Document:

mineralriteexh10_1.htm

Exhibit 10.1

 

 

[Form of] RETURN TO TREASURY AGREEMENT

 

THIS AGREEMENT is made as of the ___th day of July, 2014, by and between MineralRite Corporation., a corporation formed pursuant to the laws of the State of Nevada (the “Company”) and _________________, an individual resident of ______________ (the “Shareholder”).

 

WHEREAS:

 

A.           The Shareholder is the registered and beneficial owner of __________ shares of the Company’s common stock, $0.001 par value (the “Common Stock”).

 

B.           The Company has agreed to authorize, create and issue _________ shares of Series B Preferred Stock to the Shareholder (the “Series B Issuance”). Each such share of Series B Preferred Stock entitles its holder to vote on an “as converted” basis, or the equivalent of 1,000 shares of common stock at the record date for the determination of shareholders entitled to vote on any matter coming before the common shareholders or, if no such record date is established, at the date such vote is taken or any written consent of shareholders is solicited. Except as otherwise required by law, the holders of shares of Series B Preferred Stock shall vote together with the holders of common stock on all matters and shall not vote as a separate class.

 

C.           In anticipation of the issuance of, and subject to the issuance of, such shares of Series  B Preferred Stock, the Shareholder has agreed to return _________ shares of the Company’s common stock (the “Surrendered Shares”) held by him to the treasury of the Company for the sole purpose of the Company retiring the Surrendered Shares.

 

NOW THEREFORE, in consideration of the premises, and other good and valuable consideration, the receipt and sufficiency whereof is hereby acknowledged, the parties hereto hereby agree as follows:

 

Surrender of Shares

 

1.          In anticipation of the issuance of, and subject to the issuance of, such shares of Series B Preferred Stock, the Shareholder is surrendering to the Company, the Surrendered Shares by delivering to the Company herewith a share certificate or certificates representing the Surrendered Shares, duly endorsed for transfer in blank. The Company hereby acknowledges receipt from the Shareholder of the certificates for the sole purpose of retiring the Surrendered Shares.

 

Retirement of Shares

 

2.          The Company agrees, subject to Section 1 hereof, to forthwith retire the Surrendered Shares pursuant to Section 78.283 of the Nevada Business Corporation Act.

 

Condition Precedent

 

3.          Notwithstanding any other provision herein, this Agreement and the cancellation of Surrendered Shares contemplated hereunder shall not be effective until such time as the Series B Issuance has been completed.

 

Representations and Warranties

 

4.          The Shareholder represents and warrants to the Company that he is, and at the time of delivery of the Surrendered Shares hereunder will be, the owner of the Surrendered Shares and that he has good and marketable title to the Surrendered Shares and that the Surrendered Shares are free and clear of all liens, security interests or pledges of any kind whatsoever.

 

General

 

5.          Each of the parties will execute and deliver such further and other documents and do and perform such further and other acts as any other party may reasonably require to carry out and give effect to the terms and intention of this Agreement.

 

6.          Time is expressly declared to be the essence of this Agreement.

 

7.          The provisions contained herein constitute the entire agreement among the Company and the Shareholder respecting the subject matter hereof and supersede all previous communications, representations and agreements, whether verbal or written, among the Company and the Shareholder with respect to the subject matter hereof.

 

8.          This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

 

 

  

  

  

 

 

9.          This Agreement is not assignable without the prior written consent of the parties hereto.

 

10.        This Agreement may be executed in counterparts, each of which when executed by any party will be deemed to be an original and all of which counterparts will together constitute one and the same Agreement. Delivery of executed copies of this Agreement by telecopier will constitute proper delivery, provided that originally executed counterparts are delivered to the parties within a reasonable time thereafter.

 

IN WITNESS WHEREOF the parties have executed this Agreement effective as of the day and year first above written.

 

 

	  	
MINERALRITE CORPORATION

	 
	  	  	 
	 	 	 
	  	
By:

	
 

	 
	  	  	
Guy Peckham

	 
	  	  	
Chief Financial Officer

	 
	  	  	 
	 	 	 
	 	 	 
	  	
SHAREHOLDERmineralriteexh10_2.htm

Exhibit 10.2

 

EXCHANGE AGREEMENT

To Issue Series A Preferred Stock

 

This Exchange Agreement is entered into as of July 21, 2014 by and between Guy Peckham (“Peckham”), and MineralRite Corporation (“RITE”) a Nevada.

	 	
A.

	
MineralRite Corporation, a Nevada corporation (“RITE”), entered into a contract with the former shareholder of Goldfield Lloyd McEwen for the payment of One Hundred Thousand Dollars ($100,000) together with interest thereon on or about March 1, 2013 (the “ Debt”), a true and correct copy of which is attached hereto as Exhibit A.

	 	  	  
	 	
B.

	
The  Debt was subsequently assigned to Peckham.

	 	  	  
	 	
C.

	
Peckham now wishes to enter into an agreement with the RITE to cancel the assigned Debt in exchange for 105,000 shares of RITE’s Series A Preferred Stock.

 

 

In consideration of the promises and mutual covenants contained herein, the parties hereto agree as follows:

 

	 	
1.

	
Assignment of and Cancelation of Debt.  Subject to the terms of this Agreement, effective as of the Closing (as defined below), Peckham will assign and transfer the Debt to RITE for cancelation, free and clear of all encumbrances.

	 	  	  
	 	
2.

	
Consideration.  The consideration payable to Peckham for the assignment of the Debt shall consist of the 105,000 shares of RITE’s Series A Preferred Stock.

	 	  	  
	 	
3.

	
Delivery of Payment.  Peckham shall deliver the Debt assignment to RITE and RITE shall deliver a certificate representing 105,000 shares of Series A Preferred Stock to Peckham.

	 	  	  
	 	
4.

	
Closing.  The closing of the transactions described herein (the "Closing”) shall take place on the first business day after certificate of designation of Series A Preferred Stock has been filed in the State of Nevada at the law offices of Davisson & Associates, PA when Davisson & Associates has received all of the documentation necessary for the assignment and transfer of the Debt.

	 	  	  
	 	
5.

	
Discharge of Obligations.  Upon the occurrence of both: (i) the Closing, and (ii) issuance of 105,000 shares of the Series A Preferred Stock, Peckham shall be deemed to have forever released and discharged RITE from any and all liability including but not limited to the liability under the Debt, and Peckham shall be responsible solely to McEwen or his assigns for any and all obligations arising under the McEwen Debt.

	 	  	  
	 	
6.

	
Miscellaneous.

 

 

  

  

  

 

 

	 	
7.

	 

 

	 	 	
a.

	
Integration:  Severability.  This Agreement represents the complete agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings between them, whether written or oral, with respect to the subject matter hereof.  If any provision shall be modified only to the extent necessary to make it enforceable.

	 	 	  	  
	 	 	
b.

	
Governing Law; Arbitration.  The laws of the Nevada (without giving effect to principles of conflicts of law) shall govern the Agreement.  Any dispute, controversy or claim arising out of or relating to this Agreement or a breach thereof shall be finally resolved by fast-tracked, confidential arbitration by a single arbitrator, in accordance with the commercial arbitration rules of the American Arbitration Association, which shall administer the arbitration and act as appointing authority.  Judgment upon the award of the arbitrator may be entered into in any court having jurisdiction thereof.

	 	 	  	  
	 	 	
c.

	
Counterparts; Binding Effect.  The Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all of which, when taken together, shall constitute one and the same instrument.  This Agreement may be executed by facsimile or PDF and facsimile or PDF signatures shall be fully binding and effective for all purposes and shall be given the same effect as original signatures.  This Agreement shall not become effective until executed by each party hereto, whereupon it shall be deemed to have taken effect on the date first above written

	 	 	  	  
	 	 	
d.

	
Notice.  Any notice or other communication under this Agreement shall be in writing and shall be considered given when (i) delivered personally, (ii) delivered electronically or by facsimile subject to telephonic or written confirmation of receipt, (iii) one business day after being sent by a major overnight courier for next business day delivery, or (iv) five days after being mailed by registered air mail, to the parties at such address as a party may specify from time to time.

	 	 	  	  
	 	 	
e.

	
Additional Undertakings.  Each party agrees to take such actions as are reasonably necessary to carry out the intentions of the parties of this Agreement, including but not limited to the prompt execution and delivery of any documents reasonable necessary to carry out and perform the terms or intention of this Agreement.

	 	 	  	  
	 	 	
f.

	
Amendment; Waiver.  The Agreement cannot be altered, amended, changed, waived, terminated, or modified in any respect unless the same shall be in writing and signed by the party to be charges therewith.  No waiver of any provision shall be construed as a waiver of any other provision.

	 	 	 	 
	 	 	
g.

	  
	 	 	 	 
	 	 	
h.

	
Construction.  Each party acknowledges that it has read the Agreement, understands it and, together with counsel, had an opportunity to participate in the negation and drafting of this Agreement.  Each party further agrees that the terms and provisions of this Agreement shall be interpreted simply in accordance with their fair meaning and not strictly or against any party.  The section headings contained herein are for convenience purposes only and are not intended to define or limit the contents of sail sections.

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, the parties have executed or caused to be executed this Agreement, effective as of the date first above written.

 

	
 

	
By: 

	 	 
	 	 	Name: Guy Peckham, Individually	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	MineralRite Corporation	 
	 	 	 	 
	 	 	 	 
	 	By	 	 
	 	 	Name: Guy Peckham, CEO

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