Exhibit 10.29


 


EXECUTIVE
EMPLOYMENT AGREEMENT


This EXECUTIVE
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of the 27 day of June 2016, by and between
U.S. Gold Corp., a Nevada corporation and David Mathewson, an individual (“Executive”). As used herein, the
“Effective Date” of this Agreement shall mean the date first set forth above.


W I T N E S S E T H:


WHEREAS,
the Executive desires to be employed by the Company as its Vice President, Head of Nevada Exploration, and Chief Geologist and
the Company wishes to employ Executive in such capacity;


NOW, THEREFORE,
in consideration of the foregoing recitals and the respective covenants and agreements of the parties contained in this document,
the Company and Executive hereby agree as follows:


1.       Employment
and Duties. The Company agrees to employ and Executive agrees to serve as the Company’s Vice President, Head of Nevada
Exploration, and Chief Geologist. The duties and responsibilities of Executive shall include the duties and responsibilities as
the Board of Directors of the Company (the “Board”) may from time to time assign to Executive.


a.       Executive
shall devote such amount of working time and efforts during the Company's normal business hours to the business and affairs of
the Company and its subsidiaries Executive deems necessary to execute the diligent and faithful performance of the duties and responsibilities
duly assigned to him pursuant to this Agreement. Executive and the Company agree that the Executive shall devote approximately
ninety percent (90%) of his working time and effort to the business and affairs of the Company, and shall be free to devote approximately
ten percent (10%_ of his total working time and effort to the affairs of his separate company, Nevada Gold Ventures, LLC. Provided
that none of the additional activities interferes with the performance of the duties and responsibilities of Executive or are determined
by the inconsistent with the position, standing, stature, reputation or best interests of the Company, nothing in this Section
1, shall prohibit Executive from (a) serving as a consultant, director or member of a committee, paid or unpaid, for entities that,
in the good faith determination of the Board, do not compete or present the appearance of competition with the Company or otherwise
create, or could create, in the good faith determination of the Board, a conflict of interest or appearance of a conflict of interest
with the business of the Company; (b) delivering lectures, fulfilling speaking engagements, and any writing or publication relating
to his area of expertise (c) serving as a director or trustee of any governmental, charitable or educational organization; or (d)
engaging in additional activities in connection with personal investments and community affairs; provided that such activities
are not inconsistent with Executive’s duties under this Agreement.




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b.       If,
at any time during the initial Term of this Agreement, the Executive or any of his controlled entities, including Nevada Gold Ventures,
LLC, acquires new mineral properties, the Company shall have a right of first refusal to re-purchase such properties from the Executive
or his controlled entity, as applicable. The Executive shall promptly notify the Company of any such additional properties acquired.
During the thirty (30) days following such notification by the Executive, the Executive and the Company shall negotiate in good
faith regarding terms of the Company’s acquisition of such properties. If the Company declines to purchase any such property,
or if the parties cannot agree to the terms for such purchase, within thirty (30) days following the Executive’s notification
to the Company, the Executive shall have the right to resell the applicable new property as he sees fit.


2.       Term.
The term of this Agreement shall commence on the Effective Date and shall continue for a period of one (1) year thereafter and
shall be automatically renewed for successive one (1) year periods thereafter unless either party provides the other party with
written notice of his or its intention not to renew this Agreement at least 30 days prior to the expiration of the initial term
or any renewal term of this Agreement. “Employment Period” or “Term” shall mean the initial
term plus renewals, if any.


3.       Place
of Employment. Executive’s services shall be performed at the Company’s offices or such other place as the Executive
is then located. The parties acknowledge, however, that Executive may be required to travel in connection with the performance
of his duties hereunder.


4.       Base
Salary. During the Term, Executive shall initially be paid an aggregate base salary at the rate of $200,000 per year (the “Base
Salary”). Twenty-five percent (25%) of the Base Salary shall be payable to the Executive in equal monthly cash installments,
in accordance with the payroll practices for the executives of the Company. The remaining seventy-five percent (75%) of the Base
Salary shall be payable to the Executive in equal monthly installments in the form of common stock of the Company. Each such installment
of common stock shall be issued on the first business day of the month, and shall be valued at the Market Price for the Company’s
common stock on the Trading Day immediately prior to the date of issue. For the purposes of this Section 4, “Market Price”
shall mean the closing bid price on the Nasdaq stock market as reported by a reliable reporting service designated by the Company
(i.e. Bloomberg) or, if Nasdaq is not the principal trading market for such security, the closing bid price of such security on
the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such
security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security
that are listed in the "pink sheets" by the National Quotation Bureau, Inc. If the Market Price cannot be calculated
for such security on such date in the manner provided above, the Market Price shall be the fair market value as mutually determined
by the Company and the Executive. "Trading Day" shall mean any day on which the common stock of the Company is tradable
for any period on the Nasdaq, or on the principal securities exchange or other securities market on which the common stock of the
Company is then being traded.


The
Compensation Committee of the Board, or the Board if there is no Compensation Committee, shall review Employee’s salary from
time to time and may, in its sole discretion, increase but not decrease it. The Board of Directors has the final authority to approve
Base Salary adjustments.




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5.       Bonuses.


In
addition to the Base Salary, Executive shall be entitled to receive a bonus (the “Bonus”) (if earned) during
the Term for which services are performed under this Agreement in an amount up to Executive’s Base Salary. The Bonus may
be paid in cash or in stock, or in a combination thereof in accordance with any Company bonus plans available for senior executives,
or in the absence of such plans, as determined by the Board. Any Bonus for a calendar year shall be subject to Executive’s
continued employment with the Company through the end of the calendar year in which it is earned and shall be paid after the conclusion
of the calendar year in accordance with the Company’s regular bonus payment policies in the year following the year with
respect to which the Bonus relates, and in any case not later than two and one half (2-1/2) months following the end of the year
with respect to which a Bonus is earned.


6.       Equity
Awards.


The
Executive shall be eligible to participate in any long term incentive plans adopted by the Company from time to time, and shall
otherwise be eligible for annual long term incentive awards in the discretion of the Board.


7.       Indemnification.
To the fullest extent permitted by law and the Company’s articles of incorporation and bylaws, the Company hereby indemnifies
Executive and holds him harmless from the Effective Date, through the Term, and after the period of Executive’s employment
hereunder, from and against all loss, costs, damages, and expenses including, without limitation, legal expenses of counsel (which
expenses the Company will, to the extent so permitted, advance to Executive as the same are incurred) arising out of or in connection
with the fact that Executive are or was a director, officer, attorney, employee, or agent of the Company or serving in such capacity
for another corporation at the request of the Company. This indemnification is in addition to that provided in the Company’s
certificate of incorporation and bylaws.


8.       D&O
Insurance. The Company shall cover Executive under directors and officers liability insurance from the Effective Date, through
the Term, and, while potential liability exists, after the period of Executive’s employment hereunder, on the most favorable
terms as provided to any other director or executive officer of the Company.


9.       Expenses.
Executive shall be entitled to prompt reimbursement by the Company for all reasonable ordinary and necessary travel, entertainment,
and other expenses incurred by Executive while employed (in accordance with the policies and procedures established by the Company
for its senior executive officers) in the performance of his duties and responsibilities under this Agreement; provided, that Executive
shall properly account for such expenses in accordance with Company policies and procedures.


10.       Other
Benefits. During the term of this Agreement, the Executive shall be eligible to participate in incentive, stock purchase, savings,
retirement (401(k)), and welfare benefit plans, including, without limitation, health, medical, dental, vision, life (including
accidental death and dismemberment) and disability insurance plans (collectively, “Benefit Plans”), in substantially
the same manner and at substantially the same levels as the Company makes such opportunities available to the Company's managerial
or salaried executive employees. The Executive shall be entitled to 12 days of paid time off (in addition to the usual national
holidays) during each contract year during which he serves hereunder (“Paid Time Off”). Paid Time Off not taken
during a calendar year may not be carried forward in the next contract year unless otherwise provided in the Benefit Plans or by
written Company policy, as from time to time implemented and updated.




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11.       Termination
of Employment.


(a)       For
Cause, Disability, Death or Resignation Without Good Reason.


Executive may terminate
his employment at any time, for any reason, upon 30 days prior notice to Company; provided that the Company may in its sole discretion,
elect to waive all or any part of any notice period. If the Executive’s employment is terminated during the Term by the Company
for Cause, if Executive voluntarily terminates employment with the Company other than for Good Reason at any time, or if Executive’s
employment terminates due to death or Disability, the Company shall pay to the Executive (or, if applicable, his estate) in a lump
sum (i) any unpaid portion of Executive’s accrued Base Salary and unused Paid Time Off; (ii) any amounts payable to Executive
pursuant to the terms of any pension or welfare benefit plan, and (iii) any expense reimbursements payable pursuant to the Company’s
reimbursement policy (the “Accrued Obligations”). Except in the case of termination due to Death or Disability,
unvested equity grants shall be forfeited as of the date of termination, and any vested equity awards shall be treated as specified
in the applicable equity plan and award agreement. In the case of termination due to Death or Disability any unvested equity grants
shall be forfeited as of the date of termination, and any vested equity awards shall be treated as specified in the applicable
equity plan and award agreement.


(b)       Termination
Without Cause or Resignation For Good Reason in Absence of Change in Control. Company may terminate Executive’s employment
at any time without Cause upon 30 days prior written notice to Executive. Upon Executive’s involuntary termination of employment
by the Company without Cause outside of a Change in Control Period (as defined in subsection (c) below), or Executive’s resignation
for Good Reason outside of a Change in Control Period, the Term shall end and, in addition to the Accrued Obligations, Executive
shall be entitled to receive a lump sum severance payment in an amount equal to the sum of Executive’s then in effect Base
Salary. Any unvested equity grants shall be forfeited as of the date of termination, and any vested equity awards shall be treated
as specified in the applicable equity plan and award agreement. For the avoidance of doubt, the nonextension of the Term by the
Company pursuant to Section 1 shall not be treated as a termination without Cause hereunder.


(c)       Termination
Without Cause or Resignation For Good Reason Prior to, Upon or Following a Change in Control. Upon Executive’s termination
of employment by the Company without Cause within six months prior to, upon, or within 12 months following a Change in Control
(“Change in Control Period”) or Executive’s Resignation for Good Reason during a Change in Control Period, the
Term shall end Executive shall be entitled to receive payment of all Accrued Obligations. In addition, any unvested equity awards
that were granted prior to the Change in Control Period, any Annual Long Term Incentive awards, or any other equity awards made
during the Term, shall fully and immediately vest (and in the case of options become exercisable), and otherwise shall be treated
as specified in the applicable equity plan and award agreement. For the avoidance of doubt, the nonextension of the Term by the
Company during a Change in Control Period shall be treated as a termination without Cause under this Section 11(c). If Executive’s
employment is terminated during the portion of the Change in Control Period that is six months prior to an anticipated Change in
Control, Executive will become entitled to all payments and accelerated vesting benefits pursuant to this Section 11(c) upon the
occurrence of the Change in Control at any time from the date of termination of Executive’s employment and twelve months
thereafter.




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(d)       Nonrenewal
by Company. If the Company provides notice to Executive pursuant to Section 2 that the Term will not be extended, the Term
shall end on the scheduled date and Executive shall be entitled to receive all Accrued Obligations. Any unvested equity grants
shall be forfeited as of the date of termination, and any vested equity awards shall be treated as specified in the applicable
equity plan and award agreement.


(e)       Welfare
Benefits. Executive’s eligibility to participate in the Company’s medical, dental, and vision benefit plans and
other insured welfare benefits (such as life, accident, and disability coverage) will terminate upon Executive’s termination
of employment according to the terms of the relevant benefit plan. Executive may elect to participate in medical, dental, and vision
benefits provided through an outside vendor, in conjunction with continued insurance coverage available to Executive under the
provisions of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at COBRA rates for up to eighteen (18) months.
In the event Executive is entitled to severance payment benefits pursuant to Section 11(b), 11(c) or 11(d) above, the Company shall
continue to provide all welfare benefits provided to Executive immediately before such termination (including, without limitation,
health and life insurance, but excluding disability insurance) for a period following Executive’s termination of employment
equal to the period with respect to which Executive’s Base Salary is paid as severance, at the Company’s sole cost;
provided, however, that to the extent Executive becomes re-employed and eligible for benefits with another employer prior to the
expiration of such period, Executive will elect such benefits and promptly notify the Company so that the Company will have no
further obligation to provide benefits under this subsection (e) unless, and then only to the extent that, the benefits that are
being provided by the Company are more favorable than such benefits provided by the other company. Any medical, dental and vision
continuation coverage provided pursuant hereto shall be deemed “alternative coverage” for purposes of COBRA.


(f)       Release
of Claims. The payment and provision of any and all severance benefits pursuant to Sections 11(b), (c) and (d) above shall
be conditioned upon and subject to execution of a Release of Claims by Executive at the time of termination of employment. All
lump-sum payments due pursuant to this Agreement shall be payable at the time specified in such Release of Claims. The payment
of the Accrued Obligations is not subject to Executive’s execution of a Release of Claims.


(g) No Obligation
to Mitigate. Executive shall not be required to mitigate the amount of any payment provided for in this Section 11 by seeking
other employment or otherwise, nor shall the amount of any payment provided for in this Section 11 be reduced by any compensation
earned by the Executive as the result of employment by another employer or business or by profits earned by Executive from any
other source at any time before and after the termination date. The Company’s obligation to make any payment pursuant to,
and otherwise to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right
that the Company may have against Executive for any reason.


12.        Definition
of Terms. The following terms referred to in this Agreement shall have the following meanings:




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(a)       Change
in Control. “Change in Control” shall mean the occurrence of any one or more of the following: (i) the accumulation
(if over time, in any consecutive twelve (12) month period), whether directly, indirectly, beneficially or of record, by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) of 50.1%
or more of the shares of the outstanding Common Stock of the Company, whether by merger, consolidation, sale or other transfer
of shares of Common Stock (other than a merger or consolidation where the stockholders of the Company prior to the merger or consolidation
are the holders of a majority of the voting securities of the entity that survives such merger or consolidation), (ii) a sale
of all or substantially all of the assets of the Company or (iii) during any period of twelve (12) consecutive months, the individuals
who, at the beginning of such period, constitute the Board, and any new director whose election by the Board or nomination for
election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in
office who either were directors at the beginning of the 12-month period or whose election or nomination for election was previously
so approved, cease for any reason to constitute at least a majority of the Board; provided, however, that the following
acquisitions shall not constitute a Change of Control for the purposes of this Agreement: (A) any acquisitions of Common Stock
or securities convertible, exercisable or exchangeable into Common Stock directly from the Company or from any affiliate of the
Company, or (B) any acquisition of Common Stock or securities convertible, exercisable or exchangeable into Common Stock by any
employee benefit plan (or related trust) sponsored by or maintained by the Company.


(b)       Cause.
“Cause” shall mean:


(i)       conviction
of a felony or a crime involving fraud or moral turpitude; or


(ii)       theft,
material act of dishonesty or fraud, intentional falsification of any employment or Company records, or commission of any criminal
act which impairs Executive’s ability to perform appropriate employment duties for the Company; or


(iii)       intentional
or reckless conduct or gross negligence materially harmful to the Company or the successor to the Company after a Change in Control
, including violation of a non-competition or confidentiality agreement; or


(iv)       willful
failure to follow lawful instructions of the person or body to which Executive reports; or


(v)       gross
negligence or willful misconduct in the performance of Executive’s assigned duties. Cause shall not include mere unsatisfactory
performance in the achievement of Executive’s job objectives.


(c)       Disability.
“Disability” means a physical or mental illness, injury, or condition that prevents Executive from performing substantially
all of Executive’s duties associated with Executive’s position or title with the Company for at least 90 days in a
12-month period.




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(d)       Resignation
for Good Reason. Resignation for “Good Reason” shall mean, without the express written consent of Executive, the
occurrence of one of the following arising on or after the Effective Date, as determined in a manner consistent with Treasury Regulation
Section 1.409A-1(n)(2)(ii):


(i)       a
material reduction or change in Executive’s title or job duties, responsibilities and requirements inconsistent with Executive’s
position with the Company and Executive’s prior duties, responsibilities and requirements


(ii)       any
reduction of Executive’s then in effect Base Salary or Executive’s Target Bonus as set forth in Sections 4 and 5 above;
and


(iii)       any
material breach of this Agreement by Company.


In the case of
Executive’s allegation of Good Reason, (i) Executive shall provide written notice to the Company of the event alleged to
constitute Good Reason within 30 days after the initial occurrence of such event, and (ii) the Company shall have the opportunity
to remedy the alleged Good Reason event within 30 days from receipt of notice of such allegation (the “Cure Period”).
If not remedied within the Cure Period, Executive may submit a written notice of termination, provided that the notice of termination
must be given no later than 45 days after the expiration of the Cure Period; otherwise, Executive is deemed to have accepted such
event, or the Company’s remedy of such event, that may have given rise to the existence of Good Reason; provided, however,
such acceptance shall be limited to the occurrence of such event and shall not waive Executive’s right to claim Good Reason
with respect to future similar events.


 


13.        Golden
Parachute Limitation. Notwithstanding any other provision of this Agreement, in the event that it shall be determined that
the aggregate payments or distributions by the Company to or for the benefit of Executive, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise (the “Payments”), constitute “excess
parachute payments” (as such term is defined under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)
or any successor provision, and the regulations promulgated thereunder (collectively, “Section 280G”)) that
would be subject to the excise tax imposed by Section 4999 of the Code or any successor provision (collectively, “Section
4999”) or any interest or penalties with respect to such excise tax (the total excise tax, together with any interest
and penalties, are hereinafter collectively referred to as the “Excise Tax”)), then the Payments shall be either
(a) delivered in full, or (b) delivered to such lesser extent that would result in no portion of the Payments being subject to
the Excise Tax, whichever of the foregoing amounts, taking into account the applicable Federal, state or local income and employment
taxes and the Excise Tax, results in the receipt by Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding
that all or some portion of such benefits may be subject to the Excise Tax. In the event that the Payments are to be reduced pursuant
to this Section 6, such Payments shall be reduced such that the reduction of compensation to be provided to Executive as a result
of this Section 13 is minimized. In applying this principle, the reduction shall be made in a manner consistent with the requirements
of Section 409A and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts
shall be reduced on a pro rata basis (but not below zero). All calculations required pursuant to this Section 13 shall be performed
in good faith by nationally recognized registered public accountants or tax counsel selected by the Company.




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14. Confidential
Information.


(a)       The
Executive recognizes, acknowledges and agrees that he has had and will continue to have access to secret and confidential information
regarding the Company, its subsidiaries and their respective businesses (“Confidential Information”), including
but not limited to, its products, methods, formulas, software code, patents, sources of supply, customer dealings, data, know-how,
trade secrets and business plans, provided such information is not in or does not hereafter become part of the public domain, or
become known to others through no fault of the Executive. The Executive acknowledges that such information is of great value to
the Company, is the sole property of the Company, and has been and will be acquired by him in confidence. In consideration of the
obligations undertaken by the Company herein, the Executive will not, at any time, during or after his employment hereunder, reveal,
divulge or make known to any person, any information acquired by the Executive during the course of his employment, which is treated
as confidential by the Company, and not otherwise in the public domain. The provisions of this Section 14 shall survive the termination
of the Executive’s employment hereunder.


(b)       The
Executive affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary information
of any prior employer(s) in providing services to the Company or its subsidiaries.


(c)       In
the event that the Executive’s employment with the Company terminates for any reason, the Executive shall deliver forthwith
to the Company any and all originals and copies, including those in electronic or digital formats, of Confidential Information;
provided, however, Executive shall be entitled to retain (i) papers and other materials of a personal nature, including, but not
limited to, photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information
showing his compensation or relating to reimbursement of expenses, (iii) information that he reasonably believes may be needed
for tax purposes and (iv) copies of plans, programs and agreements relating to his employment, or termination thereof, with the
Company.


15.
       Non-Competition and Non-Solicitation.


(a)       The
Executive agrees and acknowledges that the Confidential Information that the Executive has already received and will receive is
valuable to the Company and that its protection and maintenance constitutes a legitimate business interest of the Company, to be
protected by the non-competition restrictions set forth herein. The Executive agrees and acknowledges that the non-competition
restrictions set forth herein are reasonable and necessary and do not impose undue hardship or burdens on the Executive.


(b)       The
Executive hereby agrees and covenants that during the Term and for a period of twelve months thereafter, he shall not, without
the prior written consent of the Company:


(i) recruit, solicit,
attempt to persuade, or assist in the recruitment or solicitation of, any employee of the Company who was an employee, officer
or agent of the Company during the three month period immediately preceding the date of Executive’s termination for the purpose
of employing the individual or obtaining the individual’s services or otherwise causing the individual to leave employment
with the Company;




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(ii) solicit or
divert to any competing business any customer or prospective customer with which Executive had contact during the twelve months
prior to leaving the Company


 


16.
       Section 409A.


The
provisions of this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and any final regulations and guidance promulgated thereunder (“Section 409A”) and shall be construed in a manner
consistent with the requirements for avoiding taxes or penalties under Section 409A. The Company and Executive agree to work together
in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or
desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.


To
the extent that Executive will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by Section
409A, (a) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (b) the
amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; provided that the foregoing clause (b)
shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because
such expenses are subject to a limit related to the period the arrangement is in effect and (c) such payments shall be made on
or before the last day of the taxable year following the taxable year in which you incurred the expense.


A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits upon or following a termination of employment unless such termination constitutes a “Separation
from Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement references to
a “termination,” “termination of employment” or like terms shall mean Separation from Service.


Each
installment payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including
Treasury Regulation Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term deferral”
rule set forth in Treasury Regulation Section 1.409A-1(b)(4) is intended to meet the “short-term deferral” rule. Each
other payment is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation
Section 1.409A-1(b)(9)(iii), et. seq., to the maximum extent permitted by that regulation, with any amount that is not exempt from
Code Section 409A being subject to Code Section 409A.




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Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of Executive’s termination, then only that portion of the severance and benefits payable to Executive pursuant
to this Agreement, if any, and any other severance payments or separation benefits which may be considered deferred compensation
under Section 409A (together, the “Deferred Compensation Separation Benefits”), which (when considered together)
do not exceed the Section 409A Limit (as defined herein) may be made within the first six (6) months following Executive’s
termination of employment in accordance with the payment schedule applicable to each payment or benefit. Any portion of the Deferred
Compensation Separation Benefits in excess of the Section 409A Limit otherwise due to Executive on or within the six (6) month
period following Executive’s termination will accrue during such six (6) month period and will become payable in one lump
sum cash payment on the date six (6) months and one (1) day following the date of Executive’s termination of employment.
All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following termination but prior
to the six (6) month anniversary of Executive’s termination date, then any payments delayed in accordance with this paragraph
will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred
Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.


For
purposes of this Agreement, “Section 409A Limit” will mean a sum equal (x) to the amounts payable prior to March
15 following the year in which Executive terminations plus (y) the lesser of two (2) times: (i) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable
year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any IRS
guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant
to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.


17.
       Clawback Rights. (a) The Bonus (the “Clawback Benefits”) shall
be subject to “Company Clawback Rights” as follows: During the period that the Executive is employed by the Company
and upon the termination of the Executive’s employment and for a period of three (3) years thereafter, if there is a Restatement
(as defined below) of any financial results from which any Clawback Benefits to Executive shall have been determined, Executive
agrees to repay any Clawback Benefits amounts which were determined by reference to any Company financial results which were later
restated (as defined below), to the extent the Clawback Benefits amounts paid exceed the Clawback Benefits amounts that would have
been paid, based on the Restatement of the Company’s financial information. All Clawback Benefits amounts resulting from
such restated financial results shall be retroactively adjusted by the Compensation Committee to take into account the restated
results, and any excess portion of the Clawback Benefits resulting from such restated results shall be immediately surrendered
to the Company and if not so surrendered within ninety (90) days of the revised calculation being provided to the Executive by
the Compensation Committee following a publicly announced Restatement, the Company shall have the right to take any and all action
to effectuate such adjustment. The calculation of the Revised Clawback Benefits amount shall be determined by the Compensation
Committee in good faith and in accordance with applicable law, rules and regulations. All determinations by the Compensation Committee
with respect to the Clawback Rights shall be final and binding on the Company and Executive. The Clawback Rights shall be subject
to applicable law, rules and regulations. For purposes of this Section 17, a




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restatement
of financial results that requires a repayment of a portion of the Clawback Benefits amounts shall mean “a restatement resulting
from material non-compliance of the Company with any financial reporting requirement under the federal securities laws and shall
not include a restatement of financial results resulting from subsequent changes in accounting pronouncements or requirements which
were not in effect on the date the financial statements were originally prepared (“Restatement”)”. The
parties acknowledge it is their intention that the foregoing Clawback Rights as relates to Restatement conform in all respects
to the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”)
and requires recovery of all “incentive-based” compensation, pursuant to the provisions of the Dodd Frank Act and any
and all rules and regulations promulgated thereunder from time to time in effect. Accordingly, the terms and provisions of this
Agreement shall be deemed automatically amended from time to time to assure compliance with the Dodd Frank Act and such rules and
regulation as hereafter may be adopted and in effect.


18.
Miscellaneous.


(a)       The
Executive acknowledges that the services to be rendered by him under the provisions of this Agreement are of a special, unique
and extraordinary character and that it would be difficult or impossible to replace such services. Furthermore, the parties acknowledge
that monetary damages alone would not be an adequate remedy for any breach by the Executive of Section 14 or Section 15 of this
Agreement. Accordingly, the Executive agrees that any breach or threatened breach by him of Section 14 or Section 15 of this Agreement
shall entitle the Company, in addition to all other legal remedies available to it, to apply to any court of competent jurisdiction
to seek to enjoin such breach or threatened breach. The parties understand and intend that each restriction agreed to by the Executive
hereinabove shall be construed as separable and divisible from every other restriction, that the unenforceability of any restriction
shall not limit the enforceability, in whole or in part, of any other restriction, and that one or more or all of such restrictions
may be enforced in whole or in part as the circumstances warrant. In the event that any restriction in this Agreement is more restrictive
than permitted by law in the jurisdiction in which the Company seeks enforcement thereof, such restriction shall be limited to
the extent permitted by law. The remedy of injunctive relief herein set forth shall be in addition to, and not in lieu of, any
other rights or remedies that the Company may have at law or in equity.


(b) In the event
that the Board determines there has been a material restatement of financial results, the Board of Directors will review all incentive
payments that were made to the Executive and other executive officers (collectively “Executive Officer”) on
the basis of having met or exceeded specific performance targets in grants or awards made during the three-year period prior to
the restatement.  If such payments would have been lower had they been calculated based on such restated results, the Board
will, to the extent permitted by governing law, seek to recoup for the benefit of the Company such payments to the Executive Officers,
including Executive, who are found personally responsible for the material restatement, as determined by the Board.  For purposes
of this policy, the term “executive officers” shall have the meaning given such term in Rule 3b-7 under the Securities
Exchange Act of 1934, as amended, and the term “incentive payments” means bonuses and awards under applicable Company
incentive compensation plans or, in the absence of such plans and with regard to Executive, under this Agreement.




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(c) Neither the
Executive nor the Company may assign or delegate any of their rights or duties under this Agreement without the express written
consent of the other.


(d) Employment
Taxes. Any payments made pursuant to this Agreement will be subject to withholding of applicable income and employment taxes.
The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other
appropriate deductions.


(e)       This
Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s
employment by the Company, supersedes all prior understandings and agreements, whether oral or written, between the Executive and
the Company, and shall not be amended, modified or changed except by an instrument in writing executed by the party to be charged
(it being understood that, pursuant to Section 6, equity awards shall govern with respect to the subject matter thereof). The invalidity
or partial invalidity of one or more provisions of this Agreement shall not invalidate any other provision of this Agreement. No
waiver by either party of any provision or condition to be performed shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same time or any prior or subsequent time.


(f)       This
Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective successors,
heirs, beneficiaries and permitted assigns.


(g)       The
headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.


(h)       All
notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage
prepaid, or by reputable national overnight delivery service (e.g. Federal Express) for overnight delivery to the party at the
address set forth in the preamble to this Agreement, or to such other address as either party may hereafter give the other party
notice of in accordance with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received or
the third business day after deposited in the mail or one business day after deposited with an overnight delivery service for overnight
delivery.


(i)       This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without reference to
principles of conflicts of laws and each of the parties hereto irrevocably consents to the jurisdiction and venue of the federal
and state courts located in the County and State of New York.


(j)       This
Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth
above.




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(k)       The
Executive represents and warrants to the Company, that he has the full power and authority to enter into this Agreement and to
perform his obligations hereunder and that the execution and delivery of this Agreement and the performance of his obligations
hereunder will not conflict with any agreement to which Executive is a party.


(l)       The
Company represents and warrants to Executive that it has the full power and authority to enter into this Agreement and to perform
its obligations hereunder and that the execution and delivery of this Agreement and the performance of its obligations hereunder
will not conflict with any agreement to which the Company is a party.


 


[SIGNATURE PAGE FOLLOWS]




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IN
WITNESS WHEREOF, the Executive and the Company have caused this Executive Employment Agreement to be executed as of the date
first above written.


 


 


	 	
        U.S. GOLD CORP.

         

        By: /s/ Edward
        Karr

        Name:      Edward Karr

        Title:         President
        & CEO

         

         

         

        DAVID MATHEWSON

	 	/s/ David Mathewson


 


 



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