PAYMENT AGREEMENT AND GENERAL RELEASEPayment Agreement and General Release • January 19th, 2010 • U S Precious Metals Inc • Metal mining • Maryland
THIS PAYMENT AGREEMENT AND GENERAL RELEASE (this “Agreement”) is entered into this ______ day of November, 2009, by and between U.S. Precious Metals, Inc., a Delaware corporation (the “Parent”), with an office at 801 International Parkway, 5th Floor, Lake Mary, Florida 32746, and U.S. Precious Metals de Mexico, S.A. de C.V., a company formed under the laws of the United Mexican States (the “Subsidiary” and together with the Parent, each a “Company” and collectively, the “Companies”), with an office at Jacaranda 119, Col. Los Angeles, Michoacan, Morelia, C.P. 58100, and Duane Morris LLP, a Delaware limited liability partnership (“Duane Morris”), with an address at 111 S. Calvert Street, Suite 2000, Baltimore, MD 21202.
B A C K G R O U N DPledge Agreement • January 19th, 2010 • U S Precious Metals Inc • Metal mining
WHEREAS, , the Pledgor, together with its parent company, U.S. Precious Metals, Inc., a Delaware corporation (the “Parent” and together with the Pledgor, each a “Company” and collectively, the “Companies”), previously sought and obtained legal counsel and related services from the Pledgee, including, without limitation, legal counsel and related services performed in connection with regulatory and securities compliance, various financing arrangements, and general corporate representation (collectively, the “Engagement”);
