This Termination Agreement (the
Agreement), dated effective the 29th day of February 2016,
(the Effective Date) is by and between Crosby Enterprises, Inc., a
Washington corporation (hereinafter referred to as the Service
Provider), and White Mountain Titanium Corporation, a Nevada corporation
(hereinafter referred to as the Company).
A. On or about December 21, 2015,
the Company entered into an Investor Relations Services Agreement dated December
21, 2015, with the Service Provider to provide investor relations services to
the Company (the IR Services Agreement).
B. The Service Provider is owned
and controlled by Howard Crosby, who served as a director of the Company through
March 7, 2016.
C. In connection with his
resignation as a director, he and the Company have agreed to mutually terminate
the IR Services Agreement.
NOW, THEREFORE, in consideration
of the faithful performance of the obligations set forth herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Service Provider and the Company hereby agree as follows.
Termination of IR Services Agreement. The Service Provider and
the Company hereby mutually terminate the IR Services Agreement as of the
Effective Date. The Service Provider and the Company waive the requirement for
30 days prior notice of the termination under Section 2 of the IR Services
Agreement. Those provisions that by their nature are intended to survive
termination or expiration of the IR Services Agreement shall so survive,
including, but not limited to, Sections 9, 11, and 13, which are incorporated
hereby by this reference.
Fees. Any fees or reimbursable amounts accrued but unpaid through the
Effective Date are to be paid by the Company as soon as excess operating funds
are reasonably available, but not later than one year from the Effective Date.
No interest shall accrue on any unpaid fees. Notwithstanding the foregoing, the
accrued but unpaid fees shall be subordinate to any senior indebtedness of the
Company incurred now or in the future.
3. Waiver of
Defaults. Each of the parties to the IR Services Agreement hereby waives
any prior defaults of the other party under the terms of the IR Services
IN WITNESS WHEREOF, each of the
parties hereto, thereunto duly authorized, has executed this Termination
Agreement the respective day and year set forth below.
White Mountain Titanium Corporation
|Date: March 31, 2016
||/s/ Michael P. Kurtanjek |
Michael P. Kurtanjek, Interim
|Date: March 31, 2016
Howard M. Crosby |
||Howard M. Crosby, President