Document:

ex10-4.htm

Exhibit 10.4

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of February 3, 2014, by and between North Bay Resources, Inc., a Delaware corporation, with headquarters located at 2120 Bethel Road, Lansdale, PA 19446 (the “Company”), and LG Capital Funding, LLC., a New York Limited Liability Company, with its address at 1218 Union Street, Suite #2, Brooklyn, NY 11225 (the “Buyer”).

WHEREAS:

A. The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “1933 Act”);

B. Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement two 5% convertible notes of the Company, in the forms attached hereto as Exhibit A and B in the aggregate principal amount of $66,000.00 (with the first note being in the amount of $33,000 and the second note being in the amount of $33,000  (together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”), convertible into shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note. The first of the two notes (the “First Note”) shall be paid for by the Buyer as set forth herein.  The second note (the “Second Note”) shall initially be paid for by the issuance of an offsetting $33,000.00 secured note issued to the Company by the Buyer (“Buyer Note”), provided that prior to conversion of the Second Note, the Buyer must have paid off the Buyer Note in cash such that the Second Note may not be converted until it has been paid for in cash.

C. The Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set forth immediately below its name on the signature pages hereto; and

 

NOW THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

1. Purchase and Sale of Note.

a. Purchase of Note.  On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages hereto.

 

  

  

  

b. Form of Payment.  On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and (ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

c. Closing Date.  The date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be on or about February 3, 2014, or such other mutually agreed upon time.  The closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties. Subsequent Closings shall occur when the Buyer Note is repaid.

2. Buyer’s Representations and Warranties.  The Buyer represents and warrants to the Company that:

a. Investment Purpose.  As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of or otherwise pursuant to the Note, such shares of Common Stock being collectively referred to herein as the “Conversion Shares” and, collectively with the Note, the “Securities”) for its own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act; provided, however, that by making the representations herein, the Buyer does not agree to hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration statement or an exemption under the 1933 Act.

b. Accredited Investor Status.  The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D (an “Accredited Investor”).

c. Reliance on Exemptions.  The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the Securities.

d. Information.  The Buyer and its advisors, if any, have been, and for so long as the Note remain outstanding will continue to be, furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Buyer or its advisors.  The Buyer and its advisors, if any, have been, and for so long as the Note remain outstanding will continue to be, afforded the opportunity to ask questions of the Company.  Notwithstanding the foregoing, the Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer.  Neither such inquiries nor any other due diligence investigation conducted by Buyer or any of its advisors or representatives shall modify, amend or affect Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below.  The Buyer understands that its investment in the Securities involves a significant degree of risk. The Buyer is not aware of any facts that may constitute a breach of any of the Company's representations and warranties made herein.

 

  

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e. Governmental Review.  The Buyer understands that no United States federal or state agency or any other government or governmental agency has passed upon or made any recommendation or endorsement of the Securities.

f. Transfer or Re-sale.  The Buyer understands that (i) the sale or re-sale of the Securities has not been and is not being registered under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the Securities are sold pursuant to an effective registration statement under the 1933 Act, (b) the Buyer shall have delivered to the Company, at the cost of the Buyer, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to an exemption from such registration, which opinion shall be accepted by the Company, (c) the Securities are sold or transferred to an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”)) of the Buyer who agrees to sell or otherwise transfer the Securities only in accordance with this Section 2(f) and who is an Accredited Investor, (d) the Securities are sold pursuant to Rule 144, or (e) the Securities are sold pursuant to Regulation S under the 1933 Act (or a successor rule) (“Regulation S”), and the Buyer shall have delivered to the Company, at the cost of the Buyer, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions, which opinion shall be accepted by the Company; (ii) any sale of such Securities made in reliance on Rule 144 may be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such Securities under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation to register such Securities under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder (in each case).  Notwithstanding the foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral in connection with a bonafide margin account or other lending arrangement.

g. Legends.  The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act may be sold pursuant to Rule 144 or Regulation S without any restriction as to the number of securities as of a particular date that can then be immediately sold, the Conversion Shares may bear a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of the certificates for such Securities):

 

  

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“NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

The legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation S without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected.  The Buyer agrees to sell all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144 or Regulation S, within 2 business days, it will be considered an Event of Default under the Note.

h. Authorization; Enforcement. This Agreement has been duly and validly authorized.  This Agreement has been duly executed and delivered on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.

i. Residency.  The Buyer is a resident of the jurisdiction set forth immediately below the Buyer’s name on the signature pages hereto.

3. Representations and Warranties of the Company.  The Company represents and warrants to the Buyer that:

 

  

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a. Organization and Qualification.  The Company and each of its subsidiaries, if any, is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted.

b. Authorization; Enforcement.  (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is the true and official representative with authority to sign this Agreement and the other documents executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

c. Issuance of Shares.  The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance with its respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Company and will not impose personal liability upon the holder thereof.

d. Acknowledgment of Dilution.  The Company understands and acknowledges the potentially dilutive effect to the Common Stock upon the issuance of the Conversion Shares upon conversion of the Note.  The Company further acknowledges that its obligation to issue Conversion Shares upon conversion of the Note in accordance with this Agreement, the Note is absolute and unconditional regardless of the dilutive effect that such issuance may have on the ownership interests of other shareholders of the Company.

e. No Conflicts.  The execution, delivery and performance of this Agreement, the Note by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its subsidiaries is a party, or (iii)  result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are subject) applicable to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a material adverse effect).  All consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof.  The Company is not in violation of the listing requirements of the National Quotations Bureau (the “OTCQB”) and does not reasonably anticipate that the Common Stock will be delisted by the OTCQB in the foreseeable future, nor are the Company’s securities “chilled” by FINRA.  The Company and its subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing.

 

  

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f. Absence of Litigation.  There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its subsidiaries, threatened against or affecting the Company or any of its subsidiaries, or their officers or directors in their capacity as such, that could have a material adverse effect.  Schedule 3(f) contains a complete list and summary description of any pending or, to the knowledge of the Company, threatened proceeding against or affecting the Company or any of its subsidiaries, without regard to whether it would have a material adverse effect.  The Company and its subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing.

g. Acknowledgment Regarding Buyer’ Purchase of Securities.  The Company acknowledges and agrees that the Buyer is acting solely in the capacity of arm’s length purchasers with respect to this Agreement and the transactions contemplated hereby.  The Company further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any statement made by the Buyer or any of its respective representatives or agents in connection with this Agreement and the transactions contemplated hereby is not advice or a recommendation and is merely incidental to the Buyer’ purchase of the Securities.  The Company further represents to the Buyer that the Company’s decision to enter into this Agreement has been based solely on the independent evaluation of the Company and its representatives.

h. No Integrated Offering.  Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would require registration under the 1933 Act of the issuance of the Securities to the Buyer.  The issuance of the Securities to the Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes of any shareholder approval provisions applicable to the Company or its securities.

 

i. Title to Property.  The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them which is material to the business of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances and defects except such as are described in Schedule 3(i) or such as would not have a material adverse effect.  Any real property and facilities held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as would not have a material adverse effect.

 

  

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j. Breach of Representations and Warranties by the Company.  If the Company breaches any of the representations or warranties set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an Event of default under the Note.

4. COVENANTS.

a. Expenses.  At the Closing, the Company shall reimburse Buyer for expenses incurred by them in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the other agreements to be executed in connection herewith (“Documents”), including, without limitation, reasonable attorneys’ and consultants’ fees and expenses, transfer agent fees, fees for stock quotation services, fees relating to any amendments or modifications of the Documents or any consents or waivers of provisions in the Documents, fees for the preparation of opinions of counsel, escrow fees, and costs of restructuring the transactions contemplated by the Documents.  When possible, the Company must pay these fees directly, otherwise the Company must make immediate payment for reimbursement to the Buyer for all fees and expenses immediately upon written notice by the Buyer or the submission of an invoice by the Buyer. The Company’s obligation with respect to this transaction is to reimburse Buyer’ expenses shall be $1,500 in legal fees, which shall be deducted from the Note.

b. Listing.  The Company shall promptly secure the listing of the Conversion Shares upon each national securities exchange or automated quotation system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance) and, so long as the Buyer owns any of the Securities, shall maintain, so long as any other shares of Common Stock shall be so listed, such listing of all Conversion Shares from time to time issuable upon conversion of the Note.  The Company will obtain and, so long as the Buyer owns any of the Securities, maintain the listing and trading of its Common Stock on the OTCQB or any equivalent replacement exchange, the Nasdaq National Market (“Nasdaq”), the Nasdaq SmallCap Market (“Nasdaq SmallCap”), the New York Stock Exchange (“NYSE”), or the American Stock Exchange (“AMEX”) and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Financial Industry Regulatory Authority (“FINRA”) and such exchanges, as applicable.  The Company shall promptly provide to the Buyer copies of any notices it receives from the OTCQB and any other exchanges or quotation systems on which the Common Stock is then listed regarding the continued eligibility of the Common Stock for listing on such exchanges and quotation systems.

c. Corporate Existence.  So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale of all or substantially all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes the Company’s obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii) is a publicly traded corporation whose Common Stock is listed for trading on the OTCQB, Nasdaq, Nasdaq SmallCap, NYSE or AMEX.

 

  

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d. No Integration.  The Company shall not make any offers or sales of any security (other than the Securities) under circumstances that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval provision applicable to the Company or its securities.

e. Breach of Covenants.  If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an event of default under the Note.

5. Governing Law; Miscellaneous.

a. Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of laws.  Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state and county of New York.  The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.  The Company and Buyer waive trial by jury.  The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs.  In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law.  Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.   Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

b. Counterparts; Signatures by Facsimile.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party.  This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

  

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c. Headings.  The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of, this Agreement.

d. Severability.  In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law.  Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision hereof.

e. Entire Agreement; Amendments.  This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters.  No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

f. Notices.  All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice.  Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.  The addresses for such communications shall be:

 

If to the Company, to:

North Bay Resources, Inc.

2120 Bethel Road

Lansdale, PA 19446

Attn: Perry Leopold, CEO

 

If to the Buyer:

LG CAPITAL FUNDING, LLC

1218 Union Street, Suite #2

Brooklyn, NY 11225

Attn: Joseph Lerman

 

  

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Each party shall provide notice to the other party of any change in address.

g. Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.  Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other.  Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person that purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act, without the consent of the Company.

h. Third Party Beneficiaries.  This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

i. Survival.  The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer.  The Company agrees to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

j. Further Assurances.  Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

k. No Strict Construction.  The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

l. Remedies.  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating the intent and purpose of the transaction contemplated hereby.  Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.

 

  

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IN WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

North Bay Resources, Inc.

By: /s/ Perry Leopold                             

Name: Perry Leopold                              

Title: CEO

LG CAPITAL FUNDING, LLC.

By: /s/ Joseph Lerman                                                                                                        

Name: Joseph Lerman

Title:   Manager

AGGREGATE SUBSCRIPTION AMOUNT:

Aggregate Principal Amount of Note:                                                                                                           $33,000.00

Aggregate Purchase Price:

$33,000.00 less an original issue discount of $3,000, $1500 legal fees and $2,400 in investment banking fees.

	
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Identical payments to be made on the cash funding of the Buyer Note

  

11EX-10.1

 Exhibit 10.1 

SPECIAL OFFICER SEPARATION AGREEMENT 

This Special Officer Separation Agreement (the “Agreement”) dated as of February 5, 2014 is entered into by and between Dan
Sheldon (the “Executive”) and Broadridge Financial Solutions, Inc., a Delaware corporation (the “Company”). 
  

	I.	Separation from Employment 

 Effective as of February 5, 2014, the Executive hereby
resigns as the Corporate Vice President and Chief Financial Officer of the Company and from all officer positions with the Company and its subsidiaries, as well as his membership on all boards of directors and committees of the Company and its
subsidiaries, and shall be employed in an advisory role to assist in transition matters from and after such date. The Executive’s employment with the Company and its subsidiaries shall terminate on April 11, 2014 (the “Separation
Date”) and, as of that date, the Executive shall cease performing all duties and responsibilities for the Company and its subsidiaries. Concurrent with the Executive’s execution of this Agreement, the Executive shall execute and deliver to
the Company the letter of resignation attached to this Agreement as Exhibit A. 
  

	II.	Special Payments and Benefits 

 Subject, where provided below, to (i) the
Executive’s nonrevocation as provided in Section IX of this Agreement, (ii) the Executive’s execution and delivery within 21 days after the Separation Date (and nonrevocation within the seven-day statutory revocation period) of
the Separation Date Release attached to this Agreement as Exhibit B (the “Separation Date Release”) and (iii) the Executive’s compliance with the terms of this Agreement and the Separation Date Release, the Executive shall be
entitled to the special payments and benefits set forth in Sections II.A, II.B, II.C and II.D below. 
 A. Separation Payment 

Subject to the Executive’s nonrevocation of this Agreement, the Executive’s execution, delivery and nonrevocation of the Separation
Date Release and the Executive’s compliance with the terms of this Agreement and the Separation Date Release (as described above), the Executive shall be entitled to a separation payment, in a single, lump sum, in cash, payable not later than
July 31, 2014, in the amount of $750,000. 
 B. 2014 Annual Cash Incentive 

Subject to the Executive’s nonrevocation of this Agreement, the Executive’s execution, delivery and nonrevocation of the Separation
Date Release and the Executive’s compliance with the terms of this Agreement and the Separation Date Release (as described above), the Executive shall be entitled to payment of his annual cash incentive award for the fiscal year ending
June 30, 2014, at the time that 2014 annual cash incentive awards are paid to Company officers, which is currently expected to be August 29, 2014, which payment shall be determined by the Compensation Committee of the Board of Directors of
the Company (the “Compensation Committee”) based on actual financial performance of the Company relative to the fiscal-year financial goals previously established by the Compensation Committee and prorated based on the number of
months completed during the fiscal year prior to the Separation Date. In determining the amount 

  
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of the prorated payment that is based on the Executive’s personal performance, the amount shall bear the same proportion to the target amount allocated to personal performance measures as
the amount of the prorated payment that is based on the Company’s financial performance bears to the target amount allocated to financial performance for the fiscal year. For example, if financial performance metrics are achieved at target, the
entire payment will be made at target. 
 C. Stock Option Awards 

Subject to the Executive’s nonrevocation of this Agreement, the Executive’s execution, delivery and nonrevocation of the Separation
Date Release and the Executive’s compliance with the terms of this Agreement and the Separation Date Release (as described above), the Stock Option Grants (“Options”) awarded to the Executive under the 2007 Omnibus Award Plan (the
“2007 Plan”) with dates of grant on February 9, 2012 and February 11, 2013, in each case, shall continue to vest in accordance with the terms of the Options as if the Executive were continuously employed by the Company following
the Separation Date for a period of 36 months and be exercisable for a period of 36 months following the Separation Date. The Options awarded to the Executive under the 2007 Plan that have dates of grant prior to September 16, 2011 shall,
in accordance with the terms of the Options, continue to vest and be exercisable following the Separation Date for a period of 36 months. 

D. Restricted Stock Units 

Subject to the Executive’s nonrevocation of this Agreement, the Executive’s execution, delivery and nonrevocation of the Separation
Date Release and the Executive’s compliance with the terms of this Agreement and the Separation Date Release (as described above), the Restricted Stock Unit Grants (“RSUs”) awarded to the Executive under the 2007 Plan with dates of
grant on October 1, 2012 and October 1, 2013 shall vest on April 1, 2015 and April 1, 2016, respectively, and, in each case, the portion of the RSU that vests shall be prorated based on the portion of the relevant performance
period completed as of the Separation Date, rounded to the nearest full fiscal quarter, and shall be determined pursuant to the 2007 Plan based on the actual financial performance of the Company relative to the financial goals previously established
by the Compensation Committee for the performance period under each RSU. 
  

	III.	Accrued Wages, Expenses and Matching Gifts 

 The Executive shall receive the
Executive’s accrued but unpaid wages and accrued but unused time off due through the Separation Date in accordance with the Company’s normal payroll practices. In addition, the Executive shall be entitled to reimbursement for any
unreimbursed business expenses properly incurred by the Executive prior to the Separation Date in accordance with Company policy (and for which the Executive has submitted proper documentation as may be required by the Company), and the Company
shall match the Executive’s contributions to qualified tax-exempt organizations made on or prior to the Separation Date subject to and in accordance with the terms of the Company’s Director & Officer Matching Gift Program. 

  
 2 

	IV.	Employee Benefit Plans 

 The Executive’s vested accrued benefits under the
Company’s Retirement Savings Plan and Supplemental Officers Retirement Plan and benefits under the Executive Retiree Health Insurance Plan and other employee welfare benefit plans of the Company (not including any severance plan or
arrangement), if any, due to the Executive following the Separation Date shall be determined in accordance with the terms and conditions of the employee benefit plans of the Company, as applicable. 

 

	V.	No Other Benefits 

 Except as set forth in this Agreement, there are no other payments or
benefits due to the Executive from the Company or its subsidiaries following the Separation Date. The Executive and the Company each acknowledge and agree that the payments and benefits provided pursuant to this Agreement are intended to be exempt
from or otherwise comply with the requirements of Section 409Aof the Internal Revenue Code of 1986, as amended, and neither party will take any contrary position on any tax return or report, unless otherwise required by law. 

 

	VI.	Release of Claims 

 In partial consideration of the special separation payments and
benefits described in this Agreement, to which the Executive agrees the Executive would not be entitled unless the Executive executes this Agreement, the Executive, for and on behalf of the Executive and the Executive’s heirs and assigns (the
“Releasors”), hereby irrevocably and unconditionally releases and forever discharges the Company and its members, shareholders, parents, subsidiaries, affiliates, subsidiaries, divisions, any and all current and former directors, officers,
employees, agents, and contractors (in their capacities as such) and their heirs and assigns, and any and all employee pension benefit or welfare benefit plans of the Company or its subsidiaries or affiliates, including current and former trustees
and administrators of such employee pension benefit and welfare benefit plans (collectively, the “Releasees”), from all claims, actions, causes of action, rights, judgments, obligations, damages, charges, accountings, demands or
liabilities of whatever kind or character, in law or in equity, whether known or unknown, (collectively, the “Claims”) which may have existed or which may now exist from the beginning of time to the date of this Agreement, including,
without limitation, any Claims the Releasors may have arising from or relating to the Executive’s employment, hiring or entering into employment or termination from employment with the Company, its subsidiaries or affiliates or relating to any
agreement between the Executive and the Company, its subsidiaries or affiliates, and any Claims the Releasors may have under: the Civil Rights Act of 1964, as amended, and the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990, as
amended, and the Rehabilitation Act of 1973; the Family and Medical Leave Act of 1993; Section 1981 of the Civil Rights Act of 1866; Section 1985(3) of the Civil Rights Act of 1871; the Equal Pay Act; the Employee Retirement Income
Security Act of 1974, as amended; all claims based on the Constitution and laws of the State of New York, the City of New York, and the State of New Jersey, New York State Wage and Hour Laws, New York State Human Rights Law, New York Executive Law,
New York Civil Rights Act, New York Whistleblower’s Law, New York AIDS Testing Confidentiality Act, New York Occupational Safety and Health Laws, New York City Human Rights Act, New York City Administrative Code, New York Labor Law, New Jersey
Law Against Discrimination, New Jersey Conscientious Employee Protection Act, New Jersey Family Leave Act, New Jersey Wage and Hour Laws, New Jersey Wage Discrimination Act; any other federal, state, local or foreign laws against discrimination; or
any other federal, state, local or foreign statute, or common law relating to employment, wages, hours, or any other terms and conditions of employment. This includes 

  
 3 

 
a release by the Releasors of any Claims for wrongful discharge, breach of contract, torts or any other Claims in any way related to the Executive’s employment with, hiring by or termination
from the Company, its subsidiaries or affiliates. This also includes a release of any Claims for age discrimination under the Age Discrimination in Employment Act of 1967, as amended by the Older Workers’ Benefit Protection Act and the
applicable rules and regulations promulgated thereunder (“ADEA”), which requires that the Executive be advised to consult with an attorney before the Executive waives any claim under ADEA. The foregoing does not release the Company from
any obligations due to the Executive under this Agreement, and the Executive is not waiving any right of indemnification and/or advancement he may have under the Company’s charter documents by-laws, or otherwise under applicable law or the
right to coverage under any directors and officers’ liability insurance maintained by the Company. In addition, the Executive waives any claim to reinstatement or re-employment with the Company or its subsidiaries, and the Executive agrees not
to bring any claim based upon the failure or refusal of the Company or any of its subsidiaries to employ the Executive hereafter. 
  

	VII.	Proceedings 

 The Executive acknowledges that the Executive has not filed any complaint,
charge, claim or proceeding against any of the Releasees before any local, state or federal agency, court or other body (each individually a “Proceeding”). The Executive represents that the Executive is not aware of any basis on which such
a Proceeding could reasonably be instituted. By signing this Agreement, the Executive: (a) acknowledges that the Executive shall not initiate or cause to be initiated on his behalf any Proceeding and shall not participate in any Proceeding, in
each case, except as required by law; (b) waives any right the Executive may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding, including any Proceeding conducted by the Equal Employment
Opportunity Commission (“EEOC”); and (c) acknowledges that the Executive shall be limiting the availability of certain remedies that the Executive may have against the Company and limiting also the Executive’s ability to pursue
certain claims against the Releasees. Notwithstanding the above, nothing in Section VI of this Agreement shall prevent the Executive from: (x) initiating or causing to be initiated on his behalf any complaint, charge, claim or proceeding
against the Company before any local, state or federal agency, court or other body challenging the validity of the waiver of his claims under ADEA contained in Section V of this Agreement (but no other portion of such waiver), or (y) initiating
or participating in an investigation or proceeding conducted by the EEOC. 
  

	VIII.	Consideration 

 The special separation payments and benefits payable to the Executive
under this Agreement include consideration provided to the Executive over and above anything of value to which the Executive already is entitled. The Executive acknowledges that the Executive has had sufficient time from the date of the
Executive’s receipt of this Agreement to consider all the provisions of this Agreement. 
 THE EXECUTIVE FURTHER ACKNOWLEDGES THAT THE
EXECUTIVE HAS READ THIS AGREEMENT CAREFULLY, HAS BEEN ADVISED BY THE COMPANY TO CONSULT (AND THE EXECUTIVE HAS CONSULTED) AN ATTORNEY, AND FULLY UNDERSTANDS THAT BY SIGNING BELOW THE EXECUTIVE IS GIVING UP

  
 4 

 
CERTAIN RIGHTS WHICH THE EXECUTIVE MAY HAVE TO SUE OR ASSERT A CLAIM AGAINST ANY OF THE RELEASEES, AS DESCRIBED IN THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES THAT THE EXECUTIVE HAS NOT BEEN
FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS AGREEMENT, AND THE EXECUTIVE AGREES TO ALL OF ITS TERMS VOLUNTARILY. 
  

	IX.	Revocation 

 The Executive hereby acknowledges and understands that the Executive shall
have seven days from the date of the Executive’s execution of this Agreement to revoke the release of Claims arising under ADEA under Section VI of this Agreement by providing written notice of revocation delivered to the General Counsel of the
Company no later than 5:00 p.m. on the seventh day after the Executive has signed the Agreement. Neither the Company nor any other person is obligated to provide any of the special separation payments and benefits under this Agreement unless eight
days have passed since the Executive’s execution of this Agreement without the Executive having revoked this Agreement. If the Executive revokes this Agreement pursuant to this Section IX, the Executive shall not have any right or entitlement
to any such payments and benefits; provided that all other provisions of the Agreement shall continue in full force and effect. 
  

	X.	No Admission 

 This Agreement does not constitute an admission of liability or wrongdoing
of any kind by the Executive or the Company. 
  

	XI.	Restrictive Covenants 

 During the Executive’s employment with the Company or one of
its subsidiaries, the Executive participated in policy decisions and had access to the confidential information and trade secrets of the Company and its subsidiaries which constitute valuable, highly confidential, special and unique property of the
Company and its subsidiaries. The Executive agrees as follows: 
 A. Noncompetition 

During the period of the Executive’s employment and the period of 18 months following the date hereof (together, the “Restricted
Period”), the Executive will not, directly or indirectly, become or be interested in, employed by, or associated with in any capacity, any person, corporation, partnership or other entity whatsoever (a “Person”) engaged in any aspect
of the Company’s or its subsidiaries’ businesses or businesses the Company or any of its subsidiaries had formal plans to enter on the November 11, 2013, in a capacity which is the same or similar to any capacity in which the
Executive was involved during the last two years of his employment with the Company or any of its subsidiaries. The restrictions set forth in this Section XI.A shall apply only to the business or businesses that the Company or any of its
subsidiaries is engaged in or has formal plans to enter with which the Executive was involved. During the Restricted Period, however, nothing shall prevent the Executive from owning, as an inactive investor, securities of any competitor of the
Company or any of its subsidiaries which are listed on a national securities exchange. Furthermore, during the Restricted Period, the Executive may become employed in a separate, autonomous division of a corporation, provided such division is not a
competitor of the Company or any of its subsidiaries. 

  
 5 

 B. Confidentiality/Return of Materials 

During and after his employment by the Company or one of its subsidiaries, the Executive will not use, or disclose to any Person any
confidential information, trade secrets or proprietary information of the Company or its subsidiaries, its vendors, licensors, marketing partners or clients, learned by the Executive during his employment and/or any of the names and addresses of
clients of the Company or any of its subsidiaries. The Executive acknowledges that he is prohibited from taking any confidential, proprietary or other materials or property of the Company or its subsidiaries upon termination of employment. Upon
termination of employment, the Executive shall return all materials of the Company and its subsidiaries (including, without limitation, all memoranda and notes containing the names, addresses and/or needs of clients of the Company or any of its
subsidiaries and bona fide prospective clients) in the Executive’s possession or over which the Executive exercises control, regardless of whether such materials were prepared by the Company, any of its subsidiaries, the Executive or a third
party. 
 C. Nonsolicitation of Clients 

During the Restricted Period, the Executive shall not, on the Executive’s behalf or on behalf of any Person, directly or indirectly,
solicit, contact, call upon, communicate with or attempt to communicate with any Person which was a client (or a bona fide prospective client of which the Executive knew or had reason to know) of the Company or any of its subsidiaries before
November 11, 2013, to sell (license or lease) any software or service competitive with any software or services sold, licensed, leased, provided or under development by the Company or any of its subsidiaries during the two-year period prior to
November 11, 2013, provided that the restrictions set forth in this Section IX.C shall only apply to such clients or bona fide prospective clients of businesses of the Company or any of its subsidiaries with which the Executive was
involved. 
 D. Nonsolicitation of Employees 

During the Restricted Period, the Executive will not, directly or indirectly, (i) hire, contract with, solicit, or encourage any employee
to leave the employ of the Company or any of its subsidiaries, or (ii) hire or contract with any former employee of the Company or any of its subsidiaries within one year after the date such person ceases to be an employee of the Company and
its subsidiaries. 
 E. Work Product 

The Executive understands and acknowledges that the Company shall have the sole and exclusive rights to anything relating to its actual or
prospective business which the Executive conceived or worked on, either in whole or in part, while employed by the Company or one of its subsidiaries and that all such work product may be property of the Company as “works for hire” under
federal copyright law and may also constitute confidential and proprietary information of the Company. Accordingly, the Executive: 

(a) will promptly and fully disclose all such items to the Company and will not disclose such items to any other person or
entity without the Company’s consent; 

  
 6 

 (b) will maintain on the Company’s behalf and surrender to the Company upon
termination of employment appropriate written records regarding all such items; 
 (c) will, but without personal
out-of-pocket expense, which shall be reimbursed by the Company, fully cooperate with the Company, execute all papers and perform all acts requested by the Company to establish, confirm or protect its exclusive rights in such items or to enable it
to transfer legal title to such items, together with any patents that may be issued; 
 (d) will, but without personal
out-of-pocket expense, which shall be reimbursed by the Company, provide such information and true testimony as the Company may request regarding such items including, without limitation, items which the Executive neither conceived nor worked on but
regarding which the Executive has knowledge because of the Executive’s employment with the Company or one of its subsidiaries; 

(e) hereby assigns to the Company, its successors and assigns, exclusive right, title and interest in and to all such items,
including any patents which have been or may be issued; and 
 (f) states that only such items in which the Executive
personally holds or claims an interest and which are not subject to this Agreement are listed on the Ownership Schedule attached hereto. The absence of an Ownership Schedule means that no such items exist. 

F. Restrictions Reasonable 

It is expressly understood and agreed that, although the Executive and the Company consider the restrictions contained in this Section XI to be
reasonable, if a judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Section XI or elsewhere in this Agreement is an unenforceable restriction against the
Executive, the provisions of the Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable.
Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of
any of the other restrictions contained herein. 
 G. Nondisparagement 

The Executive agrees (whether on, after or prior to the Separation Date) not to issue, circulate, publish or utter any false or disparaging
statements, remarks or rumors about the Company or its subsidiaries or the officers, directors or managers of the Company or its subsidiaries; however, notwithstanding the above, to the extent reasonably necessary, the Executive may respond in a
truthful and appropriate manner to any legal process or give truthful and appropriate testimony in a legal or regulatory proceeding. The Company shall direct its executive officers 

  
 7 

 
(as defined by the Securities Exchange Act of 1934, as amended) not (whether on, after or prior to the Separation Date) to issue, circulate, publish or utter any false or disparaging statements,
remarks or rumors about the Executive; however, notwithstanding the above, to the extent reasonably necessary, such executive officers may respond in a truthful and appropriate manner to any legal process or give truthful and appropriate testimony
in a legal or regulatory proceeding. 
 H. Code of Conduct 

The Executive agrees to abide by the applicable terms of the Company’s Code of Business Conduct and Ethics and the Code of Ethics for the
Principal Executive Officer and Senior Financial Officers, and the terms of the Company’s Clawback Policy shall continue to apply. 

I. Cooperation 
 After the
Separation Date, the Executive agrees to spend up to 100 hours to cooperate: (a) with the Company to provide information or other assistance relating to existing business operations or activities of the Company during the Restricted Period; and
(b) with the Company in connection with any litigation or regulatory matters in which the Executive may have relevant knowledge or information. This cooperation shall include, without limitation, the following: (x) to meet and confer, at a
time mutually convenient to the Executive and the Company, with the Company’s designated in-house or outside attorneys for trial preparation purposes, including answering questions, explaining factual situations, preparing to testify, or
appearing for deposition; (y) to appear for trial and give truthful trial testimony without the need to serve a subpoena for such appearance and testimony; and (z) to give truthful sworn statements to the Company’s attorneys upon
their request and, for purposes of any deposition or trial testimony, to adopt the Company’s attorneys as the Executive’s own (provided that there is no conflict of interest that would disqualify the attorneys from representing the
Executive). The Company agrees to be respectful of the Executive’s schedule in connection with any requests for Executive’s cooperation pursuant to this Section XI.I, to provide the Executive with reasonable notice of the need for his
cooperation under this paragraph, to schedule a mutually convenient time for such cooperation, and to reimburse the Executive for reasonable out-of-pocket expenses necessarily incurred by the Executive in connection with the cooperation set forth in
this Section XI.I. 
 XII. Enforcement 

The Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of
Section XI of this Agreement would be inadequate, and, in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be
entitled to seek equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available in the Supreme Court of New York, New York County, or in
the Federal District Court for the Southern District of New York. 

  
 8 

	XIII.	General Provisions 

 A. No Waiver; Severability 

A failure of the Company or any of the Releasees to insist on strict compliance with any provision of this Agreement shall not be deemed a
waiver of such provision or any other provision hereof. If any provision of this Agreement is determined to be so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable, and in the event that any
provision is determined to be entirely unenforceable, such provision shall be deemed severable, such that all other provisions of this Agreement shall remain valid and binding upon the Executive and the Releasees. 

B. Governing Law 
 THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR THE CONFLICT OF LAWS
PROVISIONS OF ANY OTHER JURISDICTION WHICH WOULD CAUSE THE APPLICATION OF ANY LAW OTHER THAN THAT OF THE STATE OF NEW YORK. 
 C. Entire
Agreement/Counterparts 
 This Agreement constitutes the entire understanding and agreement between the Company and the Executive with
regard to all matters herein and supersedes any other agreements between the Company and the Executive relating to noncompetition and nonsolicitation of clients and employees. There are no other agreements, conditions, or representations, oral or
written, express or implied, with regard thereto. This Agreement may be amended only in writing, signed by the parties hereto. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. 
 D. Withholding 

The Company shall be entitled to withhold from any amount payable hereunder any federal, state and local taxes to satisfy any withholding tax
obligation it may have under any applicable federal, state or local law. 
 E. Notice 

For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed
to have been duly given if delivered: (a) personally; (b) by overnight courier service; (c) by facsimile transmission; or (d) by United States registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses, as set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith; provided that notice of change of address shall be effective only upon receipt. Notices
shall be deemed given as follows: (x) notices sent by personal delivery or overnight courier shall be deemed given when delivered; (y) notices sent by facsimile 

  
 9 

 
transmission shall be deemed given upon the sender’s receipt of confirmation of complete transmission; and (z) notices sent by United States registered mail shall be deemed given two
days after the date of deposit in the United States mail. 
 If to the Executive: 

To the address as shall most currently appear on the records of the Company. 

With a copy to: 
 Brian S.
Cousin 
 Dentons 
 1221 Avenue
of the Americas 
 New York, NY 10020 

brian.cousin@dentons.com 
 If to
the Company to: 
 Broadridge Financial Solutions, Inc. 

1981 Marcus Avenue 
 Lake Success,
NY 11042 
 Fax: (516) 472-5014 

Attn: General Counsel 
 F.
Arbitration 
 Except as otherwise provided in Section XII of this Agreement, any dispute or controversy arising under or in connection
with this Agreement shall be resolved exclusively by binding arbitration. This arbitration shall be held in New York, New York before a single arbitrator and shall be conducted, and the arbitrator selected, in accordance with the Commercial
Arbitration Rules of the American Arbitration Association then in effect at the time of the arbitration. The arbitrator shall be acceptable to both the Company and the Executive. If the parties cannot agree on an acceptable arbitrator, the dispute
shall be decided by a panel of three arbitrators, one appointed by each of the parties and the third appointed by the other two arbitrators. Judgment on the award rendered in any such arbitration may be entered in any court having jurisdiction
thereof. 
 [Remainder of page intentionally left blank] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the dates set
forth below. 
  

			
	BROADRIDGE FINANCIAL SOLUTIONS, INC.
		
	By:	 	 /s/ Maryjo Charbonnier

	Name:	 	Maryjo Charbonnier
	 Title:
	 	Corporate Vice President, Human Resources
		
	Date:	 	February 5th, 2014
	
	 /s/ Dan Sheldon

	Dan Sheldon
		
	Date: 	 	February 5, 2014

  
 11 

 EXHIBIT A 

RESIGNATION 
 I, the
undersigned Dan Sheldon, do hereby resign, effective as of February 5, 2014, from the position of Corporate Vice President and Chief Financial Officer of Broadridge Financial Solutions, Inc. (the “Company”), from all other officer
positions with the Company and its subsidiaries, and from membership on all boards of directors and committees of the Company and its subsidiaries on which I serve. 

 

			
	  

	Dan Sheldon
		
	Date:	 	

  
 A-1 

 EXHIBIT B 

SEPARATION DATE RELEASE 

This Separation Date Release (the “Separation Date Release”) is made by Dan Sheldon (the “Releasor”) in order to receive
the special separation payments and benefits set forth in the Special Officer Separation Agreement dated as of February 5, 2014 (the “Agreement”) by and between Broadridge Financial Solutions, Inc., a Delaware corporation (the
“Company”) and the Releasor. 
  

	I.	Release of Claims 

 In partial consideration of the special separation payments and
benefits set forth in the Agreement, to which the Releasor agrees the Releasor is not entitled until and unless the Releasor executes (and does not revoke) the Separation Date Release, the Releasor, for and on behalf of the Releasor and the
Releasor’s heirs and assigns (the “Releasors”), hereby irrevocably and unconditionally releases and forever discharges the Company and its members, shareholders, parents, subsidiaries, affiliates, subsidiaries, divisions, any and all
current and former directors, officers, employees, agents, and contractors (in their capacities as such) and their heirs and assigns, and any and all employee pension benefit or welfare benefit plans of the Company or its subsidiaries or affiliates,
including current and former trustees and administrators of such employee pension benefit and welfare benefit plans (collectively, the “Releasees”), from all claims, actions, causes of action, rights, judgments, obligations, damages,
charges, accountings, demands or liabilities of whatever kind or character, in law or in equity, whether known or unknown, (collectively, the “Claims”) which may have existed or which may now exist from the beginning of time to the date of
the Separation Date Release, including, without limitation, any Claims the Releasors may have arising from or relating to the Releasor’s employment, hiring or entering into employment or termination from employment with the Company, its
subsidiaries or affiliates or relating to any agreement between the Releasor and the Company, its subsidiaries or affiliates, and any Claims the Releasors may have under: the Civil Rights Act of 1964, as amended, and the Civil Rights Act of 1991;
the Americans with Disabilities Act of 1990, as amended, and the Rehabilitation Act of 1973; the Family and Medical Leave Act of 1993; Section 1981 of the Civil Rights Act of 1866; Section 1985(3) of the Civil Rights Act of 1871; the Equal
Pay Act; the Employee Retirement Income Security Act of 1974, as amended; all claims based on the Constitution and laws of the State of New York, the City of New York, and the State of New Jersey, New York State Wage and Hour Laws, New York State
Human Rights Law, New York Executive Law, New York Civil Rights Act, New York Whistleblower’s Law, New York AIDS Testing Confidentiality Act, New York Occupational Safety and Health Laws, New York City Human Rights Act, New York City
Administrative Code, New York Labor Law, New Jersey Law Against Discrimination, New Jersey Conscientious Employee Protection Act, New Jersey Family Leave Act, New Jersey Wage and Hour Laws, New Jersey Wage Discrimination Act; any other federal,
state, local or foreign laws against discrimination; or any other federal, state, local or foreign statute, or common law relating to employment, wages, hours, or any other terms and conditions of employment, including the New Jersey Conscientious
Employee Protection Act. The Separation Date Release includes a release by the Releasors of any Claims for wrongful discharge, breach of contract, torts or any other Claims in any way related to the Releasor’s employment with, hiring by or
termination from the Company, its subsidiaries or affiliates. The Separation Date Release also includes a release of any Claims for age discrimination under the Age Discrimination in Employment Act of 1967, as amended by the Older Workers’
Benefit 

  
 B-1 

 
Protection Act and the applicable rules and regulations promulgated thereunder (“ADEA”). ADEA requires that the Releasor be (and the Releasor has been) advised to consult with an
attorney before the Releasor waives any claim under ADEA. The Separation Date Release does not release the Company from any obligations due to the Releasor under the Agreement, and the Releasor is not waiving any right of indemnification he may have
under the Company’s charter documents and applicable law or the right to coverage under any directors and officers’ liability insurance maintained by the Company. In addition, the Releasor waives any claim to reinstatement or re-employment
with the Company or its subsidiaries, and the Releasor agrees not to bring any claim based upon the failure or refusal of the Company or any of its subsidiaries to employ the Releasor hereafter. 

 

	II.	Proceedings 

 The Releasor acknowledges that the Releasor has not filed any complaint,
charge, claim or proceeding against any of the Releasees before any local, state or federal agency, court or other body (each individually a “Proceeding”). The Releasor represents that the Releasor is not aware of any basis on which such a
Proceeding could reasonably be instituted. By signing this Agreement the Releasor: (a) acknowledges that the Releasor shall not initiate or cause to be initiated on his behalf any Proceeding and shall not participate in any Proceeding, in each
case, except as required by law; (b) waives any right the Releasor may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding, including any Proceeding conducted by the Equal Employment
Opportunity Commission (“EEOC”); and (c) acknowledges that the Releasor shall be limiting the availability of certain remedies that the Releasor may have against the Company and limiting also the Releasor’s ability to pursue
certain claims against the Releasees. Notwithstanding the above, nothing in the Separation Date Release shall prevent the Releasor from: (x) initiating or causing to be initiated on his behalf any complaint, charge, claim or proceeding against
the Company before any local, state or federal agency, court or other body challenging the validity of the waiver of his claims under ADEA contained in the Separation Date Release (but no other portion of such waiver), or (y) initiating or
participating in an investigation or proceeding conducted by the EEOC. 
  

	III.	Time to Consider 

 The payments and benefits under the Agreement include consideration
that is provided to the Releasor over and above anything of value to which the Releasor would already be entitled and which are conditioned on the execution (and nonrevocation) of the Separation Date Release. The Releasor acknowledges that the
Releasor has been advised that the Releasor has 21 days from the Separation Date (as defined in the Agreement) to consider all the provisions of the Separation Date Release. 

THE RELEASOR FURTHER ACKNOWLEDGES THAT THE RELEASOR HAS READ CAREFULLY THE SEPARATION DATE RELEASE, HAS BEEN ADVISED BY THE COMPANY TO CONSULT
(AND HE HAS CONSULTED) AN ATTORNEY, AND FULLY UNDERSTANDS THAT BY SIGNING BELOW THE RELEASOR IS GIVING UP CERTAIN RIGHTS WHICH THE RELEASOR MAY HAVE TO SUE OR ASSERT A CLAIM AGAINST ANY OF THE RELEASEES AS DESCRIBED IN THE SEPARATION DATE RELEASE.
THE RELEASOR ACKNOWLEDGES THAT THE RELEASOR HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN AND THE RELEASOR AGREES VOLUNTARILY TO THE TERMS OF THE SEPARATION DATE RELEASE. 

  
 B-2 

	IV.	Revocation 

 The Releasor hereby acknowledges and understands that the Releasor shall
have seven days from the date of the Releasor’s execution of the Separation Date Release to revoke the Separation Date Release (including, without limitation, any and all claims arising under ADEA) by providing written notice of revocation
delivered to the General Counsel of the Company no later than 5:00 p.m. on the seventh day after the Releasor has signed the Separation Date Release. Neither the Company nor any other person is obligated to provide to the Releasor any of the special
separation payments and benefits that are subject to the execution and nonrevocation of the Separation Date Release, as provided in the Agreement, until eight days have passed since the Releasor’s execution of Release without the Releasor
having revoked the Release. If the Releasor revokes the Release as provided in this Section IV, the Releasor shall not have any right or entitlement to any such payments and benefits; provided that all other provisions of the Agreement shall
continue in full force and effect. 

*        *        *       
 * 
 WHEREAS, the Releasor has duly executed the Separation Date Release as of the date set forth below. 

 

			
	  

	Dan Sheldon
		
	Date:	 	

  
 B-3

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