Document:

FIRST AMENDMENT TO VOTING AGREEMENT
AND IRREVOCABLE PROXY COUPLED WITH INTEREST

 

THIS FIRST AMENDMENT (this “First
Amendment”) to the Voting Agreement and Irrevocable Proxy Coupled with Interest dated June 7, 2012 (the “Voting
Agreement”), entered into by and among Searchlight Minerals Corp., a Nevada Corporation (the "Company"),
and each of the undersigned stockholders (each, a "Stockholder" and collectively, the "Stockholders")
of the Company, is effective as of September 18, 2013 (the “Effective Date”). The Stockholders and the Company
are sometimes collectively referred to herein as the “Parties.” All capitalized terms used herein and not otherwise
defined herein shall have the meanings given to them in the Voting Agreement.

 

WHEREAS, the Company and certain
of the Stockholders are entering into a financing transaction (the "Financing") and, in connection therewith,
executing a Secured Convertible Note Purchase Agreement, dated September 18, 2013, pursuant to which certain of the Stockholders
are purchasing an aggregate principal amount of $2,600,000 in notes, convertible into shares of common stock of the Company at
the conversion price of $0.40 per share, with an option to purchase an additional principal amount of secured convertible notes
in the aggregate amount not greater than fifteen percent (15%) of the originally purchased amount during the one year period following
the closing of the Financing;

 

WHEREAS, after the closing of the
Financing, the Stockholders will beneficially own approximately 20.98% of the Company’s issued and outstanding shares of
common stock on a fully diluted basis;

 

WHEREAS, pursuant to the Voting Agreement,
the Stockholders retain the right to vote, in the aggregate, up to that number of issued and outstanding Voting Shares which are
equal to or less than 15% of the issued and outstanding shares of common stock of the Company, and are required to vote all issued
and outstanding Voting Shares in excess of 15% as instructed by the Board of Directors of the Company (the “Voting Threshold”);
and

 

WHEREAS, in connection with the Financing,
the Parties desire to amend the Voting Threshold to 19.5% in order to permit the Stockholders to vote up to that number of issued
and outstanding Voting Shares which are equal to or less than 19.5% of the issued and outstanding shares of common stock of the
Company, and to require the Stockholders to vote all issued and outstanding Voting Shares in excess of 19.5% as instructed by the
Board of Directors of the Company.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the Parties hereby mutually
agree to amend the Voting Agreement as follows:

 

1.Amendment to Section 1(a).
Section 1(a) of the Voting Agreement is hereby amended and restated in its entirety to read as follows:

 

1.Voting Agreement.

 

    	1

    	 

    

 

(a) At any meeting of the stockholders
of the Company (including any adjournment(s), postponement(s) or continuation(s) thereof) and in any other circumstances upon which
the vote, consent (including a written consent in lieu of a meeting), agreement or other approval of the stockholders of the Company
is sought, each Stockholder shall vote all Voting Shares, to the extent not already voted by the person(s) appointed pursuant to
Section 2 of this Agreement, as instructed by the Board of Directors of the Company; provided, however, notwithstanding anything
to the contrary herein, at all times during the term of this Agreement, the Stockholders shall retain the right to vote, in the
aggregate, up to that number of issued and outstanding Voting Shares which are equal to or less than 19.5% of the issued and outstanding
shares of Common Stock, as of the record date for any matter at which the vote, consent (including a written consent in lieu of
a meeting), agreement or other approval of the stockholders of the Company is sought. For purposes of determining which Voting
Shares in excess of 19.5% of the issued and outstanding shares of Common Stock, as of such record date, are subject to instruction
for voting by and the grant of a proxy to the Board of Directors of the Company (the “Excess Shares”), the Excess Shares
shall first consist of those Voting Shares held by the Stockholder with the largest number of issued and outstanding Voting Shares,
and if such Voting Shares are less than the number of Excess Shares, shall then consist, in order, of those Voting Shares held
by the Stockholders with the next largest number of issued and outstanding Voting Shares, until the number of Excess Shares shall
be covered by the voting rights granted to the Board of Directors of the Company hereunder.

 

2.Representations and Warranties
of the Stockholders. Each Stockholder represents and warrants to the Company that:

 

i.As of the Effective Date
immediately prior to the closing of the Financing, such Stockholder is the legal and Beneficial Owner of the number of shares of
common stock of the Company set forth opposite such Stockholder’s name of Schedule A hereto, which shares represent
the only shares of capital stock of the Company legally or Beneficially Owned by the Stockholder or that the Stockholder has voting
power over.

 

ii. As of the Effective Date,
except as set forth on Schedule A and in connection with the transactions relating to the Financing, such Stockholder is
not a party to any contract or agreement and owns no warrants, options or rights to purchase, subscribe for or otherwise acquire
any securities of the Company.

 

iii. Except as otherwise set
forth above in subsections 2(i) and 2(ii) of this First Amendment, all of the representations and warranties of the Stockholders
set forth in Section 3 of the Voting Agreement are true and correct as of the Effective Date immediately prior to the closing of
the Financing.

 

3.Entire Agreement. The
Voting Agreement, as amended by this First Amendment, embodies the entire understanding among the Parties with respect to the subject
matter thereof and hereof and can be changed only by an instrument in writing executed by all of the Parties.

 

    	2

    	 

    

 

4.Conflict of Terms. In
the event of a conflict or inconsistency between the terms of the Voting Agreement and those of this First Amendment, the terms
of this First Amendment shall control and govern the rights and obligations of the Parties.

 

5.Other Agreements; Ratification.
Except to the extent amended hereby or inconsistent herewith, all of the terms, covenants, conditions, and provisions of the Voting
Agreement shall remain in full force and effect, and the Parties hereby acknowledge and confirm that the same are in full force
and effect.

 

6.Execution. This First
Amendment may be executed in two or more counterparts, each of which shall be an original, but all of which shall constitute one
and the same instrument. Facsimile or other electronic signatures shall be accepted by the Parties as originals.

 

[signature page(s)
follows]

 

    	3

    	 

    

 

 

IN WITNESS WHEREOF, the Company
and Stockholders have caused this First Amendment to be executed by their respective officers thereunto duly authorized as of
the date first above written.

 

	“COMPANY”	“STOCKHOLDERS”
	 	 
	SEARCHLIGHT MINERALS CORP.	LUXOR CAPITAL PARTNERS, LP
	a Nevada corporation	 
	 	By: /s/ Norris Nissim                                  
	By: /s/ Martin Oring                               	Name: Norris Nissim
	Name: Martin B. Oring	Title:   General Counsel, Luxor Capital Group,
	 	LP (Investment Manager)
	Title:   President and CEO	 
	 	 
	 	LUXOR WAVEFRONT, LP
	 	 
	 	By: /s/ Norris Nissim                                  
	 	Name: Norris Nissim
	 	Title:   General Counsel, Luxor Capital Group,
	 	LP (Investment Manager)
	 	 
	 	OC 19 MASTER FUND, L.P. - LCG
	 	 
	 	By: /s/ Norris Nissim                                  
	 	Name: Norris Nissim
	 	Title:   General Counsel, Luxor Capital Group,
	 	LP (Investment Manager)
	 	 
	 	Address for each Stockholder listed above:
	 	c/o Luxor Capital Group, LP
	 	1114 Avenue of the Americas, 29th Floor
	 	New York, NY 10036
	 	Telephone: (212) 763-8000
	 	Facsimile: (212) 763-8001
	 	E-mail: ops@luxorcap.com,
	 	legal@luxorcap.com

 

    	4

    	 

    

 

SCHEDULE A

 

	Stockholder Name	
         Number of Shares of Common
Stock 
	
         Number of Shares of Common
Stock Underlying Warrants, Options and Other Rights
	
         Total Number of Shares

	Luxor Capital Partners, LP, a Delaware limited partnership	
         Direct Ownership

        7,586,225 shares
	
         Direct Ownership

        4,103,241 warrants
	
         Direct Ownership

        11,689,466

        warrants (shares)

	Luxor Spectrum, LLC, a Delaware limited liability company	
         Direct Ownership

        0 shares
	
        Direct Ownership

        25,943 warrants
	
        Direct Ownership

        25,943

        warrants (shares)

	Luxor Wavefront, LP, a Delaware limited partnership	
         Direct Ownership

        2,400,138 shares
	
        Direct Ownership

        488,891 warrants
	
        Direct Ownership

        2,889,029

        warrants (shares)

	Luxor Capital Partners Offshore Master Fund, LP, a Cayman Islands limited partnership	
         Direct Ownership

        5,638,840 shares
	
         Direct Ownership

        1,154,263 warrants
	
         Direct
Ownership

        6,793,103

        warrants (shares)

	Luxor Capital Partners Offshore, Ltd., a Cayman Islands exempted company	
         Direct
Ownership - None

         

        Beneficial Ownership

        5,638,840 shares
	
         Direct
Ownership - None

         

        Beneficial Ownership

        1,154,263 warrants
	
         Direct Ownership -
None

         

        Beneficial Ownership

        6,793,103

        warrants (shares)

	Luxor Spectrum Offshore Master Fund, LP, a Cayman Islands limited Partnership	
         Direct Ownership

        1,139,334 shares
	
        Direct Ownership

        224,552 warrants
	
        Direct Ownership

        1,363,886

        warrants (shares)

 

    	5

    	 

    

 

	Luxor Spectrum Offshore, Ltd., a Cayman Islands exempted company	
        

        Direct Ownership - None

         

        Beneficial Ownership

        1,139,334 shares
	
        

        Direct Ownership - None

         

        Beneficial Ownership

        224,552 warrants
	
         Direct Ownership -
None

         

        Beneficial Ownership

        1,363,886

        warrants (shares)

	Luxor Capital Group, LP, a Delaware limited partnership	
        

        Direct Ownership - None

         

        Beneficial Ownership

        17,593,897 shares
	
        Direct Ownership - None

         

        Beneficial Ownership

        5,970,947 warrants
	
        Direct Ownership - None

         

        Beneficial Ownership

        23,564,844

        warrants (shares)

	Luxor Management, LLC, a Delaware limited liability company	
         Direct Ownership -
None

         

        Beneficial Ownership

        17,593,897 shares
	
        Direct Ownership - None

         

        Beneficial Ownership

        5,970,947 warrants
	
        Direct Ownership - None

         

        Beneficial Ownership

        23,564,844warrants (shares)

	LCG Holdings, LLC, a Delaware limited liability company	
        

        Direct Ownership - None

         

        Beneficial Ownership

        16,764,537 shares
	
         Direct
Ownership - None

         

        Beneficial Ownership

        5,970,947 warrants
	
         Direct Ownership -
None

         

        Beneficial Ownership

        22,735,484

        warrants (shares)

	Christian Leone	
         Direct Ownership -
None

         

        Beneficial Ownership

        17,593,897 shares
	
        Direct Ownership
        - None

         

        Beneficial Ownership

        5,970,947 warrants
	
        Direct Ownership - None

         

        Beneficial Ownership

        23,564,844warrants (shares)

	Managed Account-OC 19 Master Fund, LP-LCG	
         Direct Ownership

        829,360 shares
	
        Direct Ownership

        No warrants
	
        Direct Ownership

        829,360

        warrants (shares)

	Managed Account-OC 19 Offshore Fund, Ltd.	
         Direct Ownership -
None

         

        Beneficial Ownership

        829,360 shares
	
        Direct Ownership - None

         

        Beneficial Ownership

        No warrants
	
        Direct Ownership - None

         

        Beneficial Ownership

        829,360

        warrants (shares)

 

    	6Sublease Agreement

 

THIS LEASE is made this 1st
day of September, 2013, by and between Ireland, Inc., (hereinafter referred to as "Lessor"), and Searchlight
Minerals, (hereinafter referred to as Lessee").

 

WITNESSETH: That the said Lessor
hereby leases and demises unto the said Lessee the following described premises:

 

Two office suites located at:

 

2360 W. Horizon Ridge Parkway,

Suite 100

Henderson, Nevada 89052

 

TO HAVE AND TO HOLD the premises
from the 1st day of September, 2013, for the term of Two Years thereafter, the said Lessee paying to the Lessor the monthly
rent of Two thousand eight hundred and nineteen ($2,819.00) Dollars being due on the first day of the month through the period
ending August 31, 2104. For the period beginning September 1, 2014 through August 31, 2015, the monthly rent will be One thousand
six hundred and sixty seven ($1,667.00) Dollars being due on the first day of the month.

 

1. The Lessee hereby covenants with the
Lessor that the Lessee will pay the rent herein reserved at the times and in the manner aforesaid. Should said rent herein provided
for at any time remain due and unpaid for a period of ten days after the same shall have become due, the said Lessor may at Lessor's
option, consider the said Lessee a tenant at sufferance and immediately re-enter upon the premises and the entire rent for the
rental period then next ensuing shall at once be due and payable and may be immediately collected by distress or otherwise. The
Lessee will not use or permit the premises to be used for any illegal or improper purposes, nor permit the disturbance, noise or
annoyance whatsoever, detrimental to the premises or to the comfort of the other habitants of said building or its neighbors; and
will not sublet or assign this lease nor any part thereof without the written consent of the Lessor.

 

2. The Lessee will keep the interior
or the premises, and all windows, doors, fixtures, interior walls, pipes, and other appurtenances, in good and substantial
repair and in clean condition, damage by fire or storm excepted; and will exercise all reasonable care in the use of halls,
stairs, bathrooms, closets, and other fixtures and parts of the premises used in common with other tenants in said building
which may be necessary for the preservation of the property and the comfort of the other tenants; and will also permit the
Lessor or Lessor's agents or employees, at all reasonable times, to enter into the premises and inspect the conditions
thereof, and make such repairs as may be necessary; and will at the expiration of said term, without demand, quietly and
peaceably deliver up the possession of the said premises in good state and condition, damage or destruction by fire or storm
excepted.

 

3. Services and uses included in the monthly
rent are as follows:

Exclusive right to occupy the
Leased Space.

Non-exclusive right to utilize
all common areas.

Use of Conference Room on a reservation
basis

Utilities.

Janitorial services

Photocopying

Facsimile reception/transmission

 

    	 

    	 

    

 

4. The Lessor hereby covenants with
the Lessee upon the performance by the Lessee of the covenants hereinbefore set forth, that the Lessor will, during the
continuance of said term, keep all the external parts of the premises in good repair; that in case the said building and
premises or any part thereof, shall at any time be destroyed or so damaged by fire or storm as to render same unfit for
occupation or use, said Lessor shall have the option to terminate this Lease, or to repair and rebuild the premises refunding
the rents hereby reserved, or a fair and just portion thereof, according to the damage sustained, until the said premises are
repaired and fit for occupancy and use; and that the Lessee may quietly hold and enjoy the premises without any interruption
by the Lessor or any person claiming under the Lessor.

 

5. The parties hereto waive trial by jury
and agree to submit to the personal jurisdiction and venue of a court of subject matter jurisdiction located in Clark County, State
of Nevada. No action hereunder may be commenced if more than one year after the cause of action giving rise thereto has elapsed.

 

6. Tenant hereby waives any and all right
to assert affirmative defenses or counterclaims in any eviction action instituted by Landlord with the exception of an affirmative
defense based upon payment of all amounts claimed by Landlord not to have been paid by Tenant. Any other matters may only be advanced
by a separate suit instituted by Tenant.

 

 

7. Unless specifically disallowed by law,
should litigation arise hereunder, service of process therefor may be obtained through certified mail, return receipt requested;
the parties hereto waiving any and all rights they may have to object to the method by which service was perfected.

 

8. To the extent cognizable at law, the
parties hereto, in the event of breach and in addition to any and all other remedies available thereto, may obtain injunctive relief,
regardless of whether the injured party can demonstrate that no adequate remedy exists at law.

 

IN WITNESS WHEREOF, the said parties have hereunto set
their hands and seals this 1st day of September, 2013.

 

Signed, sealed and delivered

In the presence of:

 

/s/ Douglas Birnie

"Lessor"

Douglas Birnie

Ireland, Inc.

 

/s/ Carl Ager 

"Lessee"

Carl Ager

Searchlight Minerals

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