Document:

Lithium Exploration Group, Inc.: Exhibit 10.11 - Filed by newsfilecorp.com

GUARANTY AND PLEDGE AGREEMENT

          GUARANTY
AND PLEDGE AGREEMENT (this “Agreement”), dated as of June 29, 2011,
among Lithium Exploration Group, Inc., a Nevada corporation (the
“Company”), Alexander Walsh (the “Pledgor”), and Hagen Investments
Ltd., a limited liability company formed under the laws of Turks and Caicos
Islands (the “Pledgee”).

W I T N E S S E T H:

          WHEREAS,
the Company and the Pledgee are parties to that certain Securities Purchase
Agreement, of even date herewith (the “Purchase Agreement”), pursuant to
which the Company has or will issue 12% senior convertible debentures in the
aggregate principal amount of $1,500,000.

          WHEREAS,
as a material inducement to the Pledgee to enter into the Purchase Agreement,
the Pledgee has required and the Pledgor has agreed (i) to unconditionally
guarantee the timely and full satisfaction of all obligations of the Company,
whether matured or unmatured, now or hereafter existing or created and becoming
due and payable (the “Obligations”) to the Pledgee, their successors,
endorsees, transferees or assigns under the Transaction Documents (as defined in
the Purchase Agreement) and under those certain Debentures in the aggregate
amount of $1,500,000, to the extent of the Collateral (as defined in Section 5
hereof), and (ii) to grant to the Pledgee, their successors, endorsees,
transferees or assigns a security interest in the number of shares of Common
Stock owned by the Pledgor as set forth below the Pledgor’s signature on the
signature page hereto (collectively, the “Shares”), as collateral
security for Obligations. Terms used and not defined herein shall have the
meaning ascribed to them in the Purchase Agreement.

          NOW,
THEREFORE, in consideration of the foregoing recitals, and the mutual covenants
contained herein, the parties hereby agree as follows:

          1.
Guaranty. To the extent of the Collateral, the Pledgor hereby absolutely,
unconditionally and irrevocably guarantees to the Pledgee, their successors,
endorsees, transferees and assigns the due and punctual performance and payment
of the Obligations owing to the Pledgee, their successors, endorsees,
transferees or assigns when due, all at the time and place and in the amount and
manner prescribed in, and otherwise in accordance with, the Transaction
Documents, regardless of any defense or set-off counterclaim which the Company
or any other person may have or assert, and regardless of whether or not the
Pledgee or anyone on behalf of the Pledgee shall have instituted any suit,
action or proceeding or exhausted its remedies or taken any steps to enforce any
rights against the Company or any other person to compel any such performance or
observance or to collect all or part of any such amount, either pursuant to the
provisions of the Transaction Documents or at law or in equity, and regardless
of any other condition or contingency. The Pledgor shall have no obligation
whatsoever to the Pledgee beyond the Collateral pledged for the Obligations set
forth herein.

          2.
Waiver of Demand. The Pledgor hereby unconditionally: (i) waives any
requirement that the Pledgee, in the event of a breach in any material respect
by the Company of any of its representations or warranties in the Transaction
Documents, first make demand upon, or seek to enforce remedies against, the
Company or any other person before demanding payment of enforcement hereunder;
(ii) covenants that this Agreement will not be discharged except by complete
performance of all the Obligations to the extent of the Collateral; (iii) agrees
that this Agreement shall remain in full force and effect without regard to, and
shall not be affected or impaired, without limitation, by, any invalidity,
irregularity or unenforceability in whole or in part of the Transaction
Documents or any limitation on the liability of the Company thereunder, or any
limitation on the method or terms of payment thereunder which may now or
hereafter be caused or imposed in any manner whatsoever; and (iv) waives
diligence, presentment and protest with respect to, and notice of default in the
performance or payment of any Obligation by the Company under or in connection
with the Transaction Documents.

          3.
Release. The obligations, covenants, agreements and duties of the Pledgor
hereunder shall not be released, affected or impaired by any assignment or
transfer, in whole or in part, of the Transaction Documents or any Obligation,
although made without notice to or the consent of the Pledgor, or any waiver by
the Pledgee, or by any other person, of the performance or observance by the
Company or the Pledgor of any of the agreements, covenants, terms or conditions
contained in the Transaction Documents, or any indulgence in or the extension of
the time or renewal thereof, or the modification or amendment (whether material
or otherwise), or the voluntary or involuntary liquidation, sale or other
disposition of all or any portion of the stock or assets of the Company or the
Pledgor, or any receivership, insolvency, bankruptcy, reorganization, or other
similar proceedings, affecting the Company or the Pledgor or any assets of the
Company or the Pledgor, or the release of any proper from any security for any
Obligation, or the impairment of any such property or security, or the release
or discharge of the Company or the Pledgor from the performance or observance of
any agreement, covenant, term or condition contained in or arising out of the
Transaction Documents by operation of law, or the merger or consolidation of the
Company, or any other cause, whether similar or dissimilar to the foregoing.

          4.
Subrogation.

                    (a)
Unless and until complete performance of all the Obligations to the extent of
the Collateral, the Pledgor shall not be entitled to exercise any right of
subrogation to any of the rights of the Pledgee against the Company or any
collateral security or guaranty held by the Pledgee for the payment or
performance of the Obligations, nor shall the Pledgor seek any reimbursement
from the Company in respect of payments made by the Pledgor hereunder.

                    (b)
In the extent that the Pledgor shall become obligated to perform or pay any sums
hereunder, or in the event that for any reason the Company is now or shall
hereafter become indebted to the Pledgor, the amount of such sum shall at all
times be subordinate as to lien, time of payment and in all other respects, to
the amounts owing to the Pledgee under the Transaction Documents and the Pledgor
shall not enforce or receive payment thereof until all Obligations due to the
Pledgee under the Transaction have been performed or paid. Nothing herein
contained is intended or shall be construed to give to the Pledgor any right

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of subrogation in or under the Transaction Documents, or any
right to participate in any way therein, or in any right, title or interest in
the assets of the Pledgee.

          5.
Security. As collateral security for the punctual payment and
performance, when due, by the Company of all the Obligations, the Pledgor hereby
pledges with, hypothecates, transfers and assigns to the Pledgee all of the
Shares and all proceeds, shares and other securities received, receivable or
otherwise distributed in respect of or in exchange for the Shares, including,
without limitation, any shares and other securities into which such Shares may
be convertible or exchangeable (collectively, the “Additional Collateral”
and together with the Shares, the “Collateral”). Simultaneously herewith,
the Pledgor shall deliver to the Pledgee the certificate(s) representing the
Shares, stamped with a bank medallion guarantee, along with a stock transfer
power duly executed in blank by the Pledgor, to be held by the Pledgee as
security. Any Collateral received by the Pledgor on or after the date hereof
shall be immediately delivered to the Pledgee together with any executed stock
powers or other transfer documents requested by the Pledgee, which request may
be made at any time prior to the date when the Obligations shall have been paid
and otherwise satisfied in full.

          6.
Voting Power, Dividends, Etc. and other Agreements.

                    (a)
Unless and until an Event of Default (as set forth in Section 7 hereof) has
occurred, the Pledgor shall be entitled to:

               (i)
Exercise all voting and/or consensual powers pertaining to the Collateral, or
any part thereof, for all purposes;

               (ii)
Receive and retain dividends paid with respect to the Collateral; and

               (iii)
Receive the benefits of any income tax deductions available to the Pledgor as a
shareholder of the Company.

                    (b)
The Pledgor agrees that it will not sell, assign, transfer, pledge, hypothecate,
encumber or otherwise dispose of the Collateral.

                    (c)
The Pledgor and the Company jointly and severally agree to pay all costs
including all reasonable attorneys’ fees and disbursements incurred by the
Pledgee in enforcing this Agreement in accordance with its terms.

          7.
Default and Remedies.

                    (a)
For the purposes of this Agreement, “Event of Default” shall mean:

               (i)
default in or under any of the Obligations after the expiration, without cure,
of any applicable cure period;

               (ii)
a breach in any material respect by the Company of any of its representations or
warranties in the Transaction Documents; or

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               (iii)
a breach in any material respect by the Pledgor of any of its representations or
warranties in this Agreement.

                    (b)
the Pledgee shall have the following rights upon any Event of Default:

               (i)
the rights and remedies provided by the Uniform Commercial Code as adopted by
the State of New York (the “UCC”) (as said law may at any time be
amended);

               (ii)
the right to receive and retain all dividends, payments and other distributions
of any kind upon any or all of the Collateral;

               (iii)
the right to cause any or all of the Collateral to be transferred to its own
name or to the name of its designee and have such transfer recorded in any place
or places deemed appropriate by the Pledgee; and

               (iv)
the right to sell, at a public or private sale, the Collateral or any part
thereof for cash, upon credit or for future delivery, and at such price or
prices in accordance with the UCC (as such law may be amended from time to
time). Upon any such sale the Pledgee shall have the right to deliver, assign
and transfer to the purchaser thereof the Collateral so sold. The Pledgee shall
give the Pledgor not less than ten (10) days’ written notice of its intention to
make any such sale. Any such sale, shall be held at such time or times during
ordinary business hours and at such place or places as the Pledgee may fix in
the notice of such sale. The Pledgee may adjourn or cancel any sale or cause the
same to be adjourned from time to time by announcement at the time and place
fixed for the sale, and such sale may be made at any time or place to which the
same may be so adjourned. In case of any sale of all or any part of the
Collateral upon terms calling for payments in the future, any Collateral so sold
may be retained by the Pledgee until the selling price is paid by the purchaser
thereof, but the Pledgee shall incur no liability in the case of the failure of
such purchaser to take up and pay for the Collateral so sold and, in the case of
such failure, such Collateral may again be sold upon like notice. The Pledgee,
however, instead of exercising the power of sale herein conferred upon them, may
proceed by a suit or suits at law or in equity to foreclose the security
interest and sell the Collateral, or any portion thereof, under a judgment or
decree of a court or courts of competent jurisdiction, the Pledgor having been
given due notice of all such action. The Pledgee shall incur no liability as a
result of a sale of the Collateral or any part thereof. All proceeds of any such
sale, after deducting the reasonable expenses and reasonable attorneys’ fees
incurred in connection with such sale, shall be applied in reduction of the
Obligations, and the remainder, if any, shall be paid to the Pledgor.

          8.
Application of Proceeds; Release. The proceeds of any sale or enforcement
of or against all or any part of the Collateral, and any other cash or
collateral at the time held by the Pledgee hereunder, shall be applied by the
Pledgee first to the payment of the reasonable costs of any such sale or
enforcement, then to reimburse the Pledgee for any 

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damages, costs or expenses incurred by the Pledgee as a result
of an Event of Default, then to the payment of the principal amount or stated
valued (as applicable) of, and interest or dividends (as applicable) and any
other payments due in respect of, the Obligations. The remainder, if any, shall
be paid to the Pledgor. As used in this Agreement, “proceeds” shall mean
cash, securities and other property realized in respect of, and distributions in
kind of, the Collateral, including any thereof received under any
reorganization, liquidation or adjustment of debt of any issuer of securities
included in the Collateral.

          9.
Representations and Warranties.

                    (a)
The Pledgor hereby represents and warrants to the Pledgee that:

               (i)
the Pledgor has full power and authority and legal right to pledge the
Collateral to the Pledgee pursuant to this Agreement and this Agreement
constitutes a legal, valid and binding obligation of the Pledgor, enforceable in
accordance with its terms.

               (ii)
the execution, delivery and performance of this Agreement and other instruments
contemplated herein will not violate any provision of any order or decree of any
court or governmental instrumentality or of any mortgage, indenture, contract or
other agreement to which the Pledgor is a party or by which the Pledgor and the
Collateral may be bound, and will not result in the creation or imposition of
any lien, charge or encumbrance on, or security interest in, any of the
Pledgor’s properties pursuant to the provisions of such mortgage, indenture,
contract or other agreement.

               (iii)
the Pledgor is the sole record and beneficial owner of all of the Shares;
and

               (iv)
the Pledgor owns the Collateral free and clear of all Liens.

                    (b)
The Company represents and warrants to the Pledgee that:

               (i)
it has no knowledge that any of the representations or warranties of the Pledgor
herein are incorrect or false in any material respect;

               (ii)
all of the Shares were validly issued, fully paid and non-assessable; and

               (iii)
the Pledgor is the record holder of the Shares.

          10.
No Waiver; No Election of Remedies. No failure on the part of the Pledgee
to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise by
the Pledgee of any right, power or remedy preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies herein
provided are cumulative and are not exclusive of any remedies provided by law.
In addition, the exercise of any right or remedy of the Pledgee at law 

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or equity or under this Agreement or any of the documents shall
not be deemed to be an election of Pledgee’s rights or remedies under such
documents or at law or equity.

          11.
Termination. This Agreement shall terminate on the date on which all
Obligations have been performed, satisfied, paid or discharged in full.

          12.
Further Assurances. The parties hereto agree that, from time to time upon
the written request of any party hereto, they will execute and deliver such
further documents and do such other acts and things as such party may reasonably
request in order fully to effect the purposes of this Agreement. The Pledgee
acknowledge that they are aware that Pledgor shall have no obligations
whatsoever to the Pledgee beyond the Collateral pledged for the Obligations set
forth herein, and no request for further assurance may or shall increase such
Obligations.

          13.
Miscellaneous.

                    (a)
Modification. This Agreement contains the entire understanding between
the parties with respect to the subject matter hereof and specifically
incorporates all prior oral and written agreements relating to the subject
matter hereof. No portion or provision of this Agreement may be changed,
modified, amended, waived, supplemented, discharged, canceled or terminated
orally or by any course of dealing, or in any manner other than by an agreement
in writing, signed by the party to be charged.

                    (b)
Notice. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (i) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile
telephone number specified in this Section prior to 6:30 p.m. (New York City
time) on a Business Day (as defined in the Purchase Agreement), (ii) the
Business Day after the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile telephone number specified in this
Agreement later than 6:30 p.m. (New York City time) on any date and earlier than
11:59 p.m. (New York City time) on such date, (iii) the Business Day following
the date of mailing, if sent by nationally recognized overnight courier
services, or (iv) upon actual receipt by the party to whom such notice is
required to be given. The address for such notices and communications shall be
as follows:

	 	If to the Company: 	Lithium Exploration Group, Inc. 
	 	  	3200 N. Hayden Road, Suite 300 
	 	  	Scottsdale, AZ 85251 
	 	  	Facsimile No.: (480) 641-4794 
	 	  	Attn: Chief Executive Officer 
	 	  	  
	 	  	  
	 	With copies to: 	William L. Macdonald 
	 	  	Macdonald Tuskey 
	 	  	400-570 Granville St. 
	 	  	Vancouver, BC V6C 3P1 
	 	  	Facsimile No.: (604) 681 4760

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	 	If to the Pledgor: 	Alexander Walsh 
	 	  	Lithium Exploration Group, Inc. 
	 	  	3200 N. Hayden Road, Suite 300 
	 	  	Scottsdale, AZ 85251 
	 	  	Facsimile No.: (480) 641-4794 
	 	  	  
	 	  	  
	 	If to the Pledgee: 	Hagen Investments Ltd. 
	 	  	Hibernian House 
	 	  	Leeward Highway 
	 	  	Providenciales 
	 	  	Turks and Caicos Islands, BWI 
	 	  	Facsimile No.: (649) 946-4955 
	 	  	Attn: Hugh O’Neill 
	 	  	  
	 	With copies to: 	Sichenzia Ross Friedman Ference LLP 
	 	  	61 Broadway 
	 	  	New York, NY 10006 
	 	  	Facsimile No.: (212) 930-9725 
	 	  	Attn: Thomas A. Rose, Esq. 

                    (c)
Invalidity. If any part of this Agreement is contrary to, prohibited by,
or deemed invalid under applicable laws or regulations, such provision shall be
inapplicable and deemed omitted to the extent so contrary, prohibited or
invalid, but the remainder hereof shall not be invalidated thereby and shall be
given effect so far as possible.

                    (d)
Benefit of Agreement. This Agreement shall be binding upon and inure to
the parties hereto and their respective successors and assigns.

                    (e)
Mutual Agreement. This Agreement embodies the arm’s length negotiation
and mutual agreement between the parties hereto and shall not be construed
against either party as having been drafted by it.

                    (f)
New York Law to Govern. This Agreement shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York
without regard to the principals of conflicts of law thereof. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and Federal
courts sitting in the city of New York, borough of Manhattan, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court or that
such suit, action or proceeding is improper. Each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the
address in effect for notices to it under this agreement and agrees that such
service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law.

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          IN
WITNESS WHEREOF, the parties hereto have caused this Guaranty and Pledge
Agreement to be duly executed by their respective authorized persons as of the
date first indicated above.

	 	LITHIUM EXPLORATION GROUP,
      INC. 
	 	 
	 	By: 	/s/
      Alexander Walsh 
	 	Name: 	Alexander Walsh 
	 	Title: 	CEO 
	 	  	  
	 	Pledgee: 
	 	 
	 	HAGEN INVESTMENTS LTD. 
	 	  	  
	 	By: 	 /s/ Hugh O’Neill 
	 	Name: 	Hugh O’Neill 
	 	Title:  	President
	 	  	  
	 	Pledgor: 
	 	  	/s/
      Alexander Walsh 
	 	Alexander Walsh 
	 	 
	 	Number of Shares subject to this
      pledge: 
	 	  	  
	 	  	 
             25,000,000 

9Lithium Exploration Group, Inc.: Exhibit 10.12 - Filed by newsfilecorp.com

ESCROW AGREEMENT

          THIS
ESCROW AGREEMENT (this “Agreement”) is made as of June 29, 2011, by and
among Hagen Investment Ltd. (the “Purchaser”), Lithium Exploration Group,
Inc., a Nevada corporation (the “Company”) and Sichenzia Ross Friedman Ference
LLP, with an address at 61 Broadway, 32nd Floor, New York, New York
10006 (the “Escrow Agent”).

W I T N E S S E T H:

          WHEREAS,
the Company is selling certain convertible debentures (“Debentures”) in
the aggregate amount of up to $1,500,000 to the Purchaser pursuant to a
securities purchase agreement (the “SPA”); and

          WHEREAS,
the Company and Purchaser have requested that the Escrow Agent hold up to One
Million Five Hundred Thousand Dollars ($1,500,000) in escrow upon the terms set
forth herein (the “Funds”);

          NOW,
THEREFORE, in consideration of the covenants and mutual promises contained
herein and other good and valuable consideration, the receipt and legal
sufficiency of which are hereby acknowledged and intending to be legally bound
hereby, the parties agree as follows:

ARTICLE I

TERMS OF THE ESCROW

     1.1 The parties hereby agree to
establish an escrow account with the Escrow Agent whereby the Escrow Agent shall
hold the Funds.

     1.2 Upon the Escrow Agent’s
receipt of the Funds from the Purchaser for the Closing into its master escrow,
it shall telephonically advise the Company, or the Company’s designated attorney
or agent, of the amount of Funds it has received into its master escrow
account.

     1.3 Wire transfers to the Escrow
Agent shall be made as follows:

	Citibank 	  
	New York, NY 	  
	A/C of Sichenzia Ross Friedman Ference LLP
      (IOLA Account) 
	A/C#: 	92883436 
	ABA#: 	021000089 
	SWIFT Code: 	CITIUS33 
	REMARK: 	LITHIUM EXPLORATION
  

     1.4 Once the Escrow Agent
receives all of the closing documents from all parties as specified in the SPA
and the Release Notices, in the form attached hereto as Exhibit A (the
“Release Notice”), executed by the Purchaser the Company, the Escrow
Agent shall wire the aggregate Funds within three business days in accordance with
the written instructions attached hereto and deliver the Debenture and signature
pages to the appropriate parties per the Addendum. In the event that within five
Business Days of the Escrow Agent receiving the Release Notice executed by
Purchaser and the closing shall not have occurred, (i) Purchaser shall have the
right to demand the return of the Funds and (ii) the Escrow Agent shall also
have the right to return to Purchaser the Funds deposited by Purchaser in
escrow.

ARTICLE II

MISCELLANEOUS

     2.1 No waiver or any breach of
any covenant or provision herein contained shall be deemed a waiver of any
preceding or succeeding breach thereof, or of any other covenant or provision
herein contained. No extension of time for performance of any obligation or act
shall be deemed an extension of the time for performance of any other obligation
or act.

     2.2 Any and all notices or other
communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of
(a) the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number set forth on the signature pages attached
hereto (and on the first page in the case of the Escrow Agent) prior to 5:30
p.m. (Eastern Time) on a Business Day, (b) the next Business Day after the date
of transmission, if such notice or communication is delivered via facsimile at
the facsimile number set forth on the signature pages attached hereto (or the
first page of this agreement in the case of the Escrow Agent) on a day that is
not a Business Day or later than 5:30 p.m. (Eastern Time) on any business Day,
(c) the 2nd business Day following the date of mailing, if sent by
U.S. nationally recognized overnight courier service, or (d) upon actual receipt
by the party to whom such notice is required to be given. As used herein,
“Business Day” shall mean any day other than Saturday, Sunday or other day on
which commercial banks in the City of New York are authorized or required by law
to remain closed. The address for such notices and communications shall be as
set forth above in the case of the Escrow Agent and on the signature pages
attached hereto, in the case of the the Purchaser and the Company, until changed
by notice given in accordance with this Section.

     2.3 This Escrow Agreement shall
be binding upon and shall inure to the benefit of the permitted successors and
permitted assigns of the parties hereto.

     2.4 This Escrow Agreement is the
final expression of, and contains the entire agreement between, the parties with
respect to the subject matter hereof and supersedes all prior understandings
with respect thereto. This Escrow Agreement may not be modified, changed,
supplemented or terminated, nor may any obligations hereunder be waived, except
by written instrument signed by the parties to be charged or by its agent duly
authorized in writing or as otherwise expressly permitted herein.

     2.5 Whenever required by the
context of this Escrow Agreement, the singular shall include the plural and
masculine shall include the feminine. This Escrow Agreement shall not be construed as if it had been prepared by one of the parties, but
rather as if all parties had prepared the same. Unless otherwise indicated, all
references to Articles are to this Escrow Agreement.

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     2.6 The parties hereto expressly
agree that this Escrow Agreement shall be governed by, interpreted under and
construed and enforced in accordance with the laws of the State of New York. Any
action to enforce, arising out of, or relating in any way to, any provisions of
this Escrow Agreement shall only be brought in a state or Federal court sitting
in New York City.

     2.7 The Escrow Agent’s duties
hereunder may be altered, amended, modified or revoked only by a writing signed
by the Purchaser, the Company and the Escrow Agent.

     2.8 The Escrow Agent shall be
obligated only for the performance of such duties as are specifically set forth
herein and may rely and shall be protected in relying or refraining from acting
on any instrument reasonably believed by the Escrow Agent to be genuine and to
have been signed or presented by the proper party or parties. The Escrow Agent
shall not be personally liable for any act the Escrow Agent may do or omit to do
hereunder as the Escrow Agent while acting in good faith and in the absence of
gross negligence, fraud and willful misconduct, and any act done or omitted by
the Escrow Agent pursuant to the advice of the Escrow Agent’s attorneys-at-law
shall be conclusive evidence of such good faith, in the absence of gross
negligence, fraud and willful misconduct.

     2.9 The Escrow Agent is hereby
expressly authorized to disregard any and all warnings given by any of the
parties hereto or by any other person or corporation, excepting only orders or
process of courts of law and is hereby expressly authorized to comply with and
obey orders, judgments or decrees of any court. In case the Escrow Agent obeys
or complies with any such order, judgment or decree, the Escrow Agent shall not
be liable to any of the parties hereto or to any other person, firm or
corporation by reason of such decree being subsequently reversed, modified,
annulled, set aside, vacated or found to have been entered without
jurisdiction.

     2.10 The Escrow Agent shall not
be liable in any respect on account of the identity, authorization or rights of
the parties executing or delivering or purporting to execute or deliver the
Purchase Agreement or any documents or papers deposited or called for thereunder
in the absence of gross negligence, fraud and willful misconduct.

     2.11 The Escrow Agent shall be
entitled to employ such legal counsel and other experts as the Escrow Agent may
deem necessary properly to advise the Escrow Agent in connection with the Escrow
Agent’s duties hereunder, may rely upon the advice of such counsel, and may pay
such counsel reasonable compensation; provided that the costs of such
compensation shall be borne by the Escrow Agent. 

     2.12 The Escrow Agent’s
responsibilities as escrow agent hereunder shall terminate if the Escrow Agent
shall resign by giving written notice to the Company and the Purchaser. In the
event of any such resignation, the Purchaser and the Company shall appoint a
successor Escrow Agent and the Escrow Agent shall deliver to such successor
Escrow Agent any escrow funds held by the Escrow Agent.

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     2.13 If the Escrow Agent
reasonably requires other or further instruments in connection with this Escrow
Agreement or obligations in respect hereto, the necessary parties hereto shall
join in furnishing such instruments.

     2.14 It is understood and agreed
that should any dispute arise with respect to the delivery and/or ownership or
right of possession of the documents (if any) or the escrow funds held by the
Escrow Agent hereunder, the Escrow Agent is authorized and directed in the
Escrow Agent’s sole discretion (1) to retain in the Escrow Agent’s possession
without liability to anyone all or any part of said documents or the escrow
funds until such disputes shall have been settled either by mutual written
agreement of the parties concerned by a final order, decree or judgment or a
court of competent jurisdiction after the time for appeal has expired and no
appeal has been perfected, but the Escrow Agent shall be under no duty
whatsoever to institute or defend any such proceedings or (2) to deliver the
escrow funds and any other property and documents held by the Escrow Agent
hereunder to a state or Federal court having competent subject matter
jurisdiction and located in the City of New York in accordance with the
applicable procedure therefore.

     2.15 The Purchaser and the
Company agree jointly and severally to indemnify and hold harmless the Escrow
Agent and its partners, employees, agents and representatives from any and all
claims, liabilities, costs or expenses in any way arising from or relating to
the duties or performance of the Escrow Agent hereunder or the transactions
contemplated hereby or by the Purchase Agreement other than any such claim,
liability, cost or expense to the extent the same shall have been determined by
final, unappealable judgment of a court of competent jurisdiction to have
resulted from the gross negligence, fraud or willful misconduct of the Escrow
Agent.

     2.16 The Escrow Agent shall be
permitted to act as counsel for one or more parties hereto in any transaction
and/or dispute including any dispute between any of the parties, whether or not
the Escrow Agent is then holding the escrow funds held by the Escrow Agent
hereunder. 

************************

4

          IN
WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as of
date first written above.

	 	PURCHASER:
	 	 
	 	HAGEN INVESTMENTS
      LTD. 
	 	 	 
	 	 	 
	 	By:  	/s/ Hugh O’Neill
	 	 	Name:
      Hugh O’Neill 
	 	 	Title:
      President 
	 	 	  
	 	 	 
	 	 	  
	 	COMPANY: 
	 	 	 
	 	LITHIUM EXPLORATION GROUP, INC.  
	 	 	 
	 	 	 
	 	By: 	/s/ Alexander Walsh
	 	 	Name:
      Alexander Walsh 
	 	 	Title:
      CEO 
	 	 	 
	 	ESCROW AGENT: 
	 	 	 
	 	SICHENZIA ROSS
      FRIEDMAN FERENCE LLP 
	 	 	 
	 	 	 
	 	By: 	/s/ Thomas Rose
	 	 	Name: Thomas Rose
	 	 	Title: Partner

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

     EXHIBIT A 

RELEASE NOTICE

          The
UNDERSIGNED, pursuant to the Escrow Agreement, dated as of June 29, 2011, among
the undersigned and Sichenzia Ross Friedman Ference LLP, as Escrow Agent (the
“Escrow Agreement”; capitalized terms used herein and not defined shall
have the meaning ascribed to such terms in the Escrow Agreement), hereby
notifies the Escrow Agent that each of the Closing Conditions have been
satisfied or waived (including the delivery of the Assigned Portion (as defined
in the Addendum).

          The
undersigned Purchaser and Company hereby authorize and direct the Escrow Agent
to release the Funds in accordance as follows: 

	Transaction 	Amount 	Funding Instructions 
	1. Payment Sichenzia Ross Friedman Ference LLP of legal
      fees to 	$25,000 	
      Escrow Agent debits fee from the Escrow Account and makes wire transfer
      to: Account Name: Account of Sichenzia Ross Friedman Ference LLP Account
      Number: 49206659 Bank: Citibank New York, NY 10103 ABA Number: 021000089
 
 

    
	2. Balance of the Escrow Account to be wired to the Company
    	$975,000 	
      Escrow Agent debits fee from the Escrow Account and makes wire transfer
      to: 

      Account Name: Lithium Exploration Group 
Account Number: 943483230
      
Bank: Chase Bank 

      7908 E Chaparral Rd Ste
      C113 

      Scottsdale, AZ
      85250 

      ABA Number: 122100024

       

          IN
WITNESS WHEREOF, the undersigned have caused this Release Notice to be duly
executed and delivered as of this 29th day of June, 2011.

	HAGEN INVESTMENTS LTD. 	LITHIUM EXPLORATION GROUP, INC. 
	  	  
	  	  
	By: /s/ Hugh O’Neill	By: /s/ Alexander Walsh
	       Name: Hugh O’Neill 	       Name: Alexander
      Walsh 
	       Title: President 	       Title: CEO

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