|
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 PO Box 1049 Jacksonville, Oregon,
97530
(the
"Company")
OF THE FIRST PART
AND:
Mr. Rauno Perttu, of 2816 Upper Applegate Road,
Jacksonville
OR 97530
(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 Mr. Perttu 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
|
1.1
|
LOCATION OF WORK – It is mutually agreed that all work
performed by Mr. Perttu for the Company was performed in the United
States which the location of Mr. Perttu and the Company’s
properties. It is mutually agreed that no work was
performed in Canada
|
|
1.2
|
PRIOR PAYMENTS – It is mutually agreed that for US tax
purposes all prior payments made by the Company to Mr. Perttu will
be considered as payments to a consultant and not an
employee.
|
|
1.3
|
PRIOR ACCURALS – It is mutually agreed that the
Company’s lack of funds forced Mr. Perttu to obtain
compensation elsewhere and Mr. Perttu 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 p
|
| 
