NOVAGOLD RESOURCES INC. (TSE:NG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02(b) Departure of Directors or Certain Officers
David Deisley, the Company’s Executive Vice President and General Counsel, has announced his intention to retire effective December 31, 2018.
In connection with his upcoming retirement, Mr. Deisley has agreed to provide consulting services to the Company on a limited basis during calendar year 2019 following his retirement. On December 17, 2018, Mr. Deisley entered into a Consulting Services Agreement with NovaGold USA, Inc. (“NGUSA”) effective January 1, 2019 (the “Consulting Agreement”) to which Mr. Deisley will continue to work in a consulting capacity following his retirement.
Under the terms of the Consulting Agreement, which begins on January 1, 2019 and continues through December 31, 2019 (the “Consulting Period”), unless extended or terminated by mutual agreement of the parties or terminated earlier by NGUSA under certain circumstances, Mr. Deisley will provide consulting services to NGUSA related to legal services and other business matters for a consulting fee of $7,500 per month, plus an additional hourly rate for hours worked in excess of 10 hours per month (not to exceed $125,000 on an annual basis). Additionally, all of Mr. Deisley’s unvested equity awards will continue to vest according to their terms as long as Mr. Deisley continues to serve as a consultant during the Consulting Period. The Consulting Agreement also contains customary provisions related to confidentiality.
About NOVAGOLD RESOURCES INC. (TSE:NG)
Novagold Resources Inc. is a mineral exploration company. The Company is engaged in the exploration and development of mineral properties. The Company’s segment is involved in the exploration and development of mineral properties. The Company is focused on advancing permitting of the Donlin Gold project in Alaska. The Donlin Gold property is located in southwestern Alaska, approximately 20 kilometers north of the village of Crooked Creek on the Kuskokwim River. The Company holds interests in the Galore Creek copper-gold-silver project in British Columbia, Canada. The Galore Creek property comprises approximately 293,840 acres. The Company also holds interests in Copper Canyon Resources Ltd., an exploration company whose principal asset is its interest in the Copper Canyon copper-gold-silver property that is adjacent to the Galore Creek project. The Company does not produce gold or any other minerals.
