Document:

Lithium Exploration Group, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

	LITHIUM EXPLORATION GROUP INC. 
	3200 N. Hayden Road, Suite 235, 
	Scottsdale, Arizona 858251

	August 20, 2013 
	  
	Tero Oilfield Services Ltd. 
	Box 28 
	Wardlow, Alberta T0J 3M0 
	Attention: Garry Hoffman, President 

Re: Letter of Intent for the acquisition of Tero Oilfield
Services Ltd. (“Tero”) by Lithium Exploration Group, Inc.
(“Lithium”)

Dear Garry:

Further to our recent meetings and discussions, this Letter
Agreement (the “Agreement”) confirms our mutual intention and agreement to enter
into a definitive agreement whereby Lithium will acquire 75% of the issued and
outstanding shares of Tero (the “Transaction”). This letter is intended to
create legally binding obligations on the Parties and will serve as the basis
for the negotiation and preparation of a definitive agreement between Tero,
Lithium and the shareholder of Tero (the “Selling Shareholder”) leading to the
completion of the Transaction.

	1. 	
      The Transaction

The Transaction will provide that Lithium will acquire 75% of
the issued and outstanding common shares of Tero for aggregate purchase
consideration of $1,500,000 comprised of a cash deposit of $50,000, an
additional cash payment of $950,000 and a secured convertible debenture in the
amount of $500,000 (the “Purchase Price”).

	2. 	
      Payment of Purchase Price and
Loan

	 	 	 	 
		(a) 	
      Lithium will pay the Purchase Price to the selling
      shareholder as follows:

	 	 	 	 
			(i) 	
      A non-refundable deposit in the sum of $50,000 to be paid
      within ten (10) days following the date of execution of this
    Agreement;

	 	 	 	 
			(ii) 	
      On or before December 1, 2013 and on the closing of the
      Transaction (the “Closing”), the payment of cash in the sum of $950,000;
      and

	 	 	 	 
			(iii) 	
      On the Closing, issuance by Lithium to the selling
      shareholder of a Convertible Secured Debenture in the amount of
      $500,000.

	 	(b) 	As additional consideration Lithium will
      advance to Tero a $500,000 loan for the retirement of Tero’s debt to Smith
      Group Holdings Ltd. 

	3. 	
      The Debenture

The Debenture to be issued by Lithium to the selling
shareholder on Closing shall be a Secured Convertible Debenture which shall be
due and payable on December 1, 2014, subject to certain terms and conditions
with respect to the conversion of the Debenture into Common Shares of Lithium.
If the selling shareholder makes a decision to convert the Debenture, upon
conversion, the Debenture shall be Convertible into Common Shares of Lithium at a price to be
determined and agreed by the Parties prior to the Closing of the Transaction. If
the Debenture is not converted, the Parties agree that it may be repaid at a
later date or upon the expiry of the Term of the Debenture.

	4. 	
      Non Completion

In the event that the Transaction cannot be completed as a
result of any failure or breech by Lithium, Tero shall be entitled to retain the
Deposit. Notwithstading the foregoing, failure to enter into a Formal Agreement
(as defined below) or to Close the Transaction shall not in itself be deemed
breach of this Agreement by Lithium.

	5. 	
      Negotiation of a Definitive
  Agreement

The Parties shall diligently, in good faith and using
commercially reasonableefforts, negotiate the terms and conditions of a formal
definitive agreement (the “Formal Agreement”) to replace this Agreement and to
be executed on or before September 30, 2013. The Formal Agreement will provide
the basis for the Parties to carry out the Transaction and will contain
provisions that are customary for a Transaction of this nature, including
representations and warranties of each Party.

	6. 	
      Standstill

Until this Agreement is either superseded by the Formal
Agreement or terminated pursuant to Section 8 below, Tero agrees that it
will;

		(a) 	
      Not solicit any offers or have any discussions with any
      third parties regarding the sale of its shares, assets or business or any
      other form of business combination or divestiture; and

	 	 	 
		(b) 	
      Conduct its business only in, and not take any action
      except in, the usual, ordinary and regular course of business consistent
      with past practices. Other than the disposition of assets and payment of
      liabilities unrelated to the disposal well and facilities.

	 	 	 
	7. 	
      Due Diligence and Access to
    Information

	 	 	 
		(a) 	
      It shall be a condition precedent to the Closing of the
      Transaction thatLithium shall have conducted a due diligence review of the
      assets, liabilities, environmental condition of operations, reclamation
      and site restoration practices, business affairs and financial condition
      of Tero and shall have been satisfied therewith. This condition precedent
      is for the sole benefit of Lithium and may be waived by Lithium, in whole
      or in part, at its discretion.

	 	 	 
		(b) 	
      Upon signing of this Agreement by Tero and until the
      Closing of the Transaction, Tero will allow Lithium and its respective
      authorized legal representatives, including legal counsel and financial
      advisors, access to all information, books or records relevant to the
      Transaction and Tero. Each Party agrees that all information and documents
      so obtained will be kept confidential and the contents thereof will not be
      disclosed to any person without the prior written consent of the
      disclosing Party.

	 	 	 
	8. 	
      Termination

This Agreement shall terminate with the Parties having no
obligations to each other, other than in respect of the confidentiality
provisions contained in Section 11, in the following circumstances:

	 	(a) 	
      By written agreement of the Parties; and

	 	 	 
	 	(b) 	
      Lithium not being reasonably satisfied with its due
      diligence review of Tero and providing notice to Tero
  thereof.

	9. 	
      Transaction Costs

In the event that this Transaction does not close, each of the
Parties will be responsible for its own costs incurred by it in connection with
the Transaction.

	10. 	
      Announcements

In general, unless required by law or securities regulations,
neither Party shall make any public or private announcement or communication in
respect of the Transaction until both Parties approve the announcement. Tero
acknowledges that, as a reporting issuer, Lithium will be required to give
public disclosure about the Transaction and Tero consents to any such disclosure
as reasonably required to satisfy Lithium’s reporting requirements with the SEC.
Lithium agrees to provide Tero with a draft of any proposed public disclosure
regarding the Transaction for its review and input at least 12 hours prior to
dissemination of such public disclosure.

	11. 	
      Confidentiality
Agreements

Each Party agrees that any information provided to the other in
connection the negotiation and entering into the Formal Agreement for the
Transaction will be maintained in confidence, will not be disclosed to any other
party, other than each Party’s respective professional advisors, except where
disclosure is compelled by applicable laws and will not be used by the Party for
any other purpose other than the evaluation and completion of the Transaction.
Each Party will ensure that its respective officers, directors, employees and
consultants will agree to maintain all information in connection with this
Agreement and the Transaction confidential. All obligations regarding
confidentiality will survive termination of this Agreement.

	12. 	
      Unanimous Shareholders
  Agreement

The Parties agree that they will enter into a Unanimous
Shareholders Agreement upon the Closing of the Transaction which will provide
for the ongoing operation and management of Tero.

	13. 	
      General

	 	 	 
		(a) 	
      This Agreement will be governed by and construed in
      accordance with the laws of the Province of Alberta and the laws of Canada
      applicable herein;

	 	 	 
		(b) 	
      Time shall be of the essence of this Agreement;
  and

	 	 	 
		(c) 	
      Upon the Closing of the Transaction, the business and
      assets of Tero shall be substantially comprised of, but not limited to,
      those assets and properties set out in Schedule A attached and the $500,000 promissory note payable to Smith Group Holdings Ltd.

If you are in agreement with the foregoing, please confirm that
this Agreement accurately sets forth your understanding of the terms of the
proposed Transaction and the other matters set forth in this Agreement, by
signing a duplicate copy of this letter below and returning it to us prior to
5:00 p.m. (Calgary time) on August 22, 2013, failing which this Agreement shall
be null and void.

This Agreement may be executed in counterparts, each of when
executed and delivered (including by way of facsimile) is an original but all of
which taken together shall constitute one and the same instrument.

We look forward to working together.

Yours very truly, 

LITHIUM EXPLORATION GROUP INC.

	By: 	/s/ Alexander Walsh	 
	  	Alexander Walsh, Chief Executive
      Officer 	 

Agreed and confirmed as of August 21, 2013

Tero Oilfield Services Ltd.

	By: 	/s/ Gary Hoffman 	 
	  	Gary Hoffman, President 	 

- 4 -

SCHEDULE A

This is Schedule “A” attached to and forming part of a Letter
of Intent, dated August 20, 2013 between Lithium Exploration Group Inc. and Tero
Oilfield Services Ltd..

	AREA: 	Disposal well lease from MK Ranching.
      Located near Wardlow, 
	Alberta. 	 

	
LANDS & RIGHTS
      
DESCRIPTION 	VENDOR’S 
WORKING
      
INTEREST 	
TITLE DOCUMENTS 
	
ENCUMBRANCES 

	100/11-32-024-12 W4M02 	100% 	  	  

Well:

100/11-32-024-12 W4M02 Licensed as a Class 1B Disposal Well.
Approval number 9570

Facilities and Pipelines:

Surface Facilities Associated with Class 1B Disposal Well.
Approval Number WM079

Includes all equipment, fixed and mobile, used for the day to
day operations of the facility. 

North Tank Farm c/w 2-1000 BBL & 2-750 BBL tanks,
containment and piping. South Tank Farm c/w 4-750 BBL tanks & 1-950 BBL Floc
tank. 

All pump houses c/w pumps, motors, filter pots, heaters. 

Solids Processing receiving, mixing and holding tanks and
equipment. 

All associated buildings and contents, Office, Operator Shack, MCC and Electrical components, Sample Building. 

Mobile equipment involved in solids processing, Vacuum Truck, Cat Loader, Tractor and Tri-Axle Trailer. 

All equipment used for down hole injection, pumps, motors, filtration system.

All tooling and miscellaneous equipment on site.Exhibit 10.1 EXTR 8-K 8-23-2013

SEPARATION AGREEMENT
AND GENERAL RELEASE OF CLAIMS

THIS SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS (the “Agreement”) is entered into by and between Dave Ginsburg (“Executive”) and Extreme Networks, Inc. (the “Company”). This Agreement will become effective on the eighth day after it is signed by Executive (the “Effective Date”), provided that Executive has not revoked this Agreement (by email notice to aamadia@extremenetworks.com) prior to that date.
FACTUAL RECITALS
This Agreement is entered into with respect to the following facts: 
A.    Executive was previously employed by the Company as its Senior Vice President of Marketing;
B.    Executive's employment with the Company was separated effective July 29, 2013; and 
C.    It is the Company's desire to provide Executive with certain separation benefits that he would not otherwise be entitled to receive upon his separation from the Company, and to resolve any claims that Executive has or may have against the Company.
Accordingly, Executive and the Company now agree as set forth below. 
AGREEMENT
1.    Separation from Employment, Positions, and Offices. Executive hereby confirms from the separation of his employment with the Company, and from all positions and offices that he held with the Company effective as of July 29, 2013 (the “Separation Date”). Through and including the Separation Date, Executive will assist Company in duties as requested by Company including but not limited to transition assistance and Company will continue to verify and confirm Executive's employment with the Company.
2.    Acknowledgment of Payment/Receipt of All Wages and Benefits. Except payment expense reimbursements owed to him through the Separation Date, Executive acknowledges that he has been paid in full all wages (including, but not limited to, base salary, commissions, and accrued, unused paid time off), and has received all benefits, that Executive earned during his employment with the Company. Except payment for commissions through the Separation Date, Executive understands and agrees that he is not entitled to, and shall not receive, any further compensation or benefits from the Company except as set forth below in Section 3 and Section 4 herein.
3.    Severance Payment. Subject to Executive's execution of this Agreement (without revocation during the seven-day revocation period described below) and compliance with the terms of this Agreement, the Company shall provide Executive with a lump sum payment equal to $147,500 and six months of COBRA payments, less applicable withholding, by no later than ten (10) days after the Effective Date of this Agreement. 

4.    Acceleration of Vesting of Certain Stock.  Subject to Executive's execution of this Agreement (without revocation during the seven-day revocation period described below) and compliance with the terms of this Agreement, the Company shall accelerate the vesting of 25,000 shares of Executive PSU award number 016982 awarded as of February 2 , 2011, to vest on July 29, 2013 that would otherwise have vested on September 8, 2013.
5.    General Release of Claims. As consideration for the severance amount described in Section 3 and 4 herein, Executive and his successors release the Company, its parents and subsidiaries, and each of those entities' respective current and former shareholders, investors, directors, officers, employees, agents, accountants, attorneys, tax advisors, insurers, legal successors and assigns, of and from any and all claims, actions and causes of action, whether now known or unknown, which Executive now has, or at any other time had, or shall or may have against those released parties based upon or arising out of any matter, cause, fact, thing, act or omission whatsoever occurring or existing at any time up to and including the date on which Executive signs this Agreement, including, but not limited to, any claims for breach of express or implied contract, wrongful termination, constructive discharge, retaliation, fraud, defamation, infliction of emotional distress or national origin, race, age, sex, pregnancy, sexual orientation, disability or other discrimination or harassment under the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the California Fair Employment and Housing Act, or any other applicable law. Notwithstanding the above release of claims, it is expressly understood that this release does not apply to, and shall not be construed as, a waiver or release of any claims or rights that cannot lawfully be released by private agreement. This release of claims shall not affect Executive's existing indemnity rights from the Company (whether pursuant to contract or statute, including, but not limited to, his indemnity rights pursuant to California Labor Code section 2802), which rights shall remain in full force and effect. In addition, the above release of claims, is not intended to apply to or impact any continuing obligations the Company may have related to Executive's 401(k).
6.    Civil Code Section 1542 Waiver. Executive acknowledges that he has read section 1542 of the Civil Code of the State of California, which states in full:
A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.
Executive waives any rights that he has or may have under section 1542 (or any similar provision of the laws of any other jurisdiction) to the full extent that he may lawfully waive such rights pertaining to this general release of claims, and affirms that he is releasing all known and unknown claims that he has or may have against the parties listed in Section 4 above.
7.    Agreement Not To Assist With Other Claims. Executive agrees that he shall not, at any time in the future, encourage any current or former Company employee, or any other person or entity, to file any legal or administrative claim of any type or nature against the Company or any of its officers or employees. Executive further agrees that he shall not, at any time in the future, assist in any manner any current or former Company employee, or any other person or entity, in the pursuit or prosecution of any legal or administrative claim of any type or nature against the Company or any of its officers or employees. This Section shall not apply to the 

Executive's participation in any legal or administrative proceeding pursuant to a duly-issued subpoena or other compulsory legal process. 
8.    Prior Agreement and Return of Company Property. Executive acknowledges and agrees that he shall continue to be bound by and comply with the terms of any proprietary rights, assignment of inventions, and/or confidentiality agreements between the Company and Executive, a copy of each having been provided to Executive at his request. To the extent that he has not already done so, by the Resignation Date, Executive will promptly return to the Company, in good working condition, all Company property and equipment that is in Executive's possession or control, including, but not limited to, any PDAs, files, records, computers, computer equipment, cell phones, credit cards, keys, programs, manuals, business plans, financial records, and all documents (whether in paper, electronic, or other format, and all copies thereof) that Executive prepared or received in the course of his employment with the Company.
9.    Non-Disparagement. Executive agrees that he will not make any disparaging statements about the Company, or any of its services, products, officers, employees, or directors, except to the extent that such statements are made truthfully in response to a duly-issued subpoena or other compulsory legal process.
10.    Non-Solicitation. Executive agrees that for a period of one year following the Resignation Date, he will not, on behalf of himself or any other person or entity, directly or indirectly solicit any employee of the Company to terminate his/her employment with the Company.
11.    Section 409A Compliance. The Company intends that income provided to the Executive pursuant to this Agreement will not be subject to taxation under Section 409A of the Internal Revenue Code (“Section 409A”). The provisions of this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A of the Code. However, the Company does not guarantee any particular tax effect for income provided to the Executive pursuant to this Agreement. In any event, except for the Company's responsibility to withhold applicable income and employment taxes from compensation paid or provided to the Executive, the Company shall not be responsible for the payment of any applicable taxes incurred by the Executive on compensation paid or provided to the Executive pursuant to this Agreement. In the event that any compensation to be paid or provided to Executive pursuant to this Agreement may be subject to the excise tax described in Section 409A, the Company may delay such payment for the minimum period required in order to avoid the imposition of such excise tax.
12.    Stock Options.  Except as set forth in Section 4 herein, vesting of Executive's option shares shall cease effective the Separation Date.  Executive's rights with respect to exercise the vested shares, all equity interest(s) shall continue to be governed by and subject to the terms and conditions of the Extreme Networks, Inc. Stock Option Agreement or any other applicable equity plans/agreements.
13.    Governing Law. This Agreement shall be interpreted in accordance with and governed by the laws of the State of California. 
14.    Severability. If any provision of this Agreement is deemed invalid, illegal, or unenforceable, that provision will be modified so as to make it valid, legal, and enforceable, or if it cannot be so modified, it will be stricken from this Agreement, and the validity, legality, and enforceability of the remainder of the Agreement 

shall not in any way be affected.   This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective successors, assigns, heirs and personal representatives.
15.    Dispute Resolution. In the event of any disputes or claims between the parties, including, but not limited to, any claims that are based upon or arise out of this Agreement or any alleged breach of this Agreement, the parties agree that all such disputes or claims shall be resolved by binding arbitration in the manner described in Executive's Offer Letter dated November 17, 2010 (the “Employment Agreement”), a copy of which has been provided to Executive at his request. 
16.    Entire Agreement and Modification. This Agreement, along with any agreements described herein, constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior negotiations and agreements between the parties, whether written or oral, including the Employment Agreement), which agreements are hereby terminated and of no further legal force or effect. This Agreement may not be modified or amended except by a document signed by an authorized officer of the Company and Executive.
EXECUTIVE ACKNOWLEDGES THAT HE SHOULD CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS AGREEMENT AND THAT HE IS GIVING UP ANY LEGAL CLAIMS (AS DESCRIBED ABOVE IN SECTIONS 5 AND 6) HE HAS AGAINST THE PARTIES RELEASED ABOVE BY SIGNING THIS AGREEMENT. EXECUTIVE UNDERSTANDS THAT HE MAY HAVE UP TO 21 DAYS TO CONSIDER THIS AGREEMENT, THAT HE MAY REVOKE IT AT ANY TIME DURING THE 7 DAYS AFTER HE SIGNS IT, AND THAT IT SHALL NOT BECOME EFFECTIVE UNTIL THAT 7-DAY PERIOD HAS PASSED. EXECUTIVE ACKNOWLEDGES THAT HE IS SIGNING THIS AGREEMENT KNOWINGLY, WILLINGLY AND VOLUNTARILY IN EXCHANGE FOR THE SEVERANCE AMOUNT DESCRIBED IN SECTION 3, WHICH HE WOULD NOT OTHERWISE BE ENTITLED TO RECEIVE.

	
		
	Dated:  August 19, 2013
	/s/ Dave Ginsberg

	 
	Dave Ginsburg

	Dated:  August 20, 2013
	

EXTREME NETWORKS, INC.

By:   /s/ Gary Garber

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