Document:

pyhh_ex101.htm

EXHIBIT 10.1

 

 

  

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4Unassociated Document

 

CANCELLATION AND RECAPITALIZATION AGREEMENT

This CANCELLATION AND RECAPITALIZATION AGREEMENT (the “Agreement”) is made and entered into as of November 8, 2013 (the “Effective Date”), by and between Daniel Bleak (the “Shareholder”) and Silver Horn Mining Ltd., a Delaware corporation (the “Company”).

WHEREAS, the Company currently has 253,033,555 shares of common stock, par value $0.0001 per share, (the “Common Stock”) issued and outstanding and desires to cancel an aggregate of 34,500,000 shares of Common Stock (the “Recapitalization”) in connection with the proposed acquisition of private or public companies (the “Acquisition”);

 

WHEREAS, the Shareholder is the record or beneficial owner of 34,500,000 shares (the “Shares”) of Common Stock and, in order to effectuate the Recapitalization and Acquisition and for other good and valid business reasons, the Shareholder believes it to be in the Shareholder’s best interest and in the best interest of the Company and its shareholders for the Shareholder to voluntarily surrender and cancel the Shares;

WHEREAS, the Shareholder desires to surrender the Shares for cancellation without receiving any cash, equity or other consideration and without any expectation to receive, and without imposing any obligation on the Company to pay or grant, any cash, equity or other consideration presently or in the future in connection with the cancellation of such Shares; and

WHEREAS, the Company is relying on the Shareholder’s surrender and cancellation of the Shares to complete the Recapitalization and Acquisition;

NOW, THEREFORE, the parties hereby agree as follows:

 

	
1.

	
Surrender and Cancellation of Shares. The Shareholder hereby surrenders the Shares for cancellation, and the Company hereby accepts such surrender and cancellation, effective as of the Effective Date.  By execution of this Agreement, the Shareholder hereby waives, relinquishes and disclaims in all respects any and all claims/and or rights to record or beneficial ownership of the Shares.  All of the Shares shall be delivered to the Company’s transfer agent as instructed by the Company, together with executed stock powers promptly following the execution of this Agreement.  Notwithstanding the obligation to deliver such Shares, the Secretary of Company shall record such cancellations and shall have the full power and authority to direct the transfer agent for the Company to cancel such Shares on the books and records of the Company as attorney-in-fact for the holders of such Shares cancelled hereby.

 

	
2.

	
No Expectation or Obligation. The Shareholder and the Company acknowledge and agree that the surrender and cancellation of the Shares described herein shall be without any expectation of the Shareholder to receive, and without imposing any obligation on the Company to pay or grant, any cash, equity or other consideration presently or in the future in connection with the surrender and cancellation of such Shares.

	  	  
	
3.

	
Release. Each party together with its affiliates, shareholders, heirs, executors, administrators, and assigns, does hereby remise, release and forever discharge the other, its respective directors, officers, shareholders, employees, attorneys and agents, and their respective agents, successors and assigns, of and from all claims, causes of action, suits and demands whatsoever which such party ever had, now or may have howsoever arising out of the cancellation of the Shares.

	
4.

	
Shares Owned.  The Shareholder hereby represents and warrants that, other than the Shares, it does not own or have the claim on any other shares of Common Stock or convertible securities of the Company; and upon execution of this Agreement that it will no longer hold any equity interest in the Company.

 

5.Miscellaneous.

 

	  	
5.1

	
Reliance. The Shareholder acknowledges and agrees that the Company is relying on the provisions of Sections 1, 2, 3 and 4 herein in connection with consummating the Recapitalization and Acquisition.

 

  

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5.2

	
Successor and Assigns. This Agreement shall be binding upon, and inure to the benefit of, both parties and their respective successors and assigns.

 

	  	
5.3

	
Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of New York, without regard to any choice of law principle that would dictate the application of the law of another jurisdiction.

 

	  	
5.4

	
Counterparts. This Agreement may be executed in several counterparts and all documents so executed shall constitute one agreement, binding on each of the parties hereto, notwithstanding that both of the parties did not sign the original or the same counterparts.

 

	  	
5.5

	
Headings. The headings of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement.

 

	  	
5.6

	
Severability. In the event that any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

 

	  	
5.7

	
Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. The Company and the Shareholder have made no promises, agreements, conditions, or understandings relating to this subject matter, either orally or in writing, that are not included in this Agreement.

[Signature Page to Follow]

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

 

	 	  	  
	 	
SILVER HORN MINING LTD.

	 	  	  
	 	
By:

	

/s/ Andrew Uribe

	 	
Name: 

	

Andrew Uribe

	 	
Title:

	

Chief Executive Officer

	 	  
	 	  	  
	 	
DANIEL BLEAK

	 	  	  
	 	  	

/s/ Daniel Bleak

	 	  
	 	
 

 

 

3Unassociated Document

 

DEBT FORGIVENESS AGREEMENT

 

This Debt Forgiveness Agreement (“Agreement”), is entered into effective November 8, 2013, (the “Effective Date”) by and between Silver Horn Mining Ltd., a Delaware corporation (the “Company") and Bond Media Group, an Arizona corporation ("Bond"), in reference to the following:

 

WHEREAS, Company is indebted to Bond in the amount of $196,620 pursuant to the statement of invoices attached hereto as Exhibit A (the “Invoiced Debt”);

 

WHEREAS, Bond has determined to forgive the Invoiced Debt and all other debt incurred by the Company from January 1, 2011 through the Effective Date (the “Additional Debt” and, together with the Invoiced Debt, the “Debt”) in their entirety in consideration for the releases and covenants provided herein; and

 

WHEREAS, the Company has determined that the forgiveness of the Debt is in the best interest of Company.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency are hereby acknowledged, the parties agree as follows:

 

1. Debt Forgiveness. Bond hereby forgives the Debt in its entirety.

 

2. Representations and Warranties of Bond. Bond hereby represents and warrants to Company as follows:

 

	
a.  

	
Organization and Standing. Bond is a corporation duly organized, validly existing and in good standing under the laws of the State of Arizona.

 

	
b.  

	
Authority. Bond has full legal capacity and authority to enter into this Agreement and to perform the transactions contemplated herein. This Agreement is the legal, valid and binding obligation of Bond and is enforceable in accordance with its terms.

 

	
c.  

	
Litigation. There are no legal actions, suits, arbitration or other legal or administrative proceedings or governmental investigations pending or contemplated which would prevent entry into or enforcement of this Agreement.

 

	
d.  

	
No Conflicts.  Bond has the requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby and otherwise to carry out its obligations hereunder.  No consent, approval or agreement of any individual or entity is required to be obtained by Bond in connection with the execution and performance of this Agreement or the execution and performance by Bond of any agreements, instruments or other obligations entered into in connection with this Agreement.  The execution and delivery of this Agreement by Bond and the performance by Bond of its obligations hereunder in accordance with the terms hereof: (i) will not require the consent of any third party or any federal, state, local or foreign government or any court of competent jurisdiction, administrative agency or commission or other governmental authority or instrumentality, domestic or foreign under any statutes, laws, ordinances, rules, regulations, orders, writs, injunctions, judgments, or decrees (collectively, “Laws”); (ii) will not violate any Laws applicable to Bond; and (iii) will not violate or breach any contractual obligation to which Bond is a party.

 

  

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3. Representations and Warranties of the Company. The Company hereby represents and warrants to Bond as follows:

 

	
a.  

	
Organization and Standing. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.

 

	
b.  

	
Authority. The Company has full legal capacity and authority to enter into this Agreement and to perform the transactions contemplated herein. This Agreement is the legal, valid and binding obligation of the Company and is enforceable in accordance with its terms.

 

	
c.  

	
Litigation. There are no legal actions, suits, arbitration or other legal or administrative proceedings or governmental investigations pending or contemplated which would prevent entry into or enforcement of this Agreement.

 

	
d.  

	
No Conflicts.  The Company has the requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby and otherwise to carry out its obligations hereunder.  No consent, approval or agreement of any individual or entity is required to be obtained by Bond in connection with the execution and performance of this Agreement or the execution and performance by the Company of any agreements, instruments or other obligations entered into in connection with this Agreement.  The execution and delivery of this Agreement by the Company and the performance by the Company of its obligations hereunder in accordance with the terms hereof: (i) will not require the consent of any third party or any federal, state, local or foreign government or any court of competent jurisdiction, administrative agency or commission or other governmental authority or instrumentality, domestic or foreign under any Laws; (ii) will not violate any Laws applicable to the Company; and (iii) will not violate or breach any contractual obligation to which the Company is a party.

 

4. Survival of Representations and Warranties. Each party’s representations and warranties shall survive after the conclusion of this Agreement.

 

5. Bond Release and Non-Disparagement.  Bond does hereby release, cancel, forgive and forever discharge the Company, each of its predecessors, parent corporations, holding companies, subsidiaries, affiliates, divisions, heirs, successors and assigns, and all of their officers, directors and employees, from all actions, claims, demands damages, obligations, liabilities, controversies and executions, of any kind or nature whatsoever, whether known or unknown, whether suspect or not, which have arisen, or may have arisen, or shall arise from the first day of the world, through and including the date hereof and each day thereafter, and Bond does specially waive any claim or right to assert any cause of action or alleged cause of action or claim or demand which has, through oversight or error intentionally or unintentionally or through a mistake, been omitted from this Agreement.  Bond agrees that it will not publicly or privately disparage or criticize the Company, or any of its shareholders, directors, officers, agents, attorneys or employees.

 

6. Company Release and Non-Disparagement.  The Company does hereby release, cancel, forgive and forever discharge Bond, each of his agents, affiliates, divisions, heirs, successors and assigns, and all of their officers, directors and employees, from all actions, claims, demands damages, obligations, liabilities, controversies and executions, of any kind or nature whatsoever, whether known or unknown, whether suspect or not, which have arisen, or may have arisen, or shall arise from the first day of the world, through and including the date hereof and each day thereafter, and the Company does specially waive any claim or right to assert any cause of action or alleged cause of action or claim or demand which has, through oversight or error intentionally or unintentionally or through a mistake, been omitted from this Agreement.  The Company agrees that it will not publicly or privately disparage or criticize Bond, or any of his affiliates, agents, attorneys or employees.

 

  

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7. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

 

8. Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

9. Governing Law; Jurisdiction. This Agreement shall be governed by and construed under the laws of the State of New York without regard to the choice of law principles thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of New York for the adjudication of any dispute hereunder or in connection herewith or therewith or with any transaction contemplated hereby or thereby, and hereby irrevocably waives any objection that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 

[signature page follows immediately]

 

  

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IN WITNESS HEREOF, the parties hereto have executed this Agreement on the day and year first written above.

 

 

SILVER HORN MINING LTD.

 

By: /s/ Andrew Uribe

Name: Andrew Uribe

Title: Chief Executive Officer

 

 

BOND MEDIA GROUP

 

By: /s/ Andrew Bond

Name: Andrew Bond

Title: Director

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