Confidential Demand Loan Agreement between Silver Bay Resources Inc. and Donald Gardner

Summary

Silver Bay Resources Inc. has entered into a confidential demand loan agreement with Donald Gardner for a principal amount of $60,000 USD. The loan carries no interest and has no fixed repayment term; repayment of the principal will occur upon mutual agreement between both parties. Both parties have agreed to keep the terms of this agreement confidential, only sharing details with their legal and financial advisors as needed.

EX-10.2 4 ex10-2.txt LOAN AGREEMENT Exhibit 10.2 CONFIDENTIAL DEMAND LOAN Date of Issuance: June 15, 2008 Borrower: Silver Bay Resources Inc. ("Silver Bay") Lender: Donald Gardner Structure: Demand Loan ("Loan") Principal: $60,000 USD. Period: No fixed term Interest: Zero percent Terms: Upon the mutual agreement of both the borrower and lender, Silver Bay Resources Inc shall pay back in full the principal owed. Confidentiality: The parties agree to keep this term sheet and its contents confidential and not to distribute it to, or discuss it with, any third party (other than the parties' legal and financial advisors, who shall be informed of the confidential nature of this document) without the prior express written consent of the parties. The undersigned parties hereby represent and warrant that this term sheet has been duly authorized, executed and delivered. By Silver Bay Resources Inc. /s/ D. Gardner - -------------------------- Authorized Signatory