Document:

Unassociated Document

CONFIDENTIAL

via email:      Daniel Godin daniel.godin3@verizon.net

Mr. Daniel Godin

27 Enfield Lane

Hauppauge, New York 11788

Dear Dan,

I am pleased to offer you the position of Chief Executive Officer of Air Industries Group.  We have extensively discussed the opportunities and challenges facing Air Industries and I am enthusiastic about the contribution I believe you will make to the Company's success.

Air Industries currently includes Air Industries Machining, Welding Metallurgy and Nassau Tool Works, all located on Long Island, as well as our recent acquisitions in Connecticut, AMK Welding and Eur-Pac.  Air Industries has an extensive network of international channel partners, customers and suppliers to provide total support and sustainment solutions for aircraft.

In this highly visible leadership role, you will report directly to the Board of Directors.  Your primary responsibility will be to develop and own the strategy for the profitability and growth of all of Air’s businesses.  It is expected that you will provide tactical and strategic leadership to this group which already has over $84M of annual sales.  Air Industries has an aggressive growth plan that includes future acquisitions that will increase your business opportunities and responsibilities.

The base salary you are being offered for this position is $250,000 annually, paid weekly at the rate of $4,807.69.  We anticipate that your start date for work with the Air Industries Group will be as soon as practicable, but no later than December 1, 2014.

In addition to your base salary we are offering an incentive based bonus opportunity in 2015 (reviewable every year) representing a target bonus of 50% of your annualized salary, pro-rated based on time of service.  We will work with you to develop the parameters by which your bonus will be determined and there will be the opportunity to receive more than 50% of your annual salary if you overachieve the agreed upon targets for the calendar year.

 

  

  

  

 

You will receive a onetime signing bonus of $50,000 (less federal and state taxes) no later than 30 working days after your start date.  This is intended to address the present value of equity that you will forfeit upon leaving your current company.

You will receive a monthly car allowance in the amount of $800 to defray your costs of local travel.  It is anticipated that you will need to travel to meet the needs of the business and that, per the Air Industries travel policy, all reasonable and necessary expenses will be reimbursed after submittal and approval of appropriate documentation.

The Company will make available to you an initial award of options to purchase approximately 120,000 shares of its stock at fair market value as of the date of grant.  The options will be embodied in a Stock Option Agreement subject to the terms of the Company's Incentive Stock Plan. The options will vest is stock will vest ratably on a quarterly basis during the first 3 years of your employment by Air Industries.

From time to time, the Air Industries Board of Directors grants equity options to key employees.  We consider this a significant incentive for key employees eligible for these grants and you will be included among the employees considered for future awards.

Air Industries offers an industry leading benefits package to employees including:

	
  

	
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Healthcare related benefits including:

	
  

	
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Optional employee benefits including:  Short Term and Long Term Disability and Flexible Spending Accounts (FSA)

	
  

	
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Air Industries has a 401(k) plan that it has established for the benefit of all employees that meet the plans requirements.   You are elidgible to enroll in Air Industries 401(k) plan upon the plan elidgibility at your 6 month anniversary from your date of hire. Currently, the Company does not match or contribute on behalf of its employees.

	
  

	
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Extensive training and development programs to help employees and supervisors learn new skills, maintain safety or compliance, improve performance and for career development.

As part of our benefits package you will be eligible for one week of vacation for every three months you are employed, inclusive of the week we are shutdown at year end.  On your first day of employment we will provide additional information and details about Air Industries benefit programs and general employment conditions.  In addition, we will provide you with details about corporate and business operating policies.

This offer is not to be considered a contract guaranteeing employment for any specific duration.  As an at-will employee, both you and the company have the right to terminate your employment at any time with our without cause.

In addition to the confirmation of your acceptance of this offer, as a condition of your employment we will require you to execute our customary “Confidentiality, Work Product and Non-competion Agreement in the form we have provided to you.

To fulfill federal identification requirements, you are required to provide us with documentation to support your identity and eligibility to work in the United States.  For example, a valid U.S. passport of Alien Registration Receipt Card are acceptable documents to establish both identity and employment eligibility,  Additionally a current driver's license or voter's registration card in addition to a social security card or certified birth certificate copy will establish identity and eligibility to work. The types of acceptable documentation listed on the Form I-9 of the U.S. Citizenship and Immigration Services.  This offer of employment is valid for ten (10) working days from the date of this letter, unless other arrangements are made.

 

  

  

  

 

Daniel, I am looking forward to having you assume this critically important and highly visible position on the Air Industries Leadership Team.  Your expertise and experience will be an asset as we move forward to develop the future Air Industries portfolio of business.

If you have any questions, please do not hesitate to contact me at 631-987-1271.  I look forward to working with you in the future and hope you will find your time with Air Industries to be a rewarding and fulfilling experience.

Very truly yours,

/s/ Michael Taglich

Michael Taglich

Chairman

 

AGREED AND ACCEPTED:

 

/s/ Daniel R.Godin                                                                                           Dated: 11-14-14

Daniel GodinCA Filed by Filing Services Canada Inc. 403-717-3898

EXHIBIT 4.11

 

Sale Agreement

Seller (Party A): Minco Mining (China) Corporation

Buyer (Party B): Yan Dingyou (Personal ID: 43302219730329461X)(“Yan”)

 

Whereas:

Yuanling Minco Mining Ltd. (“Yuanling”) was incorporated in Yuanling Town, Hunan province in China on July 20, 2006. Legal address is: No. 2 Yingbin Avenue South, Yuanling Town, Yuanling County, Hunan province. Register capital is RMB 5 million. Minco China holds 100% of the equity interest in Yuanling.

Huaihua Tiancheng Mining Ltd. (“Huaihua”) was incorporated in Yuanling Town, Hunan province in China on August 25, 2006. Legal address is: No. 118 Cengzhou Street, Yuanling Town, Yuanling County, Hunan province. Register capital is RMB 0.5 million. Yuanling holds 100% of the equity interest in Huaihua.

Party A invested RMB 19,388,000 in Yuanling, including equity investment of RMB 5 million, and debt investment of RMB 14,388,000.

With regards to the transferring to Party B 100% Debt and Equity interest in Yuanling by Party A, the two parties, based on the equality and mutual benefits, enter this agreement:

Article 1: Representation and Warranty:

1.1 Party A’s warranty and representation:

 

1.1.1 Party A is the sole owner of this agreement.

 

1.1.2 Party A is free and clear of all mortgages, pledge, liens, charges, security interests, adverse claims, demands and encumbrances whatsoever.

 

1.1.3 Party A is not a party to any agreement, written or oral, creating rights in respect to the Yuanling Interest in any third party or relating to the voting of the Yuanling Interest.

 

1.1.4 Party A shall warranty that Yuanling and Huaihua has no debts and liabilities (the service agreement between Yuanling and Hengju Company (“Hengju”) is still effective, excluding the balance of RMB 50,000). Party A shall file the news release upon receiving the first payment from Party B.

 

1.1.5 Party A shall assist Yan with the Debt and Equity transfer procedure.

 

1.1.6 Yuanling owns the Gold Bull Mountain mining permit, which has expired. Yuanling has to submit the permit renewal application. Huaihua owns the Gold Bull Mountain general investigation exploration permit, which expires on Jun 28, 2015. Party A has paid for the exploration permit fee for the year of 2013 and 2014.

 

1.1.7 During the transfer process, Party A shall be responsible for the loss of Debt and Equity transfer.

1.2 Party B’s warranty and representation:

 

1.2.1 Party B complies with the relevant provisions of the law. The transfer agreement shall not be affected because of Party B’s own conditions and restrictions.

 

1.2.2 Party B has sufficient funds to complete the transfer. Party B shall ensure the transfer price be paid in accordance with the contract.

 

1.2.3 Party B shall pay for the change of ownership or registration fees, exclusive of the renewal fee for exploration permits.

 

1.2.4 Party B warrants and undertakes to pay: all the costs of registration, all the costs to protect the rights from the authority, including but not limited to all fees related to the exploration permit before expiry, mining licence, exploration permit renewal, and the assisting maintenance work done by Party A.

  

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Article 2: Debt and Equity transfer

 

2.1 Agreement Party A agreed to transfer 100% equity interest and RMB 14,388,000 Debt in Yinyuan to Party B. Party B agreed on the agreement.

 

2.2 Transfer date: Jun 26, 2014

 

2.3 Transfer price: RMB 7 million

Article 3 Payment

3.1 Party B will make three payments to Party A.

 

3.2 First payment: Party B will transfer 30% (RMB 2.1 million) of the selling price to Party A within seven days from the date of signing this agreement.

 

3.2 Second payment: Before the equity and debt transfer request is formally submitted to the authorities, Party B shall transfer 55% (RMB 3.85 million) of the price

 

3.4 3rd payment: after completing the equity and debt transfer, Party A shall pass all documents and stamps to Party B. Within 7 days, Party B shall transfer the balance, 15% (RMB 1.05 million) of the price.

Article 4: The relevant agreements

 

4.1Both parties agree to complete the equity and debt transfer in 2 months. Party B shall not responsible of the Yuanling’s debts and liabilities before the transfer.

 

4.2 Yuanling signed a service agreement with Henju in 2011 to renew the permit, which is still effective. Party A has not paid the balance of RMB 50,000 to Henju. Yuanling will continue the service agreement with Henju following the transfer.

 

4.3 After the commencement of the contract, both parties shall appoint a representative to count Yuanling and Huaihua’s fixed assets andvarious documents to record and to sign. The record is made in two originals, and held by each party.

 

4.4 Before the completion of the Registration, Party A is responsible for keeping the company’s license, seal, financial seal, and other assets and business information.

 

4.5 After the completion of the Registration, Party A shall pass the company’s license, seal, financial seal, and other assets and business information to Party B. Party A shall lay off all the company’s employees. Party B shall be responsible for prospecting, mining safety, and environmental work.

 

4.6. Party B shall be responsible for the continuation of mining licence and relevant expenses. Party A shall assist Party B with obtaining the mining licence.

 

4.7 Before Huaihua’s exploration permit expires, Party A shall continue the exploration work on the project. Party B shall pay RMB50,000 to Party A for the exploration work. When Huaihua’s exploration permit expires, Party B will contract with a different unit to continue the exploration permit renewal. Party A may assist with relevant work, and the expenses will be claimed to Party B.

Article 5: Confidentiality

 

5.1 Both Parties shall strictly keep the transferring issue in confidence until it is full completed. However, the disclosures required by the appropriate law or judiciary shall be exceptional.

 

5.2 Both Parties shall ensure that goodwill is not impaired.

 

5.3 The violated party shall compensate the injured party for all direct economic losses resulting from its violation.

  

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Article 6: Force majeure

 

6.1 Force majeure means unforeseeable, unavoidable and insurmountable event, and the impact of the event cannot be eliminated in accordance with reasonable effort and expense. Other events include, but are not limited to, earthquakes, acts, coups, wars or recognized international conventions.

 

6.2 If one party fails to perform any term or condition of this contract due to force majeure, the other party has the right to stop its duties. According to the impact of force majeure, the other party shall be exempt from some or all obligation.

Article 7: Duties in breach of the agreement

 

7.1 If Party B fails to make the payment within the specified date, Party B will be considered in breach of the agreement. Party A has the right to terminate the agreement. The received payments shall not be returned.

 

7.2 If Party B fails to make the remaining payment within the specified date, Party B shall pay the liquidated damages of RMB 1 million to Party A.

 

7.3 If Party A fails to obtain the approval for this agreement, or suffers from other dispute or litigation, causing damage to the subject of the agreement, Party A will be considered in breach of the agreement. Party A shall pay the liquidated damages of RMB 1 million to Party B.

 

7.4 For any failure to perform any term or condition of this Contract due to the force majeure, both parties are not held accountable.

Article 8: Miscellaneous

8.1. Amendment

 

8.1.1 Any amendments in this agreement shall be negotiated by both parties and be in writing. Supplemental agreements constitute an integral part of this contract, and have the same legal effect in the contract.

 

8.1.2 According to the contract, two parties can sign on the related documents, which is in accordance with the commercial registration authorities rule.

 

8.2 Severability If part of the terms of this contract are been identified invalid by a jurisdiction court or arbitration institution, the validity of the other provisions are not affected. Other provisions remain in force.

 

8.3. Integrity Both parties agree and acknowledge that any impact statements or commitment not prescribed in this contract do not form the basis of the contract, and therefore, are not to be used as a default condition and basis.

 

8.4 Applicable laws and solutions for the dispute Any disputes resulting from the implementation of this agreement or related to this agreement shall be solved through a friendly negotiation. If negotiation could not solve the disputes, both parties shall agree to submit the dispute to the People’s Court.

Article 9: Effectiveness

9.1 This agreement shall be effective on the date both parties sign or stamp on the agreement, Party A receives the first payment from Party B, and Party B receives the Debt and Equity transfer agreement.

9.2. If Party B fails to make the first payment to Party A as of July 15, 2014, all the rights and obligations set out in this agreement between Party A and Party B will be automatically invalid.

9.3. This contract is written in four originals that should be held by each party.

 

 

Minco Mining (China) Corporation                                                            Yan Dingyou

Signatory: /s/signed                                                                                      Signatory: /s/ signed

Date: June 28, 2014

 

 

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