patent applications or been issued any patents in connection
with the Intellectual Property Rights and/or the Products.  Licensor
reserves its right to obtain a patent(s) with respect to the Intellectual
Property Rights and/or the Products.

     

    8.2 Licensee’s Representations
and Warranties.  Licensee hereby represents and warrants to
Licensor, as of the Effective Date, as follows:

     

    (a) Licensee
is a corporation duly organized, validly existing, and in good standing under
the laws of the State of Nevada.

     

    (b) The
execution, delivery and performance of this Agreement by Licensee and the
consummation of the transactions contemplated hereby have been duly authorized
by all necessary corporate action.

     

    (c) This
Agreement is a legally valid and binding obligation of Licensee, enforceable in
accordance with its respective terms.

     

    (d) There are
not any orders, judgments, injunctions or directives of any court or any
government agency that would restrain, limit or otherwise interfere with
Licensee’s performance of its obligations hereunder.

     

    (e) The
consummation of the transactions contemplated hereunder will not alter, impair
or modify any of Licensor’s rights in the Intellectual Property Rights and/or
the Products, except to the extent provided for in this Agreement.

     

    ARTICLE
9

     

    INDEMNIFICATION

     

    9.1 Indemnification by
Licensor.  Licensor hereby agrees that it shall be responsible
for, indemnify, hold harmless and defend Licensee, its affiliates and their
respective directors, officers, employees, consultants, licensees, agents,
representatives and other persons acting under Licensee’s authority, and their
respective heirs, successors and assigns (collectively, “Licensee Indemnitees”), from
and against any and all damages suffered or incurred by any Licensee Indemnitees
arising out of, relating to, resulting from or in connection with any third
party claims arising out of or relating to:

     

    (a) The
breach of any representation or warranty by Licensor herein.

     

    (b) The
default by Licensor in the performance or observance of any of its obligations
to be performed or observed hereunder.

     

    (c) Any
complaint alleging facts inconsistent with Licensor’s representation and
warranty set forth in Section 8.1(d)(i).

     

    9.2 Indemnification by
Licensee.  Licensee hereby agrees that it shall be responsible
for, indemnify, hold harmless and defend Licensor, its affiliates and their
respective directors, officers, employees, consultants, licensees, agents,
representatives and other persons acting under Licensor’s authority, and their
respective heirs, successors and assigns (collectively, “Licensor Indemnitees”), from
and against any and all damages suffered or incurred by any Licensor Indemnitees
arising out of, relating to, resulting from or in connection with any third
party claims arising out of or relating to:

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (a) The
breach of any representation or warranty by Licensee herein.

     

    (b) The
default by Licensee in the performance or observance of any of its obligations
to be performed or observed hereunder.

     

    (c) The
Exploitation by Licensee of the Intellectual Property Rights and/or the
Products; provided, however, that Licensor is named as a party in such
applicable lawsuit and such lawsuit is does not result from a breach of any
representation or warranty by Licensor.

     

    ARTICLE
10

     

    DISPUTE
RESOLUTION

     

    10.1 Negotiation.  Prior
to engaging in any formal dispute resolution with respect to any dispute,
controversy or claim arising out of or in relation to this Agreement or the
breach, termination or invalidity of this Agreement, an executive officer of
each Party shall attempt to resolve such dispute for a period of not less than
thirty (30) days.

     

    10.2 Arbitration.  Failing
an amicable settlement pursuant to Section 10.1, any dispute will finally be
settled by binding arbitration before a single arbitrator (the “Arbitrator”) who will be
jointly appointed by the Parties. The Arbitrator shall self-administer the
arbitration proceedings utilizing the Commercial Rules of the American
Arbitration Association (the “Association”); provided,
however, the Association shall not be involved in administration of the
arbitration.  The Arbitrator must be a retired judge of a state or
federal court of the United States or a licensed lawyer with at least ten (10)
years of corporate or commercial law experience from a law firm with at least
ten (10) attorneys and at least an AV rating by Martindale
Hubbell.  If the Parties cannot agree on an Arbitrator, either Party
may request a state or federal court in Las Vegas, Nevada to appoint an
Arbitrator which appointment will be final.

     

    The
arbitration will be held in Las Vegas, Nevada.  Each Party will have
discovery rights as provided by the United States Federal Rules of Civil
Procedure within the limits imposed by the Arbitrator; provided, however, that
all such discovery will be commenced and concluded within sixty (60) days of the
selection of the Arbitrator.  It is the intent of the Parties that any
arbitration will be concluded as quickly as reasonably
practicable.  Once commenced, the hearing on the disputed matters will
be held four (4) days a week until concluded, with each hearing date to begin at
9:00 a.m. and to conclude at 5:00 p.m.  The Arbitrator will use all
reasonable efforts to issue the final written report containing award or awards
within a period of five (5) business days after closure of the
proceedings.  Failure of the Arbitrator to meet the time limits of
this Section 10.2 will not be a basis for challenging the award.  The
Arbitrator will not have the authority to award punitive damages to either
Party.  Each Party will bear its own expenses, but the Parties will
share equally the expenses of the Arbitrator.  The Arbitrator shall
award attorneys’ fees and other related costs payable by the losing Party to the
successful Party as it deems equitable.  This Agreement will be
enforceable, and any arbitration award will be final and non-appealable, and
judgment thereon may be entered in any court of competent
jurisdiction.  Notwithstanding the foregoing, claims for injunctive
relief may be brought in a state or federal court in Las Vegas,
Nevada.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    ARTICLE
11

     

    TERM;
TERMINATION

     

    11.1 Term.  This
Agreement shall remain in full force and effect for a period of ten (10) years
commencing on the Effective Date and continuing thereafter and shall be
automatically renewed for additional ten (10) year periods, unless earlier
terminated during the then-current term pursuant to Section 11.2
below.  Upon the effective date of each renewal term, as applicable,
Licensee shall be required to pay to Licensor the Initial License Fee, as
adjusted for interim changes in the Consumer Price Index as determined by the
United States Department of Labor for such applicable period.

     

    11.2 Termination.  This
Agreement may be terminated by (a) the non-breaching Party as a result of a
material breach of this Agreement by the other Party, but only after the
breaching Party is given written notice of the non-breaching Party’s intent to
terminate and the breaching Party fails to cure such breach within thirty (30)
days of such notice; (b) by either Party if the other Party ceases to actively
conduct its business, files a voluntary petition for bankruptcy or has filed
against it an involuntary petition for bankruptcy, becomes unable to pay its
debts as they become due, makes a general assignment for the benefit of its
creditors, or applies for the appointment of a receiver or trustee for
substantially all of its property or assets or permits the appointment of any
such receiver or trustee who is not discharged within thirty (30) days of such
appointment; or (c) upon written agreement by the Parties.

     

    11.3 Effect of
Termination.  Upon the effective date of termination of this
Agreement, and in addition to the requirements set forth in Section 6.4,
Licensor shall cease providing the Services and Licensee shall immediately cease
Exploiting the Intellectual Property Rights and/or the Products, except as may
be specifically approved in writing by the Parties.  Upon termination,
this Agreement will continue to govern the Parties’ rights and obligations with
respect to the Services provided by Licensor and the Exploitation of the
Intellectual Property Rights and/or the Products by Licensee prior to
termination.

     

    ARTICLE
12

    LIMITATION
OF LIABILITY

    

    EXCEPT
FOR ANY DAMAGES ARISING PURSUANT TO ARTICLE 8 (REPRESENTATIONS AND WARRANTIES),
NO PARTY WILL BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES,
INCLUDING, BUT NOT LIMITED TO, LOST PROFITS ARISING OUT OF OR RELATED TO THIS
AGREEMENT, EVEN IF THE PARTIES HAVE KNOWLEDGE OF THE POSSIBILITY OF SUCH DAMAGES
AND WHETHER OR NOT SUCH DAMAGES ARE FORESEEABLE.

      

    ARTICLE
13

     

    MISCELLANEOUS

     

    13.1 Notices.  All
notices or other communications required or permitted to be given under this
Agreement shall be in writing and addressed to the other Party as follows and
shall be deemed effectively given on the earliest of:  (a) when
delivered, if personally delivered; (b) on the third (3rd) business day
following the date of mailing if delivered by certified or registered mail,
return receipt requested; (c) on the date of transmission, if delivered by
facsimile or email transmission; or (d) when received by the Party to whom
notice is intended or required to be given.

     

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              If
      to Licensee:

            	
              ZZPARTNERS,
      INC.

            

    

    
      	
               
      

            	
              319
      Clematis Street, Suite 703

            

    

    
      	
               
      

            	
              West
      Palm Beach, FL 33401

            

    

    
      	
               
      

            	
              Attn:  Barry
      Hollander, Chief
      Financial Officer

            

    

    Facsimile:  561-514-9044

    Email:  hollanderb@aol.com

    

    
      	
               
      

            	
              with
      a copy to:

            	
              Maslon
      Edelman Borman & Brand, LLP

            

    

    
      	
               
      

            	
              90
      South Seventh Street, Suite 3300

            

    

    
      	
               
      

            	
              Minneapolis,
      MN  55402-4140

            

    

    
      	
               
      

            	
              Attn:  William
      M. Mower, Esq.

            

    

    
      	
               
      

            	
              Facsimile:  (612)
      642-8358

            

    

    
      	
               
      

            	
              Email:  bill.mower@maslon.com

            

    

    

    
      	
               
      

            	
              If
      to Licensor:

            	
              ZENZUU,
      INC.

            

    

    5455
Durango Street, Suite 1451

    Las
Vegas, NV 89113

    
      	
               
      

            	
              Attn:  Huong
      Lisenbee

            

    

    
      	
               
      

            	
              Facsimile:
      702-258-6134

            

    

    
      	
               
      

            	
              Email:  viewtom@gmail.com

            

    

    

    13.2 Force
Majeure.  In no event will either Party be liable to the other
for any delay or other failure to perform under this Agreement that is solely
caused by the other Party, acts of God, acts of the public enemy, floods, fires,
wars and is not a result of such non-performing Party’s
negligence.  Such a condition shall not be grounds for termination, as
long as the non-performing Party takes reasonable steps to remedy the problem
causing such non-performance, as applicable.

     

    13.3 Relationship.  The
performance of each Party hereunder is undertaken as an independent contractor
and not as an agent or partner of the other Party.  Neither Party
shall enter into or incur, or hold itself out to third parties as having
authority to enter into or incur on behalf of the other Party, any contractual
obligation, expense, or liability whatsoever.

     

    13.4 Nomination of Board of
Directors.  Noteholders holding certain convertible promissory
notes (collectively, the “Notes”) that are issued
pursuant to the terms of that certain Confidential Offering Memorandum of the
Company dated May 14, 2008 shall have the right to appoint fifty percent (50%)
of the directors to serve on Licensee’s Board of Directors until such Notes are
satisfied, either through conversion or redemption.  Upon any such
conversion or redemption of the Notes, Licensor shall have the right to nominate
a majority of its Board of Directors.

     

    13.5 Advertising and Promotional
Materials.  Licensee shall provide to Licensor samples of any
and all advertising and promotional materials that refer or relate to the
Products (the “Promotional
Materials”) prior to Licensee’s distribution of such Promotional
Materials.  If Licensor fails to affirmatively disapprove of the
Promotional Materials within five (5) business days of Licensor’s receipt of
Licensee’s submission, the right of which shall be in Licensor’s sole
discretion, Licensor will be deemed to have approved such Promotional Materials
in the form as submitted and Licensee will be permitted to use such Promotional
Materials.  Upon Licensor’s reasonable request from time to time
during the term of this Agreement, Licensee will provide to Licensor samples of
then-current Promotional Materials that Licensee is utilizing in connection with
its efforts to Exploit the Intellectual Property Rights and/or the
Products.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    13.6 Assignment.  This
Agreement, and all applicable rights and obligations hereunder, are personal to
Licensee and shall not, without Licensor’s prior written approval (which may be
withheld in Licensor’s sole discretion), be assigned, sublicensed, mortgaged or
otherwise encumbered by Licensee, except that Licensee may freely assign any of
its rights or obligations hereunder (a) to a wholly-owned subsidiary of
Licensee; provided, however, in such instance, Licensee shall remain fully
liable for all obligations imposed on Licensee under this Agreement; or (b)
pursuant to a merger or other business combination.  Any attempt by
Licensee to grant a sublicense or to assign, mortgage or encumber the Agreement,
other than as contemplated by this Section 13.6, shall be void and constitute a
material breach of this Agreement.  This Agreement and any and all
rights and obligations of Licensor may be assigned by Licensor without the prior
written consent of Licensee; provided, however, no such assignment shall release
Licensor from its obligations hereunder.  

     

    13.7 Governing
Law.  This
Agreement shall be interpreted and construed, and the legal relationships
created hereby shall be construed in accordance with the laws of the State of
Nevada, without regard to its conflicts-of-law principles.

     

    13.8 Successors.  This
Agreement shall be binding upon and inure to the benefit of the successors or
permitted assigns of a Party hereto.

     

    13.9 No Third-Party
Beneficiaries.  The
Parties intend that this Agreement will not benefit or create any right or cause
of action in or on behalf of any person or entity other than the
Parties.

     

    13.10 Attorneys’
Fees.  In
the event of any litigation, arbitration or other legal proceedings arising out
of or related to this Agreement, the prevailing Party shall be entitled to
reasonable attorneys’ fees and all costs of proceedings incurred in enforcing
this Agreement.

     

    13.11 Modification and
Non-Waiver.  No
modification of this Agreement and no waiver of any breach of this Agreement
will be effective unless in writing and signed by an authorized representative
of the Party against whom enforcement is sought.  The failure of
either Party to insist upon the strict performance of any of the provisions of
this or the failure of either Party to exercise any right or remedy hereby
reserved shall not be construed as a waiver of any such provisions, rights or
remedies, or as a waiver of any subsequent breach thereof.

     

    13.12 Interpretation.  Article
and Section headings are provided for convenience only and are not to be used to
construe or interpret this Agreement.  Whenever the words “include” or
“including” are uses in this Agreement, they will be deemed to be followed by
the words “without limitation.”

     

    13.13 Severability.  If
any provision of this Agreement shall be held by a court of competent
jurisdiction to be invalid or unenforceable, such unenforceability or invalidity
shall not render this Agreement invalid as a whole and, in such event, such
provision shall, if possible, be changed and interpreted so as best to
accomplish the objective of such unenforceable or invalid
provision.

     

    13.14 Entire
Understanding.  This Agreement, including the Recitals and the
SLA and other exhibits to this Agreement that are incorporated by reference
herein, constitutes the exclusive and entire agreement between the Parties with
respect to the subject-matter hereto and as of the Effective Date supersedes all
prior or contemporaneous agreements, negotiations, representations and
proposals, written or oral, relating to its subject-matter.  Neither
Party will be bound or liable to the other Party for any representation, promise
or inducement made by any agent or person in the other’s employ that is not
embodied in this Agreement.

     

    

    
      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

    

    13.15 Counterparts;
Facsimile.  This Agreement may be executed in counterparts,
each of which shall be considered an original.  This Agreement may be
executed by one or more of the parties by facsimile or email transmitted
signature and each party agrees that the reproduction of signatures by way of
telecopying device or by an email transmitted data file (e.g. .pdf file) will be
treated as though such reproductions were executed originals.

     

    Signature
Page Follows

     

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    IN
WITNESS WHEREOF, the Parties have executed this Website Hosting and License
Agreement as of the Effective Date.

     

    
      	
              LICENSEE:

            	
              ZZPARTNERS,
      INC,

              a
      Nevada corporation

               

               

              By: /s/Barry Hollander

                    Barry
      Hollander, Chief
      Financial Officer

            
	
              LICENSOR:

            	
              ZENZUU,
      INC.,

              a
      Nevada corporation

               

               

              By:
      /s/
      Huong Lisenbee

                      Huong
      Lisenbee

            
	 
      	 
      

    

    

     

    

    
      
        
           

        

        
          15

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
A

     

    Terms and
Conditions of Service Level Agreement

    

    Introduction.

    

    Licensor
and Licensee, as Parties to that certain Website Hosting and License Agreement
(the “Agreement”),
hereby acknowledge and agree that the following terms and conditions of this
Service Level Agreement (the “SLA”) shall be incorporated by
reference into the Agreement as of the Effective Date.  Capitalized
terms not otherwise defined herein shall have the meanings ascribed to them in
the Agreement.

    

    Period.

    

    The
service levels set forth in this Exhibit
A shall be effective as of the Effective Date and shall continue
throughout the term of the Agreement.

    

    Availability.

    

    Licensor
will make the Site available, except during periods of Excused Downtime. “Excused Downtime” shall mean
times when the Site is not available solely as the result of the occurrence of
one or more of the following causes, and provided that Licensor is otherwise in
compliance with its obligations hereunder:  (i) a security threat that
may cause significant damage to Licensor’s Equipment; (ii) the failure and
replacement of non-redundant Site components; (iii) force majeure events as
described in Section 13.2 of the Agreement; (iv) mutually agreed upon outages;
and (v) the negligence or willful misconduct of Licensee or any third
party.

    

    The
maximum amount of time measured monthly that the Site may be unavailable will
not exceed one percent (1%) per month, excluding Excused Downtime.  If
the unavailability exceeds one percent (1%) in any given month, Licensor will
pay to Licensee the applicable percentage of the applicable Licensee Royalty
Payments due Licensor for the month the unavailability occurred, as provided
below in Table
A (referred to herein as an “SLA
Credit”).  Licensee shall be responsible for tracking
unavailability and determining applicable SLA Credits, as evidenced by the
system archives and applicable written records.  SLA Credits will be
calculated at the end of each month and credited to Licensee within thirty (30)
days.  In no case shall the total monthly SLA Credit exceed one
hundred percent (100%) of the applicable monthly Licensee Royalty Payment
payable to Licensor.

    

    Table
A.

    

    
      	
              Availability
      Percentage

            	
              SLA
      Credit

            
	
              100
      - 99

            	
              0

            
	
              98.99
      - 97

            	
              10%

            
	
              96.99
      - 95

            	
              25%

            
	
              94.99
      - 93

            	
              50%

            
	
              92.99
      or less

            	
              100%

            

    

    

    

    
      
        
           

        

        
          16

          
            

          

        

        
           

        

      

    

    

    Business
Continuation.

    

    Licensor
represents and warrants to Licensee that it has an industry-standard business
continuity plan and a disaster recovery plan (collectively, the “Plans”) to protect against any
disaster that would affect Licensor’s ability to provide the Services in
accordance with the terms of the Agreement.  Licensor shall maintain
backup servers, equipment, software and telecommunications connections that
enable Licensor to provide Services on and from such backup servers promptly
following notice of any disruption of Services.

    

    

    17Golden Queen Mining Co. Ltd. - Exhibit 10.1 - Filed by newscorp.com

Exhibit 10.1 

GOLDEN QUEEN MINING CO. LTD. 
2008 STOCK OPTION PLAN

ARTICLE I 

DEFINITIONS AND INTERPRETATION 

1.1                  
Definitions 

As used herein, unless anything in the subject matter or
context is inconsistent therewith, the following terms shall have the meanings
set forth below: 

	 	(a) 	
      “Administrator” means, initially, the secretary of the
      Company and thereafter shall mean such director or other senior officer or
      employee of the Company as may be designated as Administrator by the Board
      from time to time;

	 	 	 	 
	 	(b) 	
      “affiliate” has the meaning ascribed thereto in the
      Securities Act (British Columbia);

	 	 	 	 
	 	(c) 	
      “associate” has the meaning ascribed thereto in the
      Securities Act (British Columbia);

	 	 	 	 
	 	(d) 	
      “Award Date” means the date on which the Board grants and
      announces a particular Option;

	 	 	 	 
	 	(e) 	
      “Board” means the board of directors of the
    Company;

	 	 	 	 
	 	(f) 	
      “Change of Control” means the acquisition by any person
      or by any person and a joint actor, whether directly or indirectly, of
      voting securities of the Company, which, when added to all other voting
      securities of the Company at the time held by such person or by such
      person and a joint actor, totals for the first time not less than fifty
      percent (50%) of the outstanding voting securities of the Company or the
      votes attached to those securities are sufficient, if exercised, to elect
      a majority of the board of Directors of the Company;

	 	 	 	 
	 	(g) 	
      “Company” means Golden Queen Mining Co. Ltd.;

	 	 	 	 
	 	(h) 	
      “Consultant” means an individual or Consultant Company,
      other than an Employee or a Director of the Company, that:

	 	 	 	 
	 		(i) 	
      is engaged to provide services to the Company or to an
      affiliate of the Company, other than services provided in relation to a
      distribution;

	 	 	 	 
	 		(ii) 	
      provides the services under a written contract between
      the Company or the affiliate and the individual or a Consultant Company;
      and

	 	 	 	 
	 		(iii) 	
      spends or will spend a significant amount of time and
      attention on the affairs and business of the Company or an affiliate of
      the Company;

	 	 	 	 
	 	(i) 	
      “Consultant Company” means, for an individual consultant,
      a company which the individual consultant is an employee or
      shareholder;

	 	 	 	 
	 	(j) 	
      “Director” means any individual holding the office of
      director or officer of the Company or an affiliate of the
  Company;

- 2 - 

	 	(k) 	
      “Employee” means:

	 	 	 	 
	 		(i) 	
      an individual who is considered an employee of the
      Company or its subsidiary under the Income Tax Act (Canada) (i.e.
      for whom income tax, employment insurance and CPP deductions must be made
      at source);

	 	 	 	 
	 		(ii) 	
      an individual who works full-time for the Company or its
      subsidiary providing services normally provided by an employee and who is
      subject to the same control and direction by the Company over the details
      and methods of work, as an employee of the Company, but for whom income
      tax deductions are not made at source; or

	 	 	 	 
	 		(iii) 	
      an individual who works part-time for the Company or its
      subsidiary on a continuing and regular basis providing services normally
      provided by an employee and who is subject to the same control and
      direction by the Company over the details and methods of work as an
      employee of the Company, but for whom income tax deductions are not made
      at source;

	 	 	 	 
	 	(l) 	
      “Exchange” means the Toronto Stock Exchange, or if the
      Company is not listed thereon, then it shall mean such exchange or
      quotation system on which the Shares may be listed or quoted for
      trading;

	 	 	 	 
	 	(m) 	
      “Exercise Notice” means the notice respecting the
      exercise of an Option, in the form set out as Schedule “B” hereto, duly
      executed by the Option Holder;

	 	 	 	 
	 	(n) 	
      “Exercise Period” means the period during which a
      particular Option may be exercised and is the period from and including
      the Award Date through to and including the Expiry Date, subject to the
      provisions of the Plan relating to the vesting of Options;

	 	 	 	 
	 	(o) 	
      “Exercise Price” means the price at which an Option may
      be exercised as determined in accordance with paragraph 3.3;

	 	 	 	 
	 	(p) 	
      “Expiry Date” means the date determined in accordance
      with paragraphs 3.4 and 3.8 and after which a particular Option cannot be
      exercised;

	 	 	 	 
	 	(q) 	
      “insider” has the meaning ascribed thereto in the
      Securities Act (British Columbia);

	 	 	 	 
	 	(r) 	
      “Option” means an option to acquire Shares, awarded to a
      Director, Employee or Consultant pursuant to the Plan;

	 	 	 	 
	 	(s) 	
      “Option Certificate” means the certificate, substantially
      in the form set out as Schedule “A” hereto, evidencing an
Option;

	 	 	 	 
	 	(t) 	
      “Option Holder” means a Director, Employee or Consultant,
      or a former Director, Employee or Consultant, who holds an unexercised and
      unexpired Option or, where applicable, the Personal Representative of such
      person;

	 	 	 	 
	 	(u) 	
      “Plan” means this Golden Queen Mining Co. Ltd. 2008 stock
      option plan;

	 	 	 	 
	 	(v) 	
      “Personal Representative” means:

	 	 	 	 
	 		(i) 	
      in the case of a deceased Option Holder, the executor (or
      the administrator of the deceased duly appointed by a court or public
      authority having jurisdiction to do so); and

- 3 - 

	 	(ii) 	
      in the case of an Option Holder who for any reason is
      unable to manage his or her affairs, the person entitled by law to act on
      behalf of such Option Holder;

	 	(w) 	
      “Securities Act” means the Securities Act,
      R.S.B.C. 1996, c.418, as amended, as at the date hereof; and

	 	 	 
	 	(x) 	
      “Share” or “Shares” means, as the case may be, one or
      more common shares without par value in the capital of the
  Company.

1.2                  
Choice of Law 

The Plan is established under and the provisions of the Plan
shall be interpreted and construed in accordance with the laws of the Province
of British Columbia. 

1.3                  
Headings 

The headings used herein are for convenience only and are not
to affect the interpretation of the Plan. 

ARTICLE II 

PURPOSE AND PARTICIPATION 

2.1                  
Purpose 

The purpose of the Plan is to provide the Company with a
share-related mechanism to attract, retain and motivate qualified Directors,
Employees and Consultants, to reward such of those Directors, Employees and
Consultants as may be awarded Options under the Plan by the Board from time to
time for their contributions toward the long-term goals of the Company and to
enable and encourage such Directors, Employees and Consultants to acquire Shares
as long term investments. 

2.2                  
Participation 

The Board shall, from time to time, in its sole discretion
determine those Directors, Employees and Consultants, if any, to whom Options
are to be awarded. If the Board elects to award an Option to a Director, the
Board shall, in its sole discretion but subject to paragraph 3.2, determine the
number of Shares to be acquired on the exercise of such Option. If the Board
elects to award an Option to an Employee or Consultant, the number of Shares to
be acquired on the exercise of such Option shall be determined by the Board in
its sole discretion, and in so doing the Board may take into account the
following criteria: 

	 	(a) 	
      the remuneration paid to the Employee or Consultant as at
      the Award Date in relation to the total remuneration payable by the
      Company to all of its Employees and Consultants as at the Award
    Date;

	 	 	 
	 	(b) 	
      the length of time that the Employee or Consultant has
      been employed or engaged by the Company; and

	 	 	 
	 	(c) 	
      the quality of work performed by the Employee or
      Consultant.

- 4 - 

2.3                  
Notification of Award 

Following the approval by the Board of the awarding of an
Option, the Administrator shall notify the Option Holder of the award and may
provide the Option Holder with an Option Certificate representing the Option so
awarded. 

2.4                  
Copy of Plan 

Each Option Holder, concurrently with the notice of the award
of the Option, shall be provided with a copy of the Plan, unless a copy has been
previously provided to the Option Holder. A copy of any amendment to the Plan
shall be promptly provided by the Administrator to each Option Holder. 

2.5                  
Limitation 

The Plan does not give any Option Holder that is a Director the
right to serve or continue to serve as a Director of the Company nor does it
give any Option Holder that is an Employee or Consultant the right to be or to
continue to be employed or engaged by the Company. 

ARTICLE III 

TERMS AND CONDITIONS OF OPTIONS 

3.1                  
Board to Allot Shares 

The Shares to be issued to Option Holders upon the exercise of
Options shall be allotted and authorized for issuance by the Board prior to the
exercise thereof. 

3.2                  
Number of Shares 

The maximum number of Shares issuable under the Plan will be
7,200,000. Additionally, if at any time the Company is subject to restrictions
on stock option grants prescribed by applicable securities laws or by an
Exchange, the Company shall not grant Options which exceed such restrictions.
Further, in no case shall: 

	 	(b) 	
      the aggregate number of options awarded within any
      one-year period to insiders under the Plan or any previously established
      and outstanding stock option plans or grants, exceed 10% of the issued
      Shares of the Company (calculated at the time of award); or

	 	 	 
	 	(c) 	
      the aggregate number of Shares reserved at any time for
      issuance to insiders upon the exercise of Options awarded under the Plan
      or any previously established and outstanding stock option plans or
      grants, exceed 10% of the issued Shares of the Company (calculated at the
      time of award).

If any Option is exercised or expires or otherwise terminates
for any reason, the number of Shares in respect of which the Option is exercised
or expired or terminated shall again be available for the purposes of the Plan.

3.3                  
Exercise Price 

The Exercise Price shall be that price per share, as determined
by the Board in its sole discretion as of the Award Date, at which an Option
Holder may purchase a Share upon the exercise of an Option, and shall not be
less than: 

	 	(a) 	
      if the Company’s Shares are not listed for trading on an
      Exchange at the Award Date, the last price at which the Company’s Shares
      were issued prior to the Award Date; or

- 5 - 

	 	(b) 	 if the Company’s Shares are listed for trading
        on an Exchange at the Award Date, the VWAP for the five trading days immediately
        prior to the Award Date.

3.4                  
Term of Option 

Subject to paragraph 3.5, the Expiry Date of an Option shall be
the date so fixed by the Board at the time the particular Option is awarded,
provided that such date shall not be later than the fifth anniversary of the
Award Date of the Option. 

3.5                  
Termination of Option 

An Option Holder may, subject to any vesting provisions
applicable to Options hereunder, exercise an Option in whole or in part at any
time or from time to time during the Exercise Period provided that, with respect
to the exercise of part of an Option, the Board may at any time and from time to
time fix a minimum or maximum number of Shares in respect of which an Option
Holder may exercise part of any Option held by such Option Holder. Any Option or
part thereof not exercised within the Exercise Period shall terminate and become
null, void and of no effect as of 5:00 p.m. local time in Vancouver, British
Columbia, on the Expiry Date. The Expiry Date of an Option shall be the earlier
of the date so fixed by the Board at the time the Option is awarded and the date
established, if applicable, in sub-paragraphs (a) to (c) below (the “Early
Termination Date”): 

	 	(a) 	
      Death

	 	 	 	 
	 		
      In the event that the Option Holder should die while he
      or she is still a Director (if he or she holds his or her Option as
      Director) or Employee or Consultant (if he or she holds his or her Option
      as Employee or Consultant), the Early Termination Date shall be twelve
      (12) months from the date of death of the Option Holder; or

	 	 	 	 
	 	(b) 	
      Ceasing to hold Office

	 	 	 	 
	 		
      In the event that the Option Holder holds his or her
      Option as Director of the Company and such Option Holder ceases to be a
      Director of the Company other than by reason of death, the Early
      Termination Date of the Option shall be 90 days from the date the Option
      Holder ceases to be a Director of the Company unless the Option Holder
      ceases to be a Director of the Company but continues to be engaged by the
      Company as an Employee, in which case the Expiry Date shall remain
      unchanged, or unless the Option Holder ceases to be a Director of the
      Company as a result of:

	 	 	 	 
	 		(i) 	
      ceasing to meet the qualifications set forth in the
      Business Corporations Act (British Columbia); or

	 	 	 	 
	 		(ii) 	
      a resolution having been passed by the shareholders of
      the Company pursuant to the Business Corporations Act (British
      Columbia) removing the Director as such; or

	 	 	 	 
	 		(iii) 	
      by order of any securities commission or the Exchange or
      any other regulatory body having jurisdiction to so
  order,

in which case the Early Termination
Date shall be the date the Option Holder ceases to be a Director of the Company.

- 6 - 

	 	(c) 	
      Ceasing to be Employed or a Consultant

	 	 	 	 
	 		
      In the event that the Option Holder holds his or her
      Option as an Employee or Consultant of the Company and such Option Holder
      ceases to be an Employee or Consultant of the Company other than by reason
      of death, the Early Termination Date of the Option shall be 60 days from
      the date the Option Holder ceases to be an Employee or Consultant of the
      Company unless the Option Holder ceases to be an Employee or Consultant of
      the Company as a result of:

	 	 	 	 
	 		(i) 	
      termination for cause or, in the case of a Consultant,
      breach of contract; or

	 	 	 	 
	 		(ii) 	
      by order of any securities commission or the Exchange or
      any other regulatory body having jurisdiction to so
  order,

in which case the Early Termination Date shall be the date the
Option Holder ceases to be an Employee or Consultant of the Company. 

3.6                  
Vesting 

All Options granted pursuant to the Plan will be subject to
such vesting requirements as may be prescribed by the Exchange, if applicable,
or as may be imposed by the Board. 

3.7                  
Effect of a Take-Over Bid 

If a bona fide offer (an “Offer”) for Shares is made to
an Option Holder or to shareholders of the Company generally or to a class of
shareholders which includes the Option Holder, which Offer, if accepted in whole
or in part, would result in the offeror becoming a control person of the
Company, within the meaning of the Securities Act, the Company shall,
immediately upon receipt of notice of the Offer, notify each Option Holder of
full particulars of the Offer, whereupon all Shares subject to Options will
become vested and the Options may be exercised in whole or in part by each
Option Holder so as to permit each Option Holder to tender the Shares received
upon exercise of his Options, pursuant to the Offer. However, if: 

	 	(a) 	
      the Offer is not completed within the time specified
      therein; or

	 	 	 
	 	(b) 	
      all of the Shares acquired by the Option Holder on the
      exercise of his Option and tendered pursuant to the Offer are not taken up
      or paid for by the offeror in respect thereof,

then the Shares received upon the exercise of such Options, or
in the case of clause (b) above, the Shares that are not taken up and paid for,
may be returned by each Option Holder to the Company and reinstated as
authorized but unissued Shares and with respect to such returned Shares, the
Options shall be reinstated as if they had not been exercised and the terms upon
which such Shares were to become vested pursuant to paragraph 3.6 shall be
reinstated. If any Shares are returned to Company under this paragraph 3.7, the
Company shall immediately refund the exercise price to the Option Holder for
such Shares.

3.8                  
Acceleration of Expiry Date 

If at any time when an Option granted under the Plan remains
unexercised and an Offer is made by an offeror, the Directors may, upon
notifying each Option Holder of full particulars of the Offer, declare all
Shares issuable upon the exercise of Options granted under the Plan, vested,
and, notwithstanding paragraphs 3.4 and 3.5, may declare that the Expiry Date
for the exercise of all unexercised Options granted under the Plan is
accelerated so that all Options will either be exercised or will expire prior to
the date upon which Shares must be tendered pursuant to the Offer. 

- 7 - 

3.9                  
Effect of a Change of Control 

If a Change of Control occurs, all Shares subject to each
outstanding Option will become vested, whereupon all Options may be exercised in
whole or in part by the Option Holders. 

3.10                 Assignment
of Options 

Options may not be assigned or transferred, provided however
that the Personal Representative of an Option Holder may, to the extent
permitted by paragraph 4.1, exercise the Option within the Exercise Period. 

3.11                 Adjustments

If prior to the complete exercise of any Option the Shares are
consolidated, subdivided, converted, exchanged or reclassified or in any way
substituted for (collectively the “Event”), an Option, to the extent that it has
not been exercised, shall be adjusted by the Board in accordance with such Event
in the manner the Board deems appropriate. No fractional Shares shall be issued
upon the exercise of any Option and accordingly, if as a result of the Event, an
Option Holder would become entitled to a fractional Share, such Option Holder
shall have the right to purchase only the next lowest whole number of Shares and
no payment or other adjustment will be made with respect to the fractional
interest so disregarded. Additionally, no lots of Shares in an amount less than
500 Shares shall be issued upon the exercise of the Option unless such amount of
Shares represents the balance left to be exercised under the Option. 

ARTICLE IV 

EXERCISE OF OPTION 

4.1                  
Exercise of Option 

An Option may be exercised only by the Option Holder or the
Personal Representative of any Option Holder. An Option Holder or the Personal
Representative of any Option Holder may exercise an Option in whole or in part
at any time or from time to time during the Exercise Period up to 5:00 p.m.
local time in Vancouver, British Columbia on the Expiry Date by delivering to
the Administrator an Exercise Notice, the applicable Option Certificate and a
certified cheque or bank draft payable to Golden Queen Mining Co. Ltd. in an
amount equal to the aggregate Exercise Price of the Shares to be purchased
pursuant to the exercise of the Option. 

4.2                  
Issue of Share Certificates 

As soon as practicable following the receipt of the Exercise
Notice, the Administrator shall cause to be delivered to the Option Holder a
certificate for the Shares purchased pursuant to the exercise of the Option. If
the number of Shares purchased is less than the number of Shares subject to the
Option Certificate surrendered, the Administrator shall forward a new Option
Certificate to the Option Holder concurrently with delivery of the aforesaid
share certificate for the balance of Shares available under the Option. 

4.3                  
Condition of Issue 

The issue of Shares by the Company pursuant to the exercise of
an Option is subject to this Plan and compliance with the laws, rules and
regulations of all regulatory bodies applicable to the issuance and distribution
of such Shares and to the listing requirements of any stock exchange or
exchanges on which the Shares may be listed. The Option Holder agrees to comply
with all such laws, rules and regulations and agrees to furnish to the Company
any information, report and/or undertakings required to comply with and to fully
co-operate with the Company in complying with such laws, rules and regulations.

- 8 - 

ARTICLE V 

STOCK APPRECIATION RIGHTS 

5.1                  
Stock Appreciation Rights 

Any Option granted under this Plan may include a stock
appreciation right, either at the time of grant or by adding it to an existing
Option; subject, however, to the grant of such stock appreciation right being in
compliance with the applicable regulations and policies of the Exchange. 

5.2                  
Stock Appreciation Rights Tied to Options 

A stock appreciation right which may be granted pursuant to
this Plan shall be exercisable to the extent, and only to the extent, the Option
with which it is included is exercisable. To the extent that a stock
appreciation right included in or attached to an Option granted hereunder is
exercised, the Option to which it is included or attached shall be deemed to
have been exercised to a similar extent. 

5.3                  
Terms of Stock Appreciation Rights 

A stock appreciation right granted pursuant to this Plan shall
entitle the Option Holder to elect to surrender to the Company, unexercised, the
Option with which it is included, or any portion thereof, and to receive from
the Company in exchange therefore that number of Shares, disregarding fractions,
having an aggregate value equal to the excess of the value of one Share over the
purchase price per Share specified in such Option, times the number of Shares
called for by the Option, or portion thereof, which is so surrendered. The value
of a Share shall be determined for these purposes, unless otherwise specified or
permitted by applicable regulatory policies, based on the weighted average
trading price per Share on the Exchange for the five trading days immediately
preceding the date the notice provided for in section 5.1 hereof is received by
the Company. 

5.4                  
Exercise of Stock Appreciation Rights 

Subject to the provisions of the Plan, a stock appreciation
right granted hereunder may be exercised from time to time by delivering to the
Company the Exercise Notice. 

ARTICLE VI 

BONUSES 

6.1                  
Grant of Bonus 

The Board shall have the right to determine and to grant
Options to any Director or Employee, together with a corresponding right to be
paid, in cash, an amount equal to the exercise price of such Options, subject to
such provisos and restrictions as the Board may determine, and subject to any
applicable Exchange or other approvals, if required. 

6.2                  
Number of Shares 

The Options granted as part of the bonus provided in section
6.1 shall be included in, and are not in addition to, the maximum number of
Options which may be granted under this Plan from time to time.

- 9 - 

ARTICLE VII 

ADMINISTRATION 

7.1                  
Administration 

The Plan shall be administered by the Administrator on the
instructions of the Board. The Board may make, amend and repeal at any time and
from time to time such regulations not inconsistent with the Plan as it may deem
necessary or advisable for the proper administration and operation of the Plan
and such regulations shall form part of the Plan. The Board may delegate to the
Administrator or any Director, officer or employee of the Company such
administrative duties and powers as it may see fit. 

7.2                  
Interpretation 

The interpretation by the Board of any of the provisions of the
Plan and any determination by it pursuant thereto shall be final and conclusive
and shall not be subject to any dispute by any Option Holder. No member of the
Board or any person acting pursuant to authority delegated by it hereunder shall
be liable for any action or determination in connection with the Plan made or
taken in good faith and each member of the Board and each such person shall be
entitled to indemnification with respect to any such action or determination in
the manner provided for by the Company. 

ARTICLE VIII 

AMENDMENT AND TERMINATION 

8.1                  
Prospective Amendment 

Subject to applicable regulatory and, if required by any
relevant law, rule or regulation applicable to the Plan, to shareholder
approval, the Board may from time to time amend the Plan and the terms and
conditions of any Option thereafter to be granted and, without limiting the
generality of the foregoing, may make such amendment for the purpose of meeting
any changes in any relevant law, rule or regulation applicable to the Plan, any
Option or the Shares or for any other purpose which may be permitted by all
relevant laws, rules and regulations provided always that any such amendment
shall not alter the terms or conditions of any Option or impair any right of any
Option Holder pursuant to any Option awarded prior to such amendment.
Notwithstanding the foregoing, the Board may, subject to the requirements of the
Exchange, amend the terms upon which each Option shall become vested with
respect to Shares without further approval of the Exchange, other regulatory
bodies having authority over the Company or the Plan or the shareholders. For
greater certainty, the board may amend the Plan and the terms and conditions of
any Option thereafter to be granted without shareholder approval, unless
shareholder approval is expressly required under any relevant law, rule or
regulation, or the policies of the Exchange. 

8.2                  
Retrospective Amendment 

Subject to applicable regulatory approval and, if required by
any relevant law, rule or regulation applicable to the Plan, to shareholder
approval, the Board may from time to time retrospectively amend the Plan and,
with the consent of the affected Option Holders, retrospectively amend the terms
and conditions of any Options which have been previously granted. 

- 10 - 

8.3                  
Termination 

The Board may terminate the Plan at any time provided that such
termination shall not alter the terms or conditions of any Option or impair any
right of any Option Holder pursuant to any Option awarded prior to the date of
such termination. Notwithstanding the termination of the Plan, the Company,
Options awarded under the Plan, Option Holders and Shares issuable under Options
awarded under the Plan shall continue to be governed by the provisions of the
Plan. 

8.4                  
Agreement 

The Company and every person to whom an Option is awarded
hereunder shall be bound by and subject to the terms and conditions of the Plan.
This Plan repeals and replaces any stock option plan adopted by the Company
prior to the date hereof and any options awarded and outstanding under such
prior plan shall hereafter be governed by the provisions of this Plan. 

ARTICLE IX 

APPROVALS REQUIRED FOR PLAN 

9.1                  
Effectiveness of Plan 

The Plan is effective upon the shareholders of the Company
approving the Plan. 

9.2                  
Substantive Amendments to Plan 

Any substantive amendments to the Plan shall be subject to the
Company first obtaining the approvals, if required, of: 

	 	(a) 	
      the shareholders or disinterested shareholders, as the
      case may be, of the Company at a general meeting where required by the
      rules and policies of the Exchange, or any stock exchange on which the
      Shares may then be listed for trading; and

	 	 	 
	 	(b) 	
      the Exchange, or any stock exchange on which the Shares
      may then be listed for trading.

ARTICLE X 

UNITED STATES REQUIREMENTS 

10.1                 Compliance
with U.S. Securities Laws

No Option will be granted and issued unless the grant and
issuance of such Option shall comply with all relevant provisions of applicable
United States federal and state securities laws, including the availability of
an exemption from registration for the issuance and sale of such Shares. The
Company has no obligation to undertake registration under any United States
federal or state laws of Options or the Shares issuable upon the exercise of
Options. 

- 11 - 

As a condition to the exercise of an Option, the Board or
Administrator may require the Optionee to make representations and warranties in
writing at the time of such exercise in order to establish, to the satisfaction
of the Company and its legal counsel, that the Shares to be issued on such
exercise may legally be issued in compliance with all applicable United States
federal and state securities laws. If required by applicable United States
federal and state securities laws, a stop-transfer order against such Shares
shall be placed on the share ledger books and records of the Company, and a
legend indicating that the Shares may not be pledged, sold or otherwise
transferred unless an opinion of counsel is provided stating that such transfer
is not in violation of any applicable law or regulation, shall be stamped on the
certificates representing such shares. The Board or Administrator also may
require such other documentation as they, in their sole discretion, may from
time to time determine to be necessary to comply with United States federal and
state securities laws.

The Option Certificate in respect of the grant of any Options
to persons who are U.S. Persons, as that term is defined in Rule 902 of
Regulation S, will include the following statement: 

  
    This Option has not been registered under any U.S. federal
      or state law and may not be exercised except pursuant to an effective registration
      statement under the United States Securities Act of 1933, as amended, and
      all applicable U.S. state securities laws, or pursuant to available exemptions
      from such registration requirements. In addition, shares issued on exercise
      of this Option by a U.S. resident will bear a U.S. form of restrictive legend
      and may not be resold except in compliance with such legend. 

  

10.2.                 Non-Qualified
Plan 

No Option granted under the Plan will constitute an Incentive
Stock Option as described in Section 422 of the Internal Revenue Code of 1986,
as amended. 

ON BEHALF OF THE BOARD 

/s/ Lutz Klingmann

_______________________________________
Lutz Klingmann, President 

SCHEDULE “A” 

GOLDEN QUEEN MINING CO. LTD.

STOCK OPTION PLAN 

OPTION CERTIFICATE 

This Certificate is issued pursuant to the provisions of Golden
  Queen Mining Co. Ltd. (the “Company”) Stock Option Plan (the “Plan”)
  and evidences that _____________________________ (the “Holder”) is
  the holder of an option (the “Option”) to purchase up to ___________________
  common shares (the “Shares”) in the capital stock of the Company at
  a purchase price of $__________ per Share. Subject to the provisions of the
  Plan: 

	 	(a) 	
      the Award Date of this Option is
      _______________________________; and

	 	 	 
	 	(b) 	
      the Expiry Date of this Option is
      _______________________________.

The right to purchase Shares under the Option will vest in the
Holder in increments over the term of the Option as follows: 

	Date 	Cumulative Number of Shares
      which may be Purchased 
	 	 
	 	 
	 	 
	 	 

This Option may be exercised in accordance with its terms at
any time and from time to time from and including the Award Date through to and
including up to 5:00 local time in Vancouver, British Columbia on the Expiry
Date, by delivery to the Administrator of the Plan an Exercise Notice, in the
form provided in the Plan, together with this Certificate and a certified cheque
or bank draft payable to “Golden Queen Mining Co. Ltd.” in an amount equal to
the aggregate of the Exercise Price of the Shares in respect of which the Option
is being exercised. If the Optionee is an employee or consultant, the Optionee
confirms that it is a bona fide employee or consultant, as the case may be. 

The foregoing Option has been awarded this ____ day of _____________________.

GOLDEN QUEEN MINING CO. LTD.

 

Per: ____________________________________________

SCHEDULE “B” 

EXERCISE NOTICE 

	TO: 	The Administrator, Stock Option
      Plan 
	  	c/o Golden Queen Mining Co. Ltd.
    
	  	6411 Imperial Avenue 
	  	West Vancouver, BC V7W 2J5
  

1.           EXERCISE
OF OPTION 

The undersigned hereby irrevocably gives notice, pursuant to
the Golden Queen Mining Co. Ltd. (the “Company”) Stock Option Plan (the “Plan”),
of the exercise of the Option to acquire and hereby subscribes for (cross out
inapplicable item): 

	(a) 	
      all of the Shares; or

	 	 
	(b) 	
      _____________ of the Shares, which are the subject of the
      option certificate attached hereto.

Calculation of total Exercise Price: 

	(i) 	number of Shares to be acquired on exercise:
	_________________________ shares 
	 	 	 
	(ii) 	times the Exercise Price per Share: 	$ ________________________
	 	 	 
	  	Total Exercise Price, as enclosed herewith: 	$ ________________________

The undersigned tenders herewith a cheque or bank draft (circle
  one) in the amount of $ _______, payable to Golden Queen Mining Co. Ltd. in
  an amount equal to the total Exercise Price of the Shares, as calculated above.

	2. 	
      EXERCISE OF STOCK APPRECIATION RIGHT
      (Complete only if exercising stock appreciation
      rights]

The undersigned hereby irrevocably gives notice, pursuant to
the Plan, of the exercise of the stock appreciation right provided under the
Plan and accordingly, wishes to receive such number of Shares as calculated in
accordance with the Plan. As consideration for the Shares, the undersigned
hereby agrees to cancel [cross out inapplicable item]: 

	(a) 	
      all of the Rights; or

	 	 
	(b) 	
      ________________________ of the
Rights.

2.         
 DELIVERY OF SHARE CERTIFICATE 

The Company is directed to deliver the share certificate
evidencing the number of Shares to be issued to the undersigned pursuant to this
Exercise Notice, to the undersigned at the following address: 

___________________________________________________________________________

___________________________________________________________________________

All the capitalized terms, unless otherwise defined in this
Exercise Notice, will have the meaning provided in the Plan. 

DATED the ____ day of _____________________. 

	Witness 	 	Signature
      of Option Holder 
	 	 	 

SCHEDULE “B” 

	Name of Witness (Print) 	Name of Option Holder (Print)

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