Exhibit 10.1


 


 





PERSHING GOLD CORPORATION 


RESTRICTED STOCK UNIT GRANT AGREEMENT



 


This Restricted Stock
Unit Grant Agreement (this “Agreement”), dated March 21, 2017 (the “Effective Date”), is
entered into by and between PERSHING GOLD CORPORATION (the “Corporation”) and Stephen D. Alfers (“Participant”).


 


RECITALS


 


A.       The
Board of Directors has adopted, and the stockholders have approved, the Pershing Gold Corporation 2013 Equity Incentive Plan (the
“Plan”);


 


B.       The
Plan provides for awards of restricted stock units to eligible participants as determined by the Administrator (as defined in the
Plan);


 


C.       The
Administrator has determined that Participant is a person eligible to receive an award of restricted stock units under the Plan
and has determined that it would be in the best interest of the Corporation to grant the restricted stock units provided for herein;
and


 


D.       This
Agreement is being entered into by Participant and the Corporation in connection with the Participant’s annual bonus under
the Participant’s Amended and Restated Executive Employment Agreement dated June 28, 2015 (the employment contract, as amended
from time to time, being the “Employment Agreement”) for services rendered in 2016.


 


AGREEMENT


 


1.             Grant of Restricted Stock Units.


 


(a)               
Bonus Award. Participant is hereby awarded on the Effective Date, subject to the conditions of the Plan and this
Agreement, fifty thousand (50,000) restricted stock units (the “Restricted Stock Units”). The Restricted Stock
Units are fully vested on the Effective Date.


 


(b)              
Notional Value. Each Restricted Stock Unit represents the right to receive one share of the Corporation’s common
stock, $0.0001 per share (the “Common Stock”) at the time(s) and subject to the terms and conditions set forth
herein.


 


(c)               
Plan Incorporated. Participant acknowledges receipt of a copy of the Plan, and agrees that this award of Restricted
Stock Units shall be subject to all of the terms and conditions set forth in the Plan, as the Plan may be amended from time to
time. The Plan is incorporated herein by reference as a part of this Agreement. Except as defined herein, capitalized terms shall
have the same meanings ascribed to them under the Plan.


 


2.             Settlement of Restricted Stock Units.


 


(a)               
Restricted Stock Units. The shares of Common Stock issuable in respect of the Restricted Stock Units shall be issued
within 30 days following the soonest to occur of: (i) Participant’s Separation from Service (as defined below), (ii) Participant’s
death, (iii) December 31, 2018, or (iv) a 409A Change in Control (as defined below). Notwithstanding the foregoing, if and only
if (A) the Restricted Stock Units provided hereunder are non-qualified deferred compensation subject to Code Section 409A, (B)
Participant is a “specified employee” as defined for purposes of Code Section 409A, and (C) distribution would otherwise
be made as a result of the Participant’s Separation from Service, then distribution shall be delayed until the sooner of
(x) the date that is 6 months and one day following the date of such Separation from Service, (y) Participant’s death, or
(z) such sooner date as may be permitted under Code Section 409A. For purposes of this Agreement, “Separation from Service”
shall have the meaning set forth in Treasury Regulation Section 1.409A-1(h), and “409A Change in Control” shall
mean a Change in Control (as defined in the Plan) that also qualified as a “change in control event” as defined in
Treasury Regulation Section 1.409A-3(i)(5).


 



     


     


    

 





(b)              
Issuance of Certificates. On the settlement date, the Corporation shall cause a stock certificate or certificates
to be delivered to or on behalf of Participant for the shares of Common Stock issuable in respect of the Restricted Stock Units
held by the Participant.


 


3.             Limits on Transferability. The Restricted Stock Units shall not be transferable except by will or the laws of descent
and distribution or pursuant to a beneficiary designation, or as otherwise permitted by Section 5.7 of the Plan. No beneficiary
hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities, or torts of Participant. Any purported
assignment, alienation, pledge, attachment, sale, transfer or other encumbrance of Restricted Stock Units that does not satisfy
the requirements of this Agreement and the Plan shall be void and unenforceable against the Corporation.


 


4.             Stockholder Rights. The Participant shall not have any stockholder rights, including voting or dividend rights, with
respect to the shares of Common Stock subject to the Restricted Stock Units until such shares are issued.


 


5.            Dividend
Equivalent Rights. The Participant shall have dividend equivalent rights with respect to all Restricted Stock Units. Pursuant
to such dividend equivalent rights, the Corporation shall establish an account or accounts for the Participant and reflect in that
account any ordinary dividends paid with respect to shares of Common Stock underlying Participant’s Restricted Stock Units.
The amounts credited to Participant’s account(s) shall be held without interest and shall be payable in connection with the
settlement of the Restricted Stock Units pursuant to Section 2.


 


6.            Withholding.
All amounts payable hereunder shall be subject to applicable federal, state and local income and employment tax withholdings. Notwithstanding
anything herein to the contrary, the Corporation’s obligation to deliver shares of Common Stock in settlement of the Restricted
Stock Units shall be subject to the Participant making (and the delivery of shares shall be delayed until the Participant actually
makes) arrangements acceptable to the Corporation to satisfy all applicable tax withholdings.


 


7.            Tax
Consideration. The Corporation has advised Participant to seek Participant’s own tax and financial advice with regard
to the federal and state tax considerations resulting from Participant’s receipt of Restricted Stock Units pursuant to this
Agreement. Participant understands that the Corporation will report to appropriate taxing authorities the payment to Participant
of compensation income upon the issuance of shares in respect of the Restricted Stock Units. Participant understands that he is
solely responsible for the payment of all federal and state taxes resulting from the Restricted Stock Units.


 






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8.            Binding
Effect. This Agreement shall bind Participant and the Corporation and their respective beneficiaries, survivors, executors,
administrators and transferees.


 


9.            No
Guarantee of Continued Employment. This Agreement is not a contract for employment and nothing herein shall supersede or amend
the terms of the Employment Agreement or imply that Participant has a right to continued employment with the Corporation.


 


10.          Applicable
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Nevada without
regard to conflict of law principles thereunder.


 


11.          Conflicts
and Interpretation. In the event of any conflict between this Agreement and the Plan, the Plan shall control.


 


12.          Compliance
with Law. Notwithstanding any other provisions of this Agreement, the issuance or delivery of any shares of Common Stock may
be postponed for such period as may be required to comply with any requirements under any law or regulation applicable to the issuance
or delivery of such shares. The Corporation shall not be obligated to issue or deliver any shares of Common Stock if the issuance
or delivery thereof shall constitute a violation of any provision of any law or of any regulation of any governmental authority


 


13.          Amendment.
The Corporation may modify, amend or waive the terms of the Restricted Stock Units award, prospectively or retroactively, but no
such modification, amendment or waiver shall impair the rights of Participant without his or her consent, except as required by
applicable law or stock exchange rules, tax rules or accounting rules. Prior to the effectiveness of any modification, amendment
or waiver required by tax or accounting rules, the Corporation will provide notice to Participant and the opportunity for Participant
to consult with the Corporation regarding such modification, amendment or waiver. The waiver by either party of compliance with
any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any
subsequent breach by such party of a provision of this Agreement.


 


14.          Compliance
with Code Section 409A. The Restricted Stock Units granted under this Agreement are intended to comply with or be exempt from
the requirements of section 409A of the Code, and this Agreement shall be interpreted and administered in a manner consistent with
such intent. Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed
on Participant in connection with the Restricted Stock Units granted hereunder (including any taxes and penalties under section
409A of the Code), and neither the Corporation nor any of its affiliates shall have any obligation to indemnify or otherwise hold
Participant harmless from any or all of such taxes or penalties.


 


 


 


 


[Signature Page Follows.]


 




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IN WITNESS WHEREOF,
the parties have executed this Restricted Stock Unit Grant Agreement as of the date first written above.


 





	 	PERSHING GOLD CORPORATION	 
	 	 	 
	 	 	 
	 	By: 	/s/ Mindyjo Germann	 
	 	Name:	Mindyjo Germann	 
	 	Title: 	Corporate Secretary	 
	 	 	 	 
	 	PARTICIPANT:	 
	 	 	 
	 	 	 
	 	/s/ Stephen D. Alfers	 
	 	Stephen D. Alfers