Document:

Unassociated Document

    GOLDEN
      EAGLE INTERNATIONAL, INC.

    

    SERIES
      B CONTINGENT CONVERTIBLE PREFERRED 

    STOCK
      SUBSCRIPTION AGREEMENT

    

    THE
      SERIES B STOCK BEING OFFERED BY GOLDEN EAGLE INTERNATIONAL, INC.
      HEREUNDER HAS NOT BEEN REGISTERED UNDER THE SERIES A STOCK ACT OF 1933 OR
      APPLICABLE STATE BLUE SKY OR SECURITIES LAWS AND IS OFFERED UNDER AN EXEMPTION
      FROM THE REGISTRATION PROVISIONS OF SUCH LAWS. THESE SECURITIES CANNOT BE SOLD,
      TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE
      RESTRICTIONS ON TRANSFER CONTAINED IN THIS STOCK SUBSCRIPTION AGREEMENT AND
      APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

    

    NOTE:
      By considering an investment in Golden Eagle International, Inc., as described
      herein, you are representing, and by executing this Subscription Agreement,
      you
      represent and warrant, that you are an “accredited investor” as that term is
      defined in Section 2(a)(15) of the Federal Securities Act of 1933 (the “1933
      Act”) and Rule 215 thereunder, and in Rule 501(a) of Regulation D under the 1933
      Act,.

    

    This
      Subscription Agreement (“Subscription Agreement” or “Agreement”) is for the
      completion of an offering of securities (the “Offering”) by Golden Eagle
      International, Inc. (the “Company”) to Lone Star Equity Group, LLC (“Lone
      Star” or “you”),
      pursuant to Sections 4(2) and 4(6) of the 1933 Act and Rule 506 of Regulation
      D
      thereunder. The following summarizes the Offering to the Investor:

     

    
      	
              •

            	
              Offering:
                682,650 shares of Series B Contingent Convertible Preferred Stock
                for a
                price of $1.00 per share, of which $682,649.94 will be invested on
                the
                date that this Agreement is executed by the satisfaction of Lone
                Star’s
                promissory notes in that amount, which promissory notes are attached
                hereto, marked as Exhibit “A” and by this reference are made a part
                hereof, and are exchanged for Series B Contingent Convertible Preferred
                Stock. 

            

    

    

    
      	
              •

            	
              Series
                B Stock: Each
                share of the Company’s Series B Convertible Preferred Stock (“Series B
                Stock”), is convertible into the Company’s Common Stock in accordance with
                the provisions contained in the Certificate of Designation of Preferences
                and Rights of the Series B Stock (“Designation”). The Series B Stock has
                significant transferability restrictions imposed by SEC Rule
                144.

            

    

    

    
      	
              •

            	
              Total
                offering:
                $682,649.94 maximum (there is no minimum total investment). The Company
                may use all funds as invested in its own discretion, regardless of
                whether
                the Company has sufficient funds to pursue its proposed operations
                (as
                described in the Company’s reports filed under the Stock Exchange Act of
                1934 (the “1934 Act Reports”).

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              •

            	
              Use
                of Proceeds:
                The entire Offering proceeds, which result from the exchange of currently
                existing debt owed by the Company to Lone Star, have been used by
                the
                Company for working capital and general corporate expenses.
                

            

    

    

    This
      Subscription Agreement is offered for the purpose of Lone Star considering
      the
      ramifications of its investment in the Offering as described above. If after
      reviewing this Subscription Agreement and other relevant documents with the
      your
      legal, financial, tax and investment advisors as you deem appropriate you elect
      to purchase Securities, please complete the following: 

    

    By
      executing this Agreement and returning it to the Company, you further agree
      that
      your investment is being made entirely on the terms and conditions stated herein
      and in the documents attached hereto. You understand that this Subscription
      Agreement is not binding until the Company accepts it in writing.

    

    Caveat:
      Certain statements contained herein and included in other documents which have
      been given to you (including the Company’s reports filed pursuant to the
      requirements of the 1934 Act) using the terms “may,” “expects to” and other
      terms denoting future possibilities, are forward-looking statements. We cannot
      guarantee the accuracy of these statements as they are subject to a variety
      of
      risks, which are beyond our ability to predict or control. These risks may
      cause
      actual results to differ materially from the projections or estimates given
      to
      you. These risks include, but are not limited to, the possibility that the
      described operations or other activities will not be completed on economic
      terms, if at all. Our contemplated operations are attendant with high risk.
      There can be no assurance that we will succeed in operating our contemplated
      business, and it is important that each person considering and investment
      pursuant to this Subscription Agreement understands the significant risks,
      which
      accompany the proposed conduct of our future operations.

    

    In
      connection with your proposed purchase of the Series B Stock, you further
      represent as follows:

    

    1. You
      understand that an investment in the Series B Stock is one of significant risk,
      and there can be no assurance that the Series B Stock, or the common stock
      into
      which it is convertible, will ever be valuable, or that the Company will ever
      be
      able to actually receive the support and favorable vote of a majority of its
      shareholders to authorize the increase of its common stock. You understand
      that
      currently the Company has no available common stock and that it has reached
      the
      limits of its currently authorized common stock. You further understand that
      the
      Company will make its best efforts to seek and receive the approval of a
      majority of its shareholders for an increase in its authorized common stock
      sufficient to allow you to convert your Series B Stock into common stock of
      the
      Company, but that the Company cannot guarantee such an outcome. If the Company
      is unable to secure the approval of a majority of its shareholders for an
      increase in its authorized stock, then you will remain the holder of Series
      B
      Stock only. The risks associated with an investment of the Series B Stock are
      those set out in this paragraph, as well as those that are set forth in the
      Company’s 1934 Act Reports filed with the U.S. Securities and Exchange
      Commission and available on its EDGAR electronic filing service, or also
      available through the Company website, www.geii.com, or have been made available
      to you from the Company upon request. By signing this Subscription Agreement,
      you represent and warrant to the Company that you are familiar with, and are
      willing to accept, all such risks.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    

    2. You
      acknowledge that you may lose your entire investment in the Series B Stock.
      You
      hereby represent that an investment in the Series B Stock is a suitable
      investment for you, taking into consideration the restrictions on
      transferability and the other considerations affecting the Series B Stock and
      the Company as described herein, and in the documents included with this
      Subscription Agreement and in the due diligence investigation that you have
      made.

    

    3. You
      will
      acquire the Series B Stock for your own account and not on behalf of any other
      person or entity. You will acquire the Series B Stock for investment purposes
      and not for resale or distribution to any other person.

    

    4. You
      are
      not aware of the payment of any commission or other remuneration to any person
      in connection with the execution of this transaction or the purchase of the
      Series B Stock.

    

    5. We
      have
      provided you with access to the Company’s 1934 Act Documents, disclosure on the
      Company’s website, press releases, and updated information. You are aware that,
      unless the Company is able to raise a substantial amount of money, the Company
      may not be able to continue in business. Currently the Company is not able
      to
      pay all of its debts as they have become due. Your debt is an example of this
      problem. We have given you the opportunity to ask questions of and to receive
      answers from us about the terms and conditions of this Offering, and we also
      have given you the opportunity to obtain any additional information regarding
      the Company, which we possess or can acquire without unreasonable effort or
      expense including (without limitation) all minutes of meetings of our Board
      of
      Directors or committees, and other relevant documents you have requested. We
      have also given you the opportunity to speak with our independent auditors,
      and
      you have done so to the extent you have deemed it to be necessary or
      appropriate. In addition, you have made such other financial or other inquiry
      as
      you have deemed necessary or appropriate in the conduct of your due diligence
      investigation. You have not relied on due diligence of any other party in
      connection herewith.

    

    6. You
      acknowledge and understand, however, that we have not authorized any person
      to
      make any statements on our behalf, which would in any way contradict any of
      the
      information that we have provided to you in writing, including the information
      set forth in this Subscription Agreement or in the 1934 Act Documents. You
      further represent to the Company that you have not relied upon any such
      representations regarding the Company, its business or financial condition
      or
      this transaction in making any decision to acquire the Series B Stock. If you
      become aware of conflicting information, you will discuss this with
      us.

    

    7. Your
      present financial condition is such that it is unlikely that it would be
      necessary for you to dispose of the Series B Stock in the foreseeable future.
      You further understand and agree that:

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    

    
      	 	
              a.

            	
              Neither
                the Series B Stock nor the shares of common stock issuable upon conversion
                of the Series B Stock have been registered under the Series A Stock
                Act of
                1933 or any state or foreign securities laws and, consequently are
                and
                will continue to be restricted securities within the meaning of Rule
                144
                promulgated under the 1933 Act and applicable state
                statutes;

            

    

    

    
      	 	
              b.

            	
              You
                cannot resell the Series B Stock or the shares of common stock issuable
                upon conversion of the Series B Stock unless they are registered
                under the
                1933 Act and any applicable state securities laws or unless an exemption
                from the registration requirements is
                available;

            

    

    

    
      	 	
              c.

            	
              As
                a result, you must bear the economic risks of the investment in the
                Series
                B Stock and the shares of common stock issuable upon conversion of
                the
                Series B Stock for an indefinite period of
                time;

            

    

    

    
      	 	
              d.

            	
              The
                Company is the only person that may register the Series B Stock or
                the
                shares of common stock issuable upon conversion of the Series B Stock
                under the 1933 Act and state securities statutes, and we have not
                made any
                representations to you regarding any possible future registration
                of the
                Series B Stock or compliance some exemption under the 1933
                Act;

            

    

    

    
      	 	
              e.

            	
              You
                will not sell or attempt to sell the Series B Stock or the shares
                of
                common stock issuable upon conversion of the Series B Stock without
                registration under the 1933 Act and any applicable state securities
                laws,
                unless exemptions from such registration requirements are available
                and
                the undersigned has satisfied the Company that an exemption is available
                for such sale;

            

    

    

    
      	 	
              f.

            	
              The
                Company has the right to issue instructions to its transfer agent
                to bar
                the transfer of any of the certificates representing the Series B
                Stock
                and the shares of common stock issuable upon conversion of the Series
                B
                Stock except in accordance with the 1933 Act;
                and

            

    

    

    
      	 	
              g.

            	
              You
                consent to the placement of an appropriate restrictive legend or
                legends
                on any certificates evidencing the Series B Stock and any certificates
                issued in replacement or exchange therefor, as well as any certificates
                issued representing the shares of common stock issuable upon conversion
                of
                the Series B Stock. 

            

    

    

    8. You
      have
      reviewed this Subscription Agreement and all information you have obtained
      regarding the Company, its proposed business, assets, management, financial
      condition, capitalization and share ownership and plan of operations with your
      legal, financial, tax and investment advisors to the extent that you have
      determined that it is appropriate or necessary for you to do so prior to
      committing to make an investment herein. Your review has included (without
      limitation) the following documents:

    

    
      	 	
              a.

            	
              The
                Company’s articles of incorporation, including amendments thereto, and
                bylaws;

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	 	
              b.

            	
              The
                Designation;

            

    

    

    
      	 	
              c.

            	
              Minutes
                of meetings or Statements of Consents of the Company’s Board of
                Directors;

            

    

    

    
      	 	
              d.

            	
              The
                Company’s 1934 Act Documents; and

            

    

    

    
      	 	
              e.

            	
              Such
                other documents as you or your advisors have determined
                appropriate.

            

    

     

    9. You
      represent and warrant that you have reviewed a the way in which your original
      loan proceeds were used, which loan you are now exchanging for Series B Stock
      in
      the Company, and are satisfied with the use of proceeds and have no objections
      thereto.

    

    10. We
      may
      amend or modify this Agreement only in writing signed by both you and the
      Company. No evidence shall be admissible in any court concerning any alleged
      oral amendment hereof.

    

    11. This
      Agreement binds and inures to the benefit of our respective representatives,
      successors and permitted assigns.

    

    12. Each
      of
      us hereto agrees for ourselves and our successors and permitted assigns to
      execute any and all further instruments necessary for the fulfillment of the
      terms of this Agreement.

    

    13. You
      acknowledge that the Company is relying on the accuracy of the representations
      and warranties you are making in this Agreement, and you agree to indemnify
      the
      Company, and to hold us harmless from and against any and all liability that
      may
      result to us (including court costs and attorneys’ fees) as a result of any of
      your representations or warranties being materially inaccurate, incomplete
      or
      misleading.

    

    14. You
      acknowledge that you have reviewed the definition of the term “accredited
      investor” as set forth following your signature and you represent and warrant to
      us that you are an “accredited investor.”

    

    15. This
      Agreement is made under, shall be construed in accordance with and shall be
      governed by the laws of the State of Colorado.

    

    16. This
      Agreement is not effective unless and until it is accepted in writing by the
      Company, regardless whether the Company has received or deposited the
      subscription amount.

    

    IN
      WITNESS WHEREOF, subject to our acceptance, you have completed this Subscription
      Agreement and tendered payment as set forth above to evidence your commitment
      to
      purchase the Series B Stock on the terms, and with the representations and
      warranties set forth above.

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	 	(Investor)
	
              Date:
                December 29, 2006

            	 	 
	 	
              By:

            	
               /s/
                Mark Bogani

            
	 	 	
              Lone
                Star Equity Group, LLC

            

    

     

    
      	
              Name:
                Mark
                Bogani        

            	 	 
	
              Address:
                ___________________

            	
              Title:______________________

            	 
	
              ____________________________

            	 	 
	
              ____________________________

            	
              Tax
                ID #:___________________

            	 

    

    

    Form
      (circle one): individual (corporation) partnership ltd.liab.co. trust
      other_______________

    

    SUBSCRIPTION
      ACCEPTED AND RECEIPT OF CONSIDERATION ACKNOWLEDGED:

    

    
      	 	
              GOLDEN
                EAGLE INTERNATIONAL, INC.

            
	 	 	 
	
              December
                29, 2006

            	
              By

            	
               /s/
                Terry C. Turner

            
	 	 	
              Terry
                C. Turner, President

            

    

    

    

    

    DEFINITION
      OF “ACCREDITED
      INVESTOR”

    

    

    Section
      2(15) of the 1933 Act:

    

    (15)
      The
      term “accredited investor” shall mean B

    

    (i)
      a
      bank as defined in section 3(a)(2) of the Act whether acting in its individual
      or fiduciary capacity; an insurance company as defined in section 2(13) of
      the
      Act; an investment company registered under the Investment Company Act of 1940
      or a business development company as defined in section 2(a)(48) of that Act;
      a
      Small Business Investment Company licensed by the Small Business administration;
      or an employee benefit plan, including an individual retirement account, which
      is subject to the provisions of the Employee Retirement Income Security Act
      of
      1974, if the investment decision is made by a plan fiduciary, as defined in
      section 3(21) of such Act, which is either a bank, insurance company, or
      registered investment advisor; or

    

    (ii)
      any
      person who, on the basis of such factors as financial sophistication, net worth,
      knowledge, and experience in financial matters, or amount of assets under
      management qualifies as an accredited investor under rules and regulations
      which
      the Commission shall prescribe.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    Rule
      215. Accredited Investor

    

    The
      term
“accredited investor” as used in section 2(15)(ii) of the Securities Act of 1933
      shall include the following persons:

    

    (a)
      Any
      savings and loan association or other institution specified in section
      3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity;
      any broker or dealer registered pursuant to section 15 of the Securities and
      Exchange Act of 1934; any plan established and maintained by a state, its
      political subdivisions, or any agency or instrumentality of a state or its
      political subdivisions, for the benefit of its employees, if such plan has
      total
      assets in excess of $5,000,000; any employee benefit plan within the meaning
      of
      Title I of the Employee Retirement Income Security Act of 1974, if the
      investment decision is made by a plan fiduciary, as defined in section 3(21)
      of
      such Act, which is a savings and loan association, or if the employee benefit
      plan has total assets in excess of $5,000,000 or, if a self-directed plan,
      with
      investment decisions made solely by persons that are accredited
      investors;

    

    (b)
      Any
      private business development company as defined in section 202(a)(22) of the
      Investment Advisors Act of 1940;

    

    (c)
      Any
      organization described in section 501(c)(3) of the Internal Revenue Code,
      corporation, Massachusetts or similar business trust, or partnership, not formed
      for the specific purpose of acquiring the securities offered, with total assets
      in excess of $5,000,000;

    

    (d)
      Any
      director, executive officer, or general partner of the issuer of the securities
      being offered or sold, or any director, executive officer, or general partner
      of
      a general partner of that issuer;

    

    (e)
      Any
      natural person whose individual net worth, or joint net worth with that person’s
      spouse, at the time of his purchase exceeds $1,000,000;

    

    (f)
      Any
      natural person who had an individual income in excess of $200,000 in each of
      the
      two most recent years or joint income with that person’s spouse in excess of
      $300,000 in each of those years and has a reasonable expectation of reaching
      the
      same income level in the current year;

    

    (g)
      Any
      trust, with total assets in excess of $5,000,000, not formed for the specific
      purpose of acquiring the securities offered, whose purchase is directed by
      a
      sophisticated person as described in Rule 506(b)(2)(ii); and

    

    (h)
      Any
      entity in which all of the equity owners are accredited investors.

    

    Guidelines
      for Calculating Net Worth:

    

    Any
      valuation of a residence included in the calculation of net worth must be based
      on an appraisal obtained by the Investor in connection with obtaining a loan
      secured by such residence.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    

    Marketable
      securities owned by the Investor included in the calculation of net worth must
      be based on a recent market value, with appropriate discounts for lack of
      marketability if the securities represent greater than a 10% interest in the
      issuer, if the securities are “restricted shares” or subject to any contractual
      or other restriction, if the securities are thinly traded, or for other
      appropriate reasons.

    

    Any
      valuation of any other asset with a value in excess of $100,000 must be based
      on
      an independent valuation or appraisal.

    

    Guidelines
      for Calculating Net Income:

    

    For
      the
      purposes of determining whether an Investor is an “accredited investor,” net
      income must be calculated based on its adjusted gross income as reported to
      the
      Internal Revenue Service (for U.S. taxpayers) or other similar measure (for
      non-U.S. taxpayers).

    

    Substantiation
      of Net Worth and Net Income:

    

    Golden
      Eagle International, Inc. (the “Company”) is relying on the accuracy of each
      Investor’s representations and warranties with respect to its status as an
      accredited investor. The Company is aware that personal financial matters are
      private and confidential, and will endeavor to maintain all information
      contained in the subscription agreement or otherwise obtained confidential.
      In
      case of any question, however, the Company may request substantiation of the
      Investor’s status by discussing the issue with the Investor’s banker, attorney,
      accountant, or investment advisor. If questions develop, the Company will
      contact the Investor before seeking any independent confirmation. 

    

    

    
      
        
        

      

      
        8Unassociated Document

    GOLDEN
      EAGLE INTERNATIONAL, INC.

    

    SERIES
      B CONTINGENT CONVERTIBLE PREFERRED 

    STOCK
      SUBSCRIPTION AGREEMENT

    

    THE
      SERIES B STOCK BEING OFFERED BY GOLDEN EAGLE INTERNATIONAL, INC.
      HEREUNDER HAS NOT BEEN REGISTERED UNDER THE SERIES A STOCK ACT OF 1933 OR
      APPLICABLE STATE BLUE SKY OR SECURITIES LAWS AND IS OFFERED UNDER AN EXEMPTION
      FROM THE REGISTRATION PROVISIONS OF SUCH LAWS. THESE SECURITIES CANNOT BE SOLD,
      TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE
      RESTRICTIONS ON TRANSFER CONTAINED IN THIS STOCK SUBSCRIPTION AGREEMENT AND
      APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

    

    NOTE:
      By considering an investment in Golden Eagle International, Inc., as described
      herein, you are representing, and by executing this Subscription Agreement,
      you
      represent and warrant, that you are an “accredited investor” as that term is
      defined in Section 2(a)(15) of the Federal Securities Act of 1933 (the “1933
      Act”) and Rule 215 thereunder, and in Rule 501(a) of Regulation D under the 1933
      Act,.

    

    This
      Subscription Agreement (“Subscription Agreement” or “Agreement”) is for the
      completion of an offering of securities (the “Offering”) by Golden Eagle
      International, Inc. (the “Company”) to Dewey Williams and The Dewey L. Williams
      Profit Sharing Plan & Trust (the
      “Williams Group” or “you”),
      pursuant to Sections 4(2) and 4(6) of the 1933 Act and Rule 506 of Regulation
      D
      thereunder. The following summarizes the Offering to the Investor:

    

    

    
      	
              •

            	
              Offering:
                28,899 shares of Series B Contingent Convertible Preferred Stock
                for a
                price of $1.00 per share, of which $28,898.83 will be invested on
                the date
                that this Agreement is executed by the satisfaction of the William
                Group’s
                promissory note in that amount, which promissory note is attached
                hereto,
                marked as Exhibit “A” and by this reference are made a part hereof, and is
                exchanged for Series B Contingent Convertible Preferred Stock.
                

            

    

    

    
      	
              •

            	
              Series
                B Stock: Each
                share of the Company’s Series B Contingent Convertible Preferred Stock
                (“Series B Stock”), is convertible into the Company’s Common Stock in
                accordance with the provisions contained in the Certificate of Designation
                of Preferences and Rights of the Series B Stock (“Designation”). The
                Series B Stock has significant transferability restrictions imposed
                by SEC
                Rule 144.

            

    

    

    
      	
              •

            	
              Total
                offering:
                $28,899 maximum (there is no minimum total investment). The Company
                may
                use all funds as invested in its own discretion, regardless of whether
                the
                Company has sufficient funds to pursue its proposed operations (as
                described in the Company’s reports filed under the Stock Exchange Act of
                1934 (the “1934 Act Reports”).

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              •

            	
              Use
                of Proceeds
                The entire Offering proceeds, which result from the exchange of currently
                existing debt owed by the Company to the Williams Group, have been
                used by
                the Company for working capital and general corporate expenses.
                

            

    

    

    This
      Subscription Agreement is offered for the purpose of Lone Star considering
      the
      ramifications of its investment in the Offering as described above. If after
      reviewing this Subscription Agreement and other relevant documents with the
      your
      legal, financial, tax and investment advisors as you deem appropriate you elect
      to purchase Securities, please complete the following: 

    

    By
      executing this Agreement and returning it to the Company, you further agree
      that
      your investment is being made entirely on the terms and conditions stated herein
      and in the documents attached hereto. You understand that this Subscription
      Agreement is not binding until the Company accepts it in writing.

    

    Caveat:
      Certain statements contained herein and included in other documents which have
      been given to you (including the Company’s reports filed pursuant to the
      requirements of the 1934 Act) using the terms “may,” “expects to” and other
      terms denoting future possibilities, are forward-looking statements. We cannot
      guarantee the accuracy of these statements as they are subject to a variety
      of
      risks, which are beyond our ability to predict or control. These risks may
      cause
      actual results to differ materially from the projections or estimates given
      to
      you. These risks include, but are not limited to, the possibility that the
      described operations or other activities will not be completed on economic
      terms, if at all. Our contemplated operations are attendant with high risk.
      There can be no assurance that we will succeed in operating our contemplated
      business, and it is important that each person considering and investment
      pursuant to this Subscription Agreement understands the significant risks,
      which
      accompany the proposed conduct of our future operations.

    

    In
      connection with your proposed purchase of the Series B Stock, you further
      represent as follows:

    

    1. You
      understand that an investment in the Series B Stock is one of significant risk,
      and there can be no assurance that the Series B Stock, or the common stock
      into
      which it is convertible, will ever be valuable, or that the Company will ever
      be
      able to actually receive the support and favorable vote of a majority of its
      shareholders to authorize the increase of its common stock. You understand
      that
      currently the Company has no available common stock and that it has reached
      the
      limits of its currently authorized common stock. You further understand that
      the
      Company will make its best efforts to seek and receive the approval of a
      majority of its shareholders for an increase in its authorized common stock
      sufficient to allow you to convert your Series B Stock into common stock of
      the
      Company, but that the Company cannot guarantee such an outcome. If the Company
      is unable to secure the approval of a majority of its shareholders for an
      increase in its authorized stock, then you will remain the holder of Series
      B
      Stock only. The risks associated with an investment of the Series B Stock are
      those set out in this paragraph, as well as those that are set forth in the
      Company’s 1934 Act Reports filed with the U.S. Securities and Exchange
      Commission and available on its EDGAR electronic filing service, or also
      available through the Company website, www.geii.com, or have been made available
      to you from the Company upon request. By signing this Subscription Agreement,
      you represent and warrant to the Company that you are familiar with, and are
      willing to accept, all such risks.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    2. You
      acknowledge that you may lose your entire investment in the Series B Stock.
      You
      hereby represent that an investment in the Series B Stock is a suitable
      investment for you, taking into consideration the restrictions on
      transferability and the other considerations affecting the Series B Stock and
      the Company as described herein, and in the documents included with this
      Subscription Agreement and in the due diligence investigation that you have
      made.

    

    3. You
      will
      acquire the Series B Stock for your own account and not on behalf of any other
      person or entity. You will acquire the Series B Stock for investment purposes
      and not for resale or distribution to any other person.

    

    4. You
      are
      not aware of the payment of any commission or other remuneration to any person
      in connection with the execution of this transaction or the purchase of the
      Series B Stock.

    

    5. We
      have
      provided you with access to the Company’s 1934 Act Documents, disclosure on the
      Company’s website, press releases, and updated information. You are aware that,
      unless the Company is able to raise a substantial amount of money, the Company
      may not be able to continue in business. Currently the Company is not able
      to
      pay all of its debts as they have become due. Your debt is an example of this
      problem. We have given you the opportunity to ask questions of and to receive
      answers from us about the terms and conditions of this Offering, and we also
      have given you the opportunity to obtain any additional information regarding
      the Company, which we possess or can acquire without unreasonable effort or
      expense including (without limitation) all minutes of meetings of our Board
      of
      Directors or committees, and other relevant documents you have requested. We
      have also given you the opportunity to speak with our independent auditors,
      and
      you have done so to the extent you have deemed it to be necessary or
      appropriate. In addition, you have made such other financial or other inquiry
      as
      you have deemed necessary or appropriate in the conduct of your due diligence
      investigation. You have not relied on due diligence of any other party in
      connection herewith.

    

    6. You
      acknowledge and understand, however, that we have not authorized any person
      to
      make any statements on our behalf, which would in any way contradict any of
      the
      information that we have provided to you in writing, including the information
      set forth in this Subscription Agreement or in the 1934 Act Documents. You
      further represent to the Company that you have not relied upon any such
      representations regarding the Company, its business or financial condition
      or
      this transaction in making any decision to acquire the Series B Stock. If you
      become aware of conflicting information, you will discuss this with
      us.

    

    7. Your
      present financial condition is such that it is unlikely that it would be
      necessary for you to dispose of the Series B Stock in the foreseeable future.
      You further understand and agree that:

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	 	
              a.

            	
              Neither
                the Series B Stock nor the shares of common stock issuable upon conversion
                of the Series B Stock have been registered under the Series A Stock
                Act of
                1933 or any state or foreign securities laws and, consequently are
                and
                will continue to be restricted securities within the meaning of Rule
                144
                promulgated under the 1933 Act and applicable state
                statutes;

            

    

    

    
      	 	
              b.

            	
              You
                cannot resell the Series B Stock or the shares of common stock issuable
                upon conversion of the Series B Stock unless they are registered
                under the
                1933 Act and any applicable state securities laws or unless an exemption
                from the registration requirements is
                available;

            

    

    

    
      	 	
              c.

            	
              As
                a result, you must bear the economic risks of the investment in the
                Series
                B Stock and the shares of common stock issuable upon conversion of
                the
                Series B Stock for an indefinite period of
                time;

            

    

    

    
      	 	
              d.

            	
              The
                Company is the only person that may register the Series B Stock or
                the
                shares of common stock issuable upon conversion of the Series B Stock
                under the 1933 Act and state securities statutes, and we have not
                made any
                representations to you regarding any possible future registration
                of the
                Series B Stock or compliance some exemption under the 1933
                Act;

            

    

    

    
      	 	
              e.

            	
              You
                will not sell or attempt to sell the Series B Stock or the shares
                of
                common stock issuable upon conversion of the Series B Stock without
                registration under the 1933 Act and any applicable state securities
                laws,
                unless exemptions from such registration requirements are available
                and
                the undersigned has satisfied the Company that an exemption is available
                for such sale;

            

    

    

    
      	 	
              f.

            	
              The
                Company has the right to issue instructions to its transfer agent
                to bar
                the transfer of any of the certificates representing the Series B
                Stock
                and the shares of common stock issuable upon conversion of the Series
                B
                Stock except in accordance with the 1933 Act;
                and

            

    

    

    
      	 	
              g.

            	
              You
                consent to the placement of an appropriate restrictive legend or
                legends
                on any certificates evidencing the Series B Stock and any certificates
                issued in replacement or exchange therefor, as well as any certificates
                issued representing the shares of common stock issuable upon conversion
                of
                the Series B Stock. 

            

    

    

    8. You
      have
      reviewed this Subscription Agreement and all information you have obtained
      regarding the Company, its proposed business, assets, management, financial
      condition, capitalization and share ownership and plan of operations with your
      legal, financial, tax and investment advisors to the extent that you have
      determined that it is appropriate or necessary for you to do so prior to
      committing to make an investment herein. Your review has included (without
      limitation) the following documents:

    

    
      	 	
              a.

            	
              The
                Company’s articles of incorporation, including amendments thereto, and
                bylaws;

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	 	
              b.

            	
              The
                Designation;

            

    

    

    
      	 	
              c.

            	
              Minutes
                of meetings or Statements of Consents of the Company’s Board of
                Directors;

            

    

    

    
      	 	
              d.

            	
              The
                Company’s 1934 Act Documents; and

            

    

    

    
      	 	
              e.

            	
              Such
                other documents as you or your advisors have determined
                appropriate.

            

    

     

    9. You
      represent and warrant that you have reviewed the way in which your original
      loan
      proceeds were used, which loan you are now exchanging for Series B Stock in
      the
      Company, and are satisfied with the use of proceeds and have no objections
      thereto.

    

    10. We
      may
      amend or modify this Agreement only in writing signed by both you and the
      Company. No evidence shall be admissible in any court concerning any alleged
      oral amendment hereof.

    

    11. This
      Agreement binds and inures to the benefit of our respective representatives,
      successors and permitted assigns.

    

    12. Each
      of
      us hereto agrees for ourselves and our successors and permitted assigns to
      execute any and all further instruments necessary for the fulfillment of the
      terms of this Agreement.

    

    13. You
      acknowledge that the Company is relying on the accuracy of the representations
      and warranties you are making in this Agreement, and you agree to indemnify
      the
      Company, and to hold us harmless from and against any and all liability that
      may
      result to us (including court costs and attorneys’ fees) as a result of any of
      your representations or warranties being materially inaccurate, incomplete
      or
      misleading.

    

    14. You
      acknowledge that you have reviewed the definition of the term “accredited
      investor” as set forth following your signature and you represent and warrant to
      us that you are an “accredited investor.”

    

    15. This
      Agreement is made under, shall be construed in accordance with and shall be
      governed by the laws of the State of Colorado.

    

    16. This
      Agreement is not effective unless and until it is accepted in writing by the
      Company, regardless whether the Company has received or deposited the
      subscription amount.

    

    IN
      WITNESS WHEREOF, subject to our acceptance, you have completed this Subscription
      Agreement and tendered payment as set forth above to evidence your commitment
      to
      purchase the Series B Stock on the terms, and with the representations and
      warranties set forth above.

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	 	(Investor)
	
              Date:
                December 29, 2006

            	 	 
	 	
              By:

            	
              /s/
                Dewey L. Williams

            
	 	 	
              The
                Dewey L. Williams Profit Sharing Plan and
                Trust

            

    

    

      
        	
                
                  Name:
                    Dewey
                    L. Williams        
                    

                

              	 	 
	
                Address:
                  ___________________

              	
                Title:______________________

              	 
	
                ____________________________

              	 	 
	
                ____________________________

              	
                Tax
                  ID #:___________________

              	 

      

    

    

    Form
      (circle one): individual corporation partnership ltd.liab.co. trust
      other_______________

    

    
      	 	
              /s/
                Dewey L. Williams

            
	 	
              Dewey
                L. Williams 

            

    

    

    
      	
              Name:
                Dewey
                L. Williams        
                

            	 	 
	
              Address:
                ___________________

            	
              Title:______________________

            	 
	
              ____________________________

            	 	 
	
              ____________________________

            	
              Tax
                ID #:___________________

            	 

    

    

    Form
      (circle one): (individual) corporation partnership ltd.liab.co. (trust)
      other_______________

    

    

    SUBSCRIPTION
      ACCEPTED AND RECEIPT OF CONSIDERATION ACKNOWLEDGED:

    

    
      	 	
              GOLDEN
                EAGLE INTERNATIONAL, INC.

            
	 	 	 
	
              December
                29, 2006

            	
              By:

            	
               /s/
                Terry C. Turner

            
	 	 	
              Terry
                C. Turner, President

            

    

    

    

    

    DEFINITION
      OF “ACCREDITED
      INVESTOR”

    

    

    Section
      2(15) of the 1933 Act:

    

    (15)
      The
      term “accredited investor” shall mean B

    

    (i)
      a
      bank as defined in section 3(a)(2) of the Act whether acting in its individual
      or fiduciary capacity; an insurance company as defined in section 2(13) of
      the
      Act; an investment company registered under the Investment Company Act of 1940
      or a business development company as defined in section 2(a)(48) of that Act;
      a
      Small Business Investment Company licensed by the Small Business administration;
      or an employee benefit plan, including an individual retirement account, which
      is subject to the provisions of the Employee Retirement Income Security Act
      of
      1974, if the investment decision is made by a plan fiduciary, as defined in
      section 3(21) of such Act, which is either a bank, insurance company, or
      registered investment advisor; or

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    

    (ii)
      any
      person who, on the basis of such factors as financial sophistication, net worth,
      knowledge, and experience in financial matters, or amount of assets under
      management qualifies as an accredited investor under rules and regulations
      which
      the Commission shall prescribe.

    

    Rule
      215. Accredited Investor

    

    The
      term
“accredited investor” as used in section 2(15)(ii) of the Securities Act of 1933
      shall include the following persons:

    

    (a)
      Any
      savings and loan association or other institution specified in section
      3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity;
      any broker or dealer registered pursuant to section 15 of the Securities and
      Exchange Act of 1934; any plan established and maintained by a state, its
      political subdivisions, or any agency or instrumentality of a state or its
      political subdivisions, for the benefit of its employees, if such plan has
      total
      assets in excess of $5,000,000; any employee benefit plan within the meaning
      of
      Title I of the Employee Retirement Income Security Act of 1974, if the
      investment decision is made by a plan fiduciary, as defined in section 3(21)
      of
      such Act, which is a savings and loan association, or if the employee benefit
      plan has total assets in excess of $5,000,000 or, if a self-directed plan,
      with
      investment decisions made solely by persons that are accredited
      investors;

    

    (b)
      Any
      private business development company as defined in section 202(a)(22) of the
      Investment Advisors Act of 1940;

    

    (c)
      Any
      organization described in section 501(c)(3) of the Internal Revenue Code,
      corporation, Massachusetts or similar business trust, or partnership, not formed
      for the specific purpose of acquiring the securities offered, with total assets
      in excess of $5,000,000;

    

    (d)
      Any
      director, executive officer, or general partner of the issuer of the securities
      being offered or sold, or any director, executive officer, or general partner
      of
      a general partner of that issuer;

    

    (e)
      Any
      natural person whose individual net worth, or joint net worth with that person’s
      spouse, at the time of his purchase exceeds $1,000,000;

    

    (f)
      Any
      natural person who had an individual income in excess of $200,000 in each of
      the
      two most recent years or joint income with that person’s spouse in excess of
      $300,000 in each of those years and has a reasonable expectation of reaching
      the
      same income level in the current year;

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    

    (g)
      Any
      trust, with total assets in excess of $5,000,000, not formed for the specific
      purpose of acquiring the securities offered, whose purchase is directed by
      a
      sophisticated person as described in Rule 506(b)(2)(ii); and

    

    (h)
      Any
      entity in which all of the equity owners are accredited investors.

    

    Guidelines
      for Calculating Net Worth:

    

    Any
      valuation of a residence included in the calculation of net worth must be based
      on an appraisal obtained by the Investor in connection with obtaining a loan
      secured by such residence.

    

    Marketable
      securities owned by the Investor included in the calculation of net worth must
      be based on a recent market value, with appropriate discounts for lack of
      marketability if the securities represent greater than a 10% interest in the
      issuer, if the securities are “restricted shares” or subject to any contractual
      or other restriction, if the securities are thinly traded, or for other
      appropriate reasons.

    

    Any
      valuation of any other asset with a value in excess of $100,000 must be based
      on
      an independent valuation or appraisal.

    

    Guidelines
      for Calculating Net Income:

    

    For
      the
      purposes of determining whether an Investor is an “accredited investor,” net
      income must be calculated based on its adjusted gross income as reported to
      the
      Internal Revenue Service (for U.S. taxpayers) or other similar measure (for
      non-U.S. taxpayers).

    

    Substantiation
      of Net Worth and Net Income:

    

    Golden
      Eagle International, Inc. (the “Company”) is relying on the accuracy of each
      Investor’s representations and warranties with respect to its status as an
      accredited investor. The Company is aware that personal financial matters are
      private and confidential, and will endeavor to maintain all information
      contained in the subscription agreement or otherwise obtained confidential.
      In
      case of any question, however, the Company may request substantiation of the
      Investor’s status by discussing the issue with the Investor’s banker, attorney,
      accountant, or investment advisor. If questions develop, the Company will
      contact the Investor before seeking any independent confirmation. 

    

    
      
        
        

      

      
        8

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