CORPORATE SUPPORT AGREEMENT
THIS
CORPORATE SUPPORT AGREEMENT made effective July 1st ,
2008.
BETWEEN:
SWEETWATER
CAPITAL CORP. of 0000-000 Xxxx Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx
Xxxxxxxx, Xxxxxx, X0X 0X0
(the
"Service Provider")
OF THE FIRST PART
AND:
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SNOWDON
RESOURCES CORPORATION., of 0000-000 Xxxx Xxxxxx Xxxxxx, Xxxxxxxxx,
Xxxxxxx Xxxxxxxx, Xxxxxx, X0X
0X0;
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(the
"Client")
OF THE SECOND PART
WHEREAS:
A.
The Service Provider maintains office premises and corporate services in
Vancouver, British Columbia equipped specifically for the purpose of providing
essential corporate services and facilities to clients as more particularly
described herein;
B.
The Client is a US Reporting Issuer having a principal address in Vancouver,
British Columbia in need of premises and services for the purpose of maintaining
it operations and corporate headquarters in the Province of British
Columbia;
C.
The Service Provider has agreed to provide the services to the client on the
terms and conditions contained herein:
NOW
THEREFORE this Agreement witnesseth that in consideration of the premises
and of the mutual covenants and agreements hereinafter set out, the parties
hereto covenant and agree as follows:
SECTION
1 - INTERPRETATION
1.01
Interpretation
For all
purposes of this Agreement, except as otherwise expressly provided or unless the
context otherwise requires:
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(a)
"this Agreement" means this Agreement and all Schedules attached
hereto:
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(b)
any reference in this Agreement to a designated "Section", "Subsection",
"Schedule" or other subdivision refers to the designated Section,
Subsection, Schedule or other subdivision of this
Agreement;
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(c)
the words "herein" and "hereunder" and other words of similar import refer
to this Agreement as a whole and not to any particular Section, Subsection
or other subdivision of the
Agreement;
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(d)
any reference to a statute included and, unless otherwise specified
herein, is a reference to such statute and to the regulations made
pursuant thereto, with all amendments made thereto and in force from time
to time, and to any statute or regulations that may be passed which has
the effect of supplementing or superseding such statue or such regulation;
and
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(e)
words importing the masculine gender include the feminine or neuter gender
and words in the singular include the plural, and vice
versa.
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1.02
Headings
The
headings of the Sections and Subsections of this Agreement are inserted for
convenience of reference only and shall not in any way affect the construction
or interpretation of this Agreement or of any part thereof.
1.03
Governing Law
This
Agreement shall be governed by and construed in accordance with the laws of the
Province of British Columbia, Canada.
1.04
Severability
In the
event that any provision of this Agreement or any part thereof is invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby, and
the remaining provisions shall be construed as if the invalid, illegal or
unenforceable provisions had been deleted from this Agreement.
1.05
Currency
All
references to dollars or funds herein mean United States dollars.
SECTION
2 -SERVICES
2.01
The Service Provider agrees to provide a corporate address, with fully
equipped offices, computers, internet services, support services, board room
facilities, non-alcoholic refreshments, postage facilities, repairs and
maintenance to office equipment located in the premises and all incidental
services thereto to the Client as required by the Client in order for the Client
to be able to perform its corporate activities in Vancouver, British Columbia
commensurate with the needs of like corporations as if they had maintained their
own fully furnished and staffed premises for the same purposes.
2.02
The Service Provider further agrees to provide personnel to the client to assist
with the following services in the premises:
i)
receptionist;
ii) secretarial;
iii) bookkeeping
services;
iv)
corporate records clerks;
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v)
qualified personnel to assist in the preparation of quarterly, interim and
annual financial statements as required under SEC guidelines for
independent review by outside
auditors;
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vi)
qualified personnel to assist in arranging for timely disclosure of all
material facts in the affairs of the
Client;
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vii)
qualified personnel to assist in perusing and replying to all corporate
inquiries and correspondence; and
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viii)
qualified personnel to draft disclosure documents for filing with the
Securities and Exchange Commission in the USA and with the applicable
securities commissions in Canada for review by independent outside legal
counsel selected by the Client.
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2.03
The Service
Provider further agrees to act as a fiscal agent for the Client to provide the
following services during the term of this Agreement, :
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i)
reviewing the financial position of the Client and providing
recommendations thereon;
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ii)
assisting in formulating plans and budgets from time to time for the
Client;
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iii)
disseminating such information to persons in accordance with the marketing
plan of the Client to encourage participation in the development of the
Client;
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iv)
retaining the services of
professionals;
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v)
selecting on the basis of evaluations provided by professionals, suitable
business opportunities for acquisition and
participation;
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vi)
establishing and maintaining suitable banking
relations;
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vii)
ensuring the maintenance of proper accounting
records;
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viii)
arranging for the payment of all payables of the Client and/or any
subsidiaries; and
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ix)
provide experienced personnel to assist the Client with advice on mergers
and acquisitions, financings and investor support services as required by
the Client with the assistance of outside professionals in order for
management of the Client to be able to diligently pursue corporate
opportunities.
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2.04
Term
This
Agreement shall be for a period of 36 months commencing July 1, 2008
irrespective of the date this Agreement is executed, and expiring June 30, 2011
unless extended thereafter on a month-to-month basis or for an extended term in
writing.
2.05
Payment for Services
The
remuneration of the Service Provider for its services shall be the sum of
US$2,500 per month plus GST at the prescribed rate payable in advance on the
first business day of each calendar month, the first of such installments to be
payable on the first day of July, 2008.
SECTION
3 – DISPUTES
3.01
Any dispute
arising under this agreement shall be settled by arbitration pursuant to
applicable Arbitration Statutes in effect in the Province of British Columbia by
a single arbitrator if the parties hereto are able to agree on a single
arbitrator within thirty (30) days after written demand to arbitrate is given in
writing by one party to the other, and failing such agreement, by three
arbitrators, one to be appointed by the Client, one to be appointed by the
Service Provider, and the third to be appointed by such two arbitrators, and the
decision of the single arbitrator or a majority of the arbitrators if three are
appointed, shall be final and binding upon the parties hereto, and such decision
shall include a direction as to the costs of the arbitration.
SECTION
4 – EARLY TERMINATION
4.01
This Agreement is subject to early termination by the Service Provider on ninety
(90) days written notice.
4.02
This Agreement is subject to early termination by the Client on sixty (60) days
written notice. In the event the Client terminates this Agreement, the
Client shall be liable for the payment of monthly service fees for an additional
period of three (3) months after the date notice is given which amount is the
agreed upon amount of liquidated damages the Service Provider will suffer or
incur as a result of the early termination of this Agreement.
SECTION
5 – SERVICE PROVIDER’S COVENANTS
5.01
Upon termination of this Agreement for any reason, or whenever requested by the
Service Provider, the Client shall deliver to the Service Provider all property
belonging to the Service Provider, including, without limitation: any keys,
security cards, passwords, devices or other property which may have come into
the Client’s possession during the course of the Agreement;
5.02
The Service Provider covenants with the Client to provide access to the business
premises during normal business hours during the Term and after normal business
hours provided access by the Client shall only be made in accordance with the
guidelines from time to time imposed on tenants in the building leased by the
Service Provider;
5.03
The Service Provider shall maintain the office premises in good repair and
properly maintained with acceptable janitorial services;
5.04
The Service Provider shall throughout the Term keep the premises insured for
loss and damage by fire in the sum of at least $2,000,000 and shall pay when due
all premiums necessary for the above purpose provided that the Service
Provider’s obligation under this covenant shall immediately cease if the
insurance covenanted for shall be rendered void by any act or default of the
Client;
5.05
The Service Provider shall if the premises are damaged by fire reinstate the
premises at his sole expense, with all reasonable speed; and
5.06
If the premises or any part of them are damaged by fire during the Term of this
lease, with the result that they are rendered unfit for habitation, then the
fees reserved by this Agreement or a fair proportion thereof in accordance with
the nature and extent of the damage shall be suspended until the leased premises
are again fit for habitation.
SECTION
6 - MISCELLANEOUS
6.01
Amendment or Termination
No
amendment or termination of this Agreement shall be valid unless it is in
writing and executed by the parties hereto.
6.02
Further Assurances
The
parties hereto shall execute all such further documents and give all such
further assurances as may be required to carry out the purpose and intent of
this Agreement.
6.03
Personal Agreement
This
Agreement is personal to the parties hereto and shall not be assigned except by
operation of law. If this Agreement is assigned by operation of law, it
shall enure to the benefit of and be binding upon such assigns. This
agreement shall enure to the benefit of and be binding upon the parties
hereto.
6.04
Notices
All
notices and other communications required or permitted to be given hereunder
shall be in writing and shall be delivered to the party for whom it is intended
at the address for such party as set forth in this Agreement, or to such other
address as either party may provide in writing to the other pursuant to the
provisions in this Subsection or may be sent by telecopy or by means of
facsimile transmission. Any notice shall be deemed to have been received
by the party to whom it is delivered, when delivered, and if transmitted by
telecopy or facsimile transmission, upon transmission.
6.05
Entire Agreement
This
Agreement contains the entire understanding between the parties and supersedes
any prior understandings and agreements between them respecting the subject
matters hereof. There are no other representations, agreements,
arrangements, or understandings, oral or written, between and among the parties
hereto or any of them, relating to the subject matter of this
Agreement.
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement the
30th
day of September, 2008
SWEETWATER
CAPITAL CORPORATION
By: “F.
Xxxxxx Xxx”
Title: _CFO
/
Director
SNOWDON RESOURCES
CORPORATION
By: “Xxxxxxx
X. Xxxxxx”
Title: Director