Document:

Exhibit 10.36

 

TALECRIS BIOTHERAPEUTICS HOLDINGS CORP.

 

IRREVOCABLE TRUST AGREEMENT

 

PREAMBLE. This Irrevocable Trust
Agreement (the “Trust Agreement”), dated as of December 6, 2006, by and
between Talecris Biotherapeutics Holdings Corp. and any successor to its
interest (the “Company”), and Wilmington Trust Company as trustee (the “Trustee”).

 

WHEREAS, the Company has entered into certain
compensatory agreements (collectively the “Arrangements”) under which the
Company has future liability to make cash payments to certain employees (the “Beneficiaries”)
who are parties to the Arrangement;

 

WHEREAS, it is the intention of the Company to
establish this trust (the “Trust”) and to irrevocably contribute assets to the
Trust that shall be held therein, beyond the claims of the Company’s general
creditors, until paid to the Beneficiaries of this Trust in such manner and at
such times as specified in the Arrangements;

 

WHEREAS, it is the intention of the parties hereto
that this Trust shall constitute a funded arrangement but shall not affect the
status of the Arrangements as being unfunded for the purpose of Title I of the
Employee Retirement Income Security Act of 1974; and

 

WHEREAS, it is the intention of the Company to make
contributions to the Trust to enable the Trust to fully fund the Company’s
liabilities under the Arrangements.

 

NOW, THEREFORE, the parties do hereby establish this
Trust and agree that the Trust shall be established and administered as set
forth herein:

 

Section 1.  Establishment of
Trust

 

(a)                      The
Company hereby deposits with the Trustee in trust the sum of $23,018,965, which
shall constitute the initial principal of the Trust to be held, administered
and dispersed by the Trustee as provided for in this Trust Agreement.

 

(b)                     The
Trust shall be irrevocable.

 

(c)                      The
Trust is an independent legal entity, is not intended to be a grantor trust as
to which the Company is the grantor, within the meaning of subpart E, part I,
subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended
(the “Code”), and shall not be construed accordingly as a grantor trust.

 

(d)                     The
principal of the Trust, and any earnings thereon, shall be held separate and apart from
other funds of the Company and shall be used exclusively for the uses and purposes
of the Beneficiaries as herein set forth. Subject to vesting requirements, the
Beneficiaries shall have preferred claims on, or beneficial ownership interests
in, assets of the Trust. Any assets held by the Trust will not be subject to
the claims of the Company’s general creditors under federal and state law.

 

(e)                      The
Company, in its sole discretion, may at any time, or from time to time,
make additional contributions of cash or other assets to the Trustee to augment
the principal of the

 

 

Trust
to be held, administered and disbursed by the Trustee as provided for in this
Trust Agreement. Neither the Trustee nor any Beneficiary shall have any right
to compel such additional contributions.

 

Section 2.  Payments to
Beneficiaries

 

(a)                      At
the time of the establishment of the Trust, or within 30 days thereafter, the
Company shall deliver to the Trustee a schedule (the “Payment Schedule”)
which reflects the benefits payable with respect to each Beneficiary, a formula
or other instructions acceptable to the Trustee for determining the benefits so
payable, the form in which such benefits are to be paid (as provided for
or available under the Arrangements), and the date of commencement for payment
of such benefits. Except as otherwise provided herein, the Trustee shall make
payments to the Beneficiaries in accordance with such Payment Schedule, unless
the Company shall have notified the Trustee in writing within a reasonable time
before any payment date that the Beneficiary is no longer eligible to receive
benefits. Such payments shall also include any net income earned as of the date
of each payment upon the Company contributions, made pursuant to Sections 1(a) and
1(e) herein, allocable to each Beneficiary. The Company, as the payroll
agent for the Trustee, shall make provisions for the reporting and withholding
of any federal, state or local taxes that may be required to be withheld
with respect to the payment of benefits pursuant to the terms of the
Arrangements and shall pay amounts withheld to the appropriate taxing
authorities.

 

(b)                     The
entitlement of a Beneficiary to benefits under the Arrangements shall be
determined by the Company or such party as may be designated under the
Arrangements, and any claim for such benefits shall be considered and reviewed
under the procedures set forth in the Arrangements.

 

(c)                      The
Company may act as paying agent for the Trustee and make payments of
benefits directly to the Beneficiaries as such benefits become due under the
terms of the Arrangements. In the event that the Company makes such payments on
behalf of the Trust and provides a certificate to the Trustee confirming such
payments have been made, the Trustee shall reimburse the Company for the
amounts paid solely from assets of the Trust. In the event of a Change in Control,
each Beneficiary may direct that payments be made from the Trust, without
prior notice to the acquiring company. The Company shall notify the Trustee of
its decision to make such payment of benefits prior to the time benefits are
payable to the Beneficiaries. The Trustee shall notify the Company when
existing principal and earnings are insufficient under the Payment Schedule. In
such case, the Company may contribute additional funds to the Trust to
provide for such benefits, or if the Company does not do so, the Trustee shall
make payments pro rata in proportion to the amounts owed from available funds.

 

(d)                     The
Trustee shall make such distributions in a manner reasonably intended to
provide each Beneficiary with all of his or her benefits payable under any
other Arrangement in accordance with the Payment Schedule.

 

2

 

Section 3.  Trustee
Responsibility Regarding Payments to Trust Beneficiary When the Company Is
Insolvent

 

(a)                      The
Trustee shall not cease payment of benefits to the Beneficiaries if the Company
is Insolvent. The Company shall be considered “Insolvent” for purposes of this
Trust Agreement if (i) the Company is unable to pay its debts when the
same become due, or (ii) the Company is determined to be Insolvent by its
primary banking regulator, or (iii) the Company is placed in receivership
by its primary banking regulator due to its Insolvency.

 

(b)                     At
all times during the existence of this Trust, as provided in Section 1(d) hereof,
the principal and income of the Trust shall not be subject to claims of general
creditors of the Company under federal and state law as set forth below.

 

Section 4.  Payments to the
Company

 

The Company shall have no right or power to direct the
Trustee to return to the Company or to divert to others any of the Trust assets
before all payment of benefits have been made to the Beneficiaries pursuant to
the terms of the Arrangements. The Trustee shall pay to the Company any
forfeited funds at the end of the Trust year; provided, however, that the
Trustee shall pay forfeited funds to the Company at the end of any calendar
quarter if requested by the Company by written notice to the Trustee at least
30 days before the end of such calendar quarter.

 

Section 5.  Investment Authority

 

(a)                      The
Trustee shall invest and reinvest Trust assets in a Permitted Investment (as
defined in Exhibit A attached hereto), as may be directed in
writing by the Company prior to a Change in Control. Following a Change in
Control, the Trustee will maintain the Trust assets invested and reinvested in
the same Permitted Investment chosen by the Company prior to the Change in
Control, and will no longer accept investment directions from the Company.

 

(b)                     The
Trustee may use a broker-dealer of its own selection, including a
broker-dealer owned by or affiliated with the Trustee or any of its affiliates.
The Trustee or any of its affiliates may receive compensation with respect
to any invested directed hereunder. It is expressly agreed and understood by
the parties hereto that the Trustee shall not in any way whatsoever be liable
for losses on any investments, including, but not limited to, losses from
market risks due to premature liquidation or resulting form other actions
taken pursuant to this Agreement. Receipt, investment and reinvestment of the
Trust assets shall be confirmed by the Trustee as soon as practicable by
account statement, and any discrepancies in any such account statement shall be
noted by the Company to the Trustee within sixty (60) calendar days after
receipt thereof. Failure to inform the Trustee in writing of any
discrepancies in any such account statement within said 60-day period shall
conclusively be deemed confirmation of such account statement in its entirety.

 

(c)                      The
Trustee shall hold and safeguard the Trust assets and shall treat such Trust
assets as a trust fund in accordance with the terms hereof; provided, however,
that in no event shall the Trustee be liable for any lost profits, lost savings
or other special, exemplary, consequential or incidental damages even if the
Trustee has been advised of the likelihood of such loss or damage; and provided
further, that the Trustee shall have no liability for any loss arising from any
cause beyond its control, including, but not limited to, the following:  (a) acts of God,

 

3

 

force
majeure, including, without limitation, war (whether declared or existing),
revolution, insurrection, riot, civil commotion, accident, fire, explosion,
stoppage of labor, strikes and other differences with employees; (b) the
act, failure or neglect of the Company, the Beneficiaries or any of their
agents; (c) any delay, error, omission or default of any mail, courier,
facsimile or wireless agency or operator; or (d) the acts or edicts of any
government or governmental agency or other group entity exercising governmental
powers.

 

(d)                     All
rights associated with assets of the Trust shall be exercised by the Trustee or
the person designated by the Trustee, and shall in no event be exercisable by
or through the Beneficiaries.

 

Section 6.  Disposition of
Income

 

During the term of this Trust, all income received by
the Trust, net of expenses and taxes, shall be reinvested.

 

Section 7.  Accounting by
Trustee

 

The Trustee shall keep accurate and detailed records
of all investments, receipts, disbursements of all transactions, including such
specific records as shall be agreed upon in writing between the Company and the
Trustee. Within 60 days following each December 31 after the execution of
this Agreement, and within 20 days after the removal or resignation of the
Trustee, the Trustee shall deliver to the Company a written account of its
administration of the Trust during such year or during the period from the
close of the last preceding year to the date of such removal or resignation,
reflecting all investments, receipts, disbursements and other transactions
effected by it, including a description of all securities and investments
purchased and sold with the cost or net proceeds of such purchases or sales
(accrued interest paid or receivable recorded separately), and reflecting all
cash, securities and other property held in the Trust at the end of such year
or as of the date of such removal or resignation, as applicable.

 

Section 8.  Responsibility of
Trustee

 

(a)                      The
Trustee shall act with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent person acting in like capacity and
familiar with such matters would use in the conduct of an enterprise of a like
character and with like objectives, provided, however, that the Trustee shall
incur no liability to any person for any action taken pursuant to a direction,
request or approval given by the Company which is contemplated by, and in conformity
with, the terms of the Arrangements or this Trust Agreement and is given in
writing by the Company. In the event of a dispute between the Company and a
party, the Trustee may apply to a court of competent jurisdiction to
resolve the dispute.

 

(b)                     If
the Trustee undertakes or defends any litigation arising in connection with
this Trust, the Company agrees to indemnify the Trustee against Trustee’s
costs, expense and liabilities (including, without limitation, attorneys’ fees
and expenses) relating thereto and to be primarily liable for such payments,
except in those cases where the Trustee shall have been found by a court of
competent jurisdiction to have acted with negligence or willful misconduct. If
the Company does not pay such costs, expenses and liabilities in a reasonably
timely manner, the Trustee may obtain payment from the Trust.

 

4

 

(c)                      The
Trustee may consult with legal counsel with respect to any of its duties
or obligations hereunder.

 

(d)                     The
Trustee may hire agents, accountants, actuaries, investment advisors,
financial consultants or other professionals to assist it in performing any of
its duties or obligations hereunder.

 

(e)                      The
Trustee shall have, without exclusion, all powers conferred on trustees by
applicable law, unless expressly provided otherwise herein, provided, however,
that if an insurance policy is held as an asset of the Trust, the Trustee shall
have no power to name a beneficiary of the policy other than the Trust, to
assign the policy (as distinct from conversion of the policy to a different
form) other than to a successor Trustee, or to loan to any person the proceeds
of any borrowing against such policy.

 

(f)                        Notwithstanding
any powers granted to the Trustee pursuant to this Trust Agreement or to
applicable law, the Trustee shall not have any power that may accord the
Trust the authority to engage in a business and to receive the gains therefrom,
within the meaning of section 301.7701-2 of the Procedure and
Administrative Regulations promulgated pursuant to the Code.

 

Section 9.  Compensation and
Expenses of Trustee

 

The Company shall pay all administrative expenses and
the Trustee’s fees and expenses (including reasonable attorneys’ fees and
expenses) relating to the Arrangements and this Trust. If not so paid, the fees
and expenses shall be paid from the Trust prior to any distribution to
Beneficiaries.

 

Section 10.  Resignation and
Removal of Trustee

 

The Trustee may resign at any time by written
notice to the Company, which resignation shall be effective 30 days after the
Company receives such notice (unless the Company and the Trustee agree
otherwise), and shall immediately resign if a Change in Control occurs and the
Trustee is not independent of and unrelated to both the Company and the entity
that has acquired or otherwise obtained control of the Company. The Trustee may be
removed by the Company on 30 days notice, or upon shorter notice accepted by
the Trustee; provided that if such removal occurs on or after a Change in Control,
or within 90 days beforehand, the removal will be ineffective unless it is done
with the written consent of the Beneficiaries who are entitled to at least 75%
of the Trust’s assets.

 

If the Trustee resigns or is removed, a successor
shall be appointed, in accordance with Section 11 hereof, by the effective
date or resignation or removal under this section. If no such appointment has
been made, the Trustee may apply to a court of competent jurisdiction for
appointment of a successor or for instructions. All expenses of the Trustee in
connection with the proceeding shall be allowed as administrative expenses of
the Trust. Upon resignation or removal of the Trustee and appointment of a
Successor Trustee, all assets shall subsequently be transferred to the
Successor Trustee. The transfer shall be completed within 60 days after receipt
of a notice of resignation, removal or transfer, unless the Company extends the
time for such transfer.

 

5

 

Section 11.  Appointment of
Successor

 

If the Trustee resigns or is removed in accordance
with Section 10 hereof, the Company may appoint any other party as a
successor to replace the Trustee upon such resignation or removal. The
appointment shall be effective when accepted in writing by the new trustee, who
shall have all of the rights and powers of the former trustee, including
ownership rights in the Trust assets. The former trustee shall execute any
instrument necessary or reasonably requested by the Company or the Successor
Trustee to evidence the transfer. Notwithstanding the foregoing, if the Trustee
resigns or is removed in connection with or following a Change in Control, the
Trustee that has resigned or is being removed shall appoint as its successor a
third party financial institution that has trust powers, is independent of and
unrelated to the entity that has acquired or otherwise obtained control of the
Company, and is agreed to in writing by the Beneficiaries who are entitled to
at least 75% of the Trust’s assets.

 

A Successor Trustee need not examine the records and
acts of any prior trustee and may retain or dispose of existing Trust
assets, subject to Sections 7 and 8 hereof. The Successor Trustee shall not be
responsible for, and the Company shall indemnify and defend the Successor
Trustee from, any claim or liability resulting from any action or inaction of
any prior trustee or from any other past event, or any condition existing at
the time it becomes Successor Trustee.

 

Section 12.  Amendment or
Termination

 

(a)                      This
Trust Agreement may be amended by a written instrument executed by the
Trustee and the Company, provided that no such amendment shall either
conflict with the terms of the Arrangements, or make the Trust revocable.

 

(b)                     Notwithstanding
subsection (a) hereof, the provisions of this Trust Agreement and the
trust created thereby may not be amended (i) without the written
consent of a majority in number of the Beneficiaries, or (ii) after the
date a Change in Control occurs, without the written consent of the
Beneficiaries who are entitled to at least 75% of the Trust’s assets. The
Company reserves the right to amend or eliminate clause (b)(ii) of this
paragraph prior to the date of Change in Control, with the written consent of
the Beneficiaries who are entitled to at least 80% of the Trust’s assets.

 

(c)                      The
Trust shall not terminate until the date on which no Beneficiary is entitled to
benefits pursuant to the terms hereof or of the Arrangements. Upon termination
of the Trust, the Trustee shall return any assets remaining in the Trust to the
Company.

 

(d)                     The
Company may terminate this Trust prior to the payment of all benefits
under the Arrangements only upon written approval of the Beneficiaries entitled
to payment of such benefits.

 

Section 13.  Miscellaneous

 

(a)                      Any
provision of this Trust Agreement prohibited by law shall be ineffective to the
extent of any such prohibition, without invalidating the remaining provisions
hereof.

 

6

 

(b)                     Benefits
payable to the Beneficiaries under this Trust Agreement may not be
anticipated, assigned (either at law or in equity), alienated, pledged,
encumbered or subjected to attachment, garnishment, levy, execution or other
legal or equitable process, except pursuant to the terms of the Arrangements
and this Trust Agreement.

 

(c)                      This
Trust Agreement shall be governed by and construed in accordance with the laws
of the State of New York, except to the extent preempted by federal law.

 

(d)                     The
Trustee agrees to be bound by the terms of the Arrangements, as in effect from
time to time.

 

(e)                      “Change
in Control” shall have the meaning set forth in the Company’s 2006 Long-Term
Incentive Plan. Any amendment to the plan’s definitions shall be deemed to
apply with equal force, effect, and timing to the definition of Change in
Control for purposes of this Trust, except that a modification that may adversely
affect a Beneficiary shall be ineffectual as to the Beneficiary unless he or
she consents in writing to be bound by the modification.

 

Section 14.  Effective Date

 

The effective date of this Trust Agreement shall be
the date referenced in the Preamble.

 

IN WITNESS WHEREOF, the Company, by its duly
authorized officer, has caused this Trust Agreement to be executed, and its
corporate seal affixed, and the Trustee has executed this Trust Agreement, on
the date referenced in the Preamble.

 

 

	
  Witnessed by:

  	
  TALECRIS
  BIOTHERAPEUTICS

  
	
   

  	
  HOLDINGS
  CORP.

  
	
  /s/ Alfred
  Navghton

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ John Hanson

  	
   

  
	
   

  	
   

  	
   

  	
  Its

  	
  Executive Vice
  President & CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witnessed by:

  	
   

  	
  WILMINGTON
  TRUST COMPANY

  
	
   

  	
   

  	
   

  
	
  /s/ Bernice
  Basset

  	
   

  	
  By

  	
  /s/ Joanne
  McGinly

  	
   

  
	
   

  	
   

  	
   

  	
  Its

  	
  Authorized
  Signer

  	
   

  
							

 

7

 

Exhibit A

 

Permitted Investments

 

As used in
this Agreement, “Permitted Investments” means the
following investments which trade as par on a daily basis:  (i) Wilmington Prime Money Market Fund, (ii) Wilmington
U.S. Government Money Market Fund or (iii) Wilmington Tax-Exempt Money
Market Fund.

 

8Filed by Automated Filing Services Inc. (604) 609-0244 - American Uranium Corporation - Exhibit 10.1

THIS AGREEMENT is made effective as of September 15, 2007 (the
"Effective Date"). 

BETWEEN: 

AMERICAN URANIUM CORPORATION, a
Nevada corporation whose offices are located at 600-17th Street, Suite 2800
South, Denver CO 80202

(hereinafter referred to as the
"Company") 

OF THE FIRST PART 

AND: 

HAMISH MALKIN, a resident of the
Province of British Columbia whose address is P.O. Box 127, Bowen Island,
British Columbia, V0N 1G0 

(hereinafter referred to as the
"Contractor") 

OF THE SECOND PART 

WHEREAS: 

A.           
The Company is engaged in, inter alia, the business of acquiring, exploring and
exploiting mineral properties (the “Business”); 

B.           
The Company desires to retain the Contractor to act as the Company’s Chief
Financial Officer and Treasurer, and to assist the Company with the Business and
in particular, to assist the Company in the retention, organization and
preparation of financial information and documents, including its financial
statements from time-to-time; 

                     
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the mutual
covenants and promises set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by
each, the parties hereto agree as follows: 

ARTICLE 1 
APPOINTMENT AND AUTHORITY OF CONTRACTOR

1.1                  Appointment
of Contractor 

                     
The Company hereby appoints the Contractor to perform certain services for the
benefit of the Company as hereinafter set forth, and the Company hereby
authorizes the Contractor to exercise such powers as provided under this
Agreement. The Contractor accepts such appointment on the terms and conditions
herein set forth. 

- 2 - 

1.2                  Authority
of Contractor 

                     
The Contractor shall have no right or authority, express or implied, to commit
or otherwise obligate the Company in any manner whatsoever except to the extent
specifically provided herein or specifically authorized in writing by the
Company. 

1.3                 
Independent Contractor 

                     
In performing his services hereunder, the Contractor shall be an independent
contractor and not an employee or agent of the Company, except that the
Contractor shall be the agent of the Company solely in circumstances where the
Contractor must be the agent to carry out his obligations as set forth in this
Agreement. Nothing in this Agreement shall be deemed to require the Contractor
to provide his services exclusively to the Company and the Contractor hereby
acknowledges that the Company is not required and shall not be required to make
any remittances and payments required of employers by statute on the
Contractor's behalf and neither the Contractor nor any of his agents or
employees shall be entitled to the fringe benefits provided by the Company to
its employees. 

ARTICLE 2 
CONTRACTOR'S AGREEMENTS 

2.1                  General

                     
During the Term (as hereinafter defined), the Contractor, at the expense of and
on behalf of the Company, shall: 

	 	(a) 	
      act as the Company’s Chief Financial Officer and
      Treasurer;

	 	 	 
	 	(b) 	
      provide consulting advice and services to the Company,
      consistent with the terms of this Agreement;

	 	 	 
	 	(c) 	
      work with the President of the Company to develop a
      strategy plan, and to implement the goals and objectives of that
    plan;

	 	 	 
	 	(d) 	
      participate in the preparation of corporate governance
      plans for the Company;

	 	 	 
	 	(e) 	
      participate in the preparation of any periodic reports to
      be filed by the Company with the Securities and Exchange
  Commission;

	 	 	 
	 	(f) 	
      participate in the preparation of the Company’s quarterly
      and annual financial statements, and assist the Company in the process of
      having those financial statements reviewed and audited by the
    Company;

	 	 	 
	 	(g) 	
      report to the President of the Company on a regular
      basis, on all of the above mentioned functions and
  duties.

- 3 - 

ARTICLE 3 
COMPANY'S AGREEMENTS 

3.1                 
Compensation of Contractor 

                     
As compensation for the services rendered by the Contractor pursuant to this
Agreement, the Company shall pay to the Contractor: 

	 	(a) 	
      a fee of US$3,000 per month; and

	 	 	 
	 	(b) 	
      an additional fee of up to US$2,000 per month for periods
      of extraordinary activity as determined by the President of the Company in
      his or her sole discretion.

3.2                  Stock
Options 

                     
As additional compensation for the services rendered by the Contractor pursuant
to this Agreement the Company shall issue to the Contractor options to purchase
an aggregate of 200,000 shares of common stock in the capital of the Company
(the "Options") at an exercise price of $1.20 per share. The Options
shall vest in three instalments (each an “Instalment”), as follows: 

	50,000 of the Options shall become exercisable on September 15, 2007;
  
	50,000 of the Options shall become exercisable on September 15, 2008;
  
	50,000 of the Options shall become exercisable on September 15, 2009; and
  
	50,000 of the Options shall become exercisable on September 15, 2010.

The Options shall be subject in all respects to the terms of a
Stock Option Agreement to be entered into between the Contractor and the Company
(the "Stock Option Agreement"). In the event of a conflict between the
terms of this Agreement and the terms of the Stock Option Agreement, the terms
of the Stock Option Agreement shall control. The form of the Stock Option
Agreement shall be the form generally used by the Company for the grant of stock
options. All of the Options will expire on the fourth anniversary of the
date that they are granted or on such earlier date as may be provided in the
Stock Option Agreement. 

3.3                  Limitation
on Resale of the Stock 

Unless and until the common shares represented by the Option
(the “Shares”) are registered under the United States Securities Act of
1933, all certificates representing the Shares and any certificates subsequently
issued in substitution therefor and any certificate for any securities issued
pursuant to any stock split, share reclassification, stock dividend or other
similar capital event shall bear legends in substantially the following form:

  
    
      
        THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED
          IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS
          DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES
          ACT OF 1933, AS AMENDED (THE "1933 ACT").

      

    

  

- 4 - 

  
    
      
        NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
          REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND,
          UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY,
          IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN
          ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
          TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT
          TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
          THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
          IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
          TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
          COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S. PERSON" ARE
          AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

      

    

  

and/or such other legend or legends as
the Company and its counsel deem necessary or appropriate. Appropriate stop
transfer instructions with respect to the Shares may be placed with the
Company's transfer agent. 

ARTICLE 4 
DURATION, TERMINATION AND DEFAULT

4.1                 
Effective Date 

                     
This Agreement shall be for a term (the "Term") beginning on the
Effective Date, subject to termination as provided herein. 

4.2                 
Termination 

	 	(a) 	
      This Agreement may immediately be terminated by either
      party for cause, by giving the other written notice of such
      termination.

	 	 	 
	 	(b) 	
      This Agreement may be terminated by either party without
      cause, by giving the other party 60 days written notice of such
      termination.

4.3                 
Duties Upon Termination 

                     
Upon termination of this Agreement for any reason, the Contractor shall upon
receipt of all sums due and owing, promptly deliver the following in accordance
with the directions of the Company: 

	 	(a) 	
      a final accounting, reflecting the balance of expenses
      incurred on behalf of the Company as of the date of termination;
  and

	 	 	 
	 	(b) 	
      all documents pertaining to the Company or this
      Agreement, including but not limited to, all books of account,
      correspondence and contracts, provided that the Contractor shall be
      entitled thereafter to inspect, examine and copy all of the documents
      which it delivers in accordance with this provision at all reasonable
      times upon three days' notice to the Company.

- 5 - 

4.4                 
Compensation of Contractor on Termination 

                     
Upon termination of this Agreement for cause, the Contractor shall be entitled
to receive as its full and sole compensation in discharge of obligations of the
Company to the Contractor under this Agreement, all sums due and payable under
this Agreement to the date of termination for cause and all shares of the Stock
that have previously vested but have not then been issued, and the Contractor
shall have no right to receive any further payments or shares of the Stock;
provided however, that the Company shall have the right to offset against any
payment owing to the Contractor under this Agreement, any reasonable damages,
liabilities, costs, or other expenses owed to the Company by the Contractor.

ARTICLE 5 
CONFIDENTIALITY 

5.1                 
Ownership of Work Product 

                     
All reports, documents, concepts, products and processes together with any
marketing schemes, business or sales contracts, or any business opportunities
prepared, produced, developed, or acquired, by or at the direction of the
Contractor, directly or indirectly, in connection with or otherwise developed or
first reduced to practice by the Contractor performing the services
(collectively, the "Work Product") shall belong exclusively to the
Company which shall be entitled to all right, interest, profits or benefits in
respect thereof. No copies, summaries or other reproductions of any Work Product
shall be made by the Contractor or any of its agents or employees without the
express permission of the Company, provided that the Contractor is hereby given
permission to maintain one copy of the Work Product for its own use. 

5.2                 
Confidentiality 

                     
The Contractor shall not, except as authorized by the Company in writing, reveal
or divulge to any person or companies any of the trade secrets, secret or
confidential operations, processes or dealings or any information concerning the
organization, business, finances, transactions or other affairs of the Company,
which may come to its knowledge during the term of this Agreement and shall keep
in complete secrecy all confidential information entrusted to him and shall not
use or attempt to use any such information in any manner which may injure or
cause loss, either directly or indirectly, to the Company's business or may be
likely so to do. This restriction shall continue to apply after the termination
of this Agreement without limit in point of time but shall cease to apply to
information or knowledge which may come into the public domain. 

                     
The Contractor shall comply, and shall cause its agents and employees to comply,
with such directions as the Company shall make to ensure the safeguarding or
confidentiality of all such information. The Company may require that any agent
or employee of the Contractor execute an agreement with the Company regarding
the confidentiality of all such information. 

- 6 - 

5.3                 
Devotion to Contract 

                     
During the Term, the Contractor shall devote sufficient time, attention, and
ability to the business of the Company, and to any associated company, as is
reasonably necessary for the proper performance of his services pursuant to this
Agreement. Nothing contained herein shall be deemed to require the Contractor to
devote his exclusive time, attention and ability to the business of the Company.
During the Term, the Contractor shall: 

	 	(a) 	
      at all times perform his services faithfully, diligently,
      to the best of his abilities and in the best interests of the
    Company;

	 	 	 
	 	(b) 	
      devote such of its time, labour and attention to the
      business of the Company as is necessary for the proper performance of the
      Contractor's services hereunder;

	 	 	 
	 	(c) 	
      refrain from acting in any manner contrary to the best
      interests of the Company or contrary to the duties of the Contractor as
      contemplated herein;

	 	 	 
	 	(d) 	
      refrain from providing services to any business
      enterprise in competition with the Company; and

	 	 	 
	 	(e) 	
      refrain from taking personal advantage of any business
      opportunity in which the Company has, or might reasonably be expected to
      have, an interest.

5.4                 
Other Activities 

                     
The Contractor shall not be precluded from providing consulting services to any
other person, firm or company provided that such person, firm or company does
not compete with the Company, and further provided that such consulting shall
not conflict with the Contractor's duty to the Company, nor prevent the
Contractor from fulfilling his duties pursuant to this Agreement. 

ARTICLE 6 
MISCELLANEOUS 

6.1                 
Waiver; Consents 

                     
No consent, approval or waiver, express or implied, by either party hereto, to
or of any breach or default by the other party in the performance by the other
party of its obligations hereunder shall be deemed or construed to be a consent
or waiver to or of any other breach or default in the performance by such other
party of the same or any other obligations of such other party or to declare the
other party in default, irrespective of how long such failure continues, shall
not constitute a general waiver by such party of its rights under this
Agreement, and the granting of any consent or approval in any one instance by or
on behalf of the Company shall not be construed to waive or limit the need for
such consent in any other or subsequent instance. 

- 7 - 

6.2                 
Governing Law 

                     
This Agreement and all matters arising thereunder shall be governed by the laws
of the State of Nevada. 

6.3                 
Currency 

                     
Unless otherwise provided, all dollar amounts referred to in this Agreement are
in lawful money of the United States. 

6.4                 
Successors, etc. 

                     
This Agreement shall enure to the benefit of and be binding upon each of the
parties hereto and their respective heirs, successors and permitted assigns.

6.5                 
Assignment 

                     
This Agreement may not be assigned by any party except with the written consent
of the other party hereto. 

6.6                 
Entire Agreement and Modification 

                     
This Agreement constitutes the entire agreement between the parties hereto and
supersedes all prior agreements and undertakings, whether oral or written,
relative to the subject matter hereof. To be effective any modification of this
Agreement must be in writing and signed by the party to be charged thereby. 

6.7                 
Headings 

                     
The headings of the Sections and Articles of this Agreement are inserted for
convenience of reference only and shall not in any manner affect the
construction or meaning of anything herein contained or govern the rights or
liabilities of the parties hereto. 

6.8                 
Notices 

                     
All notices, requests and communications required or permitted hereunder shall
be in writing and shall be sufficiently given and deemed to have been received
upon personal delivery or, if mailed, upon the first to occur of actual receipt
or forty-eight (48) hours after being placed in the mail, postage prepaid,
registered or certified mail, return receipt requested, respectively addressed
to the Company or the Contractor as follows: 

The Company: 

American Uranium Corporation.

600-17th Street, Suite 2800 South 
Denver CO 80202 

Attention: The President 

- 8 - 

with a copy by electronic mail to: bip@cwilson.com 

The Contractor: 

Hamish Malkin 
PO Box 127 
Bowen
Island, BC Canada V0N 1G0 

or such other address as may be specified in writing to the
other party, but notice of a change of address shall be effective only upon the
actual receipt. 

6.9                
Time of the Essence 

                     
Time is of the essence. 

6.10               
Further Assurances 

                     
The parties hereto agree from time to time after the execution hereof to make,
do, execute or cause or permit to be made, done or executed all such further and
other lawful acts, deeds, things, devices and assurances in law whatsoever as
may be required to carry out the true intention and to give full force and
effect to this Agreement. 

6.11               
Counterparts 

                     
This Agreement may be executed in several counter-parts, each of which will be
deemed to be an original and all of which will together constitute one and the
same instrument. 

ARTICLE 7 
INDEPENDENT LEGAL ADVICE 

7.1                
Acknowledgments 

                     
The Purchaser acknowledges that: 

	 	(a) 	
      this Agreement was prepared by Clark Wilson LLP for the
      Company;

	 	 	 
	 	(b) 	
      Clark Wilson LLP received instructions from the Company
      and does not represent the Contractor;

	 	 	 
	 	(c) 	
      the Contractor has been advised to obtain his own
      independent legal advice on this Agreement prior to signing this
      Agreement;

	 	 	 
	 	(d) 	
      the Contractor has been given adequate time to obtain
      independent legal advice; and

	 	 	 
	 	(e) 	
      by signing this Agreement, the Contractor confirms that
      he fully understands this Agreement.

- 9 - 

                     
IN WITNESS WHEREOF, the parties have duly executed this Consulting Agreement as
of the day and year first above written. 

AMERICAN URANIUM CORPORATION 

Per:   /s/ Robert A. Rich

         Authorized Signatory 

 

/s/ Hamish Malkin 
HAMISH MALKIN

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