MODIFICATION OF SETTLEMENT AGREEMENT AND MUTUAL RELEASE
Exhibit 10.14
MODIFICATION
OF
THIS MODIFICATON OF SETTLEMENT AGREEMENT AND MUTAUL RELEASE (“Agreement”) is entered into this 13th day of February, 2013, by and between Bonanza Goldfields Corporation, a Nevada corporation, whose address is 0000 Xxxx Xxxxxxxxx Xxxx, Xxxxx 000, Xxxxxxx, XX 00000, (“Bonanza”), Xxxxx Xxxxxx, whose address is 0000 Xxxxx Xxx Xxxxx, Xxxxxxxxxx, XX 00000 (“Xxxxxx”), and Global Mineral Resources Corp., a Florida corporation, whose address is 0000 Xxxxx Xxx Xxxxx, Xxxxxxxxxx, XX 00000, sometimes individually referred to as a “Party” and collectively as “Parties.”
WHEREAS, the Parties entered into a Settlement Agreement and Mutual Release on February 22, 2012 (“Original Agreement”), to resolve issues related to Xxxxxx’x previous employment by Bonanza and transactions between Bonanza and Global Mineral Resources Corp. (“Global”) which was at all relevant times and is presently wholly owned by Xxxxxx, and
WHEREAS, the Original Agreement provided that 2,500,000 shares of Bonanza common stock would be issued to Xxxxxx on or before September 22, 2012, but said shares have not yet been issued and delivered to Xxxxxx, and
WHEREAS, Bonanza has a dispute with Global regarding a transaction where certain patented claims were purchased by Bonanza but Bonanza contends were never assigned to Bonanza, and
WHEREAS, Bonanza issued shares to Global in payment for the claims, all of which have not been returned to Bonanza as a result of the sale and assignment of the claims not having been completed, and
WHEREAS, Bonanza and Xxxxxx have reached an agreement regarding resolution of issues related to shares due to Xxxxxx from Bonanza under the Original Agreement and shares that Global has not yet returned to Bonanza that were issued in the failed transaction,
IT IS, THEREFORE, MUTUALLY AGREED AS FOLLOWS BETWEEN THE PARTIES:
1. Shares originally issued to Global regarding the incomplete assignment of claims. The Parties agree that Global may retain 2,500,000 unrestricted common shares of Bonanza stock represented by Certificate BAL-101 issued on April 9, 2012, and that the remaining 170,000 shares represented by that certificate shall be returned to Bonanza for cancellation. Xxxxxx holds 1,000,000 unrestricted common shares of Bonanza stock represented by Certificate BAL-120 issued on May 15, 2012, which derived from a certificate issued to Global that Xxxxxx directed Transfer Online to split into two certificates: BAL-101 and BAL-120. Xxxxxx agrees to return the 1,000,000 shares represented by Certificate BAL-120 to Bonanza for cancellation.
2. Shares due to Xxxxxx under the Original Agreement Xxxxxx agrees to waive his right to receive the 2,500,000 shares that were required to be issued to him on September 22, 2012, under the terms of the Original Agreement and acknowledges that he has no claim of any kind for any additional shares of Bonanza stock including under the terms of the Original Agreement.
3. Instructions to Transfer Online. The Parties agree to promptly give any written instructions to Transfer Online that may be necessary to give effect to this Agreement. The Parties acknowledge that time is of the essence.
4. Original Agreement. The Parties agree and acknowledge that all of the other terms of the Original Agreement shall remain in effect.
| Global Mineral Resources Corp. | Bonanza Goldfields Corporation | |||
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/s/ Xxxxx Xxxxxx
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/s/ Xxxxxxx Xxxxxxxxxxxxxx
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Xxxxx Xxxxxx, President
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Xxxxxxx Xxxxxxxxxxxxxx, President
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February 13, 2013
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/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
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