Document:

Exhibit
10.6

 

FORM
OF

 

PLEDGE
AGREEMENT

 

THIS
PLEDGE AGREEMENT (as may be amended, restated or modified from time to time, this “Pledge Agreement”),
dated as of March 31, 2016 but made effective as of June [●], 2016, is made by and between STAR MOUNTAIN RESOURCES, INC.,
a corporation incorporated under the laws of the State of Nevada, as pledgor (the “Pledgor”), and TCA
GLOBAL CREDIT MASTER FUND, LP, a limited partnership organized and existing under the laws of the Cayman Islands, as pledgee
(the “Pledgee”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to that certain Securities Purchase Agreement, dated as of March 31, 2016 but made effective as of the date hereof (the
“Purchase Agreement”), by and between the Pledgor and the Pledgee, the Pledgor has agreed to issue to
the Pledgee and the Pledgee has agreed to purchase from the Pledgor certain senior secured, convertible redeemable debentures
(the “Debentures”), as more specifically set forth in the Purchase Agreement;

 

WHEREAS,
as of the date hereof, the Pledgor is the registered and beneficial owner of one thousand (1,000) of the issued and outstanding
shares of common stock (equal to 100% of the total issued and outstanding shares of common stock) (the “Pledged Shares”)
of Bolcan Mining Corporation, a Nevada corporation (in such capacity, the “Pledged Company”), and the
Pledged Shares are represented by a certificate bearing certificate number A-1001 (the “Certificate”);

 

WHEREAS,
in order to induce the Pledgee to purchase the Debentures, the Pledgor has agreed to execute and deliver to the Pledgee, as security
for the obligations of the Pledgor to the Pledgee, a pledge of all of the Pledgor’s right, title and interest in and to
the Pledged Shares;

 

NOW,
THEREFORE, in consideration of the premises set forth above, the covenants and agreements hereinafter set forth, and other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Pledgor and the Pledgee agree as set
forth below:

 

SECTION
1. Defined Terms. Except as otherwise
defined herein, terms defined in the Purchase Agreement shall have the same meaning when used herein.

 

SECTION
2. Grant of Security. As security
for the Obligations (as defined in the Purchase Agreement), the Pledgor hereby pledges, assigns, transfers and delivers to the
Pledgee the Pledged Shares and hereby grants to the Pledgee a first priority lien on and a first priority security interest in
the following (collectively, the “Pledged Collateral”):

 

(i)
 the Pledged Shares and all capital, revenue, profit, income, gain or other property or proceeds, return on contribution or
otherwise with respect to the Pledged Shares;

 

    	 

    	 

    

 

(ii)
 all securities, moneys or property representing dividends or interest on any of the Pledged Shares, or representing a distribution
in respect of the Pledged Shares, or resulting from a split-up, revision, reclassification or other like change of the Pledged
Shares or otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the holders of,
or otherwise in respect of, the Pledged Shares (exclusive of any equity holder loan);

 

(iii)
 all right, title and interest of Pledgor in, to and under any policy of insurance payable by reason of loss or damage to the
Pledged Shares and any other Pledged Collateral;

 

(iv)
 all other payments due or to become due to the Pledgor in respect of the Pledged Shares whether under any organizational document
or otherwise, whether as contractual obligations, damages or otherwise;

 

(v)
 all “accounts”, “general intangibles”, “instruments” and “investment property”
(in each case as defined in the UCC) constituting or relating to the foregoing;

 

(vi)
 all Proceeds of any of the foregoing property of Pledgor (including, without limitation, any proceeds of insurance thereon,
all “accounts”, “general intangibles”, “instruments” and “investment property”,
in each case as defined in the UCC, constituting or relating to the foregoing); and

 

(vii)
 all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments
representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any
time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof.

 

SECTION
3. Pledge Documents. Concurrently
with the execution of this Pledge Agreement and upon the circumstances described in Section 6 hereof, the Pledgor shall execute
and deliver to the Pledgee an irrevocable proxy in favor of the Pledgee in respect of the Pledged Shares of the Pledged Company
in the form set out in Exhibit A hereto (the “Irrevocable Proxy”) and shall deliver to the Pledgee
the Certificate together with a signed, undated instrument of transfer in the form set out in Exhibit B hereto (an “Instrument
of Transfer”) pertaining thereto duly executed in blank.

 

SECTION
4. Representations and Warranties.
The Pledgor represents and warrants that:

 

(a)
 it is the legal and beneficial owner of, and has good and marketable title to, the Pledged Collateral, subject to no pledge,
lien, mortgage, hypothecation, security interest, charge, option or other encumbrance whatsoever, except the lien and security
interest created and contemplated by this Pledge Agreement;

 

(b)
 it has full power, authority and legal right to execute, deliver and perform its obligations under this Pledge Agreement and
to create the lien and security interest contemplated by this Pledge Agreement;

 

(c)
 the Pledged Shares of the Pledged Company (i) have been duly and validly created pursuant to the relevant organizational documents
of the Pledged Company, (ii) constitute 100% of the total issued and outstanding capital stock of the Pledged Company; and (iii)
are evidenced by the Certificate;

 

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(d)
 the Pledged Shares are “securities” governed by Article 8 of the UCC; 

 

(e)
 as of the date hereof, no Person has entered into any options, warrants or other agreements to acquire additional capital
stock / membership interests in the Pledged Company and there are no voting trusts or other member agreements or arrangements
relating to any Pledged Collateral;

 

(f)
 this Pledge Agreement constitutes a valid obligation of the Pledgor, legally binding upon it and enforceable in accordance
with its terms;

 

(g)
 the pledge, hypothecation, assignment of the Pledged Collateral and the delivery of the Pledged Shares (together with the
Instrument of Transfers) pursuant to and/or described in this Pledge Agreement create a valid and perfected first priority security
interest in the Pledged Collateral;

 

(h)
 no consent of any other party (including equity interest holders of the Pledgor) is required in connection with the execution,
delivery, performance, validity, enforceability or enforcement of this Pledge Agreement, and no consent, license, approval or
authorization of, or registration or declaration with, any governmental authority, bureau or agency is required in connection
with the execution, delivery, performance, validity, enforceability or enforcement of this Pledge Agreement;

 

(i)
 the execution, delivery and performance of this Pledge Agreement will not violate or contravene any provision of any existing
law or regulation or decree of any court, governmental authority, bureau or agency having jurisdiction in the premises or of the
organizational documents of the Pledgor or of any mortgage, indenture, security agreement, contract, undertaking or other agreement
to which the Pledgor is a party or which purports to be binding upon it or any of its properties or assets and will not result
in the creation or imposition of any lien, charge or encumbrance on, or security interest in, any of its properties or assets
pursuant to the provisions of any such mortgage, indenture, security agreement, contract, undertaking or other agreement;

 

(j)
 its chief executive offices are located at 8307 Shaffer Parkway, Suite 102, Littleton Colorado 80127 and 408 Sylvia Lake Road,
Gouverneur, New York 13642; and

 

(k)
 the representations and warranties set forth in the Purchase Agreement insofar as they relate to the Pledgor are true and
complete and the Pledgor shall comply with each of the covenants set forth in the Purchase Agreement which are applicable thereto.

 

SECTION
5. Covenants. The Pledgor hereby covenants
that during the continuance of this Pledge Agreement:

 

(a)
 it shall warrant and defend the right and title of the Pledgee conferred by this Pledge Agreement in and to the Pledged Collateral
at the cost of the Pledgor against the claims and demands of all persons whomsoever;

 

(b)
 it shall not sell, assign, transfer, charge, pledge or encumber in any manner any part of the Pledged Collateral or suffer
to exist any encumbrance on the Pledged Collateral

 

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(c)
 it shall not amend or modify any organizational document of the Pledged Company;

 

(d)
 it shall not vote the Pledged Shares of the Pledged Company in favor of the consolidation, merger, dissolution, liquidation
or any other corporate reorganization of the Pledged Company;

 

(e)
 it shall not take from the Pledged Company any undertaking or security in respect of its liability hereunder or in respect
of any other liability of the Pledged Company to the Pledgor and the Pledgor shall not prove nor have the right of proof, in competition
with the Pledgee, for any monies whatsoever owing from the Pledged Company to the Pledgor, in any insolvency or liquidation, or
analogous proceedings under any applicable law, of the Pledgor;

 

(f)
 subject to the terms and conditions contained in the Purchase Agreement, there shall not be issued any additional shares of
capital stock in the Pledged Company nor any options, warrants or other agreements to do so issued or entered into, provided however
that if such shares of capital stock are issued, they shall immediately be pledged to the Pledgee hereunder;

 

(g)
 it shall not release, transfer or otherwise dispose of any shares of capital stock held by the Pledged Company as treasury
stock or otherwise;

 

(h)
 it shall furnish to Pledgee from time to time statements and schedules further identifying and describing the Pledged Collateral
as Pledgee reasonably requests, all in reasonable detail;

 

(i)
 it shall give at least ninety (90) days’ prior written notice to Pledgee of any (i) change of the location of Pledgor’s
chief executive office from that specified in Section 4(j) hereof, (ii) change of Pledgor’s name, identity or structure
or (iii) reorganization or reincorporation of Pledgor under the laws of another jurisdiction; and; and

 

(j)
 it shall indemnify the Pledgee from, and hold it harmless against, any and all liabilities with respect to, or resulting from
any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect
to any of the Pledged Collateral or in connection with the transaction contemplated by this Pledge Agreement.

 

SECTION
6. Delivery of Additional Collateral.
If the Pledgor shall become entitled to receive or shall receive any equity interests, option or rights, whether as an addition
to, in substitution of, or in exchange for any of the Pledged Shares, the Pledgor agrees to accept the same as the agent of the
Pledgee and to hold the same in trust for the benefit of the Pledgee and to deliver the same forthwith to the Pledgee in the exact
form received, with the endorsement of the Pledgor when necessary and/or appropriate undated Instruments of Transfer duly executed
in blank, and Irrevocable Proxies for any shares of capital stock so received, in substantially the forms attached hereto to be
held by the Pledgee, subject to the terms hereof, as additional collateral security for the Obligations.

 

    	4

    	 

    

 

SECTION
7. General Authority. The Pledgor
hereby consents that, without the necessity of any reservation of rights against the Pledgor, and without notice to or further
assent by the Pledgor, any demand for payment of any of the Obligations made by the Pledgee may be rescinded by the Pledgee and
any of the Obligations continued, and the Obligations, or the liability of the Pledgor and/or the Pledged Company upon or for
any part thereof, or any other collateral security (including, without limitation, any collateral security held pursuant to any
of the other Loan Documents) or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed,
extended, modified, accelerated, compromised, waived, surrendered, or released by the Pledgee, and the Loan Documents, any guarantees
and any other collateral security documents executed and delivered by the Pledgor and/or the Pledged Company or any other obligors
in respect of the Obligations may be amended, modified, supplemented or terminated, in whole or in part, as the Pledgee may deem
advisable, from time to time, and any other collateral security at any time held by the Pledgee for the payment of the Obligations
(including, without limitation, any collateral security held pursuant to any other collateral security document executed and delivered
pursuant to the Loan Documents) may be sold, exchanged, waived, surrendered or released, all without notice to or further assent
by the Pledgor or the Pledged Company, which shall remain bound hereunder, notwithstanding any such renewal, extension, modification,
acceleration, compromise, amendment, supplement, termination, sale, exchange, waiver, surrender or release. The Pledgor waives
any and all notices of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance
by the Pledgee upon this Pledge Agreement, and the Obligations, and any of them, shall conclusively be deemed to have been created,
contracted or incurred in reliance upon this Pledge Agreement, and all dealings between the Pledged Company and the Pledgee shall
likewise be conclusively presumed to have been had or consummated in reliance upon this Pledge Agreement. The Pledgor waives diligence,
presentment, protest, demand for payment and notice of default or non-payment to or upon the Pledgor or the Pledged Company with
respect to the Obligations.

 

SECTION
8. Voting Rights. The Pledgee shall,
as the Pledgee and as the holder of the Irrevocable Proxies, receive notice and have the right (but not the obligation) to vote
the Pledged Shares at its own discretion at, any annual or special meeting, as the case may be, of the shareholders of the Pledged
Company, provided, however, that the Pledgee shall not be entitled to receive notice, or to exercise such right
to vote until the occurrence of and continuing of an Event of Default or any of the security created by or pursuant to this Pledge
Agreement shall be deemed imperiled or jeopardized in a manner by the Pledgee in its sole and reasonable discretion.

 

SECTION
9. UCC Filings. The Pledgor does hereby
authorize the Pledgee to do all things the Pledgee may reasonably deem to be necessary or advisable in order to perfect or maintain
the security interest granted by this Pledge Agreement including, but not limited to, filing any and all Uniform Commercial Code
financing statements or renewals thereof.

 

SECTION
10. Remedies. At any time after the
occurrence of an Event of Default that has not yet been cured or in the event any of the security created by or pursuant to this
Pledge Agreement shall be imperiled or jeopardized in a manner deemed material by the Pledgee in its sole and reasonable discretion,
the Pledgee shall be entitled, without further notice to the Pledgor:

 

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(a)
 subject to the limitations of Sections 9-610 and 9-615 of the UCC (to the extent applicable), to sell, assign, transfer and
deliver at any time the whole, or from time to time any part, of the Pledged Collateral or any rights or interests therein, at
public or private sale or in any other manner, at such price or prices and on such terms as the Pledgee may deem appropriate,
and either for cash, on credit, for other property or for future delivery, at the option of the Pledgee, upon not less than 10
days’ written notice (which 10 day notice is hereby acknowledged by the Pledgor to be reasonable) addressed to the Pledgor
at its last address provided to the Pledgee pursuant to this Pledge Agreement, but without demand, advertisement or other notice
of any kind (all of which are hereby expressly waived by the Pledgor). If any of the Pledged Collateral or any rights or interests
thereon are to be disposed of at a public sale, the Pledgee may, without notice or publication, adjourn any such sale or cause
the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further
notice, occur at the time and place identified in such announcement. If any of the Pledged Collateral or any rights or interests
therein shall be disposed of at a private sale, the Pledgee shall be relieved from all liability or claim for inadequacy of price.
At any such public sale the Pledgee may purchase the whole or any part of the Pledged Collateral or any rights or interests therein
so sold. Each purchaser, including the Pledgee should it acquire the Pledged Collateral, at any public or private sale, shall
hold the property sold free from any claim or right of redemption, stay, appraisal or reclamation on the part of the Pledgor which
are hereby expressly waived and released to the extent permitted by applicable law. If any of the Pledged Collateral or any rights
or interests therein shall be sold on credit or for future delivery, the Pledged Collateral or rights or interests so sold may
be retained by the Pledgee until the selling price thereof shall be paid by the purchaser, but the Pledgee shall not incur any
liability in case of failure of the purchaser to take up and pay for the Pledged Collateral or rights or interests therein so
sold. In case of any such failure, the Pledged Collateral or rights or interests therein may again be sold on not less than 10
days’ written notice as aforesaid; and

 

(b)
 to exercise all voting and other equity interest rights at any meeting of any Pledged Company and exercise any and all rights
of conversion, exchange, subscription or any other rights, privileges or options pertaining to the Pledged Shares of the Pledged
Company as if it was the absolute owner thereof, including, without limitation, the right to exchange at its discretion, such
Pledged Shares upon the merger, consolidation, reorganization, recapitalization or other readjustment of the Pledged Company or,
upon the exercise by the Pledged Company or the Pledgee of any right, privilege or option pertaining to such Pledged Share, and
in connection therewith, to deposit and deliver such Pledged Shares with any committee, depository, transfer agent, registrar
or other designated agency upon such terms and conditions as it may determine, all without liability except to account for property
actually received by it.

 

SECTION
11. No Duty on Pledgee. The Pledgee
shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure
to do so or delay in so doing.

 

SECTION
12. Application of Proceeds. All moneys
collected or received by the Pledgee pursuant to this Pledge Agreement shall be applied as provided in the Purchase Agreement.

 

SECTION
13. Miscellaneous.

 

13.1
Further Assurances. The Pledgor agrees that if this Pledge Agreement shall, in the reasonable opinion of the Pledgee, at
any time be deemed by the Pledgee, for any reason, insufficient in whole or in part to carry out the true intent and spirit hereof,
it shall execute or cause to be executed such other documents or deliver or cause to be delivered such further assurances as in
the opinion of the Pledgee may be required in order to more effectively accomplish the purposes of this Pledge Agreement including,
without limitation, an alternative pledge or such other alternative security as the Pledgee shall reasonably require.

 

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13.2
Remedies Cumulative and Not Exclusive; No Waiver. Each and every right, power and remedy herein given to the Pledgee shall
be cumulative and shall be in addition to every other right, power and remedy of the Pledgee now or hereafter existing at law,
in equity or by statute, and each and every right, power and remedy, whether herein given or otherwise existing, may be exercised
from time to time, in whole or in part, and as often and in such order as may be deemed expedient by the Pledgee, and the exercise
or the beginning of the exercise of any right, power or remedy shall not be construed to be a waiver of the right to exercise
at the same time or thereafter any other right, power or remedy. No failure, delay or omission by the Pledgee in the exercise
of any right or power or in the pursuance of any remedy accruing upon any breach or default by the Pledgor or any Credit Party
shall impair any such right, power or remedy or be construed to be a waiver of any such right, power or remedy or to be an acquiescence
therein; nor shall the acceptance by the Pledgee of any security or of any payment of or on account of any of the amounts due
from the Pledgor or any Credit Party to the Pledgee and maturing after any breach or default or of any payment on account of any
past breach or default be construed to be a waiver of any right with respect to any future breach or default or of any past breach
or default not completely cured thereby. In addition to the rights and remedies granted to it in this Pledge Agreement and in
any other instrument or agreement securing, evidencing or relating to any of the Obligations, the Pledgee shall have rights and
remedies of a secured party under the UCC.

 

13.3
Successors and Assigns. This Pledge Agreement and all obligations of the Pledgor hereunder shall be binding upon the successors
and assigns of the Pledgor and shall, together with the rights and remedies of the Pledgee hereunder, inure to the benefit of
the Pledgee, its respective successors and assigns.

 

13.4
Waiver; Amendment. None of the terms and conditions of this Pledge Agreement may be changed, waived, modified or varied
in any manner whatsoever unless in writing duly signed by the Pledgor and the Pledgee.

 

13.5
Invalidity. If any provision of this Pledge Agreement shall at any time, for any reason, be declared invalid, void or otherwise
inoperative by a court of competent jurisdiction, such declaration or decision shall not affect the validity of any other provision
or provisions of this Pledge Agreement, or the validity of this Pledge Agreement as a whole and, to the fullest extent permitted
by law, the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed
in favor of the Pledgee in order to carry out the intentions of the parties hereto as nearly as may be possible. The invalidity
and unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision
in any other jurisdiction.

 

13.6
Notices. All notices of request, demand and other communications hereunder shall be addressed, sent and deemed delivered
in accordance with the Purchase Agreement, including delivery of any such notices or communications to the Pledged Company on
behalf of the Pledgor, which Pledgor hereby agrees and acknowledges shall be valid and effective notice to the Pledgor hereunder.

 

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13.7
Counterparts; Electronic Delivery. This Pledge Agreement may be executed in any number of counterparts, each of which shall
be deemed an original, but all such counterparts together shall constitute one and the same instrument. Delivery of an executed
counterpart of this Pledge Agreement by facsimile or electronic transmission shall be deemed as effective as delivery of an originally
executed counterpart. In the event that the Pledgor delivers an executed counterpart of this Pledge Agreement by facsimile or
electronic transmission, the Pledgor shall also deliver an originally executed counterpart as soon as practicable, but the failure
of the Pledgor to deliver an originally executed counterpart of this Pledge Agreement shall not affect the validity or effectiveness
of this Pledge Agreement.

 

13.8
References. References herein to Sections, Exhibits and Schedules are to be construed as references to sections of, exhibits
to, and schedules to, this Pledge Agreement, unless the context otherwise requires.

 

13.9
Headings. In this Pledge Agreement, Section headings are inserted for convenience of reference only and shall not be taken
into account in the interpretation of this Pledge Agreement.

 

13.10
Termination. When all of the Obligations shall have been fully satisfied, the Pledgee agrees that it shall forthwith release
the Pledgor from its Obligations hereunder and the Pledgee, at the request and expense of the Pledgor, shall promptly execute
and deliver to the Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Pledge Agreement,
and the Irrevocable Proxies shall terminate forthwith and be delivered to the Pledgor forthwith together with the other items
furnished to the Pledgee pursuant to this Pledge Agreement.

 

SECTION
14. Applicable Law, Jurisdiction and Waivers.

 

14.1
Governing Law. Except in the case of the Mandatory Forum Selection clause set forth in Section 14.2 hereof, this
Pledge Agreement shall be governed by and construed in accordance with the laws of the Nevada, without regard to principles of
conflicts of laws thereof.

 

14.2
MANDATORY FORUM SELECTION. Any dispute arising under, relating to, or in connection
with the Agreement or related to any matter which is the subject of or incidental to the Agreement (whether or not such claim
is based upon breach of contract or tort) shall be subject to the exclusive jurisdiction and venue of the state and/or federal
courts located in Broward County, FLOrida; provided, however, PLEDGEE may, at its sole option, elect to bring any action in any
other jurisdiction. This provision is intended to be a “mandatory” forum selection clause and governed by and interpreted
consistent with Florida law.

 

14.3
WAIVER OF IMMUNITY. TO THE EXTENT THAT THE PLEDGOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM SUIT, JURISDICTION OF
ANY COURT OR ANY LEGAL PROCESS (WHETHER THROUGH ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION OF A JUDGMENT,
OR FROM ANY OTHER LEGAL PROCESS OR REMEDY) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE PLEDGOR HEREBY IRREVOCABLY WAIVES SUCH
IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS PLEDGE AGREEMENT.

 

14.4
WAIVER OF JURY TRIAL. EACH OF THE PLEDGOR AND THE PLEDGEE HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY ANY PARTY HERETO OR ANY BENEFICIARY HEREOF ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS
PLEDGE AGREEMENT.

 

[-signature
page follows-]

 

    	8

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to be duly executed the day and year first above written.

 

	 	PLEDGOR:
	 	 	 
	 	STAR
    MOUNTAIN RESOURCES, INC.
	 	 	 
	 	By:	 
	 	Name:	Wayne
    Rich
	 	Title:	Chief
    Financial Officer

 

	STATE
    OF ________________	)
	 	)
    SS.
	COUNTY
    OF ______________	)

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DO HEREBY CERTIFY that Wayne Rich, the Chief
Financial Officer of Star Mountain Resources, Inc., a Nevada corporation, who is personally known to me to be the same person
whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he/she signed
and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said corporation,
for the uses and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

	 	 
	 	Notary
    Public
	 	 
	 	My
    Commission Expires:
	 	 
	 	 

 

[
signature page to Pledge Agreement ]

 

    	9

    	 

    

 

	 	PLEDGEE
	 	 	 
	 	TCA
    GLOBAL CREDIT MASTER FUND, LP
	 	 	 
	 	By:
    	TCA
    Global Credit Fund GP, Ltd.
	 	Its:
    	General
    Partner
	 	 	 
	 	By:	 
	 	Name:	Robert
    Press
	 	Title:	Director

 

[
signature page to Pledge Agreement ]

 

    	10

    	 

    

 

EXHIBIT
A

 

IRREVOCABLE
PROXY

 

The
undersigned, the registered and beneficial owner of the below described shares of capital stock of Bolcan Mining Corporation,
a corporation incorporated under the laws of the State of Nevada (“Pledged Company”), hereby makes,
constitutes and appoints, TCA Global Credit Master Fund, LP, a limited partnership organized and existing under the laws of the
Cayman Islands (the “Pledgee”), with full power to appoint a nominee or nominees to act hereunder from
time to time, the true and lawful attorney and proxy of the undersigned to vote one hundred percent (100%) of the shares of capital
stock of the Pledged Company, at all annual and special meetings of the Pledged Company or take any action by written consent
with the same force and effect as the undersigned might or could do, hereby ratifying and confirming all that the said attorney
or its nominee or nominees shall do or cause to be done by virtue hereof.

 

The
said shares of capital stock have been pledged (the “Pledge”) to the Pledgee pursuant and subject to
a Pledge Agreement, dated as of March 31, 2016 and effective as of June ____, 2016, by and between the undersigned and the Pledgee.

 

This
power and proxy is coupled with an interest and is irrevocable and shall remain irrevocable so long as the Pledge is outstanding
and is in full force and effect.

 

IN
WITNESS WHEREOF, the undersigned has caused this instrument to be duly executed on June ____, 2016.

 

	 	STAR
    MOUNTAIN RESOURCES, INC.
	 	 	 
	 	By:	 
	 	Name:	Wayne
    Rich
	 	Title:	Chief
    Financial Officer

 

    	 

    	 

    

 

EXHIBIT
B

 

INSTRUMENT
OF TRANSFER

 

	FOR
    VALUE RECEIVED:	 
	 
	 	PLEASE
    INSERT SOCIAL SECURITY OR OTHER

    IDENTIFYING NUMBER OR ASSIGNEE	 
	hereby
sells, assigns and transfers unto	 	 	 	 
	 
	 
	 
	 
	 	 	 	 	 
	 	 	1,000
    shuares of common stock 	Of
    	Bolcan
    Mining Corporation
	 	 
	 	standing
    in my (our) name(s)
	on
    the books of said corporation represented by Certificate(s) No.(s). 	A-1001
	herewith,
    and do hereby irrevocably constitute and appoint	 
		 
	 	attorney
    to transfer the
	 
	said
    stock on the books of said corporation with full power of substitution in the premises, This Instrument is given for collateral
    purposes only pursuant to that certain Pledge Agreement between the undersigned and TCA Global Credit Master Fund, LP dated
    as of March 31, 2016 and made effective as of June______, 2016.
	 
	Dated	 	 
	 	 	 
	 	 	 	 	 
	In
    presence of 	 	 	 	 
	 	 	Name:

    Title:Exhibit
10.7

 

FORM
OF

 

GUARANTY
AGREEMENT

 

This
GUARANTY AGREEMENT is dated as of March 31, 2016 and effective as of June [●], 2016 (as amended, restated or modified from
time to time, the “Guaranty”), and is made by BALMAT HOLDING CORP., a corporation incorporated under the laws
of the State of Delaware (the “Guarantor”), in favor of TCA GLOBAL CREDIT MASTER FUND, LP, a limited partnership
organized and existing under the laws of the Cayman Islands (the “Buyer”).

 

WHEREAS,
pursuant to a Securities Purchase Agreement dated as of March 31, 2016 and effective as of even date herewith (the “Purchase
Agreement”) by and between Star Mountain Resource, Inc., a corporation incorporated under the laws of the State of Nevada
(the “Company”), and the Buyer, the Company has agreed to issue to the Buyer and the Buyer has agreed to purchase
from Company certain senior secured, convertible redeemable debentures (the “Debentures”), as more specifically
set forth in the Purchase Agreement; and

 

WHEREAS,
in order to induce Buyer to purchase the Debentures, and with full knowledge that Buyer would not purchase the Debentures without
this Guaranty, Guarantor has agreed to execute and deliver this Guaranty to Buyer, for the benefit of Buyer, as security for the
Obligations;

 

WHEREAS,
Guarantor is a subsidiary of the Company and will significantly benefit from Buyer’s purchase of the Debentures from the
Company; and

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements of the parties hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties each intending to be legally bound, hereby
do agree as follows:

 

1.OBLIGATIONS
GUARANTEED

 

Guarantor
hereby guarantees and becomes surety to Buyer for the full, prompt and unconditional payment and performance of the Obligations,
when and as the same shall become due, whether at the stated maturity date, by acceleration or otherwise, and the full, prompt
and unconditional performance of each term and condition to be performed by Company under the Debentures and the other Transaction
Documents. This Guaranty is a primary obligation of Guarantor and shall be a continuing inexhaustible Guaranty. This is a guaranty
of payment and not of collection. Buyer may require Guarantor to pay and perform its liabilities and obligations under this Guaranty
and may proceed immediately against Guarantor without being required to bring any proceeding or take any action against Company
or any other Person prior thereto; the liability of Guarantor hereunder being independent of and separate from the liability of
Company, any other guarantor, any other Person, and the availability of other collateral security for the Debentures and the other
Transaction Documents.

 

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2.DEFINITIONS

 

All
capitalized terms used in this Guaranty that are defined in the Purchase Agreement shall have the meanings assigned to them in
the Purchase Agreement, unless the context of this Guaranty requires otherwise.

 

3.REPRESENTATIONS
AND WARRANTIES. Guarantor represents and warrants to Buyer as follows:

 

3.1.Organization,
Powers. Guarantor: (i) is a corporation incorporated under the laws of the State of Delaware; (ii) has the power and authority
to own its properties and assets and to carry on its business as now being conducted and as now contemplated; and (iii) has the
power and authority to execute, deliver and perform (and the officer or manager executing this Guaranty on behalf of Guarantor
has been duly authorized to so act and execute this Guaranty on behalf of the Guarantor), and by all necessary action has authorized
the execution, delivery and performance of, all of its obligations under this Guaranty and any other Transaction Documents to
which it is a party.

 

3.2.Execution
of Guaranty. This Guaranty, and each other Transaction Document to which Guarantor is a party, have been duly executed and
delivered by Guarantor. Execution, delivery and performance of this Guaranty and each other Transaction Document to which Guarantor
is a party will not: (i) violate any provision of any law, rule or regulation, any judgment, order, writ, decree or other instrument
of any governmental authority, or any provision of any contract or other instrument to which Guarantor is a party or by which
Guarantor or any of its properties or assets are bound; (ii) result in the creation or imposition of any lien, claim or encumbrance
of any nature, other than the liens created by the Transaction Documents; and (iii) require any consent from, exemption of, or
filing or registration with, any governmental authority or any other Person, other than any filings in connection with the liens
created by the Transaction Documents.

 

3.3.Obligations
of Guarantor. This Guaranty and each other Transaction Document to which Guarantor is a party are the legal, valid and binding
obligations of Guarantor, enforceable against Guarantor in accordance with their terms, except as the same may be limited by bankruptcy,
insolvency, reorganization or other laws relating to or affecting the enforcement of creditors’ rights generally or by equitable
principles which may affect the availability of specific performance and other equitable remedies. The purchase of the Debenture
by Buyer and the assumption by Guarantor of its obligations hereunder and under any other Transaction Document to which Guarantor
is a party will result in material benefits to Guarantor. This Guaranty was entered into by Guarantor for commercial purposes.

 

3.4.Litigation.
There is no demand, claim, suit, action, litigation, investigation, audit, study, arbitration, administrative hearing, or any
other proceeding of any nature whatsoever at law or in equity or by or before any governmental authority now pending or, to the
knowledge of Guarantor, threatened, against or affecting Guarantor or any of its properties, assets or rights which, if adversely
determined, would materially impair or affect: (i) the value of any collateral securing the Obligations; (ii) Guarantor’s
right to carry on its business substantially as now conducted (and as now contemplated); (iii) Guarantor’s financial condition;
or (iv) Guarantor’s capacity to consummate and perform its obligations under this Guaranty or any other Transaction Document
to which Guarantor is a party.

 

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3.5.No
Defaults. Guarantor is not in default beyond the expiration of any applicable grace or cure periods, in the performance, observance
or fulfillment of any of the obligations, covenants or conditions contained herein or in any contract or other instrument to which
Guarantor is a party or by which Guarantor or any of its properties or assets are bound.

 

3.6.No
Untrue Statements. To the knowledge of Guarantor, no Transaction Document or other document, certificate or statement furnished
to Buyer by or on behalf of Company or Guarantor contains any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained herein and therein not misleading. Guarantor acknowledges that all such
statements, representations and warranties shall be deemed to have been relied upon by Buyer as an inducement to purchase the
Debentures.

 

4.NO
LIMITATION OF LIABILITY

 

4.1.Guarantor
acknowledges that the obligations undertaken herein involve the guaranty of obligations of a Person other than Guarantor and,
in full recognition of that fact, Guarantor consents and agrees that Buyer may, at any time and from time to time, without notice
or demand, and without affecting the enforceability or continuing effectiveness of this Guaranty: (i) change the manner, place
or terms of payment of (including, without limitation, any increase or decrease in the principal amount of the Obligations or
the interest rate), and/or change or extend the time for payment of, or renew, supplement or modify, any of the Obligations, any
security therefor, or any of the Transaction Documents evidencing same, and the Guaranty herein made shall apply to the Obligations
and the Transaction Documents as so changed, extended, renewed, supplemented or modified; (ii) sell, exchange, release, surrender,
realize upon or otherwise deal with in any manner and in any order, any property securing the Obligations; (iii) supplement, modify,
amend or waive, or enter into or give any agreement, approval, waiver or consent with respect to, any of the Obligations, or any
part thereof, or any of the Transaction Documents, or any additional security or guaranties, or any condition, covenant, default,
remedy, right, representation or term thereof or thereunder; (iv) exercise or refrain from exercising any rights against Company
or other Persons (including Guarantor) or against any security for the Obligations; (v) accept new or additional instruments,
documents or agreements in exchange for or relative to any of the Transaction Documents or the Obligations, or any part thereof;
(vi) accept partial payments on the Obligations; (vii) receive and hold additional security or guaranties for the Obligations,
or any part thereof; (viii) release, reconvey, terminate, waive, abandon, fail to perfect, subordinate, exchange, substitute,
transfer and/or enforce any security or guaranties, and apply any security and direct the order or manner of sale thereof as Buyer,
in its sole and absolute discretion, may determine; (ix) add, release, settle, modify or discharge the obligation of any maker,
endorser, guarantor, surety, obligor or any other Person who is in any way obligated for any of the Obligations, or any part thereof;
(x) settle or compromise any Obligations, whether in a Proceeding or not, and whether voluntarily or involuntarily, dispose of
any security therefor (with or without consideration and in whatever manner Buyer deems appropriate), and subordinate the payment
of any of the Obligations, whether or not due, to the payment of liabilities owing to creditors of Company other than Buyer and
Guarantor; (xi) consent to the merger, change or any other restructuring or termination of the corporate existence of Company
or any other Person, and correspondingly restructure the Obligations, and any such merger, change, restructuring or termination
shall not affect the liability of Guarantor or the continuing effectiveness hereof, or the enforceability hereof with respect
to all or any part of the Obligations; (xii) apply any sums it receives, by whomever paid or however realized, to any of the Obligations
and/or (xiii) take any other action which might constitute a defense available to, or a discharge of, Company or any other Person
(including Guarantor) in respect of the Obligations.

 

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4.2.The
invalidity, irregularity or unenforceability of all or any part of the Obligations or any Transaction Document, or the impairment
or loss of any security therefor, whether caused by any action or inaction of Buyer, or otherwise, shall not affect, impair or
be a defense to Guarantor’s obligations under this Guaranty.

 

4.3.Upon
the occurrence and during the continuance of any Event of Default, Buyer may enforce this Guaranty independently of any other
remedy, guaranty or security Buyer at any time may have or hold in connection with the Obligations, and it shall not be necessary
for Buyer to marshal assets in favor of Company, any other guarantor of the Obligations or any other Person or to proceed upon
or against and/or exhaust any security or remedy before proceeding to enforce this Guaranty. Guarantor expressly waives any right
to require Buyer to marshal assets in favor of Company or any other Person, or to proceed against Company or any other guarantor
of the Obligations or any collateral provided by any Person, and agrees that Buyer may proceed against any obligor (including
Guarantor) and/or the collateral in such order as Buyer shall determine in its sole and absolute discretion. Buyer may file a
separate action or actions against Guarantor, whether action is brought or prosecuted with respect to any security or against
any other Person, or whether any other Person is joined in any such action or actions. Guarantor agrees that Buyer and Company
may deal with each other in connection with the Obligations or otherwise, or alter any contracts or agreements now or hereafter
existing between them, in any manner whatsoever, all without in any way altering or affecting the security of this Guaranty.

 

4.4.Guarantor
expressly waives, to the fullest extent permitted by applicable law, any and all defenses which Guarantor shall or may have as
of the date hereof arising or asserted by reason of: (i) any disability or other defense of Company, or any other guarantor for
the Obligations, with respect to the Obligations; (ii) the unenforceability or invalidity of any security for or guaranty of the
Obligations or the lack of perfection or continuing perfection or failure of priority of any security for the Obligations; (iii)
the cessation for any cause whatsoever of the liability of Company, or any other guarantor of the Obligations (other than by reason
of the full payment and performance of all Obligations (other than contingent indemnification obligations)); (iv) any failure
of Buyer to marshal assets in favor of Company or any other Person; (v) any failure of Buyer to give notice of sale or other disposition
of collateral to Company or any other Person or any defect in any notice that may be given in connection with any sale or disposition
of collateral; (vi) any failure of Buyer to comply with applicable laws in connection with the sale or other disposition of any
collateral or other security for any Obligations, including, without limitation, any failure of Buyer to conduct a commercially
reasonable sale or other disposition of any collateral or other security for any Obligations; (vii) any act or omission of Buyer
or others that directly or indirectly results in or aids the discharge or release of Company or any other guarantor of the Obligations,
or of any security or guaranty therefor by operation of law or otherwise; (viii) any law which provides that the obligation of
a surety or guarantor must neither be larger in amount or in other respects more burdensome than that of the principal or which
reduces a surety’s or guarantor’s obligation in proportion to the principal obligation; (ix) any failure of Buyer
to file or enforce a claim in any bankruptcy or other proceeding with respect to any Person; (x) the election by Buyer, in any
bankruptcy proceeding of any Person, of the application or non-application of Section 1111(b)(2) of the United States Bankruptcy
Code; (xi) any extension of credit or the grant of any lien under Section 364 of the United States Bankruptcy Code; (xii) any
use of collateral under Section 363 of the United States Bankruptcy Code; (xiii) any agreement or stipulation with respect to
the provision of adequate protection in any bankruptcy proceeding of any Person; (xiv) the avoidance of any lien or security interest
in favor of Buyer for any reason; (xv) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, liquidation
or dissolution proceeding commenced by or against any Person, including without limitation any discharge of, or bar or stay against
collecting, all or any of the Obligations (or any interest thereon) in or as a result of any such proceeding; or (xvi) any action
taken by Buyer that is authorized by this Section or any other provision of any Transaction Document. Guarantor expressly waives
all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance,
protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect
to the Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional
Obligations.

 

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4.5.This
is a continuing guaranty and shall remain in full force and effect as to all of the Obligations until such date as all amounts
owing by Company to Buyer shall have been paid in full in cash and all obligations of Company with respect to any of the Obligations
shall have terminated or expired (other than contingent indemnification obligations) (such date is referred to herein as the “Termination
Date”).

 

5.LIMITATION
ON SUBROGATION

 

Until
the Termination Date, Guarantor waives any present or future right to which Guarantor is or may become entitled to be subrogated
to Buyer’s rights against Company or to seek contribution, reimbursement, indemnification, payment or the like, or participation
in any claim, right or remedy of Buyer against Company or any security which Buyer now has or hereafter acquires, whether or not
such claim, right or remedy arises under contract, in equity, by statute, under common law or otherwise. If, notwithstanding such
waiver, any funds or property shall be paid or transferred to Guarantor on account of such subrogation, contribution, reimbursement,
or indemnification at any time when all of the Obligations have not been paid in full, Guarantor shall hold such funds or property
in trust for Buyer and shall forthwith pay over to Buyer such funds and/or property to be applied by Buyer to the Obligations.

 

6.COVENANTS

 

6.1.Financial
Statements; Compliance Certificate. No later than ten (10) days after written request therefore from Buyer, Guarantor shall
deliver to Buyer: (a) financial statements disclosing all of Guarantor’s assets, liabilities, net worth, income and contingent
liabilities, all in reasonable detail and in form acceptable to Buyer, signed by Guarantor, and certified by Guarantor to Buyer
to be true, correct and complete in all material respects; (b) complete copies of federal tax returns, including all schedules,
each of which shall be signed and certified by Guarantor to be true and complete copies of such returns; and (c) such other information
respecting the Guarantor as Buyer may from time to time reasonably request.

 

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6.2.Subordination
of Other Debts. Guarantor hereby subordinates the obligations now or hereafter owed by Company to Guarantor (“Subordinated
Debt”) to any and all obligations of Company to Buyer now or hereafter existing while this Guaranty is in effect, and
hereby agrees that Guarantor will not request or accept payment of or any security for any part of the Subordinated Debt, and
any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to Buyer by
Guarantor, properly endorsed to the order of Buyer, to apply to the Obligations.

 

6.3.Security
for Guaranty. All of Guarantor’s obligations and liability evidenced by this Guaranty is also secured by all of the
Collateral of the Guarantor pursuant to that certain Security Agreement by and between the Guarantor and Buyer made of even date
herewith (the “Security Agreement”). All of the agreements, conditions, covenants, provisions, representations,
warranties and stipulations contained in the Security Agreement or any other Transaction Documents to which Guarantor is a party
which are to be kept and performed by the Guarantor are hereby made a part of this Guaranty to the same extent and with the same
force and effect as if they were fully set forth herein, and the Guarantor covenants and agrees to keep and perform them, or cause
them to be kept or performed, strictly in accordance with their terms.

 

7.EVENTS
OF DEFAULT

 

Each
of the Events of Default in the Debenture, Purchase Agreement or any other Transaction Document shall constitute an Event of Default
hereunder.

 

8.REMEDIES.

 

8.1.Upon
an Event of Default, as provided in the Debenture, Purchase Agreement or any other Transaction Document, all liabilities and obligations
of Guarantor hereunder shall become immediately due and payable without demand or notice and, in addition to any other remedies
provided by law or in equity, Buyer may:

 

8.1.1.Enforce
the obligations of Guarantor under this Guaranty.

 

8.1.2.To
the extent not prohibited by and in addition to any other remedy provided by law or equity, setoff against any of the Obligations
any sum owed by Buyer in any capacity to Guarantor whether due or not.

 

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8.1.3.Perform
any covenant or agreement of Guarantor in default hereunder (but without obligation to do so) and in that regard pay such money
as may be required or as Buyer may reasonably deem expedient. Any costs, expenses or fees, including reasonable attorneys’
fees and costs, incurred by Buyer in connection with the foregoing shall be included in the Obligations guaranteed hereby, and
shall be due and payable on demand, together with interest at the highest non-usurious rate permitted by applicable law, such
interest to be calculated from the date of such advance to the date of repayment thereof. Any such action by Buyer shall not be
deemed to be a waiver or release of Guarantor hereunder and shall be without prejudice to any other right or remedy of Buyer.

 

8.2.Settlement
of any claim by Buyer against Company, whether in any Proceeding or not, and whether voluntary or involuntary, shall not reduce
the amount due under the terms of this Guaranty, except to the extent of the amount actually paid by Company or any other obligated
Person and legally retained by Buyer in connection with the settlement (unless otherwise provided for herein).

 

9.MISCELLANEOUS.

 

9.1.Disclosure
of Financial Information. Buyer is hereby authorized to disclose any financial or other information about Guarantor to any
governmental authority having jurisdiction over Buyer or to any present, future or prospective participant or successor in interest
in the Debentures. The information provided may include, without limitation, amounts, terms, balances, payment history, return
item history and any financial or other information about Guarantor.

 

9.2.Remedies
Cumulative. The rights and remedies of Buyer, as provided herein and in any other Transaction Document, shall be cumulative
and concurrent, may be pursued separately, successively or together, may be exercised as often as occasion therefor shall arise,
and shall be in addition to any other rights or remedies conferred upon Buyer at law or in equity. The failure, at any one or
more times, of Buyer to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. Buyer
shall have the right to take any action it deems appropriate without the necessity of resorting to any collateral securing this
Guaranty.

 

9.3.Integration.
This Guaranty and the other Transaction Documents constitute the sole agreement of the parties with respect to the transactions
contemplated hereby and thereby and supersede all oral negotiations and prior writings with respect thereto.

 

9.4.Attorneys’
Fees and Expenses. If Buyer retains the services of counsel by reason of a claim of an Event of Default hereunder or under
any of the other Transaction Documents, or on account of any matter involving this Guaranty, or for examination of matters subject
to Buyer’s approval under the Transaction Documents, all costs of suit and all reasonable attorneys’ fees and such
other reasonable expenses so incurred by Buyer shall forthwith, on demand, become due and payable and shall be secured hereby.

 

9.5.No
Implied Waiver. Buyer shall not be deemed to have modified or waived any of its rights or remedies hereunder unless such modification
or waiver is in writing and signed by Buyer, and then only to the extent specifically set forth therein. A waiver in one event
shall not be construed as continuing or as a waiver of or bar to such right or remedy on a subsequent event.

 

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9.6.Waiver.
Except as otherwise provided herein or in any of the Transaction Documents, Guarantor waives notice of acceptance of this Guaranty
and notice of the Obligations and waives notice of default, non-payment, partial payment, presentment, demand, protest, notice
of protest or dishonor, and all other notices to which Guarantor might otherwise be entitled or which might be required by law
to be given by Buyer. Guarantor waives the right to any stay of execution and the benefit of all exemption laws, to the extent
permitted by law, and any other protection granted by law to guarantors, now or hereafter in effect with respect to any action
or proceeding brought by Buyer against it. Guarantor irrevocably waives all claims of waiver, release, surrender, alteration or
compromise and the right to assert against Buyer any defenses, set-offs, counterclaims, or claims that Guarantor may have at any
time against Company or any other party liable to Buyer.

 

9.7.No
Third Party Beneficiary. Except as otherwise provided herein, Guarantor and Buyer do not intend the benefits of this Guaranty
to inure to any third party and no third party (including Company) shall have any status, right or entitlement under this Guaranty.

 

9.8.Partial
Invalidity. The invalidity or unenforceability of any one or more provisions of this Guaranty shall not render any other provision
invalid or unenforceable. In lieu of any invalid or unenforceable provision, there shall be added automatically a valid and enforceable
provision as similar in terms to such invalid or unenforceable provision as may be possible.

 

9.9.Binding
Effect. The covenants, conditions, waivers, releases and agreements contained in this Guaranty shall bind, and the benefits
thereof shall inure to, the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns;
provided, however, that this Guaranty cannot be assigned by Guarantor without the prior written consent of Buyer, and any such
assignment or attempted assignment by Guarantor shall be void and of no effect with respect to the Buyer.

 

9.10.Modifications.
This Guaranty may not be supplemented, extended, modified or terminated except by an agreement in writing signed by the party
against whom enforcement of any waiver, change, modification or discharge is sought.

 

9.11.Sales
or Participations. Buyer may from time to time sell or assign the Debentures, in whole or in part, or grant participations
in the Debentures and/or the obligations evidenced thereby without the consent of Company or Guarantor (other than as provided
in the Purchase Agreement), provided, however, Buyer shall provide written notice to Company and Guarantor of any such assignment
or grant of participations. The holder of any such sale, assignment or participation, if the applicable agreement between Buyer
and such holder so provides, shall be: (a) entitled to all of the rights, obligations and benefits of Buyer (to the extent of
such holder’s interest or participation); and (b) deemed to hold and may exercise the rights of setoff or banker’s
lien with respect to any and all obligations of such holder to Guarantor (to the extent of such holder’s interest or participation),
in each case as fully as though Guarantor was directly indebted to such holder. Buyer may in its discretion give notice to Guarantor
of such sale, assignment or participation; however, the failure to give such notice shall not affect any of Buyer’s or such
holder’s rights hereunder.

 

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9.12.MANDATORY
FORUM SELECTION. Any dispute arising under, relating to, or in connection with THIS
GUARANTY or related to any matter which is the subject of or incidental to THIS GUARANTY, ANY OTHER TRANSACTION DOCUMENT,
OR THE COLLATERAL (whether or not such claim is based upon breach of contract or tort)
shall be subject to the exclusive jurisdiction and venue of the state and/or federal courts located in Broward County, Florida;
provided, however, BUYER may, at its sole option, elect to bring any action in any other jurisdiction.
This provision is intended to be a “mandatory” forum selection clause and governed by and interpreted consistent with
Florida law OR NEVADA LAW, AS APPLICABLE. GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND CONSENT THAT
ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO GUARANTOR, AS SET FORTH HEREIN
OR IN THE MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF COURT OR OTHERWISE.

 

9.13.
Notices. All notices, requests and demands to or upon Buyer or Guarantor, to be effective, shall be delivered in the manner
and addressed at the applicable address set forth in the Purchase Agreement. The Guarantor agrees and acknowledges that notice
to each of them may be sent and delivered to the Company, as required under the Purchase Agreement, and such notice to the Company
shall be deemed valid and effective notice to Guarantor hereunder.

 

9.14.Governing
Law. Except in the case of the Mandatory Forum Selection clause set forth in Section 9.12 hereof, this Guaranty shall
be governed by and construed in accordance with the substantive laws of the State of Nevada without reference to conflict of laws
principles.

 

9.15.Joint
and Several Liability. The word “Guarantor” or “Guarantors” shall mean all of the undersigned persons,
if more than one, and their liability shall be joint and several. The liability of Guarantor shall also be joint and several with
the liability of any other guarantor under any other guaranty.

 

9.16.Continuing
Enforcement. If, after receipt of any payment of all or any part of the Obligations, Buyer is compelled or reasonably agrees,
for settlement purposes, to surrender such payment to any person or entity for any reason (including, without limitation, a determination
that such payment is void or voidable as a preference or fraudulent conveyance, an impermissible setoff, or a diversion of trust
funds), then this Guaranty shall continue in full force and effect or be reinstated, as the case may be, and Guarantor shall be
liable for, and shall indemnify, defend and hold harmless Buyer with respect to the full amount so surrendered. The provisions
of this Section shall survive the termination of this Guaranty and shall remain effective notwithstanding the payment of the Obligations,
the cancellation, conversion or redemption of the Debentures, this Guaranty or any other Transaction Document, the release of
any security interest, lien or encumbrance securing the Obligations or any other action which Buyer may have taken in reliance
upon its receipt of such payment. Any cancellation, release or other such action shall be deemed to have been conditioned upon
any payment of the Obligations having become final and irrevocable.

 

9.17.WAIVER
OF JURY TRIAL. GUARANTOR AGREES THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM
OR COUNTERCLAIM, BROUGHT BY LENDER OR GUARANTOR ON OR WITH RESPECT TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS
OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. LENDER AND GUARANTOR HEREBY KNOWINGLY,
VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY, AND WITH THE ADVICE OF THEIR RESPECTIVE COUNSEL, WAIVE, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, LENDER AND GUARANTOR WAIVE ANY
RIGHT THEY MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL
OR OTHER DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. GUARANTOR ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC
AND MATERIAL ASPECT OF THIS GUARANTY AND THAT LENDER WOULD NOT PURCHASE THE NOTES IF THE WAIVERS SET FORTH IN THIS SECTION WERE
NOT A PART OF THIS GUARANTY.

 

[
signature page follows ]

 

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IN
WITNESS WHEREOF, Guarantor, intending to be legally bound, has duly executed and delivered this Guaranty Agreement as of the day
and year first above written.

 

	 	BALMAT
    HOLDING CORP.
	 	 	 
	 	By:	 
	 	Name:	Wayne
    Rich
	 	Title:	Chief
    Financial Officer

 

	STATE
    OF ________________	)	 
	 	)	SS.
	COUNTY
    OF ________________	)	 

 

The
undersigned, a Notary Public in and for the said County, in the State aforesaid, DO HEREBY CERTIFY that Wayne Rich, the Chief
Financial Officer of Balmat Holding Corp., a Delaware corporation, who is personally known to me to be the same person whose name
is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he/she signed and delivered
the said instrument as his/her own free and voluntary act and as the free and voluntary act of said corporation, for the uses
and purposes therein set forth.

 

GIVEN
under my hand and notarial seal this _____ day of ________________, 20____.

 

______________________________________

Notary
Public

 

My
Commission Expires:

 

______________________________________

 

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