Document:

Lithium Exploration Group, Inc. - Exhibit 10.1 - Filed by newsfilecorp.com

Future Use Agreement 

             This
License Agreement (the "Agreement") is entered into with effect from
September 1, 2012, by and among the following parties: 

             GD
Glottech International Ltd. ("Glottech"), a limited company corporation
incorporated under the laws of Ireland, whose principal office address is 36
Dame Street, Dublin 2, Ireland, represented herein by Mr. John O’Connor,
Director; 

And 

             Lithium
Exploration Group, Inc. ("LEXG"), a corporation incorporated under the laws
of the State of Nevada, whose principal office address is 3200 N. Hayden Rd.
Suite 235, Scottsdale, AZ, 85251, USA, represented herein by Mr. Alex Walsh,
CEO. 

             Each
may hereinafter be individually referred to as noted above or a "Party," and
collectively as the "Parties." All references to a Party shall include each
Affiliate of that Party.

RECITALS 

             WHEREAS,
Glottech is the owner of, and is in the business of developing, using, and
licensing others to use, a proprietary technology referred to as the "Glottech
Ultrasonic Generator" which uses mechanical ultrasound for a variety of purposes
(the "Technology") and is based upon technology identified in US patent
number 7767159 (the “Patent”); 

             WHEREAS,
the Parties intend that the Technology shall also be protected in Canada
pursuant to a Canadian patent;

             WHEREAS,
  LEXG is in the business of non-petro chemical mining, such as Lithium
  mining; 

             WHEREAS,
the Parties previously entered into a Letter of Agreement regarding the
Technology dated November 8, 2011 (the “LOI”), which LOI is
attached this Agreement as Exhibit “A” for the purposes of reference only;

             WHEREAS,
the Parties also entered into a Patent License and Royalty Agreement Option
dated August 14, 2012 (the “Option”), which is attached to this Agreement as
Exhibit “B” for the purposes of reference only;

             WHEREAS
the Parties wish to enter into this Agreement pursuant to Article XV of the LOI
in order to expand and clarify the terms of the LOI regarding the licensing of
Technology to LEXG within the specific territory described below in the specific
field of use described below; and, 

Page 1 of 12 

             WHEREAS
the Parties further wish to enter into this Agreement pursuant to Section 5 of
the Option. 

             Now
therefore, for good and valuable consideration, the receipt of which is hereby
acknowledged by LEXG and Glottech, the parties agree as follows: 

	1. 	
      Interpretation. Unless specifically set forth to
      the contrary herein, the following terms shall have the respective
      meanings set forth below:

	1.1 	
      “Affiliate” shall mean with respect to each Party, any
      Entity that, directly or indirectly, through one or more intermediaries,
      controls, is controlled by, or is under common control with that Party,
      including, but not limited to subsidiaries, assignees, joint ventures, and
      licensees.

	 	 
	1.2 	
      “Control” shall mean, with respect to any Entity that is
      not an individual person, direct or indirect beneficial ownership of more
      than 50% of the voting securities of that Entity, including any securities
      which are voting only upon the occurrence of a contingency where such
      contingency has occurred and is continuing. Control shall mean, with
      respect to any patent, trademark, trade-secret, copyright or other
      intellectual property right, possession of the right, whether directly or
      indirectly, and whether by ownership, license or otherwise, to assign, or
      grant a license, sublicense or other right to or under, such intellectual
      property as provided for herein without violating the terms of any
      agreement or other arrangement with any Third Party.

	 	 
	1.3 	
      “Entity” shall mean an individual, sole proprietorship,
      partnership, limited partnership, limited liability partnership,
      corporation, limited liability company, business trust, joint stock
      company, trust, unincorporated association, joint venture or other similar
      entity or organization, including a government or political subdivision,
      department or agency of a government (whether or not having a separate
      legal personality).

	 	 
	1.4 	
      “Field of Use” shall mean non-petrochemical Mining,
      exclusively by LEXG and / or its Affiliates.

	 	 
	1.5 	
      “Mining” shall mean the exploration, extraction or
      processing of non-petrochemical minerals, including, but not limited to,
      gold, silver, copper, iron, granite, limestone, lithium, potassium,
      calcium, magnesium or any other non-petrochemical mineral or precious
      metal, including such minerals which may be found in produced
  water.

	 	 
	1.6 	
      “Technology” shall mean the Glottech Ultrasonic
      Generator, including all variants thereof and improvements in relation
      thereto, as may be sold by or on behalf of Glottech from time to
    time.

	 	 
	1.7 	
      “Territory” shall mean within the legal boundaries of
      Canada.

	 	 
	1.8 	
      “Third Party” shall mean any Entity other than LEXG or
      Glottech and their respective Affiliates.

Page 2 of 12 

	
2. 		
LICENSEAND RIGHTS

	

	
2.1 		
License. Subject to the terms and conditions herein, and in consideration of the compensation paid to Glottech-USA, LLC in Section VI of the LOI and additional compensation paid to Glottech pursuant to this
Agreement, Glottech hereby grants to LEXG a license (the "License") to use the Technology, and Patent Rights as defined in the Option, for the duration of the Term within the Field of Use. The License shall be exclusive within the
Territory. The License granted hereunder shall be non-assignable without the prior written consent of Glottech, except to any Affiliate of LEXG. LEXG may sublicense its rights under the License in respect of 1 or more units of the Technology to any
Entity operating within the Field of Use in which LEXG owns or beneficially owns at least 20% equity interest.
	
	 	 
	
2.2 		
Supply of 1stTechnology Unit. The parties acknowledge that LEXG paid $800,000 to Glottech- USA for the assembly and delivery of one (1) unit of the Technology (hereafter the "Philadelphia
Unit") specifically designed for water purification (the process of which includes, among other things, the separation and extraction of salt, minerals and other-products which are either burned off or available as a brine slurry) intended to
optimize LEXG's mineral separation efforts consistent with LEXG's intended application and use. The Parties acknowledge that the Philadelphia Unit was not completed as promised by Glottech-USA, despite LEXG having invested $800,000 toward it. In
order to maximize the value of LEXG's investment, Glottech agrees to assist LEXG in taking the necessary action to exercise control over the unit and complete the assembly of the unit.
	
	 	 
		
The parties also recognize that due to circumstances beyond their control, it may take longer to obtain the Philadelphia Unit than to construct a new prototype. Construction of this "Next-Gen Unit" prototype can be
done taking advantage of test and assembly results from the Philadelphia Unit, and could be done in Canada to maximize efficiencies.

	
	 	 
		
The parties acknowledge their mutual interest in having a 1st Technology Unit completed and fully tested as expeditiously as possible. LEXG agrees to pay reasonable costs, the reasonableness of such costs to be
determined in the sole discretion of LEXG, of completing the assembly and testing of whichever unit may be completed first (hereafter the "1st Technology Unit"), such decision as to which can be made first to be made by
Glottech, as representative of the inventor, Victor Glotov. If the 1st Technology Unit is the Philadelphia Unit, completion of the unit and testing to the point of achieving cavitation shall be done in Philadelphia, or any other site
chosen by Glottech; if the 1st Technology Unit is the Next-Gen Unit, the completion and testing canbe done in a site in Canada selected by Glottech. Given past experience by both parties of their relationships with Glottech USA, Glottech
agrees to meet with LEXG to coordinate assembly and testing needs as related to reasonable costs to be incurred therefor, and upon mutual agreement the necessary reasonable costs shall be contracted by Glottech for unit assembly and testing
completion and paid by LEXG. Furthermore, Glottech agrees to allow LEXG approved (by Glottech, such approval not to be unreasonably withheld) representatives to be present during unit testing. Upon assembly completion, the 1stTechnology
Unit will be shipped to the specific location in Alberta to be designated by LEXG, at LEXG's expense. Glottech, in its sole discretion, is entitled to retain, or be granted access to, the initial unit for a period of one hundred twenty (120)
days upon it being operational for testing purposes. No additional License Fee compensation is due to Glottech by LEXG for this 1st Technology Unit.

	

Page 3 of 12 

	
2.3 		
Supply of Additional Technology Units. Glottech agrees to supply LEXG up to five (5) Technology units per 12-month period (inclusive of the 1st Technology Unit), such period starting from the month of delivery of
the 1st Technology unit to LEXG, under the terms of this Agreement, for a period of five (5) years.
	
	 	 
	
2.4 		
Technology Unit Licenses. Glottech shall issue a separate, written License for each Technology unit delivered to LEXG, for LEXG's use consistent herein. Each License for Technology units shall be issued for a term of
five years starting from the date of delivery to LEXG, with an option by LEXG to terminate each License at any time prior to the end of the fifth year. The License for each Technology unit shall survive termination of this Agreement and shall be
conditioned upon LEXG's payment of royalties pursuant to the terms of this Agreement.
	

	
3. 		
ADDITIONAL OBLIGATIONS OF GLOTTECH

	

	
3.1 		
Technical Support. Glottech shall provide ongoing technical assistance and training in respect of LEXG's use of the Technology as is reasonably necessary to ensure the successful deployment, continuous operation, and
maintenance of the Technology within the Field of Use. Glottech shall use commercially reasonable efforts to supply such training and assistance at LEXG's facilities or operation sites. The cost of such training (such as reasonable travel
expenses) and assistance shall be the responsibility of LEXG. Glottech responsibilities in this regard shall include: (i) assisting in the proper setup, operations and crew training of the each applicable Technology unit, (ii) monitoring the ongoing
flow of fluid stock through the Technology unit using Glottech supplied fluid flow metering technology to be supplied with the Technology, (iii) providing to LEXG monthly reporting of such flow monitoring, (iv) providing LEXG with the billing data
based upon such flow monitoring, (v) providing LEXG with technical guidance on a reasonable, "as needed", basis as to the proper use of the Technology, and (vi) recommending reasonable maintenance and component replacement procedures
based on component manufacturers' and/or Glottech-'s guidelines and actual "wear and tear" usage data, (vii) taking all other actions as are reasonable and necessary to cooperate with LEXG, in order to ensure that LEXG's intended use of the
Technology is successful for its intended purposes.
	
	 	 
	
3.2 		
Indemnification. Glottech shall be solely responsible for the design, development, supply of its products and the protection of its trade names and patents. Glottech agrees to indemnify, hold LEXG harmless against and pay
all losses, costs, damages or expenses, whatsoever, including counsel fees, which LEXG may sustain or incur on account of infringement or alleged infringements of patents, trademarks or trade names resulting from LEXG's use of the Technology
as contemplated by this Agreement. LEXG shall promptly deliver to Glottech any notices or papers served upon it in any proceeding covered by this indemnity, and Glottech shall defend such litigation at its expense. LEXG shall, however, have the
right to participate in the defense at its own expense. Glottech shall provide LEXG with a certificate of insurance evidencing LEXG as an additional insured on Glottech’s
      product liability insurance policy. This provision shall survive and
      remain in full force and effect after the termination or nonrenewal of
      this Agreement.
	

Page 4 of 12 

	4. 	
      TERM AND TERMINATION

	4.1 	
      Term of License: The term (“Term”) of this
      Agreement shall be for an initial period of five (5) years. The Term shall
      be automatically renewable thereafter for successive five (5) year periods
      provided that LEXG satisfies the aggregate minimum annual royalty
      requirements (or, payment in lieu) for the five year period of the initial
      Term set out in Section 5.1 below. Notwithstanding the foregoing, if
      Glottech delays in its delivery to LEXG of the first unit of Technology,
      the Term of this Agreement shall be extended by a period equal to the
      period of delay

	 	 
	4.2 	
      Termination. This Agreement may be terminated as
      follows:

	 	(a) 	
      By Glottech if LEXG fails to satisfy the aggregate
      minimum annual royalty requirements (or payment in lieu of royalties) as
      set out in Section 5.1 below.

	 	 	 
	 	(b) 	
      By either party if the other party becomes insolvent or
      bankrupt, or files a voluntary petition in bankruptcy, or is subject of an
      involuntary petition in bankruptcy (unless such involuntary petition is
      withdrawn or dismissed within ten days after filing) in which event
      termination may be immediate upon notice.

	 	 	 
	 	(c) 	
      By either party if the other party fails to cure any
      breach of a material covenant, commitment or obligation under this
      Agreement, within 45 days after receipt of written notice specifically
      setting forth the breach from the other party;

	 	 	 
	 	(d) 	
      By either party if the other party is convicted or pleads
      to a crime or an act of fraud that materially impacts on its performance
      or its fiduciary duties hereunder, in which event termination may be
      immediate upon notice.

	 	 	 
	 	(e) 	
      By LEXG if Glottech does not submit its patent
      application in Canada or pay fees necessary to reinstate Canadian patent
      number 2719965 by November 1, 2012;

	 	 	 
	 	(f) 	
      By LEXG if Glottech fails to receive an issued Canadian
      patent which provides for LEXG’s exclusive use of the Technology and
      Patent Rights, as defined in the Option, within 24 months of execution of
      this Agreement.

	5. 	
      ROYALTIES &
COMPENSATION

	5.1 	
      Royalties. In consideration of the License granted
      hereunder, LEXG (or its permitted assignee or sub-licensees) shall pay to
      Glottech a per Technology Unit royalty of ———— per ton of water produced
      by the use of the Technology under the License (the
      “Royalty(ies)”). Notwithstanding the foregoing, the minimum
      aggregate Royalty (the ‘Minimum Aggregate Royalty”) payable during the
      Term shall be ———— per Technology unit per year. The parties shall meet
      and confer 180 days after delivery of the first Technology unit to
      evaluate the Technology unit’s operational production during the first 180
      days. The Minimum Aggregate Royalty shall further be adjusted based upon
      the following benchmarks: (i.) ———— operating hours per day; (ii.) ————
      tons of water treated per hour; and (iii.) Operational for ———— days per
  month.

Page 5 of 12 

		
      The adjustment, downward or upward, shall be made on a
      proportional basis for each benchmark.

	 	 
	5.2 	
      Additional Technology Unit License Fees. Excluding
      the 1st Technology Unit, LEXG shall pay Glottech a one-time
      License Fee per Technology Unit ordered under this Agreement. This
      separate License Fee shall be consideration for the separate Technology
      unit license and shall be in addition to any other royalties or
      consideration agreed upon by the Parties. The License Fee shall be
      Canadian retail price, less ————. For purposes of this section, Canadian
      retail price shall be the listed Technology unit Licensing Fee for orders
      placed by third-parties for delivery in Canada.

	 	 
	5.3 	
      Payment. All payments shall be paid in United
      States dollars and shall be subject to all applicable governmental laws,
      regulations and rulings, including the withholding of taxes.

	 	 
	5.4 	
      Time of Payment. Royalties shall be earned by
      Glottech when the Technology unit begins to treat water and shall be due
      and payable within thirty (30) days after the end of the calendar month in
      which the Technology unit is used to treat water. 50% of the Technology
      unit License Fee shall be due and payable upon order of the corresponding
      Technology unit, with the remainder due upon delivery to LEXG of the
      corresponding Technology unit.

	 	 
	5.5 	
      Confidential Terms. The special preferred royalty
      pricing noted in Section 5.1 above is to be maintained in the utmost of
      confidentiality, as it is exclusive to LEXG. Should the LEXG royalty
      pricing be disclosed by LEXG to a third party without the express prior
      written consent of Glottech (such consent not to be unreasonably
      withheld), the preferred Section 5.1 Royalty pricing shall immediately
      cease, and it shall be replaced by the then-current listed standard
      royalty pricing in Canada for similar Technology unit use. Notwithstanding
      the foregoing or anything to the contrary herein, LEXG shall be permitted
      to disclose the price of the Royalty being paid hereunder by LEXG in the
      following circumstances: (a) such information enters the public domain
      (through no fault of LEXG); or, (b) such information is required to be
      disclosed pursuant to applicable laws (including, without limitation,
      applicable securities laws).

	6. 	
      ADDITIONAL OBLIGATIONS OF
LEXG

	6.1 	
      Facilities. LEXG shall provide itself with, and be
      solely responsible for, (i) such facilities, employees, and business
      organization, and (ii) such permits, licenses, and other forms of
      clearance from governmental or regulatory agencies, if any, as it deems
      necessary for the conduct of its business operations in accordance with
      this Agreement.

Page 6 of 12 

	
6.2 		
Expense of Doing Business. Subject to the express obligations of Glottech stipulated herein, LEXG shall bear the entire cost and expense of conducting its business in accordance with the terms of this Agreement.

	

	
7. 		
REPRESENTATIONS AND WARRANTIES

	

	
7.1 		
Representations of Glottech. Glottech represents, warrants, and covenants to LEXG that:
	
	 	 	 
		
(a) 		
to the best of its knowledge the use of the Technology and Patent contemplated by this Agreement and grant of rights made to LEXG, do not and will not infringe upon the rights of third parties.
	
	 	 	 
		
(b) 		
Glottech adequately maintains and shall continue to adequately maintain all intellectual property rights, including thePatent, required for the exploitation of the Technology as contemplated by this Agreement for the Term of this
Agreement.
	
	 	 	 
		
(c) 		
Glottech will make its best efforts to submit its patent application in Canada or pay fees necessary to reinstate Canadian patent number 2719965 by November 1, 2012;
	
	 	 	 
		
(d) 		
Glottech represents and warrants that it will prosecute and maintain the Patent Rights, defined in the Option, in Canada so as to enable LEXG to benefit from the license rights provided herein.
	
	 	 	 
		
(e) 		
The execution and delivery of this Agreement and the completion of the transactions contemplated hereby have been duly and validly authorized by all necessary limited liability company action on the part of Glottech, and this
Agreement constitutes a valid and binding obligation of Glottech enforceable against Glottech in accordance with its terms; except as enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and
except that equitable remedies may be granted only in the discretion of a court of competent jurisdiction.
	
	 	 	 
		
(f) 		
Glottech owns, possesses, and has good and marketable title to the rights granted to LEXG hereunder, free and clear of all encumbrances of every kind and nature whatsoever.
	
	 	 	 
		
(g) 		
Glottech is a corporation duly incorporated, validly existing, and in good standing under the laws of Ireland and has the power, authority, and capacity to enter into this Agreement and to carry out its terms.
	
	 	 	 
	
7.2 		
Representations of LEXG. LEXG represents, warrants, and covenants to Glottech that:
	
	 	 	 
		
(a) 		
The execution and delivery of this Agreement and the completion of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of LEXG, and this Agreement constitutes a valid and
binding obligation of LEXG enforceable against LEXG in accordance with its terms; except as enforcement may be limited by bankruptcy, insolvency and other laws
      affecting the rights of creditors generally and except that equitable
      remedies may be granted only in the discretion of a court of competent
      jurisdiction.
	

Page 7 of 12 

	 	(b) 	
      LEXG is a corporation duly incorporated, validly
      existing, and in good standing under the laws of the State of Nevada and
      has the power, authority, and capacity to enter into this Agreement and to
      carry out its terms.

	8. 	
      OWNERSHIP, INTELLECTUAL PROPERTY RIGHTS, AND
      NON-DISCLOSURE.

	8.1 	
      GD Glottech International Rights.

	 	 	 
		(a) 	
      GD Glottech International shall retain all rights, title
      and interest (including all Intellectual Property Rights) in the
      Technology, all Technology Units, and GD Glottech International
      Documentation and any Derivatives, and any copies thereof.

	 	 	 
		(b) 	
      LEXG shall not alter or remove any copyright, trade
      secret, patent, proprietary and/or other legal notices contained on or in
      copies of the GD Glottech International Documentation and/or Confidential
      Information. LEXG shall include any applicable GD Glottech International
      trademark, copyright, trade secret notation or Confidential Information
      notices and other legends, as applicable, on every copy, in whole or in
      part, of the GD Glottech International Documentation in any form. LEXG
      shall not decompile, disassemble or otherwise reverse engineer the
      Technology, except as GD Glottech International is required to allow LEXG
      to do under applicable law.

	 	 	 
		(c) 	
      LEXG shall render to GD Glottech International
      commercially reasonable assistance in connection with GD Glottech
      International's enforcement of its rights in and to the Technology and GD
      Glottech International Documentation.

	 	 	 
		(d) 	
      Certain data or portions thereof which may be supplied by
      GD Glottech International relating to the Technology are deemed
      Confidential Information and proprietary to GD Glottech International and
      will be so marked.

	9. 	
      GENERAL

	9.1 	
      Relationship. The relationship of Glottech
      and LEXG established by this Agreement is that of independent contractor,
      and nothing contained in this Agreement shall be construed to (i) give
      either party the power to direct or control the day-to-day activities of
      the other, or (ii) constitute the parties as partners, joint venturers,
      co-owners or otherwise as participants in a joint undertaking, or (iii)
      allow LEXG to create or assume any obligation on behalf of Glottech for
      any purpose whatsoever.

	 	 
	9.2 	
      Press Release Disclosure.The Parties acknowledge
      that LEXG and/ or Glottech may issue press releases in respect of the
      subject matter of this agreement containing such information as
  is required by law and applicable regulations. Each party
      shall notify and meaningfully consult with the other prior to the
      publication of any press release in relation to this Agreement or the
      subject matter herein 48 hours before the release to ensure accuracy of
      information and that it does not adversely impact the other
  party.

Page 8 of 12 

	9.3 	
      Applicable Law. This Agreement shall be
      governed by the laws of the State of Nevada, United States of
    America.

	 	 
	9.4 	
      Time of the Essence: Mutual Cooperation.
      Time is of the essence in consummating the relationship contemplated
      herein. Accordingly, the Parties hereby each agree to cooperate fully and
      on a timely basis in an attempt to consummate the transactions herein
      contemplated.

	 	 
	9.5 	
      Notices. Any notice, payment or other
      communication required or permitted to be given or served pursuant to this
      Agreement shall be in writing and shall be delivered personally or
      forwarded by registered mail or sent by facsimile transmission to the
      party concerned addressed as follows:

If to
Glottech 
             John
O’Connor 
             Director 
             36
Dame
Street 
             Dublin
2, IRELAND 

and with a copy
to: 
             Glottech
Legal Counsel 

If to
LEXG: 
             Alex
Walsh 
             3200
N. Hayden Rd. Suite
235 
             Scottsdale,
AZ
85251 
             Facsimile:
480-641-4794 

and with a copy
to: 
             William
L.
Macdonald 
             Macdonald
Tuskey 
             4th
Floor - 570 Granville
Street 
             Vancouver
BC V6C 3P1 

and 
             Greg
Garcia 
             201
North Central Avenue, 22nd
Floor 
             Phoenix,
AZ 85004 

Page 9 of 12 

		
      or to any other address as may from time to time be
      notified in writing by any of the parties. Any notice, payment or other
      communication shall be deemed to have been given on the day delivered, if
      delivered by hand, and within seven calendar days following the date of
      posting, if mailed; provided that if there shall be at the time or within
      seven calendar days of mailing a mail strike, slow-down or other labor
      dispute that might affect delivery by mail, then the notice, payment or
      other communication shall be effective only when actually delivered. Any
      such notice or communication, if sent by facsimile transmission during
      business hours on a business day, shall be deemed to be received upon the
      sender receiving confirmation of the transmission, and if not transmitted
      during business hours, upon the commencement of business hours on the next
      business day following confirmation of the transmission. Business Day
      shall mean any day that is not a Saturday, Sunday, or statutory holiday
      according to the laws of the jurisdiction where the transmission is
      received.

	 	 
	9.6 	
      Entire Agreement.This Agreement is
      entered into pursuant to Section XV of the LOI and the Option. This
      Agreement and the Option constitute the entire agreements between the
      parties regarding the license of the Technology and Patent Rights to LEXG.
      To the extent of any conflict between this Agreement and the Option, the
      terms of this Agreement shall be superior. Except for the Option, this
      Agreement supersedes all prior arrangements and understandings, both
      written and oral, expressed or implied, including but not limited to the
      LOI, with respect to the subject matter hereof.

             IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.

LITHIUM EXPLORATION GROUP, INC. 

/s/Alex Walsh 
Alex Walsh 
Its: President &
Chief Executive Officer 

GD GLOTTECH INTERNATIONAL LTD. 

/s/ John O’Connor 
John O’Connor 
Its: Authorized
Signatory 

Page 10 of 12 

EXHIBIT “A” 

Letter of Intent dated November, 2011 

 

 

Page 11 of 12 

EXHIBIT “B” 

Patent License and Royalty Agreement Option 

 

 

Page 12 of 12Lithium Exploration Group, Inc. - Exhibit 10.2 - Filed by newsfilecorp.com

Sales Agency Agreement 

             This
Sales Agency Agreement (the "Agreement") is entered with effect from, by
and among the following parties: 

             GD
  Glottech International Ltd. ("Glottech"), a company formed under Irish law,
  whose principal office address is 36 Dame Street, Dublin 2, Ireland;

And 

             Lithium
  Exploration Group, Inc. ("LEXG"), a corporation incorporated under the laws
  of the State of Nevada, whose principal office address is 3200 N. Hayden Rd.
  Suite 235, Scottsdale, AZ, 85251, USA, represented herein by Mr. Alex Walsh,
  CEO.

             Each
may hereinafter be individually referred to as noted above or a "Party", and
collectively as the "Parties". All references to a Party shall include each
Affiliate of that Party.

RECITALS 

             WHEREAS,
Glottech is the owner of, and is in the business of developing, using, and
licensing others to use, a proprietary technology referred to as the "Glottech
Ultrasonic Generator" which uses mechanical ultrasound for a variety of purposes
of particular interest to LEXG (the "Technology") and is based upon
technology identified in US patent number 7767159 (the “Patent”); 

             WHEREAS,
the Parties intend that the Technology shall also be protected in Canada
pursuant to a Canadian patent;

             WHEREAS,
LEXG is in the business of non-petrochemical mining,such as Lithium mining;
and 

             WHEREAS,
LEXG has knowledge of, and the ability to access, multiple entities within
the specific territory described below who would have use for the Technology in
their business(es) in the specific field of use described below; and 

             WHEREAS,the
Parties have previously entered into a Letter of Agreement regarding the
Technology dated November 8, 2011 (the “LOI”), which LOI attached
hereto as Exhibit “A” for purposes of reference only;

             WHEREAS,
the Parties also entered into a Patent License and Royalty Agreement Option
dated August 14, 2012 (the “Option”), which is attached to this Agreement as
Exhibit “B” for the purposes of reference only; and 

             WHEREAS,
the Parties wish to enter into this Agreement pursuant to Article XV of the LOI
in order to expand and clarify the terms of their agreement regarding the
appointment of LEXG as the non-exclusive Sales agent and distributor for the Technology for
the specific territory described below in the specific field of use described
below and, 

Page 1 of 15 

             WHEREAS,
  the Parties further wish to enter into this Agreement pursuant to Section 5
  of the Option.

             Now
therefore, for good and valuable consideration the parties agree as follows:

	1. 	
      Interpretation. Unless specifically set forth to
      the contrary herein, the following terms shall have the respective
      meanings set forth below:

	1.1 	
      “Affiliate” shall mean with respect to each Party, any
      Entity that, directly or indirectly, through one or more intermediaries,
      controls, is controlled by, or is under common control with that Party,
      including, but not limited to subsidiaries;

	 	 
	1.2 	
      “Canadian” shall mean any Entity that (i) is a Citizen of
      Canada, (ii) is a permanent resident of Canada, (iii) exists, whether
      directly or indirectly, pursuant to any legislation effective, or order or
      statute of any government, within Canada; (iv) is ‘resident’ or ‘deemed
      resident’ of Canada as those terms are defined by the Income Tax Act
      (Canada); (v)is Controlled by any of the foregoing; or (vi) maintains a
      business license, extra-provincial corporate registration, place of
      business, or otherwise carries on regular business in Canada except on an
      intermittent, transactional basis.

	 	 
	1.3 	
      “Control”shallmean, with respect to any Entity that is
      not an individual person, direct or indirect beneficial ownership of more
      than 50% of the voting securities of that Entity, including any securities
      which are voting only upon the occurrence of a contingency where such
      contingency has occurred and is continuing. Control shall mean, with
      respect to any patent, trademark, trade-secret, copyright or other
      intellectual property right, possession of the right, whether directly or
      indirectly, and whether by ownership, license or otherwise, to assign, or
      grant a license, sublicense or other right to or under, such intellectual
      property as provided for herein without violating the terms of any
      agreement or other arrangement with any Third Party.

	 	 
	1.4 	
      “Entity” shall mean an individual, sole proprietorship,
      partnership, limited partnership, limited liability partnership,
      corporation, limited liability company, business trust, joint stock
      company, trust, unincorporated association, joint venture or other similar
      entity or organization, including a government or political subdivision,
      department or agency of a government (whether or not having a separate
      legal personality).

	 	 
	1.5 	
      “Exclusive Field of Use” shall mean the use of the
      Technology within the Territory for the purposes of non-petrochemical
      Mining.

	 	 
	1.6 	
      “Mining” shall mean the exploration, extraction or
      processing of non-petrochemical minerals, including, but not limited to,
      gold, silver, copper, iron, granite, limestone,
lithium, potassium, calcium, magnesium or any other non-petrochemical mineral or precious metal, including such minerals which may be found in produced water.

Page 2 of 15 

	
1.7 		
"Non-Exclusive Field of Use" shall mean the use of the Technology within the Territory in anycommercial application or industry within the Territory other than Mining. For purposes of this Agreement, the term,
"commercial" is intended to specifically include any educational institutions, military organization, government, or agency of any government, whether federal, provincial, territorial, or municipal.
	
	 	 
	
1.8 		
"Sell", "Sold" or "Sale(s)" shall mean to license, sublicense, rent, or lease.
	
	 	 
	
1.9 		
"Technology" shall mean the Glottech Ultrasonic Generator which is based upon the Patent, including all variants thereof and improvements in relation thereto as may be sold by or on behalf of Glottech from time to
time.
	
	 	 
	
1.10 		
"Territory" shall mean Canada, its territories and possessions, and all ships and military installations flying the flag of Canada.
	
	 	 
	
1.11 		
"Third Party" shall mean any Entity other than LEXG or Glottech and their respective Affiliates. All references to a Third Party shall include any Affiliate of that Third Party.
	

	
2. 		
APPOINTMENT AND RIGHTS

	

	
2.1 		
Appointment. Subject to the terms and conditions herein, Glottech appoints LEXG as Glottech's Sales agent for the Technology within the Territoryand LEXG accepts such appointment. The purview of LEXGs appointment
shall be: (i)non-exclusive within the Non-Exclusive Field of Use; and (ii)exclusive within the Exclusive Field of Use, subject to the specific exceptions noted herein.
	
	 	 
	
2.2 		
Consideration for Appointment. As consideration to Glottech for entering into this Agreement, LEXG shall issue two million shares (2,000,000) of common stock to Glottech pursuant to the terms set forth in Exhibit
"C," attached hereto.
	
	 	 
	
2.3 		
Intellectual Property. Glottech hereby grants to LEXG a non-exclusive, royalty-free license (the "License") to use any intellectual property reasonably required by LEXG for the purposes of marketing the leasing of
the Technology as contemplated hereunder, including but not limited to the rights to use, market, and lease the Technology pursuant to the Patent, the Patent Rights, as defined in the Option, and any Canadian patents based upon the Patent or the
Technology, and to use any trademarks, trade-names, or copyrighted materials owned or controlled by Glottech. The License shall terminate upon termination of this Agreement.
	
	 	 
	
2.4 		
Supply of Technology and Technical Support. Glottech shall be solely responsible for the manufacture, assembly, and provision of units of the Technology to prospective customers introduced or secured by LEXG and to provide to LEXG, at LEXG's request, ongoing technical assistance in respect of the marketing and leasing of the Technology. Notwithstanding the foregoing, Glottech, in its sole
discretion, may allow LEXG to manufacture and assemble the Technology within Canada on a limited basis.
	

Page 3 of 15 

	
2.5 		
Technology Prices and Terms of Sale. Glottech shall provide LEXG with copies of its current price lists, credit standards, delivery schedules, and standard terms and conditions of sale for the Technology, as established
from time to time. LEXG shall quote to customers only those authorized prices, credit standards, delivery schedules, and terms and conditions, and shall have no authority to quote or offer any discount to such prices or change any such terms and
conditions, without the written consent of Glottech. Glottech may change the prices, credit standards, delivery schedules, and terms and conditions, provided that it gives LEXG at least thirty (30) days prior written notice of any changes; however,
such changes shall not affect any existing contacts or pricing agreements. Each order for a Technology unit shall be governed by the prices, delivery schedules, and terms and conditions in effect at the time the order is accepted, and all quotations
by LEXG shall contain a statement to that effect.
	
	 	 
	
2.6 		
Acceptance. All orders obtained by LEXG shall be subject to acceptance by Glottech and all quotations by LEXG shall contain a statement to that effect. LEXG shall have no authority to make any acceptance or delivery
commitments to customers. Glottech specifically reserves the right to reject any order or any part thereof for any commercially reasonable reason, it being agreed, however, that orders reasonably anticipated to generate USD$300,000 per year in
royalties shall be acceptable. Glottech shall send copies to LEXG of any written acceptances on royalty-bearing orders.
	
	 	 
	
2.7 		
Product Availability. All product orders are FOB Glottech production facilities in the United States or Canada, unless otherwise agreed with LEXG. For orders assembled in Canada, delivery shall be FOB at the loading dock of
the location of assembly. Glottech shall not be responsible to LEXG or any other party for its failure to fill accepted orders, or for its delay in filling accepted orders, when such failure or delay is due to a cause beyond Glottech's reasonable
control. Glottech shall use its best efforts to fulfill delivery obligations as committed in acceptances. Glottech's inability to timely supply accepted orders shall toll LEXG annual sales targets as set out in Section4.2 for the amount of time
until such accepted orders may in fact be supplied by Glottech.In the event that LEXG assumes the responsibility for assembly and manufacturing in Canada, then it shall use its best efforts to timely fulfill accepted orders, but it shall not be
responsible to Glottech or any other party for its failure to fill accepted orders, or for its delay in filling accepted orders, when such failure or delay is due to a cause beyond LEXG's reasonable control. LEXG's inability to timey
supply accepted orders under such circumstances shall toll LEXG annual sales targets as set out in Section 4.2 for the amount of time until such accepted orders may in fact be supplied by LEXG.
	

Page 4 of 15 

	 2.8 	Customer Management. Glottech shall promptly notify LEXG of any direct inquiries received, or solicitations made, by Glottech (or by any Third Party Sales agent or distributor on Glottech's behalf) pertaining to potential customers falling within LEXG's sales agency authority hereunder. Likewise, LEXG will report to Glottech on a weekly basis any direct inquiries or solicitations. The
ownership of customer accounts for inquiries and Sales for use of the Technology within the Territory shall be regulated by the use of a standardized non-compete and non-disclosure agreement (an "NCND") in a form mutually approved
by the Parties. The NCND shall state that it must be executed by duly authorized agents, officers, or employees of the prospective customer or third-party. Glottech shall require all prospective customers for the use of the Technology within the
Territory to execute the NCND in the approved form, and shall cause all third party distributors within the Territory to comply with this requirement. LEXG will provide to Glottech any executed NCNDs obtained by LEXG on a monthly basis and Glottech
shall require other distributors to do the same. Glottech shall similarly advise LEXG on a monthly basis of any NCNDs obtained by Glottech or by any third party. Any prospective customer that executes an NCND with LEXG during the term of this
Agreement will be deemed a customer secured by LEXG for the Term of this Agreement and for a period of 2 years thereafter.

	
2.9 		
Exclusivity Protection. For the Term of this Agreement Glottech agrees that it will neither license, sublicense nor lease the Technology to any third party for use within the Territory without first obtaining satisfactory
covenants and representation from such third parties that it (i) will abstain from using the Technology for the purposes of Mining, and (ii) does not hold and will not apply to any authority within the Territory for a permit, lease, license, sub-
license or similar instrument or authorization required for the conduct of Mining in the Territory. Notwithstanding the foregoing, upon advance written notice by Glottech, Glottech may license, sublicense or lease the Technology to a third party for
direct use within the Exclusive Field of Use, provided that Glottech agrees to pay LEXG the Royalties and Compensation set forth in Section 5.
	
	 	 
	
2.10 		
Ownership, Intellectual Property Rights, and Non-Disclosure. Glottech shall retain, at all times, all rights, title and interest (including all Intellectual Property Rights) in the Technology, all Technology Units, and
Glottech Documentation and any Derivatives, and any copies thereof. LEXG shall not alter or remove any copyright, trade secret, patent, proprietary and/or other legal notices contained on or in copies of the Glottech Documentation and/or
Confidential Information. LEXG shall include any applicable Glottech trademark, copyright, trade secret notation or Confidential Information notices and other legends, as applicable, on every copy, in whole or in part, of Glottech Documentation and
physical units in any form. LEXG shall not decompile, disassemble or otherwise reverse engineer the Technology, or the physical Technology units, without advance written approval by Glottech or except as Glottech is required to allow under
applicable law.Certain data or portions thereof which may be supplied by Glottech relating to the Technology are deemed Confidential Information and proprietary to GD Glottech International and will be so marked.
	

Page 5 of 15 

	
3. 		
ADDITIONAL OBLIGATIONS OF GLOTTECH

	

	
3.1 		
Training by Glottech. Glottech shall provide sales training to LEXG's personnel at periodic intervals, with the frequency and content of the training to be reasonably determined by Glottech. When possible, such
training shall be given at LEXG's facilities. The cost of such training (such as reasonable travel expenses) shall be the responsibility of LEXG.

	
	 	 
	
3.2 		
Regulatory Approvals. Glottech shall be responsible for obtaining any regulatory approvals necessary to distribute the Technology in the Territory. LEXG shall be responsible for obtaining any regulatory approval necessary
to operate as a marketing and leasing distributor of the Technology in the Territory within the Field of Use.

	
	 	 
	
3.3 		
Equitable Treatment. Glottech agrees and will ensure that the standard terms and conditions of sale, price lists, credit standards, delivery schedules and product availability afforded to customers solicited by LEXG
pursuant to this Agreement shall be no less favorable than those made available to commercially comparable customers solicited by Glottech or by any Third Party.

	
	 	 
	
3.4 		
Salt, Minerals, and By-Products. Glottechmay at its option cause the customer or end-user of the Technology to bear the sole responsibility and liability for all salt, minerals and other by- products derived from the use of
the Technology, without regard to the nature of any cost, claim, use, damage or claims for damages by any party, whether direct or indirect, and Glottech shall fully and unconditionally indemnify LEXG, its directors, officers, agents, contractors
and subcontractors from any and all such responsibility, claims, and/or damages. Such indemnification by Glottech shall be without expiration or limitation, it being clearly acknowledged and agreed to by Glottech that LEXG is solely deemed an
intermediary of Glottech in relation to all customers pursuant to this Agreement.

	
	 	 
	
3.5 		
Materials. Glottech shall provide LEXG with marketing and technical information concerning the Technology as well as reasonable quantities of brochures, instructional material, advertising literature, and other Technology
data at no charge.

	
	 	 
	
3.6 		
Indemnification. Glottech shall be solely responsible for the design, development, supply, production and performance of its products and the protection of its trade names and patents. Glottech agrees to indemnify, hold
LEXG harmless against and pay all losses, costs, damages or expenses, whatsoever, including counsel fees, which LEXG may sustain or incur on account of infringement or alleged infringements of patents, trademarks or trade names resulting from the
sale of Glottech's products, or arising on account of warranty claims, negligence claims, product liability claims or similar claims by third parties. LEXG shall promptly deliver to Glottech any notices or papers served upon it in any proceeding
covered by this indemnity, and Glottech shall defend such litigation at its expense. LEXG shall, however, have the right to participate in the defense at its own expense. Glottech shall provide LEXG with a certificate of insurance evidencing LEXG as
an additional insured on Glottech's product liability insurance policy. This provision shall survive and remain in full force and effect after the termination or nonrenewal of this Agreement.

	

Page 6 of 15 

	
3.7 		
Technical Support. Glottech shall provide to LEXG, at LEXG's request, ongoing technical assistance as is reasonably necessary to ensure the successful deployment, continuous operation, and maintenance of the
Technology for accepted orders. Glottech shall use commercially reasonable efforts to supply such training and assistance at LEXG's facilities or operation sites. The cost of such training (such as reasonable travel expenses) and assistance
shall be the responsibility of LEXG. Glottech responsibilities in this regard shall include: (i) assisting LEXG in the proper setup, operations and crew training of Technology units, (ii) monitoring the ongoing flow of fluid stock through the
Technology unit using Glottech supplied fluid flow metering technology to be supplied with the Technology, (iii) providing to LEXG monthly reporting of such flow monitoring, (iv) providing LEXG with the billing data based upon such flow monitoring,
(v) providing LEXG with technical guidance on a reasonable, "as needed", basis as to the proper use of the Technology, (vi) recommending reasonable maintenance and component replacement procedures based on component manufacturers' and/or
Glottech-'s guidelines and actual "wear and tear" usage data, (vii) taking all other actions as are reasonable and necessary to cooperate with LEXGin order to ensure that the Technology is successful for its intended purposes.

	

	
4. 		
TERM AND TERMINATION

	

	
4.1 		
Term of License: The term (the "Term") of this Agreement shall be for an initial period of five (5) years. The Term shall be automatically renewable thereafter for successive five (5) year periods
provided that LEXG has Sold not less than ———— or more Technology units during each applicable five (5) year period. However, LEXG's requirement shall be tolled and reduced on a pro- rata basis, temporally, for the time
required to manufacture and assemble a fully functional Technology unit, proven capable of processing the feedstock for the intended application. LEXG's requirement shall be additionally tolled and reduced on a pro-rata basis, temporally, for
the time period in which no proven operational Technology unit is available for demonstration to prospective customers for the intended application.

	
	 	 	 
	
4.2 		
Termination. This Agreement may be terminated as follows:

	
	 	 	 
		
(a) 		
Subject to Section 2.6 hereof, by Glottech if LEXG fails to Sell at least ———— Technology units to Third Parties annually commencing with the availability of the first Technology unit for delivery for such
leasing purpose(s).

	
	 	 	 
		
(b) 		
By either party if the other party becomes insolvent or bankrupt, or files a voluntary petition in bankruptcy, or has had filed for an involuntary petition in bankruptcy (unless such involuntary petition is withdrawn or dismissed
within ten days after filing) in which event termination may be immediate upon notice.

	
	 	 	 
		
(c) 		
By either party if the other party fails to cure any breach of a material covenant, commitment or obligation under this Agreement, within 45 days after receipt of written notice specifically setting forth the breach from the other
party.

	

Page 7 of 15 

	 	(d) 	
      By either party if the other party is convicted or pleads
      to a crime or an act of fraud that materially impacts on its performance
      or its fiduciary duties hereunder, in which event termination may be
      immediate upon notice.

	5. 	
      ROYALTIES &
COMPENSATION

	5.1 	
      Royalties. For all Sales initiated by LEXG within
      the Territory, or by Glottech pursuant to Section 2.9, Glottech shall pay
      to LEXG ———— of all Royalty revenue generated from each Sale and Third
      Party’s use of the Technology, specifically excepting any and all
      contracts initiated outside of Canada by Glottech for units that will be
      processing water in Canada. For the Sale of any Technology unit wherein
      the consideration paid to Glottech does not include a per physical ton
      royalty payment, LEXG shall be paid ———— of the net revenue.

	 	 
	5.2 	
      Payment. Royalties payable shall be paid in United
      States dollars and shall be subject to all applicable governmental laws,
      regulations and rulings, including the withholding of taxes.

	 	 
	5.3 	
      Time of Royalties Payment. Royalties on Sales
      shall be earned by LEXG upon receipt by Glottech of any Royalty revenue
      derived from the sale.

	 	 
	5.4 	
      Royalty Offset. Glottech shall have the right,
      while this Agreement is in effect, to write off bad customer debts or
      overdue customer accounts as it reasonably deems advisable, but only after
      notifying LEXG and providing LEXG the opportunity to attempt to induce
      payment. Where royalties have been paid to LEXG in respect of any
      applicable write-offs, Glottech may deduct such royalties against future
      amounts payable to LEXG’s account in respect of this Agreement, provided
      that, if any amount payable to Glottech in respect of the write-offs are
      recovered, LEXG shall be entitled to the applicable royalties.

	 	 
	5.5 	
      Monthly Statements. Glottech shall submit to LEXG
      monthly statements of the commissions due and payable to LEXG under the
      terms of this Agreement, with reference to the specific orders on invoices
      on which the commissions are being paid.

	 	 
	5.6 	
      Records and Inspection. Glottech shall maintain
      complete and accurate books, records and accounts that, in reasonable
      detail, fairly reflect all revenues received and royalties payable by
      Glottech or its Affiliates as contemplated by this Agreement. Glottech
      shall retain such books, records and accounts until the later of: (a) five
      (5) years after the end of the period to which such books, records and
      accounts pertain; (b) the expiration of the applicable tax statute of
      limitations (or any extensions thereof), or (c) for such longer period as
      may be required by applicable law. LEXG shall have the right, at its own
      expense and not more than once in any twelve (12) month period, to
      authorize LEXG’s independent auditors to inspect, at reasonable times
      during Glottech’s ordinary business hours, Glottech’s relevant books,
      records and accounts to verify the accuracy of royalties paid by Glottech
      hereunder. If such accounting firm concludes that Glottech has underpaid
      LEXG during such period, Glottech shall pay such difference to LEXG within
      thirty (30) days after the date of delivery of such report. If, and only
      if, the amount of the underpayment is greater than
five percent (5%) of the total actual amount
owed as determined by the accounting firm, Glottech shall bear all costs related
to such audit.

Page 8 of 15 

	6. 	
      ADDITIONAL OBLIGATIONS OF
LEXG

	6.1 	
      Promotion of the Products. LEXG shall, at its own
      expense, promote the sale of the Products in the Territory. LEXG may hire
      or contract with sales representatives or service personnel to promote the
      Technology and perform the duties hereunder.

	 	 
	6.2 	
      Facilities. LEXG shall provide itself with, and be
      solely responsible for, (i.) such facilities, employees, and business
      organization, and (ii.) such permits, licenses, and other forms of
      clearance from governmental or regulatory agencies, if any, as it deems
      necessary for the conduct of its business operations in accordance with
      this Agreement.

	 	 
	6.3 	
      Customer and Sales Reporting. LEXG shall, at its
      own expense, and in a manner consistent with the sales policies of
      Glottech: (i.) attend a reasonable number of trade shows as Glottech
      requests; (ii.) provide adequate contact with existing and potential
      customers within the Territory on a regular basis; and (iii.) assist
      Glottech in assessing customer requirements for the Technology.

	 	 
	6.4 	
      Expense of Doing Business. Subject to the express
      obligations of Glottech stipulated herein, LEXG shall bear the entire cost
      and expense of conducting its business in accordance with the terms of
      this Agreement.

	 	 
	6.5 	
      Representations. LEXG shall not make any false or
      misleading representations to customers or others regarding Glottech or
      the Technology. LEXG shall not make any representations, warranties or
      guarantees with respect to the specifications, features or capabilities of
      the Technology that are not consistent with Glottech’s documentation
      accompanying the Technology or Glottech’s literature describing the
      Technology.

	 	 
	6.6 	
      Inquiries from Outside Canada. LEXG shall promptly
      submit to Glottech, for Glottech’s attention and handling, the originals
      of all inquiries received by LEXG from customers inquiring about units to
      be operated outside of the Territory.

	7. 	
      REPRESENTATIONS AND
WARRANTIES

	7.1 	
      Representations of Glottech. Glottech represents,
      warrants, and covenants to LEXG that:

	 	 	 
		(a) 	
      To the best of its knowledge the Sales of the Technology
      contemplated by this Agreement and grant of rights made to LEXG, do not
      and will not infringe upon the rights of third parties.

	 	 	 
		(b) 	
      Glottech adequately maintains and shall continue to
      adequately maintain all intellectual property rights, including the
      Patent, required for the exploitation of the Technology as contemplated by
      this Agreement for the Term of this Agreement.

Page 9 of 15 

	 	(c) 	
      Glottech will submit its patent application in Canada or
      pay fees necessary to reinstate Canadian patent number 2719965 by November
      1, 2012.

	 	 	 
	 	(d) 	
      Glottech represents and warrants that it will prosecute
      and maintain the Patent Rights, defined in the Option, in Canada so as to
      enable LEXG to benefit from the license rights provided herein.

	 	 	 
	 	(e) 	
      The execution and delivery of this Agreement and the
      completion of the transactions contemplated hereby have been duly and
      validly authorized by all necessary limited liability company action on
      the part of Glottech, and this Agreement constitutes a valid and binding
      obligation of Glottech enforceable against Glottech in accordance with its
      terms; except as enforcement may be limited by bankruptcy, insolvency and
      other laws affecting the rights of creditors generally and except that
      equitable remedies may be granted only in the discretion of a court of
      competent jurisdiction.

	 	 	 
	 	(f) 	
      Glottech owns, possesses, and has good and marketable
      title to the rights granted to LEXG hereunder, free and clear of all
      encumbrances of every kind and nature whatsoever.

	 	 	 
	 	(g) 	
      Glottech is a company formed under Irish law, validly
      existing, and in good standing under the laws of Ireland and has the
      power, authority, and capacity to enter into this Agreement and to carry
      out its terms.

	7.2 	
      Representations of LEXG. LEXG represents,
      warrants, and covenants to Glottech that:

	 	 	 
		(a) 	
      the execution and delivery of this Agreement and the
      completion of the transactions contemplated hereby have been duly and
      validly authorized by all necessary action on the part of LEXG, and this
      Agreement constitutes a valid and binding obligation of LEXG enforceable
      against LEXG in accordance with its terms; except as enforcement may be
      limited by bankruptcy, insolvency and other laws affecting the rights of
      creditors generally and except that equitable remedies may be granted only
      in the discretion of a court of competent jurisdiction.

	 	 	 
		(b) 	
      LEXG is a corporation duly incorporated, validly
      existing, and in good standing under the laws of the State of Nevada and
      has the power, authority, and capacity to enter into this Agreement and to
      carry out its terms.

	8. 	
      GENERAL

	8.1 	
      Relationship. The relationship of Glottech-
      and LEXG established by this Agreement is that of independent contractor,
      and nothing contained in this Agreement shall be construed to (i.) give
      either party the power to direct or control the day-to-day activities of
      the other, or (ii.) constitute the parties as partners, joint venturers,
      co-owners or otherwise as participants in a joint undertaking, or (iii.) allow LEXG to create or
      assume any obligation on behalf of Glottech for any purpose
  whatsoever.

Page 10 of 15 

	8.2 	
      Press Release Disclosure.The Parties acknowledge
      that LEXG and/ or Glottech may issue press releases in respect of the
      subject matter of this agreement containing such information as is
      required by law and applicable regulations. Each party shall notify and
      meaningfully consult with the other prior to the publication of any press
      release in relation to this Agreement or the subject matter herein 48
      hours before the release to ensure accuracy of information and that it
      does not adversely impact the other party.

	 	 
	8.3 	
      Applicable Law. This Agreement shall be
      governed by the laws of the State of Nevada, United States of
    America.

	 	 
	8.4 	
      Time of the Essence: Mutual Cooperation.
      Time is of the essence in consummating the relationship contemplated
      herein. Accordingly, the Parties hereby each agree to cooperate fully and
      on a timely basis in an attempt to consummate the transactions herein
      contemplated.

	 	 
	8.5 	
      Notices. Any notice, payment or other
      communication required or permitted to be given or served pursuant to this
      Agreement shall be in writing and shall be delivered personally or
      forwarded by registered mail or sent by facsimile transmission to the
      party concerned addressed as follows:

If to
Glottech 
             John
O’Connor 
             Director 
             36
Dame
Street 
             Dublin
2, IRELAND 

and with a copy
to: 
             Glottech
Legal Counsel 

If to
LEXG: 
             Alex
Walsh 
             3200
N. Hayden Rd. Suite
235 
             Scottsdale,
AZ
85251 
             Facsimile:
480-641-4794 

and with a copy
to: 
             William
L.
Macdonald
             Macdonald
Tuskey 
             4th
Floor - 570 Granville
Street 
             Vancouver
BC V6C 3P1 

and 
             Greg
Garcia 

Page 11 of 15 

             201
North Central Avenue, 22nd
Floor 

               Phoenix,
  AZ 85004 

		
      or to any other address as may from time to time be
      notified in writing by any of the parties. Any notice, payment or other
      communication shall be deemed to have been given on the day delivered, if
      delivered by hand, and within seven calendar days following the date of
      posting, if mailed; provided that if there shall be at the time or within
      seven calendar days of mailing a mail strike, slow-down or other labor
      dispute that might affect delivery by mail, then the notice, payment or
      other communication shall be effective only when actually delivered. Any
      such notice or communication, if sent by facsimile transmission during
      business hours on a business day, shall be deemed to be received upon the
      sender receiving confirmation of the transmission, and if not transmitted
      during business hours, upon the commencement of business hours on the next
      business day following confirmation of the transmission. Business Day
      shall mean any day that is not a Saturday, Sunday, or statutory holiday
      according to the laws of the jurisdiction where the transmission is
      received.

	 	 
	8.6. 	
      Entire Agreement. This Agreement is entered into
      pursuant to Section XV of the LOI and the Option. This Agreement and the
      Option, and constitutes the entire agreements between the parties
      regarding the license of the Technology and Patent Rights to LEXG. To the
      extent of any conflict between this Agreement and the Option, the terms of
      this Agreement shall be superior. Except for the Option, this Agreement
      supersedes all prior arrangements and understandings, both written and
      oral, expressed or implied, including but not limited to the LOI, with
      respect to the subject matter hereof.

       
     IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date first set forth above.

LITHIUM EXPLORATION GROUP, INC. 

/s/ Alex Walsh 
Alex Walsh 
Its: President &
Chief Executive Officer 

GD GLOTTECH INTERNATIONAL LTD. 

/s/ John O’Connor 
John O’Connor 
Its: Authorized
Signatory 

Page 12 of 15 

EXHIBIT “A” 

Letter of Intent dated November 8, 2011 

 

 

 

Page 13 of 15 

EXHIBIT “B” 

Patent License and Royalty Agreement Option 

 

 

 

Page 14 of 15 

EXHIBIT “C” 

Share Transfer Agreement 

 

 

 

Page 15 of 15

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