Document:

Lithium Exploration Group, Inc.: Exhibit 10.113- Filed by newsfilecorp.com

10.113 

THIS NOTE AND THE COMMON STOCK
ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED
WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS
PROMULGATED THEREUNDER (THE "1933 ACT”) 

LITHIUM EXPLORATION
GROUP, INC. 
10%
CONVERTIBLE PROMISSORY NOTE

DUE June 8, 2018

BACK END NOTE 

	Effective Date June
      8, 2017 	US $85,800.00
  

Due June 8,
2018 

THIS NOTE AND
THE COMMON STOCK
ISSUABLE UPON CONVERSION
OF THIS NOTE HAVE
NOT BEEN AND WILL
NOT BE REGISTERED WITH
THE UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION OR THE
SECURITIES COMMISSION OF
ANY STATE PURSUANT TO
AN EXEMPTION FROM
REGISTRATION PROVIDED UNDER
THE SECURITIES ACT OF
1933, AS AMENDED, AND
THE RULES AND
REGULATIONS PROMULGATED THEREUNDER
(THE "1933 ACT”) 

FOR VALUE RECEIVED Lithium Exploration
Group, Inc. (the “Company”) promises to pay to
the order of Concord Holding Group,
LLC, and its authorized successors and permitted assigns
("Holder"), the aggregate principal face amount of Eighty Five Thousand
Eight Hundred Dollars exactly (U.S. $85,800.00) on June 8, 2018 ("Maturity
Date"). The Company will pay interest on the principal amount outstanding at
the rate of 10% per annum, which will commence on June 8, 2017. The Company
acknowledges that this Note was issued with a $7,800.00 original issue discount
(“OID”) such that the issuance price was $78,000.00 as well as document prep
fees of $3,000.00 (deducted from the amount funded) . The interest will be paid
to the Holder in whose name this Note is registered on the records of the Com–
pany regarding registration and transfers of this Note. The principal of, and
interest on, this Note are payable at 1080 Bergen St., Suite 240, Brooklyn, NY
11216, initially, and if changed, last appearing on the records of the Company
as designated in writing by the Holder hereof from time to time. The Company will pay each
interest payment and the out– standing principal due upon this Note before or on
the Maturity Date, less any amounts re– quired by law to be deducted or
withheld, to the Holder of this Note by check or wire trans– fer addressed to
such Holder at the last address appearing on the records of the Company. The
forwarding of such check or wire transfer shall constitute a payment of
outstanding principal hereunder and shall satisfy and discharge the liability
for principal on this Note to the extent of the sum represented by such check or
wire transfer. Interest shall be payable in Common Stock (as defined below)
pursuant to paragraph 4(b) herein. 

 This
Note is subject to the following additional provisions: 

1.           This Note is
exchangeable for an equal aggregate principal amount of Notes of different
authorized denominations, as requested by the Holder surrendering the same. No
service charge will be made for such registration or transfer or exchange,
except that Holder shall pay any tax or other governmental charges payable in
connection there– with. 

2.           Under all
applicable laws, the Company shall be entitled to withhold any amounts from all
payments it is entitled to. 

3.           This Note may
only be transferred or exchanged in compliance with the Securities Act of 1933,
as amended ("Act") and any applicable state securities laws. All attempts
transfer to a non–qualifying party shall be treated by the Company as void.
Prior to due presentment for transfer of this Note, the Company and any agent of
the Company may treat the person in whose name this Note is duly registered on
the Company's records as the owner hereof for all other purposes, whether or not
this Note be overdue, and nei– ther the Company nor any such agent shall be
affected or bound by notice to the contrary. Any Holder of this Note electing to
exercise the right of conversion set forth in Section 4(a) hereof, in addition
to the requirements set forth in Section 4(a), and any prospective trans– feree
of this Note, also is required to give the Company written confirmation that
this Note is being converted ("Notice of Conversion") in the form annexed
hereto as Exhibit A. The date of receipt (including receipt by telecopy)
of such Notice of Conversion shall be the Conversion Date. 

1.           4.           (a) The Holder
of this Note has the option, upon the issu– ance date of the stock, to convert
all or any amount of the principal face amount of this Note then outstanding
into shares of the Company's common stock (the "Common Stock") at a price
("Conversion Price") for each share of Common Stock equal to the lesser
of $0.005 or 50% discount of the lowest
trading price of the
Common Stock as reported on the National Quotations Bureau OTC Markets exchange
which the Company’s shares are traded or any exchange upon which the Common
Stock may be traded in the future ("Ex– change"), for the (i)
twenty prior trading days, including the day
upon which a Notice of Conversion is received by the Company (provided such
Notice of Conversion is delivered by fax or other electronic method of
communication to the Company after 4 P.M. Eastern Standard or Daylight Savings
Time if the Holder wishes to include the same day closing price), or (ii) the twenty prior trading
days immediately preceding the issuance date of this Note. The Notice of
Conversion may be rescinded if the shares have not been delivered within 3
business days. The Company shall deliver the shares of Common Stock to the
Holder within 3 business days of receipt by the Company of the Notice of
Conversion. The Holder shall surrender this Note to the Company upon receipt of
the shares of Common Stock, executed by the Holder. This will make clear the
Holder's intention to convert this Note or a specified portion hereof, and
accompanied by proper assignment hereof in blank. Accrued but unpaid interest
shall be subject to conversion. The number of issuable shares will be rounded to
the nearest whole share, and no fractional shares or scrip repre– senting
fractions of shares will be issued on conversion. To the extent the Conversion
Price of the Company’s Common Stock closes below the par value per share, the
Company will take all steps necessary to solicit the consent of the stockholders
to reduce the par value to the lowest value possible under law. The Company
agrees to honor all conver– sions submitted pending this increase. In the event the Company experiences a DTC “Chill” on its shares, the conversion price discount shall be increased to 60% whil e that “Chill” is in effect. Notwithstanding anything to the contrary contained in
the Note (except as set forth below in this Section), the Note shall not be
convertible by Investor, and Company shall not effect any conversion of the Note
or otherwise issue any shares of Common Stock to the extent (but only to the
extent) that Investor together with any of its affiliates would beneficially own
in excess of 9.99% (the “ Maximum Percentage”) of the
Common Stock outstanding. To the extent the foregoing limitation applies, the
determination of whether a Note shall be convertible (vis–à–vis other
convertible, exercisable or exchangeable secu– rities owned by Investor or any
of its affiliates) and of which such securities shall be con– vertible,
exercisable or exchangeable (as among all such securities owned by Investor and
its affiliates) shall, subject to such Maximum Percentage limitation, be
determined on the basis of the first submission to Company for conversion,
exercise or exchange (as the case may be). No prior inability to convert a Note,
or to issue shares of Common Stock, pursu– ant to this Section shall have any
effect on the applicability of the provisions of this Section with respect to
any subsequent determination of convertibility. For purposes of this Sec– tion,
beneficial ownership and all determinations and calculations (including, without
lim– itation, with respect to calculations of percentage ownership) shall be
determined in ac– cordance with Section 13(e) of the 1934 Act (as defined below)
and the rules and regula– tions promulgated thereunder. The provisions of this
Section shall be implemented in a manner otherwise than in strict conformity
with the terms of this Section to correct this Section (or any portion hereof)
which may be defective or inconsistent with the intended Maximum Percentage
beneficial ownership limitation herein contained or to make chang– es or
supplements necessary or desirable to properly give effect to such Maximum Per–
centage limitation. The limitations contained in this Section shall apply to a
successor holder of this Note and shall be unconditional, irrevocable and
non–waivable. For any rea– son at any time, upon the written or oral request of
Investor, Company shall within one (1) business day confirm orally and in
writing to Investor the number of shares of Com– mon Stock then outstanding,
including by virtue of any prior conversion or exercise of convertible or
exercisable securities into Common Stock, including, without limitation,
pursuant to this Note. During the first six months, this Note is in effect, the
Investor may not convert this Note pursuant to this paragraph. The conversion
discount and look–back period will be adjusted downward (i.e. for the benefit of the
Holder) if the Company offers a more favorable conversion discount (whether via
interest rate, OID, lower ceiling price or otherwise) or look–back period to
another party while this note is in effect and the Holder will also get the
benefit of any other term (for a example a higher prepay) granted to any third
party while this Note is in effect. 

(b)           Interest on any
unpaid principal balance of this Note shall be paid at the rate of 10% per
annum. Interest shall be paid, by the Company, in Common Stock ("Interest
Shares"). Holder may send in a Notice of Conversion to the Company for Interest
Shares based on the formula provided in Section 4(a) above. The dollar amount
converted into Interest Shares shall be all or a portion of the accrued interest
calculated on the unpaid principal balance of this Note to the date of such
notice. 

(c)           This Note may
not be prepaid. 

(d)           Upon (i) a
transfer of all or substantially all of the assets of the Company to any person
in a single transaction or series of related transactions, (ii) a re–
classification, capital reorganization or other change or exchange of
outstanding shares of the Common Stock, other than a forward or reverse stock
split or stock dividend, or (iii) any consolidation or merger of the Company
with or into another person or entity in which the Company is not the surviving
entity (other than a merger which is effected solely to change the jurisdiction
of incorporation of the Company and results in a reclassification, conversion or
exchange of outstanding shares of Common Stock solely into shares of Com– mon
Stock) (each of items (i), (ii) and (iii) being referred to as a "Sale Event"),
then, in each case, the Company shall, upon request of the Holder, redeem this
Note in cash for 150% of the principal amount, plus accrued but unpaid interest
through the date of redemption, or at the election of the Holder, such Holder
may convert the unpaid principal amount of this Note (together with the amount
of accrued but unpaid interest) into shares of Common Stock immediately prior to
such Sale Event at the Conversion Price. 

(e)           In case of any
Sale Event (not to include a sale of all or substan– tially all of the Company’s
assets) in connection with which this Note is not redeemed or converted, the
Company shall cause effective provision to be made so that the Holder of this
Note shall have the right thereafter, by converting this Note, to purchase or
convert this Note into the kind and number of shares of stock or other
securities or property (in– cluding cash) receivable upon such reclassification,
capital reorganization or other change, consolidation or merger by a holder of
the number of shares of Common Stock that could have been purchased upon
exercise of the Note and at the same Conversion Price, as de– fined in this
Note, immediately prior to such Sale Event. The foregoing provisions shall sim–
ilarly apply to successive Sale Events. If the consideration received by the
holders of Com– mon Stock is other than cash, the value shall be as determined
by the Board of Directors of the Company or successor person or entity acting in
good faith. 

5.           No provision of
this Note shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, and interest on, this Note at the time, place, and rate, and in the form, herein
prescribed. 

6.           The Company
hereby expressly waives demand and presentment for payment, notice of
non–payment, protest, notice of protest, notice of dishonor, notice of ac–
celeration or intent to accelerate, and diligence in taking any action to
collect amounts called for hereunder and shall be directly and primarily liable
for the payment of all sums owing and to be owing hereto. 

7.           The Company
agrees to pay all costs and expenses, including reasona– ble attorneys' fees and
expenses, which may be incurred by the Holder in collecting any amount due under
this Note. 

8.            While this Note is outstanding and to the extent the Company
  grants any other party more favorable investment terms (whether via interest
  rate, original issue discount, conversion discount or look–back period), the
  terms of the Note shall automati– cally adjust to match those more favorable
  terms. 

 9.          
I f one or more of the
following described "Events of Default" shall occur: 

(a)           The Company
shall default in the payment of principal or in– terest on this Note or any
other note issued to the Holder by the Company; or 

(b)           Any of the
representations or warranties made by the Compa– ny herein or in any certificate
or financial or other written statements heretofore or hereaf– ter furnished by
or on behalf of the Company in connection with the execution and delivery of
this Note, or the Securities Purchase Agreement under which this note was issued
shall be false or misleading in any respect; or 

(c)           The Company
shall fail to perform or observe, in any respect, any covenant, term, provision,
condition, agreement or obligation of the Company under this Note or any other
note issued to the Holder; or 

(d)           The Company
shall (1) become insolvent; (2) admit in writing its inability to pay its debts
generally as they mature; (3) make an assignment for the bene– fit of creditors
or commence proceedings for its dissolution; (4) apply for or consent to the
appointment of a trustee, liquidator or receiver for its or for a substantial
part of its proper– ty or business; (5) file a petition for relief, consent to
the filing of such petition or have filed against it an involuntary petition for
bankruptcy relief, all under federal or state laws as applicable; or 

(e)           A trustee,
liquidator or receiver shall be appointed for the Company or for a substantial
part of its property or business without its consent and shall not be discharged
within sixty (60) days after such appointment; or 

(f)           Any governmental
agency or any court of competent jurisdiction at the instance of any
governmental agency shall assume custody or control of the whole or any
substantial portion of the properties or assets of the Company; or 

(g)           One or more
money judgments, writs or warrants of attachment, or similar process, in excess
of Hundred Eighty Five Thousand and Eight Hundred dollars ($85,800.00) in the
aggregate, shall be entered or filed against the Company or any of its
properties or other assets and shall remain unpaid, unvacated, unbonded or
unstayed for a period of fifteen (15) days or in any event later than five (5)
days prior to the date of any proposed sale thereunder; or 

(h)           The Company
shall have defaulted on or breached any term of any other note of similar debt
instrument into which the Company has entered and failed to cure such default
within the appropriate grace period; or 

(i)           The Company
shall have its Common Stock delisted from an exchange (including the OTCBB
exchange) or, if the Common Stock trades on an exchange, then trading in the
Common Stock shall be suspended for more than 10 consecutive days; 

(j)           If a majority of
the members of the Board of Directors of the Company on the date hereof are no
longer serving as members of the Board; 

(k)           The Company
shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein
without restrictive legend within 3 business days of its receipt of a Notice of
Conversion; or 

(l)           The Company
shall not replenish the reserve set forth in Section 13, within 3 business days
of the request of the Holder. If the Company does not re– plenish, the request
of the Holder then the conversion discount set forth in Section 4(a) shall be
increased from a 50% conversion discount to a 60% conversion discount; or 

(m)           The Company
shall not be “current” in its filings with the Securities and Exchange
Commission; or 

(n)           The Company
shall lose the “bid” price for its stock in a market (including the OTC
marketplace or other exchange). 

(o)           The Company is
in arrears for more than 30 days with its Transfer Agent, the conversion
discount shall be increased from 50% to 60%. 

(p)           A default has
been declared against the Company, which has not been cured in any other loan or
Note agreement. 

(q)           The Company’s
Common Stock has a closing bid price of less than $0.0006 per share for at least 5 consecutive trading days.

(r)           The aggregate
dollar trading volume of the Company’s Com– mon Stock is less than forty
thousand dollars ($40,000.00) in any 5 consecutive trading days. 

Then, or at any time thereafter, unless cured within 5 days,
(except for 9(q) and 9(r) which are incurable defaults, the sole remedy of which
is to allow the Holder to cancel both this Note and the Holder Issued Note), and
in each and every such case, unless such Event of Default shall have been waived
in writing by the Holder (which waiver shall not be deemed to be a waiver of any
subsequent default) at the option of the Holder and in the Holder's sole
discretion, the Holder may consider this Note immediately due and payable,
without presentment, demand, protest or (further) notice of any kind (other than
notice of accelera– tion), all of which are hereby expressly waived, anything
herein or in any note or other in– struments contained to the contrary
notwithstanding, and the Holder may immediately, and without expiration of any
period of grace, enforce any and all of the Holder's rights and remedies
provided herein or any other rights or remedies afforded by law. Upon an Event
of Default, interest shall accrue at a default interest rate of 24% per annum
or, if such rate is usurious or not permitted by current law, then at the
highest rate of interest permitted by law. In the event of a breach of Section
8(k) the penalty shall be $250 per day the shares are not issued beginning on
the 4th day after the conversion notice was delivered to the Company. This
penalty shall increase to $500 per day beginning on the 10th day. The pen– alty
for a breach of Section 8(n) shall be an increase of the outstanding principal
amounts by 20%. In case of a breach of Section 8(i), (k), or (l) the outstanding
principal due under this Note shall increase by 50%. If this Note is not paid at
maturity, the outstanding princi– pal due under this Note shall increase by 10%.
If the Holder shall commence an action or proceeding to enforce any provisions
of this Note, including, without limitation, engaging an attorney, then if the
Holder prevails in such action, the Holder shall be reimbursed by the Company
for its attorneys’ fees and other costs and expenses incurred in the
investigation, preparation and prosecution of such action or proceeding. 

At the Holder’s election, if the Company fails for any reason
to deliver to the Holder the conversion shares by the 3rd business day following
the delivery of a Notice of Conversion to the Company and if the Holder incurs a
Failure to Deliver Loss, then at any time the Holder may provide the Company
written notice indicating the amounts payable to the Holder in respect of the
Failure to Deliver Loss and the Company must make the Holder whole as follows:

Failure to Deliver Loss = [(High trade
price at any time on or after the day of exercise) x (Number of conversion
shares)] 

The Company must pay the Failure to Deliver Loss by cash
payment, and any such cash payment must be made by the third business day from
the time of the Holder’s written no– tice to the Company. 

10.           In case any
provision of this Note is held by a court of competent ju– risdiction to be
excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it
is enforceable to the maximum extent possible, and the validity and
enforceability of the remaining provisions of this Note will not in any way be
affected or impaired thereby. 

11.           Neither this
Note nor any term hereof may be amended, waived, dis– charged or terminated
other than by a written instrument signed by the Company and the Holder. 

12.           The Company
represents that it is not a “shell” issuer and has never been a “shell” issuer
or that if it previously has been a “shell” issuer that at least 12 months have
passed since the Company has reported form 10 type information indicating it is
no longer a “shell issuer. Further. The Company will instruct its counsel to
either (i) write a 144– 3(a)(9) opinion to allow for salability of the
conversion shares or (ii) accept such opinion from Holder’s counsel. 

13.           The Company
shall reserve 66,000,000 shares of Common Stock for conversions under this Note
(the “Share Reserve”). The investor shall have the right to pe– riodically
request that the number of Reserved Shares be increased so that the number of
Reserved Shares at least equals 400% of the number of shares of Company
common stock issuable upon conversion of the Note. The Company shall pay all
costs associated with issu– ing and delivering the shares. At all times, the
reserve shall be maintained with the Trans– fer Agent at four times the amount
of shares required if the Note would be fully converted. If the Company defaults
on these terms, the conversion discount will increase to 60%. 

14.           The Company will
give the Holder direct notice of any corporate ac– tions, including but not
limited to name changes, stock splits, recapitalizations etc. This no– tice
shall be given to the Holder as soon as possible under law. 

15.           This Note shall
be governed by and construed in accordance with the laws of New York applicable
to contracts made and wholly to be performed within the State of New York and
shall be binding upon the successors and assigns of each party hereto. The
Holder and the Company hereby mutually waive trial by jury and consent to
exclusive jurisdiction and venue in the courts of the State of New York. This
Agreement may be exe– cuted in counterparts, and the facsimile transmission of
an executed counterpart to this Agreement shall be effective as an original.

IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed by an of– ficer thereunto duly authorized. 

Dated: June 8th, 2017 

 
 

	LITHIUM EXPLORATION GROUP, INC.
  
	By:  	
	 	Title: CEO 

EXHIBIT A 

NOTICE OF CONVERSION 

(To be Executed by the Registered Holder in order to Convert the
Note) 

 The
undersigned hereby irrevocably elects to convert $___________ of the above Note
into _________Shares of Common Stock of Lithium Exploration Group, Inc.
(“Shares”) according to the conditions set forth in such Note, as of the date
written below. 

 If
Shares are to be issued in the name of a person other than the undersigned, the
undersigned will pay all transfer and other taxes and charges payable with
respect thereto. 

	Date
      of Conversion: 	 
	Applicable Conversion Price: 	 
	Signature: 	 
		[Print Name of Holder and Title of Signer]
  
	Address: 	 
		 
		 
	SSN or EIN: 	 
	Shares are to be registered in the following
      name: 
		 
	Name: 	 
	Address: 	 
	Tel: 	 
	Fax: 	 
	SSN or EIN: 	
		 
	Shares are to be sent or delivered to the
      following account: 
		 
	Account Name: 	 
	Address:Lithium Exploration Group, Inc.: Exhibit 10.114- Filed by newsfilecorp.com

10.114 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES.
THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND
MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE
APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. LENDERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER
OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS
IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

CONCORD HOLDING GROUP, LLC 
COLLATERALIZED SECURED PROMISSORY
NOTE 
BACK END NOTE 

	$78,000.00 	New York, New York 
	  	 June 8, 2017 

1.           Principal
and Interest 

FOR VALUE RECEIVED, Concord
Holding Group, LLC, a New York Limited Liability Company (the "Company") hereby
absolutely and unconditionally promises to pay to Lithium Exploration Group,
Inc., a Nevada Corporation (the "Lender"), or order, the principal amount of
Seventy Eight Thousand Dollars ($78,000.00) no later than March 8, 2018, unless
the Lender does not meet the "current information requirements" required under
Rule 144 of the Securities Act of 1933, as amended, in which case the Company
may declare the offsetting note issued by the Lender on the same date herewith
to be in Default (as defined in that note) and cross cancel its payment
obligations under this Note as well as the Lenders payment obligations under the
offsetting note. This Full Recourse Note shall bear simple interest at the rate
of 10%. 

2.          
Repayments and Prepayments; Security. 

a.           All
principal under this Note shall be due and payable no later than March 8, 2018,
unless the Lender does not meet the "current information requirements" required
under Rule 144 of the Securities Act of 1933, as amended, in which case the
Company may declare the offsetting note issued by the Lender on the same date
herewith to be in Default (as defined in that note) and cross cancel its payment
obligations under this Note as well as the Lenders payment obligations under the
offsetting note. 

b.           The
Company may pay this Note at any time. This note may not be assigned by the
Lender, except by operation of law. 

10.114 

c.           This
Note shall initially be secured by the pledge of the $85,800, 10%, convertible
promissory note issued to the Company by the Lender on even date herewith, (the
“Lender Note”). 

10.114

The Company may exchange this collateral for other
collateral with an appraised value of at least $78,000.00, by providing 3 days
prior written notice to the Lender. If the Lender does not object
to the substitution of collateral in that 3-day period, such substitution of
collateral shall be deemed to have been accepted by the Lender. Notwithstanding
the foregoing, an exchange of collateral for $78,000.00 in cash shall not
require the approval of the Lender. All collateral shall be retained by
Cassi Olson, Esq., which shall act as the escrow agent for the collateral for
the benefit of the Lender. The Company may not effect any conversions under the
Lender Note until it has made full cash payment for the portion of the Lender
Note being converted. 

3.           Events
of Default; Acceleration. 

a.           The
principal amount of this Note is subject to prepayment, in whole or in part,
upon the occurrence and during the continuance of any of the following events
(each, an "Event of Default"): the initiation of any bankruptcy, insolvency ,
moratorium, receivership or reorganization by or against the Company, or a
general assignment of assets by the Company for the benefit of creditors. Upon
the occurrence of any Event of Default, the entire unpaid principal balance of
this Note and all of the unpaid interest accrued thereon shall be immediately
due and payable. The Company may offset amounts due to the Lender under this
Note by similar amounts that may be due to the Company by the Lender resulting
from breaches under the Lender Note. 

b.           No
remedy herein conferred upon the Lender is intended to be exclusive of any other
remedy and each and every remedy shall be cumulative and in addition to every
other remedy hereunder , now or hereafter existing at law or in equity or
otherwise. The Company accepts and agrees that this Note is a full recourse note
and that the Holder may exercise any and all remedies available to it under law.

4.           Notices.

a.           All
notices, reports and other communications required or permitted hereunder shall
be in writing and may be delivered in person, by telecopy with written
confirmation, overnight delivery service or U.S. mail, in which event it may be
mailed by first-class, certified or registered , postage prepaid, addressed (i)
if to a Lender, at such Lender's address as the Lender shall have furnished the
Company in writing and (ii) if to the Company at such address as the Company
shall have furnished the Lender(s) in writing. 

b.           Each
such notice, report or other communication shall, for all purposes, under this
Note be treated as effective or having been given when delivered if delivered
personally or, if sent by mail, at the earlier of its receipt or 72 hours after
the same has been deposited in a regularly maintained receptacle for the deposit
of the United States mail, addressed and mailed as aforesaid, or, if sent by
electronic communication with confirmation, upon the delivery of electronic
communication. 

2

10.114

5.           Miscellaneous.

a.           Neither
this Note nor any provisions hereof may be changed, waived, discharged or
terminated orally, but only by a signed statement in writing. 

b.           No
failure or delay by the Lender to exercise any right hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise of any right, power
or privilege preclude any other right, power or privilege. The provisions of
this Note are severable and if any one provision hereof shall be held invalid or
unenforceable, in whole or in part, in any jurisdiction, such invalidity or
unenforceability shall affect only such provision in such jurisdiction. This
Note expresses the entire understanding of the parties with respect to the
transactions contemplated hereby. The Company and every endorser and guarantor
of this Note regardless of the time, order or place of signing hereby waives
presentment, demand, protest and notice of every kind, and assents to any
extension or postponement of the time for payment or any other indulgence, to
any substitution, exchange or release of collateral, and to the addition or
release of any other party or person primarily or secondarily liable. 

c.           While
this Note is outstanding and to the extent the Company grant any other party
more favorable investment terms (whether via interest rate, original issue
discount, conversion discount or look-back period), the terms of the Note shall
automatically adjust to match those more favorable terms. 

d.           If
Lender retains an attorney for collection of this Note, or if any suit or
proceeding is brought for the recovery of all, or any part of, or for protection
of the indebtedness respected by this Note, then the Company agrees to pay all
costs and expenses of the suit or proceeding, or any appeal thereof, incurred by
the Lender, including without limitation, reasonable attorneys' fees. 

e.           This
Note shall for all purposes be governed by, and construed in accordance with the
laws of the State of New York (without reference to conflict of laws). 

f.           This
Note shall be binding upon the Company's successors and assigns, and shall inure
to the benefit of the Lender's successors and assigns. 

3

10.114 

IN WITNESS WHEREOF, the Company has caused this Note to be
executed by its duly authorized officer to take effect as of the date
herein above written. 

	CONCORD HOLDING GROUP LLC 
	 	  
	By:  	 
	Title:  	 
	 
	 
	APPROVED: 
	 	

 

	LITIHIUM EXPLORATION GROUP, INC.
  
	By: 	  
	Title: 	CEO 

4

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