Document:

Exhibit 10.3

 

	TRANSFER OF ACCOUNTS
	PAYABLE

 

This agreement is made and entered into this 21'' day of May,
2012 by and between Synaptris Incorporated, a California Corporation located at 3031 Tisch Way, Suite# 505, San Jose, CA
95128, USA ("Synaptris") and SD Holdings Limited, a company established under the laws of the Republic
of Mauritius, having its registered office at 608, St James Court, St Denis Street, Port Louis, Republic of Mauritius ("SD
Holdings") for the transfer of Accounts Payable(AP) owed by Synaptris to Synaptris Decisions Private Limited, a
company incorporated under the laws of India located at 2, Bishop Waller's Avenue (East), Mylapore, Chennai 600 004, Tamilnadu,
India, ("Synaptris Decisions") as listed in Exhibit A from Synaptris to SD Holdings.

 

WHEREAS, the shareholders of Synaptris Decisions have unanimously
voted to transfer AP owed to Synaptris Decisions by Synaptris to SD Holdings as detailed in Exhibit B; and

 

WHEREAS, Synaptris is desirous of transferring to SD Holdings
this AP as shown on the attached shareholder resolution in Exhibit C, and SD Holdings is desirous of acquiring said AP as shown
on the attached shareholder resolution in Exhibit D.

 

NOW, THEREFORE, for and in consideration of the mutual covenants
and agreements hereinafter entered into, it is agreed as follows:

 

1.   Synaptris does hereby transfer and assign
the AP listed on the attached Exhibit A to SD Holdings.

 

2.   This Agreement shall be binding upon the
parties, successors and assignees of the parties. This Agreement and any accompanying instruments and documents include the entire
transaction between the parties and there are no representations, warranties, covenants or conditions, except those specified herein
or in accompanying instruments and documents.

 

3.   This Agreement shall be governed in all
respects by the laws of the State of Delaware.

 

4.   This Agreement may be executed simultaneously
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. Signatures sent by facsimile transmission shall be deemed to be evidence of the original execution thereof.

 

DATED this 21stday of May 2012.

 

	SYNAPTRIS INCORPORATED	 
	 	 
	By:	/s/ Ahmad Shihadah	 
	Ahmad Shihadah	 
	Corporate Secretary	 

 

	SD HOLDINGS LIMITED	 
	 	 
	By:	/s/ Suzanne Gijadhur	 
	Suzanne Gijadhur	 
	Corporate Secretary	 

 

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Exhibit B: Synaptris Decisions Private
Limited Shareholder Resolution

 

WRITTEN CONSENT

OF THE Shareholders

OF

Synaptris Decisions Private Limited

 

The undersigned, being all the Shareholders
of Synaptris Decisions Private Limited, a company incorporated under the laws of India located at 2, Bishop Waller's Avenue
(East), Mylapore, Chennai 600 004, Tamilnadu, India, ("Synaptris Decisions"), pursuant to the provisions of LAW,
as amended, do hereby consent to the adoption of the following resolutions:

 

RESOLVED,
that Synaptris Decisions hereby authorize the transfer by Synaptris to SD Holdings of such Accounts Payables due to Synaptris
Decisions from Synaptris as detailed in Exhibit A.

 

FURTHER
RESOLVED, that the appropriate Shareholders, Directors and Management of Synaptris Decisions be, and they hereby are, authorized
and directed to do and perform all such acts and deeds and to execute all such other actions as they, or any of them, may deem
to be necessary, proper or convenient in order to carry out the intent of the foregoing resolutions.

 

IN WITNESS WHEREOF,
the undersigned, being all the Shareholders of the Corporation, hereby approve, ratify and adopt the foregoing resolutions.

 

	By:	Aslam Koomar	 	By: 	/s/ Paramasivam Venkataramasamy
	SD Holdings Limited	 	Paramasivam Venkataramasamy
	Being 100% Shareholders of Synaptris Decisions	 	Nominee Shareholder
	Private Limited	 	 
	 	 	 
	Name: Aslam Koomar	 	Name: Paramasivam Venkataramasamy 
	Title: Director	 	

 

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Exhibit C: Synaptris
Inc. Shareholder Resolution

 

WRITTEN CONSENT

OF THE Shareholders

OF Synaptris

Incorporated

 

The undersigned, being all the Shareholders
of Synaptris Incorporated, a California Corporation located at, 3031 Tisch Way, Suite# 505, San Jose, CA 95128, USA ("Synaptris"),
pursuant to the provisions of LAW, as amended, do hereby consent to the adoption of the following resolutions:

 

RESOLVED,
that Synaptris hereby authorize the transfer by Synaptris to SD Holdings of such Accounts Payables due to Synaptris Decisions
from Synaptris as detailed in Exhibit A.

 

FURTHER
RESOLVED, that the appropriate Shareholders, Directors and Management of Synaptris be, and they hereby are, authorized and
directed to do and perform all such acts and deeds and to execute all such other actions as they, or any of them, may deem to be
necessary, proper or convenient in order to carry out the intent of the foregoing resolutions.

 

IN WITNESS WHEREOF, the undersigned,
being all the Shareholders of the Corporation, hereby approve, ratify and adopt the foregoing resolutions.

 

	Dated this 21st day of May 2012	 
	 	 
	By:	/s/ Aslam Koomar	 
	 	 
	Being 100% Shareholders of Synaptris Incorporated	 
	 	 
	Name: Aslam Koomar	 
	Title:	 
	 Director 	 

 

    	3Exhibit 10.1

 

FORM OF

 

STOCK SETTLEMENT AGREEMENT

 

 

This Stock Settlement
Agreement (this “Agreement”), dated as of ____ __, 2012, is made by and between the subscriber set forth
on the signature page attached hereto (the “Subscriber”) and Li3 Energy, Inc., a Nevada Corporation (the
“Company”).

 

WHEREAS, the Company
owes the Subscriber [__________ ($_____)] (the “Obligations”) for [__________]; and

 

WHEREAS, the Company
and the Subscriber desire to settle the Obligations in shares of the Company’s common stock, par value $0.001 per share (“Common
Stock”), in lieu of cash;

 

NOW THEREFORE, intending
to be legally bound, the parties hereto hereby agree as follows:

 

1.          Subscription.
The undersigned Subscriber hereby subscribes to purchase a number of shares of Common Stock (the “Securities”)
equal to the quotient of the Obligations divided by [$____], subject to the terms and conditions of this Agreement and on the basis
of the representations, warranties, covenants and agreements contained herein.

 

2.          Release
of Obligations. As the purchase price for the Securities, Subscriber hereby releases and forever discharges the Company, its
affiliates and their respective representatives, officers, directors, equity holders, managers, principals and agents (“Releasees”)
from and with respect to the Obligations and any and all past, present, direct, indirect and/or derivative liabilities, claims,
rights, actions, causes of action, controversies, counts, obligations, sums of money due, attorneys’ fees, suits, debts,
accounts, bonds, covenants, contracts, agreements, promises, judgments, demands, damages and charges of whatever kind or nature,
known or unknown, matured or unmatured, liquidated or unliquidated, in law or in equity, asserted or that could have been asserted,
under federal or state statute, or common law or the laws of any other relevant jurisdiction, arising from or out of, based upon,
in connection with or otherwise relating in any way to the Obligations; provided, that nothing contained in this Agreement shall
be deemed to release any Party hereto from its obligations under this Agreement or any agreement among any of the Parties hereto
entered into subsequent to the execution of this Agreement.

 

3.          Representations
and Warranties of the Company. The Company hereby represents and warrants to the Subscriber the following:

 

a.          Organization
and Qualification. The Company is a corporation duly organized and validly existing under the laws of the State of Nevada.
The Company has all requisite power and authority to carry on its business as currently conducted, other than such failures that
would not reasonably be expected to have a material adverse effect on the Company’s business, properties or financial condition
(a “Material Adverse Effect”). The Company is duly qualified to transact business in each jurisdiction
in which the failure to be so qualified would reasonably be expected to have a Material Adverse Effect.

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b.          Authorization.
As of the date hereof, all action on the part of the Company, its board of directors, officers and existing stockholders necessary
for the authorization, execution and delivery of this Agreement and the performance of all obligations of the Company hereunder
and thereunder shall have been taken, and this Agreement, assuming due execution by the Subscriber, will constitute valid and legally
binding obligations of the Company, enforceable in accordance with its respective terms, subject to: (i) judicial principles limiting
the availability of specific performance, injunctive relief, and other equitable remedies and (ii) bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect generally relating to or affecting creditors’ rights.

 

c.          Valid Issuance
of the Common Stock. The shares of Securities, when issued, sold and delivered in accordance with the terms of this Agreement
for the consideration expressed herein, shall be duly and validly issued and will be free of restrictions on transfer directly
or indirectly created by the Company other than restrictions on transfer under this Agreement and under applicable federal and
state securities laws.

 

d.          Governmental
Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing
with, any federal, state or local governmental authority on the part of the Company is required in connection with the offer, sale
or issuance of the Securities, except for the following: (i) the filing of such notices as may be required under the Securities
Act and (ii) the compliance with any applicable state securities laws, which compliance will have occurred within the appropriate
time periods therefor.

 

e.          Litigation.
There are no actions, suits, proceedings or investigations pending or, to the best of the Company’s knowledge, threatened
before any court, administrative agency or other governmental body against the Company which question the validity of this Agreement,
or the right of the Company to enter into this Agreement or to consummate the transactions contemplated hereby, or which would
reasonably be expected to have a Material Adverse Effect. The Company is not a party or subject to, and none of its assets is bound
by, the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality which
would reasonably be expected to have a Material Adverse Effect.

 

f.          Compliance
with Other Instruments. The Company is not in violation or default of any provision of its Articles of Incorporation, as in
effect immediately prior to the date of this Agreement, except for such failures as would not reasonably be expected to have a
Material Adverse Effect. The Company is not in violation or default of any provision of any material instrument, mortgage, deed
of trust, loan, contract, commitment, judgment, decree, order or obligation to which it is a party or by which it or any of its
properties or assets are bound which would reasonably be expected to have a Material Adverse Effect. To the best of its knowledge,
the Company is not in violation or default of any provision of any federal, state or local statute, rule or governmental regulation
which would reasonably be expected to have a Material Adverse Effect. The execution, delivery and performance of and compliance
with this Agreement and the issuance and sale of the Securities, will not result in any such violation, be in conflict with or
constitute, with or without the passage of time or giving of notice, a default under any such provision, require any consent or
waiver under any such provision (other than any consents or waivers that have been obtained), or result in the creation of any
mortgage, pledge, lien, encumbrance or charge upon any of the properties or assets of the Company pursuant to any such provision.

 

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g.          Certain Registration
Matters. Assuming the accuracy of the Subscriber’s representations and warranties set forth in this Agreement, and the
representations and warranties made by all other purchasers of Common Stock in transactions that may be integrated with the sale
of Securities hereunder, no registration under the Securities Act is required for the offer and sale of the Securities by the Company
to the Subscriber hereunder.

 

h.          No General
Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities
by any form of general solicitation or general advertising (within the meaning of Regulation D).

 

4.          Representations
and Warranties of the Subscriber. The Subscriber represents and warrants to the Company the following:

 

a.          The Subscriber,
its advisers, if any, and designated representatives, if any, have the knowledge and experience in financial and business matters
necessary to evaluate the merits and risks of its prospective investment in the Company, and have carefully reviewed and understand
the risks of, and other considerations relating to, the purchase of the Securities and the tax consequences of the investment,
and have the ability to bear the economic risks of the investment.

 

b.          The Subscriber
is acquiring the Securities for investment for its own account and not with the view to, or for resale in connection with, any
distribution thereof. The Subscriber understands and acknowledges that the Securities have not been registered under the Securities
Act or any state securities laws, by reason of a specific exemption from the registration provisions of the Securities Act and
applicable state securities laws, which depends upon, among other things, the bona fide nature of the investment intent as expressed
herein. The Subscriber further represents that it does not have any contract, undertaking, agreement or arrangement with any person
to sell, transfer or grant participation to any third person with respect to any of the Securities. The Subscriber understands
and acknowledges that the offering of the Securities pursuant to this Agreement will not be registered under the Securities Act
nor under the state securities laws on the ground that the sale provided for in this Agreement and the issuance of securities hereunder
is exempt from the registration requirements of the Securities Act and any applicable state securities laws.

 

c.          The Subscriber
understands that no an active public market for the Company’s Common Stock does not now exist and that there may never be
an active public market for the Securities. The Subscriber further acknowledges that the Company is a former shell company.

 

d.          The Subscriber,
its advisers, if any, and designated representatives, if any, have received and reviewed information about the Company and have
had an opportunity to discuss the Company’s business, management and financial affairs with its management. The Subscriber
understands that such discussions, as well as any written information provided by the Company, were intended to describe the aspects
of the Company’s business and prospects which the Company believes to be material, but were not necessarily a thorough or
exhaustive description, and except as expressly set forth in this Agreement, the Company makes no representation or warranty with
respect to the completeness of such information and makes no representation or warranty of any kind with respect to any information
provided by any entity other than the Company. Some of such information may include projections as to the future performance of
the Company, which projections may not be realized, may be based on assumptions which may not be correct and may be subject to
numerous factors beyond the Company’s control. Additionally, the Subscriber understands and represents that the Subscriber
is purchasing the Securities notwithstanding the fact that the Company may disclose in the future certain material information
the Subscriber has not received, including financial statements of the Company for the 12 month period ended June 30, 2012, which
statements are currently being prepared and are expected to be filed with the Securities and Exchange Commission on or prior to
September 28, 2012.

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e.          As of
the date hereof, all action on the part of Subscriber, and its officers, directors and partners, if applicable, necessary for the
authorization, execution and delivery of this Agreement and the performance of all obligations of the Subscriber hereunder shall
have been taken, and this Agreement, assuming due execution by the Company, constitutes the valid and legally binding obligation
of the Subscriber, enforceable in accordance with its terms, subject to: (i) judicial principles limiting the availability of specific
performance, injunctive relief, and other equitable remedies and (ii) bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect generally relating to or affecting creditors’ rights.

 

f.          The Subscriber
either (i) is an “accredited investor” as defined in Rule 501 of Regulation D as promulgated by the Securities and
Exchange Commission under the Securities Act or (ii) is not a “U.S. Person” as defined in Regulation S as promulgated
by the Securities and Exchange Commission under the Securities Act, and, in each case, shall submit to the Company such further
assurances of such status as may be reasonably requested by the Company.

 

g.          The Subscriber,
if a non-U.S. Person, agrees that it is acquiring the Securities in an offshore transaction pursuant to Regulation S and hereby
represents to the Company as follows:

 

(i)          The
Subscriber is outside the United States when receiving and executing this Subscription Agreement;

 

(ii)          The
Subscriber has not acquired the Securities as a result of, and will not itself engage in, any “directed selling efforts”
(as defined in Regulation S) in the United States in respect of the Securities which would include any activities undertaken for
the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the
resale of the Securities; provided, however, that the Subscriber may sell or otherwise dispose of the Securities pursuant to registration
of the Securities under the Securities Act and any applicable state and provincial securities laws or under an exemption from such
registration requirements and as otherwise provided herein;

 

(iii)          The
Subscriber understands and agrees that offers and sales of any of the Securities prior to the expiration of a period of one year
after the date of transfer of the Securities under this Subscription Agreement (the “Distribution Compliance Period”),
shall only be made in compliance with the safe harbor provisions set forth in Regulation S, pursuant to the registration provisions
of the Securities Act or an exemption therefrom, and that all offers and sales after the Distribution Compliance Period shall be
made only in compliance with the registration provisions of the Securities Act or an exemption therefrom, and in each case only
in accordance with all applicable securities laws;

 

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(iv)          The
Subscriber understands and agrees not to engage in any hedging transactions involving the Securities prior to the end of the Distribution
Compliance Period unless such transactions are in compliance with the Securities Act; and

 

(v)          The
Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection
with any invitation to subscribe for the Securities or any use of this Subscription Agreement, including: (a) the legal requirements
within its jurisdiction for the purchase of the Securities; (b) any foreign exchange restrictions applicable to such purchase;
(c) any governmental or other consents that may need to be obtained; and (d) the income tax and other tax consequences, if any,
that may be relevant to the purchase, holding, redemption, sale or transfer of the Securities. Such Subscriber’s subscription
and payment for, and its continued beneficial ownership of the Securities, will not violate any applicable securities or other
laws of the Subscriber’s jurisdiction.

 

h.          Subscriber
represents that neither it nor, to its knowledge, any person or entity controlling, controlled by or under common control with
it, nor any person having a beneficial interest in it, nor any person on whose behalf the Subscriber is acting: (i) is a person
listed in the Annex to Executive Order No. 13224 (2001) issued by the President of the United States (Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism); (ii) is named on the
List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control; (iii) is a
non-U.S. shell bank or is providing banking services indirectly to a non-U.S. shell bank; (iv) is a senior non-U.S. political figure
or an immediate family member or close associate of such figure; or (v) is otherwise prohibited from investing in the Company pursuant
to applicable U.S. anti-money laundering, anti-terrorist and asset control laws, regulations, rules or orders (categories (i) through
(v), each a “Prohibited Subscriber”). The Subscriber agrees to provide the Company, promptly upon request, all
information that the Company reasonably deems necessary or appropriate to comply with applicable U.S. anti-money laundering, anti-terrorist
and asset control laws, regulations, rules and orders. The Subscriber consents to the disclosure to U.S. regulators and law enforcement
authorities by the Company and its affiliates and agents of such information about the Subscriber as the Company reasonably deems
necessary or appropriate to comply with applicable U.S. anti-money laundering, anti-terrorist and asset control laws, regulations,
rules and orders. If the Subscriber is a financial institution that is subject to the USA Patriot Act, the Subscriber represents
that it has met all of its obligations under the USA Patriot Act. The Subscriber acknowledges that if, following its investment
in the Company, the Company reasonably believes that the Subscriber is a Prohibited Subscriber or is otherwise engaged in suspicious
activity or refuses to promptly provide information that the Company requests, the Company has the right or may be obligated to
prohibit additional investments, segregate the assets constituting the investment in accordance with applicable regulations or
immediately require the Subscriber to transfer the Securities. The Subscriber further acknowledges that the Subscriber will have
no claim against the Company or any of its affiliates or agents for any form of damages as a result of any of the foregoing actions.

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i.          The Subscriber
or its duly authorized representative realizes that because of the inherently speculative nature of businesses of the kind conducted
and contemplated by the Company, the Company’s financial results may be expected to fluctuate from month to month and from
period to period and will, generally, involve a high degree of financial and market risk that could result in substantial or, at
times, even total losses for investors in securities of the Company.

 

j.          The Subscriber
has adequate means of providing for its current and anticipated financial needs and contingencies, is able to bear the economic
risk for an indefinite period of time and has no need for liquidity of the investment in the Securities and could afford complete
loss of such investment.

 

k.          The Subscriber
is not subscribing for Securities as a result of or subsequent to any advertisement, article, notice or other communication, published
in any newspaper, magazine or similar media or broadcast over television, radio, or the internet, or presented at any seminar or
meeting, or any solicitation of a subscription by a person not previously known to the Subscriber in connection with investments
in securities generally.

 

l.          All of
the information that the Subscriber has heretofore furnished or which is set forth herein is correct and complete as of the date
of this Agreement, and, if there should be any material change in such information prior to the admission of the undersigned to
the Company, the Subscriber will immediately furnish revised or corrected information to the Company.

 

5.          Transfer
Restrictions. The Subscriber acknowledges and agrees as follows:

 

a.          The Securities
have not been registered for sale under the Securities Act, in reliance on the private offering exemption in Section 4(2) thereof;
the Company does not intend to register the Securities under the Securities Act at any time in the future.

 

b.          The Subscriber
understands that the certificates representing the Securities, until such time as they have been registered under the Securities
Act, shall bear a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer
of such certificates or other instruments):

 

For
U.S. Persons:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES,
WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED
IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

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For
Non-U.S. Persons:

 

THESE
SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S) PURSUANT TO
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS
SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE 1933 ACT, AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING
THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT.

 

The legend(s)
set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of the Securities
upon which it is stamped, if (a) such Securities are sold pursuant to a registration statement under the Securities Act, or
(b) such holder delivers to the Company an opinion of counsel, reasonably acceptable to the Company, that a disposition of
the Securities is being made pursuant to an exemption from such registration and that the Securities, after such transfer, shall
no longer be “restricted securities” within the meaning of Rule 144.

 

c.          The Company
was, until February 23, 2010, a “shell company” as defined in Rule 12b-2 under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”).  Pursuant to Rule 144(i), securities issued by a current or former shell company
(that is, the Securities) that otherwise meet the holding period and other requirements of Rule 144 nevertheless cannot be sold
in reliance on Rule 144 until one year after the Company (a) is no longer a shell company; and (b) has filed current “Form
10 information“ (as defined in Rule 144(i)) with the SEC reflecting that it is no longer a shell company, and provided that
at the time of a proposed sale pursuant to Rule 144, the Company is subject to the reporting requirements of section 13 or 15(d)
of the Exchange Act and has filed all reports and other materials required to be filed by section 13 or 15(d) of the Exchange Act,
as applicable, during the preceding 12 months (or for such shorter period that the issuer was required to file such reports and
materials), other than Form 8-K reports.  As a result, the restrictive legends on certificates for the Securities cannot be
removed except in connection with an actual sale meeting the foregoing requirements or pursuant to an effective registration statement.

 

d.          No governmental
agency has passed upon the Securities or made any finding or determination as to the wisdom of any investments therein.

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e.          There
are substantial restrictions on the transferability of the Securities, and if the Company decides to issue certificates representing
the Securities, restrictive legends will be placed on any such certificates.

 

6.          Irrevocability;
Binding Effect. The Subscriber hereby acknowledges and agrees that the subscription hereunder is irrevocable by the Subscriber,
except as required by applicable law, and that this Agreement shall survive the death or disability of the Subscriber and shall
be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives
and permitted assigns. If the Subscriber is more than one person, the obligations of the Subscriber hereunder shall be joint and
several and the agreements, representations, warranties and acknowledgments herein shall be deemed to be made by and be binding
upon each such person and such person’s heirs, executors, administrators, successors, legal representatives and permitted
assigns.

 

7.          Modification.
This Agreement shall not be modified or waived except by an instrument in writing signed by the party against whom any such modification
or waiver is sought.

 

8.          Notices.
Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be mailed by certified
mail, return receipt requested, or delivered against receipt to the party to whom it is to be given (a) if to the Company, at the
address set forth above, or (b) if to the Subscriber, at the address set forth on the signature page hereof (or, in either case,
to such other address as the party shall have furnished to the other in writing in accordance with the provisions of this Section
8). Any notice or other communication given by certified mail shall be deemed given at the time of certification thereof, except
for a notice changing a party’s address which shall be deemed given at the time of receipt thereof.

 

9.          Assignability.
This Agreement and the rights, interests and obligations hereunder are not transferable or assignable by the Subscriber and the
transfer or assignment of the Securities shall be made only in accordance with all applicable laws.

 

10.          Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without reference
to the principles thereof relating to the conflict of laws.

 

11.          Arbitration.
The parties agree to submit all controversies to arbitration in accordance with the provisions set forth below and understand that:

 

(a)          Arbitration is final and
binding on the parties.

 

(b)          The parties are waiving
their right to seek remedies in court, including the right to a jury trial.

 

(c)          Pre-arbitration discovery
is generally more limited and different from court proceedings.

 

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(d)          The arbitrator’s
award is not required to include factual findings or legal reasoning and any party’s right to appeal or to seek modification
of rulings by arbitrators is strictly limited.

 

(e)          The panel of arbitrators
will typically include a minority of arbitrators who were or are affiliated with the securities industry.

 

(f)          All controversies which
may arise between the parties concerning this Agreement shall be determined by arbitration pursuant to the rules then pertaining
to the Financial Industry Regulatory Authority in New York City, New York. Judgment on any award of any such arbitration may be
entered in the Supreme Court of the State of New York or in any other court having jurisdiction of the person or persons against
whom such award is rendered. Any notice of such arbitration or for the confirmation of any award in any arbitration shall be sufficient
if given in accordance with the provisions of this Agreement. The parties agree that the determination of the arbitrators shall
be binding and conclusive upon them.

 

12.          Blue
Sky Qualification. The purchase of Securities under this Agreement is expressly conditioned upon the exemption from qualification
of the offer and sale of the Securities from applicable federal and state securities laws. The Company shall not be required to
qualify this transaction under the securities laws of any jurisdiction and, should qualification be necessary, the Company shall
be released from any and all obligations to maintain its offer, and may rescind any sale contracted, in the jurisdiction.

 

13.          Use
of Pronouns. All pronouns and any variations thereof used herein shall be deemed to refer to the masculine, feminine, neuter,
singular or plural as the identity of the person or persons referred to may require.

 

14.          Confidentiality.
The Subscriber acknowledges and agrees that any information or data the Subscriber has acquired from or about the Company or may
acquire in the future, not otherwise properly in the public domain was received in confidence. The Subscriber agrees not to divulge,
communicate or disclose, except as may be required by law or for the performance of this Agreement, or use to the detriment of
the Company or for the benefit of any other person, or misuse in any way, any confidential information of the Company, including
any scientific, technical, trade or business secrets of the Company and any scientific, technical, trade or business materials
that are treated by the Company as confidential or proprietary, including, but not limited to, internal personnel and financial
information of the Company or its affiliates, information regarding properties, the manner and methods of conducting the business
of the Company or its affiliates and confidential information obtained by or given to the Company about or belonging to third parties.
The Subscriber understands that the Company may rely on Subscriber’s agreement of confidentiality to comply with the exemptive
provisions of Regulation FD under the Securities Act of 1933 as set forth in Rule 100(a)(b)(2)(ii) of Regulation FD. In addition,
the Subscriber acknowledges that Subscriber is aware that the United States securities laws generally prohibit any person who is
in possession of material nonpublic information about a public company such as the Company from purchasing or selling securities
of such company.

 

    	9

    	 

    
 

 

15.          Miscellaneous.

 

(a)          This Agreement constitutes the entire
agreement between the Subscriber and the Company and supersedes all prior oral or written agreements and understandings, if any,
relating to the subject matter hereof. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom
granted, only by a written document executed by the party entitled to the benefits of such terms or provisions.

 

(b)          The representations and warranties
of the Company and the Subscriber made in this Agreement shall survive the execution and delivery hereof and delivery of Securities.

 

(c)          Each of the parties hereto shall
pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or others engaged by such party) in
connection with this Agreement and the transactions contemplated hereby, whether or not the transactions contemplated hereby are
consummated.

 

(d)          This Agreement may be executed in
one or more original or facsimile counterparts, each of which shall be deemed an original, but all of which shall together constitute
one and the same instrument.

 

(e)          Each provision of this Agreement
shall be considered separable and, if for any reason any provision or provisions hereof are determined to be invalid or contrary
to applicable law, such invalidity or illegality shall not impair the operation of or affect the remaining portions of this Agreement.

 

(f)          Paragraph titles are for descriptive
purposes only and shall not control or alter the meaning of this Agreement as set forth in the text.

 

16.          Public
Disclosure. Neither the Subscriber nor any officer, manager, director, member, partner, stockholder, employee, affiliate, affiliated
person or entity of the Subscriber shall make or issue any press releases or otherwise make any public statements or make any disclosures
to any third person or entity with respect to the transactions contemplated herein and will not make or issue any press releases
or otherwise make any public statements of any nature whatsoever with respect to the Company without the Company’s express
prior approval. The Company has the right to withhold such approval in its sole discretion.

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

    	10

    	 

    
 

 

Li3 ENERGY, INC.

SIGNATURE PAGE TO

SUBSCRIPTION AGREEMENT

 

 

IN WITNESS WHEREOF, the Subscriber hereby
executes this Subscription Agreement.

 

Dated:           , 2012

          

 

	SUBSCRIBER (individual)	 	SUBSCRIBER (entity)
	 	 	 
	 	 	 
	Signature	 	Name of Entity
	 	 	 
	 	 	 
	Print Name	 	Signature
	 	 	 
	 	 	 
	 	 	Print Name:	 
	Signature (if Joint Tenants or Tenants in Common)	 	 
	 	 	Title:	 
	 	 	 
	Address of Principal Residence:	 	Address of Executive Offices:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Social Security Number(s):	 	IRS Tax Identification Number:
	 	 	 
	 	 	 
	Telephone Number:	 	Telephone Number:
	 	 	 
	 	 	 
	Facsimile Number:	 	Facsimile Number:
	 	 	 
	 	 	 
	E-mail Address:	 	E-mail Address:
	 	 	 

 

 

	$	X	[$0.___]	=	 
	Obligations being discharged	 	Price per share	 	Shares Subscribed for

 

 

 

    	 

    	 

    

 

 

 

Li3 ENERGY, INC.

 

IN WITNESS WHEREOF, the Company has duly executed
this Subscription Agreement with respect to ______________ shares of Common Stock as of the ___ day of ____________, 2012.

 

 

	 	Li3 ENERGY, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

    	 

    	 

    

 

 

Li3 ENERGY, INC.

INVESTOR CERTIFICATION

 

For
Individual Accredited Investors Only

(all
Individual Accredited Investors must INITIAL where appropriate):

 

		Initial _______	I have a net worth (excluding the value of my primary residence) in excess of $1,000,000 either
individually or through aggregating my individual holdings and those in which I have a joint, community property or other similar
shared ownership interest with my spouse.

		Initial _______	I have had an annual gross income for the past two years of at least $200,000 (or $300,000 jointly
with my spouse) and expect my income (or joint income, as appropriate) to reach the same level in the current year.

		Initial _______	I am a director or executive officer of the Company.

 

 

 

For Non-Individual
Accredited Investors

(all Non-Individual
Accredited Investors must INITIAL where appropriate):

 

		Initial _______	The investor certifies that it is a partnership, corporation, limited liability company or business
trust that is 100% owned by persons who meet at least one of the criteria for Individual Investors set forth above.

		Initial _______	The investor certifies that it is a partnership, corporation, limited liability company or business
trust that has total assets of at least $5 million and was not formed for the purpose of investing in the Company.

		Initial _______	The investor certifies that it is an employee benefit plan whose investment decision is made by
a plan fiduciary (as defined in ERISA §3(21)) that is a bank, savings and loan association, insurance company or registered
investment adviser.

		Initial _______	The investor certifies that it is an employee benefit plan whose total assets exceed $5,000,000
as of the date of this Agreement.

		Initial _______	The undersigned certifies that it is a self-directed employee benefit plan whose investment decisions
are made solely by persons who meet either of the criteria for Individual Investors.

		Initial _______	The investor certifies that it is a U.S. bank, U.S. savings and loan association or other similar
U.S. institution acting in its individual or fiduciary capacity.

		Initial _______	The undersigned certifies that it is a broker-dealer registered pursuant to §15 of the Securities
Exchange Act of 1934.

		Initial _______	The investor certifies that it is an organization described in §501(c)(3) of the Internal
Revenue Code with total assets exceeding $5,000,000 and not formed for the specific purpose of investing in the Company.

		Initial _______	The investor certifies that it is a trust with total assets of at least $5,000,000, not formed
for the specific purpose of investing in the Company, and whose purchase is directed by a person with such knowledge and experience
in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment.

		Initial _______	The investor certifies that it is a plan established and maintained by a state or its political
subdivisions, or any agency or instrumentality thereof, for the benefit of its employees, and which has total assets in excess
of $5,000,000.

		Initial _______	The investor certifies that it is an insurance company as defined in §2(13) of the Securities
Act, or a registered investment company.

 

 

    	 

    	 

    

  

 

For Non-U.S.
Person Investors

(all Investors who are not a U.S. Person
must INITIAL this section):

 

		Initial _______	The Investor is not a “U.S. Person” as defined in Regulation S; and specifically the
Purchaser is not:

 

		A.	a natural person resident in the United States of America, including its territories and possessions
(“United States”);

		B.	a partnership or corporation organized or incorporated under the laws of the United States;

		C.	an estate of which any executor or administrator is a U.S. Person;

		D.	a trust of which any trustee is a U.S. Person;

		E.	an agency or branch of a foreign entity located in the United States;

		F.	a non-discretionary account or similar account (other than an estate or trust) held by a dealer
or other fiduciary for the benefit or account of a U.S. Person;

		G.	a discretionary account or similar account (other than an estate or trust) held by a dealer or
other fiduciary organized, incorporated, or (if an individual) resident in the United States; or

		H.	a partnership or corporation: (i) organized or incorporated under the laws of any foreign jurisdiction;
and (ii) formed by a U.S. Person principally for the purpose of investing in securities not registered under the Securities Act,
unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Act) who are not
natural persons, estates or trusts.

 

And, in
addition:

 

		I.	the Purchaser was not offered the PPO Units in the United States;

		J.	at the time the buy-order for the PPO Units was originated, the Purchaser was outside the United
States; and

		K.	the Purchaser is purchasing the PPO Units for its own account and not on behalf of any U.S. Person
(as defined in Regulation S) and a sale of the PPO Units has not been pre-arranged with a purchaser in the United States.

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