Document:

gpmi10ksb123107ex10-46.htm

    
      

      

    

    
      Exhibit
10.46

      

      ADDENDUM
TO PRODUCTION PAYMENT PURCHASE AGREEMENT

      BETWEEN
GOLDEN PHOENIX MINERALS, INC. AND

      ASHDOWN
MILLING COMPANY, LLC

      DATED AS
OF THE 26TH DAY OF
FEBRUARY, 2005

      

      

      THIS
ADDENDUM is entered into as of February 6, 2008, by and between Golden Phoenix
Minerals, Inc., a Minnesota corporation (the “Company”) and Ashdown Milling
Company, LLC, a Nevada limited liability company (“Purchaser” or “Ashdown
Milling”) for the purpose of amending that certain Production Payment Purchase
Agreement, dated September 26, 2005, by and between the Company and Ashdown
Milling (the “Production Payment Purchase Agreement”), (for valuable
consideration, including payments to two members of Ashdown Milling to
extinguish their membership interests, and a commitment by the Company to make a
first quarter of 2008 payment to Ashdown Milling by April 30, 2008, the receipt
of such consideration is acknowledged) to reduce the total payment obligation
and reduce the rate of payment from 12% to 7.2% as follows:

      

      1.1       Purchase of Production
Payment.  In exchange for the Purchase Price set forth in
Section 1.2 of this Agreement, the Company agrees to sell and the Purchaser
agrees to purchase a remaining production payment of $1,467,006.94, as of
February 6, 2008, reflecting payments already made pursuant to the schedule
attached to this Addendum.  The payment shall be paid exclusively from
the Company’s share of production of base and precious minerals produced from
the Ashdown Mine allocated to the Company pursuant to the Ashdown Joint Venture
Agreement.  The rate of payment shall be equal to a seven and two
tenths percent (7.2%) Net Smelter (Refinery) Return on the entire production of
precious and base minerals produced from the Ashdown Mine, but paid solely from
the Company’s share of production distributed to the Company pursuant to the
Ashdown Joint Venture Agreement.  Until the production payment is paid
by the Company in full, the Company shall provide the Purchaser with quarterly
reports in writing reporting production and sales of minerals, both precious and
base, from the Ashdown Mine and the calculation of the production payment to be
paid by the Company.  The production payment shall be paid to the
Purchaser quarterly by the end of the quarter following the quarter the
production occurs.

      

      All other
provisions of the Production Payment Purchase Agreement shall remain in full
force and effect without change.

      

      IN
WITNESS WHEREOF, the parties have executed this Addendum or caused their duly
authorized officers to execute this Addendum as of the date first above
written.

      

      

      

      
        	
                GOLDEN
      PHOENIX MINERALS, INC.

              	
                ASHDOWN
      MILLING COMPANY, LLC

              
	 
      	 
      
	 
      	 
      
	
                By: /s/ David A.
      Caldwell

                   
       David A. Caldwell, CEO

              	
                By: /s/ Robert P.
      Martin

                     Robert
      P. Martin, Manager

              
	 
      	 
      
	 
      	
                By: /s/ Kenneth
      Ripley

                 
         Kenneth Ripley, Managergpmi10ksb123107ex10-47.htm

    
      

      

    

    Exhibit
10.47

    

    AMENDED
SETTLEMENT AGREEMENT AND RELEASE

    

    This
Amended Settlement Agreement and Mutual Release (the “Amendment”) is effective
as of the latest date executed below, and is by and between Plaintiff, STEVEN D.
CRAIG, an individual, Sonia M. Merz Successor Trustee ESTATE OF COLLETTE
CRATER-CRAIG on behalf of the ESTATE OF COLLETTE CRATER-CRAIG (“ESTATE OF
COLLETTE CRATER-CRAIG”) (STEVEN D. CRAIG and the ESTATE OF COLLETTE CRATER-CRAIG
may collectively be referenced as the “CRAIGS”), and Defendant, GOLDEN PHOENIX
MINERALS, INC. (hereinafter “GOLDEN PHOENIX”) (all parties to this Amendment
shall collectively be referenced as the “Parties”).

    

    PRELIMINARY
STATEMENTS

     

    On August
30, 2006, STEVEN D. CRAIG filed a Complaint in Washoe County as Case No. CV06
02103, against GOLDEN PHOENIX, stating claims for “Specific Performance of Stock
Option Agreements, Money Lent Against Defendant Golden Phoenix Minerals, Inc.,
and Interest Accrued On Money Due and Owing To Plaintiff And Against GOLDEN
PHOENIX.” 

    

    A dispute
arose among the Parties regarding GOLDEN PHOENIX’s payment of deferred or “back”
salaries, and interest thereon, related stock options in the amount of 984,300
shares of stock at 15 cents per share, which were granted by GOLDEN PHOENIX to
STEVEN D. CRAIG during May of 2000, for reimbursement of business expenses, and
interest thereon, and the exercise of additional options in the amount of
340,000 shares of stock at 37 cents per share and options for 250,000 shares of
stock at 15 cents per share issued in September of 2003 and February of 2005,
respectively (hereinafter “Lawsuit”). 

    

    COLLETTE
CRATER-CRAIG was named in the Third-Party Complaint filed by GOLDEN PHOENIX
which sought a declaration of rights regarding the payments of the deferred
“back” salaries, business expenses, and interest thereon, and the options
subject to the Lawsuit. STEVEN D. CRAIG and COLLETTE CRATER-CRAIG were married
during the time STEVEN D. CRAIG was employed by GOLDEN PHOENIX. The marriage was
terminated after any rights subject of the Lawsuit had accrued. On October 18,
2005, GOLDEN PHOENIX agreed to comply with court orders for equal dispersement
of assets owed to STEVEN D. CRAIG and to provide STEVEN D. CRAIG with one half
of the values owed to him and COLLETTE CRATER-CRAIG to be provided the balance
of the funds.  COLLETTE CRATER-CRAIG since became deceased on December
3, 2006.

    

    During
September 2007, the Parties agreed to settle and resolve the Lawsuit, and any
and all other actual or potential claims that may or could have been brought
between them (whether permissive or compulsory) (“Claims”), without the
necessity for further litigation and expense by settling the Lawsuit and the
Claims, whether known or unknown regardless of whether such claims were asserted
in the Lawsuit, between them.

    

    

    
      
        
           

        

        
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    The
Parties executed a Settlement Agreement and Release (“Agreement”) during
September 2007, whereby GOLDEN PHOENIX agreed to retire the balance of “back
salaries,” not including interest, to the CRAIGS, as against the fifteen (15)
cents per share exercise price of the 984,300 shares subject to the options
granted by GOLDEN PHOENIX to STEVEN D. CRAIG in May 2000. GOLDEN PHOENIX would
then seek to arrange a purchase of the entirety of these shares, 393,720 of
which were registered and unrestricted and 590,580 of which were unregistered
and restricted, by Third Party purchasers at a 20% discount. The CRAIGS agreed
to pay all tax liability arising from the payment of the back salaries and the
exercise of the options. The CRAIGS additionally agreed to pay amounts in excess
of the back salaries required to fully fund the exercise cost of the 984,300
options at fifteen (15) cents per share, to dismiss the Lawsuit with prejudice
and to release all Claims.

    

    Further
Settlement discussions took place between the Parties during the period of time
GOLDEN PHOENIX sought to arrange a purchase of the identified shares by Third
Parties and the Parties by this writing have agreed to amend the Settlement
whereby GOLDEN PHOENIX will no longer seek to arrange a purchase of the option
shares by Third Parties but instead will act to register the 590,580
unregistered and restricted shares and the CRAIGS will themselves exercise the
entirety of the 984,300 options at fifteen (15) cents per share, paying tax and
exercise amounts, as set forth more fully below.

    

    AGREEMENT

     

    In
consideration of the foregoing, the agreements, mutual covenants and conditions
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as
follows:

    

    
      
        	
              	
                1.

              	
                Incorporation of
      Recitals.  Each of the preliminary statements is deemed
      to be true and correct, and the same are hereby incorporated by reference
      as if fully stated herein.

              

      

    

    

    Paragraph
2 of the Agreement entitled “Consideration” is hereby deleted in its entirety
and amended by the following language:

    

    
      	
            	
              2.

            	
              Consideration. As
      consideration for this Agreement as amended herein and STEVEN D. CRAIG’s
      dismissal of the Lawsuit with prejudice, and the relinquishment of the
      Claims by both STEVEN D. CRAIG and the authorized representative on behalf
      of the ESTATE OF COLLETTE CRATER-CRAIG, the Parties have agreed as
      follows: 

            

    

    
      	
            	
              a.

            	
              GOLDEN
      PHOENIX will retire the balance of the “back salaries,” not including
      interest, which the Parties agree total $129,586.55, to the CRAIGS
      (one-half (1/2) of the back salaries or $64,793.28 on behalf of STEVEN D.
      CRAIG and, one-half (1/2) of the back salaries or $64,793.27 on behalf of
      the ESTATE OF COLLETTE CRATER-CRAIG) as against the fifteen (15) cents per
      share exercise price of the 984,300 options granted by GOLDEN PHOENIX to
      STEVEN D. CRAIG during May of 2000.

            

    

     

    
      
        
           

        

        
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              b.

            	
              GOLDEN
      PHOENIX represents that it has filed a registration statement with the SEC
      to register the 590,580 unregistered and restricted shares subject to the
      options described herein, so that these shares may be unrestricted and
      free-trading. The registration of these shares are subject to review by
      the SEC and GOLDEN PHOENIX makes no representations or guarantees
      regarding the timing of said registration. GOLDEN PHOENIX will continue to
      act in good faith to register these shares, including through any review
      the SEC may require, however, the Agreement as amended herein is not
      conditioned upon the registration of these shares. The CRAIGS acknowledge
      and understand that the registration with the SEC of the 590,580 shares
      described herein is pending and that these shares may be unregistered and
      restricted at the time of the execution of this Amendment and the issuance
      of Stock Certificates as set forth in paragraph 2.g. The CRAIGS further
      acknowledge and understand that in the event the Stock Certificates for
      the 590,580 shares are issued with restrictions, it is their sole
      responsibility after these shares are registered, to obtain Stock
      Certificates without restrictions, if they deem that such action is
      necessary. In the event the 590,580 shares are registered prior to the
      submission for and issuance of Stock Certificates, as set forth in
      paragraph 2.g., GOLDEN PHOENIX will provide instructions to its transfer
      agent that the Stock Certificates for these 590,580 shares be issued
      without restriction.

            

    

    
      	
            	
              c.

            	
              The
      CRAIGS will pay all amounts in excess of the back salaries, necessary to
      fully exercise the 984,300 options at fifteen (15) cents per share at a
      total exercise cost of $147,645.00, plus the Employee portion of the
      applicable Payroll taxes attributable to STEVEN D. CRAIG for his one-half
      (1/2) share of the back salaries and his taxable gain for the exercise of
      his one-half (1/2) share of the options or 492,150 options. GOLDEN PHOENIX
      will pay the Employer portion of the applicable Payroll taxes. For the
      purposes of this settlement: the Employee portion of the applicable
      Payroll taxes include, Federal Withholding, and the Employee’s one-half
      (1/2) share of the Social Security and Medicare taxes; the Employer
      portion of the applicable Payroll taxes include, the Employer’s one-half
      (1/2) share of the Social Security and Medicare taxes, Federal
      Unemployment Insurance, Nevada State Unemployment Insurance, and Nevada
      Modified Business Tax.

            

    

    
      	
            	
              d.

            	
              Calculations
      of taxes and payments pursuant to this settlement, including example
      calculations at 3 different potential closing price values for the taxes
      that are due from STEVEN D. CRAIG for the gain realized by the exercise of
      the options, are attached as Exhibit “A” to this Amendment. The parties
      acknowledge and agree that the portion of the taxes due from STEVEN D.
      CRAIG arising from the exercise of the options are dependent upon the
      closing market price of the shares on the date the form entitled “Request
      to Exercise Options” is executed by the STEVEN D. CRAIG, as set forth in
      paragraphs 2.e.

            

    

    
      	
            	
              e.

            	
              STEVEN
      D. CRAIG will execute this Amendment simultaneously with the form
      entitled, “Request to Exercise Options,” attached hereto as Exhibit “B,”
      for the 492,150 options for GOLDEN PHOENIX common stock at 15 cents per
      share, which are subject to this Agreement as amended herein. The fair
      market value utilized for calculating the Payroll taxes due for the gain
      realized by the exercise of the options shall be determined by the closing
      price of GOLDEN PHOENIX common stock shares as reported on the “OTC
      Bulletin Board” on the date the “Request to Exercise Options” is executed
      by STEVEN D. CRAIG.  Taxable gain realized by the exercise of
      the options is the difference between the exercise price and the fair
      market value of the GOLDEN PHOENIX common stock shares as determined
      herein.

            

    

    

    

    
      
        
           

        

        
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              f.

            	
              Sonia
      M. Merz, as the Successor Trustee for the ESTATE OF COLLETTE CRATER-CRAIG,
      will, on behalf of the ESTATE OF COLLETTE CRATER-CRAIG execute this
      Amendment simultaneously with the form entitled, “Request to Exercise
      Options,” attached hereto as Exhibit “C,” for the 492,150 options for
      GOLDEN PHOENIX common stock at 15 cents per share, which are subject to
      this Agreement as amended herein. The fair market value utilized for
      calculating the taxes due for the gain realized by the exercise of the
      options shall be determined by the closing price of GOLDEN PHOENIX common
      stock shares as reported on the “OTC Bulletin Board” on the date the
      “Request to Exercise Options” is executed by Sonia M. Merz, as the
      Successor Trustee for the ESTATE OF COLLETTE CRATER-CRAIG, will, on behalf
      of the ESTATE OF COLLETTE CRATER-CRAIG. GOLDEN PHOENIX will issue IRS
      forms 1099 to the ESTATE OF COLLETTE CRATER-CRAIG reporting the payment of
      its one-half (1/2) share of back salaries and additionally for the gain
      realized by the exercise of the options as herein determined. Taxable gain
      realized by the exercise of the options is the difference between the
      exercise price and the fair market value of the GOLDEN PHOENIX common
      stock shares as determined herein.

            

    

    
      	
            	
              g.

            	
              GOLDEN
      PHOENIX will submit instructions to its transfer agent to issue separate
      Stock Certificates in directly proportionate amounts of the 984,300
      restricted and unrestricted shares, as identified herein, in the name of
      (1) STEVEN D. CRAIG and (2) Sonia M. Merz Successor Trustee Collette
      Crater-Craig Trust on behalf of the ESTATE OF COLLETTE CRATER-CRAIG, upon
      receipt of this Amendment and both of the individual “Requests to Exercise
      Options” executed by the CRAIGS, and all bank-cleared payments by the
      CRAIGS as set forth in paragraph 2.c., specifically as follows: $18,058.45
      for exercise costs in excess of the back salaries, before taxes;
      $17,915.34 for the Employee portion of the Payroll taxes and federal
      withholding for the back salaries payments made to STEVEN D. CRAIG; and
      the Payroll taxes and federal withholding attributable to STEVEN D. CRAIG
      for the gain realized by the exercise of the options as herein determined
      and described in paragraph 2.e. Formulae for the calculation of this
      amount are provided in Exhibit “A” and described in paragraph 2.d. The
      parties shall confirm the amount of the Employee portion of the Payroll
      taxes and federal withholding for the gain realized by the exercise of the
      options, as herein set forth, prior to payment of this amount to GOLDEN
      PHOENIX and prior to submission for Stock Certificates as identified
      above.

            

    

    
      	
            	
              h.

            	
              GOLDEN
      PHOENIX’s transfer agent shall be instructed to mail the Stock
      Certificates, issued pursuant to the Agreement as amended herein, in the
      names of STEVEN D. CRAIG and Sonia M. Merz Successor Trustee Collette
      Crater-Craig Trust on behalf of the ESTATE OF COLLETTE CRATER-CRAIG to the
      attention of Tamara L. Boeck and Marc J. Victor of the Offices of
      Bullivant Houser Bailey PC located at 1415 L Street, Suite 1000,
      Sacramento, California, 95814 for review and confirmation. Stock
      Certificates compliant with this Agreement as amended herein will then be
      forwarded to the attention of David J. Otto of the Law Offices of David J.
      Otto at 1982 N. Rainbow Blvd #117, Las Vegas, NV 89108. The CRAIGS
      acknowledge that they have reached a separate agreement with Mr. Otto
      wherein they will transfer to him for his services a number of the shares
      they are receiving by this settlement, equivalent in value to $30,000 US.
      The fair market value of the shares shall be determined consistent with
      paragraphs 2.e. and 2.f. as the closing price of shares of GOLDEN PHOENIX
      common stock on the date the Requests for Exercise of Options are
      executed. After the CRAIGS transfer said shares to Mr. Otto, he will
      disburse the remaining shares and Stock Certificates between and among the
      CRAIGS. Neither GOLDEN PHOENIX nor its employees, representatives and/or
      agents shall be responsible for the computation of the number of shares
      required pursuant to the agreement between the CRAIGS and Mr. Otto to
      reimburse Mr. Otto for his services or for the disbursement of any of the
      proceeds of this Agreement as amended herein after submitting Stock
      Certificates consistent with this Agreement as amended herein to Federal
      Express (“FedEx”) for delivery to Mr. Otto as referenced
      above.

            

    

    

    

    
      
        
           

        

        
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              i.

            	
              GOLDEN
      PHOENIX and the CRAIGS agree that all scheduled payments of the “back
      salaries” were correctly suspended upon the execution of this Agreement up
      to an through the execution of this Amendment at which time they will be
      fully and completely terminated. The Parties further confirm that GOLDEN
      PHOENIX had no obligation upon execution of the Agreement to make payments
      that had been deducted from the scheduled payments on behalf of STEVEN D.
      CRAIG for insurance premiums. All responsibility for continuing any such
      insurance shall remain STEVEN D. CRAIG’s sole responsibility and he will
      not hold GOLDEN PHOENIX responsible for the cancellation of any such
      insurance.

            

    

    
      	
               
      

            	
              3.

            	
              Release and Satisfaction of
      the Claims. STEVEN D. CRAIG shall file a dismissal with prejudice
      of the Complaint and GOLDEN PHOENIX will dismiss its Third-Party
      Complaint. In exchange for the payments from escrow and conditions made
      under Paragraph 2 above, the Parties, and each of them, for and on behalf
      of themselves, their heirs, executors, administrators, successors,
      predecessors, assigns, insurers, parents, attorneys, parent corporations,
      subsidiaries, related entities, trustees, partners, shareholders,
      officers, directors, agents, employees, and third party administrators,
      hereby release and discharge each and every party to this Agreement as
      amended herein, including their respective heirs, executors,
      administrators, successors, predecessors, assigns, insurers, parents
      attorneys, parent corporations, subsidiaries, related entities, trustees,
      partners, shareholders, officers, directors, agents, employees, and third
      party administrators, from any and all claims, demands, causes of action,
      obligations, damages, and liabilities of any kind and nature whatsoever,
      whether in law or in equity, which either party ever had, now has, or may
      in the future have in any way connected with the matters, Lawsuit and
      Claims described in the Agreement and this Amendment, including without
      limitation, any and all claims for options, back salaries, business
      expenses and interest.

            

    

    

    The
Parties, and each of them, acknowledge that there is a risk that, prior to the
execution of this Amendment, they may have incurred, suffered, or sustained
injury, loss, damage, costs, attorneys’ fees, or expenses, which are in some way
caused by and/or connected with the persons, entities, the matters referred to
in the Agreement and this Amendment, and which are unknown or unanticipated at
the time that this Amendment is signed, or which are not presently capable of
being ascertained.  The Parties, and each of them, further acknowledge
that there is a risk that such damages as are known may become more serious than
they now expect or anticipate.  Nevertheless, the Parties, and each of
them, acknowledge that this Agreement as amended
herein has been negotiated and agreed upon in light of those risks and
hereby expressly waive all rights they may have in any such unknown claims and
assumes the risk that the facts and law pertaining to this dispute may change or
be different than is now known.  The provisions of this paragraph
extend to all claims actually made or which could have been made in the above
legal proceedings and all claims, whether or not known, claimed or suspected,
and whether currently existing or arising in the future, by and between the
parties hereto.

    

    

    
      
        
           

        

        
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    The
Parties, and each of them, acknowledge that they are aware that they may
hereafter discover facts in addition to, or different from, those which they now
know or believe to be true, but the Parties, and each of them, intend hereby
fully and finally and forever to settle and to release any and all matters,
disputes, and differences, known or unknown, suspected or unsuspected, which do
now exist, may exist, have existed, or may exist in the future which arise out
of, directly or indirectly, or are in any way connected with the matters
described in the Agreement and this Amendment and regardless of whether such claims
were asserted in the Lawsuit.  In furtherance of this
intention, the releases herein shall be and remain in effect as full and
complete general releases notwithstanding discovery or existence of any such
additional or different facts.

    

    Paragraph
4 of the Agreement entitled “Tax Liabilities” is hereby deleted in its entirety
and replaced by the following language:

    

    
      	
            	
              4.

            	
              Tax
      Liabilities.  The CRAIGS agree that they are wholly and
      solely responsible for the evaluation of any legal or financial
      obligations related to the tax liability or implication of this
      compromise, the exchange and relinquishment of the Claims, and the
      dismissal of the Lawsuit.

            

    

    

    
      	
            	
              5.

            	
              Warranties.  The
      Parties warrant that no promises or inducements have been offered except
      as set forth herein, that this Amendment is executed without reliance upon
      any statements or representations by persons or parties released or their
      representatives concerning the nature and extent of the damages and/or
      legal liability therefor; that it is binding on the Parties, as well as
      their respective companies, organizations, successors, agents, heirs and
      assigns.  The Parties further warrant that they are legally
      competent and authorized to execute this Amendment, and that they accept
      full responsibility therefor.

            

    

    
      	
            	
              6.

            	
              Compromise.  This
      Agreement as amended herein constitutes a full and final compromise and
      settlement of any and all disputes between the Parties known or unknown,
      including, but not limited to, the Lawsuit and the Claims, which are
      disputed and uncertain, and about which the CRAIGS and GOLDEN PHOENIX
      make no admissions as to validity or
  enforceability.

            

    

    
      	
            	
              7.

            	
              Reliance on Own Judgment and
      Legal Consultation.  Each of the Parties acknowledges
      that it relies wholly upon advice of counsel and its own judgment, belief
      and knowledge as to the nature, extent and duration of the issues, claims,
      defenses, rights and obligations relating to the Lawsuit, Claims, the
      Agreement and this Amendment, and each represents that it has not been
      influenced to any extent whatsoever in making this Amendment by any
      representations or statements concerning the Lawsuit and Claims or
      regarding any other matters made by persons, firms, or corporations who
      are hereby released, or by any person or persons representing
      them.  The Parties acknowledge that they have retained and
      consulted their own attorneys in executing this Amendment and the legal
      effect thereof.

            

    

    

    

    
      
        
           

        

        
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              8.

            	
              Representations. The
      CRAIGS and GOLDEN PHOENIX further represent and warrant as
      follows:  

            

    

    
      	
            	
              a.

            	
              Consents.  The
      execution and delivery of this Amendment, and the consummation and
      performance of the terms and conditions contemplated by this Agreement as
      amended herein, do not require any consent, approval or action of, or any
      filing with or notice to any person, public authority or entity except as
      otherwise stated in this Amendment and the Parties executing this
      Amendment are duly authorized to enter into this Agreement as amended
      herein.

            

    

    
      	
            	
              b.

            	
              Enforceability.  Assuming
      due execution and delivery of this Amendment by each Party, this Agreement
      as amended herein constitutes the valid and legally binding obligations of
      the Parties, enforceable against the Parties in accordance with their
      terms.

            

    

    
      	
            	
              c.

            	
              No
      Conflicts.  Neither the execution, delivery nor
      performance of this Agreement as amended herein will conflict in any
      respect with, result in a breach of, or constitute a default under, any
      court or administrative order or process, judgment, decree, statute, law,
      ordinance, rule or regulation or any agreement or commitment to which
      parties executing the same are party or are subject or bound, except where
      such conflict, breach or default would not have a material adverse effect
      on their ability to perform their obligations contemplated
      herein.

            

    

    
      	
            	
              d.

            	
              No
      Assignment.  No claims, third-party claims, or rights of
      the Parties purported to have been released herein have been sold,
      transferred or assigned and no attempt to do so shall
    occur.

            

    

    
      	
            	
              e.

            	
              Disclosure.  The
      statements of the Parties contained herein are true and correct in all
      material respects and do not omit any material fact necessary to make the
      statements contained herein not
misleading.

            

    

    
      	
            	
              f.

            	
              Entire Agreement; No
      Waiver.  The Agreement as amended herein constitutes the
      entire agreement between the Parties relating to the subject matter
      contained herein.  No waiver of any of the provisions of the
      Agreement as amended herein shall be deemed a waiver of, nor shall
      constitute a waiver of any other provision, whether or not similar, nor
      shall any waiver constitute a continuing waiver. No supplement,
      modification or amendment of this Agreement as amended herein shall be
      binding unless executed in writing by all the
  Parties.

            

    

    
      	
            	
              g.

            	
              Construction.  The
      terms and conditions of this Agreement as amended herein shall be
      construed as a whole according to its fair meaning and not strictly for or
      against any party.  The Parties acknowledge that each of them
      has reviewed this Amendment and has had the opportunity to have it
      reviewed by their attorneys and that any rule of construction to the
      effect that ambiguities are to be resolved against the drafting party
      shall not apply in the interpretation of this Agreement, including any
      amendments.  The Parties further agree that prior drafts of this
      Agreement shall not be relevant or considered in connection with the
      construction or interpretation of this Agreement as amended herein, or to
      vary, modify or contradict any of the terms or provisions of this
      Amendment to the Agreement.

            

    

    

    

    
      
        
           

        

        
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              h.

            	
              Accord and
      Satisfaction.  This Agreement as amended herein shall be
      considered an accord and satisfaction between the Parties and not a
      novation.  Should any Party default under the terms of this
      Agreement, the non-defaulting Party shall be entitled only to the rights
      and remedies set forth herein, and shall not have any right to reinstate
      the lawsuit, the Parties expressly acknowledging the compromise of the
      disputes in this Agreement as amended
herein.

            

    

    
      	
            	
              i.

            	
              Notices.  Any
      notice or other communication required or permitted to be delivered to any
      party under this Agreement as amended herein shall be in writing and shall
      be deemed properly delivered, given and received when delivered (by hand,
      by registered or certified mail, return receipt requested, by courier or
      express delivery service) to the address or facsimile number set forth
      beneath the name of such party and its counsel below (or to such other
      address as such party shall have specified in a written notice given to
      the other parties hereto).  In the event of failure of actual
      receipt by reason of refusal of acceptance of delivery or change of
      address and failure to give notice of such change, notice shall be deemed
      received at the time of refusal of acceptance of first attempted
      delivery.

            

    

    

    
      	
              If
      sent to STEVEN D. CRAIG AND/OR THE ESTATE OF COLLETTE
      CRATER-CRAIG:

            	 
      	
              STEVEN
      D. CRAIG AND THE ESTATE OF COLLETTE CRATER-CRAIG

              C/o
      David J. Otto

              1982
      North Rainbow Blvd., #117

              Las
      Vegas, NV 89108

              Tel:  (702)
      577-9300

              Fax:
      (702) 255-2858

            
	 
      	 
      	 
      
	
              If
      sent to GOLDEN PHOENIX:

            	 
      	
              GOLDEN
      PHOENIX MINERALS, INC.

              C/o
      Tamara L. Boeck, Esq.

              Marc
      J. Victor, Esq.

              Bullivant
      Houser Bailey, P.C.

              1415
      L. Street, Ste 1000

              Sacramento,
      CA 95814

              Tel:
      (916) 930-2500

              Fax:
      (916) 930-2501

            

    

    

    

    Any Party
may change its address for purposes of this paragraph by giving the other party
written notice of the new address in the manner set forth above.

    
      
        	
              	
                j.

              	
                Partial
      Invalidity.  If any term of this Agreement as amended
      herein or the application of any term of this Amendment should be held by
      a court of competent jurisdiction to be invalid, void or unenforceable,
      all provisions, covenants and conditions of this Agreement as amended
      herein, and all of its applications, not held invalid, void or
      unenforceable, shall continue in full force and effect and shall not be
      affected, impaired or invalidated in any
way.

              

      

    

    

    

    
      
        
           

        

        
          Page 8 of
10

          
            

          

        

        
           

        

      

    

    

    
      	
            	
              k.

            	
              Attorneys’
      Fees.  The parties to this Agreement as amended herein
      shall bear their own attorneys’ fees and costs incurred in this
      litigation, as well as on the preparation of this Agreement as amended
      herein.  In the event that any Party commences an action to
      enforce or interpret this Agreement, or for any other remedy based on or
      arising from this Agreement as amended herein or the Accompanying
      Exhibits, the prevailing Party therein shall be entitled to recover its
      reasonable and necessary attorneys’ fees and costs
      incurred.  For the purposes of this provision, the “prevailing party” shall
      be that Party which has been successful with regard to the main issue,
      even if that Party did not prevail on all
  issues.

            

    

    
      	
            	
              l.

            	
              Necessary
      Action.  Each of the Parties shall do any act or thing
      necessary to execute any or all documents or instruments necessary or
      proper to effectuate the provisions and intent of this Agreement as
      amended herein.

            

    

    
      	
            	
              m.

            	
              Governing Law and
      Forum.  The laws of the State of Nevada, without giving
      effect to choice of law or conflict of law principles, shall govern the
      validity, construction, performance and effect of this Agreement as
      amended herein.  Any lawsuit to interpret or enforce the terms
      of this Agreement as amended herein shall be brought in a court of
      competent jurisdiction in Washoe County,
Nevada.

            

    

    
      	
            	
              n.

            	
              Counterparts and
      Facsimile/copy.  This Amendment may be executed in
      counterparts, in different locations, and copies, scans or facsimiles of
      signatures shall be legally binding as
  originals.

            

    

    

    IN
WITNESS WHEREOF, the Parties hereto, intending to be legally bound, execute this
Amendment to the Agreement effective as of the last date executed
below.

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        
           

        

        
          Page 9 of
10

          
            

          

        

        
           

        

      

    

    

    [signature
blocks intentionally on next page]

    
      	
              GOLDEN
      PHOENIX MINERALS, INC.

            	 
      	
              STEVEN
      D. CRAIG

            
	 
      	 
      	 
      
	
              Date:
      March 21, 2008

            	 
      	
              Date:
      March 19, 2008

            
	 
      	 
      	 
      
	
              By: /s/ David A.
      Caldwell

            	 
      	 
      
	 
      	 
      	
              /s/ Steven D.
      Craig

            
	
              Its:
      CEO

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              ESTATE
      OF COLLETTE CRATER-CRAIG

            
	 
      	 
      	 
      
	 
      	 
      	
              Date:
      March 19, 2008

            
	 
      	 
      	 
      
	 
      	 
      	
              By:
      Sonia M. Merz, Successor Trustee Collette Crater-Craig
    Trust

            
	 
      	 
      	 
      
	 
      	 
      	
              By: /s/ Sonia M.
      Merz

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              APPROVED
      AS TO FORM AND CONTENT

            	 
      	
              APPROVED
      AS TO FORM AND CONTENT

            
	
              BULLIVANT
      HOUSER BAILEY, PC

            	 
      	 
      
	 
      	 
      	
              Date:

            
	
              Date:

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By: /s/ David J.
      Otto

            
	
              By: /s/ Tamara L.
      Boeck

            	 
      	
              David
      J. Otto

            
	
              Tamara
      L. Boeck

            	 
      	
              1982
      North Rainbow Blvd., #117

            
	
              Marc
      J. Victor

            	 
      	
              Las
      Vegas, NV 89108

            
	
              1415
      L. Street, Ste 1000

              Sacramento,
      CA 95814

              Attorney
      for GOLDEN PHOENIX

            	 
      	
              Attorney
      for STEVEN D. CRAIG and the

              ESTATE
      OF COLLETTE CRATER-CRAIG

            

    

    

    

    

    

    

    

    

    

    

    

     

     

     

    Page 10 of 10

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