Document:

exhibit10-13.htm

Exhibit 10.13

 

	 	Quantum Corporation
	NOTICE OF GRANT OF STOCK OPTIONS	ID: 94-2665054
	AND GRANT AGREEMENT	1650 Technology Dr, Suite 800
	 	San Jose, CA 95110
	 	 
	 	 

	 	 
	[Name/Address of Optionee]	ID:
	 	 
	 	 

	I. NOTICE OF GRANT:	 
	 	 
	       Non-Qualified Stock Option Grant Number:	 
	       Date of Grant:	 
	       Stock Option Plan:	Nonemployee Director Equity Incentive Plan
	       Option Price Per Share:	$
	       Total Price of Shares Granted:	$
	       Total Number of Shares Granted:	 
	       Vesting Commencement Date:	 
	       Term/Expiration Date:	 
	 	 

VESTING SCHEDULE. This option is scheduled to become exercisable (vest) as to the number of shares and on the dates shown in the grant summary. On any scheduled vesting date, vesting actually will occur only if you remain a Director through the scheduled vesting date. 

 

The latest date this option will expire is the Expiration Date shown above. However, if you cease to be a Director before the Expiration Date, this option may expire sooner. If you cease to be a Director, this option may be exercised for 36 months after the date you cease to be a Director or for such longer period as determined by the Committee, but in no event later than the term/expiration date of the option. Until this option expires, you may exercise any vested but unexercised Shares. 

 

By electronically accepting this option, you and the Company agree that this option is granted under and governed by the terms and conditions of the Plan and the Agreement. In particular, you consent that the Company may use and transfer your personal information as described in paragraph 9 of the Agreement. Optionee has reviewed the Plan and this Agreement, and all provisions of the Plan and Agreement. Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board and the Committee on questions relating to the Plan and Agreement. 

 

In addition, by accepting this award, you agree to the following: “This electronic contract contains my electronic signature, which I have executed with the intent to sign this Agreement.” Please be sure to retain a copy of your electronically signed Agreement; you may obtain a paper copy at any time and at the Company’s expense by requesting one from the Company’s Stock Administration Department, at Quantum Corporation, 1650 Technology Drive, Suite 800, San Jose, CA 95110, or at such other address as the Company may hereafter designate in writing. If you prefer not to electronically sign this Agreement, you may accept this Agreement by signing a paper copy of the Agreement and delivering it to the Company’s Stock Administration Department. 

 

 

II. Agreement 

 

    1. Grant of Option. The Board of the Company hereby grants to the Optionee named in the Notice of Grant attached as Part I of this Agreement (the "Optionee"), an option (the “Option") to purchase a number of Shares, set forth in the Notice of Grant, at the exercise price per share set forth in the Notice of Grant, (the "Exercise Price"), subject to the terms and conditions of the Nonemployee Director Equity Incentive Plan (the “Plan"), which is incorporated herein by reference. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan shall prevail. 

 

       This Option is not intended to qualify as an Incentive Stock Option under Section 422 of the Code. 

 

    2. Exercise of Option. 

 

       (a) Right to Exercise. This Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Grant and the applicable provisions of the Plan and this Agreement.

 

       (b) Method of Exercise. This Option is exercisable by delivery of instructions, which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. Exercise of the shares shall be performed by any of the following, or a combination thereof, at the election of the Optionee: 

 

          (i) online execution of exercise through Broker internet tool; or 

          (ii) delivery of verbal instruction to broker customer service agent, together with such information as the broker shall require to complete the transaction.

 

The Option shall be deemed to be exercised upon receipt by the Company of such fully executed exercise instructions accompanied by such aggregate Exercise Price. 

 

       No Shares shall be issued pursuant to the exercise of this Option unless (i) a registration statement under the Securities Act of 1933 covering the Shares is effective, and (ii) such issuance and exercise complies with all relevant provisions of law and the requirements of any stock exchange or quotation service upon which the Shares are then listed. Assuming such compliance, for income tax purposes, the Exercised Shares shall be considered transferred to the Optionee on the date the Option is exercised with respect to such Exercised Shares. 

 

    3. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee: 

 

       (a) cash; or 

       (b) check; or

       (c) delivery of properly executed exercise instructions together with such other documentation as the Board and the broker, if applicable, shall require to effect an exercise of the Option and delivery to the Company of the sale or loan proceeds required to pay the exercise price; or 

       (d) surrender of other Shares which (i) in the case of Shares acquired upon exercise of an Option, have been owned by the optionee for more than six (6) months on the date of surrender, and (ii) have a Fair Market Value on the date of surrender not greater than the aggregate Exercise Price of the Exercised Shares.

 

 

    4. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee, only by the Optionee. The terms of the Plan and this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 

 

    5. Term of Option. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Agreement.

 

    6. Termination Period. If you cease to be a Director, this option may be exercised for 36 months after the date you cease to be a Director or for such longer period as determined by the Committee, but in no event later than the term/expiration date of the option. 

 

    7. Tax and Consequences. Some of the federal and state tax consequences relating to this Option, as of the date of this Option, are set forth below. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. INTERNATIONAL OPTIONEES SHOULD CONSULT A LOCAL TAX ADVISER FOR GUIDELINES AND CONSEQUENCES PERTAINING TO LAWS AND REGULATIONS OF EXERCISING OPTIONS. 

 

       (a) Exercising the Option. If this Option does not qualify as an Incentive Stock Option, the Optionee may incur regular U.S. federal income tax and state income tax liability upon exercise. The Optionee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the fair market value of the Exercised Shares on the date of exercise over their aggregate Exercise Price.

 

       (b) Disposition of Shares. If the Optionee holds NQ Shares for at least one year, any amounts realized on disposition of the Shares in excess of the fair market value of the Shares at the date of exercise will be treated as long-term capital gain for U.S. federal income tax purposes. 

 

    8. Acknowledgments of Optionee. Optionee has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understand all provisions of the Plan and Agreement. 

 

    9. Data Privacy. All of Optionee’s information that is described or referenced in this Agreement and the Plan may be used by the Company and its Subsidiaries and affiliates to administer and manage Optionee’s participation in the Plan. Optionee understands that he or she may contact the Company’s international privacy officer if Optionee needs to update or correct any of the information. The Company will transfer this information to, and store this information in one or several of its U.S. offices. In addition, if necessary to administer and manage Optionee’s participation in the Plan, the Company may transfer to, or share this information with its Subsidiaries and affiliates and any third party agents acting on the Company’s behalf to provide services to Optionee, or any other third parties or governmental agencies, as required or permitted by law. In particular, without limitation, the Company has engaged eTrade and any entity controlled by, controlling, or under common control with eTrade (“eTrade’s affiliates”; and together with eTrade collectively “eTrade”) to provide brokerage services and to help administer the Company’s stock plans. eTrade is acting primarily as a data processing agent under the Company’s instructions and directions, but eTrade reserved the right to share Optionee’s information with eTrade’s affiliates. Except as provided in this paragraph 9 or as required or permitted by law, the Company will not disclose Optionee’s information outside the Company without Optionee’s consent. 

 

       Unless Optionee notifies Company within 30 days of the grant of the Option, the Company may use and transfer Optionee’s personal information as described in this paragraph 9, particularly as it concerns transfers to eTrade. Optionee understands that participation in the Plan is entirely voluntary and that his or her denial of consent does not have any adverse effects other than exclusion from the Plan. 

 

    10. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to this Option granted under the Plan or future options that may be granted under the Plan by electronic means or to request Optionee’s consent to participate in the Plan by electronic means. Optionee hereby consents to receive such documents by electronic delivery and, if requested, to accept this Option or any future options granted under the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

 

 

OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE OPTION HEREOF IS EARNED ONLY BY HIS OR HER CONTINUING SERVICES AS A DIRECTOR OF THE COMPANY (NOT THROUGH THE ACT OF BEING APPOINTED AS A DIRECTOR, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT, NOR IN THE PLAN WHICH IS INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON OPTIONEE ANY RIGHT WITH RESPECT TO CONTINUATION OF HIS OR HER SERVICES AS A DIRECTOR, NOR SHALL IT INTERFERE IN ANY WAY WITH THE RIGHT TO TERMINATE HIS OR HER SERVICES AS A DIRECTOR OF THE COMPANY AT ANY TIME, WITH OR WITHOUT CAUSE.f8k061311ex10i_tucana.htm

Exhibit 10.1

 

 

THIS SERVICES AGREEMENT,dated this 9th day of June, 2011 between:

 

Nemaska Exploration inc.

 

450, de la Gare du Palais

 

P.O.B. 10

 

Quebec (Quebec)  G1K 3X2

 

And:          

Tucana Exploration inc.

 

3651 Lindell Rd, Suite #D155

 

Las Vegas, NV, 89103

 

 

RE: GEOLOGICAL AND MANAGEMENT SERVICES CONTRACT,PROJECT:ABIGAIL

 

Yves Caron, on behalf of Nemaska Exploration inc. (“Nemaska”) is pleased to submit this proposed contract to provide Tucana Exploration inc., hereafter collectively referred to as “Tucana”, with geological and project management services with respect to Tucana’s Abigail project, located in the James Bay region of Quebec, (the “Project”).  Such services are more particularly described in Article1.

 

All work programs conducted by Nemaska will meet with standards developed by Nemaska and will adhere to the professional standards established in the Mineral Exploration Best Practices as set out by the Canadian Council of Professional Geoscientists  (www.ccpg.ca/profprac/index.php?lang=en&subpg=natguidelines).

 

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

 

 

	
-  

	
All references to currency in this Agreement shall mean US dollars (“USD”).

 

	
-  

	
Any project parameters and costs quoted in this Agreement are estimates only, and may vary depending on project circumstances and variables beyond the control of Nemaska.

 

	
-  

	
Any unforeseen costs in excess of $1,000 must be pre-approved by Tucana.

 

	
1.  

	
SCOPE OF PROJECT

 

Below is a list of services that will be provided in relation to the Project.

 

	
·  

	
Implement a ‘grass root’ exploration program (the “Program”) designed in accordance withTucana’s agent, Alain Champagne;

	
·  

	
Provide geological and project supervision for all aspects of the Program;

	
·  

	
Provide database and geographic information system (“GIS”) Management;

	
·  

	
Provide all logistical needs for the Project and Program;

	
·  

	
Submit weekly progress reports including principal findings and accomplishments and recommendations for continuing work programs;

	
·  

	
Submit at the end a technical report covering the entire Program.

        Any other services necessary or required to duly perform the Program will be discussed with and pre-approved in writing by Email by both parties.

 

 

	
2.  

	
TERM

 

The term (“Term”) of this contract shall be for a period of 6 months from the date of signing, subject to the termination provisions stipulated in Article 5.

 

Thereafter, Nemaska and Tucana may extend the Term, on the conditions contained in this Agreement and in any addendum thereof or on such as other terms and conditions as agreed upon by Nemaska and Tucana so long as the said extension and terms and conditions is agreed to in writing.  Any amounts owed to Nemaska under this contract at the end of the Term shall be paid by Tucana within 30 calendar days of the expiration of the Term or completion of the Project. Any amounts owed to Tucana under this contract at the end of the Term shall be paid by Nemaska within 30 calendar days of the expiration of the Term or completion of the Project.

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

If both parties fail to come to an agreement on the next Term, 30 days Termination Notice will be assumed by both parties at the end of the Term.

 

 

	
3.  

	
FEES AND ADVANCES

 

Nemaska will provide Services to Tucana subject to the schedule of fees below at present.  Fees for other or additional services which may be provided to Tucana in accordance with the contract shall be pre-approved by Tucana and confirmed by an Email.

 

	
Position

	 	
Cost per day

	 
	
Sr. consultant - QP services

	 	$	1000	 
	
Project manager – i.t. geologist

	 	$	600	 
	
Student geologist

	 	$	450	 
	
Geologist assistant

	 	$	350	 

 

	
·  

	
Stand-by charges in case of Force Majeure:  50% of the Cost per day

 

Nemaska will oversee, advise and implement work initiatives, including the Program, to move the project forward, for a period of at least 3 weeks and shall assign adequate qualified and experienced staff to carry out the Program.

 

Nemaska will report directly to Jordan Starkman, President and CEO of Tucana, or his designated representative, confirmed by Email to Nemaska.  Nemaska will manage and oversee all aspects of the Program directly through Nemaska personnel, or through the resources of Tucana, depending on what Nemaska, in consultation with Tucana deems appropriate in the circumstances.  Accordingly, a management fee payable to Nemaska, separate from the Nemaska monthly professional services invoice, equal to 10% of the total project costs, will be charged to Tucana, as described in addendum 1.

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

 

Upon the execution of this Agreement, Tucana shall advance to Nemaska the sum of 50% of the total proposed budget, fifty four thousand, six hundred and two dollars($54,602) as described in addendum 1. The purpose of this advance is to secure prompt payment of Nemaska Staff assigned to the Project, and is not designed to fund Program costs.

 

 

	
4.  

	
INVOICING TERMS, and EXPENSES

 

Billing for Nemaska staff assigned to the Project will commence on the date of departure from point of origin to the date of return to point of origin for any given non-Quebec staff.

 

An invoice will be issued by Nemaska and delivered to Tucana on or near the end of each month. An administration surcharge of 5% will be added to fees (over the management 10%) to cover secretarial and related administration costs as explained below.

 

Expenses for travel and other out-of-pocket costs will be billed at cost + 5%, when advance money has not been provided by Tucana, above any fees and administration surcharges as aforesaid.

 

The $54,602 advance will be discounted from the final billing period. Invoices shall be paid upon reception through a wire transfer according to the instructions provided on the invoice.

 

Tucana agrees to pay all reasonable meal, accommodation and travel expenses of Nemaska (the “Travel Costs”) while conducting business on behalf of Tucana.  Expenses invoiced in this regard to Tucana shall be supported by vouchers or receipts. Any travel costs incurred by Nemaska in providing services to Tucana are to be at no more then economy class rates for air travel and corporate hotel rates for standard rooms whenever possible.

 

Tucana will pay for all costs of the Program, which include but are not limited to local labour, office space, fuel, storage space, vehicle rent, camps, project supplies (pens, paper, sample bags etc.), food, lodging, etc. as required by Nemaska during the Term.

 

Any and all taxes, insurance, fines, interests and penalties applicable thereon, whether local county, provincial, state or federal, in relation to the services that Nemaska will provided, shall be fully borne by Tucana.  All fees and other amounts due to Nemaska shall be paid free of any deductions or withholdings for any and all present and future taxes.

 

In the event that Tucana is prohibited by law from making such payments free of such taxes, then Tucana shall pay such additional amount as may be necessary in order that the actual amount received after deduction or withholding shall equal the full amount or amounts owed to Nemaska.

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

Nemaska will keep track of all hours by way of timesheet and receipts which will serve as evidence of actual reasonable time spent by Nemaska on the project. This documentation will become the property of Tucana once moneys have been reimbursed.

 

A 2% financial charge will be billed against any and all payments that are not paid within by 15 calendar days from billing and every 30 days after. Acceptance of any monies sent by Tucana or anyone on its behalf that are less than the invoiced or outstanding amounts owing to Nemaska constitute a partial payment only, the remainder of which will be liable to the 2% financial charge.

 

In the event of any dispute regarding expenses, Tucana reserves the right with reasonable notice, to audit the expenses and reporting of Nemaska.

 

 

	
5.  

	
BREACHES AND TERMINATION

 

5.1 Termination without cause

 

This Agreement may be terminated by either party at any time upon not less than 30 days prior written notice to that effect to the other party.

 

Termination must be done either by email or fax to the contact information listed in this Agreement.  In such event, Nemaska will be entitled to bill and Tucana is responsible to pay for all work performed and all expenses incurred by Nemaska in connection with the Project until the date of termination.  All monies due for work done and expenses incurred until the time of termination will be subtracted from any advance paid, with the remainder returned to Tucana within 15 calendar days of termination or when all bills have been received.

 

5.2 Termination for Just Cause

 

If an invoice is unpaid after 30 calendar days from billing, Nemaska reserves the right terminate the Agreement without liability to Nemaska, exclusive of the normal 30 day Notice.

 

Termination must be done either by email or fax to the contact information listed in this Agreement.  In such event, Nemaska will be entitled to bill and Tucana is responsible to pay for all work performed and all expenses incurred by Nemaska in connection with the Project until the date of termination.  All monies due for work done and expenses incurred until the time of termination will be subtracted from any advance paid, with the remainder returned to Tucana within 15 calendar days of termination or when all bills have been received.

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

Either party, Tucana or Nemaska, shall have the right to terminate this Agreement at any time for Just Cause without notice or payment in lieu of notice and without payment of any fees whatsoever either by way of anticipated earnings or damages of any kind by advising the other Party in writing by Email.

 

Just Cause shall be defined to include, but is not limited to, the following:

 

a.     Dishonesty conducts such as fraud, theft, falsifying data, or misrepresenting information;

 

b.     Breach of Confidentiality or Area of Interest;

 

c.     Breach of trust such as conflict of interest or acting against the best interest of Tucana or Nemaska;

 

d.     Failure to act upon or report a serious project issue such as employee, consultant or contractor negligence, incompetence or negative performance or a serious incident involving health and safety, environmental contamination, equipment performance or maintenance, sexual harassment, physical assault or community relations;

 

e.     Mismanagement by either party, such as failure to abide by the NI 43-101 rules regulations or failure to adhere to the professional standards established in the Mineral Exploration Best Practices;

 

f.      Insubordination such as failure to recognize and submit to the authority Tucana and failure to comply with Tucana’s clear instructions, policies and procedures, where legal and ethical.

 

The Burden of Proof for all the above conditions and any other Just Cause must be borne solely by the party making the accusation, either Tucana or Nemaska, and must stand the test of jurisprudence in the jurisdiction that governs this contract. If this Burden of Proof cannot be met then by the party making the accusation, either Tucana or Nemaska, may be held in breach of contract, and may also be held liable for any legal liabilities.

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

 

	
6.  

	
INDEMNIFICATION

 

Tucana agrees to indemnify and hold Nemaska harmless against any and all claims, costs, and expenses, including legal costs for any specific service or work performed at the request of Tucana not included in the list of Services and which may be contrary to governing law or protocol.

 

 

	
7.  

	
CONFIDENTIALITY

 

	
7.1  

	
Definition of Confidential Information.  In this Agreement Confidential Information shall mean:

 

	
(a)  

	
Any information concerning this Agreement;

	
(b)  

	
Any information which relates in any way to the Project, the Program and to Tucana’s operations, business, financial plans or strategies and other initiatives in the Province of Québec, including but not limited to, historical and proprietary geological data and any graphic representation thereof; technical and engineering studies and reports; permits and authorizations, information relating to litigation; licenses, intellectual property; business relationships, mining intelligence information, and other proprietary information which is owned, developed, patented or licensed by Tucana or its affiliates or subsidiaries;

	
(c)  

	
Any information acquired by Nemaska hereunder in respect of the Project and of the Program.

 

	
7.2  

	
Exceptions.  The provisions of confidentiality shall not apply to Confidential Information which:

 

	
(a)  

	
Is or becomes generally available to the public prior to receipt thereof by Nemaska or which subsequently becomes  generally available to the public except by wrongful act or omission of Nemaska or one of its employees or agents; or

	
(b)  

	
Was in Nemaska’s possession prior to this Agreement or to receipt from Tucana; or

	
(c)  

	
Was received by or becomes available to Nemaska on a non-confidential basis from a third party, unless Nemaska knew or had reason to know of an obligation of secrecy of the third party to Tucana with respect to such information.

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

	
7.3  

	
Nondisclosure.  Nemaska agrees that any Confidential Information received from Tucana and any Confidential Information acquired by Nemaska shall be held in strict confidence by its officers, employees, consultants, agents, representatives or affiliates, and shall not be released or communicated to any person, firm, corporation or other third party other than Tucana and its authorized representatives without the prior written consent of Tucana. All reports, maps and other data acquired and furnished by Nemaska hereunder shall be used for the exclusive benefit of and belong solely to Tucana.

 

	
7.4  

	
Public Disclosure.  Tucana and Nemaska each agree that it will not name the other or any of the other's affiliates or any of their respective officers, employees, consultants, agents, or representatives in any public announcement, press release or other public document without the prior written consent of the other party, save only in connection with disclosures required by applicable law, stock exchange or regulatory authority having jurisdiction.

 

	
7.5  

	
Maintenance and return.  All Confidential Information shall be and remain solely the property of Tucana. Upon Email request from Tucana or upon termination of this Agreement, Nemaska shall promptly return all Confidential Information to Tucana including but not limited to all copies, memoranda and other writings or recordings prepared by Nemaska based upon, containing or otherwise reflecting any Confidential Information.  An authorized representative of the Nemaska shall certify by writing that all Confidential Information has been returned to Tucana.

 

	
8.  

	
NON-SOLICITATION

 

During the term and for a period of one (1) year following the Term or the termination of this contract, Tucana agrees that it shall not, , without the prior express written consent of Nemaska, approach, counsel or attempt to induce any individual who is then or having been in the employment of, or then serving as independent contractor to, Nemaska or any affiliate thereof to gain employment with Tucana or any of its affiliates, or partners, or act as a principal, agent, employee, employer, consultant, officer, director, shareholder, member or partner of any firm, corporation or other entity or group or in any individual or representative capacity whatsoever or otherwise, directly or indirectly of Tucana, or terminate such independent contractor relationship with, Nemaska  or any affiliate thereof.

 

Failure to respect this clause will result in a charge of USD $40,000 for each attempt.

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

 

 

	
9.  

	
COVENANTS OF Nemaska

 

During the Term, Nemaska hereby covenants and agrees (and shall cause any of its officers, directors, employees, agents, contractors and assigns):

 

	
(i)  

	
to act in good faith under the terms of this agreement and to provide the best possible service to Tucana to the best of its ability, and in a professional and competent manner, and at the lowest possible cost and in the most efficient manner;

 

	
(ii)  

	
to always act in the best interest of Tucana in its dealings under this agreement.

 

 

	
10.  

	
INDEPENDENT CONTRACTOR

 

Nemaska is being retained by Tucana in the capacity of an independent contractor and not as an employee of Tucana. Nemaska is solely responsible for the financial viability of its own business.  Nemaska is not entitled to any additional consideration by way of bonus or any other company benefits from Tucana.

 

It is understood that if Tucana does not agree and is not bound to use the services of Nemaska exclusively, it is further understood that Nemaska is not bound to provide its services exclusively to Tucana and may provide its services to other clients during the Term, so long as doing so does respects the provisions of Article 8 and does not interfere with Nemaska’s ability to provide the Services contracted under this agreement.

 

	
11.  

	
INSURANCE

 

Nemaska shall carry and maintain at all times during the currency of this Agreement, comprehensive general liability insurance policies in a company or companies satisfactory to Tucana of the following types and in not less than the following amounts and supply proof thereof to Tucana:

 

	
(i)  

	
automobile public liability insurance covering both owned and non-owned automotive equipment used in connection with the performance of the Work with a combined single limit of $C2 million covering bodily injury, death and property damage as to any one accident;

 

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

 

	
(ii)  

	
Comprehensive general liability  insurance covering all operations with a single limit liability for bodily injury, death, and property damage $C 2 million as to any one occurrence;

 

	
(iii)  

	
 Health insurance and emergency medical evacuation insurance

 

All insurance costs are included in the management fees of 10%.

 

	
12.  

	
STANDARD PROCEDURES

 

Tucana, in collaboration with Nemaska shall establish Standard Procedures protocols for health and safety, security and evacuation procedures.  Nemaska is committed to reviewed and updated Such Standard Procedures on a quarterly basis.

 

 

	
13.  

	
FORCE MAJEURE

 

Nemaska shall be excused for failure to perform its obligations under this Agreement if such failure is caused by reason of fire, strike, lockout or other labour dispute, war, insurrection, acts of God or enemies of the state, the order or regulation of any civil or military authority or any other cause beyond the control of Nemaska.

 

Nemaska shall notify Tucana immediately and in detail of the commencement and nature of any such event and the probable consequences thereof and shall use reasonable efforts to bring such event to an end provided that nothing herein shall obligate Nemaska to settle any labour dispute.

 

Force Majeure will be declared by both parties by mutual agreement.

 

In case of Force Majeure, Nemaska shall evacuate its personnel to a safe location.  While at this safe location, Tucana shall pay all transport and accommodation charges.  Nemaska shall charge stand-by charges of 1⁄2 rates for personnel.

 

Notwithstanding the above, Nemaska personnel shall be authorized to respond immediately to any security issues or threats.

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

 

	
14.  

	
MISCELLANEOUS

 

This contract shall be binding upon Tucana and Nemaska, their respective heirs, successors and assigns. This Agreement and any addendum constitute the entire agreement and understanding between the parties and supersede any and all prior agreements, negotiations, discussions and understandings between the parties.

 

No amendment or waiver or any provision of this agreement shall be binding on any party unless consented to in writing by such party, with the exception to Addendum 1.

 

If any provision of this agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such determination shall no impair or affect the validity, legality or enforceability of the remaining provisions hereof, and each provision is hereby declared to be separate, severable and distinct.

 

Any dispute arising out of this Agreement shall be subject to and shall be construed in accordance with the laws of the Province of Quebec, CANADA, and each party hereby consents to the exclusive jurisdiction of the courts of the Province of Ontario, CANADA, with respect to any dispute arising under or from, related to or in connection the contract.

 

This contract may be executed in separate counterparts and by facsimile or email and in so doing shall be legal and valid and deemed to be an original in all respects.

 

Should you find the terms of this Agreement acceptable and wish to retain Nemaska, please initial each page, date and sign this contract in the space provided below and e-mail (carony@nemaskaexploration.com) a scanned copy of the entire contract to our Quebec-City Office with the initial advance of USD $54,602  (invoice will be provided).  This advance will be refunded on the final invoices subject to the terms described above.

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

Sincerely,

 

NemaskaExploration inc..

 

________________________________________________________

 

Yves Caron

 

Vice-President Exploration

 

 

SIGNED in _________________________, this__________day of June, 2011.

 

 

 

Tucana Explorationinc.

 

________________________________________________________

 

Mr. Jordan Starkman

 

President and CEO

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

 

Addendum 1

 

 

BudgetandInvoicing

 

 

 

 

 

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

 

  

  

  

 

	
Item

	 	
Cost

	 	
Unit

	 	
Quantity

	 	
Price

	  	 	  	 	  	 	  	 	  
	
Crew

	 	  	 	  	 	  	 	  
	
Maude Lévesque Michaud

	 	
600 $

	 	
Day

	 	
33

	 	
19 800 $

	
Julie Lavoie

	 	
600 $

	 	
Day

	 	
26

	 	
15 600 $

	
Benjamin Racine

	 	
450 $

	 	
Day

	 	
26

	 	
11 700 $

	
David Duguay

	 	
450 $

	 	
Day

	 	
26

	 	
11 700 $

	
Arnaud Bourassa

	 	
350 $

	 	
Day

	 	
26

	 	
9 100 $

	
Total

	 	  	 	  	 	
137

	 	
67 900 $

	  	 	  	 	  	 	  	 	  
	
Item

	 	  	 	  	 	  	 	  
	
Room and board

	 	
130 $

	 	
day/person

	 	
137

	 	
17 810 $

	
Pick-up rental

	 	
1 900 $

	 	
month

	 	
1

	 	
1 900 $

	
Gas & fuel

	 	
350 $

	 	
Esimate

	 	  	 	
350 $

	
Rock sample

	 	
35 $

	 	
Analyses

	 	
200

	 	
7 000 $

	
Sub-Total

	 	  	 	  	 	  	 	
27 060 $

	  	 	  	 	  	 	  	 	  
	
Management

	 	
10%

	 	
Cost

	 	  	 	
9 496 $

	
Administration

	 	
5%

	 	
Cost

	 	  	 	
4 748 $

	
Grand Total

	 	  	 	  	 	  	 	
109 204 $

 

 

Financial charge of 2% per month on unpaid invoices.

 

All references to currency in US dollars (“USD”).

 

 

	
45 rue de Gare du Palais

B.P. 10

Québec (Québec) G1K 3x2

	
Tél. :           418 780-6038

Fax :           418 948-9106

www.nemaskaexploration.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]