Document:

ex10-9.htm

ADVISORY AND CONSULTING AGREEMENT

 

 

THIS AGREEMENT is entered into on this 10th day of December, 2012 by and between VI Investments, LLC a Utah limited liability company (hereinafter "VI Investments") and NuGold Resources, Inc., a Nevada Corporation (hereinafter "Company").

 

HEREAFTER, the Company and VI Investments are referred to collectively as "Parties", and singularly as "Party"; and

 

WHEREAS, VI Investments has experience in the mining industry; particularly in the Republic of Ghana, West Africa (“Ghana”) and the Company wishes obtain the services of VI Investments; and

 

WHEREAS, the Parties desire to set forth the terms and conditions under which the said services shall be performed;

 

NOW, THEREFORE, in consideration of the promises of the mutual covenants herein, the Parties hereto agree as follows:

 

SCOPE OF SERVICES

 

VI Investments agrees to provide general advice and assistance to the company regarding the mineral mining industry and perform for the Company, beginning immediately on the date this Agreement is signed by all Parties, the services described as follows:

 

(a) assist the Company with locating and analyzing potential mining claims in the Republic of Ghana, West Africa (“Ghana”) for sale or lease;

 

(b) assist the Company with positioning themselves to be able to begin mining for gold and other minerals in Ghana;

 

(c) assist the Company in making and maintaining business contacts in Ghana;

 

(d) advise the Company on what equipment, tools, etc. will be needed to begin mining gold and other minerals in Ghana;

 

(e) form an African entity as a wholly-owned subsidiary of NuGold; and

 

(f) provide general advice and guidance on gold and other mineral mining.

 

 

PERIOD OF PERFORMANCE

 

The period of performance under this Agreement shall begin immediately and will continue for an initial ninety (90) day period. This Agreement may not be terminated for the first ninety days unless the Company at its sole discretion determines that VI Investments has not attempted to perform the services described above, or engages in any illegal activities that could have an impact on the Company. The parties may extend the contract by a mutually agreeable period.

 

Initial _______

  

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CONTRACTUAL RELATIONSHIP

 

In performing the services under this Agreement, VI Investments shall operate as, and have the status of, an independent contractor.  VI Investments shall not have authority to enter into any contract binding the Company, or create any obligations on the part of the Company, except as shall be specifically authorized by the Company.

 

COMPENSATION

 

As full consideration for the performance of the basic services described above, the Company shall pay VI Investments a total of $15,000. NuGold agrees to advance the Compensation for use by VI Investments in Africa for the purpose of furthering the objectives listed Scope of Services above, during the month of December. For accounting purposes, the balance of unused funds shall be returned to a NuGold bank account that is separate from the main operating account. VI Investments shall have access to those funds as needed.

 

CONFIDENTIALITY

 

VI Investments acknowledges that it will be necessary for Company to disclose certain confidential and proprietary information to VI Investments in order for VI Investments to perform his/her duties under this Agreement. VI Investments acknowledges that any disclosure to any third party or any misuse of this proprietary or confidential information would irreparably harm Company. Accordingly, VI Investments will not disclose or use, either during or after the term of this Agreement, any proprietary or confidential information of Company without Company's prior written permission except to the extent necessary to perform services on Company's behalf.

 

Proprietary or confidential information includes:

 

	
·  

	
the written, printed, graphic or electronically recorded materials furnished by Company for VI Investments to use

 

	
·  

	
any written or tangible information stamped "confidential," "proprietary" or with a similar legend or any information that Company makes reasonable efforts to maintain the secrecy of

 

	
·  

	
business or marketing plans or strategies, customer lists, operating procedures, trade secrets, design formulas, know-how and processes, computer programs and inventories, discoveries and improvements of any kind, sales projections, pricing information, and

 

	
·  

	
information belonging to customers and suppliers of Company about whom VI Investments gained knowledge as a result of VI Investments’ services to Company.

 

VI Investments shall not be restricted in using any material which is publicly available, already in VI Investments’ possession or known to VI Investments without restriction, or which is rightfully obtained by VI Investments from sources other than Company.

 

Upon termination of VI Investments services to Company, or at Company's request, VI Investments shall deliver to Company all materials in VI Investments’ possession relating to Company's business.

 

VI Investments acknowledges that any breach or threatened breach of this clause of this agreement will result in irreparable harm to Company for which damages would be an inadequate remedy. Therefore, Company shall be entitled to equitable relief, including an injunction, in the event of such breach or threatened breach of this clause of this agreement. Such equitable relief shall be in addition to Company's rights and remedies otherwise available at law.

 

 

Initial _______

  

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RESOLVING DISPUTES

If a dispute arises under this Agreement, the parties agree to first try to resolve the dispute with the help of a mutually agreed-upon mediator in San Diego, California. Any costs and fees other than attorney fees associated with the mediation shall be shared equally by the parties. If it proves impossible to arrive at a mutually satisfactory solution through mediation, the parties agree to submit the dispute to a mutually agreed-upon arbitrator in San Diego, California. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction to do so. Costs of arbitration, including attorney fees, will be allocated by the arbitrator.

 

APPLICABLE LAW

This Agreement will be governed by the laws of the State of California.

 

NOTICES

All notices and other communications in connection with this Agreement shall be in writing and shall be considered given as follows:

 

 

	
·  

	
when delivered personally to the recipient's address as stated on this Agreement

 

	
·  

	
three days after being deposited in the United States mail, with postage prepaid to the recipient's address as stated on this Agreement, or

 

	
·  

	
when sent by fax or electronic mail, such notice is effective upon receipt provided that a duplicate copy of the notice is promptly given by first class mail, or the recipient delivers a written confirmation of receipt.

 

ASSIGNMENT

VI Investments may not assign any rights or delegate any of its duties under this Agreement without Company's prior written approval.

 

PERMITS AND LICENSES

VI Investments has complied with all federal, state and local laws requiring business permits, certificates and licenses required to carry out the services to be performed under this Agreement.

 

TERMINATION OF AGREEMENT

 

This Agreement may not be terminated by the company prior to March 1, 2013, unless the Company finds that, at its sole discretion, VI Investments does not attempt to perform the scope of services described in this agreement or participates in any illegal activity that may affect the Company. If after March 1, 2013 VI Investments has failed to perform under this contract, it will automatically expire unless otherwise agreed to by the Parties. VI Investments must thereafter continue perform the scope of services described in this agreement and must not participate in any illegal activity that may affect the Company

 

EXPENSES

 

VI Investments shall be responsible for tracking all expenses incurred while performing services for the Company under this Agreement. This includes license fees, memberships and dues; automobile and other travel expenses; meals and entertainment; insurance premiums; expenses and other compensation paid to VI Investments under this Agreement. Any single expense in excess of $500 must be authorized by the Company. Monthly expenses shall not exceed $1000 unless written consent is obtained by VI Investments from the Company. The expenses incurred while performing services for the Company will be reimbursed to the VI Investments within 10 days of receipt.

 

 

Initial _______

  

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IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized officers as of the date first noted above.

 

VI Investments, LLC

 

 

/S/ George Wright                                                                                                 DATE: December 10, 2012

BY: George Wright

 

NuGold Resources, Inc.

 

 

/S/ Brent Country                                                                                                DATE: December 10, 2012

BY: Brent Country

 

Initial _______

  

  

4Exhibit 10.1

 EXHIBIT 10.1
 
BLUE NILE, INC.
PERFORMANCE BONUS PLAN
EXECUTIVE CASH BONUS PLAN FOR FISCAL YEAR 2013

Purpose:  
Blue Nile, Inc. (“Blue Nile” or the “Company”) has designed this Executive Cash Bonus Plan for Fiscal Year 2013 (the “Bonus Plan”) for designated executive officers. The Bonus Plan is designed to motivate these executives to achieve the Company's objectives by rewarding the executives with cash payments upon the achievement of the Company's objectives for fiscal year 2013.

Subject to Performance Bonus Plan:
This Bonus Plan operates under, and is subject to the terms of, the Blue Nile, Inc. Performance Bonus Plan.  The Performance Bonus Plan was approved by Blue Nile's Board of Directors and Blue Nile's stockholders.  Any capitalized terms not defined in this Bonus Plan have the meaning set forth in the Performance Bonus Plan.

Performance Period:  
The Performance Period for this Bonus Plan is the Company's 2013 fiscal year - that is, December 31, 2012 through December 29, 2013.  

Eligibility: 
On the Target Determination Date, the Compensation Committee (the "Committee") will designate which executive officers and other key employees will be Participants.  In order to earn any Bonus Award under the Bonus Plan, a designated executive must remain employed throughout the entire Performance Period.  If the executive's employment terminates before the end of the Performance Period, the executive will not be eligible to earn or be paid any Bonus Award, except as provided in an applicable severance plan or in an individual agreement with an executive and only to the extent such right does not disqualify such Bonus Award (or any other Bonus Award under this Bonus Plan) as Performance-Based Compensation.   If an executive is on a leave of absence for a portion of the Performance Period, the executive will be eligible for a Bonus Award based on the actual salary he or she earned from the Company during the Performance Period for active service (that is, exclusive of any salary replacement benefits paid during the leave via insurance or otherwise).  
The Section 162(m) Performance Goal:
The “Section 162(m) Performance Goal” used to determine the Maximum Award that may be earned by the Participant for the Performance Period is Revenue.  On the Target Determination Date, the Committee will establish the level of achievement of revenue that will result in the crediting to the Participant of the Maximum Award.  “Revenue” is defined as the net revenue reported in the Company's 2013 Form 10-K.  If the Company does not achieve this level of revenue during the Performance Period, no Bonus Award will be earned or paid to any Participant under this Bonus Plan for the Performance Period.

Maximum Award: 
On the Target Determination Date, the Committee will establish the bonus percentage necessary to determine each Participant's Maximum Award.  A Participant's “Maximum Award” is the lesser of (i) 200% of his or her Target Award and (ii) $3,000,000.  

Target Award:
The “Target Award” equals the product of: (a) the actual base salary earned by the Participant in the Performance Period and (b) a bonus percentage between 0% and 100% designated by the Committee on the Target Determination Date.  A Participant's bonus percentage may not be increased during the Performance Period.  If the Participant's bonus percentage is decreased or salary amount is changed during the Performance Period, the Participant's Target Award will be calculated based on the applicable bonus percentage in place at the time the Participant earned the applicable salary amount.

Determination of Actual Award - Payout Formula: 
On the Payout Determination Date, the Committee will determine whether the Company has achieved the Section 162(m) Performance Goal.  If the Company has achieved the Section 162(m) Performance Goal, each Participant will be credited with a Maximum Award.  The Committee will then exercise negative discretion in respect of the Maximum Award in order to determine the actual award earned by that executive for the Performance Period (the “Actual Award”), with such negative discretion based on: (i) achievement against additional revenue goals selected by the Committee, as reflected by the calculation of the Revenue Result (described below), (ii) achievement against adjusted EBITDA goals selected by the Committee, as reflected by the calculation of the adjusted EBITDA Result (as described below), (iii) achievement against any individual performance goals selected by the Committee, as reflected by the calculation of the Individual Result (described below), and (iv) any other factors selected by the Committee in its sole discretion.  

Specifically, the Actual Award is determined as follows:

	
			
	1.
	 
	The product of (i) the Revenue Result, (ii) 50%, and (iii) the Target Award is the “Financial Award.”

	 
	 
	 

	2.
	 
	The product of (i) the EBITDA Result, (ii), 30%, and (iii) the Target Award  is the “EBITDA Award.”

	 
	 
	 

	3.
	 
	The product of (i) the Individual Result, (ii), 20%, and (iii) the Target Award is the “Individual Award.” 

	 
	 
	 

	4.
	 
	The sum of (i) the Financial Award, (ii) the EBITDA Award, and (iii) the Individual Award, subject to any other factors selected by the Compensation Committee in its sole discretion, is the Actual Award, and the Maximum Award is reduced by the difference between the Actual Award and the Maximum Award.

To determine the “Revenue Result,” "EBITDA Result," and “Individual Result,” the Compensation will determine a percentage, between 0% and 200%, based on the achievement during the Performance Period of the goals selected by the Committee for the Performance Period.  

Administration:
Actual Awards will generally be paid within 60 days after the close of the Performance Period, but in all cases will be paid not later than March 15 of the year following the year in which they were earned, in compliance with the short term deferral exception from Section 409A of the Internal Revenue Code of 1986, as amended.  The Company will withhold from any payments under the Bonus Plan and from any other amounts payable to a Participant by the Company any amount required to satisfy the income and employment tax withholding obligations arising under applicable federal and state laws in respect of a Bonus Award.  
Participation in the Bonus Plan is at the discretion of the Committee.  Designation as a Participant does not change the at-will nature of employment with the Company.  
Except as otherwise provided in the Performance Bonus Plan, the Committee will have full power and authority to construe, interpret, and administer the Bonus Plan, including the power to amend or terminate the Bonus Plan at any time, without the consent of any adversely affected Participant.  The Committee may at any time adopt such rules, regulations, policies, or practices as, in its sole discretion, it determines to be necessary or appropriate for the administration of, or the performance of its responsibilities under, the Bonus Plan. Any decision by the Committee that is not inconsistent with the provisions of the Performance Bonus Plan shall be conclusive and binding on all persons, and shall be given the maximum deference permitted by law.

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