CONTRACT TERMINATION AGREEMENT
THIS AGREEMENT is made as of the 5th day of May, 2010 by and between Luis F. Saenz
(“Saenz”), an individual with an address at Malecon de la Reserva 777, Apt 1702, Lima 18, Peru, and Loreto
Resources Corporation, a Nevada corporation with an address at Av. Pardo y Aliaga 699 Of. 802 San Isidro,
Peru (the “Company”).
WHEREAS , Saenz and the Company entered into a written employment agreement dated July 21,
2008 (the "Employment Agreement"); and
WHEREAS , both parties wish to terminate the Employment Agreement in accordance with the terms
set forth below.
NOW, THEREFORE , in consideration for the mutual promises, covenants and conditions herein, and
for such other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:
1. Termination of the Employment Agreement . The Employment Agreement is hereby terminated
in its entirety and each party thereto hereby releases the other from any obligations, claims, liabilities, debts, or
otherwise arising out of or in connection with said Employment Agreement. Furthermore, each party hereby
waives any and all rights, remedies, claims, causes of action or other privileges, including, without limitation, any
and all rights to compensation, bonuses, vacation accruals, benefits, expense reimbursements or other payments
due to Saenz from the Company, it may have or may accrue in the future under said Employment Agreement.
2. Termination of the Option Agreement . The Company and Saenz acknowledge that Saenz was
granted stock options (the “Options”) in the Company in accordance with the terms of that certain stock option
agreement dated July 21, 2008 (the “Option Agreement”) and the Company’s 2008 Equity Incentive
Plan. Saenz acknowledges and agrees that the Options, both vested and unvested, and the Option Agreement
are hereby terminated as of the date hereof. Saenz agrees to promptly de