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DEBT SETTLEMENT AGREEMENT

 

THIS AGREEMENT, made and dated for reference the * day of *, *.

BETWEEN:

> > > > WOLVERINE TECHNOLOGIES CORP., a company duly incorporated pursuant to
> > > > the laws of the State of Nevada and having an office at #55-11020
> > > > Williams Road, Richmond, BC, V7A 1X8.
> > > > 
> > > > (hereinafter called the “Company”)

OF THE FIRST PART

AND:

> > > > *.
> > > > 
> > > > (hereinafter called the “Creditor”)

OF THE SECOND PART

WHEREAS:

A.                   The Company is indebted to the Creditor in the amount of
USD $* as of the date hereof (the Debt”); and

 B.                   The Creditor has agreed to accept common shares in the
capital stock of the Company in lieu of payment of the debt.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and
of the covenants, conditions and provisos herein contained, and other good and
valuable consideration, the parties hereto agree as follows:

1.                   The Creditor hereby agrees to accept, subject to paragraph
2 hereof, * fully paid and non-assessable common shares in the capital of the
Company (the “Shares”) in lieu of payment of the Debt by the Company at a deemed
issuance price of USD $0.01 per Share.

2.                   The Creditor acknowledges that the issuance of the Shares
as contemplated by paragraph 1 of this Agreement is subject to compliance with
applicable securities laws. Further, the Creditor acknowledges that the
certificates representing the Shares will contain a restrictive legend
inhibiting the ability of the Creditor to trade such shares until the expiry of
a six month hold period.

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3.                   This Agreement shall enure to the benefit of and be binding
upon the parties hereto and their respective heirs, successors and assigns.

4.                   This Agreement shall be governed, construed and enforced
according to the laws of the Province of British Columbia and is subject to the
exclusive jurisdiction of the courts of the Province of British Columbia.

5.                   The parties agree to execute such further documents and
assurances as may be required to effect the intent hereof.

6.                   The Creditor agrees to abide by the provisions of
applicable securities laws in the disposition of any Shares of the Company
acquired pursuant to this Agreement.

7.                   The Creditor and the Company may execute this Agreement in
two or more counterparts, each of which is deemed to be an original and all of
which constitute one agreement, effective as of the date first above written.

WOLVERINE TECHNOLOGIES CORP.

 

 

_______________________
Richard Haderer

 

 

_______________________
*

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