SEC Contract Filing

Filing Date: 2016-09-12

Document Content:
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<TYPE>EX-10.2
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<FILENAME>exhibit10-2.htm
<DESCRIPTION>EXHIBIT 10.2
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<P align=justify><B>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "ACT"), OR APPLICABLE STATE SECURITIES LAWS, AND MAY
NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL IN THE FORM,
SUBSTANCE AND SCOPE REASONABLY SATISFACTORY TO THE COMPANY THAT THIS NOTE MAY BE
SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF, UNDER AN EXEMPTION FROM
REGISTRATION UNDER THE ACT AND SUCH STATE SECURITIES LAWS.</B> </P>
<P align=center><B>LITHIUM EXPLORATION GROUP, INC. </B><BR>10% OID Convertible
Promissory Note <BR>Due August 12, 2017 <BR></P>
<P align=justify>August 12, 2016</P>
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 <TD align=right width="33%">Purchase Price: </TD>
 <TD align=right width="33%">USD $42,500 </TD></TR>
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 <TD align=right width="33%">Principal Price: </TD>
 <TD align=right width="33%">$46,750 </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">For value received, <B>Lithium Exploration Group, Inc., </B>a
Nevada corporation (the "Company"), hereby promises to pay to the order of
<B>JDF Capital Inc. </B>(together with its successors, representatives, and
permitted assigns, the "Holder"), in accordance with the terms hereinafter
provided, up to an aggregate of $46,750 (forty-six thousand seven hundred fifty dollars) (the <B>"Principal Amount"), </B>which includes the
aggregate principal sum of $42,500 (forty-two thousand f i f t y dollars)
advanced by the Holder, $4250 Original Issue Discount incurred by the Holder,
and $2500 legal fees. The Principal Amount outstanding shall be due and payable
on August 12, 2017.</P>
<P align=justify style="text-indent: 5%">The due dates of any outstanding principal balance are referred
to herein as the "Maturity Date", respectively. </P>
<P align=justify style="text-indent: 5%">All payments under or pursuant to this Note refer to and shall
be made in United States Dollars in immediately available funds to the Holder at
the address of the Holder first set forth above or at such other place as the
Holder may designate from time to time in writing to the Company or by wire
transfer of funds to the Holder's account, instructions for which are attached
hereto as <U>Exhibit A</U>. </P>
<P align=center><B>ARTICLE I </B></P>
<P align=justify style="text-indent: 5%">Section 1.1 <U>Purchase Agreement</U>. This Note has been
executed and delivered pursuant to the Security Purchase Agreement dated as of
August 12, 2016 (the "Purchase Agreement'') by and among the Company and the
purchasers listed therein. Capitalized terms used and not otherwise defined
herein shall have the meanings set forth for such terms in the Purchase
Agreement. </P>
<P align=justify style="text-indent: 5%">Section 1.2 <U>Interest.</U> </P>
<P align=justify style="text-indent: 5%">(a) Beginning on the issuance date of this Note (the "Issuance
Date"), the outstanding principal balance of this Note shall bear interest at a
rate per annum equal to 10 percent (10%) accruing on an 12 month basis, which
shall consist of the pre-paid interest referred to above, which may be converted
to shares of the Company's common stock, par value $0.001 per share (the "Common
Stock") at the option of the Holder on the same terms as the Note. </P>
<P align=center>1 </P>
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<P align=justify style="text-indent: 5%">Section 1.3 <U>Payment on Non-Business Days</U>. Whenever any
payment to be made shall be due on a Saturday, Sunday or a public holiday under
the laws of the State of Nevada, such payment may be due on the next succeeding
business day and such next succeeding day shall be included in the calculation
of the amount of accrued interest payable on such date. </P>
<P align=justify style="text-indent: 5%">Section 1.4 <U>Transfer</U>. This Note may be transferred or
sold, subject to the provisions of Section 4.8 of this Note, or pledged,
hypothecated or otherwise granted as security by the Holder. </P>
<P align=justify style="text-indent: 5%">Section 1.5 <U>Replacement.</U> Upon receipt of a duly
executed, notarized and unsecured written statement from the Holder with respect
to the loss, theft or destruction of this Note (or any replacement hereof), and
without requiring an indemnity bond or other security, or, in the case of a
mutilation of this Note, upon surrender and cancellation of such Note, the
Company shall issue a new Note, of like tenor and amount, in lieu of such lost,
stolen, destroyed or mutilated Note. </P>
<P align=center><B>ARTICLE II</B> </P>
<P align=center><U>EVENTS OF DEFAULT; REMEDIES</U> </P>
<P align=justify style="text-indent: 5%">Section 2.1 <U>Events of Default</U>. The occurrence of any of
the following events shall be an "Event of Default" under this Note: </P>
<P align=justify style="text-indent: 5%">(a) the Company shall fail to make the payment of any amount of
principal outstanding on the date such payment is due hereunder; </P>
<P align=justify style="text-indent: 5%">(b) the Company shall fail to make any payment of interest in
shares of Common Stock for a period of three (3) days after the date such
interest is due; </P>
<P align=justify style="text-indent: 5%">(c) the suspension from listing, without subsequent listing on
any one of, or the failure of the Common Stock to be listed on