TERMINIATION OF MPLOYMENT AGREEMENT
Exhibit
10.8
TERMINIATION OF MPLOYMENT
AGREEMENT
THIS AGREEMENT made as of this
22nd day of May, 2008
BETWEEN:
Aultra Gold Inc. (Canada), a
British Columbia corporation, having a head office at XX Xxx 0000 Xxxxxxxxxxxx,
Xxxxxx, 00000
(the
"Company")
OF
THE FIRST PART
AND:
Xx. Xxxxx Xxxxxx, of 0000
Xxxxx Xxxxxxxxx Xxxx,
Xxxxxxxxxxxx
XX 00000
(the
"Employee")
OF
THE SECOND PART
WHEREAS:
A. Both parties had
previously agreed to an Employment Agreement with an effective date of January
31, 2006
B. The Company has had insufficient funds
to pay Xx. Xxxxxx on a regular and ongoing basis from January 31, 2006 until May
22, 2008;
NOW THEREFORE in consideration
of the premises and mutual covenants herein contained, the parties hereto agree
as follows:
1. PRIOR
SERVICES
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1.1
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LOCATION OF WORK – It is
mutually agreed that all work performed by Xx. Xxxxxx for the Company was
performed in the United States which the location of Xx. Xxxxxx and the
Company’s properties. It is mutually agreed that no work was
performed in Canada
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1.2
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PRIOR PAYMENTS – It is
mutually agreed that for US tax purposes all prior payments made by the
Company to Xx. Xxxxxx will be considered as payments to a consultant and
not an employee.
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1.3
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PRIOR ACCURALS – It is
mutually agreed that the Company’s lack of funds forced Xx. Xxxxxx to
obtain compensation elsewhere and Xx. Xxxxxx wish to relieve the Company
of a portion of its obligation to pay him for his prior services so to
obtain a greater equity incentive as part of a new compensation agreement.
In addition Xx. Xxxxxx estimates that he spent approximately 75% of his
time on Company business and not the 100% as originally anticipated due to
the Company’s lack of funds. According Xx. Xxxxxx hereby agrees
to cancel $65,000 of accrued compensation in consideration of obtaining a
new employment contract
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2. TERMINATION
OF CONTRACT
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2.1
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Termination date – It is
mutually agreed that the employment contract with an effective date of
January 31, 2006 is hereby terminated with an effective date of March 31,
2008.
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2.1
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Termination is mutual –
It is mutually agreed that the employment contract is mutually
terminated
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3. GENERAL
PROVISIONS
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3.1
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Governing Law –
Consistent with the initial agreement this Agreement shall be governed by
and construed in accordance with the laws of the Province of British
Columbia, and the parties agree to submit to the jurisdiction of the
courts of British Columbia with respect to any legal proceedings arising
herefrom.
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3.2
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Notice - Any notice
required or permitted to be given under this Agreement shall be in writing
and may be delivered personally or by prepaid registered post addressed to
the parties at the above mentioned addresses or at such other address of
which notice may be given by such party. Any notice shall be deemed to
have been received, if personally delivered, on the date of delivery, and
if mailed as aforesaid, then on the fourth business day following the day
of mailing.
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3.3
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Assignment - This
Agreement may not be assigned in whole or in part by either of the
parties.
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IN WITNESS WHEREOF the parties
have executed this Agreement as of the day and year first above
written.
Aultra
Gold, Inc. (Canada)
_______________________________
Authorized
Signatory
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SIGNED,
SEALED & DELIVERED
by
Xxxxx Xxxxxx in the presence of:
___________________________________
Signature
of Witness
Name:
__________________________________
Address:
________________________________
_______________________________________
Occupation:
______________________________
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