SEC Contract Filing

Filing Date: 2015-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.79
<SEQUENCE>3
<FILENAME>exhibit10-79.htm
<DESCRIPTION>EXHIBIT 10.79
<TEXT>
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 <TITLE>Lithium Exploration Group, Inc.: Exhibit 10.79 - Filed by newsfilecorp.com</TITLE>
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 <TR vAlign=top>
 <TD align=left colSpan=2><B>THIS SETTLEMENT AGREEMENT </B>is
 effective as of the 23rd day of December, 2014. </TD></TR>
 <TR>
 <TD align=left >&nbsp;</TD>
 <TD align=left width="92%" >&nbsp;</TD></TR>
 <TR>
 <TD align=left >&nbsp;</TD>
 <TD align=left width="92%" >&nbsp;</TD></TR>
 <TR vAlign=top>
 <TD align=left colSpan=2><B>BETWEEN:</B> </TD></TR>
 <TR>
 <TD align=left >&nbsp;</TD>
 <TD align=left width="92%" >&nbsp;</TD></TR>
 <TR vAlign=top>
 <TD align=left >&nbsp;</TD>
 <TD align=left width="92%"><B>LITHIUM EXPLORATION GROUP, INC.</B>, with an
 office at 3800 </TD></TR>
 <TR vAlign=bottom>
 <TD align=center >&nbsp;</TD>
 <TD align=center width="92%">
 <P align=justify>North Central Avenue, Suite 820, Phoenix, Arizona, 85012.
 </P></TD></TR>
 <TR>
 <TD align=center >&nbsp;</TD>
 <TD align=center width="92%" >&nbsp;</TD></TR>
 <TR vAlign=top>
 <TD align=left >&nbsp;</TD>
 <TD align=left width="92%">(the &#147;<B>Debtor</B>&#148;) </TD></TR>
 <TR vAlign=top>
 <TD align=left colSpan=2><B>AND:</B> </TD></TR>
 <TR>
 <TD align=left colSpan=2>&nbsp;</TD></TR>
 <TR vAlign=top>
 <TD align=left >&nbsp;</TD>
 <TD align=left width="92%"><B>ALEXANDER R. WALSH </B>with an address at
 320 East Fairmont Drive, </TD></TR>
 <TR vAlign=top>
 <TD align=left >&nbsp;</TD>
 <TD align=left width="92%">Tempe, Arizona 85282. </TD></TR>
 <TR>
 <TD align=left >&nbsp;</TD>
 <TD align=left width="92%" >&nbsp;</TD></TR>
 <TR vAlign=top>
 <TD align=left >&nbsp;</TD>
 <TD align=left width="92%">(the &#147;<B>Creditor</B>&#148;) </TD></TR>
 <TR>
 <TD >&nbsp;</TD>
 <TD width="92%">&nbsp; </TD></TR>
 <TR vAlign=top>
 <TD align=left colSpan=2><B>WHEREAS:</B>
</TD></TR></TABLE><BR>
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 <TD vAlign=top width="5%">A. </TD>
 <TD>
 <P align=justify>the Creditor was originally owed an aggregate of $47,537
 (the &#147;<B>Debt</B>&#148;) on an interest free basis pursuant to an assignment of
 debt agreement entered into among the Creditor and Nanuk Warman (the
 &#147;<B>Creditor</B>&#148;) on December 15, 2010 (the &#147;<B>Assignment
 Agreement</B>&#148;) regarding the Debt that was advanced by Warman to the
 Debtor and outstanding as of December 6, 2010 and was assigned to the
 Creditor payable in full on demand;</P></TD></TR>
 <TR>
 <TD width="5%">&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR>
 <TD vAlign=top width="5%">B. </TD>
 <TD>
 <P align=justify>the Creditor has demanded repayment of the Debt from the
 Debtor (the &#147;<B>Demand</B>&#148;); and</P></TD></TR>
 <TR>
 <TD width="5%">&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR>
 <TD vAlign=top width="5%">C. </TD>
 <TD>
 <P align=justify>the Debtor received the Demand.</P></TD></TR></TABLE>
<P align=justify><B>NOW THEREFORE THIS SETTLEMENT AGREEMENT WITNESSETH</B> that
in consideration for the premises and mutual covenants and agreements herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which is also hereby acknowledged by each of the parties hereto,
the parties hereto hereby agree as follows: </P>
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 <TD vAlign=top width="5%">1. </TD>
 <TD>
 <P align=justify><B>Extension for Repayment</B>. In exchange for full
 payment and satisfaction of the Debt of the Creditor, the Debtor agrees to
 pay and the Creditor agrees to accept as of December 23, 2014 the payment
 of the Debt in full. After this repayment of the Debt pursuant to the
 terms of this Agreement, the Company will owe $Nil to the Creditor under
 the Assignment Agreement.</P></TD></TR>
 <TR>
 <TD width="5%">&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR>
 <TD vAlign=top width="5%">2. </TD>
 <TD>
 <P align=justify><B>Governing Law</B>. This agreement and the other
 documents issued pursuant to this Agreement shall be governed by the
 internal laws of the State of Arizona.</P></TD></TR>
 <TR>
 <TD width="5%">&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR>
 <TD vAlign=top width="5%">3. </TD>
 <TD>
 <P align=justify><B>Counterparts; Headings</B>. This Agreement may be
 executed in several counterparts, each of which shall be deemed an
 original, but such counterparts shall together constitute but one and the
 same agreement. The Article and Section headings in this Agreement are
 inserted for convenience of reference only and shall not constitute a part
 hereof.</P></TD></TR>
 <TR>
 <TD width="5%">&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR>
 <TD vAlign=top width="5%">4. </TD>
 <TD>
 <P align=justify><B>Entire Agreement</B>. This Agreement and the other
 documents referred to herein contain the entire understanding of the
 parties with respect to the subject matter hereof. There are no
 restrictions, promises, warranties, covenants or undertakings concerning
 such subject matter other than those expressly set forth in this
 Agreement. This Agreement supersedes all prior negotiations, agreements
 and undertakings between the parties with respect to such subject
 matter.</P></TD></TR></TABLE><BR>
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 <TR>
 <TD vAlign=top width="5%">5. </TD>
 <TD>
 <P align=justify><B>Notices</B>.