SEC Contract Filing

Filing Date: 2016-03-23

Document Content:
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<TYPE>EX-10.4
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<FILENAME>v435025_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.4</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SEARCHLIGHT MINERALS CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2360 West Horizon Ridge Parkway, #100B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Henderson, Nevada 89052</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 18, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Luxor Capital Partners, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Luxor Capital Group, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1114 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">29<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Norris Nissim</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby refer to the Secured Convertible
Promissory Notes (the &ldquo;Note&rdquo;), dated September 18, 2013, as amended March 18, 2016, in the aggregate original principal
amount of $2,600,000, made by Searchlight Minerals Corp. (&ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo;), held by Luxor
Capital Partners, LP (&ldquo;Luxor&rdquo; or &ldquo;you&rdquo;) and certain of its affiliates. Capitalized terms not defined in
this letter shall have their respective meanings as set forth in the Note.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Luxor and its affiliates have converted
all of the outstanding principal amount and accrued and unpaid interest of the Note in the amount of $2,691,000 into 76,885,714
shares of our Common Stock at the Conversion Price of $0.035 per share, and Luxor has acquired 42,857,143 shares of Common Stock
at purchase price of $0.035 per share, for an aggregate purchase price of $1,500,000. In addition, our Board of Directors has agreed
(i) to waive certain provisions of our Rights Agreement, dated August 24, 2009, with respect to accounts managed by Luxor, (ii)
to authorize and put to our stockholders for a vote certain amendments to our Articles of Incorporation that, among other things,
would eliminate a classified Board of Directors and increase the number of authorized shares of our capital stock, and (iii) to
nominate three designees of Luxor for election by our stockholders to our Board of Directors. The Board of Directors shall take
all necessary steps to call a meeting of the stockholders to effectuate items (ii) and (iii) by June 1, 2016, provided that Luxor
acknowledges and agrees that such meeting may fall on a later date because of matters outside our control, including but not limited
to the time period required by the SEC to review and comment on our proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a further inducement to our Board of
Directors for taking such action, you have agreed to the following:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&#9;Luxor shall invest an additional
$1,250,000 in new shares of our Common Stock, at a purchase price of $0.045 per share, upon the completion of certain milestones
set forth in a purchase agreement entered into between Luxor and us on the date hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&#9;Neither Luxor nor any of its affiliates
shall exercise any of its warrants to acquire shares of Common Stock if the number of shares to be issued upon exercise would exceed
the available amount of authorized shares of our Common Stock.</