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| PZG > SEC Filings for PZG > Form 8-K on 7-Nov-2012 | All Recent SEC Filings |
7-Nov-2012
Completion of Acquisition or Disposition of Assets, Change in Direc
On November 5, 2012, X-Cal USA, Inc. , a wholly owned subsidiary of Paramount Gold and Silver Corp. ("the Company") has sold its non-core Reese River unpatented mining claims in Nevada to Valor Gold Corporation for 6 million shares of restricted common stock and cash of $21,000. The claims were sold subject to a 2% net smelter royalty in favor of Royal Gold Corporation. The mining claims are not significant to the Company and were carried at a cost base of $64,000 on the balance sheet prior to the sale.
On November 5, 2012, the Company entered into an Employment Agreement with Glen van Treek, Vice President of Exploration providing an annual salary of $200,000 along with a provision for performance bonuses at the discretion of the Board of Directors. Mr. van Treek is also entitled to the following: (i) if employment is terminated as a result of change of control, the aggregate of two times annual compensation be paid upon termination, and (ii) that prior to a Control Change, a cash bonus be paid as determined by the Board and the Board, will take into consideration such matters as the Board sees fit, including, without limitation, the premium, if any, received by shareholders on the Control Change.
On November 5, 2012, the Company entered into an Amended Employment Agreement with Carlo Buffone, Chief Financial Officer providing the following modifications: (i) an increase in base annual salary to $200,000, ii) if employment is terminated as a result of change of control, the aggregate of two times annual compensation be paid upon termination, and (iii) that prior to a Control Change, a cash bonus be paid as determined by the Board and the Board, will take into consideration such matters as the Board sees fit, including, without limitation, the premium, if any, received by shareholders on the Control Change.
On November 5, 2012, the Company entered into an Amended Employment Agreement
with Christopher Crupi, Chief Financial Officer providing the following
modifications: (i) if employment is terminated as a result of change of control,
the aggregate of two times annual compensation be paid upon termination, and
(ii) that prior to a Control Change, a cash bonus be paid as determined by the
Board and the Board, will take into consideration such matters as the Board sees
fit, including, without limitation, the premium, if any, received by
shareholders on the Control Change.
The foregoing description of the material terms of the foregoing employment agreement and amended employment agreements and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the relevant exhibits.
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