Exhibit 10.3

 

August 28, 2012

 

Timios National Corporation

4601 North Fairfax Road, Suite 1200

Arlington, VA 22203

Attn:  Thomas McMillen, CEO

 

Re:                             Termination and Release Agreement

 

Mr. McMillen:

 

Reference is made to that certain (i) Exchange Agreement entered into on the
date hereof (the “Exchange Agreement”) by Timios National Corporation (the
“Company”), YA Global Investments, L.P. (“YA”) and the other parties named
therein, (ii) Securities Purchase Agreement by and between the Company and YA
dated March 13, 2008 (the “2008 SPA”), (iii) Stock Pledge Agreement by and
between the Company and YA dated as of November 26, 2008 (the “First 2008 Stock
Pledge Agreement”), (iv) Stock Pledge Agreement by and between the Company and
YA dated as of November 28, 2008 (the “Second 2008 Stock Pledge Agreement”), (v)
Registration Rights Agreement by and between the Company and YA dated as of
March 14, 2008 (the “2008 Registration Rights Agreement”) and (vi) Investor
Registration Rights Agreement by and between the Company and YA dated as of
February 6, 2006 (the “2006 IRRA” and, collectively, with the 2008 SPA, First
2008 Stock Pledge Agreement, Second 2008 Stock Pledge Agreement and 2006 IRRA,
the “Specified Agreements”).  Capitalized terms used but not defined herein
shall have the meanings ascribed thereto in the Exchange Agreement.

 

Pursuant to the Exchange Agreement, YA, Management and Timios Management agreed
to restructure their investments in the Company and its subsidiaries.  In
connection therewith, among other things, YA and the Company agreed to terminate
the Specified Agreements.  Accordingly, YA and the Company hereby terminate the
Specified Agreements and, on and after the date hereof, the Specified Agreements
will be of no further force or effect.  YA hereby releases the Company from any
and all obligations owed by the Company to YA under the Specified Agreements and
the Company hereby releases YA from any and all obligations owed by YA to the
Company under the Specified Agreements.

 

 

Very truly yours,

 

 

 

YA GLOBAL INVESTMENTS, L.P.

 

 

 

By:

Yorkville Advisors, LLC

 

Its:

Investment Manager

 

 

 

 

By:

/s/ David Gonzalez

 

 

Name: David Gonzalez

 

 

Title: Member & General Counsel

 

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ACKNOWLEDGED AND AGREED:

 

 

 

TIMIOS NATIONAL CORPORATION

 

 

 

 

 

By:

/s/ C. Thomas McMillen

 

 

Name: C. Thomas McMillen

 

 

Title: President and CEO

 

 

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